NPORT-EX 2 FCTFIF.htm PART F
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
1112-Q1PH
1
Schedule
of
Investments
(unaudited)
Franklin
California
Tax–Free
Income
Fund
2
Notes
to
Schedule
of
Investments
32
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited),
May
31,
2025
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
Municipal
Bonds
98.3%
California
95.4%
Alameda
Corridor
Transportation
Authority
,
Revenue
,
2022
C
,
Refunding
,
AGMC
Insured
,
5
%
,
10/01/52
..................
$
28,000,000
28,579,119
c
Revenue,
Sub.
Lien
,
2004
A
,
Refunding
,
AMBAC
Insured
,
3.84
%,
10/01/29
......
20,000,000
16,981,666
c
Revenue,
Sub.
Lien
,
2004
A
,
Refunding
,
AMBAC
Insured
,
3.9
%,
10/01/30
.......
41,665,000
33,976,324
Alameda
Unified
School
District
,
GO
,
2015
A
,
5
%
,
8/01/39
.....................
18,000,000
18,026,946
c
Alhambra
City
Elementary
School
District
,
Alhambra
Unified
School
District
,
GO
,
2004
B
,
NATL
Insured
,
3.37
%,
9/01/27
......................................
3,035,000
2,816,269
Align
Capital
Trust
,
Revenue
,
2023-1
,
5.5
%
,
3/01/35
.........................
13,000,000
12,570,220
c
Alisal
Union
School
District
,
GO
,
2009
B
,
AGMC
Insured
,
3.42
%,
8/01/32
.............................
3,355,000
2,636,747
GO
,
2009
B
,
AGMC
Insured
,
3.51
%,
8/01/33
.............................
3,610,000
2,722,893
GO
,
2009
B
,
AGMC
Insured
,
3.56
%,
2/01/34
.............................
3,345,000
2,469,757
Alta
Loma
School
District
,
GO
,
2019
B
,
5
%
,
8/01/44
.........................
7,375,000
7,515,261
c
Alvord
Unified
School
District
,
GO
,
2011
B
,
AGMC
Insured
,
4.41
%,
8/01/36
.............................
15,000,000
9,263,339
GO
,
2011
B
,
AGMC
Insured
,
7.128
%,
8/01/46
............................
42,500,000
48,698,778
Anaheim
Housing
&
Public
Improvements
Authority
,
City
of
Anaheim
Electric
System
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
10/01/52
.....
8,040,000
8,136,616
City
of
Anaheim
Water
System
,
Revenue
,
2022
A
,
5
%
,
10/01/52
...............
8,345,000
8,436,071
c
Anaheim
Public
Financing
Authority
,
City
of
Anaheim
,
Revenue
,
1997
C
,
AGMC
Insured
,
3.29
%,
9/01/26
............
29,430,000
28,257,912
City
of
Anaheim
,
Revenue
,
1997
C
,
AGMC
Insured
,
3.29
%,
9/01/27
............
22,860,000
21,250,034
City
of
Anaheim
,
Revenue
,
1997
C
,
AGMC
Insured
,
3.35
%,
9/01/28
............
14,425,000
12,956,998
City
of
Anaheim
,
Revenue
,
1997
C
,
AGMC
Insured
,
3.43
%,
9/01/29
............
24,810,000
21,491,444
City
of
Anaheim
,
Revenue
,
1997
C
,
AGMC
Insured
,
3.63
%,
9/01/32
............
13,665,000
10,552,193
City
of
Anaheim
,
Revenue
,
1997
C
,
AGMC
Insured
,
3.72
%,
9/01/33
............
37,070,000
27,414,407
City
of
Anaheim
,
Revenue
,
1997
C
,
AGMC
Insured
,
3.82
%,
9/01/34
............
24,970,000
17,644,419
City
of
Anaheim
,
Revenue
,
1997
C
,
AGMC
Insured
,
ETM,
3.68
%,
3/01/37
.......
15,080,000
9,857,879
c
Anaheim
Union
High
School
District
,
GO
,
2002
A
,
AGMC
Insured
,
3.05
%,
8/01/26
...
8,570,000
8,273,567
Bay
Area
Toll
Authority
,
Revenue
,
2017
S-7
,
Refunding
,
4
%
,
4/01/42
.............................
119,305,000
112,000,647
Revenue
,
2017
S-7
,
Refunding
,
4
%
,
4/01/47
.............................
23,330,000
21,173,986
Revenue
,
2017
S-7
,
Refunding
,
4
%
,
4/01/49
.............................
13,625,000
12,218,446
d
Revenue
,
2021
A
,
Refunding
,
Mandatory
Put
,
2
%
,
4/01/28
...................
12,000,000
11,491,547
Beaumont
Public
Improvement
Authority
,
City
of
Beaumont
Wastewater
,
Revenue
,
2018
A
,
AGMC
Insured
,
5
%
,
9/01/49
...................................
10,000,000
10,055,318
Beaumont
Unified
School
District
,
c
GO
,
2011
C
,
AGMC
Insured
,
4.57
%,
8/01/40
.............................
11,000,000
5,583,020
Community
Facilities
District
No.
2022-1
Improvement
Area
No.
1
,
Special
Tax
,
2025
,
4.125
%
,
9/01/40
.................................................
280,000
261,259
Community
Facilities
District
No.
2022-1
Improvement
Area
No.
1
,
Special
Tax
,
2025
,
4.375
%
,
9/01/45
.................................................
435,000
400,359
Community
Facilities
District
No.
2022-1
Improvement
Area
No.
1
,
Special
Tax
,
2025
,
4.5
%
,
9/01/50
...................................................
640,000
590,909
Community
Facilities
District
No.
2022-1
Improvement
Area
No.
1
,
Special
Tax
,
2025
,
4.5
%
,
9/01/55
...................................................
910,000
825,773
Community
Facilities
District
No.
2022-1
Improvement
Area
No.
2
,
Special
Tax
,
2025
,
4.125
%
,
9/01/40
.................................................
310,000
289,252
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
Unified
School
District,
(continued)
Community
Facilities
District
No.
2022-1
Improvement
Area
No.
2
,
Special
Tax
,
2025
,
4.375
%
,
9/01/45
.................................................
$
875,000
$
805,319
Community
Facilities
District
No.
2022-1
Improvement
Area
No.
2
,
Special
Tax
,
2025
,
5
%
,
9/01/50
....................................................
1,000,000
995,677
Community
Facilities
District
No.
2022-1
Improvement
Area
No.
2
,
Special
Tax
,
2025
,
5
%
,
9/01/55
....................................................
1,000,000
985,588
Burbank-Glendale-Pasadena
Airport
Authority
Brick
Campaign
,
Revenue,
Senior
Lien
,
2024
B
,
5.25
%
,
7/01/49
............................
5,250,000
5,331,141
Revenue,
Senior
Lien
,
2024
B
,
5.25
%
,
7/01/54
............................
10,000,000
10,120,446
Cabrillo
Unified
School
District
,
GO
,
2018
A
,
5
%
,
8/01/45
.....................
4,245,000
4,310,283
California
Affordable
Housing
Agency
,
Butte
County
Housing
Authority
,
Revenue
,
2020
A
,
4
%
,
10/01/40
..............
1,580,000
1,486,181
Butte
County
Housing
Authority
,
Revenue
,
2020
A
,
4
%
,
10/01/45
..............
1,930,000
1,701,102
Butte
County
Housing
Authority
,
Revenue
,
2020
A
,
4
%
,
10/01/50
..............
1,855,000
1,614,131
d
California
Community
Choice
Financing
Authority
,
Revenue
,
2022
A-1
,
Mandatory
Put
,
4
%
,
8/01/28
..........................
100,000,000
100,141,940
Revenue
,
2023
C
,
Mandatory
Put
,
5.25
%
,
10/01/31
........................
122,575,000
126,953,367
Revenue
,
2023
E-1
,
Mandatory
Put
,
5
%
,
3/01/31
..........................
38,855,000
40,644,110
Revenue
,
2023
G-1
,
Mandatory
Put
,
5.25
%
,
4/01/30
.......................
23,500,000
24,661,539
Revenue
,
2024
B
,
Mandatory
Put
,
5
%
,
12/01/32
...........................
69,000,000
70,982,818
Revenue
,
2024
D
,
Mandatory
Put
,
5
%
,
9/01/32
...........................
70,000,000
74,165,938
Revenue
,
2024
E
,
Mandatory
Put
,
5
%
,
9/01/32
............................
90,000,000
94,548,150
Revenue
,
2025
A
,
Mandatory
Put
,
5
%
,
5/01/35
............................
6,000,000
6,125,160
California
Community
College
Financing
Authority
,
Revenue
,
2001
A
,
NATL
Insured
,
5.125
%
,
4/01/31
.........................
880,000
884,884
NCCD-Orange
Coast
Properties
LLC
,
Revenue
,
2018
,
5.25
%
,
5/01/53
..........
8,150,000
8,248,189
e
California
Community
Housing
Agency
,
Aster
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
4
%
,
2/01/56
..........
5,235,000
4,226,794
Brio
Apartments
&
Next
on
Lex
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
4
%
,
2/01/56
....................................................
35,015,000
28,226,253
Exchange
at
Bayfront
Apartments
,
Revenue,
Senior
Lien
,
144A,
201
A-1
T
,
4.25
%
,
2/01/38
........................................................
7,095,000
6,214,373
Exchange
at
Bayfront
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
2/01/57
........................................................
59,855,000
37,569,158
Fountains
at
Emerald
Park
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
8/01/46
...
14,740,000
11,779,801
Fountains
at
Emerald
Park
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
8/01/56
..
46,440,000
30,111,626
K
Street
Flats
,
Revenue
,
144A,
2021
A-1
,
3
%
,
2/01/57
......................
47,500,000
30,431,645
Summit
at
Sausalito
Apartments
,
Revenue
,
144A,
2021
A-1
,
3
%
,
2/01/57
........
16,260,000
10,634,990
Twin
Creek
Apartments
,
Revenue
,
144A,
2022
A-1
,
4.5
%
,
8/01/52
.............
29,275,000
22,302,857
c
Twin
Creek
Apartments
,
Revenue,
Senior
Lien
,
144A,
2022
A-2
,
6.311
%,
8/01/65
..
79,990,000
2,932,185
Verdant
at
Green
Valley
Apartments
,
Revenue
,
144A,
2019
A
,
5
%
,
8/01/49
.......
15,765,000
14,024,248
California
County
Tobacco
Securitization
Agency
,
Gold
Country
Settlement
Funding
Corp.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/40
1,120,000
1,044,427
Gold
Country
Settlement
Funding
Corp.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/49
2,000,000
1,729,829
Kern
County
Tobacco
Funding
Corp.
,
Revenue
,
2014
,
Refunding
,
5
%
,
6/01/34
....
9,905,000
9,869,525
Kern
County
Tobacco
Funding
Corp.
,
Revenue
,
2014
,
Refunding
,
5
%
,
6/01/40
....
17,650,000
17,071,382
Los
Angeles
County
Securitization
Corp.
,
Revenue
,
2020
B-1
,
Refunding
,
5
%
,
6/01/49
........................................................
330,000
320,569
Los
Angeles
County
Securitization
Corp.
,
Revenue,
Senior
Lien
,
2020
A
,
Refunding
,
4
%
,
6/01/49
....................................................
3,525,000
2,996,094
Merced
County
Tobacco
Funding
Corp.
,
Revenue,
Senior
Lien
,
2020
A
,
Refunding
,
4
%
,
6/01/36
....................................................
470,000
461,707
Merced
County
Tobacco
Funding
Corp.
,
Revenue,
Senior
Lien
,
2020
A
,
Refunding
,
4
%
,
6/01/38
....................................................
530,000
509,234
Merced
County
Tobacco
Funding
Corp.
,
Revenue,
Senior
Lien
,
2020
A
,
Refunding
,
4
%
,
6/01/40
....................................................
625,000
582,827
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)
Merced
County
Tobacco
Funding
Corp.
,
Revenue,
Senior
Lien
,
2020
A
,
Refunding
,
4
%
,
6/01/42
....................................................
$
100,000
$
92,199
Sonoma
County
Securitization
Corp.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/35
..
350,000
346,926
Sonoma
County
Securitization
Corp.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/36
..
600,000
589,413
Sonoma
County
Securitization
Corp.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/37
..
530,000
515,218
Sonoma
County
Securitization
Corp.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/38
..
790,000
759,047
Sonoma
County
Securitization
Corp.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/39
..
620,000
586,149
Sonoma
County
Securitization
Corp.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/40
..
830,000
773,995
Sonoma
County
Securitization
Corp.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/49
..
3,520,000
3,044,499
Sonoma
County
Securitization
Corp.
,
Revenue
,
2020
B-1
,
Refunding
,
5
%
,
6/01/49
.
540,000
524,568
Stanislaus
County
Tobacco
Funding
Corp.
,
Revenue
,
2002
A
,
5.875
%
,
6/01/43
...
3,165,000
3,168,578
California
Educational
Facilities
Authority
,
Art
Center
College
of
Design
,
Revenue
,
2022
A
,
4
%
,
12/01/40
................
1,295,000
1,155,680
Art
Center
College
of
Design
,
Revenue
,
2022
A
,
4
%
,
12/01/41
................
1,345,000
1,186,571
Art
Center
College
of
Design
,
Revenue
,
2022
A
,
4
%
,
12/01/42
................
1,400,000
1,216,892
Art
Center
College
of
Design
,
Revenue
,
2022
A
,
4
%
,
12/01/46
................
3,000,000
2,540,772
Art
Center
College
of
Design
,
Revenue
,
2022
A
,
4
%
,
12/01/50
................
2,675,000
2,191,784
Art
Center
College
of
Design
,
Revenue
,
2022
A
,
3
%
,
12/01/51
................
650,000
429,055
Chapman
University
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
4/01/31
...............
475,000
528,502
Leland
Stanford
Junior
University
(The)
,
Revenue
,
T-1
,
5
%
,
3/15/39
............
2,815,000
3,187,180
Leland
Stanford
Junior
University
(The)
,
Revenue
,
U-1
,
5.25
%
,
4/01/40
.........
5,000,000
5,732,398
Leland
Stanford
Junior
University
(The)
,
Revenue
,
U-6
,
5
%
,
5/01/45
............
7,000,000
7,616,777
Leland
Stanford
Junior
University
(The)
,
Revenue
,
V-1
,
5
%
,
5/01/49
............
20,850,000
22,445,701
Loma
Linda
University
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
4/01/47
.............
11,000,000
10,705,131
c
Loyola
Marymount
University
,
Revenue
,
2001
A
,
NATL
Insured
,
3.31
%,
10/01/26
..
7,620,000
7,294,992
c
Loyola
Marymount
University
,
Revenue
,
2001
A
,
NATL
Insured
,
3.32
%,
10/01/27
..
7,365,000
6,824,056
c
Loyola
Marymount
University
,
Revenue
,
2001
A
,
NATL
Insured
,
3.38
%,
10/01/28
..
4,120,000
3,687,251
c
Loyola
Marymount
University
,
Revenue
,
2001
A
,
NATL
Insured
,
3.51
%,
10/01/30
..
5,685,000
4,729,050
c
Loyola
Marymount
University
,
Revenue
,
2001
A
,
NATL
Insured
,
3.57
%,
10/01/31
..
7,615,000
6,096,437
c
Loyola
Marymount
University
,
Revenue
,
2001
A
,
NATL
Insured
,
3.66
%,
10/01/32
..
7,615,000
5,851,201
c
Santa
Clara
University
,
Revenue
,
1999
,
AMBAC
Insured
,
3.98
%,
9/01/26
........
1,345,000
1,280,652
St.
Mary's
College
of
California
,
Revenue
,
2023
A
,
Refunding
,
5.5
%
,
10/01/53
....
10,850,000
10,993,484
University
of
Redlands
,
Revenue
,
2022
A
,
5
%
,
10/01/44
.....................
3,835,000
3,769,337
University
of
Redlands
,
Revenue
,
2022
A
,
5
%
,
10/01/52
.....................
18,790,000
17,957,030
University
of
San
Francisco
,
Revenue
,
2018
A
,
5
%
,
10/01/48
.................
10,000,000
9,984,119
University
of
Southern
California
,
Revenue
,
2025
A
,
5
%
,
10/01/55
.............
50,000,000
51,779,105
California
Enterprise
Development
Authority
,
Castilleja
School
Foundation
,
Revenue
,
2024
,
5
%
,
6/01/49
...................
2,800,000
2,841,486
Provident
Group-SDSU
Properties
LLC
,
Revenue,
First
Tier
,
2020
A
,
5
%
,
8/01/40
..
650,000
657,435
Provident
Group-SDSU
Properties
LLC
,
Revenue,
First
Tier
,
2020
A
,
5
%
,
8/01/45
..
650,000
651,578
Provident
Group-SDSU
Properties
LLC
,
Revenue,
First
Tier
,
2020
A
,
5
%
,
8/01/50
..
650,000
642,627
Provident
Group-SDSU
Properties
LLC
,
Revenue,
First
Tier
,
2020
A
,
5
%
,
8/01/55
..
3,175,000
3,095,888
Provident
Group-SDSU
Properties
LLC
,
Revenue,
First
Tier
,
2020
A
,
5
%
,
8/01/57
..
500,000
485,685
California
Health
Facilities
Financing
Authority
,
Adventist
Health
System/West
Obligated
Group
,
Revenue
,
2024
A
,
5
%
,
12/01/28
..
24,200,000
25,416,415
Casa
Milagro
LLC
,
Revenue
,
2011
A
,
California
Mortgage
Insured
,
6.25
%
,
2/01/26
.
1,405,000
1,408,739
Cedars-Sinai
Medical
Center
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
8/15/41
........................................................
5,000,000
5,239,812
Children's
Hospital
Los
Angeles
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
8/15/42
........................................................
14,370,000
14,024,772
Children's
Hospital
Los
Angeles
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
8/15/47
........................................................
7,750,000
7,451,558
City
of
Hope
Obligated
Group
,
Revenue
,
2019
,
5
%
,
11/15/49
.................
27,000,000
26,124,020
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
4/01/36
.
13,220,000
13,023,597
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
4/01/37
.
5,550,000
5,397,580
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
4/01/38
.
7,075,000
6,775,429
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)
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
3
%
,
4/01/44
.
$
4,340,000
$
3,401,028
El
Camino
Hospital
LP
,
Revenue
,
2017
,
4.125
%
,
2/01/47
....................
11,000,000
9,954,245
El
Camino
Hospital
LP
,
Revenue
,
2017
,
5
%
,
2/01/47
.......................
12,500,000
12,535,207
Episcopal
Communities
&
Services
for
Seniors
Obligated
Group
,
Revenue
,
2024
B
,
5.25
%
,
11/15/48
.................................................
1,905,000
1,909,958
Episcopal
Communities
&
Services
for
Seniors
Obligated
Group
,
Revenue
,
2024
B
,
5.25
%
,
11/15/53
.................................................
1,945,000
1,930,632
Episcopal
Communities
&
Services
for
Seniors
Obligated
Group
,
Revenue
,
2024
B
,
5.25
%
,
11/15/58
.................................................
3,000,000
2,951,861
Kaiser
Foundation
Hospitals
,
Revenue
,
2017
A-2
,
4
%
,
11/01/38
...............
25,000,000
23,822,677
Kaiser
Foundation
Hospitals
,
Revenue
,
2017
A-2
,
4
%
,
11/01/44
...............
