NPORT-EX 2 FCTFIF.htm PART F
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FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
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Schedule
of
Investments
(unaudited)
Franklin
California
Tax–Free
Income
Fund
2
Notes
to
Schedule
of
Investments
31
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited),
May
31,
2026
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
98.7%
California
95.9%
Alameda
Corridor
Transportation
Authority
,
c
Revenue,
Sub.
Lien
,
2004
A
,
Refunding
,
AMBAC
Insured
,
3.23
%,
10/01/29
......
$
20,000,000
17,986,688
c
Revenue,
Sub.
Lien
,
2004
A
,
Refunding
,
AMBAC
Insured
,
3.32
%,
10/01/30
......
41,665,000
36,155,862
Revenue,
Sub.
Lien
,
2022
C
,
Refunding
,
AG
Insured
,
5
%
,
10/01/52
............
28,000,000
28,858,262
Alameda
Unified
School
District
,
GO
,
2015
A
,
5
%
,
8/01/39
.....................
18,000,000
18,015,343
c
Alhambra
City
Elementary
School
District
,
Alhambra
Unified
School
District
,
GO
,
2004
B
,
NATL
Insured
,
2.68
%,
9/01/27
......................................
3,035,000
2,935,914
Align
Capital
Trust
,
Revenue
,
2023-1
,
5.5
%
,
3/01/35
.........................
13,000,000
13,602,402
c
Alisal
Union
School
District
,
GO
,
2009
B
,
AG
Insured
,
3
%,
8/01/32
..................................
3,355,000
2,796,520
GO
,
2009
B
,
AG
Insured
,
3.08
%,
8/01/33
................................
3,610,000
2,904,950
GO
,
2009
B
,
AG
Insured
,
3.14
%,
2/01/34
................................
3,345,000
2,639,458
Alta
Loma
School
District
,
GO
,
2019
B
,
5
%
,
8/01/44
.........................
7,375,000
7,498,749
c
Alvord
Unified
School
District
,
GO
,
2011
B
,
AG
Insured
,
3.92
%,
8/01/36
................................
15,000,000
10,144,866
GO
,
2011
B
,
AG
Insured
,
7.128
%,
8/01/46
...............................
42,500,000
53,453,257
Anaheim
Housing
&
Public
Improvements
Authority
,
City
of
Anaheim
Electric
System
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
10/01/52
.....
8,040,000
8,113,375
City
of
Anaheim
Water
System
,
Revenue
,
2022
A
,
5
%
,
10/01/52
...............
8,345,000
8,452,511
c
Anaheim
Public
Financing
Authority
,
City
of
Anaheim
,
Revenue,
Sub.
Lien
,
1997
C
,
AG
Insured
,
2.53
%,
9/01/26
.......
29,430,000
29,241,625
City
of
Anaheim
,
Revenue,
Sub.
Lien
,
1997
C
,
AG
Insured
,
2.6
%,
9/01/27
.......
22,860,000
22,135,509
City
of
Anaheim
,
Revenue,
Sub.
Lien
,
1997
C
,
AG
Insured
,
2.67
%,
9/01/28
.......
14,425,000
13,592,213
City
of
Anaheim
,
Revenue,
Sub.
Lien
,
1997
C
,
AG
Insured
,
2.76
%,
9/01/29
.......
24,810,000
22,709,136
City
of
Anaheim
,
Revenue,
Sub.
Lien
,
1997
C
,
AG
Insured
,
3.02
%,
9/01/32
.......
13,665,000
11,344,078
City
of
Anaheim
,
Revenue,
Sub.
Lien
,
1997
C
,
AG
Insured
,
3.11
%,
9/01/33
.......
37,070,000
29,691,528
City
of
Anaheim
,
Revenue,
Sub.
Lien
,
1997
C
,
AG
Insured
,
3.22
%,
9/01/34
.......
24,970,000
19,215,471
City
of
Anaheim
,
Revenue,
Sub.
Lien
,
1997
C
,
AG
Insured
,
ETM,
3.27
%,
3/01/37
..
15,080,000
10,673,604
c
Anaheim
Union
High
School
District
,
GO
,
2002
A
,
AG
Insured
,
2.47
%,
8/01/26
.....
8,570,000
8,534,201
Bay
Area
Toll
Authority
,
Revenue
,
2017
S-7
,
Refunding
,
4
%
,
4/01/42
.............................
119,305,000
119,057,657
Revenue
,
2017
S-7
,
Refunding
,
4
%
,
4/01/47
.............................
23,330,000
22,371,764
Revenue
,
2017
S-7
,
Refunding
,
4
%
,
4/01/49
.............................
13,625,000
12,705,176
d
Revenue
,
2021
A
,
Refunding
,
Mandatory
Put
,
2
%
,
4/01/28
...................
12,000,000
11,775,772
Beaumont
Public
Improvement
Authority
,
Special
Tax
,
2025
B
,
5
%
,
9/01/55
........
1,250,000
1,247,947
Beaumont
Unified
School
District
,
c
GO
,
2011
C
,
AG
Insured
,
4.1
%,
8/01/40
.................................
11,000,000
6,228,047
Community
Facilities
District
No.
2022-1
Improvement
Area
No.
1
,
Special
Tax
,
2025
,
4.125
%
,
9/01/40
.................................................
280,000
278,687
Community
Facilities
District
No.
2022-1
Improvement
Area
No.
1
,
Special
Tax
,
2025
,
4.375
%
,
9/01/45
.................................................
435,000
423,696
Community
Facilities
District
No.
2022-1
Improvement
Area
No.
1
,
Special
Tax
,
2025
,
4.5
%
,
9/01/50
...................................................
640,000
615,007
Community
Facilities
District
No.
2022-1
Improvement
Area
No.
1
,
Special
Tax
,
2025
,
4.5
%
,
9/01/55
...................................................
910,000
861,761
Community
Facilities
District
No.
2022-1
Improvement
Area
No.
2
,
Special
Tax
,
2025
,
4.125
%
,
9/01/40
.................................................
310,000
308,546
Community
Facilities
District
No.
2022-1
Improvement
Area
No.
2
,
Special
Tax
,
2025
,
4.375
%
,
9/01/45
.................................................
875,000
852,263
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
,
5
%
,
9/01/50
....................................................
$
1,000,000
$
1,015,934
Community
Facilities
District
No.
2022-1
Improvement
Area
No.
2
,
Special
Tax
,
2025
,
5
%
,
9/01/55
....................................................
1,000,000
1,011,364
Burbank-Glendale-Pasadena
Airport
Authority
Brick
Campaign
,
Revenue
,
2026
B
,
AG
Insured
,
4.625
%
,
7/01/51
...........................
5,000,000
4,974,754
Revenue,
Senior
Lien
,
2024
B
,
5.25
%
,
7/01/49
............................
6,750,000
7,075,280
Revenue,
Senior
Lien
,
2024
B
,
5.25
%
,
7/01/54
............................
8,500,000
8,824,087
Revenue,
Senior
Lien
,
2026
B
,
AG
Insured
,
5.5
%
,
7/01/55
...................
10,500,000
11,254,949
Cabrillo
Unified
School
District
,
GO
,
2018
A
,
5
%
,
8/01/45
.....................
4,245,000
4,261,525
California
Affordable
Housing
Agency
,
Butte
County
Housing
Authority
,
Revenue
,
2020
A
,
4
%
,
10/01/40
..............
1,580,000
1,595,066
Butte
County
Housing
Authority
,
Revenue
,
2020
A
,
4
%
,
10/01/45
..............
1,930,000
1,869,158
Butte
County
Housing
Authority
,
Revenue
,
2020
A
,
4
%
,
10/01/50
..............
1,855,000
1,697,797
California
Community
Choice
Financing
Authority
,
d
Revenue
,
2022
A-1
,
Mandatory
Put
,
4
%
,
8/01/28
..........................
100,000,000
101,211,540
d
Revenue
,
2023
C
,
Mandatory
Put
,
5.25
%
,
10/01/31
........................
122,575,000
130,192,521
d
Revenue
,
2023
E-1
,
Mandatory
Put
,
5
%
,
3/01/31
..........................
38,855,000
41,036,677
d
Revenue
,
2023
G-1
,
Mandatory
Put
,
5.25
%
,
4/01/30
.......................
23,500,000
24,840,536
d
Revenue
,
2024
B
,
Mandatory
Put
,
5
%
,
12/01/32
...........................
69,000,000
71,042,269
d
Revenue
,
2024
D
,
Mandatory
Put
,
5
%
,
9/01/32
...........................
70,000,000
75,834,157
d
Revenue
,
2024
E
,
Mandatory
Put
,
5
%
,
9/01/32
............................
90,000,000
95,687,928
d
Revenue
,
2025
A
,
Mandatory
Put
,
5
%
,
5/01/35
............................
6,000,000
6,184,926
d
Revenue
,
2025
B
,
Mandatory
Put
,
5
%
,
11/01/35
...........................
15,585,000
16,766,282
d
Revenue
,
2025
C
,
Mandatory
Put
,
5
%
,
10/01/33
...........................
47,500,000
49,629,624
Revenue
,
2025
G
,
5
%
,
12/01/35
.......................................
22,800,000
25,019,040
d
Revenue
,
2026
A-1
,
Mandatory
Put
,
5
%
,
2/01/36
..........................
55,000,000
59,436,812
Revenue
,
2026
B
,
5
%
,
3/01/36
........................................
109,940,000
115,633,507
California
Community
College
Financing
Authority
,
Revenue
,
2001
A
,
NATL
Insured
,
5.125
%
,
4/01/31
.........................
880,000
885,769
NCCD-Orange
Coast
Properties
LLC
,
Revenue
,
2018
,
5.25
%
,
5/01/53
..........
8,150,000
8,195,735
e
California
Community
Housing
Agency
,
Aster
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
4
%
,
2/01/56
..........
5,235,000
4,394,180
Brio
Apartments
&
Next
on
Lex
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
4
%
,
2/01/56
....................................................
35,015,000
28,510,901
Exchange
at
Bayfront
Apartments
,
Revenue,
Senior
Lien
,
144A,
201
A-1
T
,
4.25
%
,
2/01/38
........................................................
7,095,000
6,237,022
Exchange
at
Bayfront
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
2/01/57
........................................................
59,855,000
37,018,821
Fountains
at
Emerald
Park
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
8/01/46
...
14,740,000
12,881,289
Fountains
at
Emerald
Park
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
8/01/56
..
46,440,000
32,134,887
K
Street
Flats
,
Revenue
,
144A,
2021
A-1
,
3
%
,
2/01/57
......................
47,500,000
32,650,137
Summit
at
Sausalito
Apartments
,
Revenue
,
144A,
2021
A-1
,
3
%
,
2/01/57
........
16,260,000
11,118,437
Twin
Creek
Apartments
,
Revenue
,
144A,
2022
A-1
,
4.5
%
,
8/01/52
.............
29,275,000
22,234,728
c
Twin
Creek
Apartments
,
Revenue,
Senior
Lien
,
144A,
2022
A-2
,
6.311
%,
8/01/65
..
79,990,000
3,205,567
Verdant
at
Green
Valley
Apartments
,
Revenue
,
144A,
2019
A
,
5
%
,
8/01/49
.......
15,765,000
14,742,213
California
County
Tobacco
Securitization
Agency
,
Gold
Country
Settlement
Funding
Corp.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/40
1,120,000
1,086,080
Gold
Country
Settlement
Funding
Corp.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/49
2,000,000
1,753,303
Kern
County
Tobacco
Funding
Corp.
,
Revenue
,
2014
,
Refunding
,
5
%
,
6/01/34
....
7,080,000
7,080,205
Kern
County
Tobacco
Funding
Corp.
,
Revenue
,
2014
,
Refunding
,
5
%
,
6/01/40
....
17,650,000
17,353,656
Los
Angeles
County
Securitization
Corp.
,
Revenue,
Senior
Lien
,
2020
A
,
Refunding
,
4
%
,
6/01/49
....................................................
3,525,000
3,168,890
Merced
County
Tobacco
Funding
Corp.
,
Revenue,
Senior
Lien
,
2020
A
,
Refunding
,
4
%
,
6/01/36
....................................................
470,000
471,345
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
%
,
6/01/38
....................................................
$
530,000
$
524,026
Merced
County
Tobacco
Funding
Corp.
,
Revenue,
Senior
Lien
,
2020
A
,
Refunding
,
4
%
,
6/01/40
....................................................
625,000
606,071
Merced
County
Tobacco
Funding
Corp.
,
Revenue,
Senior
Lien
,
2020
A
,
Refunding
,
4
%
,
6/01/42
....................................................
100,000
96,474
Sonoma
County
Securitization
Corp.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/35
..
350,000
352,755
Sonoma
County
Securitization
Corp.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/36
..
600,000
601,717
Sonoma
County
Securitization
Corp.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/37
..
530,000
528,132
Sonoma
County
Securitization
Corp.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/38
..
790,000
786,059
Sonoma
County
Securitization
Corp.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/39
..
620,000
607,067
Sonoma
County
Securitization
Corp.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/40
..
830,000
804,863
Sonoma
County
Securitization
Corp.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/49
..
3,520,000
3,095,236
Sonoma
County
Securitization
Corp.
,
Revenue
,
2020
B-1
,
Refunding
,
5
%
,
6/01/49
.
345,000
345,000
Stanislaus
County
Tobacco
Funding
Corp.
,
Revenue
,
2002
A
,
5.875
%
,
6/01/43
...
2,115,000
2,115,000
California
Educational
Facilities
Authority
,
Art
Center
College
of
Design
,
Revenue
,
2022
A
,
4
%
,
12/01/40
................
1,295,000
1,240,073
Art
Center
College
of
Design
,
Revenue
,
2022
A
,
4
%
,
12/01/41
................
1,345,000
1,269,258
Art
Center
College
of
Design
,
Revenue
,
2022
A
,
4
%
,
12/01/42
................
1,400,000
1,305,545
Art
Center
College
of
Design
,
Revenue
,
2022
A
,
4
%
,
12/01/46
................
3,000,000
2,718,080
Art
Center
College
of
Design
,
Revenue
,
2022
A
,
4
%
,
12/01/50
................
2,675,000
2,318,924
Art
Center
College
of
Design
,
Revenue
,
2022
A
,
3
%
,
12/01/51
................
650,000
457,980
Chapman
University
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
4/01/31
...............
475,000
528,740
Leland
Stanford
Junior
University
(The)
,
Revenue
,
T-1
,
5
%
,
3/15/39
............
2,815,000
3,368,370
Leland
Stanford
Junior
University
(The)
,
Revenue
,
U-1
,
5.25
%
,
4/01/40
.........
5,000,000
6,153,066
Leland
Stanford
Junior
University
(The)
,
Revenue
,
U-6
,
5
%
,
5/01/45
............
7,000,000
8,209,964
Leland
Stanford
Junior
University
(The)
,
Revenue
,
V-1
,
5
%
,
5/01/49
............
20,850,000
23,685,010
Loma
Linda
University
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
4/01/47
.............
11,000,000
11,003,682
c
Loyola
Marymount
University
,
Revenue
,
2001
A
,
NATL
Insured
,
2.74
%,
10/01/26
..
7,620,000
7,550,365
c
Loyola
Marymount
University
,
Revenue
,
2001
A
,
NATL
Insured
,
2.8
%,
10/01/27
...
7,365,000
7,098,026
c
Loyola
Marymount
University
,
Revenue
,
2001
A
,
NATL
Insured
,
2.87
%,
10/01/28
..
4,120,000
3,856,125
c
Loyola
Marymount
University
,
Revenue
,
2001
A
,
NATL
Insured
,
3.05
%,
10/01/30
..
5,685,000
4,990,452
c
Loyola
Marymount
University
,
Revenue
,
2001
A
,
NATL
Insured
,
3.14
%,
10/01/31
..
7,615,000
6,456,042
c
Loyola
Marymount
University
,
Revenue
,
2001
A
,
NATL
Insured
,
3.22
%,
10/01/32
..
7,615,000
6,229,323
c
Santa
Clara
University
,
Revenue
,
1999
,
AMBAC
Insured
,
2.51
%,
9/01/26
........
655,000
650,840
St.
Mary's
College
of
California
,
Revenue
,
2023
A
,
Refunding
,
5.5
%
,
10/01/53
....
10,850,000
10,755,786
University
of
Redlands
,
Revenue
,
2022
A
,
5
%
,
10/01/44
.....................
3,835,000
3,898,157
University
of
Redlands
,
Revenue
,
2022
A
,
5
%
,
10/01/52
.....................
18,790,000
18,561,228
University
of
San
Francisco
,
Revenue
,
2018
A
,
5
%
,
10/01/48
.................
10,000,000
10,030,017
University
of
Southern
California
,
Revenue
,
2025
A
,
5
%
,
10/01/55
.............
50,000,000
52,742,240
California
Enterprise
Development
Authority
,
Castilleja
School
Foundation
,
Revenue
,
2024
,
5
%
,
6/01/49
...................
2,800,000
2,923,604
Provident
Group-SDSU
Properties
LLC
,
Revenue,
First
Tier
,
2020
A
,
5
%
,
8/01/40
..
650,000
669,859
Provident
Group-SDSU
Properties
LLC
,
Revenue,
First
Tier
,
2020
A
,
5
%
,
8/01/45
..
650,000
660,971
Provident
Group-SDSU
Properties
LLC
,
Revenue,
First
Tier
,
2020
A
,
5
%
,
8/01/50
..
650,000
654,251
Provident
Group-SDSU
Properties
LLC
,
Revenue,
First
Tier
,
2020
A
,
5
%
,
8/01/55
..
3,175,000
3,196,102
Provident
Group-SDSU
Properties
LLC
,
Revenue,
First
Tier
,
2020
A
,
5
%
,
8/01/57
..
500,000
501,370
California
Health
Facilities
Financing
Authority
,
Cedars-Sinai
Medical
Center
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
8/15/41
........................................................
5,000,000
5,390,376
Children's
Hospital
Los
Angeles
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
8/15/42
........................................................
14,370,000
14,106,947
Children's
Hospital
Los
Angeles
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
8/15/47
........................................................
7,750,000
7,258,473
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
4/01/36
.
13,220,000
13,457,155
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
4/01/37
.
5,550,000
5,611,760
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
,
4
%
,
4/01/38
.
$
7,075,000
$
7,134,173
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
3
%
,
4/01/44
.
4,340,000
3,796,424
El
Camino
Hospital
LP
,
Revenue
,
2017
,
4.125
%
,
2/01/47
....................
11,000,000
10,648,669
El
Camino
Hospital
LP
,
Revenue
,
2017
,
5
%
,
2/01/47
.......................
12,500,000
12,610,830
Episcopal
Communities
&
Services
for
Seniors
Obligated
Group
,
Revenue
,
2024
B
,
5.25
%
,
11/15/48
.................................................
1,905,000
1,969,085
Episcopal
Communities
&
Services
for
Seniors
Obligated
Group
,
Revenue
,
2024
B
,
5.25
%
,
11/15/53
.................................................
1,945,000
1,988,613
Episcopal
Communities
&
Services
for
Seniors
Obligated
Group
,
Revenue
,
2024
B
,
5.25
%
,
11/15/58
.................................................
3,100,000
3,160,288
Kaiser
Foundation
Hospitals
,
Revenue
,
2017
A-2
,
4
%
,
11/01/38
...............
25,000,000
24,794,407
Kaiser
Foundation
Hospitals
,
Revenue
,
2017
A-2
,
4
%
,
11/01/44
...............
411,225,000
385,416,725
Kaiser
Foundation
Hospitals
,
Revenue
,
2017
A-2
,
5
%
,
11/01/47
...............
12,500,000
13,902,734
Lucile
Salter
Packard
Children's
Hospital
at
Stanford
Obligated
Group
,
Revenue
,
2016
B
,
5
%
,
8/15/55
..............................................
