Franklin California Tax Free Income Fund NPORT-P Franklin California Tax-Free Income Fund (Dec 2020 report)

Franklin

California

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited),

December

31,

2020

See

Notes

to

Statement

of

Investments

Quarterly

Statement

of

Investments

1

a

a

Principal

Amount

a

Value

a

a

a

a

a

Commercial

Mortgage-Backed

Securities

0.3%

Diversified

Financial

Services

0.3%

FHLMC,

Multi-family

,

2019-ML06

,

ACA

,

2.493

%

,

7/25/35

......................

$

52,306,538

$

56,945,605

Total

Commercial

Mortgage-Backed

Securities

(Cost

$

53,872,125

)

................

56,945,605

Municipal

Bonds

97.5%

California

96.9%

ABAG

Finance

Authority

for

Nonprofit

Corp.

,

Asian

Americans

for

Community

Involvement

of

Santa

Clara

County,

Inc.

(The)

,

Revenue

,

California

Mortgage

Insured

,

6.65

%

,

10/01/22

...................

145,000

145,610

Eskaton

Properties,

Inc.

Obligated

Group

,

Revenue

,

2013

,

Refunding

,

5

%

,

11/15/35

10,000,000

10,546,900

Alameda

Corridor

Transportation

Authority

,

Revenue,

Sub.

Lien

,

2004

A

,

Refunding

,

AMBAC

Insured

,

Zero

Cpn.,

10/01/29

....

20,000,000

16,825,000

Revenue,

Sub.

Lien

,

2004

A

,

Refunding

,

AMBAC

Insured

,

Zero

Cpn.,

10/01/30

....

41,665,000

34,129,468

Alameda

Unified

School

District

,

GO

,

2015A

,

5

%

,

8/01/39

.....................

18,000,000

21,253,680

Alhambra

City

Elementary

School

District

,

Alhambra

Unified

School

District

,

GO

,

2004

B

,

NATL

Insured

,

Zero

Cpn.,

9/01/27

...................................

3,035,000

2,845,070

Alisal

Union

School

District

,

GO

,

2009B

,

AGMC

Insured

,

Zero

Cpn.,

8/01/32

...........................

3,355,000

2,742,779

GO

,

2009B

,

AGMC

Insured

,

Zero

Cpn.,

8/01/33

...........................

3,610,000

2,865,979

GO

,

2009B

,

AGMC

Insured

,

Zero

Cpn.,

2/01/34

...........................

3,345,000

2,616,660

Alvord

Unified

School

District

,

GO

,

2011B

,

AGMC

Insured

,

Zero

Cpn.,

8/01/36

...........................

15,000,000

10,146,000

GO

,

2011B

,

AGMC

Insured

,

Zero

Cpn.,

8/01/46

...........................

42,500,000

55,339,250

GO

,

A

,

Pre-Refunded

,

AGMC

Insured

,

5

%

,

8/01/42

........................

34,690,000

39,017,231

Anaheim

City

School

District

,

GO

,

2011

,

Pre-Refunded

,

AGMC

Insured

,

6.25

%

,

8/01/40

7,500,000

7,764,225

Anaheim

Public

Financing

Authority

,

City

of

Anaheim

,

Revenue

,

1997

C

,

AGMC

Insured

,

Zero

Cpn.,

9/01/24

.........

26,855,000

26,057,138

City

of

Anaheim

,

Revenue

,

1997

C

,

AGMC

Insured

,

Zero

Cpn.,

9/01/26

.........

29,430,000

27,702,753

City

of

Anaheim

,

Revenue

,

1997

C

,

AGMC

Insured

,

Zero

Cpn.,

9/01/27

.........

22,860,000

21,063,661

City

of

Anaheim

,

Revenue

,

1997

C

,

AGMC

Insured

,

Zero

Cpn.,

9/01/28

.........

14,425,000

12,976,009

City

of

Anaheim

,

Revenue

,

1997

C

,

AGMC

Insured

,

Zero

Cpn.,

9/01/29

.........

24,810,000

21,726,117

City

of

Anaheim

,

Revenue

,

1997

C

,

AGMC

Insured

,

Zero

Cpn.,

9/01/32

.........

13,665,000

11,005,381

City

of

Anaheim

,

Revenue

,

1997

C

,

AGMC

Insured

,

Zero

Cpn.,

9/01/33

.........

37,070,000

28,966,869

City

of

Anaheim

,

Revenue

,

1997

C

,

AGMC

Insured

,

Zero

Cpn.,

9/01/34

.........

24,970,000

18,978,948

City

of

Anaheim

,

Revenue

,

1997

C

,

AGMC

Insured

,

ETM,

Zero

Cpn.,

3/01/37

.....

15,080,000

11,845,340

Anaheim

Union

High

School

District

,

GO

,

2002

A

,

AGMC

Insured

,

Zero

Cpn.,

8/01/26

8,570,000

8,173,038

Antelope

Valley

Community

College

District

,

GO

,

2015

,

Pre-Refunded

,

5

%

,

8/01/39

..

11,750,000

14,047,360

Atascadero

Unified

School

District

,

GO

,

A

,

Pre-Refunded

,

AGMC

Insured

,

5

%

,

8/01/40

6,235,000

6,408,645

Baldwin

Park

Unified

School

District

,

GO

,

2013

,

Pre-Refunded

,

BAM

Insured

,

5

%

,

8/01/43

.......................

5,000,000

5,616,800

GO

,

2013

,

Pre-Refunded

,

BAM

Insured

,

Zero

Cpn.,

8/01/48

..................

25,000,000

4,297,000

GO

,

2013

,

Pre-Refunded

,

BAM

Insured

,

Zero

Cpn.,

8/01/53

..................

60,000,000

7,017,000

Bay

Area

Toll

Authority

,

Revenue

,

2013

S-4

,

Pre-Refunded

,

5

%

,

4/01/43

...........................

36,040,000

39,962,594

Revenue

,

Pre-Refunded

,

5.125

%

,

4/01/48

...............................

47,355,000

52,641,239

Revenue

,

2013

S-4

,

Pre-Refunded

,

5.25

%

,

4/01/53

........................

33,000,000

36,776,190

Revenue

,

2017

F-1

,

5

%

,

4/01/56

......................................

60,000,000

71,653,800

Revenue

,

2017

S-7

,

Refunding

,

4

%

,

4/01/42

.............................

84,260,000

96,603,247

Revenue

,

2017

S-7

,

Refunding

,

4

%

,

4/01/47

.............................

72,000,000

81,830,880

Revenue

,

2019

S-8

,

Refunding

,

5

%

,

4/01/56

.............................

25,000,000

31,020,000

Beaumont

Public

Improvement

Authority

,

City

of

Beaumont

Wastewater

,

Revenue

,

2018

A

,

AGMC

Insured

,

5

%

,

9/01/49

...................................

10,000,000

11,927,300

Beaumont

Unified

School

District

,

GO

,

2011C

,

Pre-Refunded

,

AGMC

Insured

,

5.75

%

,

8/01/36

..................

6,200,000

6,401,066

GO

,

2011C

,

AGMC

Insured

,

Zero

Cpn.,

8/01/40

...........................

11,000,000

6,723,200

California

Affordable

Housing

Agency

,

Butte

County

Housing

Authority

,

Revenue

,

2020

A

,

4

%

,

10/01/40

..............

1,580,000

1,839,642

Franklin

California

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments

2

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

Affordable

Housing

Agency,

(continued)

Butte

County

Housing

Authority

,

Revenue

,

2020

A

,

4

%

,

10/01/45

..............

1,930,000

2,211,934

Butte

County

Housing

Authority

,

Revenue

,

2020

A

,

4

%

,

10/01/50

..............

1,855,000

2,109,636

California

Community

College

Financing

Authority

,

Revenue

,

2001

A

,

NATL

Insured

,

5.125

%

,

4/01/31

.........................

880,000

889,504

Revenue

,

2010A

,

AGMC

Insured

,

5

%

,

6/01/30

............................

770,000

772,333

Revenue

,

2010A

,

AGMC

Insured

,

5.125

%

,

6/01/35

.........................

360,000

361,051

NCCD-Orange

Coast

Properties

LLC

,

Revenue

,

2018

,

5.25

%

,

5/01/53

..........

8,150,000

8,313,082

California

County

Tobacco

Securitization

Agency

,

Revenue

,

2020

B-1

,

Refunding

,

5

%

,

6/01/49

.............................

1,000,000

1,227,080

Revenue,

Senior

Lien

,

2020

A

,

Refunding

,

4

%

,

6/01/49

.....................

3,525,000

4,097,142

Alameda

County

Tobacco

Asset

Securitization

Corp.

,

Revenue

,

2002

,

5.875

%

,

6/01/35

........................................................

7,355,000

7,363,826

Gold

Country

Settlement

Funding

Corp.

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

6/01/40

1,120,000

1,338,131

Gold

Country

Settlement

Funding

Corp.

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

6/01/49

1,000,000

1,169,110

Gold

Country

Settlement

Funding

Corp.

,

Revenue

,

2020

B-1

,

Refunding

,

4

%

,

6/01/49

225,000

248,416

Kern

County

Tobacco

Funding

Corp.

,

Revenue

,

2014

,

Refunding

,

5

%

,

6/01/34

....

10,295,000

10,781,336

Kern

County

Tobacco

Funding

Corp.

,

Revenue

,

2014

,

Refunding

,

5

%

,

6/01/40

....

17,650,000

18,672,641

Merced

County

Tobacco

Funding

Corp.

,

Revenue,

Senior

Lien

,

2020

A

,

Refunding

,

4

%

,

6/01/36

....................................................

470,000

563,892

Merced

County

Tobacco

Funding

Corp.

,

Revenue,

Senior

Lien

,

2020

A

,

Refunding

,

4

%

,

6/01/38

....................................................

530,000

631,638

Merced

County

Tobacco

Funding

Corp.