411,225,000
368,313,877
Kaiser
Foundation
Hospitals
,
Revenue
,
2017
A-2
,
5
%
,
11/01/47
...............
12,500,000
13,327,804
Lucile
Salter
Packard
Children's
Hospital
at
Stanford
Obligated
Group
,
Revenue
,
2016
B
,
5
%
,
8/15/55
..............................................
24,000,000
23,437,390
Lucile
Salter
Packard
Children's
Hospital
at
Stanford
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
11/15/56
.............................................
10,300,000
10,165,577
Marshall
Medical
Center
,
Revenue
,
2020
A
,
Refunding
,
California
Mortgage
Insured
,
4
%
,
11/01/40
...................................................
3,750,000
3,623,223
Marshall
Medical
Center
,
Revenue
,
2020
A
,
Refunding
,
California
Mortgage
Insured
,
5
%
,
11/01/50
...................................................
25,065,000
25,359,817
On
Lok
Senior
Health
Services
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
8/01/40
........................................................
1,450,000
1,469,900
On
Lok
Senior
Health
Services
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
8/01/50
........................................................
2,375,000
2,292,471
On
Lok
Senior
Health
Services
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
8/01/55
........................................................
850,000
810,110
Providence
St.
Joseph
Health
Obligated
Group
,
Revenue
,
2014
A
,
5
%
,
10/01/38
..
5,110,000
5,111,201
Scripps
Health
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
11/15/42
.....
2,500,000
2,640,060
Sequoia
Living,
Inc.
,
Revenue
,
2015
,
Refunding
,
California
Mortgage
Insured
,
5
%
,
7/01/34
........................................................
1,000,000
1,001,229
Sequoia
Living,
Inc.
,
Revenue
,
2015
,
Refunding
,
California
Mortgage
Insured
,
5
%
,
7/01/39
........................................................
1,450,000
1,450,980
Sequoia
Living,
Inc.
,
Revenue
,
2015
,
Refunding
,
California
Mortgage
Insured
,
5
%
,
7/01/44
........................................................
1,160,000
1,160,260
Sutter
Health
Obligated
Group
,
Revenue
,
2016
B
,
5
%
,
11/15/46
...............
42,105,000
41,982,197
Sutter
Health
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
4
%
,
11/15/48
......
10,585,000
8,973,913
Sutter
Health
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
11/15/48
......
21,690,000
21,623,416
Sutter
Health
Obligated
Group
,
Revenue
,
2018
A
,
4
%
,
11/15/42
...............
11,680,000
10,576,008
Sutter
Health
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
11/15/48
...............
24,500,000
24,424,790
California
Housing
Finance
Agency
,
Revenue
,
2019-1
,
A
,
4.25
%
,
1/15/35
...................................
45,739,369
45,953,558
Revenue
,
2019-2
,
A
,
4
%
,
3/20/33
......................................
13,173,535
13,088,573
Revenue
,
2021-1
,
A
,
3.5
%
,
11/20/35
...................................
4,678,456
4,346,055
e
Found
Middle
LP
,
Revenue
,
144A,
2024
L
,
5.2
%
,
12/01/27
...................
5,000,000
5,081,896
d,e
Shermanair
Apartments
Owner
LP
,
Revenue
,
144A,
2021
Q-1
,
Mandatory
Put
,
3
%
,
9/01/36
........................................................
22,535,000
19,443,036
e
Shermanair
Apartments
Owner
LP
,
Revenue
,
144A,
2021
Q-2
,
5
%
,
9/01/36
......
1,940,000
1,576,457
California
Infrastructure
&
Economic
Development
Bank
,
California
State
Teachers'
Retirement
System
,
Revenue
,
2019
,
5
%
,
8/01/44
......
12,750,000
12,959,245
California
State
Teachers'
Retirement
System
,
Revenue
,
2019
,
5
%
,
8/01/49
......
16,040,000
16,226,476
California
State
Water
Resources
Control
Board
Water
Pollution
Control
Revolving
Fund
,
Revenue
,
2018
,
5
%
,
10/01/43
..................................
10,000,000
10,231,594
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2020
B
,
4
%
,
11/01/45
.......................................................
850,000
723,107
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2020
B
,
4
%
,
11/01/50
.......................................................
860,000
705,900
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
$
792,690
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2022
B
,
5
%
,
11/01/47
.......................................................
2,300,000
2,273,504
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2022
B
,
4.125
%
,
11/01/52
.......................................................
3,100,000
2,565,266
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2022
B
,
5
%
,
11/01/57
.......................................................
5,500,000
5,333,798
Los
Angeles
County
Museum
of
Natural
History
Foundation
,
Revenue
,
2020
,
Refunding
,
3
%
,
7/01/50
............................................
18,995,000
13,096,885
d
Museum
Associates
,
Revenue
,
2021
A
,
Refunding
,
Mandatory
Put
,
1.2
%
,
6/01/28
.
15,000,000
13,610,553
University
of
California
,
Revenue
,
2017
,
5
%
,
5/15/52
.......................
31,305,000
31,552,920
California
Municipal
Finance
Authority
,
Revenue,
Senior
Lien
,
2017
A
,
Refunding
,
4
%
,
8/15/52
.....................
27,350,000
22,847,345
Special
Tax
,
2024
C
,
5
%
,
9/01/44
......................................
1,100,000
1,108,815
Special
Tax
,
2024
C
,
5
%
,
9/01/54
......................................
1,000,000
978,540
Special
Tax
,
2024
E
,
5
%
,
9/01/55
......................................
2,500,000
2,426,443
Special
Tax
,
2025
A
,
5
%
,
9/01/50
......................................
1,350,000
1,330,869
Special
Tax
,
2025
B
,
5.125
%
,
9/01/50
..................................
1,275,000
1,247,527
f
1717
University
Associates
LLC
,
Revenue
,
2020
A
,
4.5
%
,
6/01/52
.............
11,413,000
9,178,570
f
1717
University
Associates
LLC
,
Revenue
,
2020
A-T
,
5.25
%
,
6/01/52
...........
3,407,000
2,549,339
e
Ascent
613
,
Revenue
,
144A,
2025
A
,
5.25
%
,
1/01/45
.......................
2,500,000
2,370,397
e
Ascent
613
,
Revenue
,
144A,
2025
A
,
5.375
%
,
1/01/55
......................
3,500,000
3,263,194
e
Ascent
613
,
Revenue
,
144A,
2025
A
,
5.5
%
,
1/01/60
........................
2,850,000
2,681,138
Bethany
Home
Society
of
San
Joaquin
County,
Inc.
,
Revenue
,
2023
,
California
Mortgage
Insured
,
5
%
,
11/15/52
.....................................
26,465,000
27,169,506
California
Institute
of
the
Arts
,
Revenue
,
2021
,
4
%
,
10/01/51
.................
2,355,000
1,875,970
Caritas
Corp.
CMFA
Mobile
Home
Park
Financing
2024
Portfolio
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
8/15/49
............................................
1,235,000
1,238,956
Caritas
Corp.
CMFA
Mobile
Home
Park
Financing
2024
Portfolio
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
8/15/54
............................................
1,800,000
1,788,336
Caritas
Corp.
CMFA
Mobile
Home
Park
Financing
2024
Portfolio
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
8/15/59
............................................
2,600,000
2,560,658
Carmel
Valley
Manor
Obligated
Group
,
Revenue
,
2022
,
California
Mortgage
Insured
,
5
%
,
5/15/52
....................................................
17,775,000
18,227,445
e
Century
CityView
LP
,
Revenue
,
144A,
2021
A
,
4
%
,
11/01/36
..................
10,375,000
9,525,454
CHF-Davis
I
LLC
,
Revenue
,
2018
,
5
%
,
5/15/51
...........................
10,000,000
9,571,392
City
of
Elk
Grove
Community
Facilities
District
No.
2023-7
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/39
......................................
580,000
591,406
City
of
Elk
Grove
Community
Facilities
District
No.
2023-7
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/44
......................................
900,000
907,789
City
of
Elk
Grove
Community
Facilities
District
No.
2023-7
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/49
......................................
785,000
784,367
City
of
Elk
Grove
Community
Facilities
District
No.
2023-7
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/54
......................................
750,000
727,287
Community
Facilities
District
No.
2020-6
,
Special
Tax
,
2025
,
5
%
,
9/01/50
........
1,000,000
978,879
Community
Facilities
District
No.
2020-6
,
Special
Tax
,
2025
,
5
%
,
9/01/55
........
1,500,000
1,429,513
Community
Facilities
District
No.
2021-13
,
Special
Tax
,
2025
,
5
%
,
9/01/45
.......
1,085,000
1,078,814
Community
Facilities
District
No.
2021-13
,
Special
Tax
,
2025
,
5
%
,
9/01/50
.......
1,250,000
1,223,598
Community
Facilities
District
No.
2021-13
,
Special
Tax
,
2025
,
5
%
,
9/01/55
.......
1,400,000
1,336,236
Community
Facilities
District
No.
2022-6
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/44
....................................................
1,000,000
1,009,496
Community
Facilities
District
No.
2022-6
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/49
....................................................
1,250,000
1,247,251
Community
Facilities
District
No.
2022-6
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/54
....................................................
4,025,000
3,816,350
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)
Community
Hospitals
of
Central
California
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
2/01/42
............................................
$
15,900,000
$
15,647,413
Community
Hospitals
of
Central
California
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
2/01/47
............................................
19,145,000
18,900,137
Community
Hospitals
of
Central
California
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
2/01/51
........................................................
7,000,000
5,865,686
Concordia
University
Irvine
,
Revenue
,
2021
,
4
%
,
1/01/37
....................
1,040,000
947,462
Concordia
University
Irvine
,
Revenue
,
2021
,
4
%
,
1/01/38
....................
1,000,000
895,327
Concordia
University
Irvine
,
Revenue
,
2021
,
4
%
,
1/01/39
....................
1,040,000
914,750
Concordia
University
Irvine
,
Revenue
,
2021
,
4
%
,
1/01/40
....................
1,175,000
1,016,179
Concordia
University
Irvine
,
Revenue
,
2021
,
4
%
,
1/01/41
....................
1,140,000
967,714
Congregational
Homes,
Inc.
Obligated
Group
,
Revenue
,
2022
A
,
4
%
,
11/15/42
....
450,000
379,362
Congregational
Homes,
Inc.
Obligated
Group
,
Revenue
,
2022
A
,
4
%
,
11/15/52
....
1,000,000
751,548
Congregational
Homes,
Inc.
Obligated
Group
,
Revenue
,
2022
A
,
4
%
,
11/15/56
....
1,100,000
805,919
Eisenhower
Medical
Center
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/47
.........
9,100,000
8,843,192
Eskaton
Properties,
Inc.
Obligated
Group
,
Revenue
,
2024
,
Refunding
,
5
%
,
11/15/44
1,500,000
1,493,438
e
IH
Citrus
Whittier
LLC
,
Revenue
,
144A,
2023
,
I-A
,
6.25
%
,
1/01/60
.............
29,830,000
28,284,308
e
IH
Citrus
Whittier
LLC
,
Revenue
,
144A,
2023
,
I-B
,
9
%
,
7/01/42
................
1,800,000
1,785,824
e
IH
Lakes
Concord
LLC
,
Revenue
,
144A,
2022
A-1
,
4.375
%
,
12/01/32
...........
22,510,000
21,537,789
e
IH
Parkside
Fairfield
LLC
,
Revenue
,
144A,
2023
A-1
,
6.75
%
,
9/01/53
...........
51,750,000
52,761,723
e
IH
Parkside
Fairfield
LLC
,
Revenue
,
144A,
2023
A-2
,
8
%
,
9/01/27
.............
565,000
575,817
Inland
Christian
Home,
Inc.
,
Revenue
,
2020
,
California
Mortgage
Insured
,
4
%
,
12/01/49
.......................................................
2,670,000
2,437,411
Inland
Counties
Regional
Center,
Inc.
,
Revenue
,
2015
,
Refunding
,
5
%
,
6/15/45
...
23,300,000
23,298,970
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
........
81,985,000
68,600,490
LAX
Integrated
Express
Solutions
LLC
,
Revenue,
Senior
Lien
,
2018
A
,
5
%
,
12/31/37
8,500,000
8,538,194
LAX
Integrated
Express
Solutions
LLC
,
Revenue,
Senior
Lien
,
2018
A
,
5
%
,
12/31/38
5,000,000
5,016,612
LAX
Integrated
Express
Solutions
LLC
,
Revenue,
Senior
Lien
,
2018
A
,
5
%
,
12/31/43
46,895,000
45,710,367
LAX
Integrated
Express
Solutions
LLC
,
Revenue,
Senior
Lien
,
2018
A
,
5
%
,
12/31/47
55,745,000
53,298,380
LAX
Integrated
Express
Solutions
LLC
,
Revenue,
Senior
Lien
,
2018
B
,
5
%
,
6/01/48
14,325,000
13,645,889
e
NCCD-Claremont
Properties
LLC
,
Revenue
,
144A,
2023
A
,
Refunding
,
5.25
%
,
7/01/40
........................................................
7,065,000
7,228,009
e
NCCD-Claremont
Properties
LLC
,
Revenue
,
144A,
2023
A
,
Refunding
,
5.5
%
,
7/01/50
21,145,000
21,653,823
e
NCCD-Claremont
Properties
LLC
,
Revenue
,
144A,
2023
A
,
Refunding
,
6
%
,
7/01/53
12,485,000
13,336,287
e
NCCD-Claremont
Properties
LLC
,
Revenue
,
144A,
2023
B
,
Refunding
,
6.5
%
,
7/01/32
........................................................
2,470,000
2,451,846
Northbay
Healthcare
Group
Obligated
Group
,
Revenue
,
2017
A
,
5.25
%
,
11/01/41
..
5,500,000
5,192,425
Northbay
Healthcare
Group
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
11/01/47
....
8,650,000
7,643,065
Northern
California
Retired
Officers
Community
,
Revenue
,
2019
A
,
California
Mortgage
Insured
,
5
%
,
1/01/43
......................................
10,000,000
10,171,835
Northern
California
Retired
Officers
Community
,
Revenue
,
2019
A
,
California
Mortgage
Insured
,
5
%
,
1/01/49
......................................
18,990,000
19,259,164
Palomar
Health
Obligated
Group
,
COP
,
2022
A
,
Refunding
,
AGMC
Insured
,
5.25
%
,
11/01/52
.......................................................
43,040,000
43,435,929
Samuel
Merritt
University
,
Revenue
,
2022
,
5.25
%
,
6/01/53
...................
39,750,000
41,066,345
e
Sierra
Ridge
3600
LLC
,
Revenue
,
144A,
2024
A
,
5.75
%
,
11/01/39
.............
48,675,000
46,274,592
University
of
La
Verne
,
Revenue
,
2017
A
,
Refunding
,
4
%
,
6/01/47
.............
10,500,000
9,218,721
California
Pollution
Control
Financing
Authority
,
e
Channelside
Water
Resources
LP
,
Revenue
,
144A,
2019
,
Refunding
,
5
%
,
7/01/39
.
7,250,000
7,312,831
e
Channelside
Water
Resources
LP
,
Revenue
,
144A,
2019
,
Refunding
,
5
%
,
11/21/45
11,365,000
11,248,364
e
Channelside
Water
Resources
LP
,
Revenue
,
144A,
2023
,
5
%
,
7/01/30
..........
5,200,000
5,416,793
e
Channelside
Water
Resources
LP
,
Revenue
,
144A,
2023
,
5
%
,
7/01/31
..........
3,000,000
3,138,649
e
Channelside
Water
Resources
LP
,
Revenue
,
144A,
2023
,
5
%
,
7/01/32
..........
5,500,000
5,780,164
e
Channelside
Water
Resources
LP
,
Revenue
,
144A,
2023
,
5
%
,
7/01/33
..........
6,000,000
6,323,543
e
Channelside
Water
Resources
LP
,
Revenue
,
144A,
2023
,
5
%
,
7/01/34
..........
3,250,000
3,426,502
e
Channelside
Water
Resources
LP
,
Revenue
,
144A,
2023
,
5
%
,
7/01/35
..........
3,250,000
3,404,909
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
8
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
California
Pollution
Control
Financing
Authority,
(continued)
e
Channelside
Water
Resources
LP
,
Revenue
,
144A,
2023
,
5
%
,
7/01/36
..........
$
2,650,000
$
2,756,122
e
Channelside
Water
Resources
LP
,
Revenue
,
144A,
2023
,
5
%
,
7/01/37
..........
2,300,000
2,379,566
e
Channelside
Water
Resources
LP
,
Revenue
,
144A,
2023
,
5
%
,
7/01/38
..........
2,000,000
2,048,919
e
Channelside
Water
Resources
LP
,
Revenue
,
144A,
2023
,
5
%
,
11/21/45
.........
2,200,000
2,177,422
San
Jose
Water
Co.
,
Revenue
,
2016
,
4.75
%
,
11/01/46
......................
15,000,000
13,515,781
California
Public
School
District
Financing
Authority
,
Southern
Kern
Unified
School
District
,
Revenue
,
1996
B
,
AGMC
Insured
,
ETM,
5.9
%
,
9/01/26
...............
430,000
438,324
e
California
School
Finance
Authority
,
Alliance
for
College
Ready
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
4
%
,
7/01/34
............................................
445,000
433,761
Alliance
for
College
Ready
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5
%
,
7/01/49
............................................
1,000,000
988,200
Alliance
for
College
Ready
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5
%
,
7/01/59
............................................
3,000,000
2,879,875
Aspire
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2021
A
,
2.125
%
,
8/01/31
.
500,000
436,986
Aspire
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2021
A
,
4
%
,
8/01/36
....
325,000
304,753
Aspire
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2021
A
,
4
%
,
8/01/41
....
525,000
456,053
Aspire
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2021
A
,
4
%
,
8/01/51
....
800,000
633,050
Aspire
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2022
A
,
5
%
,
8/01/52
....
2,935,000
2,698,629
Camino
Nuevo
Charter
Academy
Obligated
Group
,
Revenue
,
144A,
2023
A
,
Refunding
,
5
%
,
6/01/43
............................................
1,000,000
960,595
Camino
Nuevo
Charter
Academy
Obligated
Group
,
Revenue
,
144A,
2023
A
,
Refunding
,
5.25
%
,
6/01/53
.........................................
1,550,000
1,475,783
Classical
Academy
Obligated
Group
,
Revenue
,
144A,
2022
A
,
Refunding
,
5
%
,
10/01/42
.......................................................
1,325,000
1,293,029
Classical
Academy
Obligated
Group
,
Revenue
,
144A,
2022
A
,
Refunding
,
5
%
,
10/01/52
.......................................................
2,265,000
2,109,081
Classical
Academy
Obligated
Group
,
Revenue
,
144A,
2022
A
,
Refunding
,
5
%
,
10/01/61
.......................................................
3,905,000
3,597,201
Granada
Hills
Charter
High
School
Obligated
Group
,
Revenue
,
144A,
2021
A
,
Refunding
,
4
%
,
7/01/29
............................................
250,000
251,285
Granada
Hills
Charter
High
School
Obligated
Group
,
Revenue
,
144A,
2021
A
,
Refunding
,
4
%
,
7/01/38
............................................
465,000
431,237
Granada
Hills
Charter
High
School
Obligated
Group
,
Revenue
,
144A,
2021
A
,
Refunding
,
4
%
,
7/01/48
............................................
675,000
560,398
Granada
Hills
Charter
High
School
Obligated
Group
,
Revenue
,
144A,
2024
A
,
5
%
,
7/01/54
........................................................
