NPORT-EX 2 FCTFIF.htm
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
1112-Q3PH
1
Schedule
of
Investments
(unaudited)
Franklin
California
Tax–Free
Income
Fund
2
Notes
to
Schedule
of
Investments
32
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited),
November
30,
2024
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
2
a
a
Shares
a
Value
a
Common
Stocks
0.0%
Independent
Power
and
Renewable
Electricity
Producers
0.0%
a,b
AES
Guayama
Holdings
BV
...........................................
79,045
$
—
b
Total
Common
Stocks
(Cost
$
–
)
...............................................
—
Principal
Amount
a
a
a
a
Senior
Floating
Rate
Interests
0.0%
†
Residential
REITs
0.0%
†
a
,c
Centennial
Gardens
LP,
First
Lien,
CME
Term
Loan,
B
,
7.231
%
,
(
1-month
SOFR
+
2
%
),
2/01/25
................................
$
682,352
684,007
6.856
%
,
(
1-month
SOFR
+
1.55
%
),
1/01/38
..............................
647,551
649,122
a
,c
Centennial
Gardens
LP,
First
Lien,
Delayed
Draw
CME
Term
Loan
,
6.856
%
,
(
1-month
SOFR
+
2
%
),
1/08/25
...............................................
1,495,232
1,499,605
2,832,734
a
a
a
a
a
Total
Senior
Floating
Rate
Interests
(Cost
$
2,825,135
)
...........................
2,832,734
Municipal
Bonds
98.6%
California
95.6%
Alameda
Corridor
Transportation
Authority
,
Revenue
,
2022
C
,
Refunding
,
AGMC
Insured
,
5
%
,
10/01/52
..................
28,000,000
30,443,507
Revenue,
Sub.
Lien
,
2004
A
,
Refunding
,
AMBAC
Insured
,
Zero
Cpn.,
10/01/29
....
20,000,000
16,996,812
Revenue,
Sub.
Lien
,
2004
A
,
Refunding
,
AMBAC
Insured
,
Zero
Cpn.,
10/01/30
....
41,665,000
34,119,114
Alameda
Unified
School
District
,
GO
,
2015
A
,
5
%
,
8/01/39
.....................
18,000,000
18,219,933
Alhambra
City
Elementary
School
District
,
Alhambra
Unified
School
District
,
GO
,
2004
B
,
NATL
Insured
,
Zero
Cpn.,
9/01/27
...................................
3,035,000
2,787,953
Align
Capital
Trust
,
Revenue
,
2023-1
,
5.5
%
,
3/01/35
.........................
13,000,000
13,020,280
Alisal
Union
School
District
,
GO
,
2009
B
,
AGMC
Insured
,
Zero
Cpn.,
8/01/32
...........................
3,355,000
2,649,006
GO
,
2009
B
,
AGMC
Insured
,
Zero
Cpn.,
8/01/33
...........................
3,610,000
2,748,726
GO
,
2009
B
,
AGMC
Insured
,
Zero
Cpn.,
2/01/34
...........................
3,345,000
2,499,799
Alta
Loma
School
District
,
GO
,
2019
B
,
5
%
,
8/01/44
.........................
7,375,000
7,693,626
Alvord
Unified
School
District
,
GO
,
2011
B
,
AGMC
Insured
,
Zero
Cpn.,
8/01/36
...........................
15,000,000
9,604,485
GO
,
2011
B
,
AGMC
Insured
,
Zero
Cpn.,
8/01/46
...........................
42,500,000
50,707,647
Anaheim
Housing
&
Public
Improvements
Authority
,
City
of
Anaheim
Electric
System
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
10/01/52
.....
8,040,000
8,305,390
City
of
Anaheim
Water
System
,
Revenue
,
2022
A
,
5
%
,
10/01/52
...............
8,345,000
8,631,800
Anaheim
Public
Financing
Authority
,
City
of
Anaheim
,
Revenue
,
1997
C
,
AGMC
Insured
,
Zero
Cpn.,
9/01/26
.........
29,430,000
27,976,355
City
of
Anaheim
,
Revenue
,
1997
C
,
AGMC
Insured
,
Zero
Cpn.,
9/01/27
.........
22,860,000
21,096,042
City
of
Anaheim
,
Revenue
,
1997
C
,
AGMC
Insured
,
Zero
Cpn.,
9/01/28
.........
14,425,000
12,900,357
City
of
Anaheim
,
Revenue
,
1997
C
,
AGMC
Insured
,
Zero
Cpn.,
9/01/29
.........
24,810,000
21,456,480
City
of
Anaheim
,
Revenue
,
1997
C
,
AGMC
Insured
,
Zero
Cpn.,
9/01/32
.........
13,665,000
10,618,454
City
of
Anaheim
,
Revenue
,
1997
C
,
AGMC
Insured
,
Zero
Cpn.,
9/01/33
.........
37,070,000
27,730,814
City
of
Anaheim
,
Revenue
,
1997
C
,
AGMC
Insured
,
Zero
Cpn.,
9/01/34
.........
24,970,000
17,947,729
City
of
Anaheim
,
Revenue
,
1997
C
,
AGMC
Insured
,
ETM,
Zero
Cpn.,
3/01/37
.....
15,080,000
10,139,290
Anaheim
Union
High
School
District
,
GO
,
2002
A
,
AGMC
Insured
,
Zero
Cpn.,
8/01/26
8,570,000
8,180,152
Bay
Area
Toll
Authority
,
Revenue
,
2017
S-7
,
Refunding
,
4
%
,
4/01/42
.............................
119,305,000
119,993,867
Revenue
,
2017
S-7
,
Refunding
,
4
%
,
4/01/47
.............................
23,330,000
23,404,612
Revenue
,
2017
S-7
,
Refunding
,
4
%
,
4/01/49
.............................
13,625,000
13,662,089
d
Revenue
,
2021
A
,
Refunding
,
Mandatory
Put
,
2
%
,
4/01/28
...................
12,000,000
11,451,901
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)
Beaumont
Public
Improvement
Authority
,
City
of
Beaumont
Wastewater
,
Revenue
,
2018
A
,
AGMC
Insured
,
5
%
,
9/01/49
...................................
$
10,000,000
$
10,377,324
Beaumont
Unified
School
District
,
GO
,
2011
C
,
AGMC
Insured
,
Zero
Cpn.,
8/01/40
..
11,000,000
5,917,025
Burbank-Glendale-Pasadena
Airport
Authority
Brick
Campaign
,
Revenue,
Senior
Lien
,
2024
B
,
5.25
%
,
7/01/49
............................
8,500,000
9,229,307
Revenue,
Senior
Lien
,
2024
B
,
5.25
%
,
7/01/54
............................
6,750,000
7,276,517
Cabrillo
Unified
School
District
,
GO
,
2018
A
,
5
%
,
8/01/45
.....................
4,245,000
4,351,654
California
Affordable
Housing
Agency
,
Butte
County
Housing
Authority
,
Revenue
,
2020
A
,
4
%
,
10/01/40
..............
1,580,000
1,599,298
Butte
County
Housing
Authority
,
Revenue
,
2020
A
,
4
%
,
10/01/45
..............
1,930,000
1,911,730
Butte
County
Housing
Authority
,
Revenue
,
2020
A
,
4
%
,
10/01/50
..............
1,855,000
1,842,654
d
California
Community
Choice
Financing
Authority
,
Revenue
,
2022
A-1
,
Mandatory
Put
,
4
%
,
8/01/28
..........................
100,000,000
101,563,180
Revenue
,
2023
C
,
Mandatory
Put
,
5.25
%
,
10/01/31
........................
122,575,000
132,022,431
Revenue
,
2023
E-1
,
Mandatory
Put
,
5
%
,
3/01/31
..........................
38,855,000
41,836,974
Revenue
,
2023
G-1
,
Mandatory
Put
,
5.25
%
,
4/01/30
.......................
23,500,000
25,355,569
Revenue
,
2024
B
,
Mandatory
Put
,
5
%
,
12/01/32
...........................
51,000,000
55,337,280
Revenue
,
2024
C
,
Mandatory
Put
,
5
%
,
10/01/32
...........................
65,875,000
71,414,508
Revenue
,
2024
D
,
Mandatory
Put
,
5
%
,
9/01/32
...........................
70,000,000
76,730,514
Revenue
,
2024
E
,
Mandatory
Put
,
5
%
,
9/01/32
............................
90,000,000
98,151,363
California
Community
College
Financing
Authority
,
Revenue
,
2001
A
,
NATL
Insured
,
5.125
%
,
4/01/31
.........................
880,000
884,504
NCCD-Orange
Coast
Properties
LLC
,
Revenue
,
2018
,
5.25
%
,
5/01/53
..........
8,150,000
8,435,432
e
California
Community
Housing
Agency
,
Aster
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
4
%
,
2/01/56
..........
5,235,000
4,676,294
Brio
Apartments
&
Next
on
Lex
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
4
%
,
2/01/56
....................................................
35,015,000
29,708,088
Exchange
at
Bayfront
Apartments
,
Revenue,
Senior
Lien
,
144A,
201
A-1
T
,
4.25
%
,
2/01/38
........................................................
7,095,000
6,192,237
Exchange
at
Bayfront
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
2/01/57
........................................................
59,855,000
38,639,497
Fountains
at
Emerald
Park
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
8/01/46
...
14,740,000
12,802,511
Fountains
at
Emerald
Park
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
8/01/56
..
46,440,000
34,744,286
K
Street
Flats
,
Revenue
,
144A,
2021
A-1
,
3
%
,
2/01/57
......................
47,500,000
33,559,562
Summit
at
Sausalito
Apartments
,
Revenue
,
144A,
2021
A-1
,
3
%
,
2/01/57
........
16,260,000
11,762,079
Twin
Creek
Apartments
,
Revenue
,
144A,
2022
A-1
,
4.5
%
,
8/01/52
.............
29,275,000
24,130,176
Twin
Creek
Apartments
,
Revenue,
Senior
Lien
,
144A,
2022
A-2
,
Zero
Cpn.,
8/01/65
79,990,000
3,439,026
Verdant
at
Green
Valley
Apartments
,
Revenue
,
144A,
2019
A
,
5
%
,
8/01/49
.......
15,765,000
15,142,250
California
County
Tobacco
Securitization
Agency
,
Gold
Country
Settlement
Funding
Corp.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/40
1,120,000
1,123,500
Gold
Country
Settlement
Funding
Corp.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/49
2,000,000
1,899,059
Kern
County
Tobacco
Funding
Corp.
,
Revenue
,
2014
,
Refunding
,
5
%
,
6/01/34
....
9,905,000
9,907,874
Kern
County
Tobacco
Funding
Corp.
,
Revenue
,
2014
,
Refunding
,
5
%
,
6/01/40
....
17,650,000
17,652,468
Los
Angeles
County
Securitization
Corp.
,
Revenue
,
2020
B-1
,
Refunding
,
5
%
,
6/01/49
........................................................
330,000
336,347
Los
Angeles
County
Securitization
Corp.
,
Revenue,
Senior
Lien
,
2020
A
,
Refunding
,
4
%
,
6/01/49
....................................................
3,525,000
3,347,347
Merced
County
Tobacco
Funding
Corp.
,
Revenue,
Senior
Lien
,
2020
A
,
Refunding
,
4
%
,
6/01/36
....................................................
470,000
480,008
Merced
County
Tobacco
Funding
Corp.
,
Revenue,
Senior
Lien
,
2020
A
,
Refunding
,
4
%
,
6/01/38
....................................................
530,000
536,943
Merced
County
Tobacco
Funding
Corp.
,
Revenue,
Senior
Lien
,
2020
A
,
Refunding
,
4
%
,
6/01/40
....................................................
625,000
626,952
Merced
County
Tobacco
Funding
Corp.
,
Revenue,
Senior
Lien
,
2020
A
,
Refunding
,
4
%
,
6/01/42
....................................................
100,000
99,165
Sonoma
County
Securitization
Corp.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/35
..
350,000
358,863
Sonoma
County
Securitization
Corp.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/36
..
600,000
612,777
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
County
Tobacco
Securitization
Agency,
(continued)
Sonoma
County
Securitization
Corp.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/37
..
$
530,000
$
539,395
Sonoma
County
Securitization
Corp.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/38
..
790,000
800,349
Sonoma
County
Securitization
Corp.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/39
..
620,000
624,508
Sonoma
County
Securitization
Corp.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/40
..
830,000
832,592
Sonoma
County
Securitization
Corp.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/49
..
3,520,000
3,342,599
Sonoma
County
Securitization
Corp.
,
Revenue
,
2020
B-1
,
Refunding
,
5
%
,
6/01/49
.
545,000
556,312
Stanislaus
County
Tobacco
Funding
Corp.
,
Revenue
,
2002
A
,
5.875
%
,
6/01/43
...
3,165,000
3,170,089
California
Educational
Facilities
Authority
,
Art
Center
College
of
Design
,
Revenue
,
2022
A
,
4
%
,
12/01/40
................
1,295,000
1,245,411
Art
Center
College
of
Design
,
Revenue
,
2022
A
,
4
%
,
12/01/41
................
1,345,000
1,281,891
Art
Center
College
of
Design
,
Revenue
,
2022
A
,
4
%
,
12/01/42
................
1,400,000
1,323,021
Art
Center
College
of
Design
,
Revenue
,
2022
A
,
4
%
,
12/01/46
................
3,000,000
2,766,024
Art
Center
College
of
Design
,
Revenue
,
2022
A
,
4
%
,
12/01/50
................
2,675,000
2,402,054
Art
Center
College
of
Design
,
Revenue
,
2022
A
,
3
%
,
12/01/51
................
650,000
473,929
Chapman
University
,
Revenue
,
2015
,
5
%
,
4/01/40
.........................
5,000,000
5,019,981
Chapman
University
,
Revenue
,
2015
,
5
%
,
4/01/45
.........................
5,000,000
5,014,923
Chapman
University
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
4/01/31
...............
475,000
538,210
Leland
Stanford
Junior
University
(The)
,
Revenue
,
T-1
,
5
%
,
3/15/39
............
2,815,000
3,480,031
Leland
Stanford
Junior
University
(The)
,
Revenue
,
U-1
,
5.25
%
,
4/01/40
.........
5,000,000
6,342,774
Leland
Stanford
Junior
University
(The)
,
Revenue
,
U-6
,
5
%
,
5/01/45
............
7,000,000
8,708,780
Leland
Stanford
Junior
University
(The)
,
Revenue
,
V-1
,
5
%
,
5/01/49
............
20,850,000
26,014,831
Loma
Linda
University
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
4/01/47
.............
11,000,000
11,209,142
Loyola
Marymount
University
,
Revenue
,
2001
A
,
NATL
Insured
,
Zero
Cpn.,
10/01/26
7,620,000
7,194,610
Loyola
Marymount
University
,
Revenue
,
2001
A
,
NATL
Insured
,
Zero
Cpn.,
10/01/27
7,365,000
6,744,619
Loyola
Marymount
University
,
Revenue
,
2001
A
,
NATL
Insured
,
Zero
Cpn.,
10/01/28
4,120,000
3,652,773
Loyola
Marymount
University
,
Revenue
,
2001
A
,
NATL
Insured
,
Zero
Cpn.,
10/01/30
5,685,000
4,703,696
Loyola
Marymount
University
,
Revenue
,
2001
A
,
NATL
Insured
,
Zero
Cpn.,
10/01/31
7,615,000
6,069,865
Loyola
Marymount
University
,
Revenue
,
2001
A
,
NATL
Insured
,
Zero
Cpn.,
10/01/32
7,615,000
5,839,825
Santa
Clara
University
,
Revenue
,
1999
,
AMBAC
Insured
,
Zero
Cpn.,
9/01/26
.....
1,345,000
1,262,963
Santa
Clara
University
,
Revenue
,
2015
,
Refunding
,
5
%
,
4/01/45
...............
15,495,000
15,572,988
St.
Mary's
College
of
California
,
Revenue
,
2023
A
,
Refunding
,
5.5
%
,
10/01/53
....
9,350,000
9,976,662
University
of
Redlands
,
Revenue
,
2022
A
,
5
%
,
10/01/44
.....................
3,835,000
3,990,704
University
of
Redlands
,
Revenue
,
2022
A
,
5
%
,
10/01/52
.....................
18,790,000
19,318,354
University
of
San
Francisco
,
Revenue
,
2018
A
,
5
%
,
10/01/48
.................
10,000,000
10,435,651
University
of
San
Francisco
,
Revenue
,
2018
A
,
5
%
,
10/01/53
.................
10,000,000
10,406,081
California
Enterprise
Development
Authority
,
Castilleja
School
Foundation
,
Revenue
,
2024
,
5
%
,
6/01/49
...................
2,800,000
3,117,534
Provident
Group-SDSU
Properties
LLC
,
Revenue,
First
Tier
,
2020
A
,
5
%
,
8/01/40
..
650,000
673,468
Provident
Group-SDSU
Properties
LLC
,
Revenue,
First
Tier
,
2020
A
,
5
%
,
8/01/45
..
650,000
670,290
Provident
Group-SDSU
Properties
LLC
,
Revenue,
First
Tier
,
2020
A
,
5
%
,
8/01/50
..
650,000
668,579
Provident
Group-SDSU
Properties
LLC
,
Revenue,
First
Tier
,
2020
A
,
5
%
,
8/01/55
..
3,175,000
3,251,827
Provident
Group-SDSU
Properties
LLC
,
Revenue,
First
Tier
,
2020
A
,
5
%
,
8/01/57
..
500,000
511,597
California
Health
Facilities
Financing
Authority
,
Adventist
Health
System/West
Obligated
Group
,
Revenue
,
2024
A
,
5
%
,
12/01/28
..
24,200,000
26,044,894
Casa
Milagro
LLC
,
Revenue
,
2011
A
,
California
Mortgage
Insured
,
6.25
%
,
2/01/26
.
2,730,000
2,737,466
Cedars-Sinai
Medical
Center
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
8/15/41
........................................................
5,000,000
5,582,137
Children's
Hospital
Los
Angeles
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
8/15/42
........................................................
14,370,000
14,690,510
Children's
Hospital
Los
Angeles
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
8/15/47
........................................................
7,750,000
7,881,939
City
of
Hope
Obligated
Group
,
Revenue
,
2019
,
5
%
,
11/15/49
.................
27,000,000
27,444,047
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
4/01/36
.
15,770,000
16,112,010
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
4/01/37
.
3,000,000
3,057,763
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
4/01/38
.
7,075,000
7,193,995
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
3
%
,
4/01/44
.
4,340,000
3,757,385
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)
El
Camino
Hospital
LP
,
Revenue
,
2017
,
4.125
%
,
2/01/47
....................
$
11,000,000
$
11,000,144
El
Camino
Hospital
LP
,
Revenue
,
2017
,
5
%
,
2/01/47
.......................
12,500,000
12,857,849
Episcopal
Communities
&
Services
for
Seniors
Obligated
Group
,
Revenue
,
2024
B
,
5.25
%
,
11/15/48
.................................................
1,905,000
2,034,390
Episcopal
Communities
&
Services
for
Seniors
Obligated
Group
,
Revenue
,
2024
B
,
5.25
%
,
11/15/53
.................................................
1,945,000
2,062,043
Episcopal
Communities
&
Services
for
Seniors
Obligated
Group
,
Revenue
,
2024
B
,
5.25
%
,
11/15/58
.................................................
3,000,000
3,168,788
Kaiser
Foundation
Hospitals
,
Revenue
,
2017
A-2
,
4
%
,
11/01/38
...............
25,000,000
25,348,300
Kaiser
Foundation
Hospitals
,
Revenue
,
2017
A-2
,
4
%
,
11/01/44
...............
411,225,000
411,902,699
Kaiser
Foundation
Hospitals
,
Revenue
,
2017
A-2
,
5
%
,
11/01/47
...............
12,500,000
15,075,506
Lucile
Salter
Packard
Children's
Hospital
at
Stanford
Obligated
Group
,
Revenue
,
2016
B
,
5
%
,
8/15/55
..............................................
24,000,000
24,381,994
Lucile
Salter
Packard
Children's
Hospital
at
Stanford
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
11/15/56
.............................................