,

Revenue,

Senior

Lien

,

2020

A

,

Refunding

,

4

%

,

6/01/40

....................................................

625,000

739,894

Merced

County

Tobacco

Funding

Corp.

,

Revenue,

Senior

Lien

,

2020

A

,

Refunding

,

4

%

,

6/01/42

....................................................

100,000

116,328

Sonoma

County

Securitization

Corp.

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

6/01/35

..

350,000

423,451

Sonoma

County

Securitization

Corp.

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

6/01/36

..

300,000

359,931

Sonoma

County

Securitization

Corp.

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

6/01/37

..

430,000

514,177

Sonoma

County

Securitization

Corp.

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

6/01/38

..

500,000

595,885

Sonoma

County

Securitization

Corp.

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

6/01/39

..

420,000

498,872

Sonoma

County

Securitization

Corp.

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

6/01/40

..

500,000

591,915

Sonoma

County

Securitization

Corp.

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

6/01/49

..

1,120,000

1,291,001

Sonoma

County

Securitization

Corp.

,

Revenue

,

2020

B

1

,

Refunding

,

5

%

,

6/01/49

.

1,000,000

1,200,640

Stanislaus

County

Tobacco

Funding

Corp.

,

Revenue

,

2002

A

,

5.875

%

,

6/01/43

...

7,665,000

7,674,198

California

Educational

Facilities

Authority

,

Chapman

University

,

Revenue

,

2015

,

5

%

,

4/01/45

.........................

10,000,000

11,406,100

Leland

Stanford

Junior

University

(The)

,

Revenue

,

U-1

,

5.25

%

,

4/01/40

.........

24,960,000

39,584,813

Leland

Stanford

Junior

University

(The)

,

Revenue

,

U-3

,

5

%

,

6/01/43

............

56,950,000

89,864,253

Leland

Stanford

Junior

University

(The)

,

Revenue

,

U-4

,

5

%

,

6/01/43

............

24,205,000

38,194,280

Leland

Stanford

Junior

University

(The)

,

Revenue

,

U-6

,

5

%

,

5/01/45

............

90,580,000

144,794,847

Leland

Stanford

Junior

University

(The)

,

Revenue

,

V-1

,

5

%

,

5/01/49

............

20,000,000

32,909,600

Loma

Linda

University

,

Revenue

,

2017A

,

Refunding

,

5

%

,

4/01/47

..............

11,000,000

12,761,760

Loyola

Marymount

University

,

Revenue

,

2001A

,

NATL

Insured

,

Zero

Cpn.,

10/01/26

7,620,000

7,286,396

Loyola

Marymount

University

,

Revenue

,

2001A

,

NATL

Insured

,

Zero

Cpn.,

10/01/27

7,365,000

6,912,715

Loyola

Marymount

University

,

Revenue

,

2001A

,

NATL

Insured

,

Zero

Cpn.,

10/01/28

4,120,000

3,785,827

Loyola

Marymount

University

,

Revenue

,

2001A

,

NATL

Insured

,

Zero

Cpn.,

10/01/30

5,685,000

4,977,615

Loyola

Marymount

University

,

Revenue

,

2001A

,

NATL

Insured

,

Zero

Cpn.,

10/01/31

7,615,000

6,511,663

Loyola

Marymount

University

,

Revenue

,

2001A

,

NATL

Insured

,

Zero

Cpn.,

10/01/32

7,615,000

6,335,756

Santa

Clara

University

,

Revenue

,

1999

,

AMBAC

Insured

,

Zero

Cpn.,

9/01/26

.....

4,500,000

3,836,610

Santa

Clara

University

,

Revenue

,

2015

,

Refunding

,

5

%

,

4/01/45

...............

15,495,000

17,987,681

University

of

San

Francisco

,

Revenue

,

2018A

,

5

%

,

10/01/48

.................

10,000,000

12,195,400

University

of

San

Francisco

,

Revenue

,

2018A

,

5

%

,

10/01/53

.................

10,000,000

12,139,000

California

Enterprise

Development

Authority

,

Provident

Group-SDSU

Properties

LLC

,

Revenue,

First

Tier

,

2020

A

,

5

%

,

8/01/40

..

650,000

790,036

Provident

Group-SDSU

Properties

LLC

,

Revenue,

First

Tier

,

2020

A

,

5

%

,

8/01/45

..

650,000

779,603

Provident

Group-SDSU

Properties

LLC

,

Revenue,

First

Tier

,

2020

A

,

5

%

,

8/01/50

..

650,000

776,568

Franklin

California

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

See

Notes

to

Statement

of

Investments

Quarterly

Statement

of

Investments

3

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

Enterprise

Development

Authority,

(continued)

Provident

Group-SDSU

Properties

LLC

,

Revenue,

First

Tier

,

2020

A

,

5

%

,

8/01/55

..

1,000,000

1,185,430

Provident

Group-SDSU

Properties

LLC

,

Revenue,

First

Tier

,

2020

A

,

5

%

,

8/01/57

..

500,000

590,415

California

Health

Facilities

Financing

Authority

,

Revenue

,

1992

A

,

California

Mortgage

Insured

,

6.5

%

,

12/01/22

...............

270,000

271,239

Revenue

,

2014A

,

5

%

,

10/01/38

.......................................

5,110,000

5,902,918

Revenue

,

2014A

,

Pre-Refunded

,

5

%

,

10/01/38

............................

3,890,000

4,586,777

Revenue

,

2016B

,

5

%

,

11/15/46

.......................................

53,265,000

63,625,575

Revenue

,

2016B

,

Pre-Refunded

,

5

%

,

11/15/46

............................

36,705,000

46,720,326

California-Nevada

Methodist

Homes

,

Revenue

,

2015

,

Refunding

,

California

Mortgage

Insured

,

5

%

,

7/01/35

..............................................

1,000,000

1,182,960

Casa

Milagro

LLC

,

Revenue

,

2011A

,

California

Mortgage

Insured

,

6.25

%

,

2/01/26

.

5,000,000

5,022,100

Children's

Hospital

Los

Angeles

Obligated

Group

,

Revenue

,

2017A

,

Refunding

,

5

%

,

8/15/42

........................................................

7,750,000

9,139,110

Children's

Hospital

Los

Angeles

Obligated

Group

,

Revenue

,

2017A

,

Refunding

,

5

%

,

8/15/47

........................................................

10,370,000

12,125,330

Children's

Hospital

of

Orange

County

Obligated

Group

,

Revenue

,

2011

A

,

5.25

%

,

11/01/41

.......................................................

10,000,000

10,352,800

City

of

Hope

Obligated

Group

,

Revenue

,

2019

,

5

%

,

11/15/49

.................

37,000,000

44,647,900

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2011

A

,

Pre-Refunded

,

5.25

%

,

3/01/41

........................................................

50,000,000

50,396,500

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

4/01/38

.

8,950,000

10,641,908

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

4/01/40

.

7,500,000

8,853,150

El

Camino

Hospital

,

Revenue

,

2017

,

4.125

%

,

2/01/47

......................

11,000,000

12,282,160

El

Camino

Hospital

,

Revenue

,

2017

,

5

%

,

2/01/47

..........................

12,500,000

14,940,250

Kaiser

Foundation

Hospitals

,

Revenue

,

2017A-2

,

4

%

,

11/01/38

...............

25,000,000

29,565,500

Kaiser

Foundation

Hospitals

,

Revenue

,

2017A-2

,

4

%

,

11/01/44

...............

385,000,000

447,920,550

Kaiser

Foundation

Hospitals

,

Revenue

,

2017A-2

,

5

%

,

11/01/47

...............

30,000,000

47,233,800

Lucile

Salter

Packard

Children's

Hospital

at

Stanford

Obligated

Group

,

Revenue

,

2012A

,

5

%

,

8/15/51

..............................................

39,455,000

41,501,531

Lucile

Salter

Packard

Children's

Hospital

at

Stanford

Obligated

Group

,

Revenue

,

2016B

,

5

%

,

8/15/55

..............................................

12,960,000

15,314,832

Lucile

Salter

Packard

Children's

Hospital

at

Stanford

Obligated

Group

,

Revenue

,

2017A

,

5

%

,

11/15/56

..............................................

22,000,000

26,675,220

Marshall

Medical

Center

,

Revenue

,

2020A

,

Refunding

,

California

Mortgage

Insured

,

4

%

,

11/01/40

.............................................

3,750,000

4,444,987

Marshall

Medical

Center

,

Revenue

,

2020A

,

Refunding

,

California

Mortgage

Insured

,

5

%

,

11/01/50

.............................................

25,065,000

31,787,433

On

Lok

Senior

Health

Services

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

5

%

,

8/01/40

........................................................

800,000

997,072

On

Lok

Senior

Health

Services

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

5

%

,

8/01/50

........................................................

1,625,000

1,990,625

On

Lok

Senior

Health

Services

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

5

%

,

8/01/55

........................................................

1,600,000

1,944,704

Rady

Children's

Hospital

Obligated

Group

,

Revenue

,

2011

,

5.25

%

,

8/15/41

......

11,000,000

11,289,410

Sequoia

Living,

Inc.

,

Revenue

,

2015

,

Refunding

,

California

Mortgage

Insured

,

5

%

,

7/01/34

........................................................

1,000,000

1,184,540

Sequoia

Living,

Inc.

,

Revenue

,

2015

,

Refunding

,

California

Mortgage

Insured

,

5

%

,

7/01/39

........................................................

1,450,000

1,704,490

Sequoia

Living,

Inc.

,

Revenue

,

2015

,

Refunding

,

California

Mortgage

Insured

,

5

%

,

7/01/44

........................................................

1,160,000

1,353,233

Stanford

Health

Care

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

8/15/50

.

30,900,000

37,033,341

Sutter

Health

Obligated

Group

,

Revenue

,

2013A

,

Pre-Refunded

,

5

%

,

8/15/52

.....