525,000
515,335
Green
Dot
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2022
A
,
Refunding
,
5.75
%
,
8/01/52
..................................................
1,500,000
1,539,799
KIPP
SoCal
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2020
A
,
4
%
,
7/01/40
800,000
715,463
STEM
Preparatory
Schools
-
Obligated
Group
,
Revenue
,
144A,
2023
A
,
5.125
%
,
6/01/53
........................................................
1,000,000
953,548
STEM
Preparatory
Schools
-
Obligated
Group
,
Revenue
,
144A,
2023
A
,
5.375
%
,
5/01/63
........................................................
1,000,000
968,778
Value
Schools
,
Revenue
,
144A,
2023
A
,
Refunding
,
5
%
,
7/01/40
..............
550,000
548,466
Value
Schools
,
Revenue
,
144A,
2023
A
,
Refunding
,
5.25
%
,
7/01/48
............
725,000
719,112
California
State
Public
Works
Board
,
State
of
California
,
Revenue
,
2019
C
,
5
%
,
11/01/44
........................
5,000,000
5,145,198
State
of
California
,
Revenue
,
2021
D
,
4
%
,
11/01/35
........................
1,210,000
1,226,335
California
State
University
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
11/01/47
..............................
11,000,000
10,974,866
Revenue
,
2016
A
,
Refunding
,
5
%
,
11/01/36
..............................
3,760,000
3,806,825
d
Revenue
,
2016
B-2
,
Refunding
,
Mandatory
Put
,
0.55
%
,
11/01/26
..............
12,000,000
11,464,092
Revenue
,
2017
A
,
Refunding
,
5
%
,
11/01/42
..............................
12,310,000
12,526,829
Revenue
,
2017
A
,
Refunding
,
5
%
,
11/01/47
..............................
26,185,000
26,413,666
Revenue
,
2018
A
,
Refunding
,
5
%
,
11/01/39
..............................
3,675,000
3,795,115
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
State
University,
(continued)
Revenue
,
2018
A
,
Refunding
,
5
%
,
11/01/43
..............................
$
3,330,000
$
3,396,424
Revenue
,
2018
A
,
Refunding
,
5
%
,
11/01/48
..............................
17,385,000
17,579,196
Revenue
,
2019
A
,
5
%
,
11/01/44
.......................................
40,010,000
40,832,982
Revenue
,
2019
A
,
5
%
,
11/01/49
.......................................
31,915,000
32,322,794
Revenue
,
2019
A
,
5
%
,
11/01/51
.......................................
45,680,000
46,171,823
California
Statewide
Communities
Development
Authority
,
Revenue
,
2024
B-1
,
5
%
,
9/02/44
......................................
2,500,000
2,505,277
Revenue
,
2024
B-1
,
5
%
,
9/02/49
......................................
2,000,000
1,962,577
Revenue
,
2024
B-1
,
5
%
,
9/02/54
......................................
2,500,000
2,435,281
Special
Assessment
,
2024
A
,
5
%
,
9/02/54
...............................
1,290,000
1,283,587
Special
Tax
,
2023
A
,
5.25
%
,
9/01/51
...................................
3,305,000
3,338,689
Special
Tax
,
2024
C-2
,
4.375
%
,
9/02/40
.................................
1,000,000
958,924
Special
Tax
,
2024
C-2
,
4.5
%
,
9/02/45
...................................
1,050,000
991,906
Special
Tax
,
2024
C-2
,
4.625
%
,
9/02/50
.................................
2,135,000
2,044,392
Special
Tax
,
2024
C-2
,
4.75
%
,
9/02/55
..................................
2,000,000
1,888,571
Special
Tax
,
2025
A
,
5
%
,
9/02/55
......................................
10,075,000
9,853,745
899
Charleston
,
Revenue
,
2024
,
Refunding
,
California
Mortgage
Insured
,
4.25
%
,
11/01/44
.......................................................
4,320,000
4,170,779
899
Charleston
,
Revenue
,
2024
,
Refunding
,
California
Mortgage
Insured
,
5
%
,
11/01/49
.......................................................
2,500,000
2,615,375
Adventist
Health
System/West
Obligated
Group
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
3/01/35
........................................................
9,250,000
9,280,509
Adventist
Health
System/West
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
3/01/48
........................................................
67,585,000
65,547,866
Cedars-Sinai
Medical
Center
Obligated
Group
,
Revenue
,
2018
,
5
%
,
7/01/48
.....
7,980,000
8,049,352
Community
Facilities
District
Improvement
Area
No.
4
,
Special
Tax
,
2024
,
5
%
,
9/01/45
........................................................
1,840,000
1,840,580
Community
Facilities
District
Improvement
Area
No.
4
,
Special
Tax
,
2024
,
5
%
,
9/01/55
........................................................
2,400,000
2,354,518
Community
Facilities
District
No.
2020-02
Improvement
Area
No.
2
,
Special
Tax
,
2022
,
5.25
%
,
9/01/52
.............................................
1,650,000
1,666,827
Community
Facilities
District
No.
2020-2
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
5
%
,
9/01/34
....................................................
350,000
373,434
Community
Facilities
District
No.
2020-2
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
5
%
,
9/01/39
....................................................
745,000
764,260
Community
Facilities
District
No.
2020-2
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
5
%
,
9/01/44
....................................................
1,230,000
1,243,143
Community
Facilities
District
No.
2020-2
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
5
%
,
9/01/49
....................................................
500,000
499,597
Community
Facilities
District
No.
2020-2
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
5
%
,
9/01/54
....................................................
750,000
744,000
Community
Facilities
District
No.
2021-03
,
Special
Tax
,
2024
,
5
%
,
9/01/44
.......
875,000
865,317
Community
Facilities
District
No.
2021-03
,
Special
Tax
,
2024
,
5
%
,
9/01/49
.......
820,000
802,432
Community
Facilities
District
No.
2021-03
,
Special
Tax
,
2024
,
5
%
,
9/01/54
.......
850,000
826,748
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2023
,
5
%
,
9/01/43
........
1,000,000
1,013,175
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2023
,
5
%
,
9/01/53
........
1,850,000
1,824,951
Community
Facilities
District
No.
20220
,
Special
Tax
,
2023
,
5
%
,
9/01/43
.........
1,030,000
1,040,773
Community
Facilities
District
No.
20220
,
Special
Tax
,
2023
,
5
%
,
9/01/48
.........
1,120,000
1,118,215
Community
Facilities
District
No.
20220
,
Special
Tax
,
2023
,
5
%
,
9/01/53
.........
1,000,000
982,049
Community
Facilities
District
No.
2022-03
,
Special
Tax
,
2023
,
5
%
,
9/01/38
.......
1,700,000
1,747,534
Community
Facilities
District
No.
2022-03
,
Special
Tax
,
2023
,
5
%
,
9/01/43
.......
380,000
381,665
Community
Facilities
District
No.
2022-03
,
Special
Tax
,
2023
,
5
%
,
9/01/53
.......
1,250,000
1,227,561
Community
Facilities
District
No.
2022-10
,
Special
Tax
,
2023
,
5.5
%
,
9/01/53
......
1,770,000
1,815,788
Enloe
Medical
Center
Obligated
Group
,
Revenue
,
2022
A
,
AGMC
Insured
,
5
%
,
8/15/42
........................................................
600,000
615,550
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)
California
Statewide
Communities
Development
Authority,
(continued)
Enloe
Medical
Center
Obligated
Group
,
Revenue
,
2022
A
,
AGMC
Insured
,
5.125
%
,
8/15/47
........................................................
$
880,000
$
894,158
Enloe
Medical
Center
Obligated
Group
,
Revenue
,
2022
A
,
AGMC
Insured
,
5.25
%
,
8/15/52
........................................................
11,215,000
11,382,872
Enloe
Medical
Center
Obligated
Group
,
Revenue
,
2022
A
,
AGMC
Insured
,
5.375
%
,
8/15/57
........................................................
17,930,000
18,165,086
Marin
General
Hospital
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
8/01/34
........
1,225,000
1,256,601
c
Carlsbad
Unified
School
District
,
GO
,
2011
C
,
6.448
%,
8/01/35
.................
33,000,000
38,117,630
Centinela
Valley
Union
High
School
District
,
GO
,
2004
A
,
Refunding
,
NATL
Insured
,
5.5
%
,
8/01/33
....................................................
14,155,000
15,268,793
d
Central
Valley
Energy
Authority
,
Revenue
,
2025
,
Mandatory
Put
,
5
%
,
8/01/35
......
50,000,000
52,336,635
Chaffey
Joint
Union
High
School
District
,
GO
,
B
,
5
%
,
8/01/44
..................
10,000,000
9,999,960
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
353,254
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
10
,
Special
Tax
,
2024
,
5
%
,
9/01/34
......................................
650,000
689,441
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
10
,
Special
Tax
,
2024
,
5
%
,
9/01/39
......................................
830,000
853,558
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
10
,
Special
Tax
,
2024
,
5
%
,
9/01/44
......................................
795,000
795,509
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
10
,
Special
Tax
,
2024
,
5
%
,
9/01/49
......................................
675,000
663,289
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
10
,
Special
Tax
,
2024
,
5
%
,
9/01/54
......................................
740,000
718,672
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
8
,
Special
Tax
,
2021
,
4
%
,
9/01/41
......................................
1,710,000
1,554,678
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
8
,
Special
Tax
,
2021
,
4
%
,
9/01/46
......................................
1,000,000
868,793
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
8
,
Special
Tax
,
2021
,
4
%
,
9/01/51
......................................
1,250,000
1,033,966
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
9
,
Special
Tax
,
2022
,
5
%
,
9/01/37
......................................
2,740,000
2,853,160
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
9
,
Special
Tax
,
2022
,
5.25
%
,
9/01/42
...................................
2,000,000
2,057,778
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
9
,
Special
Tax
,
2022
,
5.375
%
,
9/01/47
...................................
2,000,000
2,051,515
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
9
,
Special
Tax
,
2022
,
5.375
%
,
9/01/52
...................................
2,695,000
2,742,693
Chino
Valley
Unified
School
District
,
GO
,
2020
B
,
3.375
%
,
8/01/50
.........................................
20,500,000
15,740,193
GO
,
2020
B
,
5
%
,
8/01/55
............................................
10,000,000
10,198,232
City
&
County
of
San
Francisco
,
GO
,
2022
R-1
,
Refunding
,
5
%
,
6/15/26
.................................
5,000,000
5,123,187
e
District
No.
2020-1
Development
,
Special
Tax
,
144A,
2023
A
,
5.75
%
,
9/01/50
.....
850,000
879,232
e
District
No.
2020-1
Office
,
Special
Tax
,
144A,
2023
B
,
5.75
%
,
9/01/53
..........
1,835,000
1,893,086
City
of
Beaumont
,
Community
Facilities
District
No.
2016-3
,
Special
Tax
,
2023
,
5
%
,
9/01/38
........
500,000
522,009
Community
Facilities
District
No.
2016-3
,
Special
Tax
,
2023
,
5
%
,
9/01/43
........
625,000
635,790
Community
Facilities
District
No.
2016-3
,
Special
Tax
,
2023
,
5
%
,
9/01/48
........
745,000
745,885
Community
Facilities
District
No.
2016-3
,
Special
Tax
,
2023
,
5
%
,
9/01/53
........
950,000
927,401
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2024
,
5
%
,
9/01/39
........
400,000
410,341
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2024
,
5
%
,
9/01/44
........
650,000
659,153
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2024
,
5
%
,
9/01/49
........
1,000,000
999,194
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........
1,500,000
1,476,734
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
Beaumont,
(continued)
Community
Facilities
District
No.
93-1
Improvement
Area
No.
17D
,
Special
Tax
,
2024
,
5
%
,
9/01/45
....................................................
$
1,000,000
$
1,016,615
Community
Facilities
District
No.
93-1
Improvement
Area
No.
17D
,
Special
Tax
,
2024
,
5
%
,
9/01/49
....................................................
1,000,000
1,008,383
Community
Facilities
District
No.
93-1
Improvement
Area
No.
17D
,
Special
Tax
,
2024
,
5
%
,
9/01/54
....................................................
1,390,000
1,378,881
City
of
Corona
,
Community
Facilities
District
No.
2018-1
Improvement
Area
No.
1
,
Special
Tax
,
2020
,
4
%
,
9/01/45
....................................................
650,000
571,970
Community
Facilities
District
No.
2018-1
Improvement
Area
No.
1
,
Special
Tax
,
2020
,
4
%
,
9/01/50
....................................................
1,500,000
1,265,242
City
of
Dixon
,
Community
Facilities
District
No.
2019-1
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
.......................................
1,000,000
984,489
City
of
Dublin
,
Community
Facilities
District
No.
2015-1
Improvement
Area
No.
4
,
Special
Tax
,
2022
,
5.25
%
,
9/01/42
..................................................
2,005,000
2,064,160
Community
Facilities
District
No.
2015-1
Improvement
Area
No.
4
,
Special
Tax
,
2022
,
5.5
%
,
9/01/47
...................................................
2,630,000
2,719,175
Community
Facilities
District
No.
2015-1
Improvement
Area
No.
4
,
Special
Tax
,
2022
,
5.5
%
,
9/01/51
...................................................
3,040,000
3,117,119
Community
Facilities
District
No.
2015-1
Improvement
Area
No.
5
,
Special
Tax
,
2023
,
5.125
%
,
9/01/43
.................................................
1,275,000
1,299,739
City
of
Fillmore
,
Community
Facilities
District
No.
5
Improvement
Area
B
,
Special
Tax
,
2023
,
5
%
,
9/01/38
........................................................
1,000,000
1,028,653
Community
Facilities
District
No.
5
Improvement
Area
B
,
Special
Tax
,
2023
,
5
%
,
9/01/43
........................................................
1,100,000
1,108,529
Community
Facilities
District
No.
5
Improvement
Area
B
,
Special
Tax
,
2023
,
5
%
,
9/01/48
........................................................
2,375,000
2,376,230
Community
Facilities
District
No.
5
Improvement
Area
B
,
Special
Tax
,
2023
,
5
%
,
9/01/53
........................................................
3,740,000
3,689,360
City
of
Fontana
,
Community
Facilities
District
No.
85
,
Special
Tax
,
2020
,
4
%
,
9/01/45
...........
850,000
744,990
Community
Facilities
District
No.
85
,
Special
Tax
,
2020
,
4
%
,
9/01/50
...........
900,000
761,405
Community
Facilities
District
No.
88
,
Special
Tax
,
2020
,
4
%
,
9/01/45
...........
1,100,000
966,666
Community
Facilities
District
No.
88
,
Special
Tax
,
2020
,
4
%
,
9/01/51
...........
1,545,000
1,293,491
Community
Facilities
District
No.
89
,
Special
Tax
,
2020
,
4
%
,
9/01/40
...........
750,000
698,207
Community
Facilities
District
No.
89
,
Special
Tax
,
2020
,
4
%
,
9/01/51
...........
1,500,000
1,269,204
Community
Facilities
District
No.
90
,
Special
Tax
,
2021
,
4
%
,
9/01/41
...........
530,000
489,187
Community
Facilities
District
No.
90
,
Special
Tax
,
2021
,
4
%
,
9/01/46
...........
475,000
420,643
Community
Facilities
District
No.
90
,
Special
Tax
,
2021
,
4
%
,
9/01/51
...........
1,825,000
1,548,896
Community
Facilities
District
No.
99
,
Special
Tax
,
2023
,
5
%
,
9/01/45
...........
600,000
606,326
Community
Facilities
District
No.
99
,
Special
Tax
,
2023
,
5
%
,
9/01/53
...........
500,000
498,433
Community
Facilities
District
No.
109
,
Special
Tax
,
2024
,
5
%
,
9/01/44
..........
1,000,000
1,010,238
Community
Facilities
District
No.
109
,
Special
Tax
,
2024
,
5
%
,
9/01/49
..........
1,100,000
1,097,581
Community
Facilities
District
No.
109
,
Special
Tax
,
2024
,
5
%
,
9/01/54
..........
1,400,000
1,376,196
Community
Facilities
District
No.
112
,
Special
Tax
,
2024
,
5
%
,
9/01/39
...........
1,000,000
1,026,867
Community
Facilities
District
No.
112
,
Special
Tax
,
2024
,
5
%
,
9/01/44
...........
2,300,000
2,318,431
Community
Facilities
District
No.
112
,
Special
Tax
,
2024
,
5
%
,
9/01/54
...........
2,000,000
1,971,970
City
of
Laguna
Beach
,
Underground
Utility
Assessment
District
No.
2014-2
,
Special
Assessment
,
4.375
%
,
9/02/39
........................................................
1,685,000
1,656,129
Underground
Utility
Assessment
District
No.
2014-2
,
Special
Assessment
,
4.625
%
,
9/02/44
........................................................
1,000,000
961,062
City
of
Lake
Elsinore
,
Community
Facilities
District
No.
2006-6
,
Special
Tax
,
2022
,
4.75
%
,
9/01/52
......
1,000,000
925,346
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
Lake
Elsinore,
(continued)
Community
Facilities
District
No.
2019-2
,
Special
Tax
,
2024
,
5
%
,
9/01/49
........
$
1,000,000
$
995,022
Community
Facilities
District
No.
2019-2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........
1,000,000
982,997
City
of
Lincoln
,
Community
Facilities
District
No.
2006-1
Area
No.
1
,
Special
Tax
,
2021
,
Refunding
,
4
%
,
9/01/39
....................................................
290,000
270,263
Community
Facilities
District
No.
2006-1
Area
No.
1
,
Special
Tax
,
2021
,
Refunding
,
4
%
,
9/01/40
....................................................
160,000
146,812
Community
Facilities
District
No.
2006-1
Area
No.
1
,
Special
Tax
,
2021
,
Refunding
,
4
%
,
9/01/43
....................................................
320,000
285,021
Community
Facilities
District
No.
2019-1
,
Special
Tax
,
2022
,
5
%
,
9/01/42
........
2,015,000
2,015,753
Community
Facilities
District
No.
2019-1
,
Special
Tax
,
2022
,
5
%
,
9/01/47
........
3,430,000
3,417,692
Community
Facilities
District
No.
2019-1
,
Special
Tax
,
2022
,
5
%
,
9/01/52
........
2,090,000
2,050,594
City
of
Long
Beach
,
Harbor
,
Revenue
,
2017
C
,
Refunding
,
5
%
,
5/15/47
.........................
15,660,000
15,788,219
Harbor
,
Revenue
,
2019
A
,
5
%
,
5/15/44
..................................
15,045,000
15,502,335
Harbor
,
Revenue
,
2019
A
,
5
%
,
5/15/49
..................................
8,705,000
8,922,672
City
of
Los
Angeles
,
Department
of
Airports
,
Revenue
,
2016
B
,
5
%
,
5/15/41
......................
10,000,000
9,997,607
Department
of
Airports
,
Revenue
,
2016
B
,
5
%
,
5/15/46
......................
15,265,000
15,108,264
Department
of
Airports
,
Revenue
,
2017
A
,
5
%
,
5/15/42
......................
3,680,000
3,645,673
Department
of
Airports
,
Revenue
,
2017
A
,
5
%
,
5/15/47
......................
51,110,000
50,528,716
Department
of
Airports
,
Revenue
,
2017
B
,
5
%
,
5/15/42
......................
4,000,000
4,038,200
Department
of
Airports
,
Revenue
,
2018
A
,
5
%
,
5/15/44
......................