10,300,000
10,639,092
Marshall
Medical
Center
,
Revenue
,
2020
A
,
Refunding
,
California
Mortgage
Insured
,
4
%
,
11/01/40
...................................................
3,750,000
3,817,554
Marshall
Medical
Center
,
Revenue
,
2020
A
,
Refunding
,
California
Mortgage
Insured
,
5
%
,
11/01/50
...................................................
25,065,000
26,422,277
On
Lok
Senior
Health
Services
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
8/01/40
........................................................
800,000
847,867
On
Lok
Senior
Health
Services
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
8/01/50
........................................................
2,375,000
2,468,207
On
Lok
Senior
Health
Services
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
8/01/55
........................................................
850,000
878,722
Providence
St.
Joseph
Health
Obligated
Group
,
Revenue
,
2014
A
,
5
%
,
10/01/38
..
5,110,000
5,119,646
Scripps
Health
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
11/15/43
.....
2,500,000
2,818,817
Sequoia
Living,
Inc.
,
Revenue
,
2015
,
Refunding
,
California
Mortgage
Insured
,
5
%
,
7/01/34
........................................................
1,000,000
1,011,872
Sequoia
Living,
Inc.
,
Revenue
,
2015
,
Refunding
,
California
Mortgage
Insured
,
5
%
,
7/01/39
........................................................
1,450,000
1,464,401
Sequoia
Living,
Inc.
,
Revenue
,
2015
,
Refunding
,
California
Mortgage
Insured
,
5
%
,
7/01/44
........................................................
1,160,000
1,168,892
Sutter
Health
Obligated
Group
,
Revenue
,
2016
B
,
5
%
,
11/15/46
...............
42,105,000
43,098,863
Sutter
Health
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
4
%
,
11/15/48
......
10,585,000
10,575,017
Sutter
Health
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
11/15/48
......
21,690,000
22,449,794
Sutter
Health
Obligated
Group
,
Revenue
,
2018
A
,
4
%
,
11/15/42
...............
11,680,000
11,700,602
Sutter
Health
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
11/15/48
...............
24,500,000
25,358,228
California
Housing
Finance
Agency
,
Revenue
,
2019-1
,
A
,
4.25
%
,
1/15/35
...................................
46,113,184
47,730,226
Revenue
,
2019-2
,
A
,
4
%
,
3/20/33
......................................
13,319,322
13,471,048
Revenue
,
2021-1
,
A
,
3.5
%
,
11/20/35
...................................
4,720,191
4,624,406
e
Found
Middle
LP
,
Revenue
,
144A,
2024
L
,
5.2
%
,
12/01/27
...................
5,000,000
5,047,743
d,e
Shermanair
Apartments
Owner
LP
,
Revenue
,
144A,
2021
Q-1
,
Mandatory
Put
,
3
%
,
9/01/36
........................................................
22,535,000
20,319,906
e
Shermanair
Apartments
Owner
LP
,
Revenue
,
144A,
2021
Q-2
,
5
%
,
9/01/36
......
1,940,000
1,613,026
California
Infrastructure
&
Economic
Development
Bank
,
California
State
Teachers'
Retirement
System
,
Revenue
,
2019
,
5
%
,
8/01/44
......
12,750,000
13,587,952
California
State
Teachers'
Retirement
System
,
Revenue
,
2019
,
5
%
,
8/01/49
......
16,040,000
16,932,815
California
State
Water
Resources
Control
Board
Water
Pollution
Control
Revolving
Fund
,
Revenue
,
2018
,
5
%
,
10/01/43
..................................
10,000,000
10,593,215
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2020
B
,
4
%
,
11/01/45
.......................................................
850,000
854,844
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2020
B
,
4
%
,
11/01/50
.......................................................
860,000
856,844
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
Infrastructure
&
Economic
Development
Bank,
(continued)
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2021
B
,
4
%
,
11/01/56
.......................................................
$
1,000,000
$
978,793
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2022
B
,
5
%
,
11/01/47
.......................................................
2,300,000
2,488,143
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2022
B
,
4.125
%
,
11/01/52
.......................................................
3,100,000
3,115,965
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2022
B
,
5
%
,
11/01/57
.......................................................
5,500,000
5,854,462
Los
Angeles
County
Museum
of
Natural
History
Foundation
,
Revenue
,
2020
,
Refunding
,
3
%
,
7/01/50
............................................
18,995,000
15,209,940
d
Museum
Associates
,
Revenue
,
2021
A
,
Refunding
,
Mandatory
Put
,
1.2
%
,
6/01/28
.
15,000,000
13,470,672
University
of
California
,
Revenue
,
2017
,
5
%
,
5/15/52
.......................
31,305,000
32,676,341
California
Municipal
Finance
Authority
,
Revenue,
Senior
Lien
,
2017
A
,
Refunding
,
4
%
,
8/15/52
.....................
27,350,000
25,867,203
Special
Tax
,
2024
C
,
5
%
,
9/01/44
......................................
1,100,000
1,173,265
Special
Tax
,
2024
C
,
5
%
,
9/01/54
......................................
1,000,000
1,057,654
1717
University
Associates
LLC
,
Revenue
,
2020
A
,
4.5
%
,
6/01/52
.............
11,413,000
10,453,726
1717
University
Associates
LLC
,
Revenue
,
2020
A-T
,
5.25
%
,
6/01/52
...........
3,407,000
2,720,217
Bethany
Home
Society
of
San
Joaquin
County,
Inc.
,
Revenue
,
2023
,
California
Mortgage
Insured
,
5
%
,
11/15/52
.....................................
26,465,000
28,737,166
California
Institute
of
the
Arts
,
Revenue
,
2021
,
4
%
,
10/01/51
.................
2,355,000
2,161,953
Caritas
Corp.
CMFA
Mobile
Home
Park
Financing
2024
Portfolio
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
8/15/49
............................................
1,235,000
1,326,774
Caritas
Corp.
CMFA
Mobile
Home
Park
Financing
2024
Portfolio
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
8/15/54
............................................
1,800,000
1,921,092
Caritas
Corp.
CMFA
Mobile
Home
Park
Financing
2024
Portfolio
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
8/15/59
............................................
2,600,000
2,753,592
Carmel
Valley
Manor
Obligated
Group
,
Revenue
,
2022
,
California
Mortgage
Insured
,
5
%
,
5/15/52
....................................................
17,775,000
19,215,310
e
Century
CityView
LP
,
Revenue
,
144A,
2021
A
,
4
%
,
11/01/36
..................
10,375,000
9,996,740
Channing
House
,
Revenue
,
2017
B
,
California
Mortgage
Insured
,
5
%
,
5/15/47
....
10,000,000
10,255,653
CHF-Davis
I
LLC
,
Revenue
,
2018
,
5
%
,
5/15/51
...........................
10,000,000
10,277,120
City
of
Elk
Grove
Community
Facilities
District
No.
2023-7
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/39
......................................
580,000
623,761
City
of
Elk
Grove
Community
Facilities
District
No.
2023-7
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/44
......................................
900,000
958,233
City
of
Elk
Grove
Community
Facilities
District
No.
2023-7
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/49
......................................
785,000
828,480
City
of
Elk
Grove
Community
Facilities
District
No.
2023-7
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/54
......................................
750,000
786,224
Community
Facilities
District
No.
2022-6
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/44
....................................................
1,000,000
1,068,258
Community
Facilities
District
No.
2022-6
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/49
....................................................
1,250,000
1,319,525
Community
Facilities
District
No.
2022-6
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/54
....................................................
2,650,000
2,787,661
Community
Hospitals
of
Central
California
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
2/01/42
............................................
15,900,000
16,175,959
Community
Hospitals
of
Central
California
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
2/01/47
............................................
19,145,000
19,370,467
Community
Hospitals
of
Central
California
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
2/01/51
........................................................
7,000,000
6,950,110
Concordia
University
Irvine
,
Revenue
,
2021
,
4
%
,
1/01/37
....................
1,040,000
1,046,211
Concordia
University
Irvine
,
Revenue
,
2021
,
4
%
,
1/01/38
....................
1,000,000
996,604
Concordia
University
Irvine
,
Revenue
,
2021
,
4
%
,
1/01/39
....................
1,100,000
1,084,847
Concordia
University
Irvine
,
Revenue
,
2021
,
4
%
,
1/01/40
....................
1,175,000
1,152,212
Concordia
University
Irvine
,
Revenue
,
2021
,
4
%
,
1/01/41
....................
1,280,000
1,246,635
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)
Congregational
Homes,
Inc.
Obligated
Group
,
Revenue
,
2022
A
,
4
%
,
11/15/42
....
$
450,000
$
417,238
Congregational
Homes,
Inc.
Obligated
Group
,
Revenue
,
2022
A
,
4
%
,
11/15/52
....
1,000,000
854,290
Congregational
Homes,
Inc.
Obligated
Group
,
Revenue
,
2022
A
,
4
%
,
11/15/56
....
1,100,000
920,784
Eisenhower
Medical
Center
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/47
.........
9,100,000
9,226,335
Eskaton
Properties,
Inc.
Obligated
Group
,
Revenue
,
2024
,
Refunding
,
5
%
,
11/15/44
1,500,000
1,608,120
e
IH
Citrus
Whittier
LLC
,
Revenue
,
144A,
2023
,
I-A
,
6.25
%
,
1/01/60
.............
29,830,000
30,826,206
e
IH
Citrus
Whittier
LLC
,
Revenue
,
144A,
2023
,
I-B
,
9
%
,
7/01/42
................
1,800,000
1,856,660
e
IH
Lakes
Concord
LLC
,
Revenue
,
144A,
2022
A-1
,
4.375
%
,
12/01/32
...........
22,510,000
22,071,021
e
IH
Parkside
Fairfield
LLC
,
Revenue
,
144A,
2023
A-1
,
6.75
%
,
9/01/53
...........
51,750,000
56,817,018
e
IH
Parkside
Fairfield
LLC
,
Revenue
,
144A,
2023
A-2
,
8
%
,
9/01/27
.............
565,000
577,560
Inland
Christian
Home,
Inc.
,
Revenue
,
2020
,
California
Mortgage
Insured
,
4
%
,
12/01/49
.......................................................
2,670,000
2,687,731
Inland
Counties
Regional
Center,
Inc.
,
Revenue
,
2015
,
Refunding
,
5
%
,
6/15/45
...
23,300,000
23,428,488
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
........
81,985,000
72,138,765
LAX
Integrated
Express
Solutions
LLC
,
Revenue,
Senior
Lien
,
2018
A
,
5
%
,
12/31/37
8,500,000
8,768,057
LAX
Integrated
Express
Solutions
LLC
,
Revenue,
Senior
Lien
,
2018
A
,
5
%
,
12/31/38
5,000,000
5,149,379
LAX
Integrated
Express
Solutions
LLC
,
Revenue,
Senior
Lien
,
2018
A
,
5
%
,
12/31/43
46,895,000
47,722,242
LAX
Integrated
Express
Solutions
LLC
,
Revenue,
Senior
Lien
,
2018
A
,
5
%
,
12/31/47
55,745,000
56,538,251
LAX
Integrated
Express
Solutions
LLC
,
Revenue,
Senior
Lien
,
2018
B
,
5
%
,
6/01/48
14,325,000
14,509,741
e
NCCD-Claremont
Properties
LLC
,
Revenue
,
144A,
2023
A
,
Refunding
,
5.25
%
,
7/01/40
........................................................
7,065,000
7,773,456
e
NCCD-Claremont
Properties
LLC
,
Revenue
,
144A,
2023
A
,
Refunding
,
5.5
%
,
7/01/50
21,145,000
23,232,437
e
NCCD-Claremont
Properties
LLC
,
Revenue
,
144A,
2023
A
,
Refunding
,
6
%
,
7/01/53
12,485,000
14,203,316
e
NCCD-Claremont
Properties
LLC
,
Revenue
,
144A,
2023
B
,
Refunding
,
6.5
%
,
7/01/32
........................................................
2,470,000
2,468,229
Northbay
Healthcare
Group
Obligated
Group
,
Revenue
,
2017
A
,
5.25
%
,
11/01/41
..
5,500,000
5,558,051
Northbay
Healthcare
Group
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
11/01/47
....
8,650,000
8,661,609
Northern
California
Retired
Officers
Community
,
Revenue
,
2019
A
,
California
Mortgage
Insured
,
5
%
,
1/01/43
......................................
10,000,000
10,477,869
Northern
California
Retired
Officers
Community
,
Revenue
,
2019
A
,
California
Mortgage
Insured
,
5
%
,
1/01/49
......................................
18,990,000
19,882,534
Palomar
Health
Obligated
Group
,
COP
,
2022
A
,
Refunding
,
AGMC
Insured
,
5.25
%
,
11/01/52
.......................................................
43,040,000
46,090,860
Samuel
Merritt
University
,
Revenue
,
2022
,
5.25
%
,
6/01/53
...................
39,750,000
43,669,362
e
Sierra
Ridge
3600
LLC
,
Revenue
,
144A,
2024
A
,
5.75
%
,
11/01/39
.............
48,675,000
49,170,448
University
of
La
Verne
,
Revenue
,
2017
A
,
Refunding
,
4
%
,
6/01/47
.............
10,500,000
10,251,169
California
Pollution
Control
Financing
Authority
,
e
Poseidon
Resources
Channelside
LP
,
Revenue
,
144A,
2019
,
Refunding
,
5
%
,
7/01/39
7,250,000
7,545,164
e
Poseidon
Resources
Channelside
LP
,
Revenue
,
144A,
2019
,
Refunding
,
5
%
,
11/21/45
.......................................................
11,365,000
11,685,144
e
Poseidon
Resources
Channelside
LP
,
Revenue
,
144A,
2023
,
5
%
,
7/01/30
.......
5,200,000
5,625,028
e
Poseidon
Resources
Channelside
LP
,
Revenue
,
144A,
2023
,
5
%
,
7/01/31
.......
3,000,000
3,271,579
e
Poseidon
Resources
Channelside
LP
,
Revenue
,
144A,
2023
,
5
%
,
7/01/32
.......
5,500,000
6,041,150
e
Poseidon
Resources
Channelside
LP
,
Revenue
,
144A,
2023
,
5
%
,
7/01/33
.......
6,000,000
6,638,514
e
Poseidon
Resources
Channelside
LP
,
Revenue
,
144A,
2023
,
5
%
,
7/01/34
.......
3,250,000
3,583,222
e
Poseidon
Resources
Channelside
LP
,
Revenue
,
144A,
2023
,
5
%
,
7/01/35
.......
3,250,000
3,568,124
e
Poseidon
Resources
Channelside
LP
,
Revenue
,
144A,
2023
,
5
%
,
7/01/36
.......
2,650,000
2,897,144
e
Poseidon
Resources
Channelside
LP
,
Revenue
,
144A,
2023
,
5
%
,
7/01/37
.......
2,300,000
2,509,207
e
Poseidon
Resources
Channelside
LP
,
Revenue
,
144A,
2023
,
5
%
,
7/01/38
.......
2,000,000
2,175,797
e
Poseidon
Resources
Channelside
LP
,
Revenue
,
144A,
2023
,
5
%
,
11/21/45
......
2,200,000
2,327,255
San
Jose
Water
Co.
,
Revenue
,
2016
,
4.75
%
,
11/01/46
......................
15,000,000
15,131,652
California
Public
School
District
Financing
Authority
,
Southern
Kern
Unified
School
District
,
Revenue
,
1996
B
,
AGMC
Insured
,
ETM,
5.9
%
,
9/01/26
...............
430,000
444,149
e
California
School
Finance
Authority
,
Alliance
for
College
Ready
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
4
%
,
7/01/34
............................................
445,000
448,574
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)
e
California
School
Finance
Authority,
(continued)
Alliance
for
College
Ready
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5
%
,
7/01/49
............................................
$
1,000,000
$
1,055,683
Alliance
for
College
Ready
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5
%
,
7/01/59
............................................
2,000,000
2,091,344
Aspire
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2021
A
,
2.125
%
,
8/01/31
.
500,000
455,393
Aspire
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2021
A
,
4
%
,
8/01/36
....
325,000
325,338
Aspire
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2021
A
,
4
%
,
8/01/41
....
525,000
508,517
Aspire
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2021
A
,
4
%
,
8/01/51
....
800,000
735,795
Aspire
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2022
A
,
5
%
,
8/01/52
....
2,935,000
2,981,123
Camino
Nuevo
Charter
Academy
Obligated
Group
,
Revenue
,
144A,
2023
A
,
Refunding
,
5
%
,
6/01/43
............................................
1,000,000
1,027,898
Camino
Nuevo
Charter
Academy
Obligated
Group
,
Revenue
,
144A,
2023
A
,
Refunding
,
5.25
%
,
6/01/53
.........................................
1,550,000
1,596,540
Classical
Academy
Obligated
Group
,
Revenue
,
144A,
2022
A
,
Refunding
,
5
%
,
10/01/42
.......................................................
1,325,000
1,380,031
Classical
Academy
Obligated
Group
,
Revenue
,
144A,
2022
A
,
Refunding
,
5
%
,
10/01/52
.......................................................
2,265,000
2,318,203
Classical
Academy
Obligated
Group
,
Revenue
,
144A,
2022
A
,
Refunding
,
5
%
,
10/01/61
.......................................................
3,905,000
3,985,921
Granada
Hills
Charter
High
School
Obligated
Group
,
Revenue
,
144A,
2021
A
,
Refunding
,
4
%
,
7/01/29
............................................
250,000
253,550
Granada
Hills
Charter
High
School
Obligated
Group
,
Revenue
,
144A,
2021
A
,
Refunding
,
4
%
,
7/01/38
............................................
465,000
463,154
Granada
Hills
Charter
High
School
Obligated
Group
,
Revenue
,
144A,
2021
A
,
Refunding
,
4
%
,
7/01/48
............................................
675,000
633,101
Granada
Hills
Charter
High
School
Obligated
Group
,
Revenue
,
144A,
2024
A
,
5
%
,
7/01/54
........................................................
525,000
547,383
Green
Dot
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2022
A
,
Refunding
,
5.75
%
,
8/01/52
..................................................
1,500,000
1,636,762
KIPP
SoCal
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2020
A
,
4
%
,
7/01/40
800,000
800,600
STEM
Preparatory
Schools
-
Obligated
Group
,
Revenue
,
144A,
2023
A
,
5.125
%
,
6/01/53
........................................................
1,000,000
1,032,133
STEM
Preparatory
Schools
-
Obligated
Group
,
Revenue
,
144A,
2023
A
,
5.375
%
,
5/01/63
........................................................
1,000,000
1,036,857
Value
Schools
,
Revenue
,
144A,
2023
A
,
Refunding
,
5
%
,
7/01/40
..............
550,000
574,911
Value
Schools
,
Revenue
,
144A,
2023
A
,
Refunding
,
5.25
%
,
7/01/48
............
725,000
757,470
California
State
Public
Works
Board
,
State
of
California
,
Revenue
,
2014
B
,
Refunding
,
5
%
,
10/01/39
...............
10,000,000
10,015,534
State
of
California
,
Revenue
,
2019
C
,
5
%
,
11/01/44
........................
5,000,000
5,361,192
State
of
California
,
Revenue
,
2021
D
,
4
%
,
11/01/35
........................
1,210,000
1,277,111
State
of
California
,
Revenue
,
2024
C
,
Refunding
,
5
%
,
9/01/25
................
25,985,000
26,412,788
State
of
California
,
Revenue
,
2024
C
,
Refunding
,
5
%
,
9/01/26
................
14,685,000
15,295,755
California
State
University
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
11/01/43
..............................
11,000,000
11,165,015
Revenue
,
2016
A
,
Refunding
,
5
%
,
11/01/36
..............................
3,760,000
3,865,369
d
Revenue
,
2016
B-2
,
Refunding
,
Mandatory
Put
,
0.55
%
,
11/01/26
..............
12,000,000
11,299,645
Revenue
,
2017
A
,
Refunding
,
5
%
,
11/01/42
..............................