89,990,000

101,258,548

Sutter

Health

Obligated

Group

,

Revenue

,

2015A

,

Pre-Refunded

,

5

%

,

8/15/43

.....

20,000,000

24,321,800

Sutter

Health

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

4

%

,

11/15/48

......

36,810,000

41,572,846

Sutter

Health

Obligated

Group

,

Revenue

,

2018

A

,

4

%

,

11/15/42

...............

11,680,000

13,320,690

Sutter

Health

Obligated

Group

,

Revenue

,

2018

A

,

5

%

,

11/15/48

...............

34,500,000

41,957,520

Franklin

California

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments

4

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

Housing

Finance

,

Revenue

,

2019-2

,

A

,

4

%

,

3/20/33

......................................

14,999,719

16,917,433

Lakeside

Drive

Senior

Housing

LP

,

Revenue

,

2019N

,

FNMA

Insured

,

2.35

%

,

12/01/35

.......................................................

9,844,392

10,351,870

Longshore

Cove

LP

,

Revenue

,

2020

E

,

FNMA

Insured

,

2.5

%

,

2/01/38

..........

9,892,141

10,779,862

California

Infrastructure

&

Economic

Development

Bank

,

Revenue

,

2015A

,

Pre-Refunded

,

5

%

,

10/01/40

............................

4,015,000

4,917,130

Revenue

,

2015A

,

Pre-Refunded

,

5

%

,

10/01/43

............................

1,900,000

2,326,911

Revenue

,

2018

,

5

%

,

10/01/48

........................................

10,000,000

12,601,900

Academy

of

Motion

Picture

Arts

and

Sciences

Obligated

Group

,

Revenue

,

2015A

,

Refunding

,

5

%

,

11/01/41

...........................................

8,000,000

8,808,960

Academy

of

Motion

Picture

Arts

and

Sciences

Obligated

Group

,

Revenue

,

2020B

,

Refunding

,

5

%

,

11/01/29

...........................................

5,000,000

6,611,850

California

State

Teachers'

Retirement

System

,

Revenue

,

2019

,

5

%

,

8/01/44

......

8,000,000

10,146,800

California

State

Teachers'

Retirement

System

,

Revenue

,

2019

,

5

%

,

8/01/49

......

30,300,000

38,114,067

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2020

B

,

4

%

,

11/01/45

.......................................................

850,000

1,000,204

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2020

B

,

4

%

,

11/01/50

.......................................................

860,000

1,007,533

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2020

B

,

4

%

,

11/01/55

.......................................................

915,000

1,063,001

Los

Angeles

County

Museum

of

Natural

History

Foundation

,

Revenue

,

2020

,

Refunding

,

3

%

,

7/01/50

............................................

18,995,000

19,606,069

Los

Angeles

County

Museum

of

Natural

History

Foundation

,

Revenue

,

2020

,

Refunding

,

4

%

,

7/01/50

............................................

10,000,000

11,483,100

State

of

California

Department

of

Transportation

Seismic

Surcharge

,

Revenue,

First

Lien

,

2003

A

,

Pre-Refunded

,

FGIC

Insured

,

5

%

,

7/01/29

...................

50,985,000

66,412,551

State

of

California

Department

of

Transportation

Seismic

Surcharge

,

Revenue,

First

Lien

,

2003

A

,

Pre-Refunded

,

AMBAC

Insured

,

5

%

,

7/01/33

.................

13,460,000

17,668,942

California

Municipal

Finance

Authority

,

4.25

%

,

1/15/35

...................................................

49,297,173

57,045,703

Revenue,

Senior

Lien

,

2017A

,

Refunding

,

4

%

,

8/15/52

......................

27,350,000

29,730,818

1717

University

Associates

LLC

,

Revenue

,

2020

A

,

4.5

%

,

6/01/52

.............

11,413,000

11,432,630

1717

University

Associates

LLC

,

Revenue

,

2020A-T

,

5.25

%

,

6/01/52

...........

3,407,000

3,407,511

Channing

House

,

Revenue

,

2017B

,

California

Mortgage

Insured

,

5

%

,

5/15/47

....

10,000,000

11,726,100

CHF-Davis

I

LLC

,

Revenue

,

2018

,

5

%

,

5/15/51

...........................

10,000,000

11,595,900

Community

Hospitals

of

Central

California

Obligated

Group

,

Revenue

,

2015A

,

Refunding

,

5

%

,

2/01/46

............................................

15,000,000

16,685,700

Community

Hospitals

of

Central

California

Obligated

Group

,

Revenue

,

2017A

,

Refunding

,

5

%

,

2/01/42

............................................

5,500,000

6,434,670

Community

Hospitals

of

Central

California

Obligated

Group

,

Revenue

,

2017A

,

Refunding

,

5

%

,

2/01/47

............................................

20,750,000

24,071,037

Eisenhower

Medical

Center

,

Revenue

,

2017A

,

Refunding

,

5

%

,

7/01/42

..........

5,100,000

5,916,102

Eisenhower

Medical

Center

,

Revenue

,

2017A

,

Refunding

,

5

%

,

7/01/47

..........

4,000,000

4,600,920

Inland

Christian

Home,

Inc.

,

Revenue

,

2020

,

California

Mortgage

Insured

,

4

%

,

12/01/49

.......................................................

2,670,000

3,162,481

Inland

Counties

Regional

Center,

Inc.

,

Revenue

,

2015

,

Refunding

,

5

%

,

6/15/45

...

23,300,000

27,078,794

LAX

Integrated

Express

Solutions

LLC

,

Revenue,

Senior

Lien

,

2018

A

,

5

%

,

12/31/37

5,000,000

5,990,650

LAX

Integrated

Express

Solutions

LLC

,

Revenue,

Senior

Lien

,

2018

A

,

5

%

,

12/31/43

11,800,000

13,945,830

LAX

Integrated

Express

Solutions

LLC

,

Revenue,

Senior

Lien

,

2018

A

,

5

%

,

12/31/47

61,850,000

72,586,542

Northbay

Healthcare

Group

Obligated

Group

,

Revenue

,

2017

A

,

5.25

%

,

11/01/41

..

5,500,000

6,362,510

Northbay

Healthcare

Group

Obligated

Group

,

Revenue

,

2017

A

,

5

%

,

11/01/47

....

8,650,000

9,722,254

Northern

California

Retired

Officers

Community

,

Revenue

,

2019

A

,

California

Mortgage

Insured

,

5

%

,

1/01/43

......................................

10,000,000

12,181,800

Northern

California

Retired

Officers

Community

,

Revenue

,

2019

A

,

California

Mortgage

Insured

,

5

%

,

1/01/49

......................................

18,990,000

22,940,110

Franklin

California

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

See

Notes

to

Statement

of

Investments

Quarterly

Statement

of

Investments

5

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

Municipal

Finance

Authority,

(continued)

South

Central

Los

Angeles

Regional

Center

for

Developmentally

Disabled

Persons

,

Revenue

,

2013

,

5.75

%

,

12/01/43

....................................

33,895,000

37,338,054

University

of

La

Verne

,

Revenue

,

2017A

,

Refunding

,

4

%

,

6/01/47

..............

10,500,000

11,624,760

California

Pollution

Control

Financing

Authority

,

a

San

Diego

County

Water

Authority

,

Revenue

,

144A,

2019

,

Refunding

,

5

%

,

7/01/39

.

$

7,250,000

$

8,729,797

a

San

Diego

County

Water

Authority

,

Revenue

,

144A,

2019

,

Refunding

,

5

%

,

11/21/45

1,905,000

2,263,121

San

Jose

Water

Co.

,

Revenue

,

2016

,

4.75

%

,

11/01/46

......................

15,000,000

17,169,300

California

Public

School

District

Financing

Authority

,

Southern

Kern

Unified

School

District

,

Revenue

,

1996B

,

AGMC

Insured

,

ETM,

5.9

%

,

9/01/26

................

1,165,000

1,363,167

a

California

School

Finance

Authority

,

Kipp

SoCal

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2020

A

,

4

%

,

7/01/40

800,000

942,664

Kipp

SoCal

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2020

A

,

4

%

,

7/01/50

1,140,000

1,318,570

Kipp

SoCal

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2020

A

,

4

%

,

7/01/55

1,075,000

1,237,948

California

State

Public

Works

Board

,

Revenue

,

2012

A

,

5

%

,

4/01/31

........................................

48,070,000

50,789,320

Revenue

,

2012

A

,

5

%

,

4/01/32

........................................

17,885,000

18,889,779

Revenue

,

2012

A

,

5

%

,

4/01/37

........................................

29,000,000

30,566,000

Revenue

,

2012G

,

Refunding

,

5

%

,

11/01/31

..............................

16,520,000

17,878,440

Revenue

,

2013I

,

5

%

,

11/01/38

........................................

40,000,000

44,766,400

Judicial

Council

of

California

,

Revenue

,

2011

D

,

Refunding

,

5

%

,

12/01/31

........

15,000,000

15,665,100

California

State

University

,

Revenue

,

2011

A

,

Pre-Refunded

,

5

%

,

11/01/42

...........................

29,645,000

30,828,429

Revenue

,

2014A

,

Refunding

,

5

%

,

11/01/39

...............................

23,000,000

26,630,550

Revenue

,

2014A

,

Refunding

,

5

%

,

11/01/44

...............................

32,345,000

37,384,351

Revenue

,

2015A

,

Refunding

,

5

%

,

11/01/43

...............................

11,000,000

13,040,610

Revenue

,

2017A

,

Refunding

,

5

%

,

11/01/42

...............................

29,105,000

35,895,488

Revenue

,

2017A

,

Refunding

,

5

%

,

11/01/47

...............................

63,000,000

77,080,500

Revenue

,

2018

A

,

Refunding

,

5

%

,

11/01/39

..............................

19,920,000

25,776,878

Revenue

,

2018

A

,

Refunding

,

5

%

,

11/01/43

..............................