32,985,000
32,743,857
Department
of
Airports
,
Revenue
,
2018
A
,
5.25
%
,
5/15/48
...................
10,000,000
10,050,929
Department
of
Airports
,
Revenue
,
2018
C
,
5
%
,
5/15/37
.....................
9,550,000
9,651,601
Department
of
Airports
,
Revenue
,
2018
C
,
5
%
,
5/15/44
.....................
39,405,000
39,022,196
Department
of
Airports
,
Revenue
,
2018
E
,
Refunding
,
5
%
,
5/15/43
.............
16,995,000
17,346,341
Department
of
Airports
,
Revenue
,
2018
E
,
Refunding
,
5
%
,
5/15/48
.............
33,145,000
33,521,590
Department
of
Airports
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
5/15/49
.............
10,000,000
9,787,600
Department
of
Airports
,
Revenue
,
2019
C
,
5
%
,
5/15/39
.....................
2,305,000
2,385,206
Department
of
Airports
,
Revenue
,
2019
E
,
5
%
,
5/15/44
......................
23,485,000
23,788,520
Department
of
Airports
,
Revenue
,
2019
E
,
5
%
,
5/15/49
......................
10,495,000
10,592,280
Department
of
Airports
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
5/15/35
.............
10,005,000
10,652,366
Department
of
Airports
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
5/15/36
.............
6,000,000
6,355,360
Department
of
Airports
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
5/15/37
.............
5,000,000
5,271,697
Department
of
Airports
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
5/15/38
.............
15,925,000
16,689,723
Department
of
Airports
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
5/15/40
.............
22,485,000
23,368,996
Department
of
Airports
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
5/15/36
.............
3,665,000
3,812,102
Department
of
Airports
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
5/15/38
.............
4,920,000
5,047,982
Department
of
Airports
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
5/15/41
.............
7,005,000
7,065,217
Department
of
Airports
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
5/15/46
.............
25,965,000
25,964,333
Department
of
Airports
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
5/15/51
.............
26,450,000
26,086,627
Department
of
Airports
,
Revenue
,
2021
D
,
5
%
,
5/15/33
.....................
4,735,000
5,023,218
Department
of
Airports
,
Revenue
,
2021
D
,
5
%
,
5/15/34
.....................
2,500,000
2,638,523
Department
of
Airports
,
Revenue
,
2021
D
,
Pre-Refunded
,
5
%
,
5/15/34
..........
140,000
152,226
Department
of
Airports
,
Revenue
,
2022
C
,
Refunding
,
5
%
,
5/15/45
.............
8,000,000
8,011,586
Department
of
Airports
,
Revenue,
Senior
Lien
,
2020
B
,
Refunding
,
4
%
,
5/15/39
...
2,000,000
1,981,362
Department
of
Airports
,
Revenue,
Senior
Lien
,
2020
C
,
5
%
,
5/15/37
............
6,595,000
6,785,272
Department
of
Airports
,
Revenue,
Senior
Lien
,
2022
G
,
5
%
,
5/15/29
............
2,000,000
2,109,064
Department
of
Airports
,
Revenue,
Senior
Lien
,
2022
G
,
4
%
,
5/15/42
............
16,575,000
15,115,805
Department
of
Airports
,
Revenue,
Senior
Lien
,
2022
G
,
4
%
,
5/15/47
............
11,325,000
9,858,017
Department
of
Airports
,
Revenue,
Senior
Lien
,
2022
H
,
5
%
,
5/15/42
............
1,415,000
1,420,187
Department
of
Airports
,
Revenue,
Senior
Lien
,
2022
H
,
5
%
,
5/15/47
............
25,000,000
24,879,300
Department
of
Airports
,
Revenue,
Senior
Lien
,
2022
H
,
5.25
%
,
5/15/47
.........
24,000,000
24,305,160
Department
of
Airports
,
Revenue,
Senior
Lien
,
2022
I
,
5
%
,
5/15/42
.............
2,360,000
2,465,359
Department
of
Airports
,
Revenue,
Senior
Lien
,
2022
I
,
4
%
,
5/15/48
.............
2,000,000
1,817,434
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
Los
Angeles,
(continued)
Department
of
Airports
,
Revenue,
Senior
Lien
,
2022
I
,
5
%
,
5/15/48
.............
$
6,265,000
$
6,427,627
Wastewater
System
,
Revenue
,
2015
A
,
5
%
,
6/01/44
........................
9,500,000
9,499,514
Wastewater
System
,
Revenue
,
2015
C
,
Refunding
,
5
%
,
6/01/45
...............
24,190,000
24,188,708
Wastewater
System
,
Revenue
,
2018
A
,
5
%
,
6/01/43
........................
10,000,000
10,202,334
Wastewater
System
,
Revenue
,
2025
A
,
5
%
,
6/01/55
........................
5,000,000
5,129,233
City
of
Menifee
,
Community
Facilities
District
No.
2019-1
Meadow
Run
,
Special
Tax
,
2022
,
4
%
,
9/01/37
........................................................
320,000
304,785
Community
Facilities
District
No.
2019-1
Meadow
Run
,
Special
Tax
,
2022
,
3
%
,
9/01/43
........................................................
135,000
101,005
Community
Facilities
District
No.
2019-1
Meadow
Run
,
Special
Tax
,
2022
,
4
%
,
9/01/51
........................................................
565,000
466,650
Community
Facilities
District
No.
2022-1
,
Special
Tax
,
2023
A
,
5
%
,
9/01/38
......
500,000
518,500
Community
Facilities
District
No.
2022-1
,
Special
Tax
,
2023
A
,
5
%
,
9/01/43
......
600,000
606,276
Community
Facilities
District
No.
2022-1
,
Special
Tax
,
2023
A
,
5
%
,
9/01/48
......
700,000
698,885
Community
Facilities
District
No.
2022-1
,
Special
Tax
,
2023
A
,
5
%
,
9/01/53
......
1,000,000
973,313
Community
Facilities
District
No.
2022-1
,
Special
Tax
,
2024
A
,
5
%
,
9/01/54
......
1,000,000
972,644
Community
Facilities
District
No.
2023-1
,
Special
Tax
,
2024
,
5
%
,
9/01/44
........
1,500,000
1,498,006
Community
Facilities
District
No.
2023-1
,
Special
Tax
,
2024
,
5
%
,
9/01/49
........
2,100,000
2,072,176
Community
Facilities
District
No.
2023-1
,
Special
Tax
,
2024
,
5
%
,
9/01/55
........
4,365,000
4,223,642
City
of
Newport
Beach
,
Assessment
District
No.
113
,
1915
Act,
Special
Assessment
,
2021
A
,
2.25
%
,
9/02/41
.............................................
1,290,000
835,105
City
of
Ontario
,
Community
Facilities
District
No.
13
,
Special
Tax
,
2021
,
Refunding
,
4
%
,
9/01/38
...
400,000
364,542
Community
Facilities
District
No.
45
,
Special
Tax
,
2020
,
4
%
,
9/01/43
...........
410,000
366,553
Community
Facilities
District
No.
45
,
Special
Tax
,
2020
,
4
%
,
9/01/51
...........
1,565,000
1,308,257
Community
Facilities
District
No.
55
,
Special
Tax
,
2022
,
5
%
,
9/01/42
...........
750,000
758,920
Community
Facilities
District
No.
55
,
Special
Tax
,
2022
,
5
%
,
9/01/47
...........
800,000
801,076
Community
Facilities
District
No.
55
,
Special
Tax
,
2022
,
5
%
,
9/01/53
...........
845,000
833,559
Community
Facilities
District
No.
57
,
Special
Tax
,
2022
,
4.25
%
,
9/01/37
.........
415,000
404,567
Community
Facilities
District
No.
57
,
Special
Tax
,
2022
,
4.625
%
,
9/01/42
........
650,000
625,457
Community
Facilities
District
No.
57
,
Special
Tax
,
2022
,
4.75
%
,
9/01/47
.........
840,000
800,405
Community
Facilities
District
No.
57
,
Special
Tax
,
2022
,
4.75
%
,
9/01/52
.........
825,000
764,533
Community
Facilities
District
No.
64
,
Special
Tax
,
2024
,
5
%
,
9/01/55
...........
2,000,000
1,983,379
Community
Facilities
District
No.
66
,
Special
Tax
,
2024
,
5
%
,
9/01/39
...........
1,410,000
1,460,763
Community
Facilities
District
No.
66
,
Special
Tax
,
2024
,
5
%
,
9/01/44
...........
1,795,000
1,814,711
Community
Facilities
District
No.
66
,
Special
Tax
,
2024
,
5
%
,
9/01/49
...........
1,000,000
1,000,273
Community
Facilities
District
No.
66
,
Special
Tax
,
2024
,
5
%
,
9/01/54
...........
1,000,000
987,484
City
of
Orange
,
Community
Facilities
District
No.
06-1
,
Special
Tax
,
2015
,
Refunding
,
AGMC
Insured
,
5
%
,
10/01/40
.........................................
7,500,000
7,522,937
City
of
Pasadena
,
Electric
,
Revenue
,
2016
A
,
Refunding
,
4
%
,
6/01/46
............
22,625,000
20,822,154
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
534,543
Arista
Del
Sol
Community
Facilities
District
No.
2022-1
Improvement
Area
No.
1
,
Special
Tax
,
2023
,
5.375
%
,
9/01/53
...................................
1,100,000
1,118,686
City
Grantline
220
Community
Facilities
District
No.
2023-1
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
......................................
1,790,000
1,762,236
Grantline
220
Community
Facilities
District
No.
2023-1
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/44
......................................
885,000
889,077
Grantline
220
Community
Facilities
District
No.
2023-1
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/49
......................................
550,000
549,557
Grantline
220
Community
Facilities
District
No.
2023-1
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/53
......................................
525,000
519,444
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
Riverside
,
Sewer
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
8/01/40
.............
$
25,000,000
$
25,026,887
City
of
Roseville
,
Creekview
Community
Facilities
District
No.
1
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
................................................
2,165,000
2,093,122
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
1,192,752
Ranch
at
Sierra
Vista
Community
Facilities
District
No.
1
,
Special
Tax
,
2023
,
5
%
,
9/01/43
........................................................
1,000,000
1,007,753
Ranch
at
Sierra
Vista
Community
Facilities
District
No.
1
,
Special
Tax
,
2023
,
5
%
,
9/01/48
........................................................
1,000,000
1,002,529
Ranch
at
Sierra
Vista
Community
Facilities
District
No.
1
,
Special
Tax
,
2023
,
5
%
,
9/01/53
........................................................
1,150,000
1,134,429
City
of
Sacramento
,
Transient
Occupancy
Tax
,
Revenue
,
2018
A
,
5
%
,
6/01/43
....................
13,555,000
13,583,463
Transient
Occupancy
Tax
,
Revenue
,
2018
A
,
5
%
,
6/01/48
....................
21,415,000
21,449,675
City
of
San
Francisco
,
Public
Utilities
Commission
Water
,
Revenue
,
2023
AB-A
,
5.25
%
,
11/01/48
.......
47,895,000
50,519,555
Public
Utilities
Commission
Water
,
Revenue
,
2023
AB-A
,
5.25
%
,
11/01/52
.......
40,170,000
41,891,417
City
of
Santa
Paula
,
Harvest
Community
Facilities
District
No.
1
Improvement
Area
A
,
Special
Tax
,
2022
,
4
%
,
9/01/42
....................................................
575,000
513,170
Harvest
Community
Facilities
District
No.
1
Improvement
Area
A
,
Special
Tax
,
2022
,
4
%
,
9/01/47
....................................................
1,460,000
1,246,604
Harvest
Community
Facilities
District
No.
1
Improvement
Area
A
,
Special
Tax
,
2022
,
4
%
,
9/01/52
....................................................
3,530,000
2,890,249
Harvest
Community
Facilities
District
No.
1
Improvement
Area
A
,
Special
Tax
,
2023
,
5
%
,
9/01/49
....................................................
325,000
325,297
Harvest
Community
Facilities
District
No.
1
Improvement
Area
A
,
Special
Tax
,
2023
,
5
%
,
9/01/53
....................................................
1,345,000
1,330,765
City
of
Upland
,
San
Antonio
Regional
Hospital
Obligated
Group
,
COP
,
Refunding
,
5
%
,
1/01/47
.........................................................
14,400,000
14,330,904
City
of
Vernon
,
Electric
System
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
8/01/34
..................
1,350,000
1,441,863
Electric
System
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
8/01/39
..................
425,000
436,516
Electric
System
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
8/01/40
..................
365,000
372,372
Electric
System
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
8/01/41
..................
420,000
425,810
City
of
Wildomar
,
Community
Facilities
District
No.
2022-3
,
Special
Tax
,
2024
,
5
%
,
9/01/42
........
800,000
806,868
Community
Facilities
District
No.
2022-3
,
Special
Tax
,
2024
,
5
%
,
9/01/47
........
1,000,000
991,122
Community
Facilities
District
No.
2022-3
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........
1,200,000
1,176,027
e
CMFA
Special
Finance
Agency
,
Latitude33
,
Revenue
,
144A,
2021
A-1
,
3
%
,
12/01/56
.......................
9,000,000
5,675,323
Solana
at
Grand
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
4
%
,
8/01/56
..........
54,800,000
45,264,542
e
CMFA
Special
Finance
Agency
Enclave
,
Revenue,
Senior
Lien
,
144A,
2022
A-1
,
4
%
,
8/01/58
.........................................................
26,500,000
19,285,216
e
CMFA
Special
Finance
Agency
VII
,
Breakwater
Apartments
(The)
,
Revenue
,
144A,
2021
A-1
,
3
%
,
8/01/56
..............................................
94,250,000
61,426,721
e
CMFA
Special
Finance
Agency
VIII
,
Elan
Huntington
Beach
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
8/01/56
.........................................
34,750,000
22,378,249
e
CMFA
Special
Finance
Agency
XII
,
Allure
Apartments
,
Revenue,
Senior
Lien
,
144A,
2022
A-1
,
3.25
%
,
2/01/57
............................................
27,500,000
18,912,941
Coachella
Valley
Unified
School
District
,
GO
,
2016
F
,
BAM
Insured
,
5
%
,
8/01/46
.................................
7,135,000
7,149,343
c
GO
,
C
,
AGMC
Insured
,
3.94
%,
8/01/36
.................................
8,000,000
5,195,710
c
GO
,
C
,
AGMC
Insured
,
4.07
%,
8/01/37
.................................
8,000,000
4,924,269
c
GO
,
C
,
AGMC
Insured
,
4.42
%,
8/01/40
.................................
7,500,000
3,892,762
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)
Coachella
Valley
Unified
School
District,
(continued)
c
GO
,
C
,
AGMC
Insured
,
4.76
%,
8/01/43
.................................
$
10,000,000
$
4,292,236
c
Colton
Joint
Unified
School
District
,
GO
,
2010
B
,
AGMC
Insured
,
4.83
%,
8/01/42
....
16,365,000
7,277,018
Contra
Costa
Community
College
District
,
GO
,
2020
C
,
4
%
,
8/01/32
.............
1,200,000
1,257,066
Contra
Costa
Water
District
,
Revenue
,
V
,
Refunding
,
5
%
,
10/01/49
..............
7,500,000
7,697,984
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
1,601,612
City
of
Corona
Community
Facilities
District
No.
2018-1
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
......................................
1,600,000
1,592,046
c
Corona-Norco
Unified
School
District
,
GO
,
1998
C
,
NATL
Insured
,
3.15
%,
9/01/25
..............................
4,655,000
4,617,985
GO
,
1998
C
,
NATL
Insured
,
3.24
%,
9/01/26
..............................
6,080,000
5,841,440
County
of
El
Dorado
,
Community
Facilities
District
No.
2014-1
,
Special
Tax
,
2023
,
5
%
,
9/01/48
.........................................................
1,000,000
997,045
County
of
Los
Angeles
,
Community
Facilities
District
No.
2021-01
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/44
................................................
1,400,000
1,412,256
Community
Facilities
District
No.
2021-01
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/49
................................................
1,400,000
1,385,296
Community
Facilities
District
No.
2021-01
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
................................................
1,750,000
1,709,857
County
of
Orange
,
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2022
A
,
5
%
,
8/15/37
......
1,300,000
1,362,967
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2022
A
,
5
%
,
8/15/42
......
850,000
865,759
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2022
A
,
5
%
,
8/15/47
......
1,250,000
1,259,955
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2022
A
,
5
%
,
8/15/52
......
8,200,000
8,239,440
County
of
Placer
,
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
2
,
Special
Tax
,
2023
,
5
%
,
9/01/43
....................................................
900,000
897,419
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
2
,
Special
Tax
,
2023
,
5
%
,
9/01/48
....................................................
1,360,000
1,326,826
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
2
,
Special
Tax
,
2023
,
5
%
,
9/01/53
....................................................
1,000,000
959,003
County
of
Riverside
,
Community
Facilities
District
No.
07-2
,
Special
Tax
,
2020
,
AGMC
Insured
,
4
%
,
9/01/45
...............................................
2,730,000
2,525,334
County
of
Sacramento
,
Airport
System
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
7/01/41
...................
9,000,000
9,019,163
Airport
System
,
Revenue,
Senior
Lien
,
2016
A
,
Refunding
,
5
%
,
7/01/41
.........
10,000,000
10,021,292
Community
Facilities
District
No.
2014-2
,
Special
Tax
,
2021
,
4
%
,
9/01/41
........
325,000
290,735
Community
Facilities
District
No.
2014-2
,
Special
Tax
,
2021
,
4
%
,
9/01/46
........
325,000
278,170
e
CSCDA
Community
Improvement
Authority
,
1818
Platinum
Triangle-Anaheim
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3.35
%
,
4/01/47
........................................................
9,600,000
7,552,267
777
Place-Pomona
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3.6
%
,
5/01/47
.......
10,000,000
7,917,868
777
Place-Pomona
,
Revenue,
Senior
Lien
,
144A,
2021
A-2
,
3.25
%
,
5/01/57
......
12,500,000
8,203,901
Acacia
on
Santa
Rosa
Creek
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
4
%
,
10/01/56
.
13,000,000
10,144,265
Cameo/Garrison
Apartments
,
Revenue
,
144A,
2021
B
,
4
%
,
3/01/57
............
7,000,000
4,900,062
Cameo/Garrison
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
2.8
%
,
3/01/47
20,800,000
15,091,467
Cameo/Garrison
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-2
,
3
%
,
3/01/57
.
7,430,000
4,700,706
Crescent
(The)
,
Revenue,
Senior
Lien
,
144A,
2022
A-1
,
3.25
%
,
7/01/43
.........
6,530,000
4,866,624
Crescent
(The)
,
Revenue,
Senior
Lien
,
144A,
2022
A-2
,
4.3
%
,
7/01/59
..........
18,250,000
14,216,568
Dublin
,
Revenue
,
144A,
2021
B
,
4
%
,
2/01/57
.............................
16,110,000
11,647,896
Dublin
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
2.45
%
,
2/01/47
...............
37,000,000
29,366,815
Dublin
,
Revenue,
Senior
Lien
,
144A,
2021
A-2
,
3
%
,
2/01/57
..................
45,500,000
30,281,642
Escondido
Portfolio
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
6/01/48
........
10,000,000
6,900,343
Jefferson
Platinum
Triangle
Apartments
,
Revenue
,
144A,
2021
A-1
,
2.875
%
,
8/01/41
17,955,000
15,585,579
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)
Jefferson
Platinum
Triangle
Apartments
,
Revenue
,
144A,
2021
A-2
,
3.125
%
,
8/01/56
$
54,465,000
$
39,005,883
Monterey
Station
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
7/01/43
.