24,000,000
24,026,998
Lucile
Salter
Packard
Children's
Hospital
at
Stanford
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
11/15/56
.............................................
10,300,000
10,359,345
On
Lok
Senior
Health
Services
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
8/01/40
........................................................
1,450,000
1,512,888
On
Lok
Senior
Health
Services
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
8/01/50
........................................................
2,375,000
2,392,315
On
Lok
Senior
Health
Services
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
8/01/55
........................................................
850,000
852,786
Providence
St.
Joseph
Health
Obligated
Group
,
Revenue
,
2014
A
,
5
%
,
10/01/38
..
5,110,000
5,114,261
Scripps
Health
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
11/15/42
.....
2,500,000
2,755,445
Sutter
Health
Obligated
Group
,
Revenue
,
2016
B
,
5
%
,
11/15/46
...............
42,105,000
42,223,298
Sutter
Health
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
4
%
,
11/15/48
......
10,585,000
9,592,076
Sutter
Health
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
11/15/48
......
21,690,000
21,780,456
Sutter
Health
Obligated
Group
,
Revenue
,
2018
A
,
4
%
,
11/15/42
...............
11,680,000
11,335,711
Sutter
Health
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
11/15/48
...............
24,500,000
24,602,175
California
Housing
Finance
Agency
,
Revenue
,
2019-1
,
A
,
4.25
%
,
1/15/35
...................................
41,575,467
43,088,885
Revenue
,
2019-2
,
A
,
4
%
,
3/20/33
......................................
12,406,981
12,677,720
e
Foothill
San
Regis
Apartments
LLC
,
Revenue
,
144A,
2026
U-1
,
I
,
5.8
%
,
4/01/36
...
42,300,000
42,114,489
e
Found
Middle
LP
,
Revenue
,
144A,
2024
L
,
5.2
%
,
12/01/27
...................
5,000,000
5,057,722
d,e
Shermanair
Apartments
Owner
LP
,
Revenue
,
144A,
2021
Q-1
,
Mandatory
Put
,
3
%
,
9/01/36
........................................................
22,535,000
20,161,819
e
Shermanair
Apartments
Owner
LP
,
Revenue
,
144A,
2021
Q-2
,
5
%
,
9/01/36
......
1,940,000
1,641,317
California
Infrastructure
&
Economic
Development
Bank
,
California
State
Teachers'
Retirement
System
,
Revenue
,
2019
,
5
%
,
8/01/44
......
12,750,000
13,295,981
California
State
Teachers'
Retirement
System
,
Revenue
,
2019
,
5
%
,
8/01/49
......
16,040,000
16,483,872
California
State
Water
Resources
Control
Board
Water
Pollution
Control
Revolving
Fund
,
Revenue
,
2018
,
5
%
,
10/01/43
..................................
10,000,000
10,296,439
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2020
B
,
4
%
,
11/01/45
.......................................................
850,000
822,174
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2020
B
,
4
%
,
11/01/50
.......................................................
860,000
784,387
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2021
B
,
4
%
,
11/01/56
.......................................................
1,000,000
874,900
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2022
B
,
5
%
,
11/01/47
.......................................................
2,300,000
2,364,668
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2022
B
,
4.125
%
,
11/01/52
.......................................................
3,100,000
2,843,259
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2022
B
,
5
%
,
11/01/57
.......................................................
5,500,000
5,555,480
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)
Los
Angeles
County
Museum
of
Natural
History
Foundation
,
Revenue
,
2020
,
Refunding
,
3
%
,
7/01/50
............................................
$
18,995,000
$
14,298,737
d
Museum
Associates
,
Revenue
,
2021
A
,
Refunding
,
Mandatory
Put
,
1.2
%
,
6/01/28
.
15,000,000
14,283,481
University
of
California
,
Revenue
,
2017
,
5
%
,
5/15/52
.......................
31,305,000
31,773,423
California
Municipal
Finance
Authority
,
e
Revenue
,
144A,
2025
A
,
6.375
%
,
8/01/37
...............................
28,300,000
29,285,613
Revenue
,
2025
A
,
6.1
%
,
12/01/37
.....................................
23,875,000
24,038,100
Revenue,
Senior
Lien
,
2017
A
,
Refunding
,
4
%
,
8/15/52
.....................
27,350,000
23,542,708
Special
Tax
,
2024
C
,
5
%
,
9/01/44
......................................
1,100,000
1,122,637
Special
Tax
,
2024
C
,
5
%
,
9/01/54
......................................
1,000,000
1,000,092
Special
Tax
,
2024
E
,
5
%
,
9/01/55
......................................
2,485,000
2,499,791
Special
Tax
,
2025
A
,
5
%
,
9/01/50
......................................
1,350,000
1,367,833
Special
Tax
,
2025
B
,
5.125
%
,
9/01/50
..................................
1,275,000
1,305,208
Special
Tax
,
2025
C
,
5
%
,
9/01/50
......................................
1,275,000
1,293,480
Special
Tax
,
2025
C
,
5
%
,
9/01/55
......................................
1,090,000
1,093,099
f
1717
University
Associates
LLC
,
Revenue
,
2020
A
,
8.5
%
,
6/01/52
.............
11,413,000
9,245,044
f
1717
University
Associates
LLC
,
Revenue
,
2020
A-T
,
9.25
%
,
6/01/52
...........
3,407,000
2,545,378
e
Ascent
613
,
Revenue
,
144A,
2025
A
,
5.25
%
,
1/01/45
.......................
2,500,000
2,540,937
e
Ascent
613
,
Revenue
,
144A,
2025
A
,
5.375
%
,
1/01/55
......................
3,500,000
3,518,859
e
Ascent
613
,
Revenue
,
144A,
2025
A
,
5.5
%
,
1/01/60
........................
2,850,000
2,876,115
Bethany
Home
Society
of
San
Joaquin
County,
Inc.
,
Revenue
,
2023
,
California
Mortgage
Insured
,
5
%
,
11/15/52
.....................................
26,465,000
27,408,514
California
Institute
of
the
Arts
,
Revenue
,
2021
,
4
%
,
10/01/51
.................
2,355,000
1,986,059
Caritas
Corp.
CMFA
Mobile
Home
Park
Financing
2024
Portfolio
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
8/15/49
............................................
1,235,000
1,257,309
Caritas
Corp.
CMFA
Mobile
Home
Park
Financing
2024
Portfolio
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
8/15/54
............................................
1,800,000
1,818,276
Caritas
Corp.
CMFA
Mobile
Home
Park
Financing
2024
Portfolio
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
8/15/59
............................................
2,600,000
2,618,140
Carmel
Valley
Manor
Obligated
Group
,
Revenue
,
2022
,
California
Mortgage
Insured
,
5
%
,
5/15/52
....................................................
17,775,000
18,382,493
e
Century
CityView
LP
,
Revenue
,
144A,
2021
A
,
4
%
,
11/01/36
..................
10,375,000
9,967,284
CHF-Davis
I
LLC
,
Revenue
,
2018
,
5
%
,
5/15/51
...........................
10,000,000
10,041,187
City
of
Elk
Grove
Community
Facilities
District
No.
2023-7
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/39
......................................
580,000
606,279
City
of
Elk
Grove
Community
Facilities
District
No.
2023-7
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/44
......................................
900,000
926,661
City
of
Elk
Grove
Community
Facilities
District
No.
2023-7
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/49
......................................
785,000
799,234
City
of
Elk
Grove
Community
Facilities
District
No.
2023-7
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/54
......................................
750,000
754,134
Community
Facilities
District
No.
2020-6
,
Special
Tax
,
2025
,
5
%
,
9/01/50
........
1,000,000
1,013,209
Community
Facilities
District
No.
2020-6
,
Special
Tax
,
2025
,
5
%
,
9/01/55
........
1,500,000
1,506,907
Community
Facilities
District
No.
2021-13
,
Special
Tax
,
2025
,
5
%
,
9/01/45
.......
1,085,000
1,110,767
Community
Facilities
District
No.
2021-13
,
Special
Tax
,
2025
,
5
%
,
9/01/50
.......
1,250,000
1,266,512
Community
Facilities
District
No.
2021-13
,
Special
Tax
,
2025
,
5
%
,
9/01/55
.......
1,400,000
1,406,447
Community
Facilities
District
No.
2021-9
Improvement
Area
No.
1
,
Special
Tax
,
2025
,
5.125
%
,
9/01/50
.................................................
1,725,000
1,757,621
Community
Facilities
District
No.
2021-9
Improvement
Area
No.
1
,
Special
Tax
,
2025
,
5.25
%
,
9/01/55
..................................................
2,425,000
2,473,551
Community
Facilities
District
No.
2022-6
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/44
....................................................
1,000,000
1,029,543
Community
Facilities
District
No.
2022-6
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/49
....................................................
1,250,000
1,266,709
Community
Facilities
District
No.
2022-6
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/54
....................................................
4,025,000
4,052,428
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
Facilities
District
No.
2023-5
Area
No.
2
Improvement
Area
No.
2
,
Special
Tax
,
2025
,
5
%
,
9/01/50
............................................
$
1,000,000
$
1,014,494
Community
Facilities
District
No.
2023-5
Area
No.
2
Improvement
Area
No.
2
,
Special
Tax
,
2025
,
5
%
,
9/01/55
............................................
1,120,000
1,128,145
Community
Hospitals
of
Central
California
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
2/01/42
............................................
15,900,000
15,977,834
Community
Hospitals
of
Central
California
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
2/01/47
............................................
19,145,000
19,165,560
Community
Hospitals
of
Central
California
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
2/01/51
........................................................
7,000,000
6,114,993
Concordia
University
Irvine
,
Revenue
,
2021
,
4
%
,
1/01/37
....................
975,000
929,045
Concordia
University
Irvine
,
Revenue
,
2021
,
4
%
,
1/01/38
....................
815,000
769,641
Concordia
University
Irvine
,
Revenue
,
2021
,
4
%
,
1/01/39
....................
1,040,000
972,496
Concordia
University
Irvine
,
Revenue
,
2021
,
4
%
,
1/01/40
....................
1,025,000
941,029
Concordia
University
Irvine
,
Revenue
,
2021
,
4
%
,
1/01/41
....................
1,030,000
928,294
Congregational
Homes,
Inc.
Obligated
Group
,
Revenue
,
2022
A
,
4
%
,
11/15/42
....
450,000
430,873
Congregational
Homes,
Inc.
Obligated
Group
,
Revenue
,
2022
A
,
4
%
,
11/15/52
....
1,000,000
842,482
Congregational
Homes,
Inc.
Obligated
Group
,
Revenue
,
2022
A
,
4
%
,
11/15/56
....
1,100,000
910,271
Eisenhower
Medical
Center
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/47
.........
9,100,000
9,108,144
Eskaton
Properties,
Inc.
Obligated
Group
,
Revenue
,
2024
,
Refunding
,
5
%
,
11/15/44
1,500,000
1,567,469
e
IH
Citrus
Whittier
LLC
,
Revenue
,
144A,
2023
,
I-A
,
6.25
%
,
1/01/60
.............
29,830,000
29,275,108
e
IH
Citrus
Whittier
LLC
,
Revenue
,
144A,
2023
,
I-B
,
9
%
,
7/01/42
................
1,800,000
1,830,448
e
IH
Lakes
Concord
LLC
,
Revenue
,
144A,
2022
A-1
,
4.375
%
,
12/01/32
...........
22,510,000
22,175,612
e
IH
Parkside
Fairfield
LLC
,
Revenue
,
144A,
2023
A-1
,
6.75
%
,
9/01/53
...........
51,750,000
54,279,276
e
IH
Parkside
Fairfield
LLC
,
Revenue
,
144A,
2023
A-2
,
8
%
,
9/01/27
.............
565,000
573,667
Inland
Christian
Home,
Inc.
,
Revenue
,
2020
,
California
Mortgage
Insured
,
4
%
,
12/01/49
.......................................................
2,670,000
2,517,528
Inland
Counties
Regional
Center,
Inc.
,
Revenue
,
2015
,
Refunding
,
5
%
,
6/15/45
...
23,300,000
23,310,173
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
........
81,985,000
68,916,419
LAX
Integrated
Express
Solutions
LLC
,
Revenue,
Senior
Lien
,
2018
A
,
5
%
,
12/31/37
8,500,000
8,695,831
LAX
Integrated
Express
Solutions
LLC
,
Revenue,
Senior
Lien
,
2018
A
,
5
%
,
12/31/38
5,000,000
5,107,892
LAX
Integrated
Express
Solutions
LLC
,
Revenue,
Senior
Lien
,
2018
A
,
5
%
,
12/31/43
46,895,000
47,551,586
LAX
Integrated
Express
Solutions
LLC
,
Revenue,
Senior
Lien
,
2018
A
,
5
%
,
12/31/47
55,745,000
55,895,294
LAX
Integrated
Express
Solutions
LLC
,
Revenue,
Senior
Lien
,
2018
B
,
5
%
,
6/01/48
14,325,000
14,341,363
e
NCCD-Claremont
Properties
LLC
,
Revenue
,
144A,
2023
A
,
Refunding
,
5.25
%
,
7/01/40
........................................................
7,065,000
7,612,012
e
NCCD-Claremont
Properties
LLC
,
Revenue
,
144A,
2023
A
,
Refunding
,
5.5
%
,
7/01/50
21,145,000
22,179,853
e
NCCD-Claremont
Properties
LLC
,
Revenue
,
144A,
2023
A
,
Refunding
,
6
%
,
7/01/53
12,485,000
13,573,354
e
NCCD-Claremont
Properties
LLC
,
Revenue
,
144A,
2023
B
,
Refunding
,
6.5
%
,
7/01/32
........................................................
2,470,000
2,485,561
Northbay
Healthcare
Corp.
Obligated
Group
,
Revenue
,
2017
A
,
5.25
%
,
11/01/41
..
5,500,000
5,511,474
Northbay
Healthcare
Corp.
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
11/01/47
.....
8,650,000
8,373,358
Northern
California
Retired
Officers
Community
,
Revenue
,
2019
A
,
California
Mortgage
Insured
,
5
%
,
1/01/43
......................................
10,000,000
10,274,917
Northern
California
Retired
Officers
Community
,
Revenue
,
2019
A
,
California
Mortgage
Insured
,
5
%
,
1/01/49
......................................
18,990,000
19,421,215
Palomar
Health
Obligated
Group
,
COP
,
2022
A
,
Refunding
,
AG
Insured
,
5.25
%
,
11/01/52
.......................................................
43,040,000
43,378,415
Porter
1107
LLC
,
Revenue
,
2025
A
,
6.2
%
,
11/01/37
........................
43,500,000
44,248,822
PRG
-
Potrero
Properties
LLC
,
Revenue
,
2026
A
,
5.25
%
,
9/01/51
..............
5,500,000
5,853,313
PRG
-
Potrero
Properties
LLC
,
Revenue
,
2026
A
,
5.5
%
,
9/01/56
...............
7,000,000
7,561,597
Samuel
Merritt
University
,
Revenue
,
2022
,
5.25
%
,
6/01/53
...................
39,750,000
41,058,777
Scripps
College
,
Revenue
,
2025
,
5.5
%
,
7/01/60
...........................
8,500,000
9,059,394
e
Sierra
Ridge
3600
LLC
,
Revenue
,
144A,
2024
A
,
5.75
%
,
11/01/39
.............
48,675,000
48,795,670
University
of
La
Verne
,
Revenue
,
2017
A
,
Refunding
,
4
%
,
6/01/47
.............
10,500,000
9,533,048
e
Verner
6430
LLC
,
Revenue
,
144A,
2026
A
,
6
%
,
6/01/38
.....................
36,050,000
36,220,917
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
,
e
Channelside
Water
Resources
LP
,
Revenue
,
144A,
2019
,
Refunding
,
5
%
,
7/01/39
.
$
7,250,000
$
7,435,865
e
Channelside
Water
Resources
LP
,
Revenue
,
144A,
2019
,
Refunding
,
5
%
,
11/21/45
11,365,000
11,574,568
e
Channelside
Water
Resources
LP
,
Revenue
,
144A,
2023
,
5
%
,
7/01/30
..........
5,200,000
5,510,851
e
Channelside
Water
Resources
LP
,
Revenue
,
144A,
2023
,
5
%
,
7/01/31
..........
3,000,000
3,207,920
e
Channelside
Water
Resources
LP
,
Revenue
,
144A,
2023
,
5
%
,
7/01/32
..........
5,500,000
5,936,490
e
Channelside
Water
Resources
LP
,
Revenue
,
144A,
2023
,
5
%
,
7/01/33
..........
6,000,000
6,532,161
e
Channelside
Water
Resources
LP
,
Revenue
,
144A,
2023
,
5
%
,
7/01/34
..........
3,250,000
3,536,076
e
Channelside
Water
Resources
LP
,
Revenue
,
144A,
2023
,
5
%
,
7/01/35
..........
3,250,000
3,523,366
e
Channelside
Water
Resources
LP
,
Revenue
,
144A,
2023
,
5
%
,
7/01/36
..........
2,650,000
2,855,472
e
Channelside
Water
Resources
LP
,
Revenue
,
144A,
2023
,
5
%
,
7/01/37
..........
2,300,000
2,472,919
e
Channelside
Water
Resources
LP
,
Revenue
,
144A,
2023
,
5
%
,
7/01/38
..........
2,000,000
2,139,445
e
Channelside
Water
Resources
LP
,
Revenue
,
144A,
2023
,
5
%
,
11/21/45
.........
2,200,000
2,301,663
San
Jose
Water
Co.
,
Revenue
,
2016
,
4.75
%
,
11/01/46
......................
15,000,000
15,003,972
California
Public
School
District
Financing
Authority
,
Southern
Kern
Unified
School
District
,
Revenue
,
1996
B
,
AG
Insured
,
ETM,
5.9
%
,
9/01/26
..................
220,000
221,783
e
California
School
Finance
Authority
,
Alliance
for
College
Ready
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
4
%
,
7/01/34
............................................
445,000
450,288
Alliance
for
College
Ready
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5
%
,
7/01/49
............................................
1,000,000
1,013,847
Alliance
for
College
Ready
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5
%
,
7/01/59
............................................
3,000,000
3,002,906
Aspire
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2021
A
,
2.125
%
,
8/01/31
.
500,000
452,178
Aspire
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2021
A
,
4
%
,
8/01/36
....
325,000
313,139
Aspire
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2021
A
,
4
%
,
8/01/41
....
525,000
484,419
Aspire
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2021
A
,
4
%
,
8/01/51
....
800,000
641,260
Aspire
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2022
A
,
5
%
,
8/01/52
....
2,935,000
2,723,303
Camino
Nuevo
Charter
Academy
Obligated
Group
,
Revenue
,
144A,
2023
A
,
Refunding
,
5
%
,
6/01/43
............................................
1,000,000
1,005,374
Camino
Nuevo
Charter
Academy
Obligated
Group
,
Revenue
,
144A,
2023
A
,
Refunding
,
5.25
%
,
6/01/53
.........................................
1,550,000
1,524,275
Classical
Academy
Obligated
Group
,
Revenue
,
144A,
2022
A
,
Refunding
,
5
%
,
10/01/42
.......................................................
1,325,000
1,346,657
Classical
Academy
Obligated
Group
,
Revenue
,
144A,
2022
A
,
Refunding
,
5
%
,
10/01/52
.......................................................
2,265,000
2,149,291
Classical
Academy
Obligated
Group
,
Revenue
,
144A,
2022
A
,
Refunding
,
5
%
,
10/01/61
.......................................................
3,905,000
3,639,366
Granada
Hills
Charter
High
School
Obligated
Group
,
Revenue
,
144A,
2021
A
,
Refunding
,
4
%
,
7/01/29
............................................
200,000
201,979
Granada
Hills
Charter
High
School
Obligated
Group
,
Revenue
,
144A,
2024
A
,
5
%
,
7/01/64
........................................................