16,870,000

21,609,120

Revenue

,

2018

A

,

Refunding

,

5

%

,

11/01/50

..............................

17,385,000

22,018,972

Revenue

,

2019

A

,

5

%

,

11/01/44

.......................................

13,100,000

17,110,958

Revenue

,

2019

A

,

5

%

,

11/01/49

.......................................

90,295,000

116,816,447

Revenue

,

2019

A

,

5

%

,

11/01/51

.......................................

40,470,000

52,237,462

Revenue

,

2020C

,

4

%

,

11/01/45

.......................................

10,000,000

12,174,900

California

Statewide

Communities

Development

Authority

,

Revenue

,

2004

A

,

Pre-Refunded

,

AGMC

Insured

,

5.25

%

,

10/01/24

.............

225,000

225,812

Adventist

Health

System/West

Obligated

Group

,

Revenue

,

2015A

,

Refunding

,

5

%

,

3/01/35

........................................................

9,250,000

11,051,438

Adventist

Health

System/West

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

3/01/48

........................................................

67,585,000

81,885,986

CHF-Irvine

LLC

,

Revenue

,

2011

,

Refunding

,

5.125

%

,

5/15/31

................

8,000,000

8,107,360

CHF-Irvine

LLC

,

Revenue

,

2011

,

Refunding

,

5.375

%

,

5/15/38

................

8,500,000

8,607,695

Collis

P

and

Howard

Huntington

Memorial

Hospital

Obligated

Group

,

Revenue

,

2018

,

5

%

,

7/01/48

....................................................

7,980,000

9,651,411

Community

Church

Retirement

Center

,

Revenue

,

2013

,

California

Mortgage

Insured

,

5.125

%

,

11/15/35

.........................................

2,000,000

2,234,800

Community

Church

Retirement

Center

,

Revenue

,

2013

,

California

Mortgage

Insured

,

5.375

%

,

11/15/44

.........................................

7,250,000

8,141,315

Henry

Mayo

Newhall

Memorial

Hospital

,

Revenue

,

2014

,

AGMC

Insured

,

5.25

%

,

10/01/43

.......................................................

3,000,000

3,373,650

b

Kaiser

Foundation

Hospitals

,

Revenue

,

2004

L

,

Mandatory

Put

,

5

%

,

11/01/29

.....

26,025,000

35,274,025

Kaiser

Foundation

Hospitals

,

Revenue

,

2012

A

,

5

%

,

4/01/42

.................

88,945,000

93,723,125

Olive

Street

Preservation

LP

,

Revenue

,

2009L

,

GNMA

Insured

,

5.1

%

,

7/20/50

....

10,000,000

10,109,600

Poway

RHF

Housing,

Inc.

,

Revenue

,

2013A

,

California

Mortgage

Insured

,

5.25

%

,

11/15/35

.......................................................

2,000,000

2,241,820

Franklin

California

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments

6

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

Statewide

Communities

Development

Authority,

(continued)

UniHealth

Foundation

,

COP

,

1993-A

,

Pre-Refunded

,

AMBAC

Insured

,

5.75

%

,

10/01/25

.......................................................

2,220,000

2,311,264

Campbell

Union

School

District

,

GO

,

1996B

,

NATL

Insured

,

Zero

Cpn.,

8/01/21

.....

$

6,280,000

$

6,267,440

Carlsbad

Unified

School

District

,

GO

,

2009B

,

Refunding

,

6

%

,

5/01/34

....................................

14,000,000

16,584,680

GO

,

2011C

,

Zero

Cpn.,

8/01/35

.......................................

33,000,000

41,242,740

Castro

Valley

Unified

School

District

,

COP

,

2011

,

AGMC

Insured

,

5

%

,

9/01/32

......

2,620,000

2,686,260

Centinela

Valley

Union

High

School

District

,

GO

,

2004

A

,

Refunding

,

NATL

Insured

,

5.5

%

,

8/01/33

......................

15,630,000

20,454,512

GO

,

2012

B

,

Refunding

,

AGMC

Insured

,

5

%

,

8/01/50

.......................

3,850,000

4,120,963

Cerritos

Public

Financing

Authority

,

Tax

Allocation

,

2002

A

,

AMBAC

Insured

,

5

%

,

11/01/22

........................................................

1,675,000

1,679,992

Chaffey

Joint

Union

High

School

District

,

GO

,

B

,

5

%

,

8/01/44

..................

27,500,000

31,722,075

Charter

Oak

Unified

School

District

,

GO

,

2015A

,

AGMC

Insured

,

5

%

,

8/01/40

......

5,000,000

5,876,850

Chico

Unified

School

District

,

GO

,

2012

A

,

5

%

,

8/01/43

.......................

8,000,000

8,844,880

Chino

Valley

Unified

School

District

,

GO

,

2020

B

,

4

%

,

8/01/45

............................................

3,000,000

3,604,230

GO

,

2020

B

,

3.375

%

,

8/01/50

.........................................

20,500,000

22,875,130

GO

,

2020

B

,

5

%

,

8/01/55

............................................

12,500,000

16,309,000

City

&

County

of

San

Francisco

,

Eastern

Park

Apartments

LP

,

Revenue

,

2019J

,

FNMA

Insured

,

2.55

%

,

7/01/39

.............................................

56,506,000

59,848,330

City

of

Fontana

,

Community

Facilities

District

No.

85

,

Special

Tax

,

2020

,

4

%

,

9/01/45

...........

850,000

943,593

Community

Facilities

District

No.

85

,

Special

Tax

,

2020

,

4

%

,

9/01/50

...........

900,000

995,256

Community

Facilities

District

No.

88

,

Special

Tax

,

2020

,

4

%

,

9/01/45

...........

1,100,000

1,223,277

Community

Facilities

District

No.

88

,

Special

Tax

,

2020

,

4

%

,

9/01/51

...........

1,545,000

1,710,222

Community

Facilities

District

No.

89

,

Special

Tax

,

2020

,

4

%

,

9/01/40

...........

750,000

833,213

Community

Facilities

District

No.

89

,

Special

Tax

,

2020

,

4

%

,

9/01/51

...........

1,500,000

1,641,015

City

of

Long

Beach

,

Harbor

,

Revenue

,

2017C

,

Refunding

,

5

%

,

5/15/47

.........................

12,210,000

14,518,179

Harbor

,

Revenue

,

2019A

,

5

%

,

5/15/49

..................................

18,205,000

22,527,231

City

of

Los

Angeles

,

Revenue

,

1993-1

,

Refunding

,

NATL,

FHA

Insured

,

6.5

%

,

7/01/22

..............

155,000

155,615

Department

of

Airports

,

Revenue

,

2015D

,

5

%

,

5/15/41

......................

14,500,000

16,702,840

Department

of

Airports

,

Revenue

,

2016B

,

5

%

,

5/15/41

......................

12,500,000

14,710,250

Department

of

Airports

,

Revenue

,

2016B

,

5

%

,

5/15/46

......................

53,000,000

61,835,100

Department

of

Airports

,

Revenue

,

2017A

,

5

%

,

5/15/47

......................

50,350,000

59,834,933

Department

of

Airports

,

Revenue

,

2018

A

,

5

%

,

5/15/44

......................

60,000,000

72,932,400

Department

of

Airports

,

Revenue

,

2018

C

,

5

%

,

5/15/37

.....................

9,550,000

11,713,839

Department

of

Airports

,

Revenue

,

2018

E

,

Refunding

,

5

%

,

5/15/43

.............

15,005,000

19,010,435

Department

of

Airports

,

Revenue

,

2018

E

,

Refunding

,

5

%

,

5/15/48

.............

33,145,000

41,592,335

Department

of

Airports

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

5/15/49

.............

10,000,000

12,322,100

Department

of

Airports

,

Revenue

,

2019

E

,

5

%

,

5/15/44

......................

22,135,000

27,740,467

Department

of

Airports

,

Revenue

,

2019

E

,

5

%

,

5/15/49

......................

62,940,000

78,248,896

Department

of

Airports

,

Revenue

,

2019

F

,

5

%

,

5/15/44

......................

2,950,000

3,665,759

Department

of

Airports

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

5/15/35

.............

10,500,000

13,914,180

Department

of

Airports

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

5/15/37

.............

8,000,000

10,516,080

Department

of

Airports

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

5/15/38

.............

9,925,000

13,001,651

Department

of

Airports

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

5/15/39

.............

10,265,000

13,404,756

Department

of

Airports

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

5/15/40

.............

10,000,000

13,029,600

Department

of

Airports

,

Revenue,

Senior

Lien

,

2020C

,

5

%

,

5/15/45

............

50,000,000

63,368,000

Department

of

Airports

,

Revenue,

Senior

Lien

,

2020C

,

4

%

,

5/15/50

............

35,000,000

40,874,750

Wastewater

System

,

Revenue

,

2015-A

,

5

%

,

6/01/44

.......................

9,000,000

10,536,030

Wastewater

System

,

Revenue

,

2015-C

,

Refunding

,

5

%

,

6/01/45

...............

24,690,000

28,869,029

Wastewater

System

,

Revenue

,

2018A

,

5

%

,

6/01/48

........................

11,275,000

14,160,723

Franklin

California

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

See

Notes

to

Statement

of

Investments

Quarterly

Statement

of

Investments

7

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

City

of

Ontario

,

Community

Facilities

District

No.

45

,

Special

Tax

,

2020

,

4

%

,

9/01/43

...........

410,000

457,962

Community

Facilities

District

No.

45

,

Special

Tax

,

2020

,

4

%

,

9/01/51

...........

1,565,000

1,731,344

City

of

Pasadena

,

Electric

,

Revenue

,

2016A

,

Refunding

,

4

%

,

6/01/46

............

$

22,625,000

$

25,512,176

City

of

Perris

,

Revenue

,

1988A

,

GNMA

Insured

,

ETM,

Zero

Cpn.,

6/01/23

.........