12,310,000
12,830,042
Revenue
,
2017
A
,
Refunding
,
5
%
,
11/01/47
..............................
53,000,000
54,981,119
Revenue
,
2018
A
,
Refunding
,
5
%
,
11/01/39
..............................
3,675,000
3,940,250
Revenue
,
2018
A
,
Refunding
,
5
%
,
11/01/43
..............................
3,330,000
3,539,943
Revenue
,
2018
A
,
Refunding
,
5
%
,
11/01/48
..............................
17,385,000
18,326,325
Revenue
,
2019
A
,
5
%
,
11/01/44
.......................................
40,010,000
42,825,432
Revenue
,
2019
A
,
5
%
,
11/01/49
.......................................
77,595,000
82,464,102
California
Statewide
Communities
Development
Authority
,
Revenue
,
2024
B-1
,
5
%
,
9/02/44
......................................
2,500,000
2,650,085
Revenue
,
2024
B-1
,
5
%
,
9/02/49
......................................
2,000,000
2,091,788
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)
California
Statewide
Communities
Development
Authority,
(continued)
Revenue
,
2024
B-1
,
5
%
,
9/02/54
......................................
$
2,500,000
$
2,607,665
Special
Assessment
,
2024
A
,
5
%
,
9/02/54
...............................
1,290,000
1,344,683
Special
Tax
,
2023
A
,
5.25
%
,
9/01/51
...................................
3,305,000
3,509,214
899
Charleston
,
Revenue
,
2024
,
Refunding
,
California
Mortgage
Insured
,
4.25
%
,
11/01/44
.......................................................
4,320,000
4,403,655
899
Charleston
,
Revenue
,
2024
,
Refunding
,
California
Mortgage
Insured
,
5
%
,
11/01/49
.......................................................
2,500,000
2,734,653
Adventist
Health
System/West
Obligated
Group
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
3/01/35
........................................................
9,250,000
9,392,613
Adventist
Health
System/West
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
3/01/48
........................................................
67,585,000
69,284,864
Cedars-Sinai
Medical
Center
Obligated
Group
,
Revenue
,
2018
,
5
%
,
7/01/48
.....
7,980,000
8,280,485
Community
Facilities
District
No.
2020-02
Improvement
Area
No.
2
,
Special
Tax
,
2022
,
5.25
%
,
9/01/52
.............................................
1,650,000
1,751,365
Community
Facilities
District
No.
2020-2
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
5
%
,
9/01/34
....................................................
350,000
383,158
Community
Facilities
District
No.
2020-2
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
5
%
,
9/01/39
....................................................
745,000
802,352
Community
Facilities
District
No.
2020-2
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
5
%
,
9/01/44
....................................................
1,230,000
1,311,448
Community
Facilities
District
No.
2020-2
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
5
%
,
9/01/49
....................................................
500,000
526,946
Community
Facilities
District
No.
2020-2
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
5
%
,
9/01/54
....................................................
750,000
789,015
Community
Facilities
District
No.
2021-03
,
Special
Tax
,
2024
,
5
%
,
9/01/44
.......
875,000
916,830
Community
Facilities
District
No.
2021-03
,
Special
Tax
,
2024
,
5
%
,
9/01/49
.......
820,000
851,039
Community
Facilities
District
No.
2021-03
,
Special
Tax
,
2024
,
5
%
,
9/01/54
.......
850,000
880,471
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2023
,
5
%
,
9/01/43
........
1,000,000
1,069,328
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2023
,
5
%
,
9/01/53
........
1,850,000
1,940,961
Community
Facilities
District
No.
20220
,
Special
Tax
,
2023
,
5
%
,
9/01/43
.........
1,030,000
1,092,834
Community
Facilities
District
No.
20220
,
Special
Tax
,
2023
,
5
%
,
9/01/48
.........
1,120,000
1,169,393
Community
Facilities
District
No.
20220
,
Special
Tax
,
2023
,
5
%
,
9/01/53
.........
1,000,000
1,038,090
Community
Facilities
District
No.
2022-03
,
Special
Tax
,
2023
,
5
%
,
9/01/38
.......
1,700,000
1,826,124
Community
Facilities
District
No.
2022-03
,
Special
Tax
,
2023
,
5
%
,
9/01/43
.......
380,000
402,038
Community
Facilities
District
No.
2022-03
,
Special
Tax
,
2023
,
5
%
,
9/01/53
.......
1,250,000
1,297,612
Community
Facilities
District
No.
2022-10
,
Special
Tax
,
2023
,
5.5
%
,
9/01/53
......
1,770,000
1,911,202
Enloe
Medical
Center
Obligated
Group
,
Revenue
,
2022
A
,
AGMC
Insured
,
5
%
,
8/15/42
........................................................
600,000
653,211
Enloe
Medical
Center
Obligated
Group
,
Revenue
,
2022
A
,
AGMC
Insured
,
5.125
%
,
8/15/47
........................................................
880,000
952,706
Enloe
Medical
Center
Obligated
Group
,
Revenue
,
2022
A
,
AGMC
Insured
,
5.25
%
,
8/15/52
........................................................
11,215,000
12,145,168
Enloe
Medical
Center
Obligated
Group
,
Revenue
,
2022
A
,
AGMC
Insured
,
5.375
%
,
8/15/57
........................................................
17,930,000
19,512,362
Marin
General
Hospital
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
8/01/34
........
1,225,000
1,276,982
Carlsbad
Unified
School
District
,
GO
,
2011
C
,
Zero
Cpn.,
8/01/35
...............
33,000,000
38,667,714
Centinela
Valley
Union
High
School
District
,
GO
,
2004
A
,
Refunding
,
NATL
Insured
,
5.5
%
,
8/01/33
....................................................
15,505,000
16,982,923
Cerritos
Community
College
District
,
GO
,
2014
A
,
Refunding
,
4
%
,
8/01/44
.........
10,000,000
10,021,198
Chaffey
Joint
Union
High
School
District
,
GO
,
B
,
5
%
,
8/01/44
..................
27,500,000
27,572,768
Chino
Community
Facilities
District
,
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
10
,
Special
Tax
,
2024
,
4
%
,
9/01/29
......................................
350,000
355,525
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
10
,
Special
Tax
,
2024
,
5
%
,
9/01/34
......................................
650,000
708,816
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)
Chino
Community
Facilities
District,
(continued)
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
10
,
Special
Tax
,
2024
,
5
%
,
9/01/39
......................................
$
830,000
$
901,302
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
10
,
Special
Tax
,
2024
,
5
%
,
9/01/44
......................................
795,000
842,716
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
10
,
Special
Tax
,
2024
,
5
%
,
9/01/49
......................................
675,000
715,857
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
10
,
Special
Tax
,
2024
,
5
%
,
9/01/54
......................................
740,000
780,247
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
8
,
Special
Tax
,
2021
,
4
%
,
9/01/41
......................................
1,710,000
1,694,508
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
8
,
Special
Tax
,
2021
,
4
%
,
9/01/46
......................................
1,000,000
965,299
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
8
,
Special
Tax
,
2021
,
4
%
,
9/01/51
......................................
1,250,000
1,162,351
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
9
,
Special
Tax
,
2022
,
5
%
,
9/01/37
......................................
2,740,000
2,961,500
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
9
,
Special
Tax
,
2022
,
5.25
%
,
9/01/42
...................................
2,000,000
2,159,876
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
9
,
Special
Tax
,
2022
,
5.375
%
,
9/01/47
...................................
2,000,000
2,147,984
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
9
,
Special
Tax
,
2022
,
5.375
%
,
9/01/52
...................................
2,695,000
2,880,719
Chino
Valley
Unified
School
District
,
GO
,
2020
B
,
3.375
%
,
8/01/50
.........................................
20,500,000
18,404,318
GO
,
2020
B
,
5
%
,
8/01/55
............................................
10,000,000
10,663,635
City
&
County
of
San
Francisco
,
GO
,
2022
R-1
,
Refunding
,
5
%
,
6/15/26
.................................
5,000,000
5,188,928
e
District
No.
2020-1
Development
,
Special
Tax
,
144A,
2023
A
,
5.75
%
,
9/01/50
.....
850,000
928,748
e
District
No.
2020-1
Office
,
Special
Tax
,
144A,
2023
B
,
5.75
%
,
9/01/53
..........
1,835,000
1,999,551
City
of
Beaumont
,
Community
Facilities
District
No.
2016-3
,
Special
Tax
,
2023
,
5
%
,
9/01/38
........
500,000
541,786
Community
Facilities
District
No.
2016-3
,
Special
Tax
,
2023
,
5
%
,
9/01/43
........
625,000
668,330
Community
Facilities
District
No.
2016-3
,
Special
Tax
,
2023
,
5
%
,
9/01/48
........
745,000
791,203
Community
Facilities
District
No.
2016-3
,
Special
Tax
,
2023
,
5
%
,
9/01/53
........
950,000
1,002,377
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2024
,
5
%
,
9/01/39
........
400,000
432,052
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2024
,
5
%
,
9/01/44
........
650,000
692,057
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2024
,
5
%
,
9/01/49
........
1,000,000
1,058,388
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........
1,500,000
1,580,268
Community
Facilities
District
No.
93-1
Improvement
Area
No.
17D
,
Special
Tax
,
2024
,
5
%
,
9/01/45
....................................................
1,000,000
1,087,723
Community
Facilities
District
No.
93-1
Improvement
Area
No.
17D
,
Special
Tax
,
2024
,
5
%
,
9/01/49
....................................................
1,000,000
1,078,764
Community
Facilities
District
No.
93-1
Improvement
Area
No.
17D
,
Special
Tax
,
2024
,
5
%
,
9/01/54
....................................................
1,390,000
1,489,616
City
of
Corona
,
Community
Facilities
District
No.
2018-1
Improvement
Area
No.
1
,
Special
Tax
,
2020
,
4
%
,
9/01/45
....................................................
650,000
634,664
Community
Facilities
District
No.
2018-1
Improvement
Area
No.
1
,
Special
Tax
,
2020
,
4
%
,
9/01/50
....................................................
1,500,000
1,422,926
City
of
Dixon
,
Community
Facilities
District
No.
2019-1
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
.......................................
1,000,000
1,047,086
City
of
Dublin
,
Community
Facilities
District
No.
2015-1
Improvement
Area
No.
4
,
Special
Tax
,
2022
,
5.25
%
,
9/01/42
..................................................
2,005,000
2,159,636
Community
Facilities
District
No.
2015-1
Improvement
Area
No.
4
,
Special
Tax
,
2022
,
5.5
%
,
9/01/47
...................................................
2,630,000
2,836,406
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
Dublin,
(continued)
Community
Facilities
District
No.
2015-1
Improvement
Area
No.
4
,
Special
Tax
,
2022
,
5.5
%
,
9/01/51
...................................................
$
3,040,000
$
3,265,258
Community
Facilities
District
No.
2015-1
Improvement
Area
No.
5
,
Special
Tax
,
2023
,
5.125
%
,
9/01/43
.................................................
1,275,000
1,362,660
City
of
Fillmore
,
Community
Facilities
District
No.
5
Improvement
Area
B
,
Special
Tax
,
2023
,
5
%
,
9/01/38
........................................................
1,000,000
1,074,190
Community
Facilities
District
No.
5
Improvement
Area
B
,
Special
Tax
,
2023
,
5
%
,
9/01/43
........................................................
1,100,000
1,163,796
Community
Facilities
District
No.
5
Improvement
Area
B
,
Special
Tax
,
2023
,
5
%
,
9/01/48
........................................................
2,375,000
2,472,732
Community
Facilities
District
No.
5
Improvement
Area
B
,
Special
Tax
,
2023
,
5
%
,
9/01/53
........................................................
3,740,000
3,890,700
City
of
Fontana
,
Community
Facilities
District
No.
109
,
Special
Tax
,
2024
,
5
%
,
9/01/44
..........
1,000,000
1,080,760
Community
Facilities
District
No.
109
,
Special
Tax
,
2024
,
5
%
,
9/01/49
..........
1,100,000
1,174,738
Community
Facilities
District
No.
109
,
Special
Tax
,
2024
,
5
%
,
9/01/54
..........
1,400,000
1,492,217
Community
Facilities
District
No.
112
,
Special
Tax
,
2024
,
5
%
,
9/01/39
...........
1,000,000
1,086,530
Community
Facilities
District
No.
112
,
Special
Tax
,
2024
,
5
%
,
9/01/44
...........
2,300,000
2,474,198
Community
Facilities
District
No.
112
,
Special
Tax
,
2024
,
5
%
,
9/01/54
...........
2,000,000
2,118,581
Community
Facilities
District
No.
85
,
Special
Tax
,
2020
,
4
%
,
9/01/45
...........
850,000
839,249
Community
Facilities
District
No.
85
,
Special
Tax
,
2020
,
4
%
,
9/01/50
...........
900,000
867,295
Community
Facilities
District
No.
88
,
Special
Tax
,
2020
,
4
%
,
9/01/45
...........
1,100,000
1,072,554
Community
Facilities
District
No.
88
,
Special
Tax
,
2020
,
4
%
,
9/01/51
...........
1,545,000
1,464,450
Community
Facilities
District
No.
89
,
Special
Tax
,
2020
,
4
%
,
9/01/40
...........
750,000
753,241
Community
Facilities
District
No.
89
,
Special
Tax
,
2020
,
4
%
,
9/01/51
...........
1,500,000
1,437,863
Community
Facilities
District
No.
90
,
Special
Tax
,
2021
,
4
%
,
9/01/41
...........
530,000
532,006
Community
Facilities
District
No.
90
,
Special
Tax
,
2021
,
4
%
,
9/01/46
...........
475,000
465,795
Community
Facilities
District
No.
90
,
Special
Tax
,
2021
,
4
%
,
9/01/51
...........
1,825,000
1,749,400
Community
Facilities
District
No.
99
,
Special
Tax
,
2023
,
5
%
,
9/01/45
...........
600,000
637,105
Community
Facilities
District
No.
99
,
Special
Tax
,
2023
,
5
%
,
9/01/53
...........
500,000
524,900
City
of
Laguna
Beach
,
Underground
Utility
Assessment
District
No.
2014-2
,
Special
Assessment
,
4.375
%
,
9/02/39
........................................................
1,685,000
1,735,547
Underground
Utility
Assessment
District
No.
2014-2
,
Special
Assessment
,
4.625
%
,
9/02/44
........................................................
1,000,000
1,032,769
City
of
Lake
Elsinore
,
Community
Facilities
District
No.
2006-6
,
Special
Tax
,
2022
,
4.75
%
,
9/01/52
......
1,000,000
1,012,726
Community
Facilities
District
No.
2019-2
,
Special
Tax
,
2024
,
5
%
,
9/01/49
........
1,000,000
1,054,804
Community
Facilities
District
No.
2019-2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........
1,000,000
1,048,704
City
of
Lincoln
,
Community
Facilities
District
No.
2006-1
Area
No.
1
,
Special
Tax
,
2021
,
Refunding
,
4
%
,
9/01/39
....................................................
290,000
290,137
Community
Facilities
District
No.
2006-1
Area
No.
1
,
Special
Tax
,
2021
,
Refunding
,
4
%
,
9/01/40
....................................................
160,000
159,172
Community
Facilities
District
No.
2006-1
Area
No.
1
,
Special
Tax
,
2021
,
Refunding
,
4
%
,
9/01/43
....................................................
320,000
314,592
Community
Facilities
District
No.
2019-1
,
Special
Tax
,
2022
,
5
%
,
9/01/42
........
2,015,000
2,108,712
Community
Facilities
District
No.
2019-1
,
Special
Tax
,
2022
,
5
%
,
9/01/47
........
3,430,000
3,574,328
Community
Facilities
District
No.
2019-1
,
Special
Tax
,
2022
,
5
%
,
9/01/52
........
2,090,000
2,168,949
City
of
Long
Beach
,
Harbor
,
Revenue
,
2017
C
,
Refunding
,
5
%
,
5/15/47
.........................
15,660,000
16,273,426
Harbor
,
Revenue
,
2019
A
,
5
%
,
5/15/44
..................................
15,045,000
16,216,336
Harbor
,
Revenue
,
2019
A
,
5
%
,
5/15/49
..................................
8,705,000
9,296,572
City
of
Los
Angeles
,
Department
of
Airports
,
Revenue
,
2015
D
,
5
%
,
5/15/33
.....................
11,420,000
11,484,076
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)
City
of
Los
Angeles,
(continued)
Department
of
Airports
,
Revenue
,
2015
D
,
5
%
,
5/15/41
.....................
$
17,000,000
$
17,061,598
Department
of
Airports
,
Revenue
,
2016
B
,
5
%
,
5/15/41
......................
10,000,000
10,123,392
Department
of
Airports
,
Revenue
,
2016
B
,
5
%
,
5/15/46
......................
15,265,000
15,427,400
Department
of
Airports
,
Revenue
,
2017
A
,
5
%
,
5/15/42
......................
3,680,000
3,757,572
Department
of
Airports
,
Revenue
,
2017
A
,
5
%
,
5/15/47
......................
51,110,000
51,977,030
Department
of
Airports
,
Revenue
,
2017
B
,
5
%
,
5/15/42
......................
4,000,000
4,168,763
Department
of
Airports
,
Revenue
,
2018
A
,
5
%
,
5/15/44
......................
32,985,000
33,972,838
Department
of
Airports
,
Revenue
,
2018
A
,
5.25
%
,
5/15/48
...................
10,000,000
10,377,441
Department
of
Airports
,
Revenue
,
2018
C
,
5
%
,
5/15/37
.....................
9,550,000
9,867,309
Department
of
Airports
,
Revenue
,
2018
C
,
5
%
,
5/15/44
.....................
39,405,000
40,324,922
Department
of
Airports
,
Revenue
,
2018
E
,
Refunding
,
5
%
,
5/15/43
.............
16,995,000
18,203,882
Department
of
Airports
,
Revenue
,
2018
E
,
Refunding
,
5
%
,
5/15/48
.............
33,145,000
35,182,768
Department
of
Airports
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
5/15/49
.............
10,000,000
10,327,854
Department
of
Airports
,
Revenue
,
2019
C
,
5
%
,
5/15/39
.....................
2,305,000
2,499,812
Department
of
Airports
,
Revenue
,
2019
E
,
5
%
,
5/15/44
......................
23,485,000
24,898,294
Department
of
Airports
,
Revenue
,
2019
E
,
5
%
,
5/15/49
......................
10,495,000
11,065,396
Department
of
Airports
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
5/15/35
.............
10,005,000
11,085,850
Department
of
Airports
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
5/15/36
.............
6,000,000
6,633,299
Department
of
Airports
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
5/15/37
.............
5,000,000
5,515,306
Department
of
Airports
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
5/15/38
.............
15,925,000
17,525,419
Department
of
Airports
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
5/15/40
.............
22,485,000
24,589,526
Department
of
Airports
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
5/15/36
.............
3,665,000
3,951,897
Department
of
Airports
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
5/15/38
.............
4,920,000
5,280,635
Department
of
Airports
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
5/15/41
.............
7,005,000
7,434,666
Department
of
Airports
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
5/15/46
.............
25,965,000
27,374,580
Department
of
Airports
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
5/15/51
.............
26,450,000
27,679,261
Department
of
Airports
,
Revenue
,
2021
D
,
5
%
,
5/15/33
.....................
4,735,000
5,187,928
Department
of
Airports
,
Revenue
,
2021
D
,
5
%
,
5/15/34
.....................
2,500,000
2,731,393
Department
of
Airports
,
Revenue
,
2021
D
,
Pre-Refunded
,
5
%
,
5/15/34
..........
140,000
155,717
Department
of
Airports
,
Revenue
,
2022
C
,
Refunding
,
5
%
,
5/15/45
.............
8,000,000
8,500,070
Department
of
Airports
,
Revenue,
Senior
Lien
,
2015
A
,
5
%
,
5/15/40
............
3,000,000
3,011,680
Department
of
Airports
,
Revenue,
Senior
Lien
,
2020
B
,
Refunding
,
4
%
,
5/15/39
...
2,000,000
2,059,266
Department
of
Airports
,
Revenue,
Senior
Lien
,
2020
C
,
5
%
,
5/15/37
............