500,000
467,454
Green
Dot
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2022
A
,
Refunding
,
5.75
%
,
8/01/52
..................................................
1,500,000
1,539,436
KIPP
SoCal
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2020
A
,
4
%
,
7/01/40
800,000
767,871
STEM
Preparatory
Schools
-
Obligated
Group
,
Revenue
,
144A,
2023
A
,
5.125
%
,
6/01/53
........................................................
1,000,000
962,929
STEM
Preparatory
Schools
-
Obligated
Group
,
Revenue
,
144A,
2023
A
,
5.375
%
,
5/01/63
........................................................
1,000,000
981,119
Value
Schools
,
Revenue
,
144A,
2023
A
,
Refunding
,
5
%
,
7/01/40
..............
550,000
562,227
Value
Schools
,
Revenue
,
144A,
2023
A
,
Refunding
,
5.25
%
,
7/01/48
............
725,000
731,742
California
State
Public
Works
Board
,
Revenue
,
2025
A
,
5
%
,
4/01/50
........................................
23,775,000
25,159,713
State
of
California
,
Revenue
,
2019
C
,
5
%
,
11/01/44
........................
5,000,000
5,227,069
State
of
California
,
Revenue
,
2021
D
,
4
%
,
11/01/35
........................
1,210,000
1,262,582
State
of
California
,
Revenue
,
2025
C
,
5
%
,
11/01/50
........................
13,750,000
14,594,410
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
,
Revenue
,
2015
A
,
5
%
,
11/01/47
.......................................
$
120,000
$
120,078
Revenue
,
2016
A
,
Refunding
,
5
%
,
11/01/36
..............................
3,760,000
3,766,124
d
Revenue
,
2016
B-2
,
Refunding
,
Mandatory
Put
,
0.55
%
,
11/01/26
..............
12,000,000
11,873,344
Revenue
,
2017
A
,
Refunding
,
5
%
,
11/01/42
..............................
12,310,000
12,494,026
Revenue
,
2017
A
,
Refunding
,
5
%
,
11/01/47
..............................
26,185,000
26,448,083
Revenue
,
2018
A
,
Refunding
,
5
%
,
11/01/39
..............................
3,675,000
3,846,118
Revenue
,
2018
A
,
Refunding
,
5
%
,
11/01/43
..............................
3,330,000
3,461,346
Revenue
,
2018
A
,
Refunding
,
5
%
,
11/01/48
..............................
17,385,000
17,789,434
Revenue
,
2019
A
,
5
%
,
11/01/44
.......................................
40,010,000
41,905,746
Revenue
,
2019
A
,
5
%
,
11/01/49
.......................................
31,915,000
32,902,354
Revenue
,
2019
A
,
5
%
,
11/01/51
.......................................
45,680,000
46,919,431
Revenue
,
2025
A
,
Refunding
,
4.625
%
,
11/01/56
...........................
32,800,000
33,224,796
Revenue
,
2025
A
,
Refunding
,
5.25
%
,
11/01/56
............................
75,000,000
80,920,973
California
Statewide
Communities
Development
Authority
,
Revenue
,
2024
B-1
,
5
%
,
9/02/44
......................................
2,500,000
2,587,789
Revenue
,
2024
B-1
,
5
%
,
9/02/49
......................................
2,000,000
2,021,308
Revenue
,
2024
B-1
,
5
%
,
9/02/54
......................................
2,500,000
2,508,619
e,g
Revenue
,
144A,
2026
E-1
,
I
,
5.8
%
,
6/01/36
..............................
41,100,000
40,529,602
Special
Assessment
,
2024
A
,
5
%
,
9/02/54
...............................
1,290,000
1,293,989
Special
Assessment
,
2025
C-1
,
5
%
,
9/02/50
..............................
4,830,000
4,947,174
Special
Assessment
,
2025
C-1
,
5
%
,
9/02/55
..............................
4,260,000
4,316,303
Special
Assessment
,
2026
A-1
,
4.75
%
,
9/02/56
...........................
2,800,000
2,797,731
g
Special
Assessment
,
2026
A-2
,
5
%
,
9/02/56
..............................
1,800,000
1,793,004
Special
Tax
,
2023
A
,
5.25
%
,
9/01/51
...................................
3,300,000
3,389,954
Special
Tax
,
2024
C-2
,
4.375
%
,
9/02/40
.................................
1,000,000
1,005,872
Special
Tax
,
2024
C-2
,
4.5
%
,
9/02/45
...................................
1,050,000
1,035,419
Special
Tax
,
2024
C-2
,
4.625
%
,
9/02/50
.................................
2,135,000
2,086,716
Special
Tax
,
2024
C-2
,
4.75
%
,
9/02/55
..................................
2,000,000
1,962,559
Special
Tax
,
2025
A
,
5
%
,
9/02/55
......................................
10,075,000
10,208,157
Special
Tax
,
2025
B
,
5
%
,
9/02/50
......................................
2,840,000
2,908,898
Special
Tax
,
2025
B
,
5
%
,
9/02/55
......................................
2,000,000
2,026,433
Special
Tax
,
2025
C-2
,
5
%
,
9/02/51
....................................
2,300,000
2,349,553
Special
Tax
,
2025
C-2
,
5
%
,
9/02/56
....................................
3,180,000
3,220,989
899
Charleston
,
Revenue
,
2024
,
Refunding
,
California
Mortgage
Insured
,
4.25
%
,
11/01/44
.......................................................
4,320,000
4,348,821
899
Charleston
,
Revenue
,
2024
,
Refunding
,
California
Mortgage
Insured
,
5
%
,
11/01/49
.......................................................
2,500,000
2,589,446
Adventist
Health
System/West
Obligated
Group
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
3/01/35
........................................................
9,250,000
9,256,227
Adventist
Health
System/West
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
3/01/48
........................................................
67,585,000
67,874,663
Cedars-Sinai
Medical
Center
Obligated
Group
,
Revenue
,
2018
,
5
%
,
7/01/48
.....
7,980,000
8,121,263
Community
Facilities
District
Improvement
Area
No.
4
,
Special
Tax
,
2024
,
5
%
,
9/01/45
........................................................
1,840,000
1,895,139
Community
Facilities
District
Improvement
Area
No.
4
,
Special
Tax
,
2024
,
5
%
,
9/01/55
........................................................
2,400,000
2,406,211
Community
Facilities
District
No.
2020-02
Improvement
Area
No.
2
,
Special
Tax
,
2022
,
5.25
%
,
9/01/52
.............................................
1,650,000
1,679,402
Community
Facilities
District
No.
2020-2
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
5
%
,
9/01/34
....................................................
345,000
370,420
Community
Facilities
District
No.
2020-2
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
5
%
,
9/01/39
....................................................
745,000
788,758
Community
Facilities
District
No.
2020-2
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
5
%
,
9/01/44
....................................................
1,230,000
1,274,131
Community
Facilities
District
No.
2020-2
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
5
%
,
9/01/49
....................................................
500,000
507,532
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)
Community
Facilities
District
No.
2020-2
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
5
%
,
9/01/54
....................................................
$
750,000
$
752,318
Community
Facilities
District
No.
2021-03
,
Special
Tax
,
2024
,
5
%
,
9/01/44
.......
875,000
906,328
Community
Facilities
District
No.
2021-03
,
Special
Tax
,
2024
,
5
%
,
9/01/49
.......
820,000
831,519
Community
Facilities
District
No.
2021-03
,
Special
Tax
,
2024
,
5
%
,
9/01/54
.......
850,000
852,930
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2023
,
5
%
,
9/01/43
........
1,000,000
1,038,873
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2023
,
5
%
,
9/01/53
........
1,850,000
1,856,879
Community
Facilities
District
No.
20220
,
Special
Tax
,
2023
,
5
%
,
9/01/43
.........
1,030,000
1,071,988
Community
Facilities
District
No.
20220
,
Special
Tax
,
2023
,
5
%
,
9/01/48
.........
1,120,000
1,140,408
Community
Facilities
District
No.
20220
,
Special
Tax
,
2023
,
5
%
,
9/01/53
.........
1,000,000
1,003,718
Community
Facilities
District
No.
2022-03
,
Special
Tax
,
2023
,
5
%
,
9/01/38
.......
1,675,000
1,764,926
Community
Facilities
District
No.
2022-03
,
Special
Tax
,
2023
,
5
%
,
9/01/43
.......
380,000
393,577
Community
Facilities
District
No.
2022-03
,
Special
Tax
,
2023
,
5
%
,
9/01/53
.......
1,250,000
1,254,648
Community
Facilities
District
No.
2022-10
,
Special
Tax
,
2023
,
5.5
%
,
9/01/53
......
1,770,000
1,840,892
Enloe
Medical
Center
Obligated
Group
,
Revenue
,
2022
A
,
AG
Insured
,
5
%
,
8/15/42
600,000
624,036
Enloe
Medical
Center
Obligated
Group
,
Revenue
,
2022
A
,
AG
Insured
,
5.125
%
,
8/15/47
........................................................
880,000
897,962
Enloe
Medical
Center
Obligated
Group
,
Revenue
,
2022
A
,
AG
Insured
,
5.25
%
,
8/15/52
........................................................
11,215,000
11,389,676
Enloe
Medical
Center
Obligated
Group
,
Revenue
,
2022
A
,
AG
Insured
,
5.375
%
,
8/15/57
........................................................
17,930,000
18,288,645
Odd
Fellows
Home
of
California
,
Revenue
,
2026
A
,
California
Mortgage
Insured
,
5
%
,
4/01/56
........................................................
2,750,000
2,826,776
Sequoia
Living,
Inc.
,
Revenue
,
2025
A
,
Refunding
,
California
Mortgage
Insured
,
5
%
,
7/01/50
........................................................
23,000,000
23,907,488
c
Carlsbad
Unified
School
District
,
GO
,
2011
C
,
6.448
%,
8/01/35
.................
33,000,000
40,853,218
Centinela
Valley
Union
High
School
District
,
GO
,
2004
A
,
Refunding
,
NATL
Insured
,
5.5
%
,
8/01/33
....................................................
12,600,000
13,762,805
Central
Valley
Energy
Authority
,
d
Revenue
,
2025
,
Mandatory
Put
,
5
%
,
8/01/35
.............................
50,000,000
53,781,350
Revenue
,
2026
,
5
%
,
8/01/34
.........................................
32,660,000
35,086,024
Cerritos
Community
College
District
,
GO
,
2026
B
,
5
%
,
8/01/51
............................................
11,100,000
11,828,899
GO
,
2026
B
,
5
%
,
8/01/56
............................................
35,385,000
37,421,595
Chino
Community
Facilities
District
,
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
10
,
Special
Tax
,
2024
,
4
%
,
9/01/29
......................................
285,000
289,079
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
10
,
Special
Tax
,
2024
,
5
%
,
9/01/34
......................................
650,000
701,435
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
10
,
Special
Tax
,
2024
,
5
%
,
9/01/39
......................................
830,000
888,641
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
10
,
Special
Tax
,
2024
,
5
%
,
9/01/44
......................................
795,000
824,575
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
10
,
Special
Tax
,
2024
,
5
%
,
9/01/49
......................................
675,000
685,402
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
10
,
Special
Tax
,
2024
,
5
%
,
9/01/54
......................................
740,000
746,543
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
8
,
Special
Tax
,
2021
,
4
%
,
9/01/41
......................................
1,710,000
1,668,133
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
8
,
Special
Tax
,
2021
,
4
%
,
9/01/46
......................................
1,000,000
930,125
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
8
,
Special
Tax
,
2021
,
4
%
,
9/01/51
......................................
1,250,000
1,093,030
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
9
,
Special
Tax
,
2022
,
5
%
,
9/01/37
......................................
2,740,000
2,916,356
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)
Chino
Community
Facilities
District,
(continued)
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
9
,
Special
Tax
,
2022
,
5.25
%
,
9/01/42
...................................
$
2,000,000
$
2,112,290
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
9
,
Special
Tax
,
2022
,
5.375
%
,
9/01/47
...................................
2,000,000
2,083,204
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
9
,
Special
Tax
,
2022
,
5.375
%
,
9/01/52
...................................
2,695,000
2,774,105
City
of
Chino
Community
Facilities
District
No.
2022-1
,
Special
Tax
,
2025
,
5.25
%
,
9/01/55
........................................................
2,000,000
2,054,364
Chino
Valley
Unified
School
District
,
GO
,
2020
B
,
3.375
%
,
8/01/50
..............
20,500,000
16,817,731
City
&
County
of
San
Francisco
,
GO
,
2022
R-1
,
Refunding
,
5
%
,
6/15/26
.................................
5,000,000
5,004,438
e
District
No.
2020-1
Development
,
Special
Tax
,
144A,
2023
A
,
5.75
%
,
9/01/50
.....
850,000
891,293
e
District
No.
2020-1
Office
,
Special
Tax
,
144A,
2023
B
,
5.75
%
,
9/01/53
..........
1,835,000
1,918,005
City
of
Beaumont
,
Community
Facilities
District
No.
2016-3
,
Special
Tax
,
2023
,
5
%
,
9/01/38
........
500,000
536,418
Community
Facilities
District
No.
2016-3
,
Special
Tax
,
2023
,
5
%
,
9/01/43
........
625,000
654,438
Community
Facilities
District
No.
2016-3
,
Special
Tax
,
2023
,
5
%
,
9/01/48
........
745,000
759,493
Community
Facilities
District
No.
2016-3
,
Special
Tax
,
2023
,
5
%
,
9/01/53
........
950,000
955,834
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2024
,
5
%
,
9/01/39
........
400,000
421,951
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2024
,
5
%
,
9/01/44
........
650,000
674,956
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2024
,
5
%
,
9/01/49
........
1,000,000
1,016,904
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........
1,500,000
1,514,647
Community
Facilities
District
No.
93-1
Improvement
Area
No.
17D
,
Special
Tax
,
2024
,
5
%
,
9/01/45
....................................................
1,000,000
1,029,274
Community
Facilities
District
No.
93-1
Improvement
Area
No.
17D
,
Special
Tax
,
2024
,
5
%
,
9/01/49
....................................................
1,000,000
1,016,775
Community
Facilities
District
No.
93-1
Improvement
Area
No.
17D
,
Special
Tax
,
2024
,
5
%
,
9/01/54
....................................................
1,390,000
1,407,001
City
of
Corona
,
Community
Facilities
District
No.
2018-1
Improvement
Area
No.
1
,
Special
Tax
,
2020
,
4
%
,
9/01/45
....................................................
650,000
607,684
Community
Facilities
District
No.
2018-1
Improvement
Area
No.
1
,
Special
Tax
,
2020
,
4
%
,
9/01/50
....................................................
1,500,000
1,322,563
City
of
Dixon
,
Community
Facilities
District
No.
2019-1
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
.......................................
1,000,000
1,003,447
City
of
Dublin
,
Community
Facilities
District
No.
2015-1
Improvement
Area
No.
4
,
Special
Tax
,
2022
,
5.25
%
,
9/01/42
..................................................
2,005,000
2,113,066
Community
Facilities
District
No.
2015-1
Improvement
Area
No.
4
,
Special
Tax
,
2022
,
5.5
%
,
9/01/47
...................................................
2,630,000
2,757,091
Community
Facilities
District
No.
2015-1
Improvement
Area
No.
4
,
Special
Tax
,
2022
,
5.5
%
,
9/01/51
...................................................
3,040,000
3,151,981
Community
Facilities
District
No.
2015-1
Improvement
Area
No.
5
,
Special
Tax
,
2023
,
5.125
%
,
9/01/43
.................................................
1,275,000
1,332,201
City
of
Fillmore
,
Community
Facilities
District
No.
5
Improvement
Area
B
,
Special
Tax
,
2023
,
5
%
,
9/01/38
........................................................
1,000,000
1,054,969
Community
Facilities
District
No.
5
Improvement
Area
B
,
Special
Tax
,
2023
,
5
%
,
9/01/43
........................................................
1,100,000
1,137,233
Community
Facilities
District
No.
5
Improvement
Area
B
,
Special
Tax
,
2023
,
5
%
,
9/01/48
........................................................
2,375,000
2,405,170
Community
Facilities
District
No.
5
Improvement
Area
B
,
Special
Tax
,
2023
,
5
%
,
9/01/53
........................................................
3,740,000
3,769,780
City
of
Fontana
,
Community
Facilities
District
No.
85
,
Special
Tax
,
2020
,
4
%
,
9/01/45
...........
850,000
785,373
Community
Facilities
District
No.
85
,
Special
Tax
,
2020
,
4
%
,
9/01/50
...........
900,000
799,431
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
Fontana,
(continued)
Community
Facilities
District
No.
88
,
Special
Tax
,
2020
,
4
%
,
9/01/45
...........
$
1,100,000
$
1,025,700
Community
Facilities
District
No.
88
,
Special
Tax
,
2020
,
4
%
,
9/01/51
...........
1,545,000
1,353,022
Community
Facilities
District
No.
89
,
Special
Tax
,
2020
,
4
%
,
9/01/40
...........
750,000
743,649
Community
Facilities
District
No.
89
,
Special
Tax
,
2020
,
4
%
,
9/01/51
...........
1,500,000
1,327,573
Community
Facilities
District
No.
90
,
Special
Tax
,
2021
,
4
%
,
9/01/41
...........
530,000
518,191
Community
Facilities
District
No.
90
,
Special
Tax
,
2021
,
4
%
,
9/01/46
...........
475,000
444,805
Community
Facilities
District
No.
90
,
Special
Tax
,
2021
,
4
%
,
9/01/51
...........
1,825,000
1,620,113
Community
Facilities
District
No.
99
,
Special
Tax
,
2023
,
5
%
,
9/01/45
...........
600,000
617,493
Community
Facilities
District
No.
99
,
Special
Tax
,
2023
,
5
%
,
9/01/53
...........
500,000
505,117
Community
Facilities
District
No.
109
,
Special
Tax
,
2024
,
5
%
,
9/01/44
..........
1,000,000
1,035,106
Community
Facilities
District
No.
109
,
Special
Tax
,
2024
,
5
%
,
9/01/49
..........
1,100,000
1,116,952
Community
Facilities
District
No.
109
,
Special
Tax
,
2024
,
5
%
,
9/01/54
..........
1,400,000
1,413,326
Community
Facilities
District
No.
112
,
Special
Tax
,
2024
,
5
%
,
9/01/39
...........
1,000,000
1,061,261
Community
Facilities
District
No.
112
,
Special
Tax
,
2024
,
5
%
,
9/01/44
...........
2,300,000
2,377,537
Community
Facilities
District
No.
112
,
Special
Tax
,
2024
,
5
%
,
9/01/54
...........
2,000,000
2,016,331
City
of
Laguna
Beach
,
Underground
Utility
Assessment
District
No.
2014-2
,
Special
Assessment
,
4.375
%
,
9/02/39
........................................................
1,685,000
1,721,081
Underground
Utility
Assessment
District
No.
2014-2
,
Special
Assessment
,
4.625
%
,
9/02/44
........................................................
1,000,000
1,004,693
City
of
Lake
Elsinore
,
Community
Facilities
District
No.
2006-6
,
Special
Tax
,
2022
,
4.75
%
,
9/01/52
......
1,000,000
963,049
Community
Facilities
District
No.
2019-2
,
Special
Tax
,
2024
,
5
%
,
9/01/49
........
1,000,000
1,009,973
Community
Facilities
District
No.
2019-2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........
1,000,000
1,003,447
Community
Facilities
District
No.
2022-1
,
Special
Tax
,
2025
,
5
%
,
9/01/50
........
1,000,000
1,013,748
Community
Facilities
District
No.
2022-1
,
Special
Tax
,
2025
,
5
%
,
9/01/55
........
1,500,000
1,512,019
City
of
Lincoln
,
Community
Facilities
District
No.
2006-1
Area
No.
1
,
Special
Tax
,
2021
,
Refunding
,
4
%
,
9/01/39
....................................................
