NPORT-EX 2 FCTFIF.htm
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
1112-Q1PH
1
Schedule
of
Investments
(unaudited)
Franklin
California
Tax–Free
Income
Fund
2
Notes
to
Schedule
of
Investments
27
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited),
May
31,
2023
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
2
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
98.6%
California
95.5%
ABAG
Finance
Authority
for
Nonprofit
Corp.
,
Eskaton
Properties,
Inc.
Obligated
Group
,
Revenue
,
2013
,
Refunding
,
5
%
,
11/15/35
................................
$
10,000,000
$
9,475,466
Alameda
Corridor
Transportation
Authority
,
Revenue,
2022
C,
Refunding,
AGMC
Insured,
5%,
10/01/52
..................
28,000,000
30,102,293
Revenue,
Sub.
Lien,
2004
A,
Refunding,
AMBAC
Insured,
Zero
Cpn.,
10/01/29
....
20,000,000
16,011,532
Revenue,
Sub.
Lien,
2004
A,
Refunding,
AMBAC
Insured,
Zero
Cpn.,
10/01/30
....
41,665,000
32,061,747
Alameda
Unified
School
District
,
GO
,
2015
A
,
5
%
,
8/01/39
.....................
18,000,000
18,676,723
Alhambra
City
Elementary
School
District
,
Alhambra
Unified
School
District
,
GO
,
2004
B
,
NATL
Insured
,
Zero
Cpn.,
9/01/27
...................................
3,035,000
2,615,194
Align
Capital
Trust
,
Revenue
,
2023-1
,
5.5
%
,
3/01/35
.........................
13,000,000
13,070,460
Alisal
Union
School
District
,
GO,
2009
B,
AGMC
Insured,
Zero
Cpn.,
8/01/32
...........................
3,355,000
2,423,456
GO,
2009
B,
AGMC
Insured,
Zero
Cpn.,
8/01/33
...........................
3,610,000
2,502,745
GO,
2009
B,
AGMC
Insured,
Zero
Cpn.,
2/01/34
...........................
3,345,000
2,290,137
Alta
Loma
School
District
,
GO
,
2019
B
,
5
%
,
8/01/44
.........................
7,375,000
7,824,769
Alvord
Unified
School
District
,
GO,
2011
B,
AGMC
Insured,
Zero
Cpn.,
8/01/36
...........................
15,000,000
8,440,841
GO,
2011
B,
AGMC
Insured,
Zero
Cpn.,
8/01/46
...........................
42,500,000
46,696,463
GO,
A,
Pre-Refunded,
AGMC
Insured,
5%,
8/01/42
........................
60,000
60,162
Anaheim
Housing
&
Public
Improvements
Authority
,
City
of
Anaheim
Electric
System,
Revenue,
2022
A,
Refunding,
5%,
10/01/52
.....
8,040,000
8,426,067
City
of
Anaheim
Water
System,
Revenue,
2022
A,
5%,
10/01/52
...............
8,345,000
8,827,726
Anaheim
Public
Financing
Authority
,
City
of
Anaheim,
Revenue,
1997
C,
AGMC
Insured,
Zero
Cpn.,
9/01/24
.........
26,855,000
25,656,273
City
of
Anaheim,
Revenue,
1997
C,
AGMC
Insured,
Zero
Cpn.,
9/01/26
.........
29,430,000
26,238,475
City
of
Anaheim,
Revenue,
1997
C,
AGMC
Insured,
Zero
Cpn.,
9/01/27
.........
22,860,000
19,697,966
City
of
Anaheim,
Revenue,
1997
C,
AGMC
Insured,
Zero
Cpn.,
9/01/28
.........
14,425,000
12,007,508
City
of
Anaheim,
Revenue,
1997
C,
AGMC
Insured,
Zero
Cpn.,
9/01/29
.........
24,810,000
19,913,871
City
of
Anaheim,
Revenue,
1997
C,
AGMC
Insured,
Zero
Cpn.,
9/01/32
.........
13,665,000
9,668,041
City
of
Anaheim,
Revenue,
1997
C,
AGMC
Insured,
Zero
Cpn.,
9/01/33
.........
37,070,000
25,105,098
City
of
Anaheim,
Revenue,
1997
C,
AGMC
Insured,
Zero
Cpn.,
9/01/34
.........
24,970,000
16,239,901
City
of
Anaheim,
Revenue,
1997
C,
AGMC
Insured,
ETM,
Zero
Cpn.,
3/01/37
.....
15,080,000
9,317,210
Anaheim
Union
High
School
District
,
GO
,
2002
A
,
AGMC
Insured
,
Zero
Cpn.,
8/01/26
8,570,000
7,695,911
Baldwin
Park
Unified
School
District
,
GO,
2013,
Pre-Refunded,
BAM
Insured,
5%,
8/01/43
.......................
5,000,000
5,013,124
GO,
2013,
Pre-Refunded,
BAM
Insured,
Zero
Cpn.,
8/01/48
..................
25,000,000
4,314,008
GO,
2013,
Pre-Refunded,
BAM
Insured,
Zero
Cpn.,
8/01/53
..................
60,000,000
7,044,822
Bay
Area
Toll
Authority
,
Revenue,
2014
F-1,
Pre-Refunded,
5%,
4/01/54
...........................
10,000,000
10,146,636
Revenue,
2017
S-7,
Refunding,
4%,
4/01/42
.............................
119,305,000
118,425,185
Revenue,
2017
S-7,
Refunding,
4%,
4/01/47
.............................
23,330,000
22,894,186
Revenue,
2017
S-7,
Refunding,
4%,
4/01/49
.............................
13,625,000
13,290,960
a
Revenue,
2021
A,
Refunding,
Mandatory
Put,
2%,
4/01/28
...................
12,000,000
10,980,358
Beaumont
Public
Improvement
Authority
,
City
of
Beaumont
Wastewater
,
Revenue
,
2018
A
,
AGMC
Insured
,
5
%
,
9/01/49
...................................
10,000,000
10,553,643
Beaumont
Unified
School
District
,
GO
,
2011
C
,
AGMC
Insured
,
Zero
Cpn.,
8/01/40
..
11,000,000
5,041,020
Cabrillo
Unified
School
District
,
GO
,
2018
A
,
5
%
,
8/01/45
.....................
4,245,000
4,419,933
California
Affordable
Housing
Agency
,
Butte
County
Housing
Authority,
Revenue,
2020
A,
4%,
10/01/40
..............
1,580,000
1,555,782
Butte
County
Housing
Authority,
Revenue,
2020
A,
4%,
10/01/45
..............
1,930,000
1,869,329
Butte
County
Housing
Authority,
Revenue,
2020
A,
4%,
10/01/50
..............
1,855,000
1,764,164
a
California
Community
Choice
Financing
Authority
,
Revenue,
2022
A-1,
Mandatory
Put,
4%,
8/01/28
..........................
100,000,000
99,770,060
Revenue,
2023
B-1,
Mandatory
Put,
5%,
8/01/29
..........................
21,000,000
22,032,110
Revenue,
2023
C,
Mandatory
Put,
5.25%,
10/01/31
........................
78,815,000
82,437,810
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
California
Community
College
Financing
Authority
,
Revenue,
2001
A,
NATL
Insured,
5.125%,
4/01/31
.........................
$
880,000
$
884,660
NCCD-Orange
Coast
Properties
LLC,
Revenue,
2018,
5.25%,
5/01/53
..........
8,150,000
8,212,726
b
California
Community
Housing
Agency
,
Aster
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-1,
4%,
2/01/56
..........
5,235,000
4,330,732
Brio
Apartments
&
Next
on
Lex
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-1,
4%,
2/01/56
....................................................
35,015,000
28,966,680
Exchange
at
Bayfront
Apartments,
Revenue,
Senior
Lien,
144A,
201
A-1
T,
4.25%,
2/01/38
........................................................
7,095,000
6,061,122
Exchange
at
Bayfront
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3%,
2/01/57
........................................................
59,855,000
39,446,450
Fountains
at
Emerald
Park,
Revenue,
Junior
Lien,
144A,
2021
A-2,
4%,
8/01/46
...
11,400,000
9,035,833
Fountains
at
Emerald
Park,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3%,
8/01/56
..
46,440,000
30,750,153
K
Street
Flats,
Revenue,
144A,
2021
A-1,
3%,
2/01/57
......................
47,500,000
30,161,322
Summit
at
Sausalito
Apartments,
Revenue,
144A,
2021
A-1,
3%,
2/01/57
........
16,260,000
10,735,055
Twin
Creek
Apartments,
Revenue,
144A,
2022
A-1,
4.5%,
8/01/52
.............
29,275,000
24,306,412
Twin
Creek
Apartments,
Revenue,
Senior
Lien,
144A,
2022
A-2,
Zero
Cpn.,
8/01/65
79,990,000
4,450,764
Verdant
at
Green
Valley
Apartments,
Revenue,
144A,
2019
A,
5%,
8/01/49
.......
9,700,000
9,135,968
California
County
Tobacco
Securitization
Agency
,
Revenue,
2020
B-1,
Refunding,
5%,
6/01/49
.............................
785,000
789,674
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/49
.....................
3,525,000
3,236,232
Alameda
County
Tobacco
Asset
Securitization
Corp.,
Revenue,
2002,
5.875%,
6/01/35
........................................................
3,640,000
3,700,117
Gold
Country
Settlement
Funding
Corp.,
Revenue,
2020
A,
Refunding,
4%,
6/01/40
1,120,000
1,094,609
Gold
Country
Settlement
Funding
Corp.,
Revenue,
2020
A,
Refunding,
4%,
6/01/49
2,000,000
1,836,160
Gold
Country
Settlement
Funding
Corp.,
Revenue,
2020
B-1,
Refunding,
4%,
6/01/49
130,000
129,165
Kern
County
Tobacco
Funding
Corp.,
Revenue,
2014,
Refunding,
5%,
6/01/34
....
10,295,000
10,296,917
Kern
County
Tobacco
Funding
Corp.,
Revenue,
2014,
Refunding,
5%,
6/01/40
....
17,650,000
17,670,345
Merced
County
Tobacco
Funding
Corp.,
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/36
....................................................
470,000
472,098
Merced
County
Tobacco
Funding
Corp.,
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/38
....................................................
530,000
527,126
Merced
County
Tobacco
Funding
Corp.,
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/40
....................................................
625,000
610,831
Merced
County
Tobacco
Funding
Corp.,
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/42
....................................................
100,000
95,828
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
4%,
6/01/35
..
350,000
353,780
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
4%,
6/01/36
..
600,000
602,679
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
4%,
6/01/37
..
530,000
529,100
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
4%,
6/01/38
..
790,000
785,715
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
4%,
6/01/39
..
620,000
613,270
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
4%,
6/01/40
..
830,000
811,183
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
4%,
6/01/49
..
3,520,000
3,231,642
Sonoma
County
Securitization
Corp.,
Revenue,
2020
B-1,
Refunding,
5%,
6/01/49
.
970,000
975,285
Stanislaus
County
Tobacco
Funding
Corp.,
Revenue,
2002
A,
5.875%,
6/01/43
...
5,390,000
5,390,149
California
Educational
Facilities
Authority
,
Art
Center
College
of
Design,
Revenue,
2022
A,
4%,
12/01/40
................
1,295,000
1,157,099
Art
Center
College
of
Design,
Revenue,
2022
A,
4%,
12/01/41
................
1,345,000
1,190,068
Art
Center
College
of
Design,
Revenue,
2022
A,
4%,
12/01/42
................
1,400,000
1,225,400
Art
Center
College
of
Design,
Revenue,
2022
A,
4%,
12/01/46
................
3,000,000
2,542,201
Art
Center
College
of
Design,
Revenue,
2022
A,
4%,
12/01/50
................
2,675,000
2,206,044
Art
Center
College
of
Design,
Revenue,
2022
A,
3%,
12/01/51
................
650,000
422,843
Chapman
University,
Revenue,
2015,
5%,
4/01/40
.........................
5,000,000
5,086,761
Chapman
University,
Revenue,
2015,
5%,
4/01/45
.........................
5,000,000
5,070,508
Chapman
University,
Revenue,
2021
A,
Refunding,
5%,
4/01/27
...............
475,000
511,067
Chapman
University,
Revenue,
2021
A,
Refunding,
5%,
4/01/28
...............
395,000
432,331
Chapman
University,
Revenue,
2021
A,
Refunding,
5%,
4/01/29
...............
400,000
444,422
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
4
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
California
Educational
Facilities
Authority,
(continued)
Chapman
University,
Revenue,
2021
A,
Refunding,
5%,
4/01/30
...............
$
425,000
$
477,535
Chapman
University,
Revenue,
2021
A,
Refunding,
5%,
4/01/31
...............
475,000
539,848
Leland
Stanford
Junior
University
(The),
Revenue,
T-1,
5%,
3/15/39
............
2,815,000
3,321,354
Leland
Stanford
Junior
University
(The),
Revenue,
U-1,
5.25%,
4/01/40
.........
5,000,000
6,031,325
Leland
Stanford
Junior
University
(The),
Revenue,
U-6,
5%,
5/01/45
............
7,000,000
8,197,367
Leland
Stanford
Junior
University
(The),
Revenue,
V-1,
5%,
5/01/49
............
20,850,000
24,456,664
Loma
Linda
University,
Revenue,
2017
A,
Refunding,
5%,
4/01/47
.............
11,000,000
11,296,647
Loyola
Marymount
University,
Revenue,
2001
A,
NATL
Insured,
Zero
Cpn.,
10/01/26
7,620,000
6,789,847
Loyola
Marymount
University,
Revenue,
2001
A,
NATL
Insured,
Zero
Cpn.,
10/01/27
7,365,000
6,347,019
Loyola
Marymount
University,
Revenue,
2001
A,
NATL
Insured,
Zero
Cpn.,
10/01/28
4,120,000
3,431,920
Loyola
Marymount
University,
Revenue,
2001
A,
NATL
Insured,
Zero
Cpn.,
10/01/30
5,685,000
4,393,624
Loyola
Marymount
University,
Revenue,
2001
A,
NATL
Insured,
Zero
Cpn.,
10/01/31
7,615,000
5,644,234
Loyola
Marymount
University,
Revenue,
2001
A,
NATL
Insured,
Zero
Cpn.,
10/01/32
7,615,000
5,402,443
Santa
Clara
University,
Revenue,
1999,
AMBAC
Insured,
Zero
Cpn.,
9/01/26
.....
2,840,000
2,477,145
Santa
Clara
University,
Revenue,
2015,
Refunding,
5%,
4/01/45
...............
15,495,000
15,856,312
University
of
Redlands,
Revenue,
2022
A,
5%,
10/01/44
.....................
3,835,000
3,817,253
University
of
Redlands,
Revenue,
2022
A,
5%,
10/01/52
.....................
18,790,000
18,264,776
University
of
San
Francisco,
Revenue,
2018
A,
5%,
10/01/53
.................
20,000,000
20,622,110
California
Enterprise
Development
Authority
,
Provident
Group-SDSU
Properties
LLC,
Revenue,
First
Tier,
2020
A,
5%,
8/01/40
..
650,000
667,412
Provident
Group-SDSU
Properties
LLC,
Revenue,
First
Tier,
2020
A,
5%,
8/01/45
..
650,000
659,460
Provident
Group-SDSU
Properties
LLC,
Revenue,
First
Tier,
2020
A,
5%,
8/01/50
..
650,000
655,537
Provident
Group-SDSU
Properties
LLC,
Revenue,
First
Tier,
2020
A,
5%,
8/01/55
..
1,000,000
1,002,612
Provident
Group-SDSU
Properties
LLC,
Revenue,
First
Tier,
2020
A,
5%,
8/01/57
..
500,000
499,965
California
Health
Facilities
Financing
Authority
,
Casa
Milagro
LLC,
Revenue,
2011
A,
California
Mortgage
Insured,
6.25%,
2/01/26
.
2,730,000
2,737,177
Cedars-Sinai
Medical
Center
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
8/15/51
........................................................
5,000,000
5,429,361
Children's
Hospital
Los
Angeles
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
8/15/42
........................................................
14,370,000
14,526,517
Children's
Hospital
Los
Angeles
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
8/15/47
........................................................
7,750,000
7,755,716
Children's
Hospital
of
Orange
County
Obligated
Group,
Revenue,
2021
B,
Refunding,
5%,
11/01/27
...................................................
1,000,000
1,086,802
Children's
Hospital
of
Orange
County
Obligated
Group,
Revenue,
2021
B,
Refunding,
5%,
11/01/29
...................................................
1,350,000
1,527,109
City
of
Hope
Obligated
Group,
Revenue,
2019,
5%,
11/15/49
.................
27,000,000
27,504,724
CommonSpirit
Health
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
4/01/36
.
15,770,000
15,611,138
CommonSpirit
Health
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
4/01/37
.
3,000,000
2,945,570
CommonSpirit
Health
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
4/01/38
.
7,075,000
6,920,250
CommonSpirit
Health
Obligated
Group,
Revenue,
2020
A,
Refunding,
3%,
4/01/44
.
4,340,000
3,297,655
El
Camino
Hospital,
Revenue,
2017,
4.125%,
2/01/47
......................
11,000,000
10,622,815
El
Camino
Hospital,
Revenue,
2017,
5%,
2/01/47
..........................
12,500,000
12,776,662
Kaiser
Foundation
Hospitals,
Revenue,
2017
A-2,
4%,
11/01/38
...............
25,000,000
25,100,580
Kaiser
Foundation
Hospitals,
Revenue,
2017
A-2,
4%,
11/01/44
...............