6,595,000
7,021,736
Department
of
Airports
,
Revenue,
Senior
Lien
,
2022
G
,
5
%
,
5/15/29
............
2,000,000
2,146,338
Department
of
Airports
,
Revenue,
Senior
Lien
,
2022
G
,
4
%
,
5/15/42
............
16,575,000
16,577,591
Department
of
Airports
,
Revenue,
Senior
Lien
,
2022
G
,
4
%
,
5/15/47
............
11,325,000
11,252,947
Department
of
Airports
,
Revenue,
Senior
Lien
,
2022
H
,
5
%
,
5/15/42
............
1,415,000
1,507,445
Department
of
Airports
,
Revenue,
Senior
Lien
,
2022
H
,
5
%
,
5/15/47
............
25,000,000
26,452,140
Department
of
Airports
,
Revenue,
Senior
Lien
,
2022
H
,
5.25
%
,
5/15/47
.........
24,000,000
25,784,770
Department
of
Airports
,
Revenue,
Senior
Lien
,
2022
I
,
5
%
,
5/15/42
.............
2,360,000
2,635,808
Department
of
Airports
,
Revenue,
Senior
Lien
,
2022
I
,
4
%
,
5/15/48
.............
2,000,000
2,011,252
Department
of
Airports
,
Revenue,
Senior
Lien
,
2022
I
,
5
%
,
5/15/48
.............
6,265,000
6,857,994
Wastewater
System
,
Revenue
,
2015
A
,
5
%
,
6/01/44
........................
9,500,000
9,571,695
Wastewater
System
,
Revenue
,
2015
C
,
Refunding
,
5
%
,
6/01/45
...............
24,190,000
24,373,709
Wastewater
System
,
Revenue
,
2018
A
,
5
%
,
6/01/43
........................
10,000,000
10,560,557
City
of
Menifee
,
Community
Facilities
District
No.
2019-1
Meadow
Run
,
Special
Tax
,
2022
,
4
%
,
9/01/37
........................................................
320,000
318,864
Community
Facilities
District
No.
2019-1
Meadow
Run
,
Special
Tax
,
2022
,
3
%
,
9/01/43
........................................................
135,000
108,202
Community
Facilities
District
No.
2019-1
Meadow
Run
,
Special
Tax
,
2022
,
4
%
,
9/01/51
........................................................
565,000
530,430
Community
Facilities
District
No.
2022-1
,
Special
Tax
,
2023
A
,
5
%
,
9/01/38
......
500,000
541,786
Community
Facilities
District
No.
2022-1
,
Special
Tax
,
2023
A
,
5
%
,
9/01/43
......
600,000
639,775
Community
Facilities
District
No.
2022-1
,
Special
Tax
,
2023
A
,
5
%
,
9/01/48
......
700,000
739,728
Community
Facilities
District
No.
2022-1
,
Special
Tax
,
2023
A
,
5
%
,
9/01/53
......
1,000,000
1,049,911
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)
City
of
Menifee,
(continued)
Community
Facilities
District
No.
2022-1
,
Special
Tax
,
2024
A
,
5
%
,
9/01/54
......
$
1,000,000
$
1,051,274
f
Community
Facilities
District
No.
2023-1
,
Special
Tax
,
2024
,
5
%
,
9/01/44
........
1,500,000
1,605,920
f
Community
Facilities
District
No.
2023-1
,
Special
Tax
,
2024
,
5
%
,
9/01/49
........
2,100,000
2,226,876
f
Community
Facilities
District
No.
2023-1
,
Special
Tax
,
2024
,
5
%
,
9/01/55
........
1,935,000
2,041,624
City
of
Newport
Beach
,
Assessment
District
No.
113
,
1915
Act,
Special
Assessment
,
2021
A
,
2.25
%
,
9/02/41
.............................................
1,290,000
922,204
City
of
Ontario
,
Community
Facilities
District
No.
13
,
Special
Tax
,
2021
,
Refunding
,
4
%
,
9/01/38
...
400,000
387,774
Community
Facilities
District
No.
45
,
Special
Tax
,
2020
,
4
%
,
9/01/43
...........
410,000
404,652
Community
Facilities
District
No.
45
,
Special
Tax
,
2020
,
4
%
,
9/01/51
...........
1,565,000
1,481,033
Community
Facilities
District
No.
53
,
Special
Tax
,
2021
,
4
%
,
9/01/36
...........
525,000
527,696
Community
Facilities
District
No.
53
,
Special
Tax
,
2021
,
4
%
,
9/01/42
...........
650,000
632,457
Community
Facilities
District
No.
55
,
Special
Tax
,
2022
,
5
%
,
9/01/42
...........
750,000
795,027
Community
Facilities
District
No.
55
,
Special
Tax
,
2022
,
5
%
,
9/01/47
...........
800,000
836,876
Community
Facilities
District
No.
55
,
Special
Tax
,
2022
,
5
%
,
9/01/53
...........
845,000
879,151
Community
Facilities
District
No.
57
,
Special
Tax
,
2022
,
4.25
%
,
9/01/37
.........
415,000
420,853
Community
Facilities
District
No.
57
,
Special
Tax
,
2022
,
4.625
%
,
9/01/42
........
650,000
668,194
Community
Facilities
District
No.
57
,
Special
Tax
,
2022
,
4.75
%
,
9/01/47
.........
840,000
858,889
Community
Facilities
District
No.
57
,
Special
Tax
,
2022
,
4.75
%
,
9/01/52
.........
825,000
838,427
f
Community
Facilities
District
No.
64
,
Special
Tax
,
2024
,
5
%
,
9/01/55
...........
2,000,000
2,111,962
Community
Facilities
District
No.
66
,
Special
Tax
,
2024
,
5
%
,
9/01/39
...........
1,410,000
1,528,760
Community
Facilities
District
No.
66
,
Special
Tax
,
2024
,
5
%
,
9/01/44
...........
1,795,000
1,905,683
Community
Facilities
District
No.
66
,
Special
Tax
,
2024
,
5
%
,
9/01/49
...........
1,000,000
1,047,499
Community
Facilities
District
No.
66
,
Special
Tax
,
2024
,
5
%
,
9/01/54
...........
1,000,000
1,040,647
City
of
Orange
,
Community
Facilities
District
No.
06-1
,
Special
Tax
,
2015
,
Refunding
,
AGMC
Insured
,
5
%
,
10/01/40
.........................................
7,500,000
7,611,780
City
of
Pasadena
,
Electric
,
Revenue
,
2016
A
,
Refunding
,
4
%
,
6/01/46
............
22,625,000
22,672,062
City
of
Rancho
Cordova
,
Arista
Del
Sol
Community
Facilities
District
No.
2022-1
Improvement
Area
No.
1
,
Special
Tax
,
2023
,
5.125
%
,
9/01/43
...................................
525,000
557,155
Arista
Del
Sol
Community
Facilities
District
No.
2022-1
Improvement
Area
No.
1
,
Special
Tax
,
2023
,
5.375
%
,
9/01/53
...................................
1,100,000
1,167,596
City
Grantline
220
Community
Facilities
District
No.
2023-1
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
......................................
1,790,000
1,871,395
Grantline
220
Community
Facilities
District
No.
2023-1
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/44
......................................
885,000
934,934
Grantline
220
Community
Facilities
District
No.
2023-1
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/49
......................................
550,000
575,956
Grantline
220
Community
Facilities
District
No.
2023-1
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/53
......................................
525,000
547,702
City
of
Riverside
,
Sewer
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
8/01/40
.............
25,000,000
25,264,192
City
of
Roseville
,
Electric
System
,
COP
,
2004
,
AGMC
Insured
,
5
%
,
2/01/34
....................
5,000
5,007
Ranch
at
Sierra
Vista
Community
Facilities
District
No.
1
,
Special
Tax
,
2023
,
5
%
,
9/01/38
........................................................
1,165,000
1,249,652
Ranch
at
Sierra
Vista
Community
Facilities
District
No.
1
,
Special
Tax
,
2023
,
5
%
,
9/01/43
........................................................
1,000,000
1,060,251
Ranch
at
Sierra
Vista
Community
Facilities
District
No.
1
,
Special
Tax
,
2023
,
5
%
,
9/01/48
........................................................
1,000,000
1,052,268
Ranch
at
Sierra
Vista
Community
Facilities
District
No.
1
,
Special
Tax
,
2023
,
5
%
,
9/01/53
........................................................
1,150,000
1,201,427
City
of
Sacramento
,
Transient
Occupancy
Tax
,
Revenue
,
2018
A
,
5
%
,
6/01/43
....................
13,555,000
14,342,909
Transient
Occupancy
Tax
,
Revenue
,
2018
A
,
5
%
,
6/01/48
....................
21,415,000
22,434,915
City
of
San
Francisco
,
Public
Utilities
Commission
Water
,
Revenue
,
2023
AB-A
,
5.25
%
,
11/01/48
.......
47,895,000
54,238,559
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)
City
of
San
Francisco,
(continued)
Public
Utilities
Commission
Water
,
Revenue
,
2023
AB-A
,
5.25
%
,
11/01/52
.......
$
40,170,000
$
45,224,073
City
of
Santa
Paula
,
Harvest
Community
Facilities
District
No.
1
Improvement
Area
A
,
Special
Tax
,
2022
,
4
%
,
9/01/42
....................................................
575,000
560,886
Harvest
Community
Facilities
District
No.
1
Improvement
Area
A
,
Special
Tax
,
2022
,
4
%
,
9/01/47
....................................................
1,460,000
1,381,885
Harvest
Community
Facilities
District
No.
1
Improvement
Area
A
,
Special
Tax
,
2022
,
4
%
,
9/01/52
....................................................
3,530,000
3,258,068
Harvest
Community
Facilities
District
No.
1
Improvement
Area
A
,
Special
Tax
,
2023
,
5
%
,
9/01/49
....................................................
325,000
339,616
Harvest
Community
Facilities
District
No.
1
Improvement
Area
A
,
Special
Tax
,
2023
,
5
%
,
9/01/53
....................................................
1,345,000
1,399,196
City
of
Upland
,
San
Antonio
Regional
Hospital
Obligated
Group
,
COP
,
Refunding
,
5
%
,
1/01/47
.........................................................
14,400,000
14,744,501
City
of
Vernon
,
Electric
System
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
8/01/34
..................
1,350,000
1,500,550
Electric
System
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
8/01/39
..................
425,000
464,827
Electric
System
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
8/01/40
..................
365,000
397,810
Electric
System
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
8/01/41
..................
420,000
455,987
City
of
Wildomar
,
Community
Facilities
District
No.
2022-3
,
Special
Tax
,
2024
,
5
%
,
9/01/42
........
800,000
850,240
Community
Facilities
District
No.
2022-3
,
Special
Tax
,
2024
,
5
%
,
9/01/47
........
1,000,000
1,052,485
Community
Facilities
District
No.
2022-3
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........
1,200,000
1,256,504
e
CMFA
Special
Finance
Agency
,
Latitude33
,
Revenue
,
144A,
2021
A-1
,
3
%
,
12/01/56
.......................
9,000,000
6,457,466
Solana
at
Grand
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
4
%
,
8/01/56
..........
54,800,000
49,427,276
e
CMFA
Special
Finance
Agency
Enclave
,
Revenue,
Senior
Lien
,
144A,
2022
A-1
,
4
%
,
8/01/58
.........................................................
26,500,000
21,433,521
e
CMFA
Special
Finance
Agency
VII
,
Breakwater
Apartments
(The)
,
Revenue
,
144A,
2021
A-1
,
3
%
,
8/01/56
..............................................
94,250,000
67,463,999
e
CMFA
Special
Finance
Agency
VIII
,
Elan
Huntington
Beach
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
8/01/56
.........................................
34,750,000
24,976,291
e
CMFA
Special
Finance
Agency
XII
,
Allure
Apartments
,
Revenue,
Senior
Lien
,
144A,
2022
A-1
,
3.25
%
,
2/01/57
............................................
27,500,000
20,881,525
Coachella
Valley
Unified
School
District
,
GO
,
2016
F
,
BAM
Insured
,
5
%
,
8/01/46
.................................
7,135,000
7,265,948
GO
,
C
,
AGMC
Insured
,
Zero
Cpn.,
8/01/36
...............................
8,000,000
5,333,369
GO
,
C
,
AGMC
Insured
,
Zero
Cpn.,
8/01/37
...............................
8,000,000
5,097,628
GO
,
C
,
AGMC
Insured
,
Zero
Cpn.,
8/01/40
...............................
7,500,000
4,156,725
GO
,
C
,
AGMC
Insured
,
Zero
Cpn.,
8/01/43
...............................
10,000,000
4,688,228
Colton
Joint
Unified
School
District
,
GO
,
2010
B
,
AGMC
Insured
,
Zero
Cpn.,
8/01/42
.
16,365,000
7,930,523
Contra
Costa
Community
College
District
,
GO
,
2020
C
,
4
%
,
8/01/32
.............
1,200,000
1,283,281
Contra
Costa
Water
District
,
Revenue
,
V
,
Refunding
,
5
%
,
10/01/49
..............
7,500,000
8,016,760
Corona
Community
Facilities
District
,
City
of
Corona
Community
Facilities
District
No.
2018-1
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/49
......................................
1,600,000
1,699,473
City
of
Corona
Community
Facilities
District
No.
2018-1
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
......................................
1,600,000
1,693,555
Corona-Norco
Unified
School
District
,
GO
,
1998
B
,
AGMC
Insured
,
Zero
Cpn.,
3/01/25
...........................
1,400,000
1,389,291
GO
,
1998
C
,
NATL
Insured
,
Zero
Cpn.,
9/01/25
...........................
4,655,000
4,547,950
GO
,
1998
C
,
NATL
Insured
,
Zero
Cpn.,
9/01/26
...........................
6,080,000
5,763,792
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)
County
of
El
Dorado
,
Community
Facilities
District
No.
2014-1
,
Special
Tax
,
2023
,
5
%
,
9/01/48
.........................................................
$
1,000,000
$
1,049,289
County
of
Los
Angeles
,
Community
Facilities
District
No.
2021-01
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/44
................................................
1,400,000
1,495,561
Community
Facilities
District
No.
2021-01
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/49
................................................
1,400,000
1,475,585
Community
Facilities
District
No.
2021-01
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
................................................
1,750,000
1,839,488
County
of
Orange
,
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2022
A
,
5
%
,
8/15/37
......
1,300,000
1,403,731
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2022
A
,
5
%
,
8/15/42
......
850,000
908,314
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2022
A
,
5
%
,
8/15/47
......
1,250,000
1,311,522
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2022
A
,
5
%
,
8/15/52
......
8,200,000
8,573,651
County
of
Placer
,
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
2
,
Special
Tax
,
2023
,
5
%
,
9/01/43
....................................................
900,000
932,674
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
2
,
Special
Tax
,
2023
,
5
%
,
9/01/48
....................................................
1,360,000
1,374,121
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
2
,
Special
Tax
,
2023
,
5
%
,
9/01/53
....................................................
1,000,000
1,004,503
County
of
Riverside
,
Community
Facilities
District
No.
07-2
,
Special
Tax
,
2020
,
AGMC
Insured
,
4
%
,
9/01/45
...............................................
2,730,000
2,738,796
County
of
Sacramento
,
Airport
System
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
7/01/41
...................
9,000,000
9,238,439
Airport
System
,
Revenue,
Senior
Lien
,
2016
A
,
Refunding
,
5
%
,
7/01/41
.........
10,000,000
10,264,932
Community
Facilities
District
No.
2014-2
,
Special
Tax
,
2021
,
4
%
,
9/01/41
........
325,000
308,405
Community
Facilities
District
No.
2014-2
,
Special
Tax
,
2021
,
4
%
,
9/01/46
........
325,000
297,285
e
CSCDA
Community
Improvement
Authority
,
1818
Platinum
Triangle-Anaheim
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3.35
%
,
4/01/47
........................................................
9,800,000
8,259,085
777
Place-Pomona
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3.6
%
,
5/01/47
.......
10,000,000
8,436,239
777
Place-Pomona
,
Revenue,
Senior
Lien
,
144A,
2021
A-2
,
3.25
%
,
5/01/57
......
12,500,000
8,836,266
Acacia
on
Santa
Rosa
Creek
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
4
%
,
10/01/56
.
13,000,000
11,583,042
Cameo/Garrison
Apartments
,
Revenue
,
144A,
2021
B
,
4
%
,
3/01/57
............
7,000,000
5,319,524
Cameo/Garrison
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
2.8
%
,
3/01/47
21,300,000
16,317,640
Cameo/Garrison
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-2
,
3
%
,
3/01/57
.
7,430,000
5,323,623
Crescent
(The)
,
Revenue,
Senior
Lien
,
144A,
2022
A-1
,
3.25
%
,
7/01/43
.........
6,530,000
5,266,819
Crescent
(The)
,
Revenue,
Senior
Lien
,
144A,
2022
A-2
,
4.3
%
,
7/01/59
..........
18,250,000
15,651,833
Dublin
,
Revenue
,
144A,
2021
B
,
4
%
,
2/01/57
.............................
16,110,000
12,502,639
Dublin
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
2.45
%
,
2/01/47
...............
37,300,000
31,346,663
Dublin
,
Revenue,
Senior
Lien
,
144A,
2021
A-2
,
3
%
,
2/01/57
..................
45,500,000
33,154,808
Escondido
Portfolio
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
6/01/48
........
10,000,000
7,354,347
Jefferson
Platinum
Triangle
Apartments
,
Revenue
,
144A,
2021
A-1
,
2.875
%
,
8/01/41
18,355,000
17,091,818
Jefferson
Platinum
Triangle
Apartments
,
Revenue
,
144A,
2021
A-2
,
3.125
%
,
8/01/56
54,465,000
41,665,747
Monterey
Station
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
7/01/43
.
8,000,000
6,482,065
Parallel-Anaheim
,
Revenue
,
144A,
2021
A
,
4
%
,
8/01/56
.....................
17,645,000
16,123,514
Park
Crossing
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
3.25
%
,
12/01/58
.
18,750,000
13,483,779
Pasadena
Portfolio
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
2.65
%
,
12/01/46
.....
1,415,000
1,119,508
Pasadena
Portfolio
,
Revenue,
Senior
Lien
,
144A,
2021
A-2
,
3
%
,
12/01/56
.......
39,820,000
28,110,164
Renaissance
at
City
Center
,
Revenue
,
144A,
2020
A
,
5
%
,
7/01/51
.............
18,625,000
18,328,131
Theo
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3.5
%
,
5/01/47
........
5,000,000
4,311,282
Towne
at
Glendale
Apartments
,
Revenue
,
144A,
2022
A
,
Zero
Cpn.,
9/01/62
.....
53,000,000
35,996,508
Vineyard
Garden
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
3.25
%
,
10/01/58
14,000,000
10,023,426
Waterscape
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
3
%
,
9/01/56
......
5,000,000
3,605,079
Westgate
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
6/01/47
......
14,500,000
10,298,232
Wood
Creek
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
12/01/49
...
30,000,000
21,288,807
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)
e
CSCDA
Community
Improvement
Authority,
(continued)
Wood
Creek
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-2
,
4
%
,
12/01/58
...
$
25,000,000
$
19,661,593
Daly
City
Housing
Development
Finance
Agency
,
Franciscan
Park
LLC
,
Revenue
,
2007
A
,
Refunding
,
5
%
,
12/15/47
..........................................
17,870,000
17,881,932
Day
Creek
Square
Public
Facilities
,
Community
Facilities
District
No.
2018-1
,
Special
Tax
,
2020
,
4
%
,
9/01/40
........
625,000
626,424
Community
Facilities
District
No.
2018-1
,
Special
Tax
,
2020
,
4
%
,
9/01/45
........
700,000
684,436
Delano
Joint
Union
High
School
District
,
GO
,
2003
A
,
Refunding
,
NATL
Insured
,
5.15
%
,
2/01/32
.........................................................
8,520,000
9,165,581
East
Bay
Municipal
Utility
District
,
Water
System
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
6/01/36
...................