290,000
281,672
Community
Facilities
District
No.
2006-1
Area
No.
1
,
Special
Tax
,
2021
,
Refunding
,
4
%
,
9/01/40
....................................................
160,000
154,942
Community
Facilities
District
No.
2006-1
Area
No.
1
,
Special
Tax
,
2021
,
Refunding
,
4
%
,
9/01/43
....................................................
320,000
303,228
Community
Facilities
District
No.
2019-1
,
Special
Tax
,
2022
,
5
%
,
9/01/42
........
2,015,000
2,072,821
Community
Facilities
District
No.
2019-1
,
Special
Tax
,
2022
,
5
%
,
9/01/47
........
3,430,000
3,488,620
Community
Facilities
District
No.
2019-1
,
Special
Tax
,
2022
,
5
%
,
9/01/52
........
2,090,000
2,100,540
Community
Facilities
District
No.
2019-1
,
Special
Tax
,
2025
,
5
%
,
9/01/55
........
1,400,000
1,405,012
City
of
Long
Beach
,
Harbor
,
Revenue
,
2017
C
,
Refunding
,
5
%
,
5/15/47
.........................
15,660,000
15,834,966
Harbor
,
Revenue
,
2019
A
,
5
%
,
5/15/44
..................................
15,045,000
15,750,407
Harbor
,
Revenue
,
2019
A
,
5
%
,
5/15/49
..................................
8,705,000
8,969,910
City
of
Los
Angeles
,
Department
of
Airports
,
Revenue
,
2018
C
,
5
%
,
5/15/37
.....................
9,550,000
9,744,732
Department
of
Airports
,
Revenue
,
2018
C
,
5
%
,
5/15/44
.....................
39,405,000
39,758,778
Department
of
Airports
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
5/15/49
.............
10,000,000
10,086,937
Department
of
Airports
,
Revenue
,
2019
C
,
5
%
,
5/15/39
.....................
2,305,000
2,436,751
Department
of
Airports
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
5/15/35
.............
10,005,000
10,779,943
Department
of
Airports
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
5/15/36
.............
6,000,000
6,445,940
Department
of
Airports
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
5/15/37
.............
5,000,000
5,356,605
Department
of
Airports
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
5/15/38
.............
15,925,000
17,020,540
Department
of
Airports
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
5/15/40
.............
22,485,000
23,923,642
Department
of
Airports
,
Revenue
,
2021
D
,
5
%
,
5/15/33
.....................
4,735,000
5,165,788
Department
of
Airports
,
Revenue
,
2021
D
,
5
%
,
5/15/34
.....................
2,500,000
2,716,993
Department
of
Airports
,
Revenue
,
2021
D
,
Pre-Refunded
,
5
%
,
5/15/34
..........
140,000
154,211
Department
of
Airports
,
Revenue,
Senior
Lien
,
2020
B
,
Refunding
,
4
%
,
5/15/39
...
2,000,000
2,040,674
Department
of
Airports
,
Revenue,
Senior
Lien
,
2020
C
,
5
%
,
5/15/37
............
6,595,000
6,955,126
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
G
,
4
%
,
5/15/42
............
$
16,575,000
$
16,329,620
Department
of
Airports
,
Revenue,
Senior
Lien
,
2022
G
,
4
%
,
5/15/47
............
11,325,000
10,546,959
Department
of
Airports
,
Revenue,
Senior
Lien
,
2022
H
,
5
%
,
5/15/42
............
1,415,000
1,490,272
Department
of
Airports
,
Revenue,
Senior
Lien
,
2022
H
,
5
%
,
5/15/47
............
25,000,000
25,634,540
Department
of
Airports
,
Revenue,
Senior
Lien
,
2022
H
,
5.25
%
,
5/15/47
.........
24,000,000
25,038,360
Department
of
Airports
,
Revenue,
Senior
Lien
,
2022
I
,
5
%
,
5/15/42
.............
2,360,000
2,556,635
Department
of
Airports
,
Revenue,
Senior
Lien
,
2022
I
,
4
%
,
5/15/48
.............
2,000,000
1,945,956
Department
of
Airports
,
Revenue,
Senior
Lien
,
2022
I
,
5
%
,
5/15/48
.............
6,265,000
6,532,010
Department
of
Airports
,
Revenue,
Sub.
Lien
,
2016
B
,
5
%
,
5/15/41
.............
10,000,000
10,016,465
Department
of
Airports
,
Revenue,
Sub.
Lien
,
2016
B
,
5
%
,
5/15/46
.............
15,265,000
15,267,371
Department
of
Airports
,
Revenue,
Sub.
Lien
,
2017
A
,
5
%
,
5/15/42
.............
3,680,000
3,713,493
Department
of
Airports
,
Revenue,
Sub.
Lien
,
2017
A
,
5
%
,
5/15/47
.............
51,110,000
51,222,013
Department
of
Airports
,
Revenue,
Sub.
Lien
,
2017
B
,
5
%
,
5/15/42
.............
4,000,000
4,069,914
Department
of
Airports
,
Revenue,
Sub.
Lien
,
2018
A
,
5
%
,
5/15/44
.............
32,985,000
33,490,159
Department
of
Airports
,
Revenue,
Sub.
Lien
,
2018
E
,
Refunding
,
5
%
,
5/15/43
.....
16,995,000
17,803,163
Department
of
Airports
,
Revenue,
Sub.
Lien
,
2018
E
,
Refunding
,
5
%
,
5/15/48
.....
33,145,000
33,958,110
Department
of
Airports
,
Revenue,
Sub.
Lien
,
2019
E
,
5
%
,
5/15/44
.............
23,485,000
24,376,634
Department
of
Airports
,
Revenue,
Sub.
Lien
,
2019
E
,
5
%
,
5/15/49
.............
10,495,000
10,700,832
Department
of
Airports
,
Revenue,
Sub.
Lien
,
2021
A
,
Refunding
,
5
%
,
5/15/36
.....
3,665,000
3,924,948
Department
of
Airports
,
Revenue,
Sub.
Lien
,
2021
A
,
Refunding
,
5
%
,
5/15/38
.....
4,920,000
5,231,553
Department
of
Airports
,
Revenue,
Sub.
Lien
,
2021
A
,
Refunding
,
5
%
,
5/15/41
.....
7,005,000
7,375,220
Department
of
Airports
,
Revenue,
Sub.
Lien
,
2021
A
,
Refunding
,
5
%
,
5/15/46
.....
25,965,000
26,650,858
Department
of
Airports
,
Revenue,
Sub.
Lien
,
2021
A
,
Refunding
,
5
%
,
5/15/51
.....
26,450,000
26,856,015
Department
of
Airports
,
Revenue,
Sub.
Lien
,
2022
C
,
Refunding
,
5
%
,
5/15/45
.....
8,000,000
8,278,966
Wastewater
System
,
Revenue
,
2025
A
,
5
%
,
6/01/55
........................
5,000,000
5,304,820
Wastewater
System
,
Revenue,
Sub.
Lien
,
2018
A
,
5
%
,
6/01/43
...............
10,000,000
10,317,105
City
of
Menifee
,
Community
Facilities
District
No.
2019-1
Meadow
Run
,
Special
Tax
,
2022
,
4
%
,
9/01/37
........................................................
320,000
320,418
Community
Facilities
District
No.
2019-1
Meadow
Run
,
Special
Tax
,
2022
,
3
%
,
9/01/43
........................................................
135,000
109,500
Community
Facilities
District
No.
2019-1
Meadow
Run
,
Special
Tax
,
2022
,
4
%
,
9/01/51
........................................................
565,000
486,684
Community
Facilities
District
No.
2022-1
,
Special
Tax
,
2023
A
,
5
%
,
9/01/38
......
500,000
534,368
Community
Facilities
District
No.
2022-1
,
Special
Tax
,
2023
A
,
5
%
,
9/01/43
......
600,000
626,356
Community
Facilities
District
No.
2022-1
,
Special
Tax
,
2023
A
,
5
%
,
9/01/48
......
700,000
714,480
Community
Facilities
District
No.
2022-1
,
Special
Tax
,
2023
A
,
5
%
,
9/01/53
......
1,000,000
1,006,748
Community
Facilities
District
No.
2022-1
,
Special
Tax
,
2024
A
,
5
%
,
9/01/54
......
1,000,000
1,006,725
g
Community
Facilities
District
No.
2022-3
Improvement
Area
No.
1
,
Special
Tax
,
2026
A
,
5
%
,
9/01/56
..................................................
2,650,000
2,670,362
Community
Facilities
District
No.
2023-1
,
Special
Tax
,
2024
,
5
%
,
9/01/44
........
1,500,000
1,552,659
Community
Facilities
District
No.
2023-1
,
Special
Tax
,
2024
,
5
%
,
9/01/49
........
2,100,000
2,133,795
Community
Facilities
District
No.
2023-1
,
Special
Tax
,
2024
,
5
%
,
9/01/55
........
4,365,000
4,388,040
Community
Facilities
District
No.
2024-1
,
Special
Tax
,
2026
A
,
5
%
,
9/01/56
......
2,155,000
2,158,847
City
of
Mountain
House
,
Community
Facilities
District
No.
2024-1
Improvement
Area
No.
8
,
Special
Tax
,
2025
,
5.25
%
,
9/01/55
................................
1,000,000
1,015,958
City
of
Newport
Beach
,
Assessment
District
No.
113
,
1915
Act,
Special
Assessment
,
2021
A
,
2.25
%
,
9/02/41
.............................................
1,290,000
907,528
City
of
Ontario
,
Community
Facilities
District
No.
13
,
Special
Tax
,
2021
,
Refunding
,
4
%
,
9/01/38
...
400,000
388,853
Community
Facilities
District
No.
45
,
Special
Tax
,
2020
,
4
%
,
9/01/43
...........
410,000
391,369
Community
Facilities
District
No.
45
,
Special
Tax
,
2020
,
4
%
,
9/01/51
...........
1,565,000
1,368,473
Community
Facilities
District
No.
55
,
Special
Tax
,
2022
,
5
%
,
9/01/42
...........
750,000
779,814
Community
Facilities
District
No.
55
,
Special
Tax
,
2022
,
5
%
,
9/01/47
...........
800,000
815,409
Community
Facilities
District
No.
55
,
Special
Tax
,
2022
,
5
%
,
9/01/53
...........
845,000
852,739
Community
Facilities
District
No.
57
,
Special
Tax
,
2022
,
4.25
%
,
9/01/37
.........
415,000
420,182
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
Ontario,
(continued)
Community
Facilities
District
No.
57
,
Special
Tax
,
2022
,
4.625
%
,
9/01/42
........
$
650,000
$
657,257
Community
Facilities
District
No.
57
,
Special
Tax
,
2022
,
4.75
%
,
9/01/47
.........
840,000
838,814
Community
Facilities
District
No.
57
,
Special
Tax
,
2022
,
4.75
%
,
9/01/52
.........
825,000
800,380
Community
Facilities
District
No.
64
,
Special
Tax
,
2024
,
5
%
,
9/01/49
...........
2,225,000
2,248,699
Community
Facilities
District
No.
66
,
Special
Tax
,
2024
,
5
%
,
9/01/39
...........
1,410,000
1,488,298
Community
Facilities
District
No.
66
,
Special
Tax
,
2024
,
5
%
,
9/01/44
...........
1,795,000
1,863,032
Community
Facilities
District
No.
66
,
Special
Tax
,
2024
,
5
%
,
9/01/49
...........
1,000,000
1,015,411
Community
Facilities
District
No.
66
,
Special
Tax
,
2024
,
5
%
,
9/01/54
...........
1,000,000
1,009,519
Community
Facilities
District
No.
71
,
Special
Tax
,
2025
,
5
%
,
9/01/55
...........
1,500,000
1,515,356
City
of
Orange
,
Community
Facilities
District
No.
06-1
,
Special
Tax
,
2015
,
Refunding
,
AG
Insured
,
5
%
,
10/01/40
...........................................
7,500,000
7,544,406
City
of
Pasadena
,
Electric
,
Revenue
,
2016
A
,
Refunding
,
4
%
,
6/01/46
............
22,625,000
22,256,251
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
547,968
Arista
Del
Sol
Community
Facilities
District
No.
2022-1
Improvement
Area
No.
1
,
Special
Tax
,
2023
,
5.375
%
,
9/01/53
...................................
1,100,000
1,131,500
City
Grantline
220
Community
Facilities
District
No.
2023-1
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
......................................
1,790,000
1,799,784
Grantline
220
Community
Facilities
District
No.
2023-1
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/44
......................................
885,000
912,321
Grantline
220
Community
Facilities
District
No.
2023-1
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/49
......................................
550,000
556,938
Grantline
220
Community
Facilities
District
No.
2023-1
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/53
......................................
525,000
528,861
City
of
Rialto
,
Community
Facilities
District
No.
2020-1
,
Special
Tax
,
2025
,
5.125
%
,
9/01/55
.........................................................
1,000,000
1,014,249
City
of
Roseville
,
Amoruso
Ranch
Community
Facilities
District
No.
1
Improvement
Area
No.
2
,
Special
Tax
,
2025
,
5
%
,
9/01/50
............................................
1,190,000
1,194,012
Amoruso
Ranch
Community
Facilities
District
No.
1
Improvement
Area
No.
2
,
Special
Tax
,
2025
,
5
%
,
9/01/55
............................................
1,750,000
1,733,856
Creekview
Community
Facilities
District
No.
1
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
................................................
2,165,000
2,171,007
Electric
System
,
COP
,
2004
,
AG
Insured
,
5
%
,
2/01/34
......................
5,000
5,008
Ranch
at
Sierra
Vista
Community
Facilities
District
No.
1
,
Special
Tax
,
2023
,
5
%
,
9/01/38
........................................................
1,165,000
1,230,535
Ranch
at
Sierra
Vista
Community
Facilities
District
No.
1
,
Special
Tax
,
2023
,
5
%
,
9/01/43
........................................................
1,000,000
1,037,614
Ranch
at
Sierra
Vista
Community
Facilities
District
No.
1
,
Special
Tax
,
2023
,
5
%
,
9/01/48
........................................................
1,000,000
1,020,069
Ranch
at
Sierra
Vista
Community
Facilities
District
No.
1
,
Special
Tax
,
2023
,
5
%
,
9/01/53
........................................................
1,150,000
1,161,957
City
of
Sacramento
,
Transient
Occupancy
Tax
,
Revenue
,
2018
A
,
5
%
,
6/01/43
....................
13,555,000
13,915,901
Transient
Occupancy
Tax
,
Revenue
,
2018
A
,
5
%
,
6/01/48
....................
21,415,000
21,765,225
City
of
San
Francisco
,
Public
Utilities
Commission
Water
,
Revenue
,
2025
D
,
5
%
,
11/01/55
............
75,000,000
79,144,943
Public
Utilities
Commission
Water
,
Revenue,
Sub.
Lien
,
2023
AB-A
,
5.25
%
,
11/01/48
47,895,000
51,514,099
Public
Utilities
Commission
Water
,
Revenue,
Sub.
Lien
,
2023
AB-A
,
5.25
%
,
11/01/52
40,170,000
42,795,957
City
of
Santa
Paula
,
Harvest
Community
Facilities
District
No.
1
Improvement
Area
A
,
Special
Tax
,
2022
,
4
%
,
9/01/42
....................................................
575,000
542,876
Harvest
Community
Facilities
District
No.
1
Improvement
Area
A
,
Special
Tax
,
2022
,
4
%
,
9/01/47
....................................................
1,460,000
1,291,121
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)
City
of
Santa
Paula,
(continued)
Harvest
Community
Facilities
District
No.
1
Improvement
Area
A
,
Special
Tax
,
2022
,
4
%
,
9/01/52
....................................................
$
3,530,000
$
3,005,922
Harvest
Community
Facilities
District
No.
1
Improvement
Area
A
,
Special
Tax
,
2023
,
5
%
,
9/01/49
....................................................
325,000
329,896
Harvest
Community
Facilities
District
No.
1
Improvement
Area
A
,
Special
Tax
,
2023
,
5
%
,
9/01/53
....................................................
1,345,000
1,358,165
City
of
Upland
,
San
Antonio
Regional
Hospital
Obligated
Group
,
COP
,
Refunding
,
5
%
,
1/01/47
.........................................................
14,400,000
14,444,970
City
of
Vernon
,
Electric
System
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
8/01/34
..................
1,350,000
1,477,924
Electric
System
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
8/01/39
..................
425,000
455,194
Electric
System
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
8/01/40
..................
365,000
389,408
Electric
System
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
8/01/41
..................
420,000
446,841
City
of
Wildomar
,
Community
Facilities
District
No.
2022-3
,
Special
Tax
,
2024
,
5
%
,
9/01/42
........
800,000
832,999
Community
Facilities
District
No.
2022-3
,
Special
Tax
,
2024
,
5
%
,
9/01/47
........
1,000,000
1,018,871
Community
Facilities
District
No.
2022-3
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........
1,200,000
1,208,177
e
CMFA
Special
Finance
Agency
,
Latitude33
,
Revenue
,
144A,
2021
A-1
,
3
%
,
12/01/56
.......................
9,000,000
5,993,371
Solana
at
Grand
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
4
%
,
8/01/56
..........
54,800,000
47,419,530
e
CMFA
Special
Finance
Agency
Enclave
,
Revenue,
Senior
Lien
,
144A,
2022
A-1
,
4
%
,
8/01/58
.........................................................
26,500,000
20,322,113
e
CMFA
Special
Finance
Agency
VII
,
Breakwater
Apartments
(The)
,
Revenue
,
144A,
2021
A-1
,
3
%
,
8/01/56
..............................................
94,250,000
65,558,151
e
CMFA
Special
Finance
Agency
VIII
,
Elan
Huntington
Beach
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
8/01/56
.........................................
34,750,000
23,921,222
e
CMFA
Special
Finance
Agency
XII
,
Allure
Apartments
,
Revenue,
Senior
Lien
,
144A,
2022
A-1
,
3.25
%
,
2/01/57
............................................
27,500,000
19,603,631
Coachella
Valley
Unified
School
District
,
GO
,
2016
F
,
BAM
Insured
,
5
%
,
8/01/46
.................................
7,135,000
7,147,236
c
GO
,
C
,
AG
Insured
,
3.52
%,
8/01/36
....................................
8,000,000
5,629,109
c
GO
,
C
,
AG
Insured
,
3.61
%,
8/01/37
....................................
8,000,000
5,384,094
c
GO
,
C
,
AG
Insured
,
3.86
%,
8/01/40
....................................
7,500,000
4,386,199
c
GO
,
C
,
AG
Insured
,
4.29
%,
8/01/43
....................................
10,000,000
4,857,863
c
Colton
Joint
Unified
School
District
,
GO
,
2010
B
,
AG
Insured
,
4.31
%,
8/01/42
......
16,365,000
8,265,513
Contra
Costa
Community
College
District
,
GO
,
2020
C
,
4
%
,
8/01/32
.............
1,200,000
1,269,645
Contra
Costa
Water
District
,
Revenue
,
V
,
Refunding
,
5
%
,
10/01/49
..............
7,500,000
7,723,989
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
1,620,300
City
of
Corona
Community
Facilities
District
No.
2018-1
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
......................................
1,600,000
1,608,745
c
Corona-Norco
Unified
School
District
,
GO
,
1998
C
,
NATL
Insured
,
2.59
%,
9/01/26
...
6,080,000
6,040,183
County
of
El
Dorado
,
Community
Facilities
District
No.
2014-1
,
Special
Tax
,
2023
,
5
%
,
9/01/48
.........................................................
1,000,000
1,016,993
County
of
Los
Angeles
,
Community
Facilities
District
No.
2021-01
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/44
................................................
1,400,000
1,456,004
Community
Facilities
District
No.
2021-01
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/49
................................................
1,400,000
1,420,621
Community
Facilities
District
No.
2021-01
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
................................................