19,095,000

18,781,269

City

of

Riverside

,

Electric

,

Revenue

,

2013A

,

Refunding

,

5

%

,

10/01/43

........................

11,535,000

12,846,530

Sewer

,

Revenue

,

2015A

,

Refunding

,

5

%

,

8/01/40

..........................

25,000,000

29,679,500

City

of

Roseville

,

Electric

System

,

COP

,

2004

,

AGMC

Insured

,

5

%

,

2/01/34

........

5,000

5,015

City

of

Sacramento

,

Transient

Occupancy

Tax

,

Revenue

,

2018

A

,

5

%

,

6/01/43

....................

6,035,000

7,084,547

Transient

Occupancy

Tax

,

Revenue

,

2018

A

,

5

%

,

6/01/48

....................

19,830,000

23,081,129

Transient

Occupancy

Tax

,

Revenue

,

2018

C

,

5

%

,

6/01/48

...................

9,415,000

10,801,170

Water

,

Revenue

,

2013

,

Pre-Refunded

,

5

%

,

9/01/38

........................

21,630,000

24,415,295

City

of

San

Francisco

,

Public

Utilities

Commission

Water

,

Revenue

,

2012

A

,

Pre-Refunded

,

5

%

,

11/01/36

.

23,490,000

25,007,219

Public

Utilities

Commission

Water

,

Revenue

,

2012

A

,

Pre-Refunded

,

5

%

,

11/01/43

.

71,735,000

76,368,364

Public

Utilities

Commission

Water

,

Revenue

,

2020A

,

5

%

,

11/01/50

.............

35,000,000

46,293,100

Public

Utilities

Commission

Water

,

Revenue

,

ABCD

2011A

,

Pre-Refunded

,

5

%

,

11/01/41

.......................................................

5,800,000

6,034,030

City

of

San

Jose

,

Hotel

Tax

,

Special

Tax

,

2011

,

6.5

%

,

5/01/36

..............................

10,000,000

10,092,100

Hotel

Tax

,

Special

Tax

,

2011

,

6.5

%

,

5/01/42

..............................

10,000,000

10,078,300

City

of

Santa

Rosa

,

Wastewater

,

Revenue

,

2020

A

,

5

%

,

9/01/34

..............................

6,700,000

9,117,226

Wastewater

,

Revenue

,

2020

A

,

5

%

,

9/01/35

..............................

3,000,000

4,060,470

City

of

Upland

,

San

Antonio

Regional

Hospital

Obligated

Group

,

COP

,

Pre-Refunded

,

6.5

%

,

1/01/41

34,130,000

34,130,000

San

Antonio

Regional

Hospital

Obligated

Group

,

COP

,

Refunding

,

5

%

,

1/01/47

...

14,400,000

16,427,088

Coachella

Valley

Unified

School

District

,

GO

,

C

,

AGMC

Insured

,

Zero

Cpn.,

8/01/36

...............................

8,000,000

5,906,320

GO

,

C

,

AGMC

Insured

,

Zero

Cpn.,

8/01/37

...............................

8,000,000

5,735,200

GO

,

C

,

AGMC

Insured

,

Zero

Cpn.,

8/01/40

...............................

7,500,000

4,937,925

GO

,

C

,

AGMC

Insured

,

Zero

Cpn.,

8/01/43

...............................

10,000,000

5,724,100

Coalinga-Huron

Joint

Unified

School

District

,

GO

,

B

,

BAM

Insured

,

5

%

,

8/01/48

.....

13,210,000

15,802,066

Colton

Joint

Unified

School

District

,

GO

,

2010B

,

AGMC

Insured

,

Zero

Cpn.,

8/01/42

.

16,365,000

9,196,639

Compton

Community

Redevelopment

Agency

,

Tax

Allocation,

Second

Lien

,

2010B

,

5.7

%

,

8/01/30

.........................

10,000,000

10,031,600

Tax

Allocation,

Second

Lien

,

2010B

,

6

%

,

8/01/35

..........................

11,160,000

11,193,592

Tax

Allocation,

Second

Lien

,

2010B

,

6

%

,

8/01/42

..........................

10,000,000

10,028,700

Contra

Costa

Community

College

District

,

GO

,

2020

C

,

4

%

,

8/01/33

............................................

1,500,000

1,906,005

GO

,

2020

C

,

4

%

,

8/01/34

............................................

1,375,000

1,731,015

Corona

Community

Facilities

District

,

Community

Facilities

District

No.

2018-1

Improvement

Area

No.

1

,

Special

Tax

,

2020

,

4

%

,

9/01/45

................................................

650,000

713,973

Community

Facilities

District

No.

2018-1

Improvement

Area

No.

1

,

Special

Tax

,

2020

,

4

%

,

9/01/50

................................................

1,500,000

1,641,300

Corona-Norco

Unified

School

District

,

GO

,

1998

B

,

AGMC

Insured

,

Zero

Cpn.,

9/01/23

...........................

2,320,000

2,285,641

GO

,

1998

B

,

AGMC

Insured

,

Zero

Cpn.,

9/01/24

...........................

2,620,000

2,560,762

GO

,

1998

B

,

AGMC

Insured

,

Zero

Cpn.,

3/01/25

...........................

1,400,000

1,362,578

GO

,

1998

C

,

NATL

Insured

,

Zero

Cpn.,

9/01/25

...........................

4,655,000

4,499,337

GO

,

1998

C

,

NATL

Insured

,

Zero

Cpn.,

9/01/26

...........................

6,080,000

5,797,766

GO

,

A

,

Pre-Refunded

,

5

%

,

8/01/44

.....................................

20,000,000

24,234,800

Franklin

California

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments

8

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

County

of

Madera

,

Childrens

Hospital

Central

California

Obligated

Group

,

COP

,

1995

,

NATL

Insured

,

5.75

%

,

3/15/28

...........................................

27,500,000

27,594,875

Childrens

Hospital

Central

California

Obligated

Group

,

COP

,

1998

,

NATL

Insured

,

5

%

,

3/15/23

..............................................

5,345,000

5,386,050

County

of

Riverside

,

Revenue

,

1988

B

,

GNMA

Insured

,

ETM,

Zero

Cpn.,

6/01/23

...

$

26,160,000

$

25,822,798

County

of

Sacramento

,

Airport

System

,

Revenue

,

2016B

,

Refunding

,

5

%

,

7/01/41

...................

9,000,000

10,676,880

Airport

System

,

Revenue,

Senior

Lien

,

2016A

,

Refunding

,

5

%

,

7/01/41

..........

10,000,000

11,863,200

County

of

San

Bernardino

,

Revenue

,

1989

A

,

GNMA

Insured

,

ETM,

Zero

Cpn.,

5/01/22

4,445,000

4,249,953

Daly

City

Housing

Development

Finance

Agency

,

Franciscan

Park

LLC

,

Revenue

,

2007

A

,

Refunding

,

5

%

,

12/15/47

..........................................

17,870,000

17,916,105

Day

Creek

Square

Public

Facilities

,

Community

Facilities

District

No.

2018-1

,

Special

Tax

,

2020

,

4

%

,

9/01/40

........

625,000

696,388

Community

Facilities

District

No.

2018-1

,

Special

Tax

,

2020

,

4

%

,

9/01/45

........

700,000

772,065

Community

Facilities

District

No.

2018-1

,

Special

Tax

,

2020

,

4

%

,

9/01/50

........

1,000,000

1,098,070

Delano

Joint

Union

High

School

District

,

GO

,

2003

A

,

Refunding

,

NATL

Insured

,

5.15

%

,

2/01/32

.........................................................

8,520,000

11,031,781

Delano

Union

School

District

,

COP

,

1999

,

NATL

Insured

,

5.125

%

,

1/01/22

.........

695,000

709,192

East

Bay

Municipal

Utility

District

,

Water

System

,

Revenue

,

2014A

,

Refunding

,

5

%

,

6/01/35

....................

10,000,000

11,527,000

Water

System

,

Revenue

,

2014C

,

5

%

,

6/01/44

............................

14,000,000

15,994,720

Water

System

,

Revenue

,

2015A

,

Refunding

,

5

%

,

6/01/36

....................

7,355,000

8,715,013

Water

System

,

Revenue

,

2015C

,

4

%

,

6/01/45

............................

9,070,000

10,187,968

Water

System

,

Revenue

,

2019

A

,

5

%

,

6/01/44

............................

4,000,000

5,213,480

Water

System

,

Revenue

,

2019

A

,

5

%

,

6/01/49

............................

11,700,000

15,131,727

Eastern

Municipal

Water

District

Financing

Authority

,

Revenue

,

2015B

,

5

%

,

7/01/46

.

30,705,000

36,232,821

El

Dorado

Irrigation

District

,

COP

,

2020

A

,

4

%

,

3/01/45

...........................................

5,000,000

5,959,150

COP

,

2020

A

,

4

%

,

3/01/50

...........................................

15,330,000

18,081,735

Elk

Grove

Finance

Authority

,

Special

Tax

,

2015

,

Refunding

,

BAM

Insured

,

5

%

,

9/01/38

1,500,000

1,743,135

Fairfax

Elementary

School

District

,

GO

,

2010

,

Pre-Refunded

,

AGMC

Insured

,

5.75

%

,

11/01/40

..................

2,250,000

2,353,680

GO

,

2010

,

AGMC

Insured

,

Zero

Cpn.,

11/01/48

...........................

10,380,000

4,390,325

Folsom

Cordova

Unified

School

District

School

Facilities

Improvement

Dist

No.

5

,

GO

,

C

,

4

%

,

10/01/43

...................................................

17,500,000

20,698,475

Foothill-Eastern

Transportation

Corridor

Agency

,

Revenue

,

2013

A

,

Refunding

,

AGMC

Insured

,

5

%

,

1/15/42

...................