8,000,000
6,047,209
Parallel-Anaheim
,
Revenue
,
144A,
2021
A
,
4
%
,
8/01/56
.....................
17,540,000
14,775,536
Park
Crossing
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
3.25
%
,
12/01/58
.
18,750,000
12,235,118
Pasadena
Portfolio
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
2.65
%
,
12/01/46
.....
1,405,000
1,049,566
Pasadena
Portfolio
,
Revenue,
Senior
Lien
,
144A,
2021
A-2
,
3
%
,
12/01/56
.......
39,820,000
25,895,595
Renaissance
at
City
Center
,
Revenue
,
144A,
2020
A
,
5
%
,
7/01/51
.............
18,625,000
16,872,112
Theo
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3.5
%
,
5/01/47
........
5,000,000
4,063,785
c
Towne
at
Glendale
Apartments
,
Revenue
,
144A,
2022
A
,
1.199
%,
9/01/62
.......
53,000,000
32,250,622
Vineyard
Garden
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
3.25
%
,
10/01/58
14,000,000
9,097,192
Waterscape
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
3
%
,
9/01/56
......
5,000,000
3,268,057
Westgate
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
6/01/47
......
14,500,000
9,728,472
Wood
Creek
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
12/01/49
...
30,000,000
19,353,642
Wood
Creek
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-2
,
4
%
,
12/01/58
...
25,000,000
17,241,085
Daly
City
Housing
Development
Finance
Agency
,
Franciscan
Park
LLC
,
Revenue
,
2007
A
,
Refunding
,
5
%
,
12/15/47
..........................................
17,870,000
17,871,276
Day
Creek
Square
Public
Facilities
,
Community
Facilities
District
No.
2018-1
,
Special
Tax
,
2020
,
4
%
,
9/01/40
........
625,000
579,252
Community
Facilities
District
No.
2018-1
,
Special
Tax
,
2020
,
4
%
,
9/01/45
........
700,000
615,968
Delano
Joint
Union
High
School
District
,
GO
,
2003
A
,
Refunding
,
NATL
Insured
,
5.15
%
,
2/01/32
.........................................................
8,520,000
9,008,303
East
Bay
Municipal
Utility
District
,
Water
System
,
Revenue
,
2015
C
,
Refunding
,
4
%
,
6/01/45
...................
9,070,000
9,087,471
Water
System
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
6/01/45
...................
4,240,000
4,304,752
Water
System
,
Revenue
,
2019
A
,
5
%
,
6/01/44
............................
4,000,000
4,125,479
East
County
Advanced
Water
Purification
Joint
Powers
Authority
,
Revenue
,
2024
A-1
,
3.125
%
,
9/01/26
...................................................
49,320,000
49,329,055
Eastern
Municipal
Water
District
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
7/01/28
...............................
2,480,000
2,588,422
Community
Facilities
District
No.
2013-63
Improvement
Area
B
,
Special
Tax
,
2024
,
4
%
,
9/01/43
....................................................
1,315,000
1,158,215
Community
Facilities
District
No.
2013-63
Improvement
Area
B
,
Special
Tax
,
2024
,
4.25
%
,
9/01/49
..................................................
1,095,000
951,783
Community
Facilities
District
No.
2017-77
Improvement
Area
A
,
Special
Tax
,
2024
,
5
%
,
9/01/45
....................................................
1,175,000
1,181,424
Community
Facilities
District
No.
2017-77
Improvement
Area
A
,
Special
Tax
,
2024
,
5
%
,
9/01/54
....................................................
2,485,000
2,446,456
Community
Facilities
District
No.
2017-79
,
Special
Tax
,
2021
,
4
%
,
9/01/46
.......
2,815,000
2,422,491
Community
Facilities
District
No.
2017-79
,
Special
Tax
,
2021
,
4
%
,
9/01/51
.......
3,405,000
2,795,453
Community
Facilities
District
No.
2019-83
,
Special
Tax
,
2022
,
4
%
,
9/01/51
.......
2,790,000
2,290,548
Community
Facilities
District
No.
2019-86
,
Special
Tax
,
2023
,
5
%
,
9/01/48
.......
855,000
855,443
Community
Facilities
District
No.
2019-86
,
Special
Tax
,
2023
,
5
%
,
9/01/54
.......
1,775,000
1,747,469
Community
Facilities
District
No.
2022-95
,
Special
Tax
,
2024
,
4
%
,
9/01/39
.......
1,250,000
1,151,422
Community
Facilities
District
No.
2022-95
,
Special
Tax
,
2024
,
4
%
,
9/01/44
.......
1,500,000
1,309,094
Community
Facilities
District
No.
2022-95
,
Special
Tax
,
2024
,
4.25
%
,
9/01/49
.....
2,030,000
1,764,494
Community
Facilities
District
No.
2022-95
,
Special
Tax
,
2024
,
4.375
%
,
9/01/54
....
1,280,000
1,104,526
Eastern
Municipal
Water
District
Financing
Authority
,
Revenue
,
2015
B
,
5
%
,
7/01/46
.
30,705,000
30,716,953
Elk
Grove
Finance
Authority
,
Special
Tax
,
2015
,
Refunding
,
BAM
Insured
,
5
%
,
9/01/38
....................
1,500,000
1,507,174
Community
Facilities
District
No.
2005-1
Laguna
Ridge
,
Special
Tax
,
2024
,
5
%
,
9/01/51
........................................................
1,725,000
1,727,927
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)
c
Fairfax
School
District
,
GO
,
2011
,
AGMC
Insured
,
5.17
%,
11/01/48
..............
$
10,380,000
$
3,189,463
FHLMC,
Multi-family
ML
Pass-Through
Certificates
,
Revenue
,
2019-ML06
,
ACA
,
2.493
%
,
7/25/35
...................................................
991,108
867,132
Folsom
Cordova
Unified
School
District
School
Facilities
Improvement
Dist
No.
5
,
GO
,
C
,
4
%
,
10/01/43
...................................................
10,000,000
9,423,360
Folsom
Ranch
Financing
Authority
,
City
of
Folsom
Community
Facilities
District
No.
18
,
Special
Tax
,
2024
,
5
%
,
9/01/44
1,000,000
1,008,014
City
of
Folsom
Community
Facilities
District
No.
18
,
Special
Tax
,
2024
,
5
%
,
9/01/49
1,250,000
1,224,914
City
of
Folsom
Community
Facilities
District
No.
18
,
Special
Tax
,
2024
,
5
%
,
9/01/54
5,535,000
5,311,208
City
of
Folsom
Community
Facilities
District
No.
23
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/39
............................................
715,000
727,105
City
of
Folsom
Community
Facilities
District
No.
23
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/44
............................................
775,000
778,049
City
of
Folsom
Community
Facilities
District
No.
23
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/49
............................................
425,000
420,536
City
of
Folsom
Community
Facilities
District
No.
23
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/53
............................................
485,000
474,168
Foothill-Eastern
Transportation
Corridor
Agency
,
Revenue
,
2013
A
,
Refunding
,
AGMC
Insured
,
5.5
%
,
1/15/31
.................
35,000,000
39,732,595
Revenue
,
2013
A
,
Refunding
,
AGMC
Insured
,
5.625
%
,
1/15/32
...............
37,260,000
42,275,174
Revenue
,
2013
A
,
Refunding
,
6.85
%
,
1/15/42
.............................
98,000,000
111,437,868
c
Revenue
,
2013
A
,
Refunding
,
AGMC
Insured
,
3.96
%,
1/15/37
................
41,250,000
26,246,455
c
Revenue
,
2013
A
,
Refunding
,
AGMC
Insured
,
4.11
%,
1/15/38
.................
77,650,000
46,719,155
c
Revenue
,
2013
A
,
Refunding
,
AGMC
Insured
,
4.23
%,
1/15/39
................
56,100,000
31,898,118
c
Revenue
,
2013
A
,
Refunding
,
4.79
%,
1/15/42
.............................
130,000,000
59,750,587
c
Revenue,
Senior
Lien
,
1995
A
,
ETM,
3.04
%,
1/01/26
.......................
23,475,000
23,063,861
c
Revenue,
Senior
Lien
,
1995
A
,
ETM,
2.96
%,
1/01/27
.......................
15,000,000
14,316,734
c
Revenue,
Senior
Lien
,
1995
A
,
ETM,
2.95
%,
1/01/28
.......................
2,000,000
1,854,357
c
Revenue,
Senior
Lien
,
1995
A
,
ETM,
3.02
%,
1/01/29
.......................
35,310,000
31,709,132
Revenue,
Senior
Lien
,
2021
A
,
Refunding
,
4
%
,
1/15/46
.....................
17,500,000
16,466,334
c
Fowler
Unified
School
District
,
GO
,
2010
C
,
AGMC
Insured
,
4.51
%,
8/01/41
.............................
3,095,000
1,515,906
GO
,
2010
C
,
AGMC
Insured
,
4.6
%,
8/01/42
..............................
3,005,000
1,387,635
Fresno
Unified
School
District
,
GO
,
2020
B
,
5
%
,
8/01/46
............................................
2,635,000
2,725,619
GO
,
2020
B
,
4
%
,
8/01/48
............................................
3,205,000
2,933,427
GO
,
2020
B
,
4
%
,
8/01/52
............................................
6,585,000
5,913,912
GO
,
2020
B
,
4
%
,
8/01/55
............................................
4,000,000
3,587,318
c
Glendale
Community
College
District
,
GO
,
2003
C
,
NATL
Insured
,
4.29
%,
8/01/28
...
8,630,000
7,554,347
Golden
State
Tobacco
Securitization
Corp.
,
Revenue
,
2022
A-1
,
Refunding
,
5
%
,
6/01/51
.........................................................
21,350,000
20,893,917
Golden
Valley
Unified
School
District
Financing
Authority
,
Community
Facilities
District
No.
2017-1
,
Revenue
,
2021
A
,
4
%
,
9/01/46
........
250,000
216,903
Community
Facilities
District
No.
2017-1
,
Revenue
,
2021
A
,
4
%
,
9/01/51
........
500,000
414,209
Community
Facilities
District
No.
2017-1
,
Revenue
,
2021
A
,
4
%
,
9/01/56
........
745,000
604,318
Grossmont-Cuyamaca
Community
College
District
,
GO
,
2018
B
,
4
%
,
8/01/47
......
10,000,000
9,173,542
Hacienda
La
Puente
Unified
School
District
,
GO
,
2017
A
,
4
%
,
8/01/47
............
655,000
600,867
Hartnell
Community
College
District
,
GO
,
2009
C
,
6.125
%
,
8/01/33
..............
20,000,000
23,496,064
c
Hawthorne
School
District
,
GO
,
2008
C
,
AGMC
Insured
,
5.03
%,
8/01/48
..........
37,665,000
12,079,670
Hemet
Unified
School
District
,
g
Special
Tax
,
2025
,
5
%
,
9/01/55
.......................................
1,000,000
978,043
Community
Facilities
District
No.
2021-5  Improvement
Area
No.
1
,
Special
Tax
,
2025
,
5
%
,
9/01/45
................................................
1,000,000
1,012,138
Community
Facilities
District
No.
2021-5  Improvement
Area
No.
2
,
Special
Tax
,
2025
,
5
%
,
9/01/50
................................................
1,070,000
1,069,927
Community
Facilities
District
No.
2021-5  Improvement
Area
No.
2
,
Special
Tax
,
2025
,
5
%
,
9/01/54
................................................
1,000,000
990,492
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)
Hemet
Unified
School
District,
(continued)
Community
Facilities
District
No.
2021-6
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/44
....................................................
$
1,000,000
$
1,011,724
Community
Facilities
District
No.
2021-6
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/49
....................................................
1,000,000
1,001,742
Community
Facilities
District
No.
2021-6
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/54
....................................................
1,700,000
1,683,836
Community
Facilities
District
No.
2021-7
,
Special
Tax
,
2023
,
5
%
,
9/01/48
........
1,500,000
1,504,801
Community
Facilities
District
No.
2021-7
,
Special
Tax
,
2023
,
5
%
,
9/01/53
........
1,000,000
992,386
Community
Facilities
District
No.
2021-7
,
Special
Tax
,
2024
,
5
%
,
9/01/49
........
1,000,000
1,001,583
Community
Facilities
District
No.
2022-2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........
1,000,000
990,492
Hesperia
Unified
School
District
,
Community
Facilities
District
No.
2015-1
,
Special
Tax
,
2015-1
,
5
%
,
9/01/55
................................................
1,000,000
975,045
c
Huntington
Beach
City
School
District
,
GO
,
2003
A
,
NATL
Insured
,
4.09
%,
8/01/28
..
8,595,000
7,570,031
Imperial
Irrigation
District
,
Electric
System
,
Revenue
,
2016
B-2
,
Refunding
,
5
%
,
11/01/27
........................................................
1,000,000
1,028,656
Independent
Cities
Finance
Authority
,
Augusta
Communities
LLC
,
Revenue
,
2022
A
,
Refunding
,
5.25
%
,
5/15/56
.......
4,000,000
4,052,529
e
City
of
Compton
Sales
Tax
,
Revenue
,
144A,
2021
,
AGMC
Insured
,
4
%
,
6/01/36
...
700,000
678,873
e
City
of
Compton
Sales
Tax
,
Revenue
,
144A,
2021
,
AGMC
Insured
,
4
%
,
6/01/41
...
900,000
861,012
e
City
of
Compton
Sales
Tax
,
Revenue
,
144A,
2021
,
AGMC
Insured
,
4
%
,
6/01/46
...
925,000
839,215
e
City
of
Compton
Sales
Tax
,
Revenue
,
144A,
2021
,
AGMC
Insured
,
4
%
,
6/01/51
...
1,250,000
1,106,891
Millennium
Housing
LLC
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
9/15/46
...........
1,000,000
740,833
Millennium
Housing
LLC
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
9/15/56
...........
2,000,000
1,311,393
Millennium
Housing
LLC
,
Revenue
,
2022
,
Refunding
,
4
%
,
9/15/42
.............
2,000,000
1,782,487
Millennium
Housing
LLC
,
Revenue
,
2022
,
Refunding
,
4.25
%
,
9/15/50
...........
2,000,000
1,744,450
Millennium
Housing
LLC
,
Revenue
,
2022
,
Refunding
,
5
%
,
9/15/50
.............
2,000,000
1,982,869
Irvine
Unified
School
District
,
Special
Tax
,
2020
A
,
4
%
,
9/01/40
......................................
2,945,000
2,723,366
Special
Tax
,
2020
A
,
4
%
,
9/01/44
......................................
6,215,000
5,522,551
Special
Tax
,
2020
A
,
BAM
Insured
,
4
%
,
9/01/50
...........................
7,960,000
7,010,030
Community
Facilities
District
No.
09-1
,
Special
Tax
,
2017
D
,
5
%
,
3/01/57
........
14,155,000
13,924,991
Jefferson
Union
High
School
District
,
GO
,
2000
A
,
Refunding
,
NATL
Insured
,
6.45
%
,
8/01/25
.....................
130,000
130,813
GO
,
2000
A
,
Refunding
,
NATL
Insured
,
6.45
%
,
8/01/29
.....................
3,075,000
3,263,909
Jurupa
Community
Services
District
,
Community
Facilities
District
No.
52
,
Special
Tax
,
2021
A
,
4
%
,
9/01/39
..........
135,000
125,678
Community
Facilities
District
No.
52
,
Special
Tax
,
2021
A
,
4
%
,
9/01/40
..........
140,000
128,889
Community
Facilities
District
No.
52
,
Special
Tax
,
2021
A
,
4
%
,
9/01/50
..........
1,000,000
832,321
Community
Facilities
District
No.
54
,
Special
Tax
,
2021
A
,
4
%
,
9/01/46
..........
900,000
774,509
Community
Facilities
District
No.
54
,
Special
Tax
,
2021
A
,
4
%
,
9/01/51
..........
875,000
718,362
La
Mirada
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation
,
2010
A
,
Refunding
,
AGMC
Insured
,
5
%
,
8/15/28
.................................
1,855,000
1,858,439
Lake
Elsinore
Unified
School
District
,
Community
Facilities
District
No.
2006-3
Area
B
,
Special
Tax
,
2022
,
5
%
,
9/01/47
..
350,000
350,260
Community
Facilities
District
No.
2006-3
Area
B
,
Special
Tax
,
2022
,
5
%
,
9/01/52
..
500,000
494,190
Community
Facilities
District
No.
2017-2
,
Special
Tax
,
2024
,
5
%
,
9/01/49
........
1,250,000
1,238,593
Community
Facilities
District
No.
2017-2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........
850,000
830,502
c
Lakeside
Union
School
District
,
GO
,
2010
B
,
4.94
%,
8/01/45
...................
11,540,000
4,362,681
Lammersville
Joint
Unified
School
District
,
GO
,
2016
A
,
4
%
,
8/01/46
.............
41,340,000
38,031,738
c
Lancaster
School
District
,
GO
,
2001
,
NATL
Insured
,
3.38
%,
8/01/25
................................
5,495,000
5,463,640
GO
,
2001
,
NATL
Insured
,
3.56
%,
7/01/26
................................
5,965,000
5,743,072
Lassen
Municipal
Utility
District
,
COP
,
2021
,
4
%
,
5/01/51
......................
3,000,000
2,445,393
Lawndale
Redevelopment
Agency
,
Tax
Allocation
,
2009
,
AGMC
Insured
,
5.5
%
,
8/01/39
........................
10,280,000
10,298,591
Tax
Allocation
,
2009
,
AGMC
Insured
,
5.5
%
,
8/01/44
........................
6,085,000
6,094,939
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)
c
Lemon
Grove
School
District
,
GO
,
2010
B
,
AGMC
Insured
,
4.86
%,
8/01/50
........
$
20,990,000
$
6,349,805
Lodi
Unified
School
District
,
GO
,
2017
,
4
%
,
8/01/41
..........................
15,000,000
14,024,040
Long
Beach
Bond
Finance
Authority
,
Revenue
,
2007
A
,
5.5
%
,
11/15/28
.....................................
8,000,000
8,423,078
Revenue
,
2007
A
,
5
%
,
11/15/29
.......................................
17,465,000
18,227,386
Revenue
,
2007
A
,
5.5
%
,
11/15/30
.....................................
5,000,000
5,367,089
Revenue
,
2007
A
,
5
%
,
11/15/35
.......................................
69,855,000
74,024,840
Revenue
,
2007
A
,
5.5
%
,
11/15/37
.....................................
35,000,000
38,446,131
Los
Angeles
Community
College
District
,
GO
,
2015
C
,
Refunding
,
5
%
,
8/01/25
.....
5,890,000
5,910,281
Los
Angeles
County
Metropolitan
Transportation
Authority
,
Revenue
,
2021
A
,
5
%
,
6/01/26
........................................
4,000,000
4,092,814
Sales
Tax
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
6/01/35
.......................
17,655,000
17,880,239
Sales
Tax
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
6/01/37
.......................
10,970,000
11,092,167
Sales
Tax
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
6/01/38
.......................
7,705,000
7,783,107
Sales
Tax
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
6/01/39
.......................
5,000,000
5,045,843
Sales
Tax
,
Revenue
,
2017
A
,
5
%
,
7/01/38
...............................