411,225,000
402,797,190
Kaiser
Foundation
Hospitals,
Revenue,
2017
A-2,
5%,
11/01/47
...............
12,500,000
13,878,082
Lucile
Salter
Packard
Children's
Hospital
at
Stanford
Obligated
Group,
Revenue,
2016
B,
5%,
8/15/55
..............................................
19,000,000
19,370,658
Lucile
Salter
Packard
Children's
Hospital
at
Stanford
Obligated
Group,
Revenue,
2017
A,
5%,
11/15/56
.............................................
15,300,000
15,692,814
Marshall
Medical
Center,
Revenue,
2020
A,
Refunding,
California
Mortgage
Insured,
4%,
11/01/40
...................................................
3,750,000
3,755,508
Marshall
Medical
Center,
Revenue,
2020
A,
Refunding,
California
Mortgage
Insured,
5%,
11/01/50
...................................................
25,065,000
26,635,555
On
Lok
Senior
Health
Services
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
8/01/40
........................................................
800,000
825,982
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
5
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
California
Health
Facilities
Financing
Authority,
(continued)
On
Lok
Senior
Health
Services
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
8/01/50
........................................................
$
2,375,000
$
2,406,768
On
Lok
Senior
Health
Services
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
8/01/55
........................................................
850,000
858,667
Providence
St.
Joseph
Health
Obligated
Group,
Revenue,
2014
A,
5%,
10/01/38
..
5,110,000
5,182,639
Sequoia
Living,
Inc.,
Revenue,
2015,
Refunding,
California
Mortgage
Insured,
5%,
7/01/34
........................................................
1,000,000
1,044,339
Sequoia
Living,
Inc.,
Revenue,
2015,
Refunding,
California
Mortgage
Insured,
5%,
7/01/39
........................................................
1,450,000
1,497,772
Sequoia
Living,
Inc.,
Revenue,
2015,
Refunding,
California
Mortgage
Insured,
5%,
7/01/44
........................................................
1,160,000
1,190,948
Sutter
Health
Obligated
Group,
Revenue,
2016
B,
5%,
11/15/46
...............
42,105,000
43,115,891
Sutter
Health
Obligated
Group,
Revenue,
2017
A,
Refunding,
4%,
11/15/48
......
10,585,000
10,126,762
Sutter
Health
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
11/15/48
......
21,690,000
22,307,033
Sutter
Health
Obligated
Group,
Revenue,
2018
A,
4%,
11/15/42
...............
11,680,000
11,478,966
Sutter
Health
Obligated
Group,
Revenue,
2018
A,
5%,
11/15/48
...............
24,500,000
25,196,971
California
Housing
Finance
Agency
,
Revenue,
2019-1,
A,
4.25%,
1/15/35
...................................
47,400,964
47,058,545
Revenue,
2019-2,
A,
4%,
3/20/33
......................................
14,395,658
13,905,936
Revenue,
2021-1,
A,
3.5%,
11/20/35
...................................
4,840,078
4,497,266
a,b
Shermanair
Apartments
Owner
LP,
Revenue,
144A,
2021
Q-1,
Mandatory
Put,
3%,
9/01/36
........................................................
22,535,000
19,147,836
b
Shermanair
Apartments
Owner
LP,
Revenue,
144A,
2021
Q-2,
5%,
9/01/36
......
1,940,000
1,658,027
California
Infrastructure
&
Economic
Development
Bank
,
Academy
of
Motion
Picture
Arts
and
Sciences
Obligated
Group,
Revenue,
2015
A,
Refunding,
5%,
11/01/41
...........................................
8,000,000
8,048,646
Academy
of
Motion
Picture
Arts
and
Sciences
Obligated
Group,
Revenue,
2020
B,
Refunding,
5%,
11/01/29
...........................................
5,000,000
5,668,794
Broad
(The),
Revenue,
2021
A,
Refunding,
5%,
6/01/28
.....................
5,750,000
6,383,596
a
California
Academy
of
Sciences,
Revenue,
2018
B,
Refunding,
Mandatory
Put,
3.76%,
8/01/24
..................................................
26,900,000
26,567,836
California
State
Teachers'
Retirement
System,
Revenue,
2019,
5%,
8/01/44
......
12,750,000
13,680,807
California
State
Teachers'
Retirement
System,
Revenue,
2019,
5%,
8/01/49
......
25,470,000
27,206,878
California
State
Water
Resources
Control
Board
Water
Pollution
Control
Revolving
Fund,
Revenue,
2018,
5%,
10/01/43
..................................
10,000,000
10,711,248
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2020
B,
4%,
11/01/45
.......................................................
850,000
772,635
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2020
B,
4%,
11/01/50
.......................................................
860,000
758,525
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2021
B,
4%,
11/01/56
.......................................................
1,000,000
855,817
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2022
B,
5%,
11/01/47
.......................................................
2,300,000
2,384,092
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2022
B,
4.125%,
11/01/52
.......................................................
3,100,000
2,769,272
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2022
B,
5%,
11/01/57
.......................................................
5,500,000
5,637,249
Los
Angeles
County
Museum
of
Natural
History
Foundation,
Revenue,
2020,
Refunding,
3%,
7/01/50
............................................
18,995,000
13,833,937
a
Museum
Associates,
Revenue,
2021
A,
Refunding,
Mandatory
Put,
1.2%,
6/01/28
.
15,000,000
12,958,218
California
Municipal
Finance
Authority
,
Revenue,
2022
A-1,
4.25%,
12/01/37
...................................
81,985,000
67,942,076
Revenue,
Senior
Lien,
2017
A,
Refunding,
4%,
8/15/52
.....................
27,350,000
23,791,552
1717
University
Associates
LLC,
Revenue,
2020
A,
4.5%,
6/01/52
.............
11,413,000
9,738,897
1717
University
Associates
LLC,
Revenue,
2020
A-T,
5.25%,
6/01/52
...........
3,407,000
2,882,742
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
6
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
California
Municipal
Finance
Authority,
(continued)
Bethany
Home
Society
of
San
Joaquin
County,
Inc.,
Revenue,
2023,
California
Mortgage
Insured,
5%,
11/15/42
.....................................
$
5,500,000
$
6,007,372
Bethany
Home
Society
of
San
Joaquin
County,
Inc.,
Revenue,
2023,
California
Mortgage
Insured,
5%,
11/15/52
.....................................
21,465,000
23,024,952
California
Institute
of
the
Arts,
Revenue,
2021,
4%,
10/01/51
.................
2,355,000
1,949,777
Carmel
Valley
Manor
Obligated
Group,
Revenue,
2022,
California
Mortgage
Insured,
5%,
5/15/52
....................................................
17,775,000
19,010,046
b
Century
CityView
LP,
Revenue,
144A,
2021
A,
4%,
11/01/36
..................
10,375,000
9,502,819
Channing
House,
Revenue,
2017
B,
California
Mortgage
Insured,
5%,
5/15/47
....
10,000,000
10,430,986
CHF-Davis
I
LLC,
Revenue,
2018,
5%,
5/15/51
...........................
10,000,000
10,109,043
CHF-Davis
II
LLC,
Revenue,
2021,
BAM
Insured,
5%,
5/15/24
................
500,000
505,348
CHF-Davis
II
LLC,
Revenue,
2021,
BAM
Insured,
5%,
5/15/25
................
400,000
409,400
CHF-Davis
II
LLC,
Revenue,
2021,
BAM
Insured,
5%,
5/15/26
................
400,000
415,102
CHF-Davis
II
LLC,
Revenue,
2021,
BAM
Insured,
5%,
5/15/27
................
500,000
526,001
CHF-Davis
II
LLC,
Revenue,
2021,
BAM
Insured,
5%,
5/15/28
................
400,000
426,563
CHF-Davis
II
LLC,
Revenue,
2021,
BAM
Insured,
5%,
5/15/29
................
600,000
647,780
CHF-Davis
II
LLC,
Revenue,
2021,
BAM
Insured,
5%,
5/15/30
................
700,000
762,809
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
2/01/42
............................................
8,750,000
8,955,243
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
2/01/47
............................................
17,500,000
17,857,609
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2021
A,
4%,
2/01/51
........................................................
7,000,000
6,077,324
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/37
....................
1,040,000
964,217
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/38
....................
1,000,000
911,929
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/39
....................
1,100,000
991,162
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/40
....................
1,175,000
1,046,722
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/41
....................
1,280,000
1,128,855
Congregational
Homes,
Inc.
Obligated
Group,
Revenue,
2022
A,
4%,
11/15/42
....
450,000
349,650
Congregational
Homes,
Inc.
Obligated
Group,
Revenue,
2022
A,
4%,
11/15/52
....
1,000,000
703,887
Congregational
Homes,
Inc.
Obligated
Group,
Revenue,
2022
A,
4%,
11/15/56
....
1,100,000
754,504
Eisenhower
Medical
Center,
Revenue,
2017
A,
Refunding,
5%,
7/01/47
.........
9,100,000
9,207,234
b
IH
Lakes
Concord
LLC,
Revenue,
144A,
2022
A,
4.375%,
12/01/32
............
22,510,000
19,909,041
Inland
Christian
Home,
Inc.,
Revenue,
2020,
California
Mortgage
Insured,
4%,
12/01/49
.......................................................
2,670,000
2,580,778
Inland
Counties
Regional
Center,
Inc.,
Revenue,
2015,
Refunding,
5%,
6/15/45
...
23,300,000
23,972,280
LAX
Integrated
Express
Solutions
LLC,
Revenue,
Senior
Lien,
2018
A,
5%,
12/31/37
8,500,000
8,717,077
LAX
Integrated
Express
Solutions
LLC,
Revenue,
Senior
Lien,
2018
A,
5%,
12/31/38
5,000,000
5,121,479
LAX
Integrated
Express
Solutions
LLC,
Revenue,
Senior
Lien,
2018
A,
5%,
12/31/43
34,650,000
35,128,631
LAX
Integrated
Express
Solutions
LLC,
Revenue,
Senior
Lien,
2018
A,
5%,
12/31/47
35,145,000
35,443,905
LAX
Integrated
Express
Solutions
LLC,
Revenue,
Senior
Lien,
2018
B,
5%,
6/01/48
11,750,000
11,811,442
b
NCCD-Claremont
Properties
LLC,
Revenue,
144A,
2023
A,
Refunding,
5.25%,
7/01/40
........................................................
7,065,000
7,033,148
b
NCCD-Claremont
Properties
LLC,
Revenue,
144A,
2023
A,
Refunding,
5.5%,
7/01/50
21,145,000
21,055,400
b
NCCD-Claremont
Properties
LLC,
Revenue,
144A,
2023
A,
Refunding,
6%,
7/01/53
12,485,000
12,758,253
b
NCCD-Claremont
Properties
LLC,
Revenue,
144A,
2023
B,
Refunding,
6.5%,
7/01/32
........................................................
2,470,000
2,443,216
Northbay
Healthcare
Group
Obligated
Group,
Revenue,
2017
A,
5.25%,
11/01/41
..
5,500,000
5,392,556
Northbay
Healthcare
Group
Obligated
Group,
Revenue,
2017
A,
5%,
11/01/47
....
8,650,000
8,003,047
Northern
California
Retired
Officers
Community,
Revenue,
2019
A,
California
Mortgage
Insured,
5%,
1/01/43
......................................
10,000,000
10,551,838
Northern
California
Retired
Officers
Community,
Revenue,
2019
A,
California
Mortgage
Insured,
5%,
1/01/49
......................................
18,990,000
19,911,748
Palomar
Health
Obligated
Group,
COP,
2022
A,
Refunding,
AGMC
Insured,
5.25%,
11/01/52
.......................................................
43,040,000
45,778,601
Samuel
Merritt
University,
Revenue,
2022,
5.25%,
6/01/53
...................
38,750,000
41,257,032
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
7
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
California
Municipal
Finance
Authority,
(continued)
South
Central
Los
Angeles
Regional
Center
for
Developmentally
Disabled
Persons,
Revenue,
2013,
5.75%,
12/01/43
....................................
$
33,895,000
$
34,140,749
University
of
La
Verne,
Revenue,
2017
A,
Refunding,
4%,
6/01/47
.............
10,500,000
9,958,427
California
Pollution
Control
Financing
Authority
,
b
Poseidon
Resources
Channelside
LP,
Revenue,
144A,
2019,
Refunding,
5%,
7/01/39
7,250,000
7,434,066
b
Poseidon
Resources
Channelside
LP,
Revenue,
144A,
2019,
Refunding,
5%,
11/21/45
.......................................................
3,065,000
3,103,555
b
Poseidon
Resources
Channelside
LP,
Revenue,
144A,
2023,
5%,
7/01/30
.......
5,200,000
5,564,049
b
Poseidon
Resources
Channelside
LP,
Revenue,
144A,
2023,
5%,
7/01/31
.......
3,000,000
3,224,601
b
Poseidon
Resources
Channelside
LP,
Revenue,
144A,
2023,
5%,
7/01/32
.......
5,500,000
5,932,545
b
Poseidon
Resources
Channelside
LP,
Revenue,
144A,
2023,
5%,
7/01/33
.......
6,000,000
6,488,382
b
Poseidon
Resources
Channelside
LP,
Revenue,
144A,
2023,
5%,
7/01/34
.......
3,250,000
3,486,653
b
Poseidon
Resources
Channelside
LP,
Revenue,
144A,
2023,
5%,
7/01/35
.......
3,250,000
3,453,540
b
Poseidon
Resources
Channelside
LP,
Revenue,
144A,
2023,
5%,
7/01/36
.......
2,650,000
2,795,916
b
Poseidon
Resources
Channelside
LP,
Revenue,
144A,
2023,
5%,
7/01/37
.......
2,300,000
2,417,042
b
Poseidon
Resources
Channelside
LP,
Revenue,
144A,
2023,
5%,
7/01/38
.......
2,000,000
2,093,466
b
Poseidon
Resources
Channelside
LP,
Revenue,
144A,
2023,
5%,
11/21/45
......
2,200,000
2,245,335
San
Jose
Water
Co.,
Revenue,
2016,
4.75%,
11/01/46
......................
15,000,000
15,195,521
California
Public
School
District
Financing
Authority
,
Southern
Kern
Unified
School
District
,
Revenue
,
1996
B
,
AGMC
Insured
,
ETM,
5.9
%
,
9/01/26
...............
820,000
853,840
b
California
School
Finance
Authority
,
Revenue,
144A,
2022
A,
Refunding,
5%,
10/01/42
.........................
1,325,000
1,352,708
Revenue,
144A,
2022
A,
Refunding,
5%,
10/01/52
.........................
2,265,000
2,238,715
Revenue,
144A,
2022
A,
Refunding,
5%,
10/01/61
.........................
3,905,000
3,795,206
Aspire
Public
Schools
Obligated
Group,
Revenue,
144A,
2021
A,
2.125%,
8/01/31
.
500,000
414,734
Aspire
Public
Schools
Obligated
Group,
Revenue,
144A,
2021
A,
4%,
8/01/36
....
325,000
298,856
Aspire
Public
Schools
Obligated
Group,
Revenue,
144A,
2021
A,
4%,
8/01/41
....
525,000
453,810
Aspire
Public
Schools
Obligated
Group,
Revenue,
144A,
2021
A,
4%,
8/01/51
....
800,000
636,618
Aspire
Public
Schools
Obligated
Group,
Revenue,
144A,
2022
A,
5%,
8/01/42
....
1,000,000
986,654
Aspire
Public
Schools
Obligated
Group,
Revenue,
144A,
2022
A,
5%,
8/01/52
....
1,875,000
1,782,208
Camino
Nuevo
Charter
Academy
Obligated
Group,
Revenue,
144A,
2023
A,
Refunding,
5%,
6/01/43
............................................
1,000,000
972,859
Camino
Nuevo
Charter
Academy
Obligated
Group,
Revenue,
144A,
2023
A,
Refunding,
5.25%,
6/01/53
.........................................
1,550,000
1,515,911
Granada
Hills
Charter
High
School
Obligated
Group,
Revenue,
144A,
2021
A,
Refunding,
4%,
7/01/29
............................................
300,000
296,625
Granada
Hills
Charter
High
School
Obligated
Group,
Revenue,
144A,
2021
A,
Refunding,
4%,
7/01/38
............................................
465,000
420,770
Granada
Hills
Charter
High
School
Obligated
Group,
Revenue,
144A,
2021
A,
Refunding,
4%,
7/01/48
............................................
675,000
559,652
Green
Dot
Public
Schools
Obligated
Group,
Revenue,
144A,
2022
A,
Refunding,
5.75%,
8/01/52
..................................................
1,500,000
1,563,188
KIPP
SoCal
Public
Schools
Obligated
Group,
Revenue,
144A,
2020
A,
4%,
7/01/40
800,000
733,451
STEM
Preparatory
Schools
-
Obligated
Group,
Revenue,
144A,
2023
A,
5.125%,
6/01/53
........................................................
1,000,000
971,101
STEM
Preparatory
Schools
-
Obligated
Group,
Revenue,
144A,
2023
A,
5.375%,
5/01/63
........................................................
1,000,000
983,188
California
State
Public
Works
Board
,
Revenue,
2013
I,
5%,
11/01/38
.......................................
40,000,000
40,210,280
Revenue,
2021
A,
Refunding,
5%,
2/01/24
...............................
5,440,000
5,507,589
State
of
California
Department
of
Corrections
&
Rehabilitation,
Revenue,
2019
C,
5%,
11/01/44
...................................................