10,000,000

11,022,500

Revenue

,

2013

A

,

Refunding

,

5.75

%

,

1/15/46

.............................

260,000,000

292,549,400

Revenue

,

2013

A

,

Pre-Refunded

,

6

%

,

1/15/49

............................

305,000,000

358,271,300

Revenue

,

2013

A

,

Pre-Refunded

,

6

%

,

1/15/53

............................

190,000,000

223,185,400

Revenue

,

2013

A

,

Refunding

,

AGMC

Insured

,

Zero

Cpn.,

1/15/31

..............

35,000,000

42,323,400

Revenue

,

2013

A

,

Refunding

,

AGMC

Insured

,

0

%

,

1/15/32

...................

37,260,000

45,124,468

Revenue

,

2013

A

,

Refunding

,

AGMC

Insured

,

Zero

Cpn.,

1/15/37

..............

41,250,000

29,193,038

Revenue

,

2013

A

,

Refunding

,

AGMC

Insured

,

Zero

Cpn.,

1/15/38

..............

77,650,000

53,274,112

Revenue

,

2013

A

,

Refunding

,

AGMC

Insured

,

Zero

Cpn.,

1/15/39

..............

56,100,000

37,275,084

Revenue

,

Refunding

,

Zero

Cpn.,

1/15/42

................................

228,000,000

185,465,600

Revenue,

Senior

Lien

,

1995

A

,

ETM,

Zero

Cpn.,

1/01/22

....................

30,835,000

30,758,838

Revenue,

Senior

Lien

,

1995

A

,

ETM,

Zero

Cpn.,

1/01/23

....................

5,765,000

5,725,049

Revenue,

Senior

Lien

,

1995

A

,

ETM,

Zero

Cpn.,

1/01/24

....................

72,045,000

71,168,212

Revenue,

Senior

Lien

,

1995

A

,

ETM,

Zero

Cpn.,

1/01/25

....................

20,660,000

20,284,814

Revenue,

Senior

Lien

,

1995

A

,

ETM,

Zero

Cpn.,

1/01/26

....................

23,475,000

22,874,509

Revenue,

Senior

Lien

,

1995

A

,

ETM,

Zero

Cpn.,

1/01/27

....................

15,000,000

14,471,400

Revenue,

Senior

Lien

,

1995

A

,

ETM,

Zero

Cpn.,

1/01/28

....................

2,000,000

1,906,000

Revenue,

Senior

Lien

,

1995

A

,

ETM,

Zero

Cpn.,

1/01/29

....................

35,310,000

32,761,324

Franklin

California

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

See

Notes

to

Statement

of

Investments

Quarterly

Statement

of

Investments

9

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Fort

Bragg

Unified

School

District

,

GO

,

2011

,

Pre-Refunded

,

AGMC

Insured

,

5.125

%

,

8/01/41

.........................................................

$

4,380,000

$

4,506,407

Fowler

Unified

School

District

,

GO

,

2010C

,

AGMC

Insured

,

Zero

Cpn.,

8/01/41

...........................

3,095,000

1,969,348

GO

,

2010C

,

AGMC

Insured

,

Zero

Cpn.,

8/01/42

...........................

3,005,000

1,849,818

Franklin-Mckinley

School

District

,

GO

,

C

,

Pre-Refunded

,

BAM

Insured

,

5

%

,

8/01/44

.

5,000,000

5,623,700

Fresno

Unified

School

District

,

GO

,

1999C

,

Refunding

,

NATL

Insured

,

5.9

%

,

8/01/22

.......................

3,000,000

3,112,830

GO

,

B

,

Refunding

,

Zero

Cpn.,

8/01/41

..................................

35,000,000

8,819,300

GO

,

G

,

Refunding

,

Zero

Cpn.,

8/01/41

..................................

47,000,000

11,838,830

Fullerton

School

District

,

GO

,

2002

A

,

NATL

Insured

,

Zero

Cpn.,

8/01/23

..........

3,030,000

2,992,034

Fullerton

School

District

Financing

Authority

,

Special

Tax,

Senior

Lien

,

2013

A

,

Refunding

,

AGMC

Insured

,

5

%

,

9/01/31

...............................

2,500,000

2,759,475

Glendale

Community

College

District

,

GO

,

2003

C

,

NATL

Insured

,

Zero

Cpn.,

8/01/28

...........................

15,000,000

12,117,300

GO

,

2016B

,

4

%

,

8/01/50

............................................

34,950,000

41,408,410

Glendora

Public

Finance

Authority

,

Glendora

Community

Redevelopment

Agency

,

Tax

Allocation

,

2003

A

,

NATL

Insured

,

5

%

,

9/01/24

............................

3,715,000

3,725,885

Golden

State

Tobacco

Securitization

Corp.

,

Revenue

,

2015A

,

Refunding

,

5

%

,

6/01/35

...............................

25,000,000

29,293,750

Revenue

,

2015A

,

Refunding

,

5

%

,

6/01/40

...............................

212,525,000

247,168,700

Revenue

,

2015A

,

Refunding

,

5

%

,

6/01/45

...............................

308,395,000

355,890,914

Revenue

,

2018A-1

,

Refunding

,

5

%

,

6/01/35

..............................

28,340,000

34,403,627

Grossmont

Union

High

School

District

,

GO

,

2004

,

AGMC

Insured

,

Zero

Cpn.,

8/01/24

5,110,000

5,032,941

Grossmont-Cuyamaca

Community

College

District

,

GO

,

2018

B

,

4

%

,

8/01/47

......

10,000,000

11,704,500

Hacienda

La

Puente

Unified

School

District

,

GO

,

2017A

,

4

%

,

8/01/47

............

655,000

754,868

Hartnell

Community

College

District

,

GO

,

2009C

,

0

%

,

8/01/33

..................

20,000,000

27,571,800

Hawthorne

School

District

,

GO

,

2008-C

,

AGMC

Insured

,

Zero

Cpn.,

8/01/48

.......

37,665,000

15,879,941

Hayward

Unified

School

District

,

GO

,

2020

,

AGMC

Insured

,

4

%

,

8/01/45

..........

10,000,000

11,897,700

Huntington

Beach

City

School

District

,

GO

,

2003

A

,

NATL

Insured

,

Zero

Cpn.,

8/01/28

10,005,000

8,668,932

Huntington

Beach

Union

High

School

District

,

COP

,

2010

,

AGMC

Insured

,

5.25

%

,

9/01/39

.........................................................

2,000,000

2,005,520

Irvine

Unified

School

District

,

Special

Tax

,

2020

A

,

4

%

,

9/01/40

......................................

2,960,000

3,457,606

Special

Tax

,

2020

A

,

4

%

,

9/01/44

......................................

6,250,000

7,202,562

Special

Tax

,

2020

A

,

BAM

Insured

,

4

%

,

9/01/50

...........................

8,000,000

9,300,560

Special

Tax

,

2020

A

,

BAM

Insured

,

4

%

,

9/01/54

...........................

12,285,000

14,232,173

Community

Facilities

District

No.

01-1

,

Special

Tax

,

2015

,

Refunding

,

BAM

Insured

,

5

%

,

9/01/38

..............................................

7,000,000

8,026,690

Community

Facilities

District

No.

09-1

,

Special

Tax

,

2017

D

,

5

%

,

3/01/57

........

10,000,000

11,728,100

Jefferson

Union

High

School

District

,

GO

,

2000A

,

Refunding

,

NATL

Insured

,

6.45

%

,

8/01/25

......................

3,045,000

3,461,769

GO

,

2000A

,

Refunding

,

NATL

Insured

,

6.45

%

,

8/01/29

......................

3,075,000

4,127,019

Jurupa

Public

Financing

Authority

,

Special

Tax

,

2013

A

,

AGMC

Insured

,

5.125

%

,

9/01/37

......................

4,000,000

4,408,920

Special

Tax

,

2013

A

,

AGMC

Insured

,

5.25

%

,

9/01/42

.......................

3,250,000

3,576,332

Jurupa

Unified

School

District

,

GO

,

2015A

,

5

%

,

8/01/39

......................

10,165,000

11,982,502

La

Mirada

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation

,

2010A

,

Refunding

,

AGMC

Insured

,

5

%

,

8/15/28

.................................

1,855,000

1,860,695

La

Palma

Community

Development

Commission

,

Tax

Allocation

,

1993

,

Refunding

,

6.1

%

,

6/01/22

....................................................

145,000

146,915

Lake

Elsinore

Unified

School

District

,

GO

,

B

,

BAM

Insured

,

4

%

,

8/01/49

..........

12,330,000

13,973,589

Lakeside

Union

School

District

,

GO

,

2010B

,

Zero

Cpn.,

8/01/45

.................

11,540,000

6,014,994

Lammersville

Joint

Unified

School

District

,

GO

,

2016A

,

4

%

,

8/01/46

.............

41,340,000

46,954,385

Lancaster

School

District

,

GO

,

1999

,

NATL

Insured

,

Zero

Cpn.,

8/01/25

.............................

5,495,000

5,290,696

GO

,

1999

,

NATL

Insured

,

Zero

Cpn.,

7/01/26

.............................

5,965,000

5,664,543

Franklin

California

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments

10

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Lawndale

Redevelopment

Agency

,

Tax

Allocation

,

2009

,

AGMC

Insured

,

5.5

%

,

8/01/39

........................

10,280,000

10,318,036

Tax

Allocation

,

2009

,

AGMC

Insured

,

5.5

%

,

8/01/44

........................

6,085,000

6,107,393

Lemon

Grove

School

District

,

GO

,

2010B

,

AGMC

Insured

,

Zero

Cpn.,

8/01/50

......

$

20,990,000

$

9,375,393

Local

Public

Schools

Funding

Authority

School

Improvement

District

No.

2016-1

,

GO

,

2020

A

,

BAM

Insured

,

3

%

,

8/01/46

.....................................

13,060,000

13,818,917

Lodi

Unified

School

District

,

GO

,

2017

,

4

%

,

8/01/41

..........................