10,455,000
10,686,091
Sales
Tax
,
Revenue
,
2017
A
,
5
%
,
7/01/39
...............................
7,860,000
8,019,716
Sales
Tax
,
Revenue
,
2017
A
,
5
%
,
7/01/41
...............................
12,350,000
12,551,973
Sales
Tax
,
Revenue
,
2017
A
,
5
%
,
7/01/42
...............................
26,910,000
27,302,273
Sales
Tax
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
6/01/32
.......................
6,700,000
7,368,912
Sales
Tax
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
6/01/35
.......................
18,960,000
20,528,999
Sales
Tax
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
6/01/36
.......................
5,375,000
5,786,499
Sales
Tax
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
6/01/37
.......................
10,330,000
11,053,914
Sales
Tax
,
Revenue,
Senior
Lien
,
2021
A
,
5
%
,
7/01/28
......................
3,830,000
4,104,390
Sales
Tax
,
Revenue,
Senior
Lien
,
2021
A
,
5
%
,
7/01/36
......................
2,500,000
2,746,190
Sales
Tax
,
Revenue,
Senior
Lien
,
2021
A
,
5
%
,
7/01/38
......................
3,875,000
4,197,089
Los
Angeles
County
Sanitation
Districts
Financing
Authority
,
Los
Angeles
County
Sanitation
District
No.
20
,
Revenue
,
2016
A
,
Refunding
,
4
%
,
10/01/42
..........
16,430,000
15,097,805
Los
Angeles
Department
of
Water
&
Power
,
Power
System
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/46
...................
15,000,000
14,787,954
Power
System
,
Revenue
,
2016
B
,
5
%
,
7/01/35
............................
11,995,000
12,033,715
Power
System
,
Revenue
,
2016
B
,
5
%
,
7/01/42
............................
4,495,000
4,447,744
Power
System
,
Revenue
,
2017
A
,
5
%
,
7/01/42
............................
22,375,000
22,390,038
Power
System
,
Revenue
,
2017
A
,
5
%
,
7/01/47
............................
81,890,000
80,740,682
Power
System
,
Revenue
,
2017
C
,
5
%
,
7/01/42
............................
5,500,000
5,504,876
Power
System
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
7/01/38
...................
12,870,000
12,983,660
Power
System
,
Revenue
,
2018
D
,
Refunding
,
5
%
,
7/01/39
...................
4,305,000
4,338,882
Power
System
,
Revenue
,
2018
D
,
Refunding
,
5
%
,
7/01/43
...................
5,000,000
5,002,115
Power
System
,
Revenue
,
2019
A
,
5.25
%
,
7/01/49
.........................
12,555,000
12,613,238
Power
System
,
Revenue
,
2019
D
,
Refunding
,
5
%
,
7/01/49
...................
12,960,000
12,736,411
Power
System
,
Revenue
,
2020
B
,
Refunding
,
5
%
,
7/01/40
...................
9,020,000
9,211,702
Power
System
,
Revenue
,
2020
B
,
Refunding
,
5
%
,
7/01/50
...................
11,650,000
11,633,180
Power
System
,
Revenue
,
2021
B
,
Refunding
,
5
%
,
7/01/48
...................
3,245,000
3,257,227
Power
System
,
Revenue
,
2021
C
,
5
%
,
7/01/51
............................
17,555,000
17,463,488
Power
System
,
Revenue
,
2022
A
,
5
%
,
7/01/51
............................
8,500,000
8,455,690
Power
System
,
Revenue
,
2022
C
,
Refunding
,
5
%
,
7/01/41
...................
5,000,000
5,126,071
Power
System
,
Revenue
,
2022
C
,
Refunding
,
5
%
,
7/01/43
...................
11,250,000
11,430,081
Power
System
,
Revenue
,
2024
B
,
Refunding
,
5
%
,
7/01/39
...................
6,000,000
6,232,550
Water
System
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/41
...................
29,820,000
29,553,531
Water
System
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/46
...................
24,610,000
24,262,103
Water
System
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/41
...................
34,330,000
34,394,880
Water
System
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/44
...................
36,615,000
36,567,862
Water
System
,
Revenue
,
2018
B
,
Refunding
,
5
%
,
7/01/43
...................
9,495,000
9,499,016
Water
System
,
Revenue
,
2018
B
,
Refunding
,
5
%
,
7/01/48
...................
10,000,000
9,903,486
Water
System
,
Revenue
,
2020
C
,
Refunding
,
5
%
,
7/01/39
...................
6,455,000
6,608,400
Water
System
,
Revenue
,
2022
C
,
Refunding
,
5
%
,
7/01/41
...................
2,970,000
3,049,728
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)
Los
Angeles
Unified
School
District
,
GO
,
2020
C
,
4
%
,
7/01/33
............................................
$
7,000,000
$
7,245,703
GO
,
2020
C
,
4
%
,
7/01/36
............................................
8,975,000
9,026,386
GO
,
2020
RYQ
,
4
%
,
7/01/44
.........................................
10,730,000
9,926,981
GO
,
2023
QRR
,
5.25
%
,
7/01/48
.......................................
25,000,000
26,301,302
Manteca
Unified
School
District
,
Community
Facilities
District
No.
2018-5
,
Special
Tax
,
2024
A
,
5
%
,
9/01/44
......
5,755,000
5,733,272
Community
Facilities
District
No.
2018-5
,
Special
Tax
,
2024
A
,
5
%
,
9/01/54
......
6,230,000
6,041,329
Marin
Municipal
Water
District
,
Revenue
,
2022
,
Refunding
,
4
%
,
6/15/52
..........
27,295,000
24,579,925
Marina
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation
,
2023
A
,
5
%
,
9/01/43
....................................
1,000,000
1,003,932
Tax
Allocation
,
2023
B
,
5
%
,
9/01/43
....................................
2,100,000
2,108,258
Menifee
Union
School
District
,
Special
Tax
,
2023
,
5
%
,
9/01/48
.......................................
500,000
501,265
Special
Tax
,
2023
,
5
%
,
9/01/54
.......................................
1,230,000
1,212,761
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
5
,
Special
Tax
,
2021
,
4
%
,
9/01/45
....................................................
875,000
777,158
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
5
,
Special
Tax
,
2021
,
4
%
,
9/01/51
....................................................
1,825,000
1,544,198
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
6
,
Special
Tax
,
2021
,
4
%
,
9/01/26
....................................................
75,000
75,434
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
6
,
Special
Tax
,
2021
,
4
%
,
9/01/27
....................................................
140,000
141,511
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
6
,
Special
Tax
,
2021
,
4
%
,
9/01/28
....................................................
105,000
106,413
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
7
,
Special
Tax
,
2022
,
5
%
,
9/01/42
....................................................
1,000,000
1,014,339
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
7
,
Special
Tax
,
2022
,
5.125
%
,
9/01/47
.................................................
2,000,000
2,023,808
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
7
,
Special
Tax
,
2022
,
5.25
%
,
9/01/52
..................................................
2,000,000
2,021,605
Community
Facilities
District
No.
2019-2
,
Special
Tax
,
2021
,
4
%
,
9/01/35
........
200,000
197,466
Community
Facilities
District
No.
2019-2
,
Special
Tax
,
2021
,
4
%
,
9/01/44
........
565,000
503,347
Community
Facilities
District
No.
2019-2
,
Special
Tax
,
2021
,
4
%
,
9/01/51
........
675,000
567,688
Metropolitan
Water
District
of
Southern
California
,
Revenue
,
2020
A
,
5
%
,
10/01/45
..
15,665,000
16,196,575
Middle
Fork
Project
Finance
Authority
,
Revenue
,
2020
,
Refunding
,
5
%
,
4/01/30
.................................
2,505,000
2,634,291
Revenue
,
2020
,
Refunding
,
5
%
,
4/01/32
.................................
4,095,000
4,280,719
Revenue
,
2020
,
Refunding
,
5
%
,
4/01/34
.................................
1,150,000
1,192,677
Revenue
,
2020
,
Refunding
,
5
%
,
4/01/35
.................................
1,200,000
1,240,131
Revenue
,
2020
,
Refunding
,
5
%
,
4/01/36
.................................
4,980,000
5,124,916
Midpeninsula
Regional
Open
Space
District
,
Field
Employees
Corp.
,
GO
,
2018
,
4
%
,
9/01/48
.........................................................
11,220,000
10,220,953
c
Modesto
High
School
District
,
GO
,
2002
A
,
NATL
Insured
,
3.2
%,
5/01/27
..........
12,770,000
12,022,433
Monterey
Peninsula
Unified
School
District
,
GO
,
2016
C
,
Refunding
,
5
%
,
8/01/41
...
11,190,000
11,391,574
c
Moorpark
Unified
School
District
,
GO
,
2009
A
,
AGMC
Insured
,
3.56
%,
8/01/32
.....
5,870,000
4,568,066
Moreno
Valley
Unified
School
District
,
c
GO
,
2004
A
,
AGMC
Insured
,
ETM,
2.91
%,
8/01/27
.........................
6,315,000
5,934,491
c
GO
,
2004
A
,
AGMC
Insured
,
ETM,
2.94
%,
8/01/28
.........................
6,625,000
6,044,248
GO
,
2018
B
,
AGMC
Insured
,
5
%
,
8/01/47
................................
6,075,000
6,142,493
g
Community
Facilities
District
No.
2023-1
,
Special
Tax
,
2025
,
5
%
,
9/01/50
........
1,205,000
1,184,567
g
Community
Facilities
District
No.
2023-1
,
Special
Tax
,
2025
,
5
%
,
9/01/55
........
1,650,000
1,601,458
c
Mount
San
Antonio
Community
College
District
,
GO
,
2013
A
,
5.915
%,
8/01/43
......
55,000,000
52,686,766
Mount
San
Jacinto
Community
College
District
,
GO
,
2014
B
,
4
%
,
8/01/43
.........
7,200,000
6,710,439
M-S-R
Energy
Authority
,
Revenue
,
2009
B
,
6.5
%
,
11/01/39
....................
25,000,000
29,510,675
Murrieta
Valley
Unified
School
District
,
Community
Facilities
District
No.
2018-1
,
Special
Tax
,
2021
,
4
%
,
9/01/44
........
500,000
436,365
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)
Murrieta
Valley
Unified
School
District,
(continued)
Community
Facilities
District
No.
2018-1
,
Special
Tax
,
2021
,
4
%
,
9/01/51
........
$
1,000,000
$
820,985
Newport
Mesa
Unified
School
District
,
GO
,
2011
,
6.3
%
,
8/01/42
................
20,000,000
22,509,950
Norman
Y
Mineta
San
Jose
International
Airport
SJC
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
3/01/36
...............................
4,590,000
4,611,197
Revenue
,
2017
A
,
Refunding
,
5
%
,
3/01/37
...............................
4,475,000
4,487,145
Revenue
,
2017
A
,
Refunding
,
5
%
,
3/01/41
...............................
12,685,000
12,505,156
Revenue
,
2017
B
,
Refunding
,
5
%
,
3/01/47
...............................
10,000,000
10,041,313
Revenue
,
2021
A
,
Refunding
,
5
%
,
3/01/32
...............................
1,800,000
1,900,658
Northern
California
Sanitation
Agencies
Financing
Authority
,
Sacramento
Area
Sewer
District
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/27
........................
2,960,000
3,139,560
Oceanside
Unified
School
District
,
c
GO
,
2010
B
,
AGMC
Insured
,
4.16
%,
8/01/38
.............................
10,590,000
6,190,892
c
GO
,
2010
B
,
AGMC
Insured
,
4.27
%,
8/01/39
.............................
7,860,000
4,347,591
GO
,
2015
,
Refunding
,
5
%
,
8/01/48
.....................................
12,000,000
12,009,175
GO
,
2022
,
Refunding
,
5
%
,
8/01/39
.....................................
1,005,000
1,075,813
GO
,
G
,
5
%
,
8/01/40
................................................
1,020,000
1,086,867
GO
,
G
,
5
%
,
8/01/43
................................................
1,000,000
1,049,998
Orange
County
Community
Facilities
District
,
Community
Facilities
District
No.
2023-1
,
Special
Tax
,
2023
A
,
5.5
%
,
8/15/48
.....
1,550,000
1,610,897
Community
Facilities
District
No.
2023-1
,
Special
Tax
,
2023
A
,
5.5
%
,
8/15/53
.....
1,200,000
1,239,027
Community
Facilities
District
No.
2023-1
,
Special
Tax
,
2023
A
,
5.75
%
,
8/15/53
....
1,085,000
1,137,602
Orange
County
Water
District
,
COP
,
2003
B
,
NATL
Insured
,
ETM,
5
%
,
8/15/28
...........................
11,750,000
12,172,015
COP
,
2003
B
,
NATL
Insured
,
ETM,
5
%
,
8/15/34
...........................
3,305,000
3,610,166
COP
,
2003
B
,
Pre-Refunded
,
NATL
Insured
,
5
%
,
8/15/34
....................
4,140,000
4,690,259
c
Palomar
Community
College
District
,
GO
,
2010
B
,
6.044
%,
8/01/39
..............
69,410,000
81,681,827
Palomar
Health
,
Obligated
Group
,
GO
,
2009
A
,
AGMC
Insured
,
7
%
,
8/01/38
..................
36,000,000
39,394,588
Obligated
Group
,
GO
,
2010
A
,
6.75
%
,
8/01/40
............................
60,000,000
62,979,498
Palomar
Health
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
AGMC
Insured
,
5
%
,
11/01/47
.......................................................
35,000,000
34,458,802
Panoche
Financing
Authority
,
Panoche
Water
District
,
Revenue
,
2021
A
,
4
%
,
9/01/43
.....................
1,120,000
994,243
Panoche
Water
District
,
Revenue
,
2021
A
,
4
%
,
9/01/51
.....................
6,070,000
5,048,806
Panoche
Water
District
,
Revenue
,
2021
B
,
1.553
%
,
9/01/25
..................
130,000
129,063
Panoche
Water
District
,
Revenue
,
2021
B
,
2.006
%
,
9/01/27
..................
395,000
374,481
Panoche
Water
District
,
Revenue
,
2021
B
,
2.456
%
,
9/01/29
..................
415,000
380,600
Panoche
Water
District
,
Revenue
,
2021
B
,
2.756
%
,
9/01/31
..................
435,000
383,121
Panoche
Water
District
,
Revenue
,
2021
B
,
3.106
%
,
9/01/35
..................
880,000
731,291
Panoche
Water
District
,
Revenue
,
2021
B
,
3.571
%
,
9/01/40
..................
1,155,000
897,601
c
Patterson
Joint
Unified
School
District
,
GO
,
2001
A
,
NATL
Insured
,
3.17
%,
8/01/25
..............................
2,170,000
2,158,390
GO
,
2001
A
,
NATL
Insured
,
3.3
%,
8/01/26
...............................
2,265,000
2,180,650
Perris
Joint
Powers
Authority
,
Special
Tax
,
2025
,
5
%
,
9/01/50
.......................................
2,820,000
2,756,542
Special
Tax
,
2025
,
5
%
,
9/01/54
.......................................
3,310,000
3,209,759
Community
Facilities
District
No.
2007-2
,
Special
Tax
,
2021
,
4
%
,
9/01/43
........
1,445,000
1,266,410
Community
Facilities
District
No.
2007-2
,
Special
Tax
,
2021
,
4
%
,
9/01/48
........
1,250,000
1,054,719
Community
Facilities
District
No.
2018-1
Improvement
Area
No.
1
,
Special
Tax
,
2020
,
4
%
,
9/01/50
....................................................
1,125,000
920,813
Perris
Union
High
School
District
,
COP
,
2019
,
Refunding
,
BAM
Insured
,
5
%
,
10/01/48
........................
10,000,000
10,172,150
GO
,
2019
A
,
AGMC
Insured
,
4
%
,
9/01/43
................................
5,540,000
5,154,697
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)
Pittsburg
Unified
School
District
,
GO
,
2016
,
Refunding
,
4
%
,
8/01/44
.............
$
11,000,000
$
10,178,627
c
Placentia-Yorba
Linda
Unified
School
District
,
GO
,
2008
D
,
4.75
%,
8/01/43
.........................................
27,955,000
12,028,886
GO
,
2008
D
,
4.94
%,
8/01/46
.........................................
89,200,000
32,143,416
GO
,
2008
D
,
4.97
%,
8/01/49
.........................................
85,000,000
26,295,294
Port
of
Oakland
,
Revenue
,
2021
H
,
Refunding
,
5
%
,
11/01/29
...................
2,000,000
2,117,548
Poway
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation
,
2015
A
,
Refunding
,
5
%
,
12/15/31
..........................
10,180,000
11,254,456
Tax
Allocation
,
2015
A
,
Refunding
,
5
%
,
12/15/32
..........................
11,215,000
12,499,470
Tax
Allocation
,
2015
A
,
Refunding
,
5
%
,
6/15/33
...........................
5,835,000
6,551,721
Poway
Unified
School
District
,
Community
Facilities
District
No.
16
Area
A
,
Special
Tax
,
2020
,
AGMC
Insured
,
4
%
,
9/01/50
........................................................
7,500,000
6,657,249
c
Facilities
Improvement
District
No.
2007-1
,
GO
,
B
,
5.06
%,
8/01/46
.............
45,000,000
15,820,506
Rancho
Mirage
Community
Facilities
District
,
City
of
Rancho
Mirage
Community
Facilities
District
No.
4C
,
Special
Tax
,
2022
,
5
%
,
9/01/42
........................................................
300,000
300,079
City
of
Rancho
Mirage
Community
Facilities
District
No.
4C
,
Special
Tax
,
2022
,
5
%
,
9/01/47
........................................................
500,000
500,501
City
of
Rancho
Mirage
Community
Facilities
District
No.
4C
,
Special
Tax
,
2022
,
5
%
,
9/01/53
........................................................
1,000,000
986,460
Regents
of
the
University
of
California
,
Medical
Center
,
Revenue
,
2016
L
,
Refunding
,
5
%
,
5/15/47
...................
39,575,000
39,604,796
Medical
Center
,
Revenue
,
2022
P
,
5
%
,
5/15/47
...........................
106,410,000
108,696,815
Medical
Center
,
Revenue
,
2022
P
,
4
%
,
5/15/53
...........................
84,305,000
72,927,096
Regents
of
the
University
of
California
Medical
Center
,
Medical
Center
,
Revenue
,
2016
L
,
Refunding
,
5
%
,
5/15/41
...........................................
10,000,000
10,049,914
c
Rialto
Unified
School
District
,
GO
,
2011
A
,
AGMC
Insured
,
7.135
%,
8/01/41
........
27,000,000
32,006,856
c
Rio
Hondo
Community
College
District
,
GO
,
2010
C
,
3.9
%,
8/01/35
..............
10,000,000
6,773,519
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
4,123,992
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
5,621,564
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
11,237,253
Riverside
County
Transportation
Commission
,
Sales
Tax
,
Revenue
,
2017
B
,
Refunding
,
5
%
,
6/01/31
......................................................
3,685,000
3,860,626
Riverside
Unified
School
District
,
Community
Facilities
District
No.
19
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/39
........................................................
375,000
380,837
Community
Facilities
District
No.
19
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/44
........................................................
700,000
699,069
Community
Facilities
District
No.
19
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/49
........................................................
1,050,000
1,038,972
Community
Facilities
District
No.
19
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........................................................
1,270,000
1,237,124
Community
Facilities
District
No.
19
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/44
........................................................
480,000
479,362
Community
Facilities
District
No.
19
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/49
........................................................