1,750,000
1,764,289
County
of
Orange
,
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2022
A
,
5
%
,
8/15/37
......
1,300,000
1,376,352
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2022
A
,
5
%
,
8/15/42
......
850,000
885,934
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2022
A
,
5
%
,
8/15/47
......
1,250,000
1,275,282
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)
County
of
Orange,
(continued)
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2022
A
,
5
%
,
8/15/52
......
$
8,200,000
$
8,284,814
County
of
Placer
,
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
2
,
Special
Tax
,
2023
,
5
%
,
9/01/43
....................................................
900,000
924,337
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
2
,
Special
Tax
,
2023
,
5
%
,
9/01/48
....................................................
1,360,000
1,369,377
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
2
,
Special
Tax
,
2023
,
5
%
,
9/01/53
....................................................
1,000,000
998,873
County
of
Riverside
,
Community
Facilities
District
No.
07-2
,
Special
Tax
,
2020
,
AG
Insured
,
4
%
,
9/01/45
...............................................
2,730,000
2,649,493
County
of
Sacramento
,
Airport
System
,
Revenue
,
2025
D
,
AG
Insured
,
5.25
%
,
7/01/50
...............
7,500,000
7,907,838
Airport
System
,
Revenue,
Senior
Lien
,
2016
A
,
Refunding
,
5
%
,
7/01/41
.........
10,000,000
10,010,169
Airport
System
,
Revenue,
Sub.
Lien
,
2016
B
,
Refunding
,
5
%
,
7/01/41
...........
9,000,000
9,009,152
Community
Facilities
District
No.
2014-2
,
Special
Tax
,
2021
,
4
%
,
9/01/41
........
325,000
310,691
Community
Facilities
District
No.
2014-2
,
Special
Tax
,
2021
,
4
%
,
9/01/46
........
325,000
295,454
e
CSCDA
Community
Improvement
Authority
,
1818
Platinum
Triangle-Anaheim
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3.35
%
,
4/01/47
........................................................
9,600,000
8,422,349
777
Place-Pomona
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3.6
%
,
5/01/47
.......
10,000,000
8,483,691
777
Place-Pomona
,
Revenue,
Senior
Lien
,
144A,
2021
A-2
,
3.25
%
,
5/01/57
......
12,500,000
8,704,902
Acacia
on
Santa
Rosa
Creek
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
4
%
,
10/01/56
.
13,000,000
10,813,315
Cameo/Garrison
Apartments
,
Revenue
,
144A,
2021
A-1
,
2.8
%
,
3/01/47
.........
20,700,000
18,366,756
Cameo/Garrison
Apartments
,
Revenue
,
144A,
2021
B
,
4
%
,
3/01/57
............
7,000,000
5,238,056
Cameo/Garrison
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-2
,
3
%
,
3/01/57
.
7,430,000
5,149,254
Crescent
(The)
,
Revenue,
Senior
Lien
,
144A,
2022
A-1
,
3.25
%
,
7/01/43
.........
6,530,000
5,116,205
Crescent
(The)
,
Revenue,
Senior
Lien
,
144A,
2022
A-2
,
4.3
%
,
7/01/59
..........
18,250,000
14,706,585
Dublin
,
Revenue
,
144A,
2021
B
,
4
%
,
2/01/57
.............................
16,110,000
12,266,608
Dublin
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
2.45
%
,
2/01/47
...............
36,300,000
31,782,037
Dublin
,
Revenue,
Senior
Lien
,
144A,
2021
A-2
,
3
%
,
2/01/57
..................
45,500,000
32,165,042
Escondido
Portfolio
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
6/01/48
........
10,000,000
7,263,979
Jefferson
Platinum
Triangle
Apartments
,
Revenue
,
144A,
2021
A-1
,
2.875
%
,
8/01/41
17,170,000
15,993,318
Jefferson
Platinum
Triangle
Apartments
,
Revenue
,
144A,
2021
A-2
,
3.125
%
,
8/01/56
54,465,000
40,672,490
Monterey
Station
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
7/01/43
.
8,000,000
6,534,854
Parallel-Anaheim
,
Revenue
,
144A,
2021
A
,
4
%
,
8/01/56
.....................
17,540,000
15,872,220
Park
Crossing
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
3.25
%
,
12/01/58
.
18,750,000
12,922,453
Pasadena
Portfolio
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
2.65
%
,
12/01/46
.....
1,340,000
1,166,150
Pasadena
Portfolio
,
Revenue,
Senior
Lien
,
144A,
2021
A-2
,
3
%
,
12/01/56
.......
39,820,000
28,428,641
Renaissance
at
City
Center
,
Revenue
,
144A,
2020
A
,
5
%
,
7/01/51
.............
18,625,000
17,821,227
Theo
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3.5
%
,
5/01/47
........
5,000,000
4,329,926
c
Towne
at
Glendale
Apartments
,
Revenue
,
144A,
2022
A
,
1.199
%,
9/01/62
.......
53,000,000
36,190,313
Vineyard
Garden
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
3.25
%
,
10/01/58
14,000,000
9,961,381
Waterscape
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
3
%
,
9/01/56
......
5,000,000
3,457,957
Westgate
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
6/01/47
......
14,500,000
10,496,086
Wood
Creek
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
12/01/49
...
30,000,000
21,652,893
Wood
Creek
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-2
,
4
%
,
12/01/58
...
25,000,000
19,274,535
Daly
City
Housing
Development
Finance
Agency
,
Franciscan
Park
LLC
,
Revenue
,
2007
A
,
Refunding
,
5
%
,
12/15/47
..........................................
17,870,000
17,875,749
Day
Creek
Square
Public
Facilities
,
Community
Facilities
District
No.
2018-1
,
Special
Tax
,
2020
,
4
%
,
9/01/40
........
625,000
618,375
Community
Facilities
District
No.
2018-1
,
Special
Tax
,
2020
,
4
%
,
9/01/45
........
700,000
653,573
Delano
Joint
Union
High
School
District
,
GO
,
2003
A
,
Refunding
,
NATL
Insured
,
5.15
%
,
2/01/32
.........................................................
7,175,000
7,705,383
Downey
Unified
School
District
,
GO
,
B
,
5
%
,
8/01/57
.........................
10,375,000
10,954,619
East
Bay
Municipal
Utility
District
,
Water
System
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
6/01/45
.........................................................
4,240,000
4,297,388
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)
Eastern
Municipal
Water
District
,
Community
Facilities
District
No.
2013-63
Improvement
Area
B
,
Special
Tax
,
2024
,
4
%
,
9/01/43
....................................................
$
1,315,000
$
1,238,500
Community
Facilities
District
No.
2013-63
Improvement
Area
B
,
Special
Tax
,
2024
,
4.25
%
,
9/01/49
..................................................
1,095,000
995,285
Community
Facilities
District
No.
2017-77
Improvement
Area
A
,
Special
Tax
,
2024
,
5
%
,
9/01/45
....................................................
1,175,000
1,206,145
Community
Facilities
District
No.
2017-77
Improvement
Area
A
,
Special
Tax
,
2024
,
5
%
,
9/01/54
....................................................
2,485,000
2,500,257
Community
Facilities
District
No.
2017-79
,
Special
Tax
,
2021
,
4
%
,
9/01/46
.......
2,815,000
2,531,828
Community
Facilities
District
No.
2017-79
,
Special
Tax
,
2021
,
4
%
,
9/01/51
.......
3,405,000
2,911,174
Community
Facilities
District
No.
2019-83
,
Special
Tax
,
2022
,
4
%
,
9/01/51
.......
2,790,000
2,399,676
Community
Facilities
District
No.
2019-86
,
Special
Tax
,
2023
,
5
%
,
9/01/48
.......
855,000
864,817
Community
Facilities
District
No.
2019-86
,
Special
Tax
,
2023
,
5
%
,
9/01/54
.......
1,775,000
1,780,487
Community
Facilities
District
No.
2022-95
,
Special
Tax
,
2024
,
4
%
,
9/01/39
.......
1,250,000
1,228,997
Community
Facilities
District
No.
2022-95
,
Special
Tax
,
2024
,
4
%
,
9/01/44
.......
1,500,000
1,397,455
Community
Facilities
District
No.
2022-95
,
Special
Tax
,
2024
,
4.25
%
,
9/01/49
.....
2,030,000
1,845,140
Community
Facilities
District
No.
2022-95
,
Special
Tax
,
2024
,
4.375
%
,
9/01/54
....
1,280,000
1,154,647
Community
Facilities
District
No.
2024-109
,
Special
Tax
,
2026
,
5
%
,
9/01/51
......
1,650,000
1,675,640
Community
Facilities
District
No.
2024-109
,
Special
Tax
,
2026
,
5
%
,
9/01/56
......
1,780,000
1,793,684
Eastern
Municipal
Water
District
Financing
Authority
,
Revenue
,
2015
B
,
5
%
,
7/01/46
.
30,705,000
30,734,071
Elk
Grove
Finance
Authority
,
Community
Facilities
District
No.
2005-1
Laguna
Ridge
,
Special
Tax
,
2024
,
5
%
,
9/01/51
.......................................
1,725,000
1,745,910
Elsinore
Valley
Municipal
Water
District
,
Community
Facilities
District
No.
2022-2
(Echo
Ridge)
,
Special
Tax
,
2026
,
5
%
,
9/01/55
.................................
1,250,000
1,219,828
c
Fairfax
School
District
,
GO
,
2011
,
AG
Insured
,
4.91
%,
11/01/48
.................
10,380,000
3,544,951
FHLMC,
Multi-family
ML
Pass-Through
Certificates
,
Revenue
,
2019-ML06
,
ACA
,
2.493
%
,
7/25/35
...................................................
971,696
859,817
Folsom
Cordova
Unified
School
District
,
School
Facilities
Improvement
District
No.
5
,
GO
,
C
,
4
%
,
10/01/43
...............................................
5,000,000
5,001,152
Folsom
Ranch
Financing
Authority
,
City
of
Folsom
Community
Facilities
District
No.
18
,
Special
Tax
,
2024
,
5
%
,
9/01/44
1,000,000
1,037,901
City
of
Folsom
Community
Facilities
District
No.
18
,
Special
Tax
,
2024
,
5
%
,
9/01/49
1,250,000
1,270,969
City
of
Folsom
Community
Facilities
District
No.
18
,
Special
Tax
,
2024
,
5
%
,
9/01/54
5,535,000
5,591,435
City
of
Folsom
Community
Facilities
District
No.
23
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/39
............................................
715,000
753,779
City
of
Folsom
Community
Facilities
District
No.
23
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/44
............................................
775,000
796,511
City
of
Folsom
Community
Facilities
District
No.
23
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/49
............................................
425,000
430,102
City
of
Folsom
Community
Facilities
District
No.
23
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/53
............................................
485,000
489,157
Community
Facilities
District
No.
23
Improvement
Area
No.
7
,
Special
Tax
,
2026
,
5
%
,
9/01/46
........................................................
2,000,000
2,057,996
Foothill-Eastern
Transportation
Corridor
Agency
,
Revenue
,
2013
A
,
Refunding
,
AG
Insured
,
5.5
%
,
1/15/31
....................
35,000,000
39,466,574
Revenue
,
2013
A
,
Refunding
,
AG
Insured
,
5.625
%
,
1/15/32
..................
37,260,000
42,094,664
Revenue
,
2013
A
,
Refunding
,
6.85
%
,
1/15/42
.............................
99,150,000
117,970,653
c
Revenue
,
2013
A
,
Refunding
,
AG
Insured
,
3.52
%,
1/15/37
...................
41,250,000
28,570,971
c
Revenue
,
2013
A
,
Refunding
,
AG
Insured
,
3.62
%,
1/15/38
...................
77,650,000
51,381,121
c
Revenue
,
2013
A
,
Refunding
,
AG
Insured
,
3.7
%,
1/15/39
....................
56,100,000
35,454,594
c
Revenue
,
2013
A
,
Refunding
,
4.15
%,
1/15/42
.............................
130,000,000
68,879,642
c
Revenue,
Senior
Lien
,
1995
A
,
ETM,
2.5
%,
1/01/27
........................
15,000,000
14,782,172
c
Revenue,
Senior
Lien
,
1995
A
,
ETM,
2.47
%,
1/01/28
.......................
2,000,000
1,923,971
c
Revenue,
Senior
Lien
,
1995
A
,
ETM,
2.51
%,
1/01/29
.......................
35,310,000
33,118,824
Revenue,
Senior
Lien
,
2021
A
,
Refunding
,
4
%
,
1/15/46
.....................
17,500,000
17,010,861
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)
c
Fowler
Unified
School
District
,
GO
,
2010
C
,
AG
Insured
,
3.95
%,
8/01/41
................................
$
3,095,000
$
1,719,712
GO
,
2010
C
,
AG
Insured
,
4.05
%,
8/01/42
................................
3,005,000
1,581,890
Fremont
Unified
School
District
,
GO
,
2024
A
,
4
%
,
8/01/45
.....................
5,000,000
4,993,753
Fresno
Unified
School
District
,
GO
,
2020
B
,
5
%
,
8/01/46
............................................
2,635,000
2,755,612
GO
,
2020
B
,
4
%
,
8/01/48
............................................
3,205,000
3,077,489
GO
,
2020
B
,
4
%
,
8/01/52
............................................
6,585,000
6,183,651
GO
,
2020
B
,
4
%
,
8/01/55
............................................
4,000,000
3,719,555
Fullerton
Joint
Union
High
School
District
,
GO
,
2026
B
,
4.125
%
,
8/01/54
..........
19,630,000
19,016,678
c
Glendale
Community
College
District
,
GO
,
2003
C
,
NATL
Insured
,
3.98
%,
8/01/28
...
6,570,000
6,036,293
Golden
State
Tobacco
Securitization
Corp.
,
Revenue
,
2022
A-1
,
Refunding
,
5
%
,
6/01/51
.........................................................
21,350,000
21,343,644
Golden
Valley
Unified
School
District
,
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
3
,
Special
Tax
,
2025
,
5
%
,
9/01/55
....................
1,570,000
1,536,745
Golden
Valley
Unified
School
District
Financing
Authority
,
Community
Facilities
District
No.
2017-1
,
Revenue
,
2021
A
,
4
%
,
9/01/46
........
250,000
229,419
Community
Facilities
District
No.
2017-1
,
Revenue
,
2021
A
,
4
%
,
9/01/51
........
500,000
433,285
Community
Facilities
District
No.
2017-1
,
Revenue
,
2021
A
,
4
%
,
9/01/56
........
745,000
632,006
Grossmont-Cuyamaca
Community
College
District
,
GO
,
2018
B
,
4
%
,
8/01/47
......
10,000,000
9,761,909
Hacienda
La
Puente
Unified
School
District
,
GO
,
2017
A
,
4
%
,
8/01/47
............
655,000
637,607
Hartnell
Community
College
District
,
GO
,
2009
C
,
6.125
%
,
8/01/33
..............
20,000,000
23,523,790
c
Hawthorne
School
District
,
GO
,
2008
C
,
AG
Insured
,
4.79
%,
8/01/48
.............
37,665,000
13,348,194
Hemet
Unified
School
District
,
Special
Tax
,
2026
,
5
%
,
9/01/56
.......................................
1,500,000
1,510,421
Community
Facilities
District
No.
2021-1
Improvement
Area
No.
2
,
Special
Tax
,
2025
,
5
%
,
9/01/55
....................................................
1,000,000
1,007,977
Community
Facilities
District
No.
2021-5  Improvement
Area
No.
1
,
Special
Tax
,
2025
,
5
%
,
9/01/45
................................................
1,000,000
1,031,355
Community
Facilities
District
No.
2021-5  Improvement
Area
No.
2
,
Special
Tax
,
2025
,
5
%
,
9/01/50
................................................
1,070,000
1,087,049
Community
Facilities
District
No.
2021-5  Improvement
Area
No.
2
,
Special
Tax
,
2025
,
5
%
,
9/01/54
................................................
1,000,000
1,008,842
Community
Facilities
District
No.
2021-6
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/44
....................................................
1,000,000
1,035,106
Community
Facilities
District
No.
2021-6
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/49
....................................................
1,000,000
1,016,093
Community
Facilities
District
No.
2021-6
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/54
....................................................
1,700,000
1,715,031
Community
Facilities
District
No.
2021-6
Improvement
Area
No.
2
,
Special
Tax
,
2026
,
5
%
,
9/01/51
....................................................
1,840,000
1,867,218
Community
Facilities
District
No.
2021-7
,
Special
Tax
,
2023
,
5
%
,
9/01/48
........
1,500,000
1,523,647
Community
Facilities
District
No.
2021-7
,
Special
Tax
,
2023
,
5
%
,
9/01/53
........
1,000,000
1,008,570
Community
Facilities
District
No.
2021-7
,
Special
Tax
,
2024
,
5
%
,
9/01/49
........
1,000,000
1,014,451
Community
Facilities
District
No.
2022-2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........
1,000,000
1,008,842
Community
Facilities
District
No.
2023-1
,
Special
Tax
,
2025
,
5
%
,
9/01/45
........
1,000,000
1,031,355
Community
Facilities
District
No.
2023-1
,
Special
Tax
,
2025
,
5
%
,
9/01/50
........
900,000
914,341
Community
Facilities
District
No.
2023-1
,
Special
Tax
,
2025
,
5
%
,
9/01/55
........
1,000,000
1,007,977
Community
Facilities
District
No.
2023-3
,
Special
Tax
,
2025
,
5.125
%
,
9/01/55
.....
1,300,000
1,326,269
Hesperia
Unified
School
District
,
Community
Facilities
District
No.
2015-1
,
Special
Tax
,
2015-1
,
5
%
,
9/01/55
................................................
1,000,000
1,006,627
c
Huntington
Beach
City
School
District
,
GO
,
2003
A
,
NATL
Insured
,
3.86
%,
8/01/28
..
7,190,000
6,622,526
Imperial
Irrigation
District
,
Electric
System
,
Revenue
,
2016
B-2
,
Refunding
,
5
%
,
11/01/27
........................................................
1,000,000
1,010,358
Independent
Cities
Finance
Authority
,
Augusta
Communities
LLC
,
Revenue
,
2022
A
,
Refunding
,
5.25
%
,
5/15/56
.......
4,000,000
4,078,774
e
City
of
Compton
Sales
Tax
,
Revenue
,
144A,
2021
,
AG
Insured
,
4
%
,
6/01/36
......
700,000
707,751
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)
Independent
Cities
Finance
Authority,
(continued)
e
City
of
Compton
Sales
Tax
,
Revenue
,
144A,
2021
,
AG
Insured
,
4
%
,
6/01/41
......
$
900,000
$
910,196
e
City
of
Compton
Sales
Tax
,
Revenue
,
144A,
2021
,
AG
Insured
,
4
%
,
6/01/46
......
925,000
903,696
e
City
of
Compton
Sales
Tax
,
Revenue
,
144A,
2021
,
AG
Insured
,
4
%
,
6/01/51
......
1,250,000
1,182,030
Millennium
Housing
LLC
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
9/15/46
...........
1,000,000
789,196
Millennium
Housing
LLC
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
9/15/56
...........
2,000,000
1,375,665
Millennium
Housing
LLC
,
Revenue
,
2022
,
Refunding
,
4
%
,
9/15/42
.............
2,000,000
1,914,875
Millennium
Housing
LLC
,
Revenue
,
2022
,
Refunding
,
4.25
%
,
9/15/50
...........
2,000,000
1,828,888
Millennium
Housing
LLC
,
Revenue
,
2022
,
Refunding
,
5
%
,
9/15/50
.............
2,000,000
2,024,263
Irvine
Unified
School
District
,
Special
Tax
,
2020
A
,
4
%
,
9/01/40
......................................
2,945,000
2,888,837
Special
Tax
,
2020
A
,
4
%
,
9/01/44
......................................
6,215,000
5,804,763
Special
Tax
,
2020
A
,
BAM
Insured
,
4
%
,
9/01/50
...........................