15,000,000

17,481,750

Long

Beach

Bond

Finance

Authority

,

Revenue

,

2007A

,

5.5

%

,

11/15/28

......................................

8,000,000

10,546,000

Revenue

,

2007A

,

5

%

,

11/15/29

.......................................

17,465,000

22,669,046

Revenue

,

2007A

,

5.5

%

,

11/15/30

......................................

5,000,000

6,812,250

Revenue

,

2007A

,

5

%

,

11/15/35

.......................................

69,855,000

98,049,177

Revenue

,

2007A

,

5.5

%

,

11/15/37

......................................

35,000,000

52,722,250

Los

Angeles

Community

College

District

,

GO

,

2016

,

Refunding

,

5

%

,

8/01/38

.......

10,000,000

12,118,500

Los

Angeles

County

Metropolitan

Transportation

Authority

,

Revenue

,

2016A

,

Refunding

,

5

%

,

6/01/35

...............................

17,655,000

21,596,832

Revenue

,

2016A

,

Refunding

,

5

%

,

6/01/37

...............................

10,970,000

13,373,746

Revenue

,

2016A

,

Refunding

,

5

%

,

6/01/38

...............................

28,160,000

34,263,962

Revenue

,

2016A

,

Refunding

,

5

%

,

6/01/39

...............................

10,000,000

12,144,000

Revenue

,

2019

A

,

5

%

,

7/01/44

........................................

32,030,000

40,359,081

Revenue

,

2020

A

,

Refunding

,

5

%

,

6/01/36

...............................

18,950,000

25,555,970

Revenue

,

2020

A

,

Refunding

,

5

%

,

6/01/37

...............................

16,500,000

22,178,310

Los

Angeles

County

Sanitation

Districts

Financing

Authority

,

Revenue

,

2016

A

,

Refunding

,

4

%

,

10/01/42

............................................

16,430,000

18,384,184

Los

Angeles

Department

of

Water

,

Revenue

,

2012A

,

5

%

,

7/01/43

........................................

81,095,000

86,647,575

Revenue

,

2014A

,

5

%

,

7/01/44

........................................

50,000,000

57,444,000

Revenue

,

2016

A

,

Refunding

,

5

%

,

7/01/46

...............................

62,660,000

74,531,563

Revenue

,

2017A

,

Refunding

,

5

%

,

7/01/44

...............................

72,060,000

88,356,369

Revenue

,

2018

A

,

5

%

,

7/01/43

........................................

13,805,000

17,329,692

Revenue

,

2018

A

,

5

%

,

7/01/48

........................................

22,375,000

27,859,784

Revenue

,

2018

B

,

Refunding

,

5

%

,

7/01/48

...............................

10,000,000

12,650,700

c

Revenue

,

2020

C

,

Refunding

,

5

%

,

7/01/37

...............................

4,000,000

5,429,720

c

Revenue

,

2020

C

,

Refunding

,

5

%

,

7/01/38

...............................

5,000,000

6,767,700

c

Revenue

,

2020

C

,

Refunding

,

5

%

,

7/01/39

...............................

6,435,000

8,688,666

c

Revenue

,

2020

C

,

Refunding

,

5

%

,

7/01/40

...............................

7,000,000

9,413,250

c

Revenue

,

2020

C

,

Refunding

,

5

%

,

7/01/41

...............................

5,500,000

7,371,595

Revenue

,

2020A

,

Refunding

,

5

%

,

7/01/41

...............................

15,000,000

20,104,350

Revenue

,

2020A

,

Refunding

,

5

%

,

7/01/50

...............................

14,875,000

19,579,070

Los

Angeles

Department

of

Water

&

Power

,

Revenue

,

2020

B

,

Refunding

,

5

%

,

7/01/39

...............................

13,000,000

17,483,440

Revenue

,

2020

B

,

Refunding

,

5

%

,

7/01/40

...............................

40,520,000

54,316,655

Revenue

,

2020

B

,

Refunding

,

5

%

,

7/01/45

...............................

10,775,000

14,236,253

Revenue

,

2020

B

,

Refunding

,

5

%

,

7/01/50

...............................

70,265,000

92,121,631

Power

System

,

Revenue

,

2014

D

,

5

%

,

7/01/44

............................

51,940,000

59,575,699

Power

System

,

Revenue

,

2014

E

,

5

%

,

7/01/44

............................

34,000,000

38,998,340

Power

System

,

Revenue

,

2014B

,

5

%

,

7/01/43

............................

62,000,000

69,891,360

Power

System

,

Revenue

,

2015A

,

Refunding

,

5

%

,

7/01/35

...................

15,105,000

17,662,125

Power

System

,

Revenue

,

2015A

,

Refunding

,

5

%

,

7/01/36

...................

17,795,000

20,776,908

Power

System

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

7/01/46

...................

15,000,000

17,801,700

Power

System

,

Revenue

,

2016B

,

5

%

,

7/01/35

............................

11,995,000

14,487,921

Power

System

,

Revenue

,

2017A

,

5

%

,

7/01/42

............................

7,710,000

9,473,894

Power

System

,

Revenue

,

2017A

,

5

%

,

7/01/47

............................

16,000,000

19,504,000

Power

System

,

Revenue

,

2019

D

,

Refunding

,

5

%

,

7/01/44

...................

8,450,000

10,940,215

Power

System

,

Revenue

,

2019A

,

5

%

,

7/01/45

............................

18,980,000

24,214,684

Power

System

,

Revenue

,

2019A

,

5

%

,

7/01/49

............................

9,185,000

11,655,490

Franklin

California

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

See

Notes

to

Statement

of

Investments

Quarterly

Statement

of

Investments

11

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Los

Angeles

Unified

School

District

,

GO

,

2020

A

,

Refunding

,

5

%

,

7/01/32

...................................

18,480,000

25,232,592

GO

,

2020

A

,

Refunding

,

5

%

,

7/01/33

...................................

16,520,000

22,434,490

GO

,

2020

C

,

4

%

,

7/01/33

............................................

2,000,000

2,509,000

GO

,

2020

C

,

4

%

,

7/01/36

............................................

11,885,000

14,700,200

GO

,

2020

C

,

4

%

,

7/01/37

............................................

15,000,000

18,490,950

GO

,

2020

C

,

4

%

,

7/01/38

............................................

7,500,000

9,218,400

GO

,

2020

RYQ

,

4

%

,

7/01/44

.........................................

28,200,000

34,056,294

Los

Gatos-Saratoga

Joint

High

School

District

,

GO

,

A

,

4

%

,

8/01/39

................................................

10,635,000

11,829,204

GO

,

A

,

4

%

,

8/01/44

................................................

16,090,000

17,808,090

Martinez

Financing

Authority

,

City

of

Martinez

,

Revenue

,

2020A

,

4

%

,

12/01/45

..........................

2,405,000

2,926,548

City

of

Martinez

,

Revenue

,

2020A

,

4

%

,

12/01/50

..........................

2,935,000

3,544,101

McFarland

Public

Financing

Authority

,

Revenue

,

2010A

,

AGMC

Insured

,

5

%

,

10/01/40

$

5,115,000

$

5,131,112

Mendocino-Lake

Community

College

District

,

GO

,

2011B

,

AGMC

Insured

,

5.125

%

,

8/01/41

.........................................................

7,500,000

7,671,675

Metropolitan

Water

District

of

Southern

California

,

Revenue

,

2015

A

,

5

%

,

7/01/40

........................................

10,000,000

11,868,200

Revenue

,

2020

A

,

5

%

,

10/01/45

.......................................

16,665,000

21,862,314

Revenue

,

2020

C

,

Refunding

,

5

%

,

7/01/39

...............................

16,000,000

21,740,960

Revenue

,

2020

C

,

Refunding

,

5

%

,

7/01/40

...............................

20,000,000

27,087,400

Midpeninsula

Regional

Open

Space

District

,

GO

,

2018

,

4

%

,

9/01/48

.............

11,220,000

13,179,124

Milpitas

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation

,

1997

,

NATL

Insured

,

ETM,

5.5

%

,

1/15/24

.........................................

7,275,000

7,786,651

Miracosta

Community

College

District

,

GO

,

B

,

4

%

,

8/01/45

....................

25,405,000

30,846,751

Modesto

High

School

District

,

GO

,

2002

A

,

NATL

Insured

,

Zero

Cpn.,

8/01/21

...........................

9,660,000

9,642,902

GO

,

2002

A

,

NATL

Insured

,

Zero

Cpn.,

8/01/23

...........................

10,815,000

10,663,049

GO

,

2002

A

,

NATL

Insured

,

Zero

Cpn.,

5/01/27

...........................

12,770,000

11,999,841

Monterey

Peninsula

Unified

School

District

,

GO

,

2011A

,

Pre-Refunded

,

AGMC

Insured

,

5.75

%

,

8/01/41

..................

17,500,000

18,067,525

GO

,

2016C

,

Refunding

,

5

%

,

8/01/41

...................................

11,190,000

13,560,601

Moorpark

Unified

School

District

,

GO

,

2009A

,

AGMC

Insured

,

Zero

Cpn.,

8/01/32

...

5,870,000

4,820,914

Moreno

Valley

Unified

School

District

,

GO

,

2004

A

,

AGMC

Insured

,

ETM,

Zero

Cpn.,

8/01/27

......................

6,315,000

6,071,178

GO

,

2004

A

,

AGMC

Insured

,

ETM,

Zero

Cpn.,

8/01/28

......................

6,625,000

6,250,488

GO

,

A

,

AGMC

Insured

,

5

%

,

8/01/44

....................................

29,220,000

34,258,697

Morgan

Hill

Financing

Authority

,

City

of

Morgan

Hill

,

Revenue

,

2020

,

4

%

,

10/01/45

..

3,880,000

4,683,354

Mount

San

Antonio

Community

College

District

,

GO

,

2013

A

,

0

%

,

8/01/43

.........