5,000,000
5,396,060
State
of
California
Department
of
General
Services,
Revenue,
2021
D,
4%,
11/01/35
1,210,000
1,255,747
California
State
University
,
Revenue,
2015
A,
Refunding,
5%,
11/01/43
..............................
11,000,000
11,411,951
a
Revenue,
2016
B-2,
Refunding,
Mandatory
Put,
0.55%,
11/01/26
..............
12,000,000
10,575,857
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
8
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
California
State
University,
(continued)
Revenue,
2017
A,
Refunding,
5%,
11/01/42
..............................
$
42,535,000
$
44,961,043
Revenue,
2017
A,
Refunding,
5%,
11/01/47
..............................
29,345,000
30,866,092
Revenue,
2018
A,
Refunding,
5%,
11/01/39
..............................
19,920,000
21,610,385
Revenue,
2018
A,
Refunding,
5%,
11/01/43
..............................
3,330,000
3,582,767
Revenue,
2018
A,
Refunding,
5%,
11/01/48
..............................
29,780,000
31,827,277
Revenue,
2019
A,
5%,
11/01/44
.......................................
23,765,000
25,718,186
Revenue,
2019
A,
5%,
11/01/49
.......................................
77,595,000
83,261,026
California
Statewide
Communities
Development
Authority
,
Revenue,
2004
A,
AGMC
Insured,
5.25%,
10/01/24
........................
115,000
115,205
Special
Tax,
2023
A,
5.25%,
9/01/51
...................................
3,305,000
3,311,925
Adventist
Health
System/West
Obligated
Group,
Revenue,
2015
A,
Refunding,
5%,
3/01/35
........................................................
9,250,000
9,527,933
Adventist
Health
System/West
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
3/01/48
........................................................
67,585,000
68,431,651
Cedars-Sinai
Medical
Center
Obligated
Group,
Revenue,
2018,
5%,
7/01/48
.....
7,980,000
8,358,009
Community
Facilities
District
No.
2020-02
Improvement
Area
No.
2,
Special
Tax,
2022,
5.25%,
9/01/52
.............................................
1,650,000
1,650,335
Community
Facilities
District
No.
2022-03,
Special
Tax,
2023,
5%,
9/01/38
.......
1,715,000
1,705,965
Community
Facilities
District
No.
2022-03,
Special
Tax,
2023,
5%,
9/01/43
.......
380,000
370,975
Community
Facilities
District
No.
2022-03,
Special
Tax,
2023,
5%,
9/01/53
.......
1,250,000
1,192,086
Enloe
Medical
Center
Obligated
Group,
Revenue,
2022
A,
AGMC
Insured,
5%,
8/15/42
........................................................
600,000
631,631
Enloe
Medical
Center
Obligated
Group,
Revenue,
2022
A,
AGMC
Insured,
5.125%,
8/15/47
........................................................
880,000
932,009
Enloe
Medical
Center
Obligated
Group,
Revenue,
2022
A,
AGMC
Insured,
5.25%,
8/15/52
........................................................
11,215,000
11,897,853
Enloe
Medical
Center
Obligated
Group,
Revenue,
2022
A,
AGMC
Insured,
5.375%,
8/15/57
........................................................
17,930,000
19,115,817
Henry
Mayo
Newhall
Hospital
Obligated
Group,
Revenue,
2014,
Pre-Refunded,
AGMC
Insured,
5.25%,
10/01/43
.....................................
3,000,000
3,086,595
Marin
General
Hospital
Obligated
Group,
Revenue,
2018
A,
5%,
8/01/34
........
1,225,000
1,281,308
Methodist
Hospital
of
Southern
California
Obligated
Group,
Revenue,
2018,
Refunding,
4%,
1/01/34
............................................
3,485,000
3,428,502
Poway
RHF
Housing,
Inc.,
Revenue,
2013
A,
Pre-Refunded,
California
Mortgage
Insured,
5.25%,
11/15/35
..........................................
2,000,000
2,018,639
Carlsbad
Unified
School
District
,
GO,
2009
B,
Refunding,
6%,
5/01/34
...................................
14,000,000
14,328,361
GO,
2011
C,
Zero
Cpn.,
8/01/35
.......................................
33,000,000
35,562,503
GO,
B,
2%,
8/01/23
................................................
1,000,000
997,066
GO,
B,
2%,
8/01/24
................................................
1,000,000
982,604
Centinela
Valley
Union
High
School
District
,
GO
,
2004
A
,
Refunding
,
NATL
Insured
,
5.5
%
,
8/01/33
....................................................
15,630,000
17,618,775
Cerritos
Community
College
District
,
GO
,
2014
A
,
4
%
,
8/01/44
.................
10,000,000
9,865,793
Chabot-Las
Positas
Community
College
District
,
GO,
B,
5%,
8/01/23
................................................
14,400,000
14,438,516
GO,
B,
5%,
8/01/24
................................................
5,500,000
5,614,329
Chaffey
Joint
Union
High
School
District
,
GO
,
B
,
5
%
,
8/01/44
..................
27,500,000
28,175,477
Chino
Community
Facilities
District
,
City
of
Chino
Community
Facilities
District
No.
2003-3,
Special
Tax,
2021,
4%,
9/01/41
........................................................
1,710,000
1,541,252
City
of
Chino
Community
Facilities
District
No.
2003-3,
Special
Tax,
2021,
4%,
9/01/46
........................................................
1,000,000
867,803
City
of
Chino
Community
Facilities
District
No.
2003-3,
Special
Tax,
2021,
4%,
9/01/51
........................................................
1,250,000
1,053,178
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
9,
Special
Tax,
2022,
5%,
9/01/37
......................................
2,740,000
2,827,838
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
9
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Chino
Community
Facilities
District,
(continued)
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
9,
Special
Tax,
2022,
5.25%,
9/01/42
...................................
$
2,000,000
$
2,064,995
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
9,
Special
Tax,
2022,
5.375%,
9/01/47
...................................
2,000,000
2,065,543
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
9,
Special
Tax,
2022,
5.375%,
9/01/52
...................................
2,695,000
2,765,660
Chino
Valley
Unified
School
District
,
GO,
2020
B,
3.375%,
8/01/50
.........................................
20,500,000
17,057,814
GO,
2020
B,
5%,
8/01/55
............................................
12,500,000
13,368,615
City
&
County
of
San
Francisco
,
GO
,
2022
,
Refunding
,
5
%
,
6/15/26
.............
5,000,000
5,316,766
City
of
Beaumont
,
Community
Facilities
District
No.
2016-3,
Special
Tax,
2023,
5%,
9/01/38
........
500,000
518,678
Community
Facilities
District
No.
2016-3,
Special
Tax,
2023,
5%,
9/01/43
........
625,000
638,011
Community
Facilities
District
No.
2016-3,
Special
Tax,
2023,
5%,
9/01/48
........
745,000
747,268
Community
Facilities
District
No.
2016-3,
Special
Tax,
2023,
5%,
9/01/53
........
950,000
950,014
City
of
Corona
,
Community
Facilities
District
No.
2018-1
Improvement
Area
No.
1,
Special
Tax,
2020,
4%,
9/01/45
....................................................
650,000
562,495
Community
Facilities
District
No.
2018-1
Improvement
Area
No.
1,
Special
Tax,
2020,
4%,
9/01/50
....................................................
1,500,000
1,271,526
City
of
Dublin
,
Community
Facilities
District
No.
2015-1
Improvement
Area
No.
4,
Special
Tax,
2022,
5.25%,
9/01/42
..................................................
2,005,000
2,049,122
Community
Facilities
District
No.
2015-1
Improvement
Area
No.
4,
Special
Tax,
2022,
5.5%,
9/01/47
...................................................
2,630,000
2,712,761
Community
Facilities
District
No.
2015-1
Improvement
Area
No.
4,
Special
Tax,
2022,
5.5%,
9/01/51
...................................................
3,040,000
3,121,229
City
of
Fillmore
,
Community
Facilities
District
No.
5
Improvement
Area
B,
Special
Tax,
2023,
5%,
9/01/38
........................................................
1,000,000
1,031,561
Community
Facilities
District
No.
5
Improvement
Area
B,
Special
Tax,
2023,
5%,
9/01/43
........................................................
1,100,000
1,121,109
Community
Facilities
District
No.
5
Improvement
Area
B,
Special
Tax,
2023,
5%,
9/01/48
........................................................
2,375,000
2,378,447
Community
Facilities
District
No.
5
Improvement
Area
B,
Special
Tax,
2023,
5%,
9/01/53
........................................................
3,740,000
3,728,808
City
of
Fontana
,
Community
Facilities
District
No.
85,
Special
Tax,
2020,
4%,
9/01/45
...........
850,000
749,278
Community
Facilities
District
No.
85,
Special
Tax,
2020,
4%,
9/01/50
...........
900,000
769,647
Community
Facilities
District
No.
88,
Special
Tax,
2020,
4%,
9/01/45
...........
1,100,000
964,220
Community
Facilities
District
No.
88,
Special
Tax,
2020,
4%,
9/01/51
...........
1,545,000
1,305,830
Community
Facilities
District
No.
89,
Special
Tax,
2020,
4%,
9/01/40
...........
750,000
683,878
Community
Facilities
District
No.
89,
Special
Tax,
2020,
4%,
9/01/51
...........
1,500,000
1,265,803
Community
Facilities
District
No.
90,
Special
Tax,
2021,
4%,
9/01/41
...........
530,000
480,697
Community
Facilities
District
No.
90,
Special
Tax,
2021,
4%,
9/01/46
...........
475,000
413,391
Community
Facilities
District
No.
90,
Special
Tax,
2021,
4%,
9/01/51
...........
1,825,000
1,542,485
Community
Facilities
District
No.
99,
Special
Tax,
2023,
5%,
9/01/45
...........
600,000
608,010
Community
Facilities
District
No.
99,
Special
Tax,
2023,
5%,
9/01/53
...........
500,000
501,842
City
of
Irvine
,
Assessment
District
No.
21-1,
1915
Act,
Special
Assessment,
Refunding,
4%,
9/02/23
........................................................
1,630,000
1,630,697
Assessment
District
No.
21-1,
1915
Act,
Special
Assessment,
Refunding,
4%,
9/02/26
........................................................
1,245,000
1,262,593
Assessment
District
No.
21-1,
1915
Act,
Special
Assessment,
Refunding,
4%,
9/02/27
........................................................
1,500,000
1,533,086
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
10
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
City
of
Lake
Elsinore
,
Community
Facilities
District
No.
2006-6
,
Special
Tax
,
2022
,
4.75
%
,
9/01/52
...................................................
$
1,000,000
$
950,523
City
of
Lincoln
,
Community
Facilities
District
No.
2006-1,
Special
Tax,
2021,
Refunding,
4%,
9/01/39
290,000
269,718
Community
Facilities
District
No.
2006-1,
Special
Tax,
2021,
Refunding,
4%,
9/01/40
160,000
147,135
Community
Facilities
District
No.
2006-1,
Special
Tax,
2021,
Refunding,
4%,
9/01/43
320,000
288,975
Community
Facilities
District
No.
2019-1,
Special
Tax,
2019-1,
5%,
9/01/42
......
2,015,000
2,012,508
Community
Facilities
District
No.
2019-1,
Special
Tax,
2019-1,
5%,
9/01/47
......
3,430,000
3,364,362
Community
Facilities
District
No.
2019-1,
Special
Tax,
2019-1,
5%,
9/01/52
......
2,090,000
2,025,518
City
of
Long
Beach
,
Harbor,
Revenue,
2017
C,
Refunding,
5%,
5/15/47
.........................
15,660,000
16,461,754
Harbor,
Revenue,
2019
A,
5%,
5/15/44
..................................
15,045,000
16,176,726
Harbor,
Revenue,
2019
A,
5%,
5/15/49
..................................
8,705,000
9,314,266
City
of
Los
Angeles
,
Department
of
Airports,
Revenue,
2015
D,
5%,
5/15/33
.....................
11,420,000
11,663,646
Department
of
Airports,
Revenue,
2015
D,
5%,
5/15/41
.....................
17,000,000
17,141,457
Department
of
Airports,
Revenue,
2017
A,
5%,
5/15/42
......................
13,680,000
14,014,678
Department
of
Airports,
Revenue,
2017
A,
5%,
5/15/47
......................
51,110,000
52,027,844
Department
of
Airports,
Revenue,
2017
B,
5%,
5/15/42
......................
4,000,000
4,206,130
Department
of
Airports,
Revenue,
2018
A,
5%,
5/15/44
......................
47,710,000
49,023,652
Department
of
Airports,
Revenue,
2018
A,
5.25%,
5/15/48
...................
10,000,000
10,369,502
Department
of
Airports,
Revenue,
2018
C,
5%,
5/15/37
.....................
9,550,000
9,920,599
Department
of
Airports,
Revenue,
2018
C,
5%,
5/15/44
.....................
39,945,000
41,041,702
Department
of
Airports,
Revenue,
2018
E,
Refunding,
5%,
5/15/43
.............
16,995,000
18,287,403
Department
of
Airports,
Revenue,
2018
E,
Refunding,
5%,
5/15/48
.............
33,145,000
35,280,489
Department
of
Airports,
Revenue,
2019
A,
Refunding,
5%,
5/15/49
.............
10,000,000
10,311,182
Department
of
Airports,
Revenue,
2019
C,
5%,
5/15/39
.....................
2,305,000
2,510,479
Department
of
Airports,
Revenue,
2019
E,
5%,
5/15/44
......................
19,485,000
20,819,241
Department
of
Airports,
Revenue,
2019
E,
5%,
5/15/49
......................
45,200,000
47,894,241
Department
of
Airports,
Revenue,
2020
A,
Refunding,
5%,
5/15/35
.............
16,005,000
18,089,254
Department
of
Airports,
Revenue,
2020
A,
Refunding,
5%,
5/15/37
.............
5,000,000
5,545,947
Department
of
Airports,
Revenue,
2020
A,
Refunding,
5%,
5/15/38
.............
15,925,000
17,633,716
Department
of
Airports,
Revenue,
2020
A,
Refunding,
5%,
5/15/40
.............
22,485,000
24,752,675
Department
of
Airports,
Revenue,
2021
A,
Refunding,
5%,
5/15/36
.............
3,665,000
3,959,959
Department
of
Airports,
Revenue,
2021
A,
Refunding,
5%,
5/15/38
.............
4,920,000
5,249,048
Department
of
Airports,
Revenue,
2021
A,
Refunding,
5%,
5/15/41
.............
7,005,000
7,395,658
Department
of
Airports,
Revenue,
2021
A,
Refunding,
5%,
5/15/46
.............
25,965,000
27,152,076
Department
of
Airports,
Revenue,
2021
A,
Refunding,
5%,
5/15/51
.............
26,450,000
27,482,605
Department
of
Airports,
Revenue,
2021
D,
5%,
5/15/31
.....................
5,245,000
5,776,465
Department
of
Airports,
Revenue,
2021
D,
5%,
5/15/34
.....................
2,500,000
2,759,254
Department
of
Airports,
Revenue,
2021
D,
Pre-Refunded,
5%,
5/15/34
..........
140,000
157,058
Department
of
Airports,
Revenue,
2022
C,
Refunding,
5%,
5/15/45
.............
8,000,000
8,419,381
Department
of
Airports,
Revenue,
Senior
Lien,
2015
A,
5%,
5/15/40
............
3,000,000
3,027,434
Department
of
Airports,
Revenue,
Senior
Lien,
2020
C,
5%,
5/15/37
............
6,595,000
7,033,561
Department
of
Airports,
Revenue,
Senior
Lien,
2022
G,
4%,
5/15/42
............
16,575,000
15,914,965
Department
of
Airports,
Revenue,
Senior
Lien,
2022
G,
4%,
5/15/47
............
11,325,000
10,581,241
Department
of
Airports,
Revenue,
Senior
Lien,
2022
H,
5%,
5/15/42
............
1,415,000
1,496,937
Department
of
Airports,
Revenue,
Senior
Lien,
2022
H,
5%,
5/15/47
............
25,000,000
26,195,588
Department
of
Airports,
Revenue,
Senior
Lien,
2022
H,
5.25%,
5/15/47
.........
1,200,000
1,279,320
Department
of
Airports,
Revenue,
Senior
Lien,
2022
H,
5.5%,
5/15/47
..........
23,000,000
25,128,420
Department
of
Airports,
Revenue,
Senior
Lien,
2022
I,
5%,
5/15/41
.............
1,350,000
1,512,927
Department
of
Airports,
Revenue,
Senior
Lien,
2022
I,
5%,
5/15/42
.............
1,360,000
1,518,734
Department
of
Airports,
Revenue,
Senior
Lien,
2022
I,
4%,
5/15/48
.............
2,000,000
1,944,283
Department
of
Airports,
Revenue,
Senior
Lien,
2022
I,
5%,
5/15/48
.............
6,265,000
6,870,140
Wastewater
System,
Revenue,
2015
A,
5%,
6/01/44
........................
18,500,000
19,007,366
Wastewater
System,
Revenue,
2015
C,
Refunding,
5%,
6/01/45
...............
15,190,000
15,599,712
Wastewater
System,
Revenue,
2018
A,
5%,
6/01/43
........................
10,000,000
10,686,833
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
11
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
City
of
Los
Angeles,
(continued)
Wastewater
System,
Revenue,
2018
A,
5%,
6/01/48
........................
$
1,275,000
$
1,354,128
City
of
Menifee
,
Community
Facilities
District
No.
2019-1
Meadow
Run,
Special
Tax,
2022,
4%,
9/01/37
........................................................
320,000
301,674
Community
Facilities
District
No.