7,960,000
7,375,258
Community
Facilities
District
No.
09-1
,
Special
Tax
,
2017
D
,
5
%
,
3/01/57
........
14,155,000
14,171,802
Jefferson
Union
High
School
District
,
GO
,
2000
A
,
Refunding
,
NATL
Insured
,
6.45
%
,
8/01/29
.........................................................
2,185,000
2,298,095
Jurupa
Community
Services
District
,
Community
Facilities
District
No.
52
,
Special
Tax
,
2021
A
,
4
%
,
9/01/39
..........
135,000
134,090
Community
Facilities
District
No.
52
,
Special
Tax
,
2021
A
,
4
%
,
9/01/40
..........
140,000
137,625
Community
Facilities
District
No.
52
,
Special
Tax
,
2021
A
,
4
%
,
9/01/50
..........
1,000,000
868,810
Community
Facilities
District
No.
54
,
Special
Tax
,
2021
A
,
4
%
,
9/01/46
..........
900,000
819,279
Community
Facilities
District
No.
54
,
Special
Tax
,
2021
A
,
4
%
,
9/01/51
..........
875,000
752,587
Community
Facilities
District
No.
57
,
Special
Tax
,
2025
A
,
5
%
,
9/01/55
..........
1,000,000
1,002,844
Community
Facilities
District
No.
59
Improvement
Area
A
,
Special
Tax
,
2025
A
,
5
%
,
9/01/50
........................................................
3,980,000
4,022,866
Community
Facilities
District
No.
59
Improvement
Area
A
,
Special
Tax
,
2025
A
,
5
%
,
9/01/55
........................................................
4,455,000
4,470,949
La
Mirada
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation
,
2010
A
,
Refunding
,
AG
Insured
,
5
%
,
8/15/28
....................................
1,855,000
1,858,920
Lake
Elsinore
Unified
School
District
,
Community
Facilities
District
No.
2006-3
Area
B
,
Special
Tax
,
2022
,
5
%
,
9/01/47
..
350,000
356,742
Community
Facilities
District
No.
2006-3
Area
B
,
Special
Tax
,
2022
,
5
%
,
9/01/52
..
500,000
504,665
Community
Facilities
District
No.
2017-2
,
Special
Tax
,
2024
,
5
%
,
9/01/49
........
1,250,000
1,267,298
Community
Facilities
District
No.
2017-2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........
850,000
856,232
c
Lakeside
Union
School
District
,
GO
,
2010
B
,
4.45
%,
8/01/45
...................
11,540,000
5,004,925
Lammersville
Joint
Unified
School
District
,
GO
,
2016
A
,
4
%
,
8/01/46
.............
41,340,000
40,660,734
c
Lancaster
School
District
,
GO
,
2001
,
NATL
Insured
,
2.66
%,
7/01/26
.............
5,965,000
5,951,575
Lassen
Municipal
Utility
District
,
COP
,
2021
,
4
%
,
5/01/51
......................
3,000,000
2,546,236
Lawndale
Redevelopment
Agency
,
Tax
Allocation
,
2009
,
AG
Insured
,
5.5
%
,
8/01/39
...........................
9,875,000
9,895,419
Tax
Allocation
,
2009
,
AG
Insured
,
5.5
%
,
8/01/44
...........................
6,085,000
6,096,516
c
Lemon
Grove
School
District
,
GO
,
2010
B
,
AG
Insured
,
4.57
%,
8/01/50
...........
20,990,000
7,120,413
Lodi
Unified
School
District
,
GO
,
2017
,
4
%
,
8/01/41
..........................
15,000,000
15,021,591
Long
Beach
Bond
Finance
Authority
,
Revenue
,
2007
A
,
5.5
%
,
11/15/28
.....................................
8,000,000
8,436,499
Revenue
,
2007
A
,
5
%
,
11/15/29
.......................................
17,465,000
18,466,950
Revenue
,
2007
A
,
5.5
%
,
11/15/30
.....................................
5,000,000
5,456,000
Revenue
,
2007
A
,
5
%
,
11/15/35
.......................................
69,855,000
77,072,174
Revenue
,
2007
A
,
5.5
%
,
11/15/37
.....................................
35,000,000
40,006,313
Los
Angeles
County
Metropolitan
Transportation
Authority
,
Sales
Tax
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
6/01/38
.......................
7,705,000
7,705,000
Sales
Tax
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
6/01/39
.......................
5,000,000
5,000,000
Sales
Tax
,
Revenue
,
2017
A
,
5
%
,
7/01/38
...............................
10,455,000
10,686,969
Sales
Tax
,
Revenue
,
2017
A
,
5
%
,
7/01/39
...............................
7,860,000
8,028,320
Sales
Tax
,
Revenue
,
2017
A
,
5
%
,
7/01/41
...............................
12,350,000
12,595,430
Sales
Tax
,
Revenue
,
2017
A
,
5
%
,
7/01/42
...............................
26,910,000
27,425,450
Sales
Tax
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
6/01/36
.......................
5,375,000
5,812,141
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
County
Metropolitan
Transportation
Authority,
(continued)
Sales
Tax
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
6/01/37
.......................
$
10,330,000
$
11,142,641
Sales
Tax
,
Revenue,
Senior
Lien
,
2021
A
,
5
%
,
7/01/28
......................
3,830,000
4,038,943
Sales
Tax
,
Revenue,
Senior
Lien
,
2021
A
,
5
%
,
7/01/38
......................
3,875,000
4,235,241
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
16,438,115
Los
Angeles
Department
of
Water
&
Power
,
Power
System
,
Revenue
,
2017
A
,
5
%
,
7/01/42
............................
22,375,000
22,529,349
Power
System
,
Revenue
,
2017
A
,
5
%
,
7/01/47
............................
81,890,000
82,223,071
Power
System
,
Revenue
,
2017
C
,
5
%
,
7/01/42
............................
5,500,000
5,569,958
Power
System
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
7/01/38
...................
12,870,000
13,159,991
Power
System
,
Revenue
,
2018
D
,
Refunding
,
5
%
,
7/01/39
...................
4,305,000
4,421,822
Power
System
,
Revenue
,
2018
D
,
Refunding
,
5
%
,
7/01/43
...................
5,000,000
5,121,193
Power
System
,
Revenue
,
2019
A
,
5.25
%
,
7/01/49
.........................
12,555,000
12,787,633
Power
System
,
Revenue
,
2019
D
,
Refunding
,
5
%
,
7/01/49
...................
12,960,000
13,143,844
Power
System
,
Revenue
,
2020
B
,
Refunding
,
5
%
,
7/01/40
...................
9,020,000
9,462,105
Power
System
,
Revenue
,
2020
B
,
Refunding
,
5
%
,
7/01/50
...................
11,650,000
11,841,571
Power
System
,
Revenue
,
2021
B
,
Refunding
,
5
%
,
7/01/48
...................
3,245,000
3,316,885
Power
System
,
Revenue
,
2021
C
,
5
%
,
7/01/51
............................
17,555,000
17,886,049
Power
System
,
Revenue
,
2022
A
,
5
%
,
7/01/51
............................
8,500,000
8,660,291
Power
System
,
Revenue
,
2022
B
,
5
%
,
7/01/40
............................
5,000,000
5,352,447
Power
System
,
Revenue
,
2022
C
,
Refunding
,
5
%
,
7/01/42
...................
5,500,000
5,815,601
Power
System
,
Revenue
,
2022
C
,
Refunding
,
5
%
,
7/01/43
...................
6,250,000
6,592,529
Power
System
,
Revenue
,
2024
B
,
Refunding
,
5
%
,
7/01/39
...................
6,000,000
6,534,601
Water
System
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/41
...................
34,330,000
34,586,328
Water
System
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/44
...................
36,615,000
36,836,440
Water
System
,
Revenue
,
2018
B
,
Refunding
,
5
%
,
7/01/43
...................
9,495,000
9,725,146
Water
System
,
Revenue
,
2018
B
,
Refunding
,
5
%
,
7/01/48
...................
10,000,000
10,135,854
Water
System
,
Revenue
,
2020
C
,
Refunding
,
5
%
,
7/01/39
...................
6,455,000
6,784,078
Water
System
,
Revenue
,
2022
C
,
Refunding
,
5
%
,
7/01/41
...................
2,970,000
3,167,035
Los
Angeles
Unified
School
District
,
GO
,
2020
RYQ
,
4
%
,
7/01/44
.........................................
10,730,000
10,783,874
GO
,
2023
QRR
,
5.25
%
,
7/01/48
.......................................
25,000,000
26,959,250
Manteca
Unified
School
District
,
Community
Facilities
District
No.
2018-5
,
Special
Tax
,
2024
A
,
5
%
,
9/01/44
......
5,755,000
5,921,032
Community
Facilities
District
No.
2018-5
,
Special
Tax
,
2024
A
,
5
%
,
9/01/54
......
6,230,000
6,255,661
Marin
Municipal
Water
District
,
Revenue
,
2022
,
Refunding
,
4
%
,
6/15/52
..........
27,295,000
25,070,842
Marina
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation
,
2023
A
,
5
%
,
9/01/43
....................................
1,000,000
1,024,304
Tax
Allocation
,
2023
B
,
5
%
,
9/01/43
....................................
2,100,000
2,151,039
Menifee
Union
School
District
,
Special
Tax
,
2023
,
5
%
,
9/01/48
.......................................
500,000
508,496
Special
Tax
,
2023
,
5
%
,
9/01/54
.......................................
1,230,000
1,239,766
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
5
,
Special
Tax
,
2021
,
4
%
,
9/01/45
....................................................
875,000
812,705
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
7
,
Special
Tax
,
2022
,
5
%
,
9/01/42
....................................................
1,000,000
1,042,538
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
7
,
Special
Tax
,
2022
,
5.125
%
,
9/01/47
.................................................
2,000,000
2,056,318
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
7
,
Special
Tax
,
2022
,
5.25
%
,
9/01/52
..................................................
2,000,000
2,045,357
Community
Facilities
District
No.
2019-2
,
Special
Tax
,
2021
,
4
%
,
9/01/35
........
200,000
202,677
Community
Facilities
District
No.
2019-2
,
Special
Tax
,
2021
,
4
%
,
9/01/44
........
565,000
536,464
Community
Facilities
District
No.
2019-2
,
Special
Tax
,
2021
,
4
%
,
9/01/51
........
675,000
593,807
Metropolitan
Water
District
of
Southern
California
,
Revenue
,
2020
A
,
5
%
,
10/01/45
..
15,665,000
16,327,216
Middle
Fork
Project
Finance
Authority
,
Revenue
,
2020
,
Refunding
,
5
%
,
4/01/30
.................................
2,505,000
2,662,232
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)
Middle
Fork
Project
Finance
Authority,
(continued)
Revenue
,
2020
,
Refunding
,
5
%
,
4/01/32
.................................
$
4,095,000
$
4,330,513
Revenue
,
2020
,
Refunding
,
5
%
,
4/01/34
.................................
1,150,000
1,210,100
Revenue
,
2020
,
Refunding
,
5
%
,
4/01/35
.................................
1,200,000
1,259,236
Revenue
,
2020
,
Refunding
,
5
%
,
4/01/36
.................................
4,980,000
5,209,506
Midpeninsula
Regional
Open
Space
District
,
Field
Employees
Corp.
,
GO
,
2018
,
4
%
,
9/01/48
.........................................................
11,220,000
10,996,703
c
Modesto
High
School
District
,
GO
,
2002
A
,
NATL
Insured
,
2.64
%,
5/01/27
.........
12,770,000
12,468,136
Monterey
Peninsula
Unified
School
District
,
GO
,
2016
C
,
Refunding
,
5
%
,
8/01/41
...
11,190,000
11,223,320
c
Moorpark
Unified
School
District
,
GO
,
2009
A
,
AG
Insured
,
3.05
%,
8/01/32
........
5,870,000
4,878,028
Moreno
Valley
Unified
School
District
,
c
GO
,
2004
A
,
AG
Insured
,
ETM,
2.64
%,
8/01/27
...........................
6,315,000
6,125,683
c
GO
,
2004
A
,
AG
Insured
,
ETM,
2.62
%,
8/01/28
...........................
6,625,000
6,263,808
GO
,
2018
B
,
AG
Insured
,
5
%
,
8/01/47
..................................
6,075,000
6,198,278
Community
Facilities
District
No.
2022-1
,
Special
Tax
,
2025
,
5.125
%
,
9/01/55
.....
1,500,000
1,511,394
Community
Facilities
District
No.
2023-1
,
Special
Tax
,
2025
,
5
%
,
9/01/50
........
1,205,000
1,216,828
Community
Facilities
District
No.
2023-1
,
Special
Tax
,
2025
,
5
%
,
9/01/55
........
1,650,000
1,657,598
Mount
San
Jacinto
Community
College
District
,
GO
,
2014
B
,
4
%
,
8/01/43
.........
7,200,000
7,203,005
M-S-R
Energy
Authority
,
Revenue
,
2009
B
,
6.5
%
,
11/01/39
....................
25,000,000
30,829,335
c
Mt.
San
Antonio
Community
College
District
,
GO
,
2013
A
,
5.915
%,
8/01/43
........
55,000,000
57,092,618
Municipal
Water
District
of
Orange
County
Water
Facilities
Corp.
,
COP
,
2003
B
,
NATL
Insured
,
ETM,
5
%
,
8/15/34
...........................
3,305,000
3,642,669
COP
,
2003
B
,
Pre-Refunded
,
NATL
Insured
,
5
%
,
8/15/34
....................
4,140,000
4,699,993
Murrieta
Valley
Unified
School
District
,
Community
Facilities
District
No.
2018-1
,
Special
Tax
,
2021
,
4
%
,
9/01/44
........
500,000
465,818
Community
Facilities
District
No.
2018-1
,
Special
Tax
,
2021
,
4
%
,
9/01/51
........
1,000,000
860,099
Newport
Mesa
Unified
School
District
,
GO
,
2011
,
6.3
%
,
8/01/42
................
20,000,000
22,677,812
Norman
Y
Mineta
San
Jose
International
Airport
SJC
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
3/01/36
...............................
4,590,000
4,637,149
Revenue
,
2017
A
,
Refunding
,
5
%
,
3/01/37
...............................
4,475,000
4,518,023
Revenue
,
2017
A
,
Refunding
,
5
%
,
3/01/41
...............................
12,685,000
12,775,264
Revenue
,
2017
B
,
Refunding
,
5
%
,
3/01/47
...............................
10,000,000
10,075,493
Revenue
,
2021
A
,
Refunding
,
5
%
,
3/01/32
...............................
1,800,000
1,935,582
Oceanside
Unified
School
District
,
c
GO
,
2010
B
,
AG
Insured
,
3.69
%,
8/01/38
................................
10,590,000
6,815,380
c
GO
,
2010
B
,
AG
Insured
,
3.76
%,
8/01/39
................................
7,860,000
4,832,596
GO
,
2022
,
Refunding
,
5
%
,
8/01/39
.....................................
1,005,000
1,093,973
GO
,
G
,
5
%
,
8/01/40
................................................
1,020,000
1,106,665
GO
,
G
,
5
%
,
8/01/43
................................................
1,000,000
1,067,969
Orange
County
Community
Facilities
District
,
Community
Facilities
District
No.
2023-1
,
Special
Tax
,
2023
A
,
5.5
%
,
8/15/48
.....
1,550,000
1,620,182
Community
Facilities
District
No.
2023-1
,
Special
Tax
,
2023
A
,
5.5
%
,
8/15/53
.....
1,200,000
1,244,862
Community
Facilities
District
No.
2023-1
,
Special
Tax
,
2023
A
,
5.75
%
,
8/15/53
....
1,085,000
1,141,874
Orange
County
Water
District
,
COP
,
2003
B
,
NATL
Insured
,
ETM,
5
%
,
8/15/28
.....
10,590,000
10,902,169
Palomar
Community
College
District
,
GO
,
2010
B
,
6.2
%
,
8/01/39
...............
69,410,000
86,336,212
Palomar
Health
,
Obligated
Group
,
GO
,
2009
A
,
AG
Insured
,
7
%
,
8/01/38
.....................
36,000,000
39,394,638
Obligated
Group
,
GO
,
2010
A
,
6.75
%
,
8/01/40
............................
60,000,000
63,595,464
Palomar
Health
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
AG
Insured
,
5
%
,
11/01/47
.......................................................
35,000,000
34,770,568
Panoche
Financing
Authority
,
Panoche
Water
District
,
Revenue
,
2021
A
,
4
%
,
9/01/43
.....................
1,120,000
1,082,276
Panoche
Water
District
,
Revenue
,
2021
A
,
4
%
,
9/01/51
.....................
6,070,000
5,330,642
Panoche
Water
District
,
Revenue
,
2021
B
,
2.006
%
,
9/01/27
..................
395,000
381,387
Panoche
Water
District
,
Revenue
,
2021
B
,
2.456
%
,
9/01/29
..................
415,000
381,363
Panoche
Water
District
,
Revenue
,
2021
B
,
2.756
%
,
9/01/31
..................
435,000
383,244
Panoche
Water
District
,
Revenue
,
2021
B
,
3.106
%
,
9/01/35
..................
880,000
730,552
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)
Panoche
Financing
Authority,
(continued)
Panoche
Water
District
,
Revenue
,
2021
B
,
3.571
%
,
9/01/40
..................
$
1,155,000
$
885,341
c
Patterson
Joint
Unified
School
District
,
GO
,
2001
A
,
NATL
Insured
,
2.64
%,
8/01/26
..
2,265,000
2,254,902
Perris
Community
Facilities
District
,
Community
Facilities
District
No.
2022-3
Improvement
Area
No.
1
,
Special
Tax
,
2025
,
5
%
,
9/01/50
....................................................
1,560,000
1,565,260
Community
Facilities
District
No.
2022-3
Improvement
Area
No.
1
,
Special
Tax
,
2025
,
5
%
,
9/01/56
....................................................
1,420,000
1,405,757
Perris
Joint
Powers
Authority
,
Special
Tax
,
2025
,
5
%
,
9/01/50
.......................................
2,820,000
2,840,053
Special
Tax
,
2025
,
5
%
,
9/01/54
.......................................
3,310,000
3,323,634
Community
Facilities
District
No.
2007-2
,
Special
Tax
,
2021
,
4
%
,
9/01/43
........
1,445,000
1,354,323
Community
Facilities
District
No.
2007-2
,
Special
Tax
,
2021
,
4
%
,
9/01/48
........
1,250,000
1,104,829
Community
Facilities
District
No.
2018-1
Improvement
Area
No.
1
,
Special
Tax
,
2020
,
4
%
,
9/01/50
....................................................
1,125,000
964,363
Perris
Union
High
School
District
,
GO
,
2019
A
,
AG
Insured
,
4
%
,
9/01/43
..........
5,540,000
5,556,897
Pittsburg
Unified
School
District
,
GO
,
2016
,
Refunding
,
4
%
,
8/01/44
.............
11,000,000
11,000,664
c
Placentia-Yorba
Linda
Unified
School
District
,
GO
,
2008
D
,
4.16
%,
8/01/43
.........................................
27,955,000
13,880,901
GO
,
2008
D
,
4.62
%,
8/01/46
.........................................
89,200,000
35,864,742
GO
,
2008
D
,
4.69
%,
8/01/49
.........................................
85,000,000
29,380,344
Port
of
Oakland
,
Revenue
,
2021
H
,
Refunding
,
5
%
,
11/01/29
...................
2,000,000
2,124,905
Poway
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation
,
2015
A
,
Refunding
,
5
%
,
12/15/31
..........................
10,180,000
11,269,156
Tax
Allocation
,
2015
A
,
Refunding
,
5
%
,
12/15/32
..........................
11,215,000
12,559,931
Tax
Allocation
,
2015
A
,
Refunding
,
5
%
,
6/15/33
...........................