7,355,000
7,428,323
Water
System
,
Revenue
,
2015
C
,
4
%
,
6/01/45
............................
9,070,000
9,077,902
Water
System
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
6/01/45
...................
4,240,000
4,421,142
Water
System
,
Revenue
,
2019
A
,
5
%
,
6/01/44
............................
4,000,000
4,305,300
East
County
Advanced
Water
Purification
Joint
Powers
Authority
,
Revenue
,
2024
A-1
,
3.125
%
,
9/01/26
...................................................
49,320,000
49,167,636
Eastern
Municipal
Water
District
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
7/01/28
...............................
2,480,000
2,620,829
Community
Facilities
District
No.
2017-77
Improvement
Area
A
,
Special
Tax
,
2024
,
5
%
,
9/01/45
....................................................
1,175,000
1,241,707
Community
Facilities
District
No.
2017-77
Improvement
Area
A
,
Special
Tax
,
2024
,
5
%
,
9/01/54
....................................................
2,485,000
2,589,997
Community
Facilities
District
No.
2017-79
,
Special
Tax
,
2021
,
4
%
,
9/01/46
.......
2,815,000
2,648,622
Community
Facilities
District
No.
2017-79
,
Special
Tax
,
2021
,
4
%
,
9/01/51
.......
3,405,000
3,121,366
Community
Facilities
District
No.
2019-83
,
Special
Tax
,
2022
,
4
%
,
9/01/51
.......
2,790,000
2,541,482
Community
Facilities
District
No.
2019-86
,
Special
Tax
,
2023
,
5
%
,
9/01/48
.......
855,000
897,142
Community
Facilities
District
No.
2019-86
,
Special
Tax
,
2023
,
5
%
,
9/01/54
.......
1,775,000
1,843,691
Eastern
Municipal
Water
District
Financing
Authority
,
Revenue
,
2015
B
,
5
%
,
7/01/46
.
30,705,000
30,972,327
Elk
Grove
Finance
Authority
,
Special
Tax
,
2015
,
Refunding
,
BAM
Insured
,
5
%
,
9/01/38
....................
1,500,000
1,516,746
Community
Facilities
District
No.
2005-1
Laguna
Ridge
,
Special
Tax
,
2024
,
5
%
,
9/01/51
........................................................
1,725,000
1,839,935
Fairfax
School
District
,
GO
,
2011
,
AGMC
Insured
,
Zero
Cpn.,
11/01/48
...........
10,380,000
3,550,478
FHLMC,
Multi-family
ML
Pass-Through
Certificates
,
Revenue
,
2019-ML06
,
ACA
,
Revenue
,
2.493
%
,
7/25/35
...........................................
1,000,507
873,728
Folsom
Cordova
Unified
School
District
School
Facilities
Improvement
Dist
No.
5
,
GO
,
C
,
4
%
,
10/01/43
...................................................
17,500,000
17,647,816
Folsom
Ranch
Financing
Authority
,
City
of
Folsom
Community
Facilities
District
No.
18
,
Special
Tax
,
2024
,
5
%
,
9/01/44
1,000,000
1,079,083
City
of
Folsom
Community
Facilities
District
No.
18
,
Special
Tax
,
2024
,
5
%
,
9/01/49
1,250,000
1,332,863
City
of
Folsom
Community
Facilities
District
No.
18
,
Special
Tax
,
2024
,
5
%
,
9/01/54
2,770,000
2,941,053
City
of
Folsom
Community
Facilities
District
No.
23
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/39
............................................
715,000
768,400
City
of
Folsom
Community
Facilities
District
No.
23
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/44
............................................
775,000
822,220
City
of
Folsom
Community
Facilities
District
No.
23
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/49
............................................
425,000
446,320
City
of
Folsom
Community
Facilities
District
No.
23
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/53
............................................
485,000
507,048
Foothill-Eastern
Transportation
Corridor
Agency
,
Revenue
,
2013
A
,
Refunding
,
AGMC
Insured
,
5.5
%
,
1/15/31
.................
35,000,000
40,240,715
Revenue
,
2013
A
,
Refunding
,
AGMC
Insured
,
5.625
%
,
1/15/32
...............
37,260,000
42,967,636
Revenue
,
2013
A
,
Refunding
,
6.85
%
,
1/15/42
.............................
98,000,000
116,968,037
Revenue
,
2013
A
,
Refunding
,
AGMC
Insured
,
Zero
Cpn.,
1/15/37
..............
41,250,000
26,909,875
Revenue
,
2013
A
,
Refunding
,
AGMC
Insured
,
Zero
Cpn.,
1/15/38
..............
77,650,000
48,452,109
Revenue
,
2013
A
,
Refunding
,
AGMC
Insured
,
Zero
Cpn.,
1/15/39
..............
56,100,000
33,463,919
Revenue
,
2013
A
,
Refunding
,
Zero
Cpn.,
1/15/42
..........................
130,000,000
64,598,105
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)
Foothill-Eastern
Transportation
Corridor
Agency,
(continued)
Revenue,
Senior
Lien
,
1995
A
,
ETM,
Zero
Cpn.,
1/01/25
....................
$
20,660,000
$
20,605,817
Revenue,
Senior
Lien
,
1995
A
,
ETM,
Zero
Cpn.,
1/01/26
....................
23,475,000
22,731,272
Revenue,
Senior
Lien
,
1995
A
,
ETM,
Zero
Cpn.,
1/01/27
....................
15,000,000
14,136,905
Revenue,
Senior
Lien
,
1995
A
,
ETM,
Zero
Cpn.,
1/01/28
....................
2,000,000
1,834,737
Revenue,
Senior
Lien
,
1995
A
,
ETM,
Zero
Cpn.,
1/01/29
....................
35,310,000
31,452,700
Revenue,
Senior
Lien
,
2021
A
,
Refunding
,
4
%
,
1/15/46
.....................
17,500,000
17,569,591
Fowler
Unified
School
District
,
GO
,
2010
C
,
AGMC
Insured
,
Zero
Cpn.,
8/01/41
..........................
3,095,000
1,639,303
GO
,
2010
C
,
AGMC
Insured
,
Zero
Cpn.,
8/01/42
..........................
3,005,000
1,520,278
Fresno
Unified
School
District
,
GO
,
2020
B
,
5
%
,
8/01/46
............................................
2,635,000
2,839,781
GO
,
2020
B
,
4
%
,
8/01/48
............................................
3,205,000
3,237,819
GO
,
2020
B
,
4
%
,
8/01/52
............................................
6,585,000
6,625,271
GO
,
2020
B
,
4
%
,
8/01/55
............................................
4,000,000
4,020,008
Glendale
Community
College
District
,
GO
,
2003
C
,
NATL
Insured
,
Zero
Cpn.,
8/01/28
8,630,000
7,473,717
Golden
State
Tobacco
Securitization
Corp.
,
Revenue
,
2022
A-1
,
Refunding
,
5
%
,
6/01/51
.........................................................
21,350,000
22,521,882
Golden
Valley
Unified
School
District
Financing
Authority
,
Community
Facilities
District
No.
2017-1
,
Revenue
,
2021
A
,
4
%
,
9/01/46
........
250,000
240,294
Community
Facilities
District
No.
2017-1
,
Revenue
,
2021
A
,
4
%
,
9/01/51
........
500,000
467,911
Community
Facilities
District
No.
2017-1
,
Revenue
,
2021
A
,
4
%
,
9/01/56
........
745,000
685,890
Grossmont-Cuyamaca
Community
College
District
,
GO
,
2018
B
,
4
%
,
8/01/47
......
10,000,000
10,069,684
Hacienda
La
Puente
Unified
School
District
,
GO
,
2017
A
,
4
%
,
8/01/47
............
655,000
658,373
Hartnell
Community
College
District
,
GO
,
2009
C
,
6.125
%
,
8/01/33
..............
20,000,000
24,229,738
Hawthorne
School
District
,
GO
,
2008
C
,
AGMC
Insured
,
Zero
Cpn.,
8/01/48
.......
37,665,000
13,060,768
Hemet
Unified
School
District
,
Community
Facilities
District
No.
2021-6
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/44
....................................................
1,000,000
1,065,779
Community
Facilities
District
No.
2021-6
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/49
....................................................
1,000,000
1,055,620
Community
Facilities
District
No.
2021-6
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/54
....................................................
1,700,000
1,784,173
Community
Facilities
District
No.
2021-7
,
Special
Tax
,
2023
,
5
%
,
9/01/48
........
1,500,000
1,575,049
Community
Facilities
District
No.
2021-7
,
Special
Tax
,
2023
,
5
%
,
9/01/53
........
1,000,000
1,046,941
Community
Facilities
District
No.
2021-7
,
Special
Tax
,
2024
,
5
%
,
9/01/49
........
1,000,000
1,052,399
Community
Facilities
District
No.
2022-2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........
1,000,000
1,049,514
Huntington
Beach
City
School
District
,
GO
,
2003
A
,
NATL
Insured
,
Zero
Cpn.,
8/01/28
8,595,000
7,501,951
Imperial
Irrigation
District
,
Electric
System
,
Revenue
,
2016
B-2
,
Refunding
,
5
%
,
11/01/27
........................................................
1,000,000
1,050,784
Independent
Cities
Finance
Authority
,
Augusta
Communities
LLC
,
Revenue
,
2022
A
,
Refunding
,
5.25
%
,
5/15/56
.......
4,000,000
4,250,547
e
City
of
Compton
Sales
Tax
,
Revenue
,
144A,
2021
,
AGMC
Insured
,
4
%
,
6/01/36
...
700,000
717,102
e
City
of
Compton
Sales
Tax
,
Revenue
,
144A,
2021
,
AGMC
Insured
,
4
%
,
6/01/41
...
900,000
913,909
e
City
of
Compton
Sales
Tax
,
Revenue
,
144A,
2021
,
AGMC
Insured
,
4
%
,
6/01/46
...
925,000
931,943
e
City
of
Compton
Sales
Tax
,
Revenue
,
144A,
2021
,
AGMC
Insured
,
4
%
,
6/01/51
...
1,250,000
1,253,420
Millennium
Housing
LLC
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
9/15/46
...........
1,000,000
824,048
Millennium
Housing
LLC
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
9/15/56
...........
2,000,000
1,498,064
Millennium
Housing
LLC
,
Revenue
,
2022
,
Refunding
,
4
%
,
9/15/42
.............
2,000,000
1,960,670
Millennium
Housing
LLC
,
Revenue
,
2022
,
Refunding
,
4.25
%
,
9/15/50
...........
2,000,000
1,959,113
Millennium
Housing
LLC
,
Revenue
,
2022
,
Refunding
,
5
%
,
9/15/50
.............
2,000,000
2,094,001
Irvine
Unified
School
District
,
Special
Tax
,
2020
A
,
4
%
,
9/01/40
......................................
2,945,000
2,902,745
Special
Tax
,
2020
A
,
4
%
,
9/01/44
......................................
6,215,000
5,967,454
Special
Tax
,
2020
A
,
BAM
Insured
,
4
%
,
9/01/50
...........................
7,960,000
7,982,639
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)
Irvine
Unified
School
District,
(continued)
Community
Facilities
District
No.
01-1
,
Special
Tax
,
2015
,
Refunding
,
BAM
Insured
,
5
%
,
9/01/38
....................................................
$
7,000,000
$
7,033,604
Community
Facilities
District
No.
09-1
,
Special
Tax
,
2017
D
,
5
%
,
3/01/57
........
10,940,000
11,155,650
Jefferson
Union
High
School
District
,
GO
,
2000
A
,
Refunding
,
NATL
Insured
,
6.45
%
,
8/01/25
.....................
685,000
691,653
GO
,
2000
A
,
Refunding
,
NATL
Insured
,
6.45
%
,
8/01/29
.....................
3,075,000
3,328,950
Jurupa
Community
Services
District
,
Community
Facilities
District
No.
52
,
Special
Tax
,
2021
A
,
4
%
,
9/01/39
..........
135,000
134,995
Community
Facilities
District
No.
52
,
Special
Tax
,
2021
A
,
4
%
,
9/01/40
..........
140,000
139,760
Community
Facilities
District
No.
52
,
Special
Tax
,
2021
A
,
4
%
,
9/01/50
..........
1,000,000
935,350
Community
Facilities
District
No.
54
,
Special
Tax
,
2021
A
,
4
%
,
9/01/46
..........
900,000
851,623
Community
Facilities
District
No.
54
,
Special
Tax
,
2021
A
,
4
%
,
9/01/51
..........
875,000
808,492
La
Mirada
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation
,
2010
A
,
Refunding
,
AGMC
Insured
,
5
%
,
8/15/28
.................................
1,855,000
1,858,208
Lake
Elsinore
Unified
School
District
,
Community
Facilities
District
No.
2006-3
Area
B
,
Special
Tax
,
2022
,
5
%
,
9/01/47
..
350,000
366,368
Community
Facilities
District
No.
2006-3
Area
B
,
Special
Tax
,
2022
,
5
%
,
9/01/52
..
500,000
521,554
Community
Facilities
District
No.
2017-2
,
Special
Tax
,
2024
,
5
%
,
9/01/49
........
1,250,000
1,308,992
Community
Facilities
District
No.
2017-2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........
850,000
884,769
Lakeside
Union
School
District
,
GO
,
2010
B
,
Zero
Cpn.,
8/01/45
................
11,540,000
4,889,768
Lammersville
Joint
Unified
School
District
,
GO
,
2016
A
,
4
%
,
8/01/46
.............
41,340,000
41,466,666
Lancaster
School
District
,
GO
,
2001
,
NATL
Insured
,
Zero
Cpn.,
8/01/25
.............................
5,495,000
5,374,850
GO
,
2001
,
NATL
Insured
,
Zero
Cpn.,
7/01/26
.............................
5,965,000
5,661,162
Lassen
Municipal
Utility
District
,
COP
,
2021
,
4
%
,
5/01/51
......................
3,000,000
2,738,864
Lawndale
Redevelopment
Agency
,
Tax
Allocation
,
2009
,
AGMC
Insured
,
5.5
%
,
8/01/39
........................
10,280,000
10,297,307
Tax
Allocation
,
2009
,
AGMC
Insured
,
5.5
%
,
8/01/44
........................
6,085,000
6,094,181
Lemon
Grove
School
District
,
GO
,
2010
B
,
AGMC
Insured
,
Zero
Cpn.,
8/01/50
.....
20,990,000
7,035,556
Lodi
Unified
School
District
,
GO
,
2017
,
4
%
,
8/01/41
..........................
15,000,000
15,110,757
Long
Beach
Bond
Finance
Authority
,
Revenue
,
2007
A
,
5.5
%
,
11/15/28
.....................................
8,000,000
8,560,448
Revenue
,
2007
A
,
5
%
,
11/15/29
.......................................
17,465,000
18,562,915
Revenue
,
2007
A
,
5.5
%
,
11/15/30
.....................................
5,000,000
5,496,140
Revenue
,
2007
A
,
5
%
,
11/15/35
.......................................
69,855,000
77,675,253
Revenue
,
2007
A
,
5.5
%
,
11/15/37
.....................................
35,000,000
41,092,562
Los
Angeles
Community
College
District
,
GO
,
2015
C
,
Refunding
,
5
%
,
8/01/25
...................................
5,890,000
5,982,079
GO
,
2016
D
,
5
%
,
8/01/25
............................................
6,620,000
6,723,491
Los
Angeles
County
Metropolitan
Transportation
Authority
,
Revenue
,
2021
A
,
5
%
,
6/01/26
........................................
4,000,000
4,152,356
Sales
Tax
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
6/01/35
.......................
17,655,000
18,210,214
Sales
Tax
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
6/01/37
.......................
10,970,000
11,296,769
Sales
Tax
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
6/01/38
.......................
7,705,000
7,929,666
Sales
Tax
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
6/01/39
.......................
5,000,000
5,140,582
Sales
Tax
,
Revenue
,
2017
A
,
5
%
,
7/01/38
...............................
10,455,000
11,018,730
Sales
Tax
,
Revenue
,
2017
A
,
5
%
,
7/01/39
...............................
7,860,000
8,274,491
Sales
Tax
,
Revenue
,
2017
A
,
5
%
,
7/01/41
...............................
12,350,000
12,977,523
Sales
Tax
,
Revenue
,
2017
A
,
5
%
,
7/01/42
...............................
26,910,000
28,242,056
Sales
Tax
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
6/01/32
.......................
6,700,000
7,517,493
Sales
Tax
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
6/01/35
.......................
18,960,000
21,123,038
Sales
Tax
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
6/01/36
.......................
5,375,000
5,979,380
Sales
Tax
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
6/01/37
.......................
10,330,000
11,446,321
Sales
Tax
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
6/01/26
.......................
11,020,000
11,439,741
Sales
Tax
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
6/01/27
.......................
10,000,000
10,657,754
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)
Los
Angeles
County
Metropolitan
Transportation
Authority,
(continued)
Sales
Tax
,
Revenue,
Senior
Lien
,
2021
A
,
5
%
,
7/01/28
......................
$
3,830,000
$
4,186,576
Sales
Tax
,
Revenue,
Senior
Lien
,
2021
A
,
5
%
,
7/01/36
......................
2,500,000
2,853,556
Sales
Tax
,
Revenue,
Senior
Lien
,
2021
A
,
5
%
,
7/01/38
......................
3,875,000
4,400,934
Los
Angeles
County
Sanitation
Districts
Financing
Authority
,
Revenue
,
2022
A
,
5
%
,
10/01/25
.......................................
6,830,000
6,961,858
Los
Angeles
County
Sanitation
District
No.
20
,
Revenue
,
2016
A
,
Refunding
,
4
%
,
10/01/42
.......................................................
16,430,000
16,466,143
Los
Angeles
Department
of
Water
,
Water
System
,
Revenue
,
2020
C
,
Refunding
,
5
%
,
7/01/41
.........................................................
6,455,000
7,105,056
Los
Angeles
Department
of
Water
&
Power
,
Power
System
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
7/01/35
...................
15,105,000
15,127,716
Power
System
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
7/01/36
...................
17,795,000
17,821,762
Power
System
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/46
...................
15,000,000
15,232,030
Power
System
,
Revenue
,
2016
B
,
5
%
,
7/01/35
............................
11,995,000
12,253,802
Power
System
,
Revenue
,
2017
A
,
5
%
,
7/01/42
............................
22,375,000
23,143,622
Power
System
,
Revenue
,
2017
A
,
5
%
,
7/01/47
............................
5,000,000
5,145,721
Power
System
,
Revenue
,
2017
C
,
5
%
,
7/01/47
............................
99,525,000
103,092,384
Power
System
,
Revenue
,
2018
D
,
Refunding
,
5
%
,
7/01/38
...................
8,960,000
9,577,068
Power
System
,
Revenue
,
2018
D
,
Refunding
,
5
%
,
7/01/39
...................
8,215,000
8,760,101
Power
System
,
Revenue
,
2019
A
,
5
%
,
7/01/45
............................
9,535,000
10,141,108
Power
System
,
Revenue
,
2019
A
,
5.25
%
,
7/01/49
.........................
12,555,000
13,420,422
Power
System
,
Revenue
,
2019
D
,
Refunding
,
5
%
,
7/01/44
...................
17,555,000
18,843,755
Power
System
,
Revenue
,
2020
B
,
Refunding
,
5
%
,
7/01/40
...................
9,020,000
9,967,583
Power
System
,
Revenue
,
2021
B
,
Refunding
,
5
%
,
7/01/48
...................
20,800,000
22,534,604
Power
System
,
Revenue
,
2021
C
,
5
%
,
7/01/45
............................
14,455,000
15,878,975
Power
System
,
Revenue
,
2022
A
,
5
%
,
7/01/51
............................
8,500,000
9,243,036
Power
System
,
Revenue
,
2022
C
,
Refunding
,
5
%
,
7/01/40
...................
6,000,000
6,782,969
Power
System
,
Revenue
,
2022
C
,
Refunding
,
5
%
,
7/01/41
...................
5,000,000
5,618,346
Power
System
,
Revenue
,
2022
C
,
Refunding
,
5
%
,
7/01/42
...................