2019-1
Meadow
Run,
Special
Tax,
2022,
3%,
9/01/43
........................................................
135,000
98,211
Community
Facilities
District
No.
2019-1
Meadow
Run,
Special
Tax,
2022,
4%,
9/01/51
........................................................
565,000
480,557
City
of
Newport
Beach
,
Assessment
District
No.
113
,
1915
Act,
Special
Assessment
,
2021
A
,
2.25
%
,
9/02/41
.............................................
1,290,000
845,767
City
of
Ontario
,
Community
Facilities
District
No.
13,
Special
Tax,
2021,
Refunding,
4%,
9/01/38
...
400,000
368,541
Community
Facilities
District
No.
45,
Special
Tax,
2020,
4%,
9/01/43
...........
410,000
360,702
Community
Facilities
District
No.
45,
Special
Tax,
2020,
4%,
9/01/51
...........
1,565,000
1,311,057
Community
Facilities
District
No.
53,
Special
Tax,
2021,
4%,
9/01/36
...........
525,000
504,435
Community
Facilities
District
No.
53,
Special
Tax,
2021,
4%,
9/01/42
...........
650,000
586,665
Community
Facilities
District
No.
55,
Special
Tax,
2022,
5%,
9/01/42
...........
750,000
766,130
Community
Facilities
District
No.
55,
Special
Tax,
2022,
5%,
9/01/47
...........
800,000
809,490
Community
Facilities
District
No.
55,
Special
Tax,
2022,
5%,
9/01/53
...........
845,000
849,359
Community
Facilities
District
No.
57,
Special
Tax,
2022,
4.25%,
9/01/37
.........
415,000
397,817
Community
Facilities
District
No.
57,
Special
Tax,
2022,
4.625%,
9/01/42
........
650,000
635,812
Community
Facilities
District
No.
57,
Special
Tax,
2022,
4.75%,
9/01/47
.........
840,000
817,717
Community
Facilities
District
No.
57,
Special
Tax,
2022,
4.75%,
9/01/52
.........
825,000
785,387
City
of
Orange
,
Community
Facilities
District
No.
06-1
,
Special
Tax
,
2015
,
Refunding
,
AGMC
Insured
,
5
%
,
10/01/40
.........................................
7,500,000
7,762,208
City
of
Pasadena
,
Electric
,
Revenue
,
2016
A
,
Refunding
,
4
%
,
6/01/46
............
22,625,000
22,083,652
City
of
Perris
,
Revenue
,
1988
A
,
GNMA
Insured
,
ETM,
Zero
Cpn.,
6/01/23
.........
19,095,000
19,095,000
City
of
Riverside
,
Electric,
Revenue,
2013
A,
Refunding,
5%,
10/01/43
.......................
11,535,000
11,585,665
Sewer,
Revenue,
2015
A,
Refunding,
5%,
8/01/40
.........................
25,000,000
25,856,018
City
of
Roseville
,
Electric
System
,
COP
,
2004
,
AGMC
Insured
,
5
%
,
2/01/34
........
5,000
5,007
City
of
Sacramento
,
Transient
Occupancy
Tax,
Revenue,
2018
A,
5%,
6/01/43
....................
13,555,000
14,138,352
Transient
Occupancy
Tax,
Revenue,
2018
A,
5%,
6/01/48
....................
12,000,000
12,444,684
Transient
Occupancy
Tax,
Revenue,
2018
C,
5%,
6/01/48
...................
9,415,000
9,742,426
City
of
San
Diego
,
Community
Facilities
District
No.
2,
Special
Tax,
2021,
Refunding,
4%,
9/01/28
....
880,000
908,835
Community
Facilities
District
No.
2,
Special
Tax,
2021,
Refunding,
4%,
9/01/29
....
690,000
716,470
Community
Facilities
District
No.
2,
Special
Tax,
2021,
Refunding,
4%,
9/01/30
....
425,000
443,112
City
of
Santa
Paula
,
Harvest
Community
Facilities
District
No.
1
Improvement
Area
A,
Special
Tax,
2022,
4%,
9/01/42
....................................................
575,000
517,631
Harvest
Community
Facilities
District
No.
1
Improvement
Area
A,
Special
Tax,
2022,
4%,
9/01/47
....................................................
1,460,000
1,267,492
Harvest
Community
Facilities
District
No.
1
Improvement
Area
A,
Special
Tax,
2022,
4%,
9/01/52
....................................................
3,530,000
2,973,131
City
of
Santa
Rosa
,
Wastewater
,
Revenue
,
2020
A
,
5
%
,
9/01/35
................
600,000
678,949
City
of
Upland
,
San
Antonio
Regional
Hospital
Obligated
Group
,
COP
,
Refunding
,
5
%
,
1/01/47
.........................................................
14,400,000
14,665,658
City
of
Vernon
,
Electric
System,
Revenue,
2021
A,
5%,
10/01/24
..........................
2,500,000
2,528,155
Electric
System,
Revenue,
2021
A,
5%,
4/01/28
...........................
2,000,000
2,092,421
Electric
System,
Revenue,
2022
A,
Refunding,
5%,
8/01/34
..................
1,350,000
1,463,327
Electric
System,
Revenue,
2022
A,
Refunding,
5%,
8/01/39
..................
425,000
440,914
Electric
System,
Revenue,
2022
A,
Refunding,
5%,
8/01/40
..................
365,000
377,886
Electric
System,
Revenue,
2022
A,
Refunding,
5%,
8/01/41
..................
420,000
434,372
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
12
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
b
CMFA
Special
Finance
Agency
,
Latitude33,
Revenue,
144A,
2021
A-1,
3%,
12/01/56
.......................
$
9,000,000
$
5,948,038
Solana
at
Grand,
Revenue,
Senior
Lien,
144A,
2021
A-1,
4%,
8/01/56
..........
54,800,000
45,277,722
b
CMFA
Special
Finance
Agency
Enclave
,
Revenue,
Senior
Lien
,
144A,
2022
A-1
,
4
%
,
8/01/58
.........................................................
26,500,000
20,243,451
b
CMFA
Special
Finance
Agency
VII
,
Breakwater
Apartments
(The)
,
Revenue
,
144A,
2021
A-1
,
3
%
,
8/01/56
..............................................
94,250,000
62,407,449
b
CMFA
Special
Finance
Agency
VIII
,
Elan
Huntington
Beach
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
8/01/56
.........................................
34,750,000
22,765,979
b
CMFA
Special
Finance
Agency
XII
,
Allure
Apartments
,
Revenue,
Senior
Lien
,
144A,
2022
A-1
,
3.25
%
,
2/01/57
............................................
27,500,000
18,657,870
Coachella
Valley
Unified
School
District
,
GO,
C,
AGMC
Insured,
Zero
Cpn.,
8/01/36
...............................
8,000,000
4,773,869
GO,
C,
AGMC
Insured,
Zero
Cpn.,
8/01/37
...............................
8,000,000
4,503,656
GO,
C,
AGMC
Insured,
Zero
Cpn.,
8/01/40
...............................
7,500,000
3,578,398
GO,
C,
AGMC
Insured,
Zero
Cpn.,
8/01/43
...............................
10,000,000
4,003,197
Coalinga-Huron
Joint
Unified
School
District
,
GO
,
B
,
BAM
Insured
,
5
%
,
8/01/48
.....
7,135,000
7,469,692
Colton
Joint
Unified
School
District
,
GO
,
2010
B
,
AGMC
Insured
,
Zero
Cpn.,
8/01/42
.
16,365,000
6,877,421
Contra
Costa
Community
College
District
,
GO
,
2020
C
,
4
%
,
8/01/32
.............
1,200,000
1,292,452
Contra
Costa
Water
District
,
Revenue
,
V
,
Refunding
,
5
%
,
10/01/49
..............
7,500,000
8,120,366
Corona-Norco
Unified
School
District
,
GO,
1998
B,
AGMC
Insured,
Zero
Cpn.,
9/01/23
...........................
2,320,000
2,299,346
GO,
1998
B,
AGMC
Insured,
Zero
Cpn.,
9/01/24
...........................
2,620,000
2,505,505
GO,
1998
B,
AGMC
Insured,
Zero
Cpn.,
3/01/25
...........................
1,400,000
1,316,320
GO,
1998
C,
NATL
Insured,
Zero
Cpn.,
9/01/25
...........................
4,655,000
4,301,624
GO,
1998
C,
NATL
Insured,
Zero
Cpn.,
9/01/26
...........................
6,080,000
5,432,778
County
of
Orange
,
Community
Facilities
District
No.
2021-1,
Special
Tax,
2022
A,
5%,
8/15/37
......
1,300,000
1,354,696
Community
Facilities
District
No.
2021-1,
Special
Tax,
2022
A,
5%,
8/15/42
......
850,000
869,487
Community
Facilities
District
No.
2021-1,
Special
Tax,
2022
A,
5%,
8/15/47
......
4,650,000
4,711,859
Community
Facilities
District
No.
2021-1,
Special
Tax,
2022
A,
5%,
8/15/52
......
4,200,000
4,234,835
County
of
Placer
,
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
2,
Special
Tax,
2017
1,
5%,
9/01/43
..................................................
900,000
896,495
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
2,
Special
Tax,
2017
1,
5%,
9/01/48
..................................................
1,360,000
1,314,332
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
2,
Special
Tax,
2017
1,
5%,
9/01/53
..................................................
1,000,000
953,669
County
of
Riverside
,
Revenue,
1988
B,
GNMA
Insured,
ETM,
Zero
Cpn.,
6/01/23
..................
26,160,000
26,160,000
Community
Facilities
District
No.
07-2,
Special
Tax,
2020,
AGMC
Insured,
4%,
9/01/45
........................................................
2,730,000
2,673,329
County
of
Sacramento
,
Airport
System,
Revenue,
2016
B,
Refunding,
5%,
7/01/41
...................
9,000,000
9,311,281
Airport
System,
Revenue,
Senior
Lien,
2016
A,
Refunding,
5%,
7/01/41
.........
10,000,000
10,360,591
Community
Facilities
District
No.
2014-2,
Special
Tax,
2021,
4%,
9/01/41
........
325,000
294,767
Community
Facilities
District
No.
2014-2,
Special
Tax,
2021,
4%,
9/01/46
........
325,000
285,299
b
CSCDA
Community
Improvement
Authority
,
1818
Platinum
Triangle-Anaheim,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3.35%,
4/01/47
........................................................
10,000,000
7,705,105
777
Place-Pomona,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3.6%,
5/01/47
.......
10,000,000
7,824,243
777
Place-Pomona,
Revenue,
Senior
Lien,
144A,
2021
A-2,
3.25%,
5/01/57
......
12,500,000
8,562,006
Acacia
on
Santa
Rosa
Creek,
Revenue,
Senior
Lien,
144A,
2021
A,
4%,
10/01/56
.
13,000,000
10,664,997
Cameo/Garrison
Apartments,
Revenue,
144A,
2021
B,
4%,
3/01/57
............
7,000,000
4,937,264
Cameo/Garrison
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-1,
2.8%,
3/01/47
21,800,000
16,534,408
Cameo/Garrison
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-2,
3%,
3/01/57
.
7,430,000
4,902,976
Crescent
(The),
Revenue,
Senior
Lien,
144A,
2022
A-1,
3.25%,
7/01/43
.........
6,530,000
5,029,620
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
13
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
b
CSCDA
Community
Improvement
Authority,
(continued)
Crescent
(The),
Revenue,
Senior
Lien,
144A,
2022
A-2,
4.3%,
7/01/59
..........
$
18,250,000
$
15,125,261
Dublin,
Revenue,
144A,
2021
B,
4%,
2/01/57
.............................
16,110,000
11,261,755
Dublin,
Revenue,
Senior
Lien,
144A,
2021
A-1,
2.45%,
2/01/47
...............
40,500,000
31,531,243
Dublin,
Revenue,
Senior
Lien,
144A,
2021
A-2,
3%,
2/01/57
..................
45,500,000
30,039,669
Escondido
Portfolio,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3%,
6/01/48
........
10,000,000
6,739,108
Jefferson
Platinum
Triangle
Apartments,
Revenue,
144A,
2021
A-1,
2.875%,
8/01/41
19,710,000
17,191,326
Jefferson
Platinum
Triangle
Apartments,
Revenue,
144A,
2021
A-2,
3.125%,
8/01/56
54,465,000
37,143,540
Monterey
Station
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3%,
7/01/43
.
8,000,000
6,003,605
Park
Crossing
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A,
3.25%,
12/01/58
.
18,750,000
12,541,751
Parrallel-Anaheim,
Revenue,
144A,
2021
A,
4%,
8/01/56
....................
17,840,000
13,112,933
Pasadena
Portfolio,
Revenue,
Senior
Lien,
144A,
2021
A-1,
2.65%,
12/01/46
.....
1,425,000
1,095,529
Pasadena
Portfolio,
Revenue,
Senior
Lien,
144A,
2021
A-2,
3%,
12/01/56
.......
39,820,000
26,316,763
Renaissance
at
City
Center,
Revenue,
144A,
2020
A,
5%,
7/01/51
.............
15,825,000
14,348,450
Theo
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3.5%,
5/01/47
........
5,000,000
3,960,307
Towne
at
Glendale
Apartments,
Revenue,
144A,
2022
A,
Zero
Cpn.,
9/01/62
.....
53,000,000
25,625,002
Vineyard
Garden
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A,
3.25%,
10/01/58
14,000,000
9,406,347
Waterscape
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A,
3%,
9/01/56
......
5,000,000
3,291,477
Westgate
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3%,
6/01/47
......
14,500,000
10,521,967
Wood
Creek
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3%,
12/01/49
...
30,000,000
19,884,090
Wood
Creek
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-2,
4%,
12/01/58
...
25,000,000
18,527,557
Daly
City
Housing
Development
Finance
Agency
,
Franciscan
Park
LLC
,
Revenue
,
2007
A
,
Refunding
,
5
%
,
12/15/47
..........................................
17,870,000
17,873,499
Day
Creek
Square
Public
Facilities
,
Community
Facilities
District
No.
2018-1,
Special
Tax,
2020,
4%,
9/01/40
........
625,000
551,875
Community
Facilities
District
No.
2018-1,
Special
Tax,
2020,
4%,
9/01/45
........
700,000
594,436
Delano
Joint
Union
High
School
District
,
GO
,
2003
A
,
Refunding
,
NATL
Insured
,
5.15
%
,
2/01/32
.........................................................
8,520,000
9,399,166
East
Bay
Municipal
Utility
District
,
Water
System,
Revenue,
2014
A,
Refunding,
5%,
6/01/35
...................
10,000,000
10,148,789
Water
System,
Revenue,
2014
B,
Refunding,
5%,
6/01/24
...................
4,140,000
4,215,468
Water
System,
Revenue,
2014
C,
5%,
6/01/44
............................
14,000,000
14,128,834
Water
System,
Revenue,
2015
A,
Refunding,
5%,
6/01/36
...................
7,355,000
7,623,294
Water
System,
Revenue,
2015
C,
4%,
6/01/45
............................
9,070,000
8,954,406
Water
System,
Revenue,
2017
A,
Refunding,
5%,
6/01/45
...................
4,240,000
4,483,693
Water
System,
Revenue,
2019
A,
5%,
6/01/44
............................
4,000,000
4,334,401
Eastern
Municipal
Water
District
,
Revenue,
2021
A,
Refunding,
4%,
7/01/28
...............................
2,480,000
2,636,122
a
Revenue,
2021
B,
Refunding,
Mandatory
Put,
3.51%,
7/01/24
................
7,500,000
7,454,364
Community
Facilities
District
No.
2017-79,
Special
Tax,
2021,
4%,
9/01/46
.......
2,815,000
2,464,017
Community
Facilities
District
No.
2017-79,
Special
Tax,
2021,
4%,
9/01/51
.......
3,405,000
2,896,100
Community
Facilities
District
No.
2019-83,
Special
Tax,
2022,
4%,
9/01/51
.......
2,790,000
2,373,016
Eastern
Municipal
Water
District
Financing
Authority
,
Revenue
,
2015
B
,
5
%
,
7/01/46
.
30,705,000
31,686,424
Elk
Grove
Finance
Authority
,
Special
Tax
,
2015
,
Refunding
,
BAM
Insured
,
5
%
,
9/01/38
1,500,000
1,559,373
Fairfax
School
District
,
GO
,
2010
,
AGMC
Insured
,
Zero
Cpn.,
11/01/48
...........
10,380,000
2,996,958
FHLMC,
Multi-family
ML
Pass-Through
Certificates
,
Revenue
,
2019-ML06
,
ACA
,
Revenue
,
2.493
%
,
7/25/35
...........................................
1,027,425
888,607
Folsom
Cordova
Unified
School
District
School
Facilities
Improvement
Dist
No.
5
,
GO
,
C
,
4
%
,
10/01/43
...................................................
17,500,000
17,339,397
Foothill-Eastern
Transportation
Corridor
Agency
,
Revenue,
2013
A,
Refunding,
AGMC
Insured,
5%,
1/15/42
...................
10,000,000
10,056,509
Revenue,
2013
A,
Pre-Refunded,
6%,
1/15/49
............................
305,000,000
310,255,455
Revenue,
2013
A,
Pre-Refunded,
6%,
1/15/53
............................
190,000,000
193,273,890
Revenue,
2013
A,
Refunding,
AGMC
Insured,
Zero
Cpn.,
1/15/31
..............
35,000,000
39,672,741
Revenue,
2013
A,
Refunding,
AGMC
Insured,
Zero
Cpn.,
1/15/32
..............