730,000
722,333
Community
Facilities
District
No.
19
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........................................................
775,000
754,938
Community
Facilities
District
No.
21
Improvement
Area
1
,
Special
Tax
,
2025
,
5
%
,
9/01/50
........................................................
1,160,000
1,140,327
Community
Facilities
District
No.
21
Improvement
Area
1
,
Special
Tax
,
2025
,
5
%
,
9/01/55
........................................................
1,480,000
1,438,653
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)
Riverside
Unified
School
District,
(continued)
Community
Facilities
District
No.
37
,
Special
Tax
,
2023
A
,
5
%
,
9/01/47
..........
$
1,150,000
$
1,155,019
Community
Facilities
District
No.
37
,
Special
Tax
,
2023
A
,
5
%
,
9/01/52
..........
2,135,000
2,116,420
Community
Facilities
District
No.
40
,
Special
Tax
,
2025
A
,
5
%
,
9/01/50
..........
2,500,000
2,457,601
Community
Facilities
District
No.
40
,
Special
Tax
,
2025
A
,
5
%
,
9/01/55
..........
2,510,000
2,439,878
e
RMA
Capital
Series
Trust
,
Revenue
,
144A,
2022-1
,
A
,
5.67
%
,
8/01/58
............
15,491,000
14,465,934
RNR
School
Financing
Authority
,
Community
Facilities
District
No.
92-1
,
Special
Tax
,
2015
A
,
Refunding
,
BAM
Insured
,
5
%
,
9/01/36
............................
11,145,000
11,180,713
c
Rocklin
Unified
School
District
,
GO
,
2003
,
NATL
Insured
,
3.1
%,
8/01/25
.................................
8,160,000
8,117,268
GO
,
2003
,
NATL
Insured
,
3.22
%,
8/01/26
................................
8,695,000
8,378,865
GO
,
2003
,
NATL
Insured
,
3.18
%,
8/01/27
................................
9,080,000
8,478,535
GO
,
2003
,
NATL
Insured
,
3.27
%,
8/01/28
................................
16,615,000
15,005,964
Rohnert
Park
Community
Development
Commission
Successor
Agency
,
Tax
Allocation
,
2007
R
,
NATL
Insured
,
ETM,
5
%
,
8/01/37
...............................
1,380,000
1,443,709
Romoland
School
District
,
Community
Facilities
District
No.
2016-1
,
Special
Tax
,
2023
,
5
%
,
9/01/43
........
750,000
761,412
Community
Facilities
District
No.
2016-1
,
Special
Tax
,
2023
,
5
%
,
9/01/48
........
1,000,000
1,004,546
Community
Facilities
District
No.
2016-1
,
Special
Tax
,
2023
,
5
%
,
9/01/53
........
1,500,000
1,486,350
Community
Facilities
District
No.
2016-2
,
Special
Tax
,
2022
,
4.5
%
,
9/01/42
.......
360,000
343,642
Community
Facilities
District
No.
2016-2
,
Special
Tax
,
2022
,
4.625
%
,
9/01/47
.....
750,000
708,942
Community
Facilities
District
No.
2016-2
,
Special
Tax
,
2022
,
4.75
%
,
9/01/52
......
1,000,000
937,702
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
1
,
Special
Tax
,
2022
,
5
%
,
9/01/42
....................................................
750,000
761,673
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
1
,
Special
Tax
,
2022
,
5.125
%
,
9/01/47
.................................................
1,200,000
1,215,744
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
1
,
Special
Tax
,
2022
,
5.25
%
,
9/01/53
..................................................
2,500,000
2,528,260
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
2
,
Special
Tax
,
2023
,
5
%
,
9/01/46
....................................................
370,000
373,208
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
2
,
Special
Tax
,
2023
,
5
%
,
9/01/54
....................................................
1,600,000
1,582,378
Community
Facilities
District
No.
2020-1
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........
1,000,000
984,489
Community
Facilities
District
No.
2022-2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........
1,500,000
1,465,592
Community
Facilities
District
No.
91-1
,
Special
Tax
,
2022
,
3.75
%
,
9/01/42
........
1,695,000
1,423,122
Community
Facilities
District
No.
91-1
,
Special
Tax
,
2022
,
4
%
,
9/01/46
..........
5,085,000
4,423,833
Roseville
Natural
Gas
Financing
Authority
,
Revenue
,
2007
,
5
%
,
2/15/26
..........
5,000,000
5,040,659
Sacramento
Area
Flood
Control
Agency
,
Consolidated
Capital
Assessment
District
No.
2
,
Special
Assessment
,
2016
A
,
Refunding
,
5
%
,
10/01/41
...........................................
13,740,000
13,876,265
Consolidated
Capital
Assessment
District
No.
2
,
Special
Assessment
,
2016
A
,
Refunding
,
5
%
,
10/01/43
...........................................
20,000,000
20,151,946
Sacramento
City
Unified
School
District
,
GO
,
2017
E
,
4
%
,
5/01/47
...............
20,000,000
17,283,950
Sacramento
County
Water
Financing
Authority
,
Sacramento
County
Water
Agency
,
Revenue
,
2019
,
Refunding
,
5
%
,
6/01/27
.................................
2,000,000
2,095,256
Sacramento
Municipal
Utility
District
,
Revenue
,
2021
I
,
Refunding
,
5
%
,
8/15/25
................................
3,500,000
3,514,351
Revenue
,
2022
J
,
Refunding
,
5
%
,
8/15/26
...............................
2,615,000
2,684,632
Sacramento
Transportation
Authority
,
Sales
Tax
,
Revenue
,
2023
,
Refunding
,
5
%
,
10/01/37
........................................................
2,500,000
2,791,494
c
San
Bernardino
Community
College
District
,
GO
,
2009
B
,
4.78
%,
8/01/48
.........
66,390,000
22,526,333
San
Diego
Community
College
District
,
GO
,
2009
B
,
Pre-Refunded
,
6
%
,
8/01/33
................................
26,880,000
28,799,985
GO
,
2024
A-1
,
4
%
,
8/01/50
..........................................
10,000,000
9,003,544
San
Diego
County
Regional
Airport
Authority
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/47
...............................
5,000,000
5,028,577
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/01/44
...............................
4,000,000
4,075,113
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
County
Regional
Airport
Authority,
(continued)
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/01/49
...............................
$
5,000,000
$
5,053,949
Revenue
,
2019
B
,
Refunding
,
4
%
,
7/01/44
...............................
5,000,000
4,361,522
Revenue
,
2021
A
,
5
%
,
7/01/56
........................................
10,000,000
10,096,957
Revenue
,
2021
B
,
5
%
,
7/01/33
........................................
4,000,000
4,219,501
Revenue
,
2021
B
,
4
%
,
7/01/36
........................................
3,610,000
3,538,867
Special
Facilities
,
Revenue
,
2014
A
,
5
%
,
7/01/44
..........................
5,645,000
5,644,627
San
Diego
County
Regional
Transportation
Commission
,
Revenue
,
2016
A
,
5
%
,
4/01/48
.........................................................
25,000,000
25,083,635
San
Diego
County
Water
Authority
,
Revenue,
Sub.
Lien
,
2021
S-1
,
Refunding
,
5
%
,
5/01/28
......................................................
2,335,000
2,483,380
San
Diego
Unified
School
District
,
c
GO
,
2010
C
,
6.026
%,
7/01/48
........................................
29,840,000
27,285,022
c
GO
,
2012
E
,
5.119
%,
7/01/47
.........................................
74,270,000
55,922,153
GO
,
2019
L
,
4
%
,
7/01/49
............................................
30,000
27,071
GO
,
2023
ZR-4B
,
Refunding
,
5
%
,
7/01/40
...............................
62,225,000
67,529,028
GO
,
2023
ZR-4B
,
Refunding
,
5
%
,
7/01/45
...............................
31,605,000
33,288,848
c
GO
,
R-2
,
Refunding
,
6.376
%,
7/01/40
..................................
79,760,000
80,260,765
San
Francisco
Bay
Area
Rapid
Transit
District
,
GO
,
2017
A-1
,
5
%
,
8/01/47
..........................................
11,480,000
11,503,376
GO
,
2020
C-1
,
4
%
,
8/01/33
..........................................
1,560,000
1,583,122
GO
,
2022
D-1
,
5
%
,
8/01/39
..........................................
1,500,000
1,626,163
GO
,
2022
D-1
,
3
%
,
8/01/41
..........................................
23,605,000
19,692,828
GO
,
2022
D-1
,
3
%
,
8/01/42
..........................................
20,000,000
16,386,810
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
,
Revenue
,
2016
B
,
5
%
,
5/01/41
........................................
65,645,000
64,991,609
Revenue
,
2016
B
,
5
%
,
5/01/46
........................................
28,825,000
28,492,244
Revenue
,
2016
C
,
5
%
,
5/01/46
........................................
67,880,000
68,075,379
Revenue
,
2019
A
,
Refunding
,
5
%
,
5/01/44
...............................
30,720,000
30,606,232
Revenue
,
2019
A
,
Refunding
,
5
%
,
5/01/49
...............................
8,000,000
7,895,022
Revenue,
Second
Series
,
2017
A
,
5
%
,
5/01/42
............................
48,155,000
47,651,761
Revenue,
Second
Series
,
2017
A
,
5
%
,
5/01/47
............................
28,625,000
28,299,248
Revenue,
Second
Series
,
2017
B
,
5
%
,
5/01/47
............................
200,000
201,055
Revenue,
Second
Series
,
2018
D
,
5
%
,
5/01/43
...........................
106,295,000
105,254,159
Revenue,
Second
Series
,
2018
D
,
5
%
,
5/01/48
...........................
33,675,000
32,993,614
Revenue,
Second
Series
,
2018
D
,
Pre-Refunded
,
5
%
,
5/01/48
................
25,000
25,841
Revenue,
Second
Series
,
2018
D
,
5.25
%
,
5/01/48
.........................
40,145,000
40,270,762
Revenue,
Second
Series
,
2018
E
,
5
%
,
5/01/48
............................
46,990,000
47,328,229
Revenue,
Second
Series
,
2019
B
,
5
%
,
5/01/49
............................
15,955,000
16,120,688
Revenue,
Second
Series
,
2019
E
,
5
%
,
5/01/45
............................
33,570,000
33,215,229
Revenue,
Second
Series
,
2019
E
,
5
%
,
5/01/50
............................
5,000,000
4,915,928
Revenue,
Second
Series
,
2021
A
,
Refunding
,
5
%
,
5/01/31
...................
1,405,000
1,498,831
Revenue,
Second
Series
,
2021
A
,
Refunding
,
5
%
,
5/01/34
...................
5,000,000
5,246,733
San
Francisco
City
&
County
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation,
Third
Lien
,
2017
B
,
AGMC
Insured
,
5
%
,
8/01/46
..................
10,000,000
10,051,669
San
Francisco
Unified
School
District
,
GO
,
2022
C
,
5
%
,
6/15/35
................
6,640,000
7,134,318
c
San
Gabriel
Unified
School
District
,
GO
,
2002
A
,
AGMC
Insured
,
3.19
%,
8/01/26
.............................
3,530,000
3,402,825
GO
,
2002
A
,
AGMC
Insured
,
3.17
%,
2/01/27
.............................
1,850,000
1,755,855
San
Jacinto
Unified
School
District
,
Community
Facilities
District
No.
2003-1
,
Special
Tax
,
2022
,
4
%
,
9/01/50
........
875,000
714,474
Community
Facilities
District
No.
2022-1
Improvement
Area
No.
1
,
Special
Tax
,
2023
,
5.25
%
,
9/01/54
..................................................
1,000,000
1,005,090
San
Joaquin
Hills
Transportation
Corridor
Agency
,
Revenue
,
1997
A
,
Refunding
,
5.9
%
,
1/15/38
..............................
106,465,000
129,836,016
Revenue
,
1997
A
,
Refunding
,
5.95
%
,
1/15/40
.............................
142,645,000
172,916,081
Revenue
,
1997
A
,
Refunding
,
6
%
,
1/15/43
...............................
161,250,000
196,135,776
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
Joaquin
Hills
Transportation
Corridor
Agency,
(continued)
Revenue
,
1997
A
,
Refunding
,
6
%
,
1/15/45
...............................
$
143,336,000
$
175,085,010
Revenue
,
1997
A
,
Refunding
,
6
%
,
1/15/46
...............................
143,336,000
175,978,552
c
Revenue
,
1997
A
,
Refunding
,
NATL
Insured
,
3.51
%,
1/15/26
.................
13,155,000
12,871,506
c
Revenue,
Senior
Lien
,
1993
,
ETM,
2.81
%,
1/01/28
.........................
33,545,000
31,213,166
c
Revenue,
Senior
Lien
,
1993
,
ETM,
2.88
%,
1/01/29
.........................
37,050,000
33,436,447
Revenue,
Senior
Lien
,
2021
A
,
Refunding
,
AGMC
Insured
,
4
%
,
1/15/44
.........
130,746,000
120,841,572
Revenue,
Senior
Lien
,
2021
A
,
Refunding
,
AGMC
Insured
,
4
%
,
1/15/50
.........
191,775,000
171,022,471
d
San
Joaquin
Valley
Clean
Energy
Authority
,
Revenue
,
2025
A
,
Mandatory
Put
,
5.5
%
,
7/01/35
.........................................................
21,250,000
23,039,645
c
San
Jose
Unified
School
District
,
COP
,
2002
,
AGMC
Insured
,
ETM,
3.03
%,
1/01/27
..........................
7,105,000
6,776,081
COP
,
2002
,
AGMC
Insured
,
ETM,
3.14
%,
1/01/29
..........................
7,105,000
6,357,981
c
San
Juan
Unified
School
District
,
GO
,
2003
B
,
NATL
Insured
,
4.18
%,
8/01/26
..............................
9,175,000
8,746,263
GO
,
2003
B
,
NATL
Insured
,
3.09
%,
8/01/27
..............................
18,605,000
17,417,065
GO
,
2003
B
,
NATL
Insured
,
3.14
%,
8/01/28
..............................
19,470,000
17,650,316
San
Luis
Obispo
County
Financing
Authority
,
Revenue
,
2015
A
,
Refunding
,
BAM
Insured
,
5
%
,
9/01/37
...............................................
10,000,000
10,019,978
c
San
Marino
Unified
School
District
,
GO
,
2000
A
,
NATL
Insured
,
2.89
%,
7/01/25
.....
6,080,000
6,065,088
San
Rafael
City
High
School
District
,
GO
,
2018
B
,
4
%
,
8/01/47
.................
17,060,000
15,650,063
Sanger
Unified
School
District
,
GO
,
A
,
BAM
Insured
,
4
%
,
8/01/41
...............
10,000,000
9,397,118
Santa
Cruz
County
Redevelopment
Successor
Agency
,
Tax
Allocation
,
2015
A
,
Refunding
,
AGMC
Insured
,
5
%
,
9/01/35
.................................
20,000,000
20,060,160
c
School
Facilities
Financing
Authority
,
Twin
Rivers
Unified
School
District
,
Revenue
,
A
,
AGMC
Insured
,
4.64
%,
8/01/42
.......................................
49,000,000
22,487,060
Semitropic
Improvement
District
of
the
Semitropic
Water
Storage
District
,
Revenue,
Second
Lien
,
2015
A
,
Refunding
,
AGMC
Insured
,
5
%
,
12/01/45
...............
10,000,000
10,029,778
Southern
California
Public
Power
Authority
,
Revenue
,
2007
A
,
5.25
%
,
11/01/27
.....................................
9,855,000
10,110,767
Revenue
,
2007
A
,
5
%
,
11/01/33
.......................................
17,500,000
18,349,306
Revenue
,
2024
A
,
Refunding
,
5
%
,
7/01/31
...............................
10,000,000
10,785,819
d
City
of
Anaheim
Electric
System
,
Revenue
,
2024
A
,
Mandatory
Put
,
5
%
,
9/01/30
..
47,875,000
49,651,048
Los
Angeles
Department
of
Water
&
Power
Power
System
,
Revenue
,
2023-1
A
,
5.25
%
,
7/01/53
..................................................
28,975,000
29,392,020
c
Southern
Mono
Health
Care
District
,
GO
,
A
,
NATL
Insured
,
3.59
%,
8/01/28
...................................
2,340,000
2,090,504
GO
,
A
,
NATL
Insured
,
3.67
%,
8/01/29
...................................
2,440,000
2,096,656
GO
,
A
,
NATL
Insured
,
3.76
%,
8/01/30
...................................
2,550,000
2,107,504
GO
,
A
,
NATL
Insured
,
3.86
%,
8/01/31
...................................
2,660,000
2,105,148
State
of
California
,
GO
,
Refunding
,
5
%
,
8/01/27
.........................................
4,000,000
4,190,016
GO
,
Refunding
,
5
%
,
4/01/28
.........................................
2,930,000
3,109,322
GO
,
Refunding
,
5
%
,
8/01/28
.........................................
12,020,000
12,560,505
GO
,
Refunding
,
5
%
,
9/01/30
.........................................
5,000,000
5,508,007
GO
,
Refunding
,
5
%
,
11/01/30
.........................................
5,320,000
5,874,207
GO
,
5.75
%
,
10/01/31
...............................................
28,805,000
30,684,947
GO
,
Refunding
,
5
%
,
10/01/32
.........................................
4,125,000
4,430,794
GO
,
5
%
,
4/01/33
..................................................
5,000,000
5,317,904
GO
,
5
%
,
3/01/35
..................................................
55,020,000
58,948,885
GO
,
Pre-Refunded
,
5
%
,
3/01/35
.......................................
1,165,000
1,273,808
GO
,
Refunding
,
5
%
,
9/01/35
.........................................
9,000,000
9,157,612
GO
,
Refunding
,
4
%
,
3/01/37
.........................................
10,000,000
10,033,154
GO
,
Refunding
,
5
%
,
8/01/37
.........................................
2,900,000
3,024,111
GO
,
5
%
,
10/01/39
.................................................
15,000,000
15,130,147
GO
,
5
%
,
8/01/45
..................................................
10,085,000
10,096,782
GO
,
5
%
,
9/01/45
..................................................
5,000,000
5,049,752
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
,
5
%
,
8/01/46
..................................................
$
57,200,000
$
57,721,515
GO
,
5
%
,
9/01/46
..................................................
8,930,000
9,015,607
GO
,
5
%
,
10/01/47
.................................................
11,000,000
11,064,079
GO
,
5
%
,
10/01/48
.................................................
5,000,000
5,085,328
GO
,
1996
,
FGIC
Insured
,
5.375
%
,
6/01/26
...............................
535,000
541,550
GO
,
1997
,
NATL,
FGIC
Insured
,
5.625
%
,
10/01/26
.........................
3,335,000
3,364,997
GO
,
2004
,
5.2
%
,
4/01/26
............................................
20,000
20,034
GO
,
2017
,
5
%
,
11/01/27
.............................................
2,380,000
2,505,440
GO
,
2017
,
5
%
,
11/01/47
.............................................
23,370,000
23,651,468
GO
,
2022
,
Refunding
,
5
%
,
4/01/35
.....................................
12,985,000
13,655,308
GO
,
2022
,
Refunding
,
5
%
,
4/01/35
.....................................
38,600,000
42,414,432
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
377,707
City
of
Stockton
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
5
%
,
9/01/44
......................................
380,000
381,081
City
of
Stockton
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
5
%
,
9/01/49
......................................
525,000
526,301
City
of
Stockton
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
5
%
,
9/01/54
......................................