5,835,000
6,603,304
Poway
Unified
School
District
,
Community
Facilities
District
No.
16
Area
A
,
Special
Tax
,
2020
,
AG
Insured
,
4
%
,
9/01/50
........................................................
7,500,000
6,915,023
c
School
Facilities
Improvement
District
No.
2007-1
,
GO
,
B
,
4.49
%,
8/01/46
.......
45,000,000
18,562,847
Rancho
Mirage
Community
Facilities
District
,
City
of
Rancho
Mirage
Community
Facilities
District
No.
4C
,
Special
Tax
,
2022
,
5
%
,
9/01/42
........................................................
300,000
306,102
City
of
Rancho
Mirage
Community
Facilities
District
No.
4C
,
Special
Tax
,
2022
,
5
%
,
9/01/47
........................................................
500,000
507,026
City
of
Rancho
Mirage
Community
Facilities
District
No.
4C
,
Special
Tax
,
2022
,
5
%
,
9/01/53
........................................................
1,000,000
1,006,498
Regents
of
the
University
of
California
,
Medical
Center
,
Revenue
,
2022
P
,
5
%
,
5/15/47
...........................
106,410,000
112,136,529
Medical
Center
,
Revenue
,
2022
P
,
4
%
,
5/15/53
...........................
84,305,000
78,294,070
c
Rialto
Unified
School
District
,
GO
,
2011
A
,
AG
Insured
,
7.135
%,
8/01/41
..........
27,000,000
34,722,432
c
Rio
Hondo
Community
College
District
,
GO
,
2010
C
,
3.43
%,
8/01/35
.............
10,000,000
7,340,513
River
Islands
Public
Financing
Authority
,
Community
Facilities
District
No
2003-1
Improvement
Area
No.
1
,
Special
Tax
,
2022
A-1
,
Refunding
,
AG
Insured
,
5
%
,
9/01/42
..............................
4,000,000
4,275,938
Community
Facilities
District
No
2003-1
Improvement
Area
No.
1
,
Special
Tax
,
2022
A-1
,
Refunding
,
AG
Insured
,
4.25
%
,
9/01/47
............................
6,000,000
5,839,658
Community
Facilities
District
No
2003-1
Improvement
Area
No.
1
,
Special
Tax
,
2022
A-1
,
Refunding
,
AG
Insured
,
5.25
%
,
9/01/52
............................
11,000,000
11,537,599
Riverside
Unified
School
District
,
Special
Tax
,
2025
,
5
%
,
9/01/55
.......................................
4,250,000
4,277,763
Community
Facilities
District
No.
19
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/39
........................................................
375,000
393,900
Community
Facilities
District
No.
19
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/44
........................................................
700,000
724,237
Community
Facilities
District
No.
19
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/49
........................................................
1,050,000
1,065,173
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.
19
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........................................................
$
1,270,000
$
1,281,628
Community
Facilities
District
No.
19
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/44
........................................................
480,000
496,620
Community
Facilities
District
No.
19
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/49
........................................................
730,000
740,549
Community
Facilities
District
No.
19
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........................................................
775,000
782,096
Community
Facilities
District
No.
21
Improvement
Area
No.
1
,
Special
Tax
,
2025
,
5
%
,
9/01/50
........................................................
1,160,000
1,172,959
Community
Facilities
District
No.
21
Improvement
Area
No.
1
,
Special
Tax
,
2025
,
5
%
,
9/01/55
........................................................
1,480,000
1,489,808
Community
Facilities
District
No.
29
Improvement
Area
No.
1
,
Special
Tax
,
2025
,
5
%
,
9/01/45
........................................................
700,000
721,949
Community
Facilities
District
No.
29
Improvement
Area
No.
1
,
Special
Tax
,
2025
,
5
%
,
9/01/50
........................................................
1,000,000
1,012,530
Community
Facilities
District
No.
29
Improvement
Area
No.
1
,
Special
Tax
,
2025
,
5
%
,
9/01/55
........................................................
1,400,000
1,411,168
Community
Facilities
District
No.
37
,
Special
Tax
,
2023
A
,
5
%
,
9/01/47
..........
1,150,000
1,172,150
Community
Facilities
District
No.
37
,
Special
Tax
,
2023
A
,
5
%
,
9/01/52
..........
2,135,000
2,154,919
Community
Facilities
District
No.
38
,
Special
Tax
,
2025
,
5
%
,
9/01/50
...........
2,200,000
2,228,606
Community
Facilities
District
No.
40
,
Special
Tax
,
2025
A
,
5
%
,
9/01/50
..........
2,500,000
2,531,324
Community
Facilities
District
No.
40
,
Special
Tax
,
2025
A
,
5
%
,
9/01/55
..........
2,510,000
2,530,024
Community
Facilities
District
No.
41
Improvement
Area
No.
1
,
Special
Tax
,
2025
,
5
%
,
9/01/50
........................................................
2,210,000
2,238,736
Community
Facilities
District
No.
41
Improvement
Area
No.
1
,
Special
Tax
,
2025
,
5
%
,
9/01/55
........................................................
3,210,000
3,230,969
e
RMA
Capital
Series
Trust
,
Revenue
,
144A,
2022-1
,
A
,
5.67
%
,
8/01/58
............
15,491,000
14,379,706
c
Rocklin
Unified
School
District
,
GO
,
2003
,
NATL
Insured
,
2.61
%,
8/01/26
................................
8,695,000
8,656,668
GO
,
2003
,
NATL
Insured
,
2.68
%,
8/01/27
................................
9,080,000
8,803,555
GO
,
2003
,
NATL
Insured
,
2.75
%,
8/01/28
................................
16,615,000
15,665,655
Rohnert
Park
Community
Development
Commission
Successor
Agency
,
Tax
Allocation
,
2007
R
,
NATL
Insured
,
ETM,
5
%
,
8/01/37
...............................
1,380,000
1,444,325
Romoland
School
District
,
Community
Facilities
District
No.
2016-1
,
Special
Tax
,
2023
,
5
%
,
9/01/43
........
750,000
783,896
Community
Facilities
District
No.
2016-1
,
Special
Tax
,
2023
,
5
%
,
9/01/48
........
1,000,000
1,022,539
Community
Facilities
District
No.
2016-1
,
Special
Tax
,
2023
,
5
%
,
9/01/53
........
1,500,000
1,517,426
Community
Facilities
District
No.
2016-2
,
Special
Tax
,
2022
,
4.5
%
,
9/01/42
.......
360,000
362,368
Community
Facilities
District
No.
2016-2
,
Special
Tax
,
2022
,
4.625
%
,
9/01/47
.....
750,000
741,437
Community
Facilities
District
No.
2016-2
,
Special
Tax
,
2022
,
4.75
%
,
9/01/52
......
1,000,000
974,458
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
1
,
Special
Tax
,
2022
,
5
%
,
9/01/42
....................................................
750,000
781,067
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
1
,
Special
Tax
,
2022
,
5.125
%
,
9/01/47
.................................................
1,200,000
1,233,791
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
1
,
Special
Tax
,
2022
,
5.25
%
,
9/01/53
..................................................
2,500,000
2,552,209
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
2
,
Special
Tax
,
2023
,
5
%
,
9/01/46
....................................................
370,000
380,379
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
2
,
Special
Tax
,
2023
,
5
%
,
9/01/54
....................................................
1,600,000
1,612,704
Community
Facilities
District
No.
2020-1
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........
1,000,000
1,007,490
g
Community
Facilities
District
No.
2021-1
Improvement
Area
No.
1
,
Special
Tax
,
2026
,
5
%
,
9/01/56
....................................................
600,000
604,032
Community
Facilities
District
No.
2022-2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........
1,500,000
1,511,235
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)
Romoland
School
District,
(continued)
Community
Facilities
District
No.
2023-1
Improvement
Area
No.
1
,
Special
Tax
,
2025
,
5
%
,
9/01/55
....................................................
$
1,000,000
$
1,008,753
Community
Facilities
District
No.
91-1
,
Special
Tax
,
2022
,
3.75
%
,
9/01/42
........
1,695,000
1,536,018
Community
Facilities
District
No.
91-1
,
Special
Tax
,
2022
,
4
%
,
9/01/46
..........
5,085,000
4,666,381
Sacramento
Area
Flood
Control
Agency
,
Consolidated
Capital
Assessment
District
No.
2
,
Special
Assessment
,
2016
A
,
Refunding
,
5
%
,
10/01/41
...........................................
13,740,000
13,813,862
Consolidated
Capital
Assessment
District
No.
2
,
Special
Assessment
,
2016
A
,
Refunding
,
5
%
,
10/01/43
...........................................
20,000,000
20,096,158
Sacramento
City
Unified
School
District
,
GO
,
2017
E
,
4
%
,
5/01/47
...............
20,000,000
18,197,346
Sacramento
Municipal
Utility
District
,
Revenue
,
2022
J
,
Refunding
,
5
%
,
8/15/26
....
2,615,000
2,627,767
c
San
Bernardino
Community
College
District
,
GO
,
2009
B
,
4.49
%,
8/01/48
.........
66,390,000
25,061,674
San
Carlos
School
District
,
GO
,
2026
,
4.5
%
,
10/01/55
........................
7,500,000
7,539,224
San
Diego
Community
College
District
,
GO
,
2009
B
,
Pre-Refunded
,
6
%
,
8/01/33
................................
26,880,000
28,034,566
GO
,
2024
A-1
,
4
%
,
8/01/50
..........................................
10,000,000
9,701,350
San
Diego
County
Regional
Airport
Authority
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/01/44
...............................
4,000,000
4,172,003
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/01/49
...............................
5,000,000
5,127,357
Revenue
,
2019
B
,
Refunding
,
4
%
,
7/01/44
...............................
5,000,000
4,773,135
Revenue
,
2021
A
,
5
%
,
7/01/56
........................................
10,000,000
10,304,878
Revenue
,
2021
B
,
5
%
,
7/01/33
........................................
4,000,000
4,327,338
Revenue
,
2021
B
,
4
%
,
7/01/36
........................................
3,610,000
3,660,967
Revenue,
Sub.
Lien
,
2017
A
,
Refunding
,
5
%
,
7/01/47
.......................
5,000,000
5,054,438
Special
Facilities
,
Revenue
,
2014
A
,
5
%
,
7/01/44
..........................
5,645,000
5,662,118
San
Diego
County
Water
Authority
,
Revenue,
Sub.
Lien
,
2021
S-1
,
Refunding
,
5
%
,
5/01/28
......................................................
2,335,000
2,452,270
San
Diego
Public
Facilities
Financing
Authority
,
Revenue
,
2026
A
,
5
%
,
5/15/56
........................................
13,000,000
13,747,016
City
of
San
Diego
Sewer
Utility
,
Revenue
,
2026
A
,
Refunding
,
5
%
,
5/15/51
.......
9,000,000
9,634,376
San
Diego
Unified
School
District
,
c
GO
,
2010
C
,
6.048
%,
7/01/48
........................................
29,840,000
29,441,564
c
GO
,
2012
E
,
5.126
%,
7/01/47
.........................................
74,270,000
63,599,845
GO
,
2019
L
,
4
%
,
7/01/49
............................................
30,000
29,071
GO
,
2023
ZR-4B
,
Refunding
,
5
%
,
7/01/40
...............................
62,225,000
69,293,020
GO
,
2023
ZR-4B
,
Refunding
,
5
%
,
7/01/45
...............................
31,605,000
34,145,574
GO
,
2025
C-3
,
5
%
,
7/01/50
..........................................
40,000,000
42,727,552
GO
,
2025
I-3
,
5
%
,
7/01/55
...........................................
10,000,000
10,575,188
c
GO
,
R-2
,
Refunding
,
6.376
%,
7/01/40
..................................
79,760,000
87,906,607
San
Francisco
Bay
Area
Rapid
Transit
District
,
GO
,
2017
A-1
,
5
%
,
8/01/47
..........................................
11,480,000
11,632,528
GO
,
2022
D-1
,
3
%
,
8/01/41
..........................................
23,605,000
21,624,972
GO
,
2022
D-1
,
3
%
,
8/01/42
..........................................
20,000,000
18,018,076
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
,
Revenue
,
2016
B
,
5
%
,
5/01/41
........................................
65,645,000
65,648,499
Revenue
,
2016
B
,
5
%
,
5/01/46
........................................
28,825,000
28,826,536
Revenue
,
2016
C
,
Refunding
,
5
%
,
5/01/46
...............................
67,880,000
67,883,815
Revenue
,
2019
A
,
5
%
,
5/01/44
........................................
30,720,000
31,407,968
Revenue
,
2019
A
,
5
%
,
5/01/49
........................................
8,000,000
8,064,221
Revenue,
Second
Series
,
2017
A
,
5
%
,
5/01/42
............................
48,155,000
48,609,646
Revenue,
Second
Series
,
2017
A
,
5
%
,
5/01/47
............................
28,625,000
28,684,723
Revenue,
Second
Series
,
2017
B
,
5
%
,
5/01/47
............................
200,000
201,974
Revenue,
Second
Series
,
2018
D
,
5
%
,
5/01/43
...........................
106,295,000
108,199,349
Revenue,
Second
Series
,
2018
D
,
5
%
,
5/01/48
...........................
33,675,000
33,832,680
Revenue,
Second
Series
,
2018
D
,
Pre-Refunded
,
5
%
,
5/01/48
................
25,000
25,683
Revenue,
Second
Series
,
2018
D
,
5.25
%
,
5/01/48
.........................
50,145,000
50,836,088
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
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport,
(continued)
Revenue,
Second
Series
,
2018
E
,
5
%
,
5/01/48
............................
$
46,990,000
$
47,812,978
Revenue,
Second
Series
,
2019
B
,
5
%
,
5/01/49
............................
15,955,000
16,331,867
Revenue,
Second
Series
,
2019
E
,
5
%
,
5/01/45
............................
33,570,000
34,216,578
Revenue,
Second
Series
,
2019
E
,
5
%
,
5/01/50
............................
5,000,000
5,034,407
Revenue,
Second
Series
,
2021
A
,
Refunding
,
5
%
,
5/01/31
...................
1,405,000
1,534,164
Revenue,
Second
Series
,
2021
A
,
Refunding
,
5
%
,
5/01/34
...................
5,000,000
5,378,654
San
Francisco
City
&
County
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation,
Third
Lien
,
2017
B
,
AG
Insured
,
5
%
,
8/01/46
.....................
10,000,000
10,119,451
San
Francisco
Unified
School
District
,
GO
,
2022
C
,
5
%
,
6/15/35
................
6,640,000
7,194,955
c
San
Gabriel
Unified
School
District
,
GO
,
2002
A
,
AG
Insured
,
2.6
%,
8/01/26
.................................
3,530,000
3,514,496
GO
,
2002
A
,
AG
Insured
,
2.62
%,
2/01/27
................................
1,850,000
1,817,853
San
Jacinto
Unified
School
District
,
Community
Facilities
District
No.
2003-1
,
Special
Tax
,
2022
,
4
%
,
9/01/50
........
875,000
749,147
Community
Facilities
District
No.
2022-1
Improvement
Area
No.
1
,
Special
Tax
,
2023
,
5.25
%
,
9/01/54
..................................................
1,000,000
1,020,606
San
Joaquin
Hills
Transportation
Corridor
Agency
,
Revenue
,
1997
A
,
Refunding
,
5.9
%
,
1/15/38
..............................
106,465,000
133,721,509
Revenue
,
1997
A
,
Refunding
,
5.95
%
,
1/15/40
.............................
142,645,000
179,329,229
Revenue
,
1997
A
,
Refunding
,
6
%
,
1/15/43
...............................
161,250,000
204,719,033
Revenue
,
1997
A
,
Refunding
,
6
%
,
1/15/45
...............................
143,336,000
182,051,885
Revenue
,
1997
A
,
Refunding
,
6
%
,
1/15/46
...............................
143,336,000
182,039,529
c
Revenue,
Senior
Lien
,
1993
,
ETM,
2.42
%,
1/01/28
.........................
33,545,000
32,295,053
c
Revenue,
Senior
Lien
,
1993
,
ETM,
2.45
%,
1/01/29
.........................
37,050,000
34,795,215
Revenue,
Senior
Lien
,
2021
A
,
Refunding
,
AG
Insured
,
4
%
,
1/15/44
............
130,746,000
128,063,445
Revenue,
Senior
Lien
,
2021
A
,
Refunding
,
AG
Insured
,
4
%
,
1/15/50
............
191,775,000
179,682,282
d
San
Joaquin
Valley
Clean
Energy
Authority
,
Revenue
,
2025
A
,
Mandatory
Put
,
5.5
%
,
7/01/35
.........................................................
21,250,000
23,558,060
c
San
Jose
Unified
School
District
,
COP
,
2002
,
AG
Insured
,
ETM,
2.8
%,
1/01/27
.............................
7,105,000
6,989,741
COP
,
2002
,
AG
Insured
,
ETM,
2.81
%,
1/01/29
............................
7,105,000
6,613,318
c
San
Juan
Unified
School
District
,
GO
,
2003
B
,
NATL
Insured
,
2.51
%,
8/01/26
..............................
4,945,000
4,924,017
GO
,
2003
B
,
NATL
Insured
,
2.68
%,
8/01/27
..............................
18,605,000
18,038,561
GO
,
2003
B
,
NATL
Insured
,
2.75
%,
8/01/28
..............................
19,470,000
18,357,527
San
Luis
Obispo
County
Financing
Authority
,
Revenue
,
2015
A
,
Refunding
,
BAM
Insured
,
5
%
,
9/01/37
...............................................
10,000,000
10,005,696
San
Rafael
City
High
School
District
,
GO
,
2018
B
,
4
%
,
8/01/47
.................
17,060,000
16,421,308
Sanger
Unified
School
District
,
GO
,
A
,
BAM
Insured
,
4
%
,
8/01/41
...............
10,000,000
10,020,400
c
School
Facilities
Financing
Authority
,
Twin
Rivers
Unified
School
District
,
Revenue
,
A
,
AG
Insured
,
4.15
%,
8/01/42
..........................................
49,000,000
25,396,362
Semitropic
Improvement
District
of
the
Semitropic
Water
Storage
District
,
Revenue,
Second
Lien
,
2015
A
,
Refunding
,
AG
Insured
,
5
%
,
12/01/45
..................
10,000,000
10,010,345
Southern
California
Public
Power
Authority
,
Revenue
,
2007
A
,
5.25
%
,
11/01/27
.....................................
9,855,000
10,118,829
Revenue
,
2007
A
,
5
%
,
11/01/33
.......................................
17,500,000
18,697,338
g
Revenue
,
2026
A
,
5
%
,
11/01/33
.......................................
31,555,000
33,656,834
Apex
Power
Project
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
7/01/31
...............
10,000,000
10,981,983
d
City
of
Anaheim
Electric
System
,
Revenue
,
2024
A
,
Mandatory
Put
,
5
%
,
9/01/30
..
47,875,000
50,088,367
Los
Angeles
Department
of
Water
&
Power
Power
System
,
Revenue
,
2023-1
A
,
5.25
%
,
7/01/53
..................................................
28,975,000
30,213,267
c
Southern
Mono
Health
Care
District
,
GO
,
A
,
NATL
Insured
,
3.12
%,
8/01/28
...................................
2,340,000
2,188,934
GO
,
A
,
NATL
Insured
,
3.21
%,
8/01/29
...................................
2,440,000
2,207,756
GO
,
A
,
NATL
Insured
,
3.3
%,
8/01/30
...................................
2,550,000
2,227,299
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)
c
Southern
Mono
Health
Care
District,
(continued)
GO
,
A
,
NATL
Insured
,
3.39
%,
8/01/31
...................................
$
2,660,000
$
2,238,557
State
of
California
,
GO
,
Refunding
,
5
%
,
8/01/28
.........................................
12,020,000
12,383,469
GO
,
Refunding
,
5
%
,
11/01/30
.........................................