37,260,000
42,360,805
Revenue,
2013
A,
Refunding,
AGMC
Insured,
Zero
Cpn.,
1/15/37
..............
41,250,000
23,776,298
Revenue,
2013
A,
Refunding,
AGMC
Insured,
Zero
Cpn.,
1/15/38
..............
77,650,000
42,261,106
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
14
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Foothill-Eastern
Transportation
Corridor
Agency,
(continued)
Revenue,
2013
A,
Refunding,
AGMC
Insured,
Zero
Cpn.,
1/15/39
..............
$
56,100,000
$
28,894,698
Revenue,
2013
A,
Refunding,
Zero
Cpn.,
1/15/42
..........................
130,000,000
54,148,484
Revenue,
2013
A,
Refunding,
Zero
Cpn.,
1/15/42
..........................
98,000,000
113,904,400
Revenue,
Senior
Lien,
1995
A,
ETM,
Zero
Cpn.,
1/01/25
....................
20,660,000
19,594,572
Revenue,
Senior
Lien,
1995
A,
ETM,
Zero
Cpn.,
1/01/26
....................
23,475,000
21,598,115
Revenue,
Senior
Lien,
1995
A,
ETM,
Zero
Cpn.,
1/01/27
....................
15,000,000
13,403,266
Revenue,
Senior
Lien,
1995
A,
ETM,
Zero
Cpn.,
1/01/28
....................
2,000,000
1,739,971
Revenue,
Senior
Lien,
1995
A,
ETM,
Zero
Cpn.,
1/01/29
....................
35,310,000
29,917,633
Revenue,
Senior
Lien,
2021
A,
Refunding,
4%,
1/15/46
.....................
17,500,000
16,588,394
Fowler
Unified
School
District
,
GO,
2010
C,
AGMC
Insured,
Zero
Cpn.,
8/01/41
..........................
3,095,000
1,460,678
GO,
2010
C,
AGMC
Insured,
Zero
Cpn.,
8/01/42
..........................
3,005,000
1,357,014
Franklin-Mckinley
School
District
,
GO
,
C
,
Pre-Refunded
,
BAM
Insured
,
5
%
,
8/01/44
.
5,000,000
5,013,540
Fresno
Unified
School
District
,
GO,
2020
B,
5%,
8/01/46
............................................
2,635,000
2,835,929
GO,
2020
B,
4%,
8/01/48
............................................
3,205,000
3,108,113
GO,
2020
B,
4%,
8/01/52
............................................
6,585,000
6,347,433
GO,
2020
B,
4%,
8/01/55
............................................
4,000,000
3,848,281
Fullerton
School
District
,
GO
,
2002
A
,
NATL
Insured
,
Zero
Cpn.,
8/01/23
..........
3,030,000
3,012,015
Glendale
Community
College
District
,
GO
,
2003
C
,
NATL
Insured
,
Zero
Cpn.,
8/01/28
12,860,000
10,284,480
Glendora
Public
Finance
Authority
,
Glendora
Community
Redevelopment
Agency
,
Tax
Allocation
,
2003
A
,
NATL
Insured
,
5
%
,
9/01/24
............................
1,945,000
1,947,277
Golden
State
Tobacco
Securitization
Corp.
,
Revenue
,
2022
A-1
,
Refunding
,
5
%
,
6/01/51
.........................................................
19,000,000
19,800,390
Golden
Valley
Unified
School
District
Financing
Authority
,
Community
Facilities
District
No.
2017-1,
Revenue,
2021
A,
4%,
9/01/46
........
250,000
215,094
Community
Facilities
District
No.
2017-1,
Revenue,
2021
A,
4%,
9/01/51
........
500,000
416,020
Community
Facilities
District
No.
2017-1,
Revenue,
2021
A,
4%,
9/01/56
........
745,000
609,392
Grossmont
Union
High
School
District
,
GO
,
2004
,
AGMC
Insured
,
Zero
Cpn.,
8/01/24
5,110,000
4,903,767
Grossmont-Cuyamaca
Community
College
District
,
GO
,
2018
B
,
4
%
,
8/01/47
......
10,000,000
9,712,232
Hacienda
La
Puente
Unified
School
District
,
GO
,
2017
A
,
4
%
,
8/01/47
............
655,000
636,151
Hartnell
Community
College
District
,
GO
,
2009
C
,
6.125
%
,
8/01/33
..............
20,000,000
25,000,616
Hawthorne
School
District
,
GO
,
2008
C
,
AGMC
Insured
,
Zero
Cpn.,
8/01/48
.......
37,665,000
11,585,095
Huntington
Beach
City
School
District
,
GO
,
2003
A
,
NATL
Insured
,
Zero
Cpn.,
8/01/28
10,005,000
8,194,975
Independent
Cities
Finance
Authority
,
Augusta
Communities
LLC,
Revenue,
2022
A,
Refunding,
5.25%,
5/15/56
.......
4,000,000
4,147,673
b
City
of
Compton
Sales
Tax,
Revenue,
144A,
2021,
AGMC
Insured,
4%,
6/01/36
...
700,000
706,443
b
City
of
Compton
Sales
Tax,
Revenue,
144A,
2021,
AGMC
Insured,
4%,
6/01/41
...
900,000
897,427
b
City
of
Compton
Sales
Tax,
Revenue,
144A,
2021,
AGMC
Insured,
4%,
6/01/46
...
925,000
902,867
b
City
of
Compton
Sales
Tax,
Revenue,
144A,
2021,
AGMC
Insured,
4%,
6/01/51
...
1,250,000
1,201,524
Millennium
Housing
LLC,
Revenue,
2021
A,
Refunding,
3%,
9/15/46
...........
1,000,000
765,071
Millennium
Housing
LLC,
Revenue,
2021
A,
Refunding,
3%,
9/15/56
...........
2,000,000
1,389,566
Millennium
Housing
LLC,
Revenue,
2022,
Refunding,
4%,
9/15/42
.............
2,000,000
1,899,249
Millennium
Housing
LLC,
Revenue,
2022,
Refunding,
4.25%,
9/15/50
...........
2,000,000
1,907,782
Millennium
Housing
LLC,
Revenue,
2022,
Refunding,
5%,
9/15/50
.............
2,000,000
2,091,122
Irvine
Unified
School
District
,
Special
Tax,
2020
A,
4%,
9/01/40
......................................
2,945,000
2,701,648
Special
Tax,
2020
A,
4%,
9/01/44
......................................
6,215,000
5,515,020
Special
Tax,
2020
A,
BAM
Insured,
4%,
9/01/50
...........................
7,960,000
7,669,239
Community
Facilities
District
No.
01-1,
Special
Tax,
2015,
Refunding,
BAM
Insured,
5%,
9/01/38
....................................................
7,000,000
7,184,568
Community
Facilities
District
No.
09-1,
Special
Tax,
2017
D,
5%,
3/01/57
........
10,940,000
10,997,807
Jefferson
Union
High
School
District
,
GO,
2000
A,
Refunding,
NATL
Insured,
6.45%,
8/01/25
.....................
1,445,000
1,497,534
GO,
2000
A,
Refunding,
NATL
Insured,
6.45%,
8/01/29
.....................
3,075,000
3,470,157
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
15
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Jurupa
Community
Services
District
,
Community
Facilities
District
No.
52,
Special
Tax,
2021
A,
4%,
9/01/39
..........
$
135,000
$
124,105
Community
Facilities
District
No.
52,
Special
Tax,
2021
A,
4%,
9/01/40
..........
140,000
127,042
Community
Facilities
District
No.
52,
Special
Tax,
2021
A,
4%,
9/01/50
..........
1,000,000
847,243
Community
Facilities
District
No.
54,
Special
Tax,
2021
A,
4%,
9/01/46
..........
900,000
779,903
Community
Facilities
District
No.
54,
Special
Tax,
2021
A,
4%,
9/01/51
..........
875,000
736,067
Jurupa
Public
Financing
Authority
,
Special
Tax,
2013
A,
AGMC
Insured,
5.125%,
9/01/37
......................
4,000,000
4,015,090
Special
Tax,
2013
A,
AGMC
Insured,
5.25%,
9/01/42
.......................
3,250,000
3,264,626
La
Mirada
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation
,
2010
A
,
Refunding
,
AGMC
Insured
,
5
%
,
8/15/28
.................................
1,855,000
1,858,791
Lake
Elsinore
Unified
School
District
,
Community
Facilities
District
No.
2006-3,
Special
Tax,
2022,
5%,
9/01/47
........
350,000
350,529
Community
Facilities
District
No.
2006-3,
Special
Tax,
2022,
5%,
9/01/52
........
500,000
494,953
Lakeside
Union
School
District
,
GO
,
2010
B
,
Zero
Cpn.,
8/01/45
................
11,540,000
4,255,725
Lammersville
Joint
Unified
School
District
,
GO
,
2016
A
,
4
%
,
8/01/46
.............
41,340,000
40,319,642
Lancaster
School
District
,
GO,
1999,
NATL
Insured,
Zero
Cpn.,
8/01/25
.............................
5,495,000
5,068,402
GO,
1999,
NATL
Insured,
Zero
Cpn.,
7/01/26
.............................
5,965,000
5,321,180
Lassen
Municipal
Utility
District
,
COP
,
2021
,
4
%
,
5/01/51
......................
3,000,000
2,721,937
Lawndale
Redevelopment
Agency
,
Tax
Allocation,
2009,
AGMC
Insured,
5.5%,
8/01/39
........................
10,280,000
10,297,661
Tax
Allocation,
2009,
AGMC
Insured,
5.5%,
8/01/44
........................
6,085,000
6,095,103
Lee
Lake
Water
District
Financing
Corp.
,
Community
Facilities
District
No.
4
Terramor
Improvement
Area
No.
2,
Special
Tax,
2021,
4%,
9/01/36
................................................
930,000
890,863
Community
Facilities
District
No.
4
Terramor
Improvement
Area
No.
2,
Special
Tax,
2021,
4%,
9/01/41
................................................
785,000
713,763
Community
Facilities
District
No.
4
Terramor
Improvement
Area
No.
2,
Special
Tax,
2021,
4%,
9/01/46
................................................
1,040,000
900,952
Community
Facilities
District
No.
4
Terramor
Improvement
Area
No.
2,
Special
Tax,
2021,
4%,
9/01/51
................................................
930,000
784,450
Lemon
Grove
School
District
,
GO
,
2010
B
,
AGMC
Insured
,
Zero
Cpn.,
8/01/50
.....
20,990,000
5,998,480
Lodi
Unified
School
District
,
GO
,
2017
,
4
%
,
8/01/41
..........................
15,000,000
14,958,666
Long
Beach
Bond
Finance
Authority
,
Revenue,
2007
A,
5.5%,
11/15/28
.....................................
8,000,000
8,485,804
Revenue,
2007
A,
5%,
11/15/29
.......................................
17,465,000
18,243,922
Revenue,
2007
A,
5.5%,
11/15/30
.....................................
5,000,000
5,402,252
Revenue,
2007
A,
5%,
11/15/35
.......................................
69,855,000
73,127,064
Revenue,
2007
A,
5.5%,
11/15/37
.....................................
35,000,000
37,783,148
Los
Angeles
Community
College
District
,
GO,
2015
A,
Pre-Refunded,
5%,
8/01/26
................................
14,000,000
14,310,397
GO,
2015
A,
Pre-Refunded,
5%,
8/01/27
................................
24,895,000
25,446,952
GO,
2015
A,
Pre-Refunded,
4%,
8/01/32
................................
90,600,000
91,581,107
GO,
2015
A,
Pre-Refunded,
4%,
8/01/33
................................
19,350,000
19,559,541
GO,
2015
C,
Refunding,
5%,
8/01/25
...................................
5,890,000
6,138,806
GO,
2016,
Refunding,
5%,
8/01/38
.....................................
10,000,000
10,586,822
Los
Angeles
County
Metropolitan
Transportation
Authority
,
Revenue,
2021
A,
5%,
6/01/26
........................................
4,000,000
4,245,061
Sales
Tax,
Revenue,
2016
A,
Refunding,
5%,
6/01/35
.......................
17,655,000
18,776,437
Sales
Tax,
Revenue,
2016
A,
Refunding,
5%,
6/01/37
.......................
10,970,000
11,561,009
Sales
Tax,
Revenue,
2016
A,
Refunding,
5%,
6/01/38
.......................
2,705,000
2,843,955
Sales
Tax,
Revenue,
2016
A,
Refunding,
5%,
6/01/39
.......................
10,000,000
10,488,324
Sales
Tax,
Revenue,
2017
A,
5%,
7/01/38
...............................
10,455,000
11,194,407
Sales
Tax,
Revenue,
2017
A,
5%,
7/01/39
...............................
7,860,000
8,398,198
Sales
Tax,
Revenue,
2017
A,
5%,
7/01/41
...............................
12,350,000
13,145,777
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
16
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Los
Angeles
County
Metropolitan
Transportation
Authority,
(continued)
Sales
Tax,
Revenue,
2017
A,
5%,
7/01/42
...............................
$
26,910,000
$
28,590,166
Sales
Tax,
Revenue,
2020
A,
Refunding,
5%,
6/01/32
.......................
6,700,000
7,712,065
Sales
Tax,
Revenue,
2020
A,
Refunding,
5%,
6/01/35
.......................
18,960,000
21,650,018
Sales
Tax,
Revenue,
2020
A,
Refunding,
5%,
6/01/36
.......................
7,035,000
7,963,470
Sales
Tax,
Revenue,
2020
A,
Refunding,
5%,
6/01/37
.......................
11,455,000
12,873,127
Sales
Tax,
Revenue,
2021
A,
5%,
6/01/23
...............................
7,000,000
7,000,000
Sales
Tax,
Revenue,
2021
A,
5%,
6/01/24
...............................
5,500,000
5,599,173
Sales
Tax,
Revenue,
2021
A,
5%,
6/01/32
...............................
4,000,000
4,685,066
Sales
Tax,
Revenue,
Senior
Lien,
2021
A,
5%,
7/01/28
......................
3,830,000
4,255,794
Sales
Tax,
Revenue,
Senior
Lien,
2021
A,
5%,
7/01/36
......................
2,500,000
2,898,678
Los
Angeles
County
Sanitation
Districts
Financing
Authority
,
Revenue,
2022
A,
5%,
10/01/25
.......................................
6,830,000
7,143,942
Los
Angeles
County
Sanitation
District
No.
20,
Revenue,
2016
A,
Refunding,
4%,
10/01/42
.......................................................
16,430,000
16,014,857
Los
Angeles
Department
of
Water
,
Water
System
,
Revenue
,
2020
C
,
Refunding
,
5
%
,
7/01/41
.........................................................
6,455,000
7,079,224
Los
Angeles
Department
of
Water
&
Power
,
Power
System,
Revenue,
2014
B,
5%,
7/01/43
............................
62,000,000
62,456,109
Power
System,
Revenue,
2014
D,
5%,
7/01/44
............................
51,940,000
52,638,380
Power
System,
Revenue,
2015
A,
Refunding,
5%,
7/01/35
...................
15,105,000
15,570,634
Power
System,
Revenue,
2015
A,
Refunding,
5%,
7/01/36
...................
17,795,000
18,308,713
Power
System,
Revenue,
2016
B,
5%,
7/01/35
............................
11,995,000
12,596,197
Power
System,
Revenue,
2017
A,
5%,
7/01/47
............................
5,000,000
5,250,482
Power
System,
Revenue,
2017
C,
5%,
7/01/47
............................
99,525,000
105,159,488
Power
System,
Revenue,
2018
D,
Refunding,
5%,
7/01/38
...................
8,960,000
9,697,730
Power
System,
Revenue,
2018
D,
Refunding,
5%,
7/01/39
...................
8,215,000
8,868,650
Power
System,
Revenue,
2019
A,
5%,
7/01/45
............................
9,535,000
10,234,891
Power
System,
Revenue,
2019
A,
5.25%,
7/01/49
.........................
12,555,000
13,573,956
Power
System,
Revenue,
2019
D,
Refunding,
5%,
7/01/44
...................
17,555,000
18,970,453
Power
System,
Revenue,
2020
A,
Refunding,
5%,
7/01/28
...................
10,000,000
11,116,762
Power
System,
Revenue,
2020
B,
Refunding,
5%,
7/01/39
...................
1,005,000
1,105,000
Power
System,
Revenue,
2020
B,
Refunding,
5%,
7/01/45
...................
8,500,000
9,205,443
Power
System,
Revenue,
2021
B,
Refunding,
5%,
7/01/48
...................
20,800,000
22,571,488
Power
System,
Revenue,
2021
C,
5%,
7/01/40
............................
8,020,000
8,899,288
Power
System,
Revenue,
2021
C,
5%,
7/01/45
............................
14,455,000
15,800,675
Power
System,
Revenue,
2022
C,
Refunding,
5%,
7/01/40
...................
6,000,000
6,692,891
Power
System,
Revenue,
2022
C,
Refunding,
5%,
7/01/41
...................
5,000,000
5,556,101
Power
System,
Revenue,
2022
C,
Refunding,
5%,
7/01/42
...................
6,250,000
6,920,257
Power
System,
Revenue,
2022
C,
Refunding,
5%,
7/01/43
...................
5,000,000
5,524,202
Water
System,
Revenue,
2014
A,
5%,
7/01/44
............................
84,000,000
85,165,114
Water
System,
Revenue,
2016
A,
Refunding,
5%,
7/01/41
...................
29,820,000
30,996,995
Water
System,
Revenue,
2016
A,
Refunding,
5%,
7/01/46
...................