6,250,000
6,983,954
Power
System
,
Revenue
,
2022
C
,
Refunding
,
5
%
,
7/01/43
...................
5,000,000
5,562,708
Power
System
,
Revenue
,
2023
A
,
Refunding
,
5
%
,
7/01/31
...................
10,000,000
11,579,960
Water
System
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/41
...................
29,820,000
30,351,473
Water
System
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/46
...................
24,610,000
24,995,924
Water
System
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/41
...................
34,330,000
35,567,030
Water
System
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/44
...................
18,475,000
19,066,810
Water
System
,
Revenue
,
2018
A
,
5
%
,
7/01/25
............................
3,940,000
3,991,296
Water
System
,
Revenue
,
2018
A
,
5
%
,
7/01/43
............................
5,425,000
5,704,276
Water
System
,
Revenue
,
2018
B
,
Refunding
,
5
%
,
7/01/43
...................
8,380,000
8,877,523
Water
System
,
Revenue
,
2022
C
,
Refunding
,
5
%
,
7/01/41
...................
2,970,000
3,364,687
Los
Angeles
Unified
School
District
,
GO
,
2016
A
,
Refunding
,
5
%
,
7/01/26
...................................
4,000,000
4,059,070
GO
,
2017
A
,
Refunding
,
5
%
,
7/01/25
...................................
18,750,000
19,002,812
GO
,
2020
C
,
4
%
,
7/01/33
............................................
7,000,000
7,436,568
GO
,
2020
C
,
4
%
,
7/01/36
............................................
8,975,000
9,459,284
GO
,
2020
RYQ
,
4
%
,
7/01/44
.........................................
10,730,000
10,884,765
GO
,
2023
QRR
,
5.25
%
,
7/01/48
.......................................
25,000,000
28,572,870
GO
,
2024
QRR
,
5
%
,
7/01/25
.........................................
28,000,000
28,377,532
f
Manteca
Unified
School
District
,
Community
Facilities
District
No.
2018-5
,
Special
Tax
,
2024
A
,
5
%
,
9/01/44
......
5,755,000
6,160,726
Community
Facilities
District
No.
2018-5
,
Special
Tax
,
2024
A
,
5
%
,
9/01/54
......
4,255,000
4,489,088
Marin
Municipal
Water
District
,
Revenue
,
2022
,
Refunding
,
4
%
,
6/15/52
..........
27,295,000
27,510,718
Marina
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation
,
2023
A
,
5
%
,
9/01/43
....................................
1,000,000
1,052,376
Tax
Allocation
,
2023
B
,
5
%
,
9/01/43
....................................
2,100,000
2,209,990
Menifee
Union
School
District
,
Special
Tax
,
2023
,
5
%
,
9/01/48
.......................................
500,000
528,377
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)
Menifee
Union
School
District,
(continued)
Special
Tax
,
2023
,
5
%
,
9/01/54
.......................................
$
1,230,000
$
1,289,408
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
5
,
Special
Tax
,
2021
,
4
%
,
9/01/45
....................................................
875,000
863,933
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
5
,
Special
Tax
,
2021
,
4
%
,
9/01/51
....................................................
1,825,000
1,749,400
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
6
,
Special
Tax
,
2021
,
4
%
,
9/01/26
....................................................
75,000
75,718
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
6
,
Special
Tax
,
2021
,
4
%
,
9/01/27
....................................................
140,000
142,284
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
6
,
Special
Tax
,
2021
,
4
%
,
9/01/28
....................................................
105,000
107,233
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
7
,
Special
Tax
,
2022
,
5
%
,
9/01/42
....................................................
1,000,000
1,064,135
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
7
,
Special
Tax
,
2022
,
5.125
%
,
9/01/47
.................................................
2,000,000
2,117,978
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
7
,
Special
Tax
,
2022
,
5.25
%
,
9/01/52
..................................................
2,000,000
2,126,930
Community
Facilities
District
No.
2019-2
,
Special
Tax
,
2021
,
4
%
,
9/01/35
........
200,000
203,387
Community
Facilities
District
No.
2019-2
,
Special
Tax
,
2021
,
4
%
,
9/01/44
........
565,000
554,299
Community
Facilities
District
No.
2019-2
,
Special
Tax
,
2021
,
4
%
,
9/01/51
........
675,000
637,763
Metropolitan
Water
District
of
Southern
California
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/01/25
...............................
10,000,000
10,138,317
Revenue
,
2020
A
,
5
%
,
10/01/45
.......................................
15,665,000
16,857,003
Revenue
,
2022
B
,
Refunding
,
3
%
,
7/01/28
...............................
20,000,000
20,356,002
Middle
Fork
Project
Finance
Authority
,
Revenue
,
2020
,
Refunding
,
5
%
,
4/01/30
.................................
2,505,000
2,668,240
Revenue
,
2020
,
Refunding
,
5
%
,
4/01/32
.................................
4,095,000
4,338,836
Revenue
,
2020
,
Refunding
,
5
%
,
4/01/34
.................................
1,150,000
1,213,490
Revenue
,
2020
,
Refunding
,
5
%
,
4/01/35
.................................
1,200,000
1,263,466
Revenue
,
2020
,
Refunding
,
5
%
,
4/01/36
.................................
4,980,000
5,230,758
Midpeninsula
Regional
Open
Space
District
,
Field
Employees
Corp.
,
GO
,
2018
,
4
%
,
9/01/48
.........................................................
11,220,000
11,281,235
Modesto
High
School
District
,
GO
,
2002
A
,
NATL
Insured
,
Zero
Cpn.,
5/01/27
......
12,770,000
11,898,276
Monterey
Peninsula
Unified
School
District
,
GO
,
2016
C
,
Refunding
,
5
%
,
8/01/41
...
11,190,000
11,514,332
Moorpark
Unified
School
District
,
GO
,
2009
A
,
AGMC
Insured
,
Zero
Cpn.,
8/01/32
...
5,870,000
4,586,081
Moreno
Valley
Unified
School
District
,
GO
,
2004
A
,
AGMC
Insured
,
ETM,
Zero
Cpn.,
8/01/27
......................
6,315,000
5,850,872
GO
,
2004
A
,
AGMC
Insured
,
ETM,
Zero
Cpn.,
8/01/28
......................
6,625,000
5,966,395
GO
,
2018
B
,
AGMC
Insured
,
5
%
,
8/01/47
................................
6,075,000
6,382,687
Mount
Diablo
Unified
School
District
,
GO
,
2022
B
,
Refunding
,
4
%
,
8/01/25
........
3,100,000
3,125,961
Mount
San
Antonio
Community
College
District
,
GO
,
2013
A
,
Zero
Cpn.,
8/01/43
....
55,000,000
55,432,289
M-S-R
Energy
Authority
,
Revenue
,
2009
B
,
6.5
%
,
11/01/39
....................
25,000,000
32,530,428
Murrieta
Valley
Unified
School
District
,
Community
Facilities
District
No.
2018-1
,
Special
Tax
,
2021
,
4
%
,
9/01/44
........
500,000
479,441
Community
Facilities
District
No.
2018-1
,
Special
Tax
,
2021
,
4
%
,
9/01/51
........
1,000,000
926,930
Newport
Mesa
Unified
School
District
,
GO
,
2011
,
6.3
%
,
8/01/42
................
20,000,000
23,697,046
Norman
Y
Mineta
San
Jose
International
Airport
SJC
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
3/01/36
...............................
4,590,000
4,707,467
Revenue
,
2017
A
,
Refunding
,
5
%
,
3/01/37
...............................
4,475,000
4,584,748
Revenue
,
2017
A
,
Refunding
,
5
%
,
3/01/41
...............................
12,685,000
12,922,891
Revenue
,
2017
B
,
Refunding
,
5
%
,
3/01/47
...............................
10,000,000
10,326,780
Revenue
,
2021
A
,
Refunding
,
5
%
,
3/01/32
...............................
1,800,000
1,953,167
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)
Northern
California
Sanitation
Agencies
Financing
Authority
,
Sacramento
Area
Sewer
District
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/27
........................
$
2,960,000
$
3,187,686
Oceanside
Unified
School
District
,
GO
,
2010
B
,
AGMC
Insured
,
Zero
Cpn.,
8/01/38
...........................
10,590,000
6,487,084
GO
,
2010
B
,
AGMC
Insured
,
Zero
Cpn.,
8/01/39
...........................
7,860,000
4,598,591
GO
,
2015
,
Refunding
,
5
%
,
8/01/48
.....................................
12,000,000
12,119,250
GO
,
2022
,
Refunding
,
5
%
,
8/01/39
.....................................
1,005,000
1,128,146
GO
,
G
,
5
%
,
8/01/40
................................................
1,020,000
1,140,757
GO
,
G
,
5
%
,
8/01/43
................................................
1,000,000
1,106,580
Orange
County
Community
Facilities
District
,
Community
Facilities
District
No.
2023-1
,
Special
Tax
,
2023
A
,
5.5
%
,
8/15/48
.....
1,550,000
1,689,390
Community
Facilities
District
No.
2023-1
,
Special
Tax
,
2023
A
,
5.5
%
,
8/15/53
.....
1,200,000
1,302,648
Community
Facilities
District
No.
2023-1
,
Special
Tax
,
2023
A
,
5.75
%
,
8/15/53
....
1,085,000
1,188,137
Orange
County
Water
District
,
COP
,
2003
B
,
NATL
Insured
,
ETM,
5
%
,
8/15/28
...........................
11,750,000
12,312,516
COP
,
2003
B
,
NATL
Insured
,
ETM,
5
%
,
8/15/34
...........................
3,305,000
3,687,795
COP
,
2003
B
,
Pre-Refunded
,
NATL
Insured
,
5
%
,
8/15/34
....................
4,140,000
4,791,524
Palomar
Community
College
District
,
GO
,
2010
B
,
Zero
Cpn.,
8/01/39
............
69,410,000
84,651,548
Palomar
Health
,
Obligated
Group
,
GO
,
2009
A
,
AGMC
Insured
,
7
%
,
8/01/38
..................
36,000,000
40,875,271
Obligated
Group
,
GO
,
2010
A
,
6.75
%
,
8/01/40
............................
60,000,000
68,237,670
Palomar
Health
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
AGMC
Insured
,
5
%
,
11/01/47
.......................................................
35,000,000
35,833,179
Panoche
Financing
Authority
,
Panoche
Water
District
,
Revenue
,
2021
A
,
4
%
,
9/01/43
.....................
1,120,000
1,056,310
Panoche
Water
District
,
Revenue
,
2021
A
,
4
%
,
9/01/51
.....................
6,070,000
5,381,455
Panoche
Water
District
,
Revenue
,
2021
B
,
1.553
%
,
9/01/25
..................
130,000
127,046
Panoche
Water
District
,
Revenue
,
2021
B
,
2.006
%
,
9/01/27
..................
395,000
368,501
Panoche
Water
District
,
Revenue
,
2021
B
,
2.456
%
,
9/01/29
..................
415,000
375,224
Panoche
Water
District
,
Revenue
,
2021
B
,
2.756
%
,
9/01/31
..................
435,000
380,982
Panoche
Water
District
,
Revenue
,
2021
B
,
3.106
%
,
9/01/35
..................
880,000
738,042
Panoche
Water
District
,
Revenue
,
2021
B
,
3.571
%
,
9/01/40
..................
1,155,000
930,297
Patterson
Joint
Unified
School
District
,
GO
,
2001
A
,
NATL
Insured
,
Zero
Cpn.,
8/01/25
...........................
2,170,000
2,123,523
GO
,
2001
A
,
NATL
Insured
,
Zero
Cpn.,
8/01/26
...........................
2,265,000
2,147,485
Perris
Joint
Powers
Authority
,
Community
Facilities
District
No.
2007-2
,
Special
Tax
,
2021
,
4
%
,
9/01/43
........
1,445,000
1,380,548
Community
Facilities
District
No.
2007-2
,
Special
Tax
,
2021
,
4
%
,
9/01/48
........
1,250,000
1,159,912
Community
Facilities
District
No.
2018-1
Improvement
Area
No.
1
,
Special
Tax
,
2020
,
4
%
,
9/01/50
....................................................
1,125,000
1,039,316
Perris
Union
High
School
District
,
COP
,
2019
,
Refunding
,
BAM
Insured
,
5
%
,
10/01/48
........................
10,000,000
10,605,537
GO
,
2019
A
,
AGMC
Insured
,
4
%
,
9/01/43
................................
5,540,000
5,613,912
Pittsburg
Unified
School
District
,
GO
,
2016
,
Refunding
,
4
%
,
8/01/44
.............
11,000,000
11,007,580
Placentia-Yorba
Linda
Unified
School
District
,
GO
,
2008
D
,
Zero
Cpn.,
8/01/43
.......................................
27,955,000
13,532,814
GO
,
2008
D
,
Zero
Cpn.,
8/01/46
.......................................
89,200,000
36,528,283
GO
,
2008
D
,
Zero
Cpn.,
8/01/49
.......................................
85,000,000
30,174,533
Port
of
Los
Angeles
,
Revenue
,
2014
B
,
Refunding
,
5
%
,
8/01/44
.................
10,300,000
10,311,919
Port
of
Oakland
,
Revenue
,
2021
H
,
Refunding
,
5
%
,
11/01/29
...................
2,000,000
2,156,634
Poway
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation
,
2015
A
,
Refunding
,
5
%
,
12/15/31
..........................
10,180,000
11,533,533
Tax
Allocation
,
2015
A
,
Refunding
,
5
%
,
12/15/32
..........................
11,215,000
12,865,116
Tax
Allocation
,
2015
A
,
Refunding
,
5
%
,
6/15/33
...........................
5,835,000
6,782,524
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)
Poway
Unified
School
District
,
Community
Facilities
District
No.
16
Area
A
,
Special
Tax
,
2020
,
AGMC
Insured
,
4
%
,
9/01/50
........................................................
$
7,500,000
$
7,513,863
Facilities
Improvement
District
No.
2007-1
,
GO
,
B
,
Zero
Cpn.,
8/01/46
..........
45,000,000
18,051,849
Rancho
Mirage
Community
Facilities
District
,
City
of
Rancho
Mirage
Community
Facilities
District
No.
4C
,
Special
Tax
,
2022
,
5
%
,
9/01/42
........................................................
300,000
311,082
City
of
Rancho
Mirage
Community
Facilities
District
No.
4C
,
Special
Tax
,
2022
,
5
%
,
9/01/47
........................................................
500,000
515,996
City
of
Rancho
Mirage
Community
Facilities
District
No.
4C
,
Special
Tax
,
2022
,
5
%
,
9/01/53
........................................................
1,000,000
1,028,158
Regents
of
the
University
of
California
,
Medical
Center
,
Revenue
,
2016
L
,
Refunding
,
5
%
,
5/15/47
...................
39,575,000
40,369,468
Medical
Center
,
Revenue
,
2022
P
,
5
%
,
5/15/47
...........................
116,410,000
128,356,576
Medical
Center
,
Revenue
,
2022
P
,
4
%
,
5/15/53
...........................
84,305,000
85,156,363
Regents
of
the
University
of
California
Medical
Center
,
Medical
Center
,
Revenue
,
2016
L
,
Refunding
,
5
%
,
5/15/41
...........................................
10,000,000
10,245,986
Rialto
Unified
School
District
,
GO
,
2011
A
,
AGMC
Insured
,
Zero
Cpn.,
8/01/41
......
27,000,000
33,597,153
Rio
Hondo
Community
College
District
,
GO
,
2010
C
,
Zero
Cpn.,
8/01/35
..........
10,000,000
7,038,438
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
4,391,255
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
6,119,240
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
11,945,249
Riverside
County
Transportation
Commission
,
Sales
Tax
,
Revenue
,
2017
B
,
Refunding
,
5
%
,
6/01/31
......................................................
3,685,000
3,939,902
Riverside
Unified
School
District
,
Community
Facilities
District
No.
19
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/39
........................................................
375,000
405,049
Community
Facilities
District
No.
19
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/44
........................................................
700,000
745,293
Community
Facilities
District
No.
19
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/49
........................................................
1,050,000
1,105,020
Community
Facilities
District
No.
19
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........................................................
1,270,000
1,333,227
Community
Facilities
District
No.
19
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/44
........................................................
480,000
511,058
Community
Facilities
District
No.
19
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/49
........................................................
730,000
769,887
Community
Facilities
District
No.
19
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........................................................
775,000
813,583
Community
Facilities
District
No.
37
,
Special
Tax
,
2023
A
,
5
%
,
9/01/47
..........
1,150,000
1,209,978
Community
Facilities
District
No.
37
,
Special
Tax
,
2023
A
,
5
%
,
9/01/52
..........
2,135,000
2,237,057
d
,e
RMA
Capital
Series
Trust
,
Revenue
,
144A,
2022-1
,
A
,
Mandatory
Put
,
5.67
%
,
8/01/34
15,491,000
15,538,402
RNR
School
Financing
Authority
,
Community
Facilities
District
No.
92-1
,
Special
Tax
,
2015
A
,
Refunding
,
BAM
Insured
,
5
%
,
9/01/36
............................
11,145,000
11,303,677
Rocklin
Unified
School
District
,
GO
,
2003
,
NATL
Insured
,
Zero
Cpn.,
8/01/25
.............................
8,160,000
7,982,100
GO
,
2003
,
NATL
Insured
,
Zero
Cpn.,
8/01/26
.............................
8,695,000
8,242,529
GO
,
2003
,
NATL
Insured
,
Zero
Cpn.,
8/01/27
.............................
9,080,000
8,344,543
GO
,
2003
,
NATL
Insured
,
Zero
Cpn.,
8/01/28
.............................
16,615,000
14,780,044
Rohnert
Park
Community
Development
Commission
Successor
Agency
,
Tax
Allocation
,
2007
R
,
NATL
Insured
,
ETM,
5
%
,
8/01/37
...............................
1,380,000
1,443,609
Romoland
School
District
,
Community
Facilities
District
No.
2016-1
,
Special
Tax
,
2023
,
5
%
,
9/01/43
........
750,000
803,138
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)
Romoland
School
District,
(continued)
Community
Facilities
District
No.
2016-1
,
Special
Tax
,
2023
,
5
%
,
9/01/48
........
$
1,000,000
$
1,057,504
Community
Facilities
District
No.
2016-1
,
Special
Tax
,
2023
,
5
%
,
9/01/53
........
1,500,000
1,571,524
Community
Facilities
District
No.
2016-2
,
Special
Tax
,
2022
,
4.5
%
,
9/01/42
.......
360,000
368,563
Community
Facilities
District
No.
2016-2
,
Special
Tax
,
2022
,
4.625
%
,
9/01/47
.....
750,000
765,213
Community
Facilities
District
No.
2016-2
,
Special
Tax
,
2022
,
4.75
%
,
9/01/52
......
1,000,000
1,021,526
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
1
,
Special
Tax
,
2022
,
5
%
,
9/01/42
....................................................
750,000
797,588
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
1
,
Special
Tax
,
2022
,
5.125
%
,
9/01/47
.................................................
1,200,000
1,269,974
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
1
,
Special
Tax
,
2022
,
5.25
%
,
9/01/53
..................................................
2,500,000
2,633,326
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
2
,
Special
Tax
,
2023
,
5
%
,
9/01/46
....................................................
370,000
391,302
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
2
,
Special
Tax
,
2023
,
5
%
,
9/01/54
....................................................
1,600,000
1,670,168
Community
Facilities
District
No.
2020-1
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........
1,000,000
1,052,761
Community
Facilities
District
No.
2022-2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........
1,000,000
1,052,761
Community
Facilities
District
No.
91-1
,
Special
Tax
,
2022
,
3.75
%
,
9/01/42
........
1,695,000
1,569,982
Community
Facilities
District
No.
91-1
,
Special
Tax
,
2022
,
4
%
,
9/01/46
..........
5,085,000
4,873,655
Roseville
Natural
Gas
Financing
Authority
,
Revenue
,
2007
,
5
%
,
2/15/26
..........
5,000,000
5,076,797
Sacramento
Area
Flood
Control
Agency
,
Consolidated
Capital
Assessment
District
No.