5,320,000
5,868,177
GO
,
5.75
%
,
10/01/31
...............................................
28,805,000
30,711,551
GO
,
Refunding
,
5
%
,
10/01/32
.........................................
4,125,000
4,435,556
GO
,
5
%
,
3/01/35
..................................................
55,020,000
59,312,027
GO
,
Pre-Refunded
,
5
%
,
3/01/35
.......................................
1,165,000
1,268,109
GO
,
Refunding
,
5
%
,
9/01/35
.........................................
9,000,000
9,045,464
GO
,
Refunding
,
4
%
,
3/01/37
.........................................
10,000,000
10,262,090
GO
,
Refunding
,
5
%
,
8/01/37
.........................................
2,900,000
3,029,063
GO
,
5
%
,
8/01/45
..................................................
21,540,000
23,647,960
GO
,
Refunding
,
5
%
,
8/01/45
.........................................
33,750,000
37,052,863
GO
,
5
%
,
9/01/45
..................................................
5,000,000
5,012,034
GO
,
5
%
,
8/01/46
..................................................
57,200,000
57,277,729
GO
,
5
%
,
9/01/46
..................................................
8,930,000
8,948,577
GO
,
5
%
,
10/01/48
.................................................
5,000,000
5,115,741
GO
,
5
%
,
8/01/50
..................................................
27,360,000
29,304,037
GO
,
1996
,
FGIC
Insured
,
5.375
%
,
6/01/26
...............................
270,000
270,000
GO
,
1997
,
NATL,
FGIC
Insured
,
5.625
%
,
10/01/26
.........................
1,665,000
1,681,982
GO
,
2017
,
5
%
,
11/01/47
.............................................
23,370,000
23,700,828
State
of
California
Department
of
Water
Resources
,
Water
Supply
,
Revenue
,
2026
A
,
5
%
,
12/01/56
.....................................................
10,725,000
11,361,572
Stockton
Community
Facilities
District
,
City
of
Stockton
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
5
%
,
9/01/49
......................................
525,000
525,285
City
of
Stockton
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
5
%
,
9/01/54
......................................
650,000
644,364
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
5
%
,
9/01/39
....................................................
370,000
390,282
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
5
%
,
9/01/44
....................................................
380,000
387,559
Sulphur
Springs
Union
School
District
,
COP
,
2010
,
AG
Insured
,
6.5
%
,
12/01/37
.................................
860,000
862,299
Community
Facilities
District
No.
2019-1
,
Special
Tax
,
2024
A
,
5
%
,
9/01/39
......
1,175,000
1,251,212
Community
Facilities
District
No.
2019-1
,
Special
Tax
,
2024
A
,
5
%
,
9/01/44
......
1,900,000
1,962,730
Community
Facilities
District
No.
2019-1
,
Special
Tax
,
2024
A
,
5
%
,
9/01/49
......
4,360,000
4,403,484
Community
Facilities
District
No.
2019-1
,
Special
Tax
,
2024
A
,
5
%
,
9/01/54
......
2,000,000
2,010,931
Sunnyvale
School
District
,
GO
,
2015
,
Refunding
,
4
%
,
9/01/42
..................
17,500,000
17,524,532
Temecula
Public
Financing
Authority
,
Community
Facilities
District
No.
20-01
,
Special
Tax
,
2024
,
5
%
,
9/01/39
.........
330,000
350,234
Community
Facilities
District
No.
20-01
,
Special
Tax
,
2024
,
5
%
,
9/01/44
.........
925,000
955,290
Community
Facilities
District
No.
20-01
,
Special
Tax
,
2024
,
5
%
,
9/01/49
.........
975,000
986,704
Community
Facilities
District
No.
20-01
,
Special
Tax
,
2024
,
5
%
,
9/01/54
.........
900,000
904,415
Community
Facilities
District
No.
23-02
,
Special
Tax
,
2025
,
5
%
,
9/01/50
.........
1,700,000
1,714,524
Community
Facilities
District
No.
23-02
,
Special
Tax
,
2025
,
5
%
,
9/01/56
.........
3,280,000
3,288,268
Temescal
Valley
Water
District
,
Community
Facilities
District
No.
4
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
4
%
,
9/01/49
........................................................
1,415,000
1,264,530
Community
Facilities
District
No.
4
Terramor
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/36
................................................
930,000
936,225
Community
Facilities
District
No.
4
Terramor
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/41
................................................
785,000
767,509
Community
Facilities
District
No.
4
Terramor
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/46
................................................
1,040,000
962,124
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)
Temescal
Valley
Water
District,
(continued)
Community
Facilities
District
No.
4
Terramor
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/51
................................................
$
930,000
$
818,134
Three
Rivers
Levee
Improvement
Authority
,
Special
Tax
,
2021
A
,
Refunding
,
4
%
,
9/01/36
.............................
2,025,000
2,001,924
Special
Tax
,
2021
A
,
Refunding
,
4
%
,
9/01/41
.............................
1,895,000
1,793,389
Special
Tax
,
2021
A
,
Refunding
,
4
%
,
9/01/46
.............................
2,700,000
2,428,396
Special
Tax
,
2021
A
,
Refunding
,
4
%
,
9/01/51
.............................
5,065,000
4,349,888
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
6,993,182
Town
of
Tiburon
,
Assessment
District
No.
2017-1
,
1915
Act,
Special
Assessment
,
2021
A
,
2.375
%
,
9/02/41
........................................................
495,000
354,196
Assessment
District
No.
2017-1
,
1915
Act,
Special
Assessment
,
2021
A
,
2.5
%
,
9/02/51
........................................................
1,105,000
665,301
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
1,848,441
City
of
Tracy
Community
Facilities
District
No.
2016-01
Improvement
Area
No.
2
,
Special
Tax
,
2023
,
5.875
%
,
9/01/53
...................................
2,900,000
3,060,433
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/28
......................................
120,000
121,603
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/30
......................................
110,000
112,160
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/36
......................................
430,000
433,082
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/41
......................................
665,000
640,737
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/46
......................................
885,000
803,467
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/51
......................................
2,210,000
1,906,521
Transbay
Joint
Powers
Authority
,
Transbay
Redevelopment
Project
Tax
Increment
Re-Development
Project
,
Tax
Allocation,
Senior
Lien
,
2020
A
,
5
%
,
10/01/45
...........................
8,830,000
8,924,744
Transbay
Redevelopment
Project
Tax
Increment
Re-Development
Project
,
Tax
Allocation,
Senior
Lien
,
2020
A
,
5
%
,
10/01/49
...........................
10,990,000
11,042,204
Truckee-Donner
Public
Utility
District
,
Water
System
,
Revenue
,
2022
A
,
5
%
,
11/15/47
3,230,000
3,402,699
Turlock
Irrigation
District
,
Revenue
,
2019
,
Refunding
,
5
%
,
1/01/44
...............
9,060,000
9,462,367
c
Union
Elementary
School
District
,
GO
,
2001
B
,
NATL
Insured
,
2.4
%,
9/01/26
.......
5,850,000
5,814,433
University
of
California
,
Revenue
,
2016
K
,
4
%
,
5/15/46
........................................
4,030,000
3,916,219
Revenue
,
2017
AV
,
5.25
%
,
5/15/47
.....................................
6,775,000
6,875,120
Revenue
,
2017
M
,
5
%
,
5/15/42
.......................................
15,410,000
15,666,214
Revenue
,
2017
M
,
5
%
,
5/15/47
.......................................
54,015,000
54,677,440
Revenue
,
2018
AZ
,
Refunding
,
5
%
,
5/15/43
..............................
28,000,000
28,932,778
Revenue
,
2018
AZ
,
Refunding
,
5
%
,
5/15/48
..............................
47,230,000
48,306,112
Revenue
,
2018
AZ
,
Refunding
,
5.25
%
,
5/15/58
............................
9,110,000
9,310,847
Revenue
,
2018
O
,
Refunding
,
5
%
,
5/15/39
...............................
14,400,000
14,921,927
Revenue
,
2018
O
,
Refunding
,
5
%
,
5/15/48
...............................
11,445,000
11,701,431
Revenue
,
2018
O
,
Refunding
,
5
%
,
5/15/58
...............................
5,805,000
5,901,600
Revenue
,
2021
Q
,
Refunding
,
4
%
,
5/15/37
...............................
1,500,000
1,551,163
Revenue
,
2022
BK
,
5
%
,
5/15/52
.......................................
43,195,000
45,035,453
Revenue
,
2023
BN
,
Refunding
,
5
%
,
5/15/43
..............................
9,000,000
9,776,216
Revenue
,
2023
BQ
,
5
%
,
5/15/35
......................................
30,000,000
34,003,587
Revenue
,
2024
BV
,
Refunding
,
5
%
,
5/15/36
..............................
17,300,000
19,810,092
Revenue
,
2025
BZ
,
Refunding
,
5.25
%
,
5/15/38
...........................
5,750,000
6,693,969
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
CB
,
5
%
,
5/15/36
......................................
$
10,000,000
$
11,610,611
Revenue
,
2025
CB
,
5
%
,
5/15/39
......................................
13,460,000
15,282,637
Revenue
,
2025
CC
,
5
%
,
5/15/37
......................................
5,250,000
6,056,280
Revenue
,
2025
CC
,
5
%
,
5/15/38
......................................
8,975,000
10,259,320
Revenue
,
2025
CC
,
5
%
,
5/15/53
......................................
15,000,000
15,856,620
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
252,862
City
of
Upland
Community
Facilities
District
No.
2016-1
Improvement
Area
No.
2
,
Special
Tax
,
2021
A
,
4
%
,
9/01/45
....................................
165,000
149,404
City
of
Upland
Community
Facilities
District
No.
2016-1
Improvement
Area
No.
2
,
Special
Tax
,
2021
A
,
4
%
,
9/01/51
....................................
260,000
219,534
c
Upland
Unified
School
District
,
GO
,
2011
C
,
4.48
%,
8/01/45
...................
62,900,000
27,135,494
Val
Verde
Unified
School
District
,
GO
,
2010
B
,
AG
Insured
,
6.125
%
,
8/01/34
...............................
1,000,000
1,185,380
Community
Facilities
District
No.
2018-1
,
Special
Tax
,
2022
,
4
%
,
9/01/52
........
7,000,000
5,997,195
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
1
,
Special
Tax
,
2023
,
5
%
,
9/01/43
....................................................
1,230,000
1,275,470
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
1
,
Special
Tax
,
2023
,
5
%
,
9/01/48
....................................................
1,755,000
1,786,972
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
1
,
Special
Tax
,
2023
,
5
%
,
9/01/53
....................................................
2,445,000
2,467,393
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
3
,
Special
Tax
,
2025
,
5
%
,
9/01/50
....................................................
1,230,000
1,247,922
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
3
,
Special
Tax
,
2025
,
5
%
,
9/01/55
....................................................
1,785,000
1,801,655
Vallejo
Public
Financing
Authority
,
City
of
Vallejo
Hiddenbrooke
Improvement
District
No.
1
,
Revenue
,
2004
A
,
5.8
%
,
9/01/31
.................................
2,150,000
2,162,860
Valley
Center
Municipal
Water
District
,
Community
Facility
District
No.
2020-1
,
Special
Tax
,
2024
,
4
%
,
9/01/43
.........
1,265,000
1,203,097
Community
Facility
District
No.
2020-1
,
Special
Tax
,
2024
,
4.375
%
,
9/01/54
......
2,210,000
2,005,941
c
Vista
Unified
School
District
,
GO
,
2002
A
,
AG
Insured
,
2.6
%,
8/01/26
.................................
7,150,000
7,118,597
GO
,
2002
A
,
AG
Insured
,
2.62
%,
2/01/27
................................
4,795,000
4,711,678
Washington
Township
Health
Care
District
,
GO
,
2015
B
,
5
%
,
8/01/45
............................................
15,000,000
15,009,124
Revenue
,
2023
A
,
5.75
%
,
7/01/48
.....................................
1,300,000
1,371,819
Revenue
,
2023
A
,
5.75
%
,
7/01/53
.....................................
1,000,000
1,036,560
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
789,786
Community
Facilities
District
No.
2018-1
,
Special
Tax
,
2024
,
4.625
%
,
9/01/49
.....
780,000
743,014
Community
Facilities
District
No.
2018-1
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........
2,430,000
2,430,182
West
Sacramento
Area
Flood
Control
Agency
,
Special
Assessment
,
2015
,
AG
Insured
,
5
%
,
9/01/40
.......................
3,000,000
3,004,357
Special
Assessment
,
2015
,
AG
Insured
,
5
%
,
9/01/45
.......................
7,500,000
7,508,237
West
Sacramento
Financing
Authority
,
Special
Tax
,
A
,
AG
Insured
,
5
%
,
9/01/34
.....
4,940,000
5,480,285
Westside
Union
School
District
,
Community
Facilities
District
No.
2016-1
Improvement
Area
B
,
Special
Tax
,
2023
,
5
%
,
9/01/43
....................................................
1,175,000
1,182,581
Community
Facilities
District
No.
2016-1
Improvement
Area
B
,
Special
Tax
,
2023
,
5.25
%
,
9/01/52
..................................................
1,890,000
1,859,700
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
397,711
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
$
755,958
Community
Facilities
District
No.
2021-1
Improvement
Area
A
,
Special
Tax
,
2024
,
5
%
,
9/01/54
....................................................
885,000
887,455
12,630,718,024
Florida
0.7%
c
,e
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.93
%,
3/01/29
...........................................
107,400,000
91,657,909
Wisconsin
0.2%
e
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
..............
30,400,000
25,411,384
U.S.
Territories
1.9%
Guam
0.1%
Antonio
B
Won
Pat
International
Airport
Authority
,
Revenue
,
2021
A
,
Refunding
,
2.899
%
,
10/01/27
...........................
470,000
460,623
Revenue
,
2024
A
,
5
%
,
10/01/27
.......................................
160,000
162,741
Revenue
,
2024
A
,
5
%
,
10/01/28
.......................................
750,000
771,979
Revenue
,
2024
A
,
5
%
,
10/01/29
.......................................
1,330,000
1,382,936
Revenue
,
2024
A
,
5
%
,
10/01/30
.......................................
1,110,000
1,163,887
Revenue
,
2024
A
,
5
%
,
10/01/31
.......................................
935,000
987,199
Revenue
,
2024
A
,
5
%
,
10/01/33
.......................................
660,000
704,415
Revenue
,
2024
A
,
5.25
%
,
10/01/37
....................................
1,375,000
1,485,524
Revenue
,
2024
A
,
5.25
%
,
10/01/38
....................................
1,325,000
1,424,425
Revenue
,
2024
B
,
5
%
,
10/01/27
.......................................
410,000
417,775
Revenue
,
2024
B
,
5
%
,
10/01/28
.......................................
380,000
392,684
Revenue
,
2024
B
,
5
%
,
10/01/29
.......................................
1,010,000
1,056,653
Revenue
,
2024
B
,
5
%
,
10/01/30
.......................................
560,000
592,696
Revenue
,
2024
B
,
5
%
,
10/01/31
.......................................
510,000
544,048
Revenue
,
2024
B
,
5
%
,
10/01/32
.......................................
1,455,000
1,558,425
Revenue
,
2024
B
,
5
%
,
10/01/33
.......................................
305,000
329,153
Revenue
,
2024
B
,
5
%
,
10/01/34
.......................................
435,000
470,840
Revenue
,
2024
B
,
5
%
,
10/01/35
.......................................
520,000
564,689
Revenue
,
2024
B
,
5
%
,
10/01/36
.......................................
250,000
269,621
Revenue
,
2024
B
,
5
%
,
10/01/37
.......................................
1,095,000
1,175,856
Revenue
,
2024
B
,
5
%
,
10/01/38
.......................................
1,125,000
1,202,046
Revenue
,
2024
B
,
5
%
,
10/01/39
.......................................
1,125,000
1,196,210
Revenue
,
2024
B
,
5
%
,
10/01/40
.......................................
420,000
444,346
Revenue
,
2024
B
,
5
%
,
10/01/41
.......................................
1,150,000
1,205,072
Revenue
,
2024
B
,
5
%
,
10/01/42
.......................................
495,000
516,681
Revenue
,
2024
B
,
5
%
,
10/01/43
.......................................
500,000
519,387
Antonio
B.
Won
Pat
International
Airport
Authority
,
Revenue
,
2024
A
,
5
%
,
10/01/32
..
1,600,000
1,698,893
22,698,804
Puerto
Rico
1.8%
Children's
Trust
Fund
,
Revenue
,
2002
,
5.5
%
,
5/15/39
........................................
3,005,000
3,050,600
Revenue
,
2002
,
5.625
%
,
5/15/43
......................................
16,000,000
16,224,159
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority
,
Revenue
,
2000
A
,
6.625
%
,
1/01/27
....................................
471,227
469,949
Revenue
,
2000
A
,
6.625
%
,
1/01/28
....................................
3,593,968
3,578,981
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
4.75
%
,
7/01/53
................................
29,500,000
28,419,368
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
30
See
Abbreviations
on
page
32
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
(continued)
Puerto
Rico
Sales
Tax
Financing
Corp.,
(continued)
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
..................................
$
184,264,000
$
182,088,597
233,831,654
Total
U.S.
Territories
....................................................................
256,530,458
Total
Municipal
Bonds
(Cost
$
12,554,712,889
)
..................................
13,004,317,775
Total
Long
Term
Investments
(Cost
$
12,554,712,889
)
............................
13,004,317,775
a
a
a
a
a
Short
Term
Investments
1.0%
Municipal
Bonds
1.0%
California
1.0%
h
California
Municipal
Finance
Authority
,
Boone
534
LLC
,
Revenue
,
2026
A
,
Daily
VRDN
and
Put
,
6
%
,
2/01/38
...............................................
33,820,000
33,586,131
h
University
of
California
,
Revenue
,
2013
AL-3
,
Refunding
,
Daily
VRDN
and
Put
,
2.3
%
,
5/15/48
...........
30,600,000
30,600,000
Revenue
,
2013
AL-4
,
Refunding
,
Daily
VRDN
and
Put
,
2.4
%
,
5/15/48
...........
70,000,000
70,000,000
134,186,131
Total
Municipal
Bonds
(Cost
$
134,420,000
)
.....................................
134,186,131
Total
Short
Term
Investments
(Cost
$
134,420,000
)
...............................
134,186,131
a
Total
Investments
(Cost
$
12,689,132,889
)
99.7
%
................................
$13,138,503,906
Other
Assets,
less
Liabilities
0.3
%
.............................................
32,840,129
Net
Assets
100.0%
...........................................................
$13,171,344,035
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
3
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,
2026,
the
aggregate
value
of
these
securities
was
$1,417,844,484,
representing
10.8%
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
31
Quarterly
Schedule
of
Investments
Notes
to
Schedule
of
Investments
(unaudited)
1.
Organization
Franklin
California
Tax-Free
Income
Fund (Fund)
is
registered under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company.
The
Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
2. Financial
Instrument
Valuation
The
Fund's investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the 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. 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.)
Franklin
California
Tax-Free
Income
Fund
Notes
to
Schedule
of
Investments
(unaudited)
32
Quarterly
Schedule
of
Investments
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,
2026,
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.
Abbreviations
Level
1
Level
2
Level
3
Total
Franklin
California
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
........................
$
—
$
—
$
—
b
$
—
Municipal
Bonds
.........................
—
13,004,317,775
—
13,004,317,775
Short
Term
Investments
...................
—
134,186,131
—
134,186,131
Total
Investments
in
Securities
...........
$—
$13,138,503,906
$—
$13,138,503,906
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
b
Includes
financial
instruments
determined
to
have
no
value.
Selected
Portfolio
1915
Act
Improvement
Bond
Act
of
1915
AG
Assured
Guaranty,
Inc.
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
NATL
National
Reinsurance
Corp.
3. Fair
Value
Measurements
(continued)
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.