32,840,000
33,991,558
Water
System,
Revenue,
2017
A,
Refunding,
5%,
7/01/41
...................
24,210,000
25,581,375
Water
System,
Revenue,
2017
A,
Refunding,
5%,
7/01/44
...................
35,365,000
37,238,033
Water
System,
Revenue,
2018,
Refunding,
5%,
7/01/43
.....................
8,380,000
8,976,202
Water
System,
Revenue,
2018
A,
5%,
7/01/43
............................
5,425,000
5,775,881
Water
System,
Revenue,
2018
A,
5%,
7/01/48
............................
22,375,000
23,685,540
Water
System,
Revenue,
2022
C,
Refunding,
5%,
7/01/41
...................
2,970,000
3,326,537
Los
Angeles
Unified
School
District
,
GO,
2017
A,
Refunding,
5%,
7/01/25
...................................
18,750,000
19,527,169
GO,
2020
C,
4%,
7/01/33
............................................
7,000,000
7,490,124
GO,
2020
C,
4%,
7/01/36
............................................
8,975,000
9,295,934
GO,
2020
RYQ,
4%,
7/01/44
.........................................
10,730,000
10,669,468
Los
Gatos-Saratoga
Joint
High
School
District
,
GO,
A,
4%,
8/01/39
................................................
10,635,000
10,614,309
GO,
A,
4%,
8/01/44
................................................
6,090,000
6,016,767
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
17
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Los
Rios
Community
College
District
,
GO
,
E
,
3
%
,
8/01/23
.....................
$
10,560,000
$
10,551,119
Marin
Municipal
Water
District
,
Revenue
,
2022
,
Refunding
,
4
%
,
6/15/52
..........
27,295,000
26,231,838
Marina
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation,
2023
A,
5%,
9/01/43
....................................
1,000,000
1,022,198
Tax
Allocation,
2023
B,
5%,
9/01/43
....................................
2,100,000
2,126,175
McFarland
Public
Financing
Authority
,
Revenue
,
2010
A
,
AGMC
Insured
,
5
%
,
10/01/40
5,115,000
5,121,593
Menifee
Union
School
District
,
Community
Facilities
District
No.
2011-1,
Special
Tax,
2021,
4%,
9/01/26
........
75,000
74,736
Community
Facilities
District
No.
2011-1,
Special
Tax,
2021,
4%,
9/01/27
........
140,000
139,683
Community
Facilities
District
No.
2011-1,
Special
Tax,
2021,
4%,
9/01/28
........
105,000
104,921
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
5,
Special
Tax,
2021,
4%,
9/01/45
....................................................
875,000
770,232
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
5,
Special
Tax,
2021,
4%,
9/01/51
....................................................
1,825,000
1,547,353
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
7,
Special
Tax,
2022,
5%,
9/01/42
....................................................
1,000,000
1,014,761
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
7,
Special
Tax,
2022,
5.125%,
9/01/47
.................................................
2,000,000
2,030,257
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
7,
Special
Tax,
2022,
5.25%,
9/01/52
..................................................
2,000,000
2,037,089
Community
Facilities
District
No.
2019-2,
Special
Tax,
2021,
4%,
9/01/35
........
200,000
194,360
Community
Facilities
District
No.
2019-2,
Special
Tax,
2021,
4%,
9/01/44
........
565,000
501,365
Community
Facilities
District
No.
2019-2,
Special
Tax,
2021,
4%,
9/01/51
........
675,000
574,117
Metropolitan
Water
District
of
Southern
California
,
a
Revenue,
2017
C,
Mandatory
Put,
3.55%,
5/21/24
.........................
13,000,000
12,960,123
a
Revenue,
2017
D,
Refunding,
Mandatory
Put,
3.55%,
5/21/24
................
10,000,000
9,969,325
a
Revenue,
2017
E,
Refunding,
Mandatory
Put,
3.55%,
5/21/24
................
13,000,000
12,960,122
Revenue,
2019
A,
Refunding,
5%,
7/01/25
...............................
6,000,000
6,241,293
Revenue,
2020
A,
5%,
10/01/49
.......................................
16,665,000
18,053,286
Revenue,
2021
B,
Refunding,
4%,
10/01/25
..............................
2,000,000
2,043,587
Revenue,
2022
B,
Refunding,
3%,
7/01/28
...............................
20,000,000
20,257,622
Middle
Fork
Project
Finance
Authority
,
Revenue,
2020,
Refunding,
5%,
4/01/27
.................................
3,000,000
3,123,730
Revenue,
2020,
Refunding,
5%,
4/01/31
.................................
3,895,000
4,210,663
Revenue,
2020,
Refunding,
5%,
4/01/36
.................................
7,330,000
7,817,497
Midpeninsula
Regional
Open
Space
District
,
Field
Employees
Corp.
,
GO
,
2018
,
4
%
,
9/01/48
.........................................................
11,220,000
11,060,020
Milpitas
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation
,
1997
,
NATL
Insured
,
ETM,
5.5
%
,
1/15/24
.........................................
1,965,000
1,990,824
Modesto
High
School
District
,
GO,
2002
A,
NATL
Insured,
Zero
Cpn.,
8/01/23
...........................
10,815,000
10,749,932
GO,
2002
A,
NATL
Insured,
Zero
Cpn.,
5/01/27
...........................
12,770,000
11,202,924
Monterey
Peninsula
Unified
School
District
,
GO
,
2016
C
,
Refunding
,
5
%
,
8/01/41
...
11,190,000
11,715,904
Moorpark
Unified
School
District
,
GO
,
2009
A
,
AGMC
Insured
,
Zero
Cpn.,
8/01/32
...
5,870,000
4,168,266
Moreno
Valley
Unified
School
District
,
GO,
2004
A,
AGMC
Insured,
ETM,
Zero
Cpn.,
8/01/27
......................
6,315,000
5,554,506
GO,
2004
A,
AGMC
Insured,
ETM,
Zero
Cpn.,
8/01/28
......................
6,625,000
5,677,666
GO,
2018
B,
AGMC
Insured,
5%,
8/01/47
................................
6,075,000
6,431,603
Mount
Diablo
Unified
School
District
,
GO,
2022
B,
Refunding,
4%,
8/01/25
...................................
3,100,000
3,163,797
GO,
B,
4%,
8/01/24
................................................
1,425,000
1,437,953
Mount
San
Antonio
Community
College
District
,
GO
,
2013
A
,
Zero
Cpn.,
8/01/43
....
55,000,000
49,896,237
M-S-R
Energy
Authority
,
Revenue
,
2009
B
,
6.5
%
,
11/01/39
....................
25,000,000
29,053,345
Murrieta
Valley
Unified
School
District
,
Community
Facilities
District
No.
2018-1,
Special
Tax,
2021,
4%,
9/01/24
........
60,000
59,737
Community
Facilities
District
No.
2018-1,
Special
Tax,
2021,
4%,
9/01/44
........
500,000
439,636
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
18
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Murrieta
Valley
Unified
School
District,
(continued)
Community
Facilities
District
No.
2018-1,
Special
Tax,
2021,
4%,
9/01/51
........
$
1,000,000
$
844,945
Newport
Mesa
Unified
School
District
,
GO
,
2011
,
6.3
%
,
8/01/42
................
20,000,000
24,215,328
Norman
Y
Mineta
San
Jose
International
Airport
SJC
,
Revenue,
2017
A,
Refunding,
5%,
3/01/36
...............................
4,590,000
4,760,793
Revenue,
2017
A,
Refunding,
5%,
3/01/37
...............................
4,475,000
4,622,190
Revenue,
2017
A,
Refunding,
5%,
3/01/41
...............................
12,685,000
12,989,099
Revenue,
2017
A,
Refunding,
5%,
3/01/47
...............................
8,250,000
8,430,644
Revenue,
2017
B,
Refunding,
5%,
3/01/47
...............................
10,000,000
10,348,286
Revenue,
2021
A,
Refunding,
5%,
3/01/32
...............................
1,800,000
1,969,076
Revenue,
2021
B,
Refunding,
5%,
3/01/29
...............................
500,000
560,251
Revenue,
2021
B,
Refunding,
5%,
3/01/30
...............................
600,000
685,088
Revenue,
2021
B,
Refunding,
5%,
3/01/31
...............................
1,000,000
1,161,414
Revenue,
2021
B,
Refunding,
5%,
3/01/32
...............................
2,000,000
2,324,248
Revenue,
2021
B,
Refunding,
5%,
3/01/33
...............................
1,400,000
1,622,437
Oceanside
Unified
School
District
,
GO,
2010
B,
AGMC
Insured,
Zero
Cpn.,
8/01/38
...........................
10,590,000
5,541,677
GO,
2010
B,
AGMC
Insured,
Zero
Cpn.,
8/01/39
...........................
7,860,000
3,890,954
GO,
2015,
Refunding,
5%,
8/01/48
.....................................
12,000,000
12,351,003
GO,
2022,
Refunding,
5%,
8/01/39
.....................................
1,005,000
1,109,240
GO,
G,
5%,
8/01/40
................................................
1,020,000
1,122,135
GO,
G,
5%,
8/01/43
................................................
1,000,000
1,097,461
Ontario
International
Airport
Authority
,
Revenue,
2021
B,
AGMC
Insured,
5%,
5/15/28
...........................
300,000
319,361
Revenue,
2021
B,
AGMC
Insured,
5%,
5/15/31
...........................
1,000,000
1,106,442
Revenue,
2021
B,
AGMC
Insured,
5%,
5/15/33
...........................
1,000,000
1,104,479
Revenue,
2021
B,
AGMC
Insured,
5%,
5/15/34
...........................
1,000,000
1,101,300
Orange
County
Sanitation
District
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
2/01/36
......
8,350,000
8,485,210
Orange
County
Transportation
Authority
,
Revenue
,
2021
,
ETM,
4
%
,
10/15/24
......
13,055,000
13,207,977
Orange
County
Water
District
,
COP,
2003
B,
NATL
Insured,
ETM,
5%,
8/15/28
...........................
13,740,000
14,608,016
COP,
2003
B,
NATL
Insured,
ETM,
5%,
8/15/34
...........................
3,305,000
3,795,840
COP,
2003
B,
Pre-Refunded,
NATL
Insured,
5%,
8/15/34
....................
4,140,000
4,913,045
Orange
Unified
School
District
,
GO
,
2022
,
5
%
,
8/01/41
.......................
3,380,000
3,786,045
Palomar
Community
College
District
,
GO
,
2010
B
,
Zero
Cpn.,
8/01/39
............
69,410,000
76,535,200
Palomar
Health
,
Obligated
Group,
GO,
2009
A,
AGMC
Insured,
7%,
8/01/38
..................
36,000,000
41,233,914
Obligated
Group,
GO,
2010
A,
6.75%,
8/01/40
............................
60,000,000
69,279,210
Palomar
Health
Obligated
Group,
Revenue,
2017,
Refunding,
AGMC
Insured,
5%,
11/01/47
.......................................................
35,000,000
35,863,362
Panoche
Financing
Authority
,
Panoche
Water
District,
Revenue,
2021
A,
4%,
9/01/43
.....................
1,120,000
1,044,586
Panoche
Water
District,
Revenue,
2021
A,
4%,
9/01/51
.....................
6,070,000
5,338,090
Panoche
Water
District,
Revenue,
2021
B,
1.182%,
9/01/23
..................
125,000
123,597
Panoche
Water
District,
Revenue,
2021
B,
1.408%,
9/01/24
..................
125,000
118,734
Panoche
Water
District,
Revenue,
2021
B,
1.553%,
9/01/25
..................
130,000
120,210
Panoche
Water
District,
Revenue,
2021
B,
2.006%,
9/01/27
..................
395,000
350,587
Panoche
Water
District,
Revenue,
2021
B,
2.456%,
9/01/29
..................
415,000
357,432
Panoche
Water
District,
Revenue,
2021
B,
2.756%,
9/01/31
..................
435,000
363,373
Panoche
Water
District,
Revenue,
2021
B,
3.106%,
9/01/35
..................
880,000
704,842
Panoche
Water
District,
Revenue,
2021
B,
3.571%,
9/01/40
..................
1,155,000
885,066
Paramount
Unified
School
District
,
GO,
2013,
Pre-Refunded,
BAM
Insured,
5%,
8/01/48
.......................
2,450,000
2,456,634
GO,
2013,
Pre-Refunded,
BAM
Insured,
Zero
Cpn.,
8/01/43
..................
32,000,000
8,272,064
GO,
2013,
Pre-Refunded,
BAM
Insured,
Zero
Cpn.,
8/01/48
..................
28,000,000
4,865,619
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
19
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Patterson
Joint
Unified
School
District
,
GO,
2001
A,
NATL
Insured,
Zero
Cpn.,
8/01/23
...........................
$
1,985,000
$
1,972,511
GO,
2001
A,
NATL
Insured,
Zero
Cpn.,
8/01/24
...........................
2,075,000
1,984,668
GO,
2001
A,
NATL
Insured,
Zero
Cpn.,
8/01/25
...........................
2,170,000
2,001,960
GO,
2001
A,
NATL
Insured,
Zero
Cpn.,
8/01/26
...........................
2,265,000
2,016,984
Perris
Joint
Powers
Authority
,
Community
Facilities
District
No.
2018-1,
Special
Tax,
2020,
4%,
9/01/50
........
1,125,000
948,804
Facilities
District
No.
2007-2,
Special
Tax,
2021,
4%,
9/01/43
.................
1,445,000
1,287,595
Facilities
District
No.
2007-2,
Special
Tax,
2021,
4%,
9/01/48
.................
1,250,000
1,078,086
Perris
Union
High
School
District
,
COP,
2019,
Refunding,
BAM
Insured,
5%,
10/01/48
........................
10,000,000
10,720,939
GO,
2019
A,
AGMC
Insured,
4%,
9/01/43
................................
5,540,000
5,468,636
Pittsburg
Unified
School
District
,
GO
,
2016
,
Refunding
,
4
%
,
8/01/44
.............
11,000,000
10,688,616
Placentia-Yorba
Linda
Unified
School
District
,
GO,
2008
D,
Zero
Cpn.,
8/01/43
.......................................
27,955,000
11,704,054
GO,
2008
D,
Zero
Cpn.,
8/01/46
.......................................
89,200,000
31,155,357
GO,
2008
D,
Zero
Cpn.,
8/01/49
.......................................
85,000,000
25,521,700
Port
of
Los
Angeles
,
Revenue
,
2014
B
,
Refunding
,
5
%
,
8/01/44
.................
10,300,000
10,397,303
Poway
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation,
2015
A,
Refunding,
5%,
12/15/31
..........................
10,180,000
11,715,717
Tax
Allocation,
2015
A,
Refunding,
5%,
12/15/32
..........................
11,215,000
13,071,298
Tax
Allocation,
2015
A,
Refunding,
5%,
6/15/33
...........................
5,835,000
6,874,903
Poway
Unified
School
District
,
Community
Facilities
District
No.
16,
Special
Tax,
2020,
AGMC
Insured,
4%,
9/01/50
7,500,000
7,203,100
Facilities
Improvement
District
No.
2007-1,
GO,
B,
Zero
Cpn.,
8/01/46
..........
45,000,000
15,326,874
Rancho
Mirage
Community
Facilities
District
,
City
of
Rancho
Mirage
Community
Facilities
District
No.
4C,
Special
Tax,
2022,
5%,
9/01/42
........................................................
300,000
307,128
City
of
Rancho
Mirage
Community
Facilities
District
No.
4C,
Special
Tax,
2022,
5%,
9/01/47
........................................................
500,000
508,830
City
of
Rancho
Mirage
Community
Facilities
District
No.
4C,
Special
Tax,
2022,
5%,
9/01/53
........................................................
1,000,000
1,007,854
Regents
of
the
University
of
California
,
Medical
Center,
Revenue,
2016
L,
Refunding,
5%,
5/15/47
...................
39,575,000
40,935,485
Medical
Center,
Revenue,
2022
P,
5%,
5/15/47
...........................
10,000,000
10,904,581
Medical
Center,
Revenue,
2022
P,
4%,
5/15/53
...........................
84,305,000
76,904,370
Regents
of
the
University
of
California
Medical
Center
,
Medical
Center
,
Revenue
,
2016
L
,
Refunding
,
5
%
,
5/15/41
...........................................
10,000,000
10,431,843
Rialto
Unified
School
District
,
GO
,
2011
A
,
AGMC
Insured
,
Zero
Cpn.,
8/01/41
......
27,000,000
30,509,409
Rio
Hondo
Community
College
District
,
GO
,
2010
C
,
Zero
Cpn.,
8/01/35
..........
10,000,000
6,384,657
Ripon
Unified
School
District
,
GO
,
2013
A
,
Refunding
,
BAM
Insured
,
5
%
,
8/01/42
...
2,315,000
2,320,884
River
Islands
Public
Financing
Authority
,
Community
Facilities
District
No
2003-1
Improvement
Area
No.
1,
Special
Tax,
2022
A-1,
Refunding,
AGMC
Insured,
5%,
9/01/42
............................
4,000,000
4,418,652
Community
Facilities
District
No
2003-1
Improvement
Area
No.
1,
Special
Tax,
2022
A-1,
Refunding,
AGMC
Insured,
4.25%,
9/01/47
.........................
6,000,000
6,026,354
Community
Facilities
District
No
2003-1
Improvement
Area
No.
1,
Special
Tax,
2022
A-1,
Refunding,
AGMC
Insured,
5.25%,
9/01/52
.........................
11,000,000
12,194,572
Riverside
County
Asset
Leasing
Corp.