2
,
Special
Assessment
,
2016
A
,
Refunding
,
5
%
,
10/01/41
...........................................
13,740,000
14,177,036
Consolidated
Capital
Assessment
District
No.
2
,
Special
Assessment
,
2016
A
,
Refunding
,
5
%
,
10/01/43
...........................................
20,000,000
20,594,672
Sacramento
City
Unified
School
District
,
GO
,
2017
E
,
4
%
,
5/01/47
...............
20,000,000
19,999,706
Sacramento
County
Water
Financing
Authority
,
Sacramento
County
Water
Agency
,
Revenue
,
2019
,
Refunding
,
5
%
,
6/01/27
.....
2,000,000
2,121,536
Sacramento
County
Water
Agency
,
Revenue
,
2022
A
,
4
%
,
11/01/25
............
27,060,000
27,298,320
Sacramento
Municipal
Utility
District
,
Revenue
,
2021
I
,
Refunding
,
5
%
,
8/15/25
................................
3,500,000
3,558,137
Revenue
,
2022
J
,
Refunding
,
5
%
,
8/15/26
...............................
2,615,000
2,728,276
Sacramento
Transportation
Authority
,
Sales
Tax
,
Revenue
,
2023
,
Refunding
,
5
%
,
10/01/37
........................................................
2,500,000
2,929,687
San
Bernardino
Community
College
District
,
GO
,
2009
B
,
Zero
Cpn.,
8/01/48
......
66,390,000
25,615,221
San
Diego
Community
College
District
,
GO
,
2009
B
,
Pre-Refunded
,
6
%
,
8/01/33
....
26,880,000
29,313,441
San
Diego
County
Regional
Airport
Authority
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/47
...............................
5,000,000
5,174,223
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/01/44
...............................
4,000,000
4,267,325
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/01/49
...............................
5,000,000
5,296,325
Revenue
,
2019
B
,
Refunding
,
4
%
,
7/01/44
...............................
5,000,000
4,958,959
Revenue
,
2021
A
,
5
%
,
7/01/56
........................................
10,000,000
10,740,835
Revenue
,
2021
B
,
5
%
,
7/01/33
........................................
4,000,000
4,343,656
Revenue
,
2021
B
,
4
%
,
7/01/36
........................................
3,610,000
3,627,761
Special
Facilities
,
Revenue
,
2014
A
,
5
%
,
7/01/44
..........................
5,645,000
5,658,814
San
Diego
County
Regional
Transportation
Commission
,
Revenue
,
2016
A
,
5
%
,
4/01/48
.........................................................
25,000,000
25,485,077
San
Diego
County
Water
Authority
,
Revenue,
Sub.
Lien
,
2021
S-1
,
Refunding
,
5
%
,
5/01/28
......................................................
2,335,000
2,524,538
San
Diego
Unified
School
District
,
GO
,
2010
C
,
Zero
Cpn.,
7/01/48
.......................................
29,840,000
29,996,657
GO
,
2012
E
,
Zero
Cpn.,
7/01/47
.......................................
74,270,000
63,156,311
GO
,
2019
L
,
4
%
,
7/01/49
............................................
30,000
30,181
GO
,
2023
ZR-4B
,
Refunding
,
5
%
,
7/01/40
...............................
62,225,000
71,911,267
GO
,
2023
ZR-4B
,
Refunding
,
5
%
,
7/01/45
...............................
31,605,000
35,614,211
GO
,
2024
H-2
,
5
%
,
7/01/25
..........................................
7,120,000
7,214,348
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)
San
Diego
Unified
School
District,
(continued)
GO
,
R-2
,
Refunding
,
Zero
Cpn.,
7/01/40
.................................
$
79,760,000
$
83,421,104
San
Francisco
Bay
Area
Rapid
Transit
District
,
GO
,
2017
A-1
,
5
%
,
8/01/47
..........................................
11,480,000
11,924,715
GO
,
2020
C-1
,
4
%
,
8/01/33
..........................................
1,560,000
1,643,506
GO
,
2022
D-1
,
5
%
,
8/01/39
..........................................
1,500,000
1,707,615
GO
,
2022
D-1
,
3
%
,
8/01/41
..........................................
23,605,000
21,715,948
GO
,
2022
D-1
,
3
%
,
8/01/42
..........................................
20,000,000
18,129,840
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
,
Revenue
,
2016
B
,
5
%
,
5/01/41
........................................
65,645,000
66,432,950
Revenue
,
2016
B
,
5
%
,
5/01/46
........................................
28,825,000
29,083,820
Revenue
,
2016
C
,
5
%
,
5/01/46
........................................
67,880,000
69,397,403
Revenue
,
2019
A
,
Refunding
,
5
%
,
5/01/44
...............................
30,720,000
31,873,911
Revenue
,
2019
A
,
Refunding
,
5
%
,
5/01/49
...............................
8,000,000
8,263,333
Revenue,
Second
Series
,
2017
A
,
5
%
,
5/01/42
............................
48,155,000
49,065,279
Revenue,
Second
Series
,
2017
A
,
5
%
,
5/01/47
............................
28,625,000
29,030,679
Revenue,
Second
Series
,
2017
B
,
5
%
,
5/01/47
............................
200,000
207,335
Revenue,
Second
Series
,
2018
D
,
5
%
,
5/01/43
...........................
106,295,000
109,412,537
Revenue,
Second
Series
,
2018
D
,
5
%
,
5/01/48
...........................
33,675,000
34,461,476
Revenue,
Second
Series
,
2018
D
,
Pre-Refunded
,
5
%
,
5/01/48
................
25,000
26,127
Revenue,
Second
Series
,
2018
D
,
5.25
%
,
5/01/48
.........................
40,145,000
41,553,086
Revenue,
Second
Series
,
2018
E
,
5
%
,
5/01/48
............................
52,245,000
54,630,574
Revenue,
Second
Series
,
2019
B
,
5
%
,
5/01/49
............................
10,700,000
11,344,195
Revenue,
Second
Series
,
2019
E
,
5
%
,
5/01/45
............................
33,570,000
34,817,646
Revenue,
Second
Series
,
2019
E
,
5
%
,
5/01/50
............................
5,000,000
5,160,924
Revenue,
Second
Series
,
2021
A
,
Refunding
,
5
%
,
5/01/31
...................
1,405,000
1,535,008
Revenue,
Second
Series
,
2021
A
,
Refunding
,
5
%
,
5/01/34
...................
5,000,000
5,410,311
San
Francisco
City
&
County
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation,
Third
Lien
,
2017
B
,
AGMC
Insured
,
5
%
,
8/01/46
..................
10,000,000
10,395,759
San
Francisco
Unified
School
District
,
GO
,
2022
C
,
5
%
,
6/15/35
................
6,640,000
7,383,578
San
Gabriel
Unified
School
District
,
GO
,
2002
A
,
AGMC
Insured
,
Zero
Cpn.,
8/01/26
...........................
3,530,000
3,355,636
GO
,
2002
A
,
AGMC
Insured
,
Zero
Cpn.,
2/01/27
...........................
1,850,000
1,733,253
San
Jacinto
Unified
School
District
,
Community
Facilities
District
No.
2003-1
,
Special
Tax
,
2022
,
4
%
,
9/01/50
........
875,000
789,753
Community
Facilities
District
No.
2022-1
Improvement
Area
No.
1
,
Special
Tax
,
2023
,
5.25
%
,
9/01/54
..................................................
1,000,000
1,057,382
San
Joaquin
Hills
Transportation
Corridor
Agency
,
Revenue
,
1997
A
,
Refunding
,
5.9
%
,
1/15/38
..............................
106,465,000
138,858,935
Revenue
,
1997
A
,
Refunding
,
5.95
%
,
1/15/40
.............................
142,645,000
188,876,344
Revenue
,
1997
A
,
Refunding
,
6
%
,
1/15/43
...............................
161,250,000
217,874,373
Revenue
,
1997
A
,
Refunding
,
6
%
,
1/15/45
...............................
143,336,000
195,514,246
Revenue
,
1997
A
,
Refunding
,
6
%
,
1/15/46
...............................
143,336,000
196,362,952
Revenue
,
1997
A
,
Refunding
,
NATL
Insured
,
Zero
Cpn.,
1/15/26
...............
13,155,000
12,658,804
Revenue,
Senior
Lien
,
1993
,
ETM,
Zero
Cpn.,
1/01/25
......................
5,700,000
5,685,736
Revenue,
Senior
Lien
,
1993
,
ETM,
Zero
Cpn.,
1/01/28
......................
33,545,000
30,913,727
Revenue,
Senior
Lien
,
1993
,
ETM,
Zero
Cpn.,
1/01/29
......................
37,050,000
33,202,458
Revenue,
Senior
Lien
,
2021
A
,
Refunding
,
AGMC
Insured
,
4
%
,
1/15/44
.........
130,746,000
134,323,616
Revenue,
Senior
Lien
,
2021
A
,
Refunding
,
AGMC
Insured
,
4
%
,
1/15/50
.........
191,775,000
194,706,875
San
Jose
Unified
School
District
,
COP
,
2002
,
AGMC
Insured
,
ETM,
Zero
Cpn.,
1/01/27
.......................
7,105,000
6,696,181
COP
,
2002
,
AGMC
Insured
,
ETM,
Zero
Cpn.,
1/01/29
.......................
7,105,000
6,316,126
San
Juan
Unified
School
District
,
GO
,
2003
B
,
NATL
Insured
,
Zero
Cpn.,
8/01/26
...........................
9,175,000
8,626,148
GO
,
2003
B
,
NATL
Insured
,
Zero
Cpn.,
8/01/27
...........................
18,605,000
17,219,595
GO
,
2003
B
,
NATL
Insured
,
Zero
Cpn.,
8/01/28
...........................
19,470,000
17,489,298
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)
San
Luis
Obispo
County
Financing
Authority
,
Revenue
,
2015
A
,
Refunding
,
BAM
Insured
,
5
%
,
9/01/37
...............................................
$
10,000,000
$
10,139,318
San
Marino
Unified
School
District
,
GO
,
2000
A
,
NATL
Insured
,
Zero
Cpn.,
7/01/25
..
6,080,000
5,978,945
San
Mateo
Foster
City
Public
Financing
Authority
,
Estero
Municipal
Improvement
District
,
Revenue
,
2021
A
,
ETM,
5
%
,
8/01/25
.............................
10,545,000
10,704,949
San
Rafael
City
High
School
District
,
GO
,
2018
B
,
4
%
,
8/01/47
.................
17,060,000
17,178,881
Sanger
Unified
School
District
,
GO
,
A
,
BAM
Insured
,
4
%
,
8/01/41
...............
10,000,000
10,077,972
Santa
Cruz
County
Redevelopment
Successor
Agency
,
Tax
Allocation
,
2015
A
,
Refunding
,
AGMC
Insured
,
5
%
,
9/01/35
.................................
20,000,000
20,265,238
School
Facilities
Financing
Authority
,
Twin
Rivers
Unified
School
District
,
Revenue
,
A
,
AGMC
Insured
,
Zero
Cpn.,
8/01/42
....................................
49,000,000
23,728,686
Semitropic
Improvement
District
of
the
Semitropic
Water
Storage
District
,
Revenue,
Second
Lien
,
2015
A
,
Refunding
,
AGMC
Insured
,
5
%
,
12/01/45
...............
10,000,000
10,153,526
Southern
California
Public
Power
Authority
,
Revenue
,
2007
A
,
5.25
%
,
11/01/27
.....................................
9,855,000
10,217,127
Revenue
,
2007
A
,
5
%
,
11/01/33
.......................................
17,500,000
18,956,005
Los
Angeles
Department
of
Water
&
Power
Power
System
,
Revenue
,
2023-1
A
,
5.25
%
,
7/01/53
..................................................
28,975,000
32,617,213
Southern
Mono
Health
Care
District
,
GO
,
A
,
NATL
Insured
,
Zero
Cpn.,
8/01/28
................................
2,340,000
2,077,073
GO
,
A
,
NATL
Insured
,
Zero
Cpn.,
8/01/29
................................
2,440,000
2,091,843
GO
,
A
,
NATL
Insured
,
Zero
Cpn.,
8/01/30
................................
2,550,000
2,108,361
GO
,
A
,
NATL
Insured
,
Zero
Cpn.,
8/01/31
................................
2,660,000
2,117,032
State
of
California
,
GO
,
4
%
,
12/01/24
.................................................
3,500,000
3,500,000
GO
,
5
%
,
3/01/25
..................................................
10,000,000
10,053,001
GO
,
AMBAC
Insured
,
5.9
%
,
3/01/25
....................................
35,000
35,232
GO
,
Refunding
,
5
%
,
4/01/25
.........................................
25,625,000
25,809,518
GO
,
Refunding
,
5
%
,
11/01/25
.........................................
39,975,000
40,802,718
GO
,
Refunding
,
5
%
,
12/01/25
.........................................
2,375,000
2,428,694
GO
,
Refunding
,
5
%
,
8/01/27
.........................................
4,000,000
4,248,983
GO
,
Refunding
,
5
%
,
4/01/28
.........................................
2,930,000
3,157,408
GO
,
Refunding
,
5
%
,
8/01/28
.........................................
12,020,000
12,751,570
GO
,
Refunding
,
5
%
,
9/01/30
.........................................
5,000,000
5,632,335
GO
,
Refunding
,
5
%
,
11/01/30
.........................................
5,320,000
6,009,452
GO
,
5.75
%
,
10/01/31
...............................................
28,805,000
30,898,150
GO
,
Refunding
,
5
%
,
10/01/32
.........................................
4,125,000
4,530,544
GO
,
5
%
,
4/01/33
..................................................
5,000,000
5,439,752
GO
,
Refunding
,
5
%
,
3/01/35
.........................................
56,185,000
62,013,497
GO
,
Refunding
,
5
%
,
9/01/35
.........................................
9,000,000
9,297,053
GO
,
Refunding
,
4
%
,
3/01/37
.........................................
10,000,000
10,408,963
GO
,
Refunding
,
5
%
,
8/01/37
.........................................
2,900,000
3,093,398
GO
,
5
%
,
10/01/39
.................................................
15,000,000
15,356,260
GO
,
Refunding
,
5
%
,
10/01/39
.........................................
13,340,000
13,341,513
GO
,
Refunding
,
5
%
,
10/01/44
.........................................
1,660,000
1,660,218
GO
,
5
%
,
3/01/45
..................................................
17,500,000
17,539,553
GO
,
5
%
,
8/01/45
..................................................
10,085,000
10,148,950
GO
,
5
%
,
9/01/45
..................................................
5,000,000
5,144,574
GO
,
5
%
,
8/01/46
..................................................
57,200,000
58,763,373
GO
,
5
%
,
9/01/46
..................................................
8,930,000
9,185,917
GO
,
5
%
,
10/01/47
.................................................
11,000,000
11,239,067
GO
,
5
%
,
10/01/48
.................................................
5,000,000
5,252,430
GO
,
1996
,
FGIC
Insured
,
5.375
%
,
6/01/26
...............................
535,000
541,052
GO
,
1997
,
NATL,
FGIC
Insured
,
5.625
%
,
10/01/26
.........................
3,335,000
3,364,638
GO
,
2004
,
5.2
%
,
4/01/26
............................................
20,000
20,028
GO
,
2017
,
5
%
,
11/01/27
.............................................
2,380,000
2,542,538
GO
,
2017
,
5
%
,
11/01/47
.............................................
23,370,000
24,376,371
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
26
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
State
of
California,
(continued)
GO
,
2022
,
Refunding
,
5
%
,
4/01/35
.....................................
$
12,985,000
$
13,941,648
GO
,
2022
,
Refunding
,
5
%
,
4/01/35
.....................................
38,600,000
44,134,252
Stockton
Community
Facilities
District
,
City
of
Stockton
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
5
%
,
9/01/39
......................................
370,000
398,061
City
of
Stockton
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
5
%
,
9/01/44
......................................
380,000
403,119
City
of
Stockton
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
5
%
,
9/01/49
......................................
525,000
558,504
City
of
Stockton
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
5
%
,
9/01/54
......................................
650,000
688,007
Sulphur
Springs
Union
School
District
,
COP
,
2010
,
AGMC
Insured
,
6.5
%
,
12/01/37
..............................
1,695,000
1,753,583
COP
,
2010
,
AGMC
Insured
,
ETM,
6.5
%
,
12/01/37
..........................
275,000
275,000
COP
,
2010
,
Pre-Refunded
,
AGMC
Insured
,
6.5
%
,
12/01/37
..................
9,695,000
10,038,820
Community
Facilities
District
No.
2019-1
,
Special
Tax
,
2024
A
,
5
%
,
9/01/39
......
1,175,000
1,285,521
Community
Facilities
District
No.
2019-1
,
Special
Tax
,
2024
A
,
5
%
,
9/01/44
......
1,900,000
2,063,038
Community
Facilities
District
No.
2019-1
,
Special
Tax
,
2024
A
,
5
%
,
9/01/49
......
2,700,000
2,896,888
Community
Facilities
District
No.
2019-1
,
Special
Tax
,
2024
A
,
5
%
,
9/01/54
......
3,645,000
3,900,172
Temecula
Public
Financing
Authority
,
Community
Facilities
District
No.
20-01
,
Special
Tax
,
2024
,
5
%
,
9/01/39
.........
330,000
359,131
Community
Facilities
District
No.
20-01
,
Special
Tax
,
2024
,
5
%
,
9/01/44
.........
925,000
993,997
Community
Facilities
District
No.
20-01
,
Special
Tax
,
2024
,
5
%
,
9/01/49
.........
975,000
1,037,069
Community
Facilities
District
No.
20-01
,
Special
Tax
,
2024
,
5
%
,
9/01/54
.........
900,000
952,880
Temescal
Valley
Water
District
,
Community
Facilities
District
No.
4
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
4
%
,
9/01/49
........................................................
1,415,000
1,349,660
Community
Facilities
District
No.
4
Terramor
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/36
................................................
930,000
936,973
Community
Facilities
District
No.
4
Terramor
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/41
................................................
785,000
785,664
Community
Facilities
District
No.
4
Terramor
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/46
................................................
1,040,000
1,008,224
Community
Facilities
District
No.
4
Terramor
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/51
................................................
930,000
880,103
Three
Rivers
Levee
Improvement
Authority
,
Special
Tax
,
2021
A
,
Refunding
,
4
%
,
9/01/25
.............................
280,000
280,287
Special
Tax
,
2021
A
,
Refunding
,
4
%
,
9/01/36
.............................
2,025,000
1,987,303
Special
Tax
,
2021
A
,
Refunding
,
4
%
,
9/01/41
.............................
1,895,000
1,826,485
Special
Tax
,
2021
A
,
Refunding
,
4
%
,
9/01/46
.............................
2,700,000
2,462,833
Special
Tax
,
2021
A
,
Refunding
,
4
%
,
9/01/51
.............................
5,065,000
4,520,515
Tobacco
Securitization
Authority
of
Northern
California
,
Sacramento
County
Tobacco
Securitization
Corp.
,
Revenue,
Senior
Lien
,
2021
A
,
1
,
Refunding
,
4
%
,
6/01/49
....
8,000,000
7,500,301
Tobacco
Securitization
Authority
of
Southern
California
,
San
Diego
County
Tobacco
Asset
Securitization
Corp.
,
Revenue
,
2019
B-1
,
2
,
Refunding
,
5
%
,
6/01/48
.......
12,465,000
12,720,484
Town
of
Tiburon
,
Assessment
District
No.
2017-1
,
1915
Act,
Special
Assessment
,
2021
A
,
2.375
%
,
9/02/41
........................................................
550,000
397,825
Assessment
District
No.
2017-1
,
1915
Act,
Special
Assessment
,
2021
A
,
2.5
%
,
9/02/51
........................................................
1,250,000
809,765
Tracy
Community
Facilities
District
,
City
of
Tracy
Community
Facilities
District
No.
2016-01
Improvement
Area
No.
2
,
Special
Tax
,
2023
,
5.75
%
,
9/01/48
...................................
1,750,000
1,891,488
City
of
Tracy
Community
Facilities
District
No.