650,000
646,769
Sulphur
Springs
Union
School
District
,
COP
,
2010
,
AGMC
Insured
,
6.5
%
,
12/01/37
..............................
1,430,000
1,452,713
COP
,
2010
,
Pre-Refunded
,
AGMC
Insured
,
6.5
%
,
12/01/37
..................
9,695,000
9,859,121
Community
Facilities
District
No.
2019-1
,
Special
Tax
,
2024
A
,
5
%
,
9/01/39
......
1,175,000
1,211,027
Community
Facilities
District
No.
2019-1
,
Special
Tax
,
2024
A
,
5
%
,
9/01/44
......
1,900,000
1,909,608
Community
Facilities
District
No.
2019-1
,
Special
Tax
,
2024
A
,
5
%
,
9/01/49
......
2,700,000
2,660,530
Community
Facilities
District
No.
2019-1
,
Special
Tax
,
2024
A
,
5
%
,
9/01/54
......
3,645,000
3,572,183
Sunnyvale
School
District
,
GO
,
2015
,
Refunding
,
4
%
,
9/01/42
..................
17,500,000
16,206,815
Temecula
Public
Financing
Authority
,
Community
Facilities
District
No.
20-01
,
Special
Tax
,
2024
,
5
%
,
9/01/39
.........
330,000
343,122
Community
Facilities
District
No.
20-01
,
Special
Tax
,
2024
,
5
%
,
9/01/44
.........
925,000
939,916
Community
Facilities
District
No.
20-01
,
Special
Tax
,
2024
,
5
%
,
9/01/49
.........
975,000
981,790
Community
Facilities
District
No.
20-01
,
Special
Tax
,
2024
,
5
%
,
9/01/54
.........
900,000
902,215
Temescal
Valley
Water
District
,
Community
Facilities
District
No.
4
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
4
%
,
9/01/49
........................................................
1,415,000
1,202,305
Community
Facilities
District
No.
4
Terramor
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/36
................................................
930,000
900,148
Community
Facilities
District
No.
4
Terramor
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/41
................................................
785,000
718,681
Community
Facilities
District
No.
4
Terramor
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/46
................................................
1,040,000
908,483
Community
Facilities
District
No.
4
Terramor
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/51
................................................
930,000
777,431
Three
Rivers
Levee
Improvement
Authority
,
Special
Tax
,
2021
A
,
Refunding
,
4
%
,
9/01/25
.............................
280,000
280,116
Special
Tax
,
2021
A
,
Refunding
,
4
%
,
9/01/36
.............................
2,025,000
1,928,788
Special
Tax
,
2021
A
,
Refunding
,
4
%
,
9/01/41
.............................
1,895,000
1,679,650
Special
Tax
,
2021
A
,
Refunding
,
4
%
,
9/01/46
.............................
2,700,000
2,292,273
Special
Tax
,
2021
A
,
Refunding
,
4
%
,
9/01/51
.............................
5,065,000
4,127,274
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)
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
$
6,819,392
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
11,860,021
Town
of
Tiburon
,
Assessment
District
No.
2017-1
,
1915
Act,
Special
Assessment
,
2021
A
,
2.375
%
,
9/02/41
........................................................
495,000
323,608
Assessment
District
No.
2017-1
,
1915
Act,
Special
Assessment
,
2021
A
,
2.5
%
,
9/02/51
........................................................
1,105,000
627,405
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
1,829,782
City
of
Tracy
Community
Facilities
District
No.
2016-01
Improvement
Area
No.
2
,
Special
Tax
,
2023
,
5.875
%
,
9/01/53
...................................
2,900,000
3,036,209
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/25
......................................
115,000
115,051
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/28
......................................
120,000
120,918
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/30
......................................
110,000
110,471
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/36
......................................
430,000
415,826
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/41
......................................
665,000
599,718
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/46
......................................
885,000
761,600
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/51
......................................
2,210,000
1,814,377
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
10,707,690
Transbay
Redevelopment
Project
Tax
Increment
Re-Development
Project
,
Tax
Allocation,
Senior
Lien
,
2020
A
,
5
%
,
10/01/49
...........................
8,790,000
8,413,532
Truckee-Donner
Public
Utility
District
,
Water
System
,
Revenue
,
2022
A
,
5
%
,
11/15/47
3,230,000
3,361,017
Turlock
Irrigation
District
,
Revenue
,
2019
,
Refunding
,
5
%
,
1/01/44
...............
9,060,000
9,412,336
c
Union
Elementary
School
District
,
GO
,
2001
B
,
NATL
Insured
,
2.94
%,
9/01/25
..............................
5,500,000
5,459,078
GO
,
2001
B
,
NATL
Insured
,
3.02
%,
9/01/26
..............................
5,850,000
5,634,285
University
of
California
,
Revenue
,
2016
K
,
4
%
,
5/15/46
........................................
19,850,000
18,240,367
Revenue
,
2017
AV
,
5.25
%
,
5/15/47
.....................................
6,775,000
6,868,006
Revenue
,
2017
M
,
5
%
,
5/15/42
.......................................
15,410,000
15,646,434
Revenue
,
2017
M
,
5
%
,
5/15/47
.......................................
54,015,000
54,436,522
Revenue
,
2018
AZ
,
Refunding
,
5
%
,
5/15/43
..............................
28,000,000
28,534,716
Revenue
,
2018
AZ
,
Refunding
,
5
%
,
5/15/48
..............................
47,230,000
47,756,492
Revenue
,
2018
AZ
,
Refunding
,
5.25
%
,
5/15/58
............................
9,110,000
9,280,744
Revenue
,
2018
O
,
Refunding
,
5
%
,
5/15/39
...............................
14,400,000
14,813,939
Revenue
,
2018
O
,
Refunding
,
5
%
,
5/15/48
...............................
11,445,000
11,566,287
Revenue
,
2018
O
,
Refunding
,
5
%
,
5/15/58
...............................
5,805,000
5,869,345
Revenue
,
2021
Q
,
Refunding
,
4
%
,
5/15/37
...............................
1,500,000
1,512,182
Revenue
,
2022
BK
,
5
%
,
5/15/52
.......................................
48,195,000
49,362,582
Revenue
,
2023
BN
,
Refunding
,
5
%
,
5/15/43
..............................
9,000,000
9,449,091
Revenue
,
2023
BQ
,
5
%
,
5/15/35
......................................
30,000,000
33,296,340
Revenue
,
2024
BS
,
Refunding
,
5
%
,
5/15/38
..............................
5,750,000
6,266,375
Revenue
,
2024
BV
,
Refunding
,
5
%
,
5/15/36
..............................
17,300,000
19,181,500
Revenue
,
2025
CB
,
5
%
,
5/15/36
......................................
10,000,000
11,189,036
Revenue
,
2025
CB
,
5
%
,
5/15/39
......................................
13,460,000
14,731,674
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)
University
of
California,
(continued)
Revenue
,
2025
CC
,
5
%
,
5/15/37
......................................
$
5,250,000
$
5,825,035
Revenue
,
2025
CC
,
5
%
,
5/15/38
......................................
8,975,000
9,855,285
Revenue
,
2025
CC
,
5
%
,
5/15/53
......................................
10,000,000
10,324,097
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
236,461
City
of
Upland
Community
Facilities
District
No.
2016-1
Improvement
Area
No.
2
,
Special
Tax
,
2021
A
,
4
%
,
9/01/45
....................................
165,000
139,476
City
of
Upland
Community
Facilities
District
No.
2016-1
Improvement
Area
No.
2
,
Special
Tax
,
2021
A
,
4
%
,
9/01/51
....................................
260,000
208,884
c
Upland
Unified
School
District
,
GO
,
2011
C
,
4.83
%,
8/01/45
...................
62,900,000
24,299,169
Val
Verde
Unified
School
District
,
GO
,
2010
B
,
AGMC
Insured
,
6.125
%
,
8/01/34
............................
1,000,000
1,154,876
GO
,
2020
A
,
BAM
Insured
,
4
%
,
8/01/46
.................................
1,450,000
1,319,971
Community
Facilities
District
No.
2018-1
,
Special
Tax
,
2022
,
4
%
,
9/01/52
........
7,000,000
5,748,903
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
1
,
Special
Tax
,
2023
,
5
%
,
9/01/43
....................................................
1,230,000
1,243,801
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
1
,
Special
Tax
,
2023
,
5
%
,
9/01/48
....................................................
1,755,000
1,761,098
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
1
,
Special
Tax
,
2023
,
5
%
,
9/01/53
....................................................
2,445,000
2,426,384
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
3
,
Special
Tax
,
2025
,
5
%
,
9/01/50
....................................................
1,230,000
1,229,916
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
3
,
Special
Tax
,
2025
,
5
%
,
9/01/55
....................................................
1,785,000
1,764,708
Vallejo
Public
Financing
Authority
,
City
of
Vallejo
Hiddenbrooke
Improvement
District
No.
1
,
Revenue
,
2004
A
,
5.8
%
,
9/01/31
.................................
2,615,000
2,628,144
Valley
Center
Municipal
Water
District
,
Community
Facility
District
No.
2020-1
,
Special
Tax
,
2024
,
4
%
,
9/01/43
.........
1,265,000
1,114,176
Community
Facility
District
No.
2020-1
,
Special
Tax
,
2024
,
4.375
%
,
9/01/54
......
2,210,000
1,907,034
Vista
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation
,
2015
B-1
,
Refunding
,
AGMC
Insured
,
5
%
,
9/01/37
..........................................
3,020,000
3,028,360
c
Vista
Unified
School
District
,
GO
,
2002
A
,
AGMC
Insured
,
3.24
%,
8/01/26
.............................
7,150,000
6,888,461
GO
,
2002
A
,
AGMC
Insured
,
3.22
%,
2/01/27
.............................
4,795,000
4,547,262
Washington
Township
Health
Care
District
,
GO
,
2015
B
,
5
%
,
8/01/45
............................................
15,000,000
14,862,962
Revenue
,
2023
A
,
5.75
%
,
7/01/48
.....................................
1,300,000
1,358,732
Revenue
,
2023
A
,
5.75
%
,
7/01/53
.....................................
1,000,000
1,027,870
West
Patterson
Financing
Authority
,
Community
Facilities
District
No.
2018-1
,
Special
Tax
,
2024
,
5
%
,
9/01/39
........
300,000
307,756
Community
Facilities
District
No.
2018-1
,
Special
Tax
,
2024
,
4.375
%
,
9/01/44
.....
830,000
762,424
Community
Facilities
District
No.
2018-1
,
Special
Tax
,
2024
,
4.625
%
,
9/01/49
.....
780,000
718,007
Community
Facilities
District
No.
2018-1
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........
2,430,000
2,392,309
West
Sacramento
Area
Flood
Control
Agency
,
Special
Assessment
,
2015
,
AGMC
Insured
,
5
%
,
9/01/40
.....................
3,000,000
3,007,659
Special
Assessment
,
2015
,
AGMC
Insured
,
5
%
,
9/01/45
.....................
7,500,000
7,511,546
West
Sacramento
Financing
Authority
,
Special
Tax
,
A
,
AGMC
Insured
,
5
%
,
9/01/34
..
4,940,000
5,367,564
Westside
Union
School
District
,
Community
Facilities
District
No.
2016-1
Improvement
Area
B
,
Special
Tax
,
2023
,
5
%
,
9/01/43
....................................................
1,175,000
1,120,320
Community
Facilities
District
No.
2016-1
Improvement
Area
B
,
Special
Tax
,
2023
,
5.25
%
,
9/01/52
..................................................
1,890,000
1,780,674
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
385,813
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)
California
(continued)
William
S
Hart
Union
High
School
District,
(continued)
Community
Facilities
District
No.
2021-1
Improvement
Area
A
,
Special
Tax
,
2024
,
5
%
,
9/01/49
....................................................
$
750,000
$
740,063
Community
Facilities
District
No.
2021-1
Improvement
Area
A
,
Special
Tax
,
2024
,
5
%
,
9/01/54
....................................................
885,000
860,790
11,839,274,679
Florida
0.7%
c
,e
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.33
%,
3/01/29
...........................................
108,400,000
89,227,541
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
2,537,368
Wisconsin
0.2%
e
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
..............
30,400,000
23,669,060
U.S.
Territories
2.0%
Guam
0.2%
Antonio
B
Won
Pat
International
Airport
Authority
,
Revenue
,
2021
A
,
Refunding
,
2.899
%
,
10/01/27
...........................
470,000
452,878
Revenue
,
2024
A
,
5
%
,
10/01/27
.......................................
160,000
163,269
Revenue
,
2024
A
,
5
%
,
10/01/28
.......................................
750,000
770,741
Revenue
,
2024
A
,
5
%
,
10/01/29
.......................................
1,330,000
1,373,938
Revenue
,
2024
A
,
5
%
,
10/01/30
.......................................
1,110,000
1,153,457
Revenue
,
2024
A
,
5
%
,
10/01/31
.......................................
935,000
973,826
Revenue
,
2024
A
,
5
%
,
10/01/33
.......................................
660,000
687,269
Revenue
,
2024
A
,
5.25
%
,
10/01/37
....................................
1,200,000
1,251,618
Revenue
,
2024
A
,
5.25
%
,
10/01/38
....................................
1,325,000
1,376,108
Revenue
,
2024
B
,
5
%
,
10/01/27
.......................................
410,000
422,056
Revenue
,
2024
B
,
5
%
,
10/01/28
.......................................
380,000
395,311
Revenue
,
2024
B
,
5
%
,
10/01/29
.......................................
1,010,000
1,059,690
Revenue
,
2024
B
,
5
%
,
10/01/30
.......................................
560,000
592,897
Revenue
,
2024
B
,
5
%
,
10/01/31
.......................................
510,000
543,117
Revenue
,
2024
B
,
5
%
,
10/01/32
.......................................
1,455,000
1,550,630
Revenue
,
2024
B
,
5
%
,
10/01/33
.......................................
305,000
326,382
Revenue
,
2024
B
,
5
%
,
10/01/34
.......................................
435,000
465,125
Revenue
,
2024
B
,
5
%
,
10/01/35
.......................................
520,000
553,673
Revenue
,
2024
B
,
5
%
,
10/01/36
.......................................
250,000
265,559
Revenue
,
2024
B
,
5
%
,
10/01/37
.......................................
995,000
1,049,971
Revenue
,
2024
B
,
5
%
,
10/01/38
.......................................
1,000,000
1,049,910
Revenue
,
2024
B
,
5
%
,
10/01/39
.......................................
1,000,000
1,042,819
Revenue
,
2024
B
,
5
%
,
10/01/40
.......................................
320,000
331,362
Revenue
,
2024
B
,
5
%
,
10/01/41
.......................................
1,000,000
1,024,750
Revenue
,
2024
B
,
5
%
,
10/01/42
.......................................
395,000
402,057
Revenue
,
2024
B
,
5
%
,
10/01/43
.......................................
400,000
405,455
Antonio
B.
Won
Pat
International
Airport
Authority
,
Revenue
,
2024
A
,
5
%
,
10/01/32
..
1,600,000
1,664,848
21,348,716
Puerto
Rico
1.8%
Children's
Trust
Fund
,
Revenue
,
2002
,
5.5
%
,
5/15/39
........................................
3,775,000
3,811,416
Revenue
,
2002
,
5.625
%
,
5/15/43
......................................
16,000,000
16,184,139
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority
,
Revenue
,
2000
B
,
6.625
%
,
1/01/27
....................................
471,227
466,171
Revenue
,
2000
B
,
6.625
%
,
1/01/28
....................................
3,593,968
3,543,933
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
30
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
(continued)
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
4.75
%
,
7/01/53
................................
$
29,500,000
$
27,015,949
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
..................................
184,264,000
173,126,273
224,147,881
Total
U.S.
Territories
....................................................................
245,496,597
Total
Municipal
Bonds
(Cost
$
12,145,027,780
)
..................................
12,200,205,245
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
$
12,145,027,780
)
............................
12,203,538,951
a
a
a
a
a
Short
Term
Investments
0.8%
Principal
Amount
Municipal
Bonds
0.8%
California
0.8%
h
Anaheim
Housing
&
Public
Improvements
Authority
,
City
of
Anaheim
Water
System
,
Revenue,
Second
Lien
,
2024
A
,
LOC
Bank
of
America
NA
,
Daily
VRDN
and
Put
,
2.4
%
,
10/01/54
...................................................
8,700,000
8,700,000
h
Irvine
Ranch
Water
District
,
Water
Service
Corp.
,
Special
Assessment
,
2009
B
,
LOC
Bank
of
America
NA
,
Daily
VRDN
and
Put
,
2.35
%
,
10/01/41
..................
5,000,000
5,000,000
h
Los
Angeles
Department
of
Water
&
Power
,
Power
System
,
Revenue
,
2001
B-3
,
Refunding
,
SPA
Barclays
Bank
plc
,
Daily
VRDN
and
Put
,
3
%
,
7/01/34
.............................................
6,100,000
6,100,000
Power
System
,
Revenue
,
2002
A-1
,
Refunding
,
SPA
Bank
of
America
NA
,
Daily
VRDN
and
Put
,
3.1
%
,
7/01/35
.......................................
12,500,000
12,500,000
Power
System
,
Revenue
,
2002
A-4
,
Refunding
,
SPA
Bank
of
America
NA
,
Daily
VRDN
and
Put
,
3.15
%
,
7/01/35
......................................
4,120,000
4,120,000
Power
System
,
Revenue
,
2002
A-6
,
Refunding
,
SPA
Bank
of
America
NA
,
Daily
VRDN
and
Put
,
3.15
%
,
7/01/35
......................................
6,100,000
6,100,000
Power
System
,
Revenue
,
2002
A-7
,
Refunding
,
SPA
Bank
of
America
NA
,
Daily
VRDN
and
Put
,
3.1
%
,
7/01/35
.......................................
7,500,000
7,500,000
Power
System
,
Revenue
,
2023
C-1
,
SPA
TD
Bank
NA
,
Daily
VRDN
and
Put
,
3.1
%
,
7/01/57
........................................................
22,800,000
22,800,000
Power
System
,
Revenue
,
2023
F-2
,
Refunding
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
3
%
,
7/01/47
....................................
28,200,000
28,200,000
101,020,000
Total
Municipal
Bonds
(Cost
$
101,020,000
)
.....................................
101,020,000
Total
Short
Term
Investments
(Cost
$
101,020,000
)
...............................
101,020,000
a
Total
Investments
(Cost
$
12,246,047,780
)
99.1
%
................................
$12,304,558,951
Other
Assets,
less
Liabilities
0.9
%
.............................................
112,397,779
Net
Assets
100.0%
...........................................................
$12,416,956,730
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
31
See
Abbreviations
on
page
34
.
†
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
rate
shown
represents
the
yield
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
May
31,
2025,
the
aggregate
value
of
these
securities
was
$1,210,530,802,
representing
9.7%
of
net
assets.
f
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
g
Security
purchased
on
a
when-issued
basis.
h
Variable
rate
demand
notes
(VRDN)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
pay-
ment
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
May
31,
2025,
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
May
31,
2025,
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
$
—
Municipal
Bonds
.........................
—
12,200,205,245
—
12,200,205,245
Escrows
and
Litigation
Trusts
...............
—
—
3,333,706
3,333,706
Short
Term
Investments
...................
—
101,020,000
—
101,020,000
Total
Investments
in
Securities
...........
$—
$12,301,225,245
$3,333,706
$12,304,558,951
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.
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.
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.