,
County
of
Riverside,
Revenue,
1997
A,
NATL
Insured,
Zero
Cpn.,
6/01/23
.......
14,160,000
14,160,000
County
of
Riverside,
Revenue,
1997
A,
NATL
Insured,
Zero
Cpn.,
6/01/24
.......
13,005,000
12,524,252
Riverside
Unified
School
District
,
Community
Facilities
District
No.
37,
Special
Tax,
2023
A,
5%,
9/01/47
..........
1,150,000
1,161,933
Community
Facilities
District
No.
37,
Special
Tax,
2023
A,
5%,
9/01/52
..........
2,135,000
2,149,610
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
20
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
b
RMA
Capital
Series
Trust
,
Revenue
,
144A,
2022-1
,
A
,
5.67
%
,
8/01/58
............
$
15,491,000
$
15,578,679
RNR
School
Financing
Authority
,
Community
Facilities
District
No.
92-1
,
Special
Tax
,
2015
A
,
Refunding
,
BAM
Insured
,
5
%
,
9/01/36
............................
11,145,000
11,494,726
Rocklin
Unified
School
District
,
GO,
2003,
NATL
Insured,
Zero
Cpn.,
8/01/25
.............................
8,160,000
7,569,821
GO,
2003,
NATL
Insured,
Zero
Cpn.,
8/01/26
.............................
8,695,000
7,805,734
GO,
2003,
NATL
Insured,
Zero
Cpn.,
8/01/27
.............................
9,080,000
7,881,869
GO,
2003,
NATL
Insured,
Zero
Cpn.,
8/01/28
.............................
16,615,000
13,956,349
Rohnert
Park
Community
Development
Commission
Successor
Agency
,
Tax
Allocation
,
2007
R
,
NATL
Insured
,
ETM,
5
%
,
8/01/37
...............................
1,380,000
1,445,633
Romoland
School
District
,
c
Community
Facilities
District
No.
2016-1,
Special
Tax,
2023,
5%,
9/01/43
........
750,000
767,401
c
Community
Facilities
District
No.
2016-1,
Special
Tax,
2023,
5%,
9/01/48
........
1,000,000
1,006,225
c
Community
Facilities
District
No.
2016-1,
Special
Tax,
2023,
5%,
9/01/53
........
1,500,000
1,503,596
Community
Facilities
District
No.
2016-2,
Special
Tax,
2022,
4.5%,
9/01/42
.......
360,000
348,729
Community
Facilities
District
No.
2016-2,
Special
Tax,
2022,
4.625%,
9/01/47
.....
750,000
722,070
Community
Facilities
District
No.
2016-2,
Special
Tax,
2022,
4.75%,
9/01/52
......
1,000,000
966,788
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
1,
Special
Tax,
2022,
5%,
9/01/42
....................................................
750,000
766,130
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
1,
Special
Tax,
2022,
5.125%,
9/01/47
.................................................
1,200,000
1,223,517
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
1,
Special
Tax,
2022,
5.25%,
9/01/53
..................................................
2,500,000
2,549,551
Community
Facilities
District
No.
91-1,
Special
Tax,
2022,
3.75%,
9/01/42
........
1,695,000
1,425,798
Community
Facilities
District
No.
91-1,
Special
Tax,
2022,
4%,
9/01/46
..........
5,085,000
4,470,258
Roseville
Natural
Gas
Financing
Authority
,
Revenue
,
2007
,
5
%
,
2/15/26
..........
5,000,000
5,068,201
Sacramento
City
Unified
School
District
,
GO
,
2017
E
,
4
%
,
5/01/47
...............
20,000,000
18,807,110
Sacramento
County
Sanitation
Districts
Financing
Authority
,
Sacramento
Regional
County
Sanitation
District,
Revenue,
2014
A,
Refunding,
5%,
12/01/44
.......................................................
25,000,000
25,210,580
Sacramento
Regional
County
Sanitation
District,
Revenue,
2020
A,
Refunding,
5%,
12/01/27
.......................................................
2,960,000
3,250,152
Sacramento
County
Water
Financing
Authority
,
Sacramento
County
Water
Agency,
Revenue,
2019,
Refunding,
5%,
6/01/27
.....
2,000,000
2,173,015
Sacramento
County
Water
Agency,
Revenue,
2022
A,
4%,
11/01/25
............
32,260,000
32,902,564
Sacramento
Municipal
Utility
District
,
Revenue,
2019
G,
5%,
8/15/41
.......................................
2,500,000
2,729,393
Revenue,
2021
I,
Refunding,
5%,
8/15/25
................................
5,500,000
5,735,885
Revenue,
2022
J,
Refunding,
5%,
8/15/26
...............................
2,615,000
2,788,315
San
Bernardino
Community
College
District
,
GO,
2009
B,
Zero
Cpn.,
8/01/44
.......................................
7,750,000
2,995,819
GO,
2009
B,
Zero
Cpn.,
8/01/48
.......................................
66,390,000
21,477,915
San
Diego
Community
College
District
,
GO
,
2009
B
,
Pre-Refunded
,
6
%
,
8/01/33
....
26,880,000
30,332,607
San
Diego
County
Regional
Airport
Authority
,
Revenue,
2017
A,
Refunding,
5%,
7/01/47
...............................
5,000,000
5,188,589
Revenue,
2019
A,
Refunding,
5%,
7/01/44
...............................
4,000,000
4,248,234
Revenue,
2019
A,
Refunding,
5%,
7/01/49
...............................
5,000,000
5,259,179
Revenue,
2019
B,
Refunding,
4%,
7/01/44
...............................
5,000,000
4,645,540
Revenue,
2021
A,
5%,
7/01/56
........................................
7,500,000
7,965,983
Revenue,
2021
B,
5%,
7/01/26
........................................
3,225,000
3,338,920
Revenue,
2021
B,
5%,
7/01/30
........................................
2,260,000
2,452,965
Revenue,
2021
B,
4%,
7/01/36
........................................
3,610,000
3,576,388
Special
Facilities,
Revenue,
2014
A,
5%,
7/01/44
..........................
5,645,000
5,694,695
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
21
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
San
Diego
County
Regional
Transportation
Commission
,
Revenue
,
2016
A
,
5
%
,
4/01/48
.........................................................
$
25,000,000
$
26,027,915
San
Diego
County
Water
Authority
,
Revenue,
Sub.
Lien
,
2021
S-1
,
Refunding
,
5
%
,
5/01/28
......................................................
2,335,000
2,573,354
San
Diego
Unified
School
District
,
GO,
1999
A,
NATL
Insured,
Zero
Cpn.,
7/01/23
...........................
11,120,000
11,082,475
GO,
2009-1,
Pre-Refunded,
6%,
7/01/33
................................
104,505,000
107,668,659
GO,
2010
C,
Zero
Cpn.,
7/01/48
.......................................
29,840,000
26,136,686
GO,
2012
E,
Zero
Cpn.,
7/01/47
.......................................
74,270,000
54,130,197
GO,
2019
L,
4%,
7/01/49
............................................
30,000
29,146
GO,
F,
5%,
7/01/40
................................................
56,510,000
58,247,479
GO,
F,
5%,
7/01/45
................................................
34,370,000
35,298,567
GO,
G,
5%,
7/01/40
................................................
13,000,000
13,399,703
GO,
R-2,
Refunding,
Zero
Cpn.,
7/01/40
.................................
79,760,000
73,889,337
San
Francisco
Bay
Area
Rapid
Transit
District
,
GO,
2017
A-1,
5%,
8/01/47
..........................................
10,000,000
10,608,560
GO,
2020
C-1,
4%,
8/01/33
..........................................
1,560,000
1,665,052
GO,
2022
D-1,
3%,
8/01/41
..........................................
23,605,000
20,692,879
GO,
2022
D-1,
3%,
8/01/42
..........................................
20,000,000
17,268,510
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
,
Revenue,
2016
B,
5%,
5/01/41
........................................
65,645,000
66,945,126
Revenue,
2016
B,
5%,
5/01/46
........................................
40,540,000
41,059,244
Revenue,
2016
C,
5%,
5/01/46
........................................
44,000,000
45,301,876
Revenue,
2019
A,
Refunding,
5%,
5/01/39
...............................
14,500,000
15,173,934
Revenue,
2019
A,
Refunding,
5%,
5/01/44
...............................
13,705,000
14,189,838
Revenue,
2019
A,
Refunding,
5%,
5/01/49
...............................
17,000,000
17,490,045
Revenue,
Second
Series,
2014
B,
5%,
5/01/44
............................
31,000,000
31,314,675
Revenue,
Second
Series,
2017
A,
5%,
5/01/42
............................
48,155,000
49,321,709
Revenue,
Second
Series,
2017
A,
5%,
5/01/47
............................
10,910,000
11,084,418
Revenue,
Second
Series,
2017
B,
5%,
5/01/47
............................
24,080,000
25,042,393
Revenue,
Second
Series,
2018,
5.25%,
5/01/48
...........................
40,145,000
41,438,275
Revenue,
Second
Series,
2018
D,
5%,
5/01/43
...........................
118,950,000
122,384,788
Revenue,
Second
Series,
2018
D,
5%,
5/01/48
...........................
33,700,000
34,328,866
Revenue,
Second
Series,
2018
E,
5%,
5/01/48
............................
52,245,000
54,884,146
Revenue,
Second
Series,
2019
B,
5%,
5/01/49
............................
10,700,000
11,304,551
Revenue,
Second
Series,
2019
E,
5%,
5/01/45
............................
21,035,000
21,742,228
Revenue,
Second
Series,
2021
A,
Refunding,
5%,
5/01/34
...................
5,000,000
5,476,061
San
Francisco
City
&
County
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation,
Third
Lien
,
2017
B
,
AGMC
Insured
,
5
%
,
8/01/46
..................
10,000,000
10,546,528
San
Francisco
Unified
School
District
,
GO
,
2022
C
,
5
%
,
6/15/35
................
6,640,000
7,607,207
San
Gabriel
Unified
School
District
,
GO,
2002
A,
AGMC
Insured,
Zero
Cpn.,
8/01/26
...........................
3,530,000
3,149,332
GO,
2002
A,
AGMC
Insured,
Zero
Cpn.,
2/01/27
...........................
1,850,000
1,621,433
San
Jacinto
Unified
School
District
,
Community
Facilities
District
No.
2003-1
,
Special
Tax
,
2022
,
4
%
,
9/01/50
.............................................
875,000
737,906
San
Joaquin
Hills
Transportation
Corridor
Agency
,
Revenue,
1997
A,
Refunding,
5.9%,
1/15/38
..............................
106,465,000
129,227,121
Revenue,
1997
A,
Refunding,
5.95%,
1/15/40
.............................
142,645,000
174,714,306
Revenue,
1997
A,
Refunding,
6%,
1/15/43
...............................
161,250,000
200,261,503
Revenue,
1997
A,
Refunding,
6%,
1/15/45
...............................
143,336,000
178,609,914
Revenue,
1997
A,
Refunding,
6%,
1/15/46
...............................
143,336,000
178,962,464
Revenue,
1997
A,
Refunding,
NATL
Insured,
Zero
Cpn.,
1/15/26
...............
13,155,000
11,864,967
Revenue,
Senior
Lien,
1993,
ETM,
Zero
Cpn.,
1/01/25
......................
5,700,000
5,422,050
Revenue,
Senior
Lien,
1993,
ETM,
Zero
Cpn.,
1/01/28
......................
33,545,000
29,435,016
Revenue,
Senior
Lien,
1993,
ETM,
Zero
Cpn.,
1/01/29
......................
37,050,000
31,721,725
Revenue,
Senior
Lien,
2014
A,
Pre-Refunded,
5%,
1/15/50
...................
45,000,000
46,397,772
Revenue,
Senior
Lien,
2021
A,
Refunding,
AGMC
Insured,
4%,
1/15/44
.........
130,746,000
127,596,577
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
22
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
San
Joaquin
Hills
Transportation
Corridor
Agency,
(continued)
Revenue,
Senior
Lien,
2021
A,
Refunding,
AGMC
Insured,
4%,
1/15/50
.........
$
191,775,000
$
184,576,860
San
Jose
Unified
School
District
,
COP,
2002,
AGMC
Insured,
ETM,
Zero
Cpn.,
1/01/27
.......................
7,105,000
6,348,681
COP,
2002,
AGMC
Insured,
ETM,
Zero
Cpn.,
1/01/29
.......................
7,105,000
6,003,434
San
Juan
Unified
School
District
,
GO,
2003
B,
NATL
Insured,
Zero
Cpn.,
8/01/26
...........................
13,575,000
11,852,551
GO,
2003
B,
NATL
Insured,
Zero
Cpn.,
8/01/27
...........................
18,605,000
16,097,225
GO,
2003
B,
NATL
Insured,
Zero
Cpn.,
8/01/28
...........................
19,470,000
16,279,957
San
Luis
Obispo
County
Financing
Authority
,
Revenue
,
2015
A
,
Refunding
,
BAM
Insured
,
5
%
,
9/01/37
...............................................
10,000,000
10,377,985
San
Marino
Unified
School
District
,
GO
,
2000
A
,
NATL
Insured
,
Zero
Cpn.,
7/01/25
..
6,080,000
5,676,821
San
Mateo
Foster
City
Public
Financing
Authority
,
Estero
Municipal
Improvement
District
,
Revenue
,
2021
A
,
5
%
,
8/01/25
..................................
14,485,000
15,093,781
San
Rafael
City
High
School
District
,
GO
,
2018
B
,
4
%
,
8/01/47
.................
17,060,000
16,569,068
Sanger
Public
Financing
Authority
,
Revenue,
2013,
Pre-Refunded,
AGMC
Insured,
5%,
6/15/35
.................
2,360,000
2,361,211
Revenue,
2013,
Pre-Refunded,
AGMC
Insured,
5%,
6/15/43
.................
6,155,000
6,158,158
Sanger
Unified
School
District
,
GO
,
A
,
BAM
Insured
,
4
%
,
8/01/41
...............
10,000,000
9,972,444
Santa
Ana
Unified
School
District
,
COP
,
1999
,
AGMC
Insured
,
Zero
Cpn.,
4/01/24
...
2,685,000
2,602,282
Santa
Cruz
County
Redevelopment
Successor
Agency
,
Tax
Allocation
,
2015
A
,
Refunding
,
AGMC
Insured
,
5
%
,
9/01/35
.................................
20,000,000
20,739,272
School
Facilities
Financing
Authority
,
Twin
Rivers
Unified
School
District
,
Revenue
,
A
,
AGMC
Insured
,
Zero
Cpn.,
8/01/42
....................................
49,000,000
20,901,763
Semitropic
Improvement
District
of
the
Semitropic
Water
Storage
District
,
Revenue,
Second
Lien
,
2015
A
,
Refunding
,
AGMC
Insured
,
5
%
,
12/01/45
...............
10,000,000
10,412,012
Southern
California
Public
Power
Authority
,
Revenue
,
2007
A
,
5
%
,
11/01/33
.......
17,500,000
18,787,456
Southern
Mono
Health
Care
District
,
GO,
A,
NATL
Insured,
Zero
Cpn.,
8/01/28
................................
2,340,000
1,931,951
GO,
A,
NATL
Insured,
Zero
Cpn.,
8/01/29
................................
2,440,000
1,935,263
GO,
A,
NATL
Insured,
Zero
Cpn.,
8/01/30
................................
2,550,000
1,944,032
GO,
A,
NATL
Insured,
Zero
Cpn.,
8/01/31
................................
2,660,000
1,948,056
State
of
California
,
GO,
Refunding,
5%,
9/01/23
.........................................
15,000,000
15,068,864
GO,
Refunding,
4%,
10/01/23
.........................................
31,000,000
31,090,737
GO,
Refunding,
5%,
12/01/23
.........................................
5,000,000
5,047,499
GO,
6%,
5/01/24
..................................................
640,000
647,653
GO,
NATL
Insured,
6%,
8/01/24
.......................................
500,000
502,369
GO,
5.625%,
9/01/24
...............................................
175,000
176,105
GO,
Refunding,
4%,
10/01/24
.........................................
5,685,000
5,758,642
GO,
Refunding,
4%,
11/01/24
.........................................
11,655,000
11,817,500
GO,
5%,
11/01/24
.................................................
5,000,000
5,138,409
GO,
4%,
12/01/24
.................................................
3,500,000
3,552,354
GO,
5%,
3/01/25
..................................................
10,000,000
10,330,235
GO,
AMBAC
Insured,
5.9%,
3/01/25
....................................
75,000
75,538
GO,
Refunding,
5%,
4/01/25
.........................................
5,000,000
5,174,891
GO,
Refunding,
5%,
11/01/25
.........................................
39,975,000
41,755,363
GO,
Refunding,
5%,
12/01/25
.........................................
23,000,000
24,066,087
GO,
Refunding,
5%,
9/01/26
.........................................
8,500,000
9,036,758
GO,
5%,
3/01/27
..................................................
5,000,000
5,169,637
GO,
5%,
4/01/27
..................................................
4,000,000
4,317,291
GO,
Refunding,
5%,
4/01/28
.........................................
2,930,000
3,226,354
GO,
Refunding,
5%,
11/01/30
.........................................
5,320,000
6,140,904
GO,
Refunding,
5%,
10/01/32
.........................................
4,125,000
4,656,417
GO,
5%,
4/01/33
..................................................
5,000,000
5,592,695
GO,
Refunding,
5%,
3/01/35
.........................................
56,185,000
63,679,118
GO,
Refunding,
5%,
9/01/35
.........................................