2016-01
Improvement
Area
No.
2
,
Special
Tax
,
2023
,
5.875
%
,
9/01/53
...................................
2,900,000
3,144,394
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
27
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
%
,
9/01/25
......................................
$
115,000
$
115,193
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/28
......................................
120,000
121,707
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/30
......................................
110,000
111,832
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/36
......................................
430,000
432,462
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/41
......................................
665,000
649,496
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/46
......................................
885,000
833,874
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/51
......................................
2,210,000
2,029,117
Transbay
Joint
Powers
Authority
,
Transbay
Redevelopment
Project
Tax
Increment
Re-Development
Project
,
Tax
Allocation,
Senior
Lien
,
2020
A
,
5
%
,
10/01/45
...........................
11,030,000
11,356,252
Transbay
Redevelopment
Project
Tax
Increment
Re-Development
Project
,
Tax
Allocation,
Senior
Lien
,
2020
A
,
5
%
,
10/01/49
...........................
8,790,000
8,993,707
Truckee-Donner
Public
Utility
District
,
Water
System
,
Revenue
,
2022
A
,
5
%
,
11/15/47
3,230,000
3,532,484
Turlock
Irrigation
District
,
Revenue
,
2019
,
Refunding
,
5
%
,
1/01/44
...............
9,060,000
9,783,146
Union
Elementary
School
District
,
GO
,
2001
B
,
NATL
Insured
,
Zero
Cpn.,
9/01/25
...........................
5,500,000
5,377,474
GO
,
2001
B
,
NATL
Insured
,
Zero
Cpn.,
9/01/26
...........................
5,850,000
5,556,263
University
of
California
,
Revenue
,
2015
I
,
Refunding
,
5
%
,
5/15/40
................................
22,990,000
23,145,939
Revenue
,
2015
I
,
Refunding
,
5
%
,
5/15/50
................................
25,420,000
25,551,322
Revenue
,
2016
K
,
4
%
,
5/15/46
........................................
19,850,000
19,903,718
Revenue
,
2017
AV
,
5.25
%
,
5/15/47
.....................................
6,775,000
7,066,918
Revenue
,
2017
M
,
5
%
,
5/15/42
.......................................
15,410,000
16,052,759
Revenue
,
2017
M
,
5
%
,
5/15/47
.......................................
27,200,000
28,200,294
Revenue
,
2018
AZ
,
Refunding
,
5
%
,
5/15/43
..............................
28,000,000
29,540,893
Revenue
,
2018
AZ
,
Refunding
,
5
%
,
5/15/48
..............................
47,230,000
49,535,561
Revenue
,
2018
AZ
,
Refunding
,
5.25
%
,
5/15/58
............................
9,110,000
9,618,066
Revenue
,
2018
O
,
Refunding
,
5
%
,
5/15/39
...............................
14,400,000
15,294,110
Revenue
,
2018
O
,
Refunding
,
5
%
,
5/15/48
...............................
11,445,000
11,996,096
Revenue
,
2018
O
,
Refunding
,
5
%
,
5/15/58
...............................
5,805,000
6,068,496
Revenue
,
2021
Q
,
Refunding
,
4
%
,
5/15/37
...............................
1,500,000
1,574,883
Revenue
,
2022
BK
,
5
%
,
5/15/52
.......................................
48,195,000
52,742,251
Revenue
,
2023
BN
,
Refunding
,
5
%
,
5/15/43
..............................
9,000,000
10,212,750
Revenue
,
2024
BS
,
Refunding
,
5
%
,
5/15/37
..............................
81,135,000
96,245,680
Revenue
,
2024
BS
,
Refunding
,
5
%
,
5/15/38
..............................
11,000,000
13,015,780
Upland
Community
Facilities
District
,
City
of
Upland
Community
Facilities
District
No.
2016-1
Improvement
Area
No.
2
,
Special
Tax
,
2021
A
,
4
%
,
9/01/40
....................................
260,000
251,872
City
of
Upland
Community
Facilities
District
No.
2016-1
Improvement
Area
No.
2
,
Special
Tax
,
2021
A
,
4
%
,
9/01/45
....................................
165,000
153,351
City
of
Upland
Community
Facilities
District
No.
2016-1
Improvement
Area
No.
2
,
Special
Tax
,
2021
A
,
4
%
,
9/01/51
....................................
260,000
233,737
Upland
Unified
School
District
,
GO
,
2011
C
,
Zero
Cpn.,
8/01/45
.................
62,900,000
26,456,023
Val
Verde
Unified
School
District
,
GO
,
2010
B
,
AGMC
Insured
,
6.125
%
,
8/01/34
............................
1,000,000
1,193,745
GO
,
2020
A
,
BAM
Insured
,
4
%
,
8/01/46
.................................
1,450,000
1,452,844
Community
Facilities
District
No.
2018-1
,
Special
Tax
,
2022
,
4
%
,
9/01/52
........
7,000,000
6,266,420
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
1
,
Special
Tax
,
2023
,
5
%
,
9/01/43
....................................................
1,230,000
1,294,422
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
28
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Val
Verde
Unified
School
District,
(continued)
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
1
,
Special
Tax
,
2023
,
5
%
,
9/01/48
....................................................
$
1,755,000
$
1,833,158
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
1
,
Special
Tax
,
2023
,
5
%
,
9/01/53
....................................................
2,445,000
2,534,059
Vallejo
Public
Financing
Authority
,
City
of
Vallejo
Hiddenbrooke
Improvement
District
No.
1
,
Revenue
,
2004
A
,
5.8
%
,
9/01/31
.................................
2,615,000
2,629,748
f
Valley
Center
Municipal
Water
District
,
Community
Facility
District
No.
2020-1
,
Special
Tax
,
2024
,
4
%
,
9/01/43
.........
1,265,000
1,229,185
Community
Facility
District
No.
2020-1
,
Special
Tax
,
2024
,
4.375
%
,
9/01/54
......
2,210,000
2,140,248
Vista
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation
,
2015
B-1
,
Refunding
,
AGMC
Insured
,
5
%
,
9/01/37
..........................................
3,020,000
3,069,496
Vista
Unified
School
District
,
GO
,
2002
A
,
AGMC
Insured
,
Zero
Cpn.,
8/01/26
...........................
7,150,000
6,781,258
GO
,
2002
A
,
AGMC
Insured
,
Zero
Cpn.,
2/01/27
...........................
4,795,000
4,475,209
Washington
Township
Health
Care
District
,
GO
,
2015
B
,
5
%
,
8/01/45
............................................
15,000,000
15,091,503
Revenue
,
2023
A
,
5.75
%
,
7/01/48
.....................................
1,300,000
1,433,377
Revenue
,
2023
A
,
5.75
%
,
7/01/53
.....................................
1,000,000
1,094,964
West
Patterson
Financing
Authority
,
Community
Facilities
District
No.
2018-1
,
Special
Tax
,
2024
,
5
%
,
9/01/39
........
300,000
323,095
Community
Facilities
District
No.
2018-1
,
Special
Tax
,
2024
,
4.375
%
,
9/01/44
.....
830,000
834,392
Community
Facilities
District
No.
2018-1
,
Special
Tax
,
2024
,
4.625
%
,
9/01/49
.....
780,000
788,919
Community
Facilities
District
No.
2018-1
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........
2,430,000
2,524,039
West
Sacramento
Area
Flood
Control
Agency
,
Special
Assessment
,
2015
,
AGMC
Insured
,
5
%
,
9/01/40
.....................
3,000,000
3,042,841
Special
Assessment
,
2015
,
AGMC
Insured
,
5
%
,
9/01/45
.....................
7,500,000
7,590,551
West
Sacramento
Financing
Authority
,
Special
Tax
,
A
,
AGMC
Insured
,
5
%
,
9/01/34
..
4,940,000
5,559,527
Westside
Union
School
District
,
Community
Facilities
District
No.
2016-1
Improvement
Area
B
,
Special
Tax
,
2023
,
5
%
,
9/01/43
....................................................
1,175,000
1,199,881
Community
Facilities
District
No.
2016-1
Improvement
Area
B
,
Special
Tax
,
2023
,
5.25
%
,
9/01/52
..................................................
1,890,000
1,928,667
William
S
Hart
Union
High
School
District
,
Community
Facilities
District
No.
2021-1
Improvement
Area
A
,
Special
Tax
,
2024
,
5
%
,
9/01/44
....................................................
385,000
408,108
Community
Facilities
District
No.
2021-1
Improvement
Area
A
,
Special
Tax
,
2024
,
5
%
,
9/01/49
....................................................
750,000
786,838
Community
Facilities
District
No.
2021-1
Improvement
Area
A
,
Special
Tax
,
2024
,
5
%
,
9/01/54
....................................................
885,000
922,393
12,853,792,542
Florida
0.7%
e
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
Zero
Cpn.,
3/01/29
........................................
109,200,000
87,685,034
Oregon
0.0%
†
e
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
2,536,884
Wisconsin
0.2%
e
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
..............
30,400,000
25,660,625
U.S.
Territories
2.1%
Guam
0.2%
Antonio
B
Won
Pat
International
Airport
Authority
,
Revenue
,
2021
A
,
Refunding
,
2.899
%
,
10/01/27
...........................
470,000
444,442
Revenue
,
2024
A
,
5
%
,
10/01/27
.......................................
160,000
165,416
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
29
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Guam
(continued)
Antonio
B
Won
Pat
International
Airport
Authority,
(continued)
Revenue
,
2024
A
,
5
%
,
10/01/28
.......................................
$
750,000
$
782,555
Revenue
,
2024
A
,
5
%
,
10/01/29
.......................................
1,330,000
1,398,570
Revenue
,
2024
A
,
5
%
,
10/01/30
.......................................
1,110,000
1,173,822
Revenue
,
2024
A
,
5
%
,
10/01/31
.......................................
935,000
992,489
Revenue
,
2024
A
,
5
%
,
10/01/33
.......................................
660,000
703,425
Revenue
,
2024
A
,
5.25
%
,
10/01/37
....................................
1,200,000
1,301,556
Revenue
,
2024
A
,
5.25
%
,
10/01/38
....................................
1,325,000
1,438,218
Revenue
,
2024
B
,
5
%
,
10/01/27
.......................................
410,000
430,404
Revenue
,
2024
B
,
5
%
,
10/01/28
.......................................
380,000
404,445
Revenue
,
2024
B
,
5
%
,
10/01/29
.......................................
1,010,000
1,087,921
Revenue
,
2024
B
,
5
%
,
10/01/30
.......................................
560,000
611,107
Revenue
,
2024
B
,
5
%
,
10/01/31
.......................................
510,000
561,211
Revenue
,
2024
B
,
5
%
,
10/01/32
.......................................
1,455,000
1,608,695
Revenue
,
2024
B
,
5
%
,
10/01/33
.......................................
305,000
338,418
Revenue
,
2024
B
,
5
%
,
10/01/34
.......................................
435,000
484,058
Revenue
,
2024
B
,
5
%
,
10/01/35
.......................................
520,000
576,271
Revenue
,
2024
B
,
5
%
,
10/01/36
.......................................
250,000
276,442
Revenue
,
2024
B
,
5
%
,
10/01/37
.......................................
995,000
1,095,562
Revenue
,
2024
B
,
5
%
,
10/01/38
.......................................
1,000,000
1,101,909
Revenue
,
2024
B
,
5
%
,
10/01/39
.......................................
1,000,000
1,095,925
Revenue
,
2024
B
,
5
%
,
10/01/40
.......................................
320,000
349,199
Revenue
,
2024
B
,
5
%
,
10/01/41
.......................................
1,000,000
1,084,399
Revenue
,
2024
B
,
5
%
,
10/01/42
.......................................
395,000
426,254
Revenue
,
2024
B
,
5
%
,
10/01/43
.......................................
400,000
429,870
Antonio
B.
Won
Pat
International
Airport
Authority
,
Revenue
,
2024
A
,
5
%
,
10/01/32
..
1,600,000
1,700,105
22,062,688
Puerto
Rico
1.9%
Children's
Trust
Fund
,
Revenue
,
2002
,
5.5
%
,
5/15/39
........................................
4,530,000
4,554,068
Revenue
,
2002
,
5.625
%
,
5/15/43
......................................
16,000,000
16,191,926
g
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
2013
A
,
7
%
,
7/01/33
.............
45,600,000
20,976,000
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority
,
Revenue
,
2000
B
,
6.625
%
,
1/01/27
....................................
471,227
467,311
Revenue
,
2000
B
,
6.625
%
,
1/01/28
....................................
3,593,968
3,561,708
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
4.75
%
,
7/01/53
................................
29,500,000
29,527,907
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
..................................
184,264,000
185,095,749
260,374,669
Total
U.S.
Territories
....................................................................
282,437,357
Total
Municipal
Bonds
(Cost
$
12,515,073,082
)
..................................
13,252,112,442
Shares
Escrows
and
Litigation
Trusts
0.0%
†
a
,b
Puerto
Rico
Electric
Power
Authority,
Escrow
Account
........................
4,167,132
3,333,706
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
...................................
3,333,706
Total
Long
Term
Investments
(Cost
$
12,517,898,217
)
............................
13,258,278,882
a
a
a
a
a
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
30
See
Abbreviations
on
page
34
.
Short
Term
Investments
0.7%
a
a
Principal
Amount
a
Value
Municipal
Bonds
0.7%
California
0.7%
h
California
Health
Facilities
Financing
Authority
,
Adventist
Health
System/West
Obligated
Group
,
Revenue
,
2009
B
,
LOC
US
Bank
NA
,
Daily
VRDN
and
Put
,
1.8
%
,
9/01/38
.........................................................
$
9,900,000
$
9,900,000
h
California
Statewide
Communities
Development
Authority
,
Rady
Children's
Hospital
Obligated
Group
,
Revenue
,
2008
A
,
Refunding
,
LOC
US
Bank
NA
,
Daily
VRDN
and
Put
,
1.8
%
,
8/15/47
.................................................
3,300,000
3,300,000
h
Eastern
Municipal
Water
District
,
Revenue
,
2018
A
,
Refunding
,
SPA
Bank
of
America
NA
,
Daily
VRDN
and
Put
,
2.55
%
,
7/01/46
................................
29,500,000
29,500,000
h
Irvine
Ranch
Water
District
,
Water
Service
Corp.
,
Special
Assessment
,
2009
A
,
LOC
US
Bank
NA
,
Daily
VRDN
and
Put
,
1.8
%
,
10/01/41
........................
8,655,000
8,655,000
h
Los
Angeles
Department
of
Water
&
Power
,
Power
System
,
Revenue
,
2002
A-6
,
Refunding
,
SPA
Bank
of
America
NA
,
Daily
VRDN
and
Put
,
2.6
%
,
7/01/35
.......................................
7,820,000
7,820,000
Power
System
,
Revenue
,
2023
F-2
,
Refunding
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
2.55
%
,
7/01/47
.................................
8,200,000
8,200,000
Water
System
,
Revenue
,
2019
A-2
,
Refunding
,
SPA
Barclays
Bank
plc
,
Daily
VRDN
and
Put
,
2.65
%
,
7/01/45
...........................................
5,110,000
5,110,000
h
Regents
of
the
University
of
California
,
Medical
Center
Pooled
,
Revenue
,
2007
B-2
,
Refunding
,
Daily
VRDN
and
Put
,
2.6
%
,
5/15/32
........................................................
565,000
565,000
Medical
Center
Pooled
,
Revenue
,
2020
O-2
,
Refunding
,
Daily
VRDN
and
Put
,
2.6
%
,
5/15/45
........................................................
25,790,000
25,790,000
h
University
of
California
,
Revenue
,
2013
AL-1
,
Daily
VRDN
and
Put
,
2.6
%
,
5/15/48
...................
500,000
500,000
Revenue
,
2013
AL-3
,
Refunding
,
Daily
VRDN
and
Put
,
2.6
%
,
5/15/48
...........
700,000
700,000
100,040,000
Total
Municipal
Bonds
(Cost
$
100,040,000
)
.....................................
100,040,000
Total
Short
Term
Investments
(Cost
$
100,040,000
)
...............................
100,040,000
a
Total
Investments
(Cost
$
12,617,938,217
)
99.3
%
................................
$13,358,318,882
Other
Assets,
less
Liabilities
0.7
%
.............................................
87,760,523
Net
Assets
100.0%
...........................................................
$13,446,079,405
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
4
regarding
fair
value
measurements.
b
Non-income
producing.
c
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
d
The
maturity
date
shown
represents
the
mandatory
put
date.
e
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
November
30,
2024,
the
aggregate
value
of
these
securities
was
$1,291,031,258,
representing
9.6%
of
net
assets.
f
Security
purchased
on
a
when-issued
basis.
g
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
31
h
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
Notes
to
Schedule
of
Investments
(unaudited)
32
Quarterly
Schedule
of
Investments
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 Trust'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.
Equity
securities
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Debt
securities
generally
trade
in
the
OTC 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. Securities
Purchased
on
a Forward
Commitment
Basis
The
Fund may
purchase
securities
on
a
forward
commitment
basis,
with
payment
and
delivery
scheduled
for
a
future
date.
These
transactions
are
subject
to
market
fluctuations
and
are
subject
to
the
risk
that
the
value
at
delivery
may
be
more
or
less
than
the
trade
date
purchase
price.
Although
the
Fund
will
generally
purchase
these
securities
with
the
intention
of
holding
the
securities, it
may
sell
the
securities
before
the
settlement
date. These
types
of
securities
may
be
considered
unfunded
and
the
Fund
may
be
obligated
to
perform
on
such
agreements
at
a
future
date.
At
November
30,
2024,
unfunded
commitments
were
as
follows:
Franklin
California
Tax-Free
Income
Fund
Notes
to
Schedule
of
Investments
(unaudited)
33
Quarterly
Schedule
of
Investments
4. 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.
A
summary
of
inputs
used
as
of
November
30,
2024,
in
valuing
the Fund's
assets
carried
at
fair
value,
is
as
follows:  
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the
period.
Borrower
Unfunded
Commitment
Franklin
California
Tax-Free
Income
Fund
Puerto
Rico
Electric
Power
Authority,
Restructured
Power
Revenue
,
B-1,
6%,
7/01/41
$
9,260,673
B-2,
7.125%,
7/01/59
44,974,968
$54,235,641
Level
1
Level
2
Level
3
Total
Franklin
California
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Common
Stocks
........................
$
—
$
—
$
—
a
$
—
Senior
Floating
Rate
Interests
...............
—
—
2,832,734
2,832,734
Municipal
Bonds
.........................
—
13,252,112,442
—
13,252,112,442
Escrows
and
Litigation
Trusts
...............
—
—
3,333,706
3,333,706
Short
Term
Investments
...................
—
100,040,000
—
100,040,000
Total
Investments
in
Securities
...........
$—
$13,352,152,442
$6,166,440
$13,358,318,882
Other
Financial
Instruments:
Unfunded
Commitments
..................
$—
$—
$2,211,045
$2,211,045
Total
Other
Financial
Instruments
.........
$—
$—
$2,211,045
$2,211,045
a
Includes
financial
instruments
determined
to
have
no
value.
3. Securities
Purchased
on
a Forward
Commitment
Basis
(continued)
Franklin
California
Tax-Free
Income
Fund
Notes
to
Schedule
of
Investments
(unaudited)
34
Quarterly
Schedule
of
Investments
Abbreviations
Selected
Portfolio
1915
Act
Improvement
Bond
Act
of
1915
AGMC
Assured
Guaranty
Municipal
Corp.
AMBAC
American
Municipal
Bond
Assurance
Corp.
BAM
Build
America
Mutual
Assurance
Co.
CME
Chicago
Mercantile
Exchange
COP
Certificate
of
Participation
ETM
Escrowed
to
Maturity
FGIC
Financial
Guaranty
Insurance
Co.
FHLMC
Federal
Home
Loan
Mortgage
Corp.
GO
General
Obligation
LOC
Letter
of
Credit
NATL
National
Reinsurance
Corp.
REIT
Real
Estate
Investment
Trust
SOFR
Secured
Overnight
Financing
Rate
SPA
Standby
Purchase
Agreement
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.