9,000,000
9,507,399
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
23
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
State
of
California,
(continued)
GO,
Refunding,
4%,
3/01/37
.........................................
$
10,000,000
$
10,316,920
GO,
Refunding,
5%,
8/01/37
.........................................
2,900,000
3,150,176
GO,
5%,
10/01/39
.................................................
15,000,000
15,655,749
GO,
5%,
10/01/44
.................................................
25,000,000
25,391,830
GO,
5%,
3/01/45
..................................................
17,500,000
17,949,685
GO,
5%,
8/01/45
..................................................
22,085,000
22,783,288
GO,
5%,
9/01/45
..................................................
5,000,000
5,237,709
GO,
5%,
8/01/46
..................................................
45,200,000
47,260,935
GO,
5%,
9/01/46
..................................................
8,930,000
9,347,263
GO,
5%,
10/01/47
.................................................
1,000,000
1,040,361
GO,
5%,
10/01/48
.................................................
5,000,000
5,358,889
GO,
1996,
FGIC
Insured,
5.375%,
6/01/26
...............................
1,065,000
1,075,072
GO,
1997,
NATL,
FGIC
Insured,
5.625%,
10/01/26
.........................
5,005,000
5,041,627
GO,
2004,
5.125%,
4/01/24
..........................................
5,000
5,008
GO,
2004,
5.2%,
4/01/26
............................................
20,000
20,043
GO,
2017,
5%,
11/01/27
.............................................
2,380,000
2,594,835
GO,
2017,
5%,
11/01/47
.............................................
33,370,000
35,346,028
GO,
2022,
Refunding,
5%,
4/01/35
.....................................
12,985,000
14,325,361
GO,
2022,
Refunding,
5%,
4/01/35
.....................................
38,600,000
45,117,741
Department
of
Water
Resources,
Revenue,
BD,
5%,
12/01/26
................
3,250,000
3,488,029
Department
of
Water
Resources,
Revenue,
BD,
5%,
12/01/27
................
8,240,000
9,066,069
Department
of
Water
Resources,
Revenue,
BD,
5%,
12/01/28
................
1,650,000
1,856,354
Sulphur
Springs
Union
School
District
,
COP,
2010,
AGMC
Insured,
ETM,
6.5%,
12/01/37
..........................
790,000
808,641
COP,
2010,
AGMC
Insured,
6.5%,
12/01/37
..............................
1,695,000
1,825,411
COP,
2010,
Pre-Refunded,
AGMC
Insured,
6.5%,
12/01/37
..................
4,480,000
4,830,116
COP,
2010,
Pre-Refunded,
AGMC
Insured,
6.5%,
12/01/37
..................
5,215,000
5,642,118
Three
Rivers
Levee
Improvement
Authority
,
Special
Tax,
2021
A,
Refunding,
3%,
9/01/23
.............................
220,000
218,782
Special
Tax,
2021
A,
Refunding,
3%,
9/01/24
.............................
245,000
238,144
Special
Tax,
2021
A,
Refunding,
4%,
9/01/25
.............................
280,000
278,467
Special
Tax,
2021
A,
Refunding,
4%,
9/01/36
.............................
1,080,000
1,011,836
Special
Tax,
2021
A,
Refunding,
4%,
9/01/41
.............................
2,840,000
2,469,025
Special
Tax,
2021
A,
Refunding,
4%,
9/01/46
.............................
2,700,000
2,219,920
Special
Tax,
2021
A,
Refunding,
4%,
9/01/51
.............................
5,065,000
4,066,549
Tobacco
Securitization
Authority
of
Northern
California
,
Sacramento
County
Tobacco
Securitization
Corp.,
Revenue,
Senior
Lien,
2021
A,
1,
Refunding,
5%,
6/01/29
............................................
1,500,000
1,651,433
Sacramento
County
Tobacco
Securitization
Corp.,
Revenue,
Senior
Lien,
2021
A,
1,
Refunding,
4%,
6/01/49
............................................
8,000,000
7,253,798
Tobacco
Securitization
Authority
of
Southern
California
,
San
Diego
County
Tobacco
Asset
Securitization
Corp.
,
Revenue
,
2019
B-1
,
2
,
Refunding
,
5
%
,
6/01/48
.......
15,160,000
15,408,272
Town
of
Tiburon
,
Assessment
District
No.
2017-1,
1915
Act,
Special
Assessment,
2021
A,
2.375%,
9/02/41
........................................................
550,000
364,399
Assessment
District
No.
2017-1,
1915
Act,
Special
Assessment,
2021
A,
2.5%,
9/02/51
........................................................
1,250,000
757,322
Tracy
Community
Facilities
District
,
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2,
Special
Tax,
2021,
3%,
9/01/24
......................................
100,000
98,243
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2,
Special
Tax,
2021,
4%,
9/01/25
......................................
115,000
114,249
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2,
Special
Tax,
2021,
4%,
9/01/28
......................................
120,000
119,405
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2,
Special
Tax,
2021,
4%,
9/01/30
......................................
110,000
109,510
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
24
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Tracy
Community
Facilities
District,
(continued)
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2,
Special
Tax,
2021,
4%,
9/01/36
......................................
$
430,000
$
415,254
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2,
Special
Tax,
2021,
4%,
9/01/41
......................................
665,000
608,458
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2,
Special
Tax,
2021,
4%,
9/01/46
......................................
885,000
784,777
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2,
Special
Tax,
2021,
4%,
9/01/51
......................................
2,210,000
1,906,676
Transbay
Joint
Powers
Authority
,
Transbay
Redevelopment
Project
Tax
Increment
Re-Development
Project,
Tax
Allocation,
Senior
Lien,
2020
A,
5%,
10/01/45
...........................
13,420,000
13,771,592
Transbay
Redevelopment
Project
Tax
Increment
Re-Development
Project,
Tax
Allocation,
Senior
Lien,
2020
A,
5%,
10/01/49
...........................
6,400,000
6,507,045
Truckee-Donner
Public
Utility
District
,
Water
System
,
Revenue
,
2022
A
,
5
%
,
11/15/47
3,230,000
3,565,476
Turlock
Irrigation
District
,
Revenue,
2019,
Refunding,
5%,
1/01/44
.................................
9,060,000
9,832,902
Revenue,
2020,
Refunding,
5%,
1/01/37
.................................
2,090,000
2,321,651
Revenue,
2020,
Refunding,
5%,
1/01/38
.................................
940,000
1,035,604
Revenue,
2020,
Refunding,
5%,
1/01/39
.................................
2,250,000
2,469,497
Union
Elementary
School
District
,
GO,
1999
A,
NATL
Insured,
Zero
Cpn.,
9/01/24
...........................
2,000,000
1,916,588
GO,
2001
B,
NATL
Insured,
Zero
Cpn.,
9/01/25
...........................
5,500,000
5,104,984
GO,
2001
B,
NATL
Insured,
Zero
Cpn.,
9/01/26
...........................
5,850,000
5,260,750
University
of
California
,
Revenue,
2015
I,
Refunding,
5%,
5/15/40
................................
22,990,000
23,646,321
Revenue,
2015
I,
Refunding,
5%,
5/15/50
................................
25,420,000
26,081,828
Revenue,
2016
AR,
Refunding,
5%,
5/15/41
..............................
13,760,000
14,417,293
Revenue,
2016
K,
4%,
5/15/46
........................................
19,850,000
19,378,448
Revenue,
2017
AV,
5.25%,
5/15/47
.....................................
6,775,000
7,204,291
Revenue,
2017
M,
5%,
5/15/37
.......................................
15,410,000
16,492,007
Revenue,
2017
M,
5%,
5/15/47
.......................................
12,750,000
13,421,984
Revenue,
2018
AZ,
Refunding,
5%,
5/15/43
..............................
28,000,000
30,065,070
Revenue,
2018
AZ,
Refunding,
5%,
5/15/48
..............................
70,790,000
75,543,173
Revenue,
2018
O,
Refunding,
5%,
5/15/39
...............................
14,400,000
15,553,539
Revenue,
2018
O,
Refunding,
5%,
5/15/48
...............................
17,250,000
18,375,947
Revenue,
2020
BE,
Refunding,
5%,
5/15/42
..............................
5,000,000
5,469,085
Revenue,
2021
Q,
Refunding,
4%,
5/15/37
...............................
1,500,000
1,541,475
Revenue,
2022
BK,
5%,
5/15/52
.......................................
250,000,000
273,653,925
Upland
Community
Facilities
District
,
City
of
Upland
Community
Facilities
District
No.
2016-1,
Special
Tax,
2021
A,
4%,
9/01/40
........................................................
260,000
237,939
City
of
Upland
Community
Facilities
District
No.
2016-1,
Special
Tax,
2021
A,
4%,
9/01/45
........................................................
165,000
144,152
City
of
Upland
Community
Facilities
District
No.
2016-1,
Special
Tax,
2021
A,
4%,
9/01/51
........................................................
260,000
219,686
Upland
Unified
School
District
,
GO
,
2011
C
,
Zero
Cpn.,
8/01/45
.................
62,900,000
22,274,167
Val
Verde
Unified
School
District
,
GO,
2010
B,
AGMC
Insured,
6.125%,
8/01/34
............................
1,000,000
1,227,916
GO,
2020
A,
BAM
Insured,
4%,
8/01/46
.................................
1,450,000
1,429,057
Community
Facilities
District
No.
2018-1,
Special
Tax,
2022,
4%,
9/01/52
........
7,000,000
5,905,162
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
1,
Special
Tax,
2018
2,
5%,
9/01/43
..................................................
1,230,000
1,253,605
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
1,
Special
Tax,
2018
2,
5%,
9/01/48
..................................................
1,755,000
1,770,291
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
1,
Special
Tax,
2018
2,
5%,
9/01/53
..................................................
2,445,000
2,457,612
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
25
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Vallejo
Public
Financing
Authority
,
City
of
Vallejo
Hiddenbrooke
Improvement
District
No.
1
,
Revenue
,
2004
A
,
5.8
%
,
9/01/31
.................................
$
3,225,000
$
3,240,751
Vista
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation
,
2015
B-1
,
Refunding
,
AGMC
Insured
,
5
%
,
9/01/37
..........................................
3,020,000
3,134,151
Vista
Unified
School
District
,
GO,
2002
A,
AGMC
Insured,
Zero
Cpn.,
8/01/26
...........................
7,150,000
6,382,926
GO,
2002
A,
AGMC
Insured,
Zero
Cpn.,
2/01/27
...........................
4,795,000
4,201,066
Washington
Township
Health
Care
District
,
GO
,
2015
B
,
5
%
,
8/01/45
.............
15,000,000
15,177,265
West
Basin
Municipal
Water
District
,
Revenue,
2021
A,
Refunding,
5%,
8/01/23
...............................
2,170,000
2,175,624
Revenue,
2021
A,
Refunding,
5%,
8/01/25
...............................
1,365,000
1,419,456
Revenue,
2021
A,
Refunding,
5%,
8/01/26
...............................
1,000,000
1,061,941
West
Sacramento
Area
Flood
Control
Agency
,
Special
Assessment,
2015,
AGMC
Insured,
5%,
9/01/40
.....................
3,000,000
3,114,440
Special
Assessment,
2015,
AGMC
Insured,
5%,
9/01/45
.....................
7,500,000
7,777,166
West
Sacramento
Financing
Authority
,
Special
Tax
,
A
,
AGMC
Insured
,
5
%
,
9/01/34
..
4,940,000
5,598,459
13,026,735,457
Oregon
0.0%
†
b
State
of
Oregon
Housing
&
Community
Services
Department
,
Union
at
Pacific
Highway
LP
,
Revenue
,
144A,
2022
II-2
,
6.75
%
,
12/01/25
...........................
2,525,000
2,504,120
Wisconsin
0.8%
b
Public
Finance
Authority
,
Revenue,
144A,
2022,
B-1,
4%,
12/28/44
................................
30,400,000
23,963,250
Gulf
Coast
Portfolio
Obligated
Group,
Revenue,
144A,
2021,
5.25%,
12/01/23
....
83,000,000
82,882,484
106,845,734
U.S.
Territories
2.3%
Guam
0.2%
Antonio
B
Won
Pat
International
Airport
Authority
,
Revenue,
2021
A,
Refunding,
2.499%,
10/01/25
...........................
2,660,000
2,466,838
Revenue,
2021
A,
Refunding,
2.899%,
10/01/27
...........................
2,150,000
1,915,815
Revenue,
2021
A,
Refunding,
3.099%,
10/01/28
...........................
3,140,000
2,754,041
Revenue,
2021
A,
Refunding,
3.189%,
10/01/29
...........................
3,560,000
3,059,261
Revenue,
2021
A,
Refunding,
3.339%,
10/01/30
...........................
2,400,000
2,029,859
Revenue,
2021
A,
Refunding,
3.489%,
10/01/31
...........................
2,155,000
1,798,325
Revenue,
2021
A,
Refunding,
3.839%,
10/01/36
...........................
9,650,000
7,745,832
Revenue,
2021
A,
Refunding,
4.46%,
10/01/43
............................
2,400,000
1,819,447
23,589,418
Puerto
Rico
2.1%
Children's
Trust
Fund
,
Revenue,
2002,
5.5%,
5/15/39
........................................
5,455,000
5,455,227
Revenue,
2002,
5.625%,
5/15/43
......................................
16,000,000
16,090,802
d
Puerto
Rico
Electric
Power
Authority
,
Revenue,
2012
A,
5%,
7/01/29
........................................
20,000,000
14,350,000
Revenue,
2013
A,
7%,
7/01/33
........................................
50,000,000
36,375,000
Revenue,
WW,
5%,
7/01/28
..........................................
12,030,000
8,631,525
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority
,
AES
Puerto
Rico
LP
,
Revenue
,
2000
A
,
6.625
%
,
6/01/26
.....
5,200,000
5,281,156
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax,
Revenue,
A-1,
4.75%,
7/01/53
................................
29,500,000
27,354,158
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
26
See
Abbreviations
on
page
28
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
(continued)
Puerto
Rico
Sales
Tax
Financing
Corp.,
(continued)
Sales
Tax,
Revenue,
A-1,
5%,
7/01/58
..................................
$
184,264,000
$
176,515,257
290,053,125
Total
U.S.
Territories
....................................................................
313,642,543
Total
Municipal
Bonds
(Cost
$13,108,205,967)
..................................
13,449,727,854
a
a
a
a
Short
Term
Investments
0.5%
Municipal
Bonds
0.5%
California
0.5%
e
Irvine
Ranch
Water
District
,
Special
Assessment
,
2009
A
,
LOC
US
Bank
NA
,
Daily
VRDN
and
Put
,
3.05
%
,
10/01/41
......................................
9,655,000
9,655,000
e
University
of
California
,
Revenue,
2013
AL-2,
Refunding,
Daily
VRDN
and
Put,
2.95%,
5/15/48
..........
14,000,000
14,000,000
Revenue,
2013
AL-4,
Refunding,
Daily
VRDN
and
Put,
2.8%,
5/15/48
...........
51,000,000
51,000,000
74,655,000
Total
Municipal
Bonds
(Cost
$74,655,000)
......................................
74,655,000
Total
Short
Term
Investments
(Cost
$74,655,000
)
................................
74,655,000
a
Total
Investments
(Cost
$13,182,860,967)
99.1%
................................
$13,524,382,854
Other
Assets,
less
Liabilities
0.9%
.............................................
109,606,546
Net
Assets
100.0%
...........................................................
$13,633,989,400
†
Rounds
to
less
than
0.1%
of
net
assets.
a
The
maturity
date
shown
represents
the
mandatory
put
date.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2023,
the
aggregate
value
of
these
securities
was
$1,042,869,237,
representing
7.6%
of
net
assets.
c
Security
purchased
on
a
when-issued
basis.
d
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
e
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
California
Tax-Free
Income
Fund
27
Quarterly
Schedule
of
Investments
Notes
to
Schedule
of
Investments
(unaudited)
1.
Organization
Franklin
California
Tax-Free
Income
Fund (Fund)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company.
The
Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
2. Financial
Instrument
Valuation
The
Fund's investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier. Under
compliance
policies
and
procedures
approved
by
the
Fund’s
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund’s
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund’s
administrator
in
performing
this
responsibility,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value. 
Debt
securities
generally
trade
in
the
over-the-counter
market
rather
than
on
a
securities
exchange.
The Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
The
Fund
has procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Fund
primarily employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed. 
3. Fair
Value
Measurements 
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the
Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's
financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
•
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
•
Level 2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
•
Level 3
–
significant
unobservable
inputs
(including
the
Fund's own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
Franklin
California
Tax-Free
Income
Fund
Notes
to
Schedule
of
Investments
(unaudited)
28
Quarterly
Schedule
of
Investments
At May
31,
2023,
all
of
the
Fund's investments
in
financial
instruments
carried
at
fair
value
were
valued
using
Level
2
inputs. 
Abbreviations
Selected
Portfolio
1915
Act
Improvement
Bond
Act
of
1915
ABAG
Association
of
Bay
Area
Governments
AGMC
Assured
Guaranty
Municipal
Corp.
AMBAC
American
Municipal
Bond
Assurance
Corp.
BAM
Build
America
Mutual
Assurance
Co.
COP
Certificate
of
Participation
ETM
Escrowed
to
Maturity
FGIC
Financial
Guaranty
Insurance
Co.
FHLMC
Federal
Home
Loan
Mortgage
Corp.
GNMA
Government
National
Mortgage
Association
GO
General
Obligation
LOC
Letter
of
Credit
NATL
National
Reinsurance
Corp.
3. Fair
Value
Measurements 
(continued)
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.