55,000,000

59,612,300

Mountain

House

Public

Financing

Authority

,

Mountain

House

Community

Services

District

,

Revenue

,

2020

A

,

BAM

Insured

,

4

%

,

12/01/45

.......................................................

3,250,000

3,818,262

Mountain

House

Community

Services

District

,

Revenue

,

2020

A

,

BAM

Insured

,

4

%

,

12/01/50

.......................................................

6,000,000

6,989,520

Mountain

House

Community

Services

District

,

Revenue

,

2020

B

,

BAM

Insured

,

4

%

,

12/01/40

.......................................................

2,750,000

3,242,223

Mountain

House

Community

Services

District

,

Revenue

,

2020

B

,

BAM

Insured

,

4

%

,

12/01/43

.......................................................

4,000,000

4,670,400

M-S-R

Energy

Authority

,

Revenue

,

2009B

,

6.5

%

,

11/01/39

.....................

25,000,000

41,699,750

M-S-R

Public

Power

Agency

,

Revenue

,

E

,

NATL

Insured

,

ETM,

6

%

,

7/01/22

.......

3,730,000

3,942,535

Needles

Public

Financing

Authority

,

Revenue

,

1992-A

,

7.5

%

,

8/15/22

............

290,000

290,713

Newport

Mesa

Unified

School

District

,

GO

,

2011

,

0

%

,

8/01/42

..................

20,000,000

28,317,600

Norman

Y

Mineta

San

Jose

International

Airport

SJC

,

Revenue

,

2017A

,

Refunding

,

5

%

,

3/01/41

...............................

10,000,000

11,818,100

Revenue

,

2017A

,

Refunding

,

5

%

,

3/01/47

...............................

20,000,000

23,403,400

Revenue

,

2017B

,

Refunding

,

5

%

,

3/01/47

...............................

10,000,000

11,835,000

Franklin

California

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments

12

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Northern

California

Power

Agency

,

Revenue

,

1986

A

,

Pre-Refunded

,

AMBAC

Insured

,

7.5

%

,

7/01/23

....................................................

$

1,505,000

$

1,557,826

Oak

Grove

School

District

,

GO

,

B-1

,

Pre-Refunded

,

Zero

Cpn.,

6/01/41

...........

36,240,000

8,448,631

Ocean

View

School

District

,

GO

,

B

,

2.5

%

,

8/01/49

...........................

9,775,000

10,090,733

Oceanside

Unified

School

District

,

GO

,

2010B

,

AGMC

Insured

,

Zero

Cpn.,

8/01/38

...........................

10,590,000

7,394,467

GO

,

2010B

,

AGMC

Insured

,

Zero

Cpn.,

8/01/39

...........................

7,860,000

5,327,744

GO

,

2015

,

Refunding

,

5

%

,

8/01/48

.....................................

12,000,000

14,104,440

Ontario

Montclair

School

District

,

GO

,

2017A

,

5

%

,

8/01/46

....................

11,765,000

14,428,949

Orange

Community

Facilities

District

,

Special

Tax

,

2015

,

Refunding

,

AGMC

Insured

,

5

%

,

10/01/40

.....................................................

7,500,000

8,830,425

Orange

County

Sanitation

District

,

Revenue

,

2015A

,

Refunding

,

5

%

,

2/01/36

.......

8,350,000

9,667,129

Orange

County

Water

District

,

COP

,

2003

B

,

NATL

Insured

,

ETM,

5

%

,

8/15/28

...........................

13,740,000

17,190,664

COP

,

2003

B

,

Pre-Refunded

,

NATL

Insured

,

5

%

,

8/15/34

....................

4,140,000

5,973,523

COP

,

2003

B

,

NATL

Insured

,

ETM,

5

%

,

8/15/34

...........................

3,305,000

4,491,363

Oxnard

School

District

,

GO

,

C

,

Pre-Refunded

,

BAM

Insured

,

4

%

,

8/01/44

.........

10,755,000

12,196,600

Palomar

Community

College

District

,

GO

,

2010B

,

0

%

,

8/01/39

............................................

69,410,000

91,009,004

GO

,

C

,

Pre-Refunded

,

5

%

,

8/01/44

....................................

35,120,000

42,645,513

Palomar

Health

,

GO

,

2009A

,

AGMC

Insured

,

7

%

,

8/01/38

................................

36,000,000

52,106,400

GO

,

2010A

,

6.75

%

,

8/01/40

..........................................

60,000,000

84,991,800

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

AGMC

Insured

,

5

%

,

11/01/47

......

35,000,000

41,577,900

Paramount

Unified

School

District

,

GO

,

2011

,

Pre-Refunded

,

AGMC

Insured

,

5

%

,

8/01/46

......................

11,270,000

11,583,869

GO

,

2013

,

Pre-Refunded

,

BAM

Insured

,

5

%

,

8/01/48

.......................

2,450,000

2,752,232

GO

,

2013

,

Pre-Refunded

,

BAM

Insured

,

Zero

Cpn.,

8/01/43

..................

32,000,000

8,251,840

GO

,

2013

,

Pre-Refunded

,

BAM

Insured

,

Zero

Cpn.,

8/01/48

..................

28,000,000

4,853,800

Patterson

Joint

Unified

School

District

,

GO

,

2001

A

,

NATL

Insured

,

Zero

Cpn.,

8/01/22

...........................

1,900,000

1,882,311

GO

,

2001

A

,

NATL

Insured

,

Zero

Cpn.,

8/01/23

...........................

1,985,000

1,948,615

GO

,

2001

A

,

NATL

Insured

,

Zero

Cpn.,

8/01/24

...........................

2,075,000

2,014,078

GO

,

2001

A

,

NATL

Insured

,

Zero

Cpn.,

8/01/25

...........................

2,170,000

2,082,679

GO

,

2001

A

,

NATL

Insured

,

Zero

Cpn.,

8/01/26

...........................

2,265,000

2,139,814

Perris

Joint

Powers

Authority

,

Community

Facilities

District

No.

2018-1

,

Special

Tax

,

2020

,

4

%

,

9/01/50

.................................................

1,125,000

1,244,070

Perris

Union

High

School

District

,

COP

,

2019

,

Refunding

,

BAM

Insured

,

5

%

,

10/01/48

........................

10,000,000

12,584,300

GO

,

2013

A

,

AGMC

Insured

,

5

%

,

9/01/42

................................

5,000,000

5,503,000

Pittsburg

Unified

School

District

,

GO

,

2016

,

Refunding

,

4

%

,

8/01/44

.............

11,000,000

12,532,630

Pittsburg

Unified

School

District

Financing

Authority

,

Revenue

,

2011

,

Pre-Refunded

,

AGMC

Insured

,

5.5

%

,

9/01/46

........................................

9,980,000

10,334,390

Placentia-Yorba

Linda

Unified

School

District

,

GO

,

2008

D

,

Zero

Cpn.,

8/01/43

.......................................

27,955,000

16,849,876

GO

,

2008

D

,

Zero

Cpn.,

8/01/46

.......................................

89,200,000

46,289,448

GO

,

2008

D

,

Zero

Cpn.,

8/01/49

.......................................

85,000,000

39,915,150

Pomona

Unified

School

District

,

GO

,

C

,

AGMC

Insured

,

5.25

%

,

8/01/40

..........

16,000,000

16,468,480

Port

of

Los

Angeles

,

Revenue

,

2014B

,

Refunding

,

5

%

,

8/01/44

.................

10,300,000

11,721,709

Poway

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation

,

2015A

,

Refunding

,

5

%

,

12/15/31

...........................

10,180,000

13,995,566

Tax

Allocation

,

2015A

,

Refunding

,

5

%

,

12/15/32

...........................

11,215,000

15,659,280

Tax

Allocation

,

2015A

,

Refunding

,

5

%

,

6/15/33

............................

5,835,000

8,260,843

Poway

Unified

School

District

,

Community

Facilities

District

No.

16

,

Special

Tax

,

2020

,

AGMC

Insured

,

4

%

,

9/01/50

7,500,000

8,733,525

Facilities

Improvement

District

No.

2007-1

,

GO

,

B

,

Zero

Cpn.,

8/01/46

..........

45,000,000

22,197,150

Franklin

California

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

See

Notes

to

Statement

of

Investments

Quarterly

Statement

of

Investments

13

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Redlands

Unified

School

District

,

Special

Tax

,

2020

,

3

%

,

9/01/43

.......................................

600,000

603,096

Special

Tax

,

2020

,

4

%

,

9/01/50

.......................................

600,000

663,894

Regents

of

the

University

of

California

,

Medical

Center

,

Revenue

,

2013J

,

5

%

,

5/15/48

............................

75,000,000

81,881,250

Medical

Center

,

Revenue

,

2016L

,

Refunding

,

5

%

,

5/15/47

...................

49,575,000

59,335,822

Rialto

Unified

School

District

,

GO

,

2011A

,

AGMC

Insured

,

0

%

,

8/01/41

...........

$

27,000,000

$

36,166,500

Rio

Hondo

Community

College

District

,

GO

,

2010C

,

Zero

Cpn.,

8/01/35

..........

10,000,000

7,677,200

Ripon

Unified

School

District

,

GO

,

2013

A

,

Refunding

,

BAM

Insured

,

5

%

,

8/01/42

........................

2,315,000

2,583,424

GO

,

2013

A

,

Pre-Refunded

,

BAM

Insured

,

5

%

,

8/01/42

.....................

705,000

792,942

River

Islands

Public

Financing

Authority

,

Lathrop

Irrigation

District

Electric

,

Revenue

,

2020

,

AGMC

Insured

,

4

%

,

9/01/45

...

2,250,000

2,614,815

Lathrop

Irrigation

District

Electric

,

Revenue

,

2020

,

AGMC

Insured

,

4

%

,

9/01/50

...

3,155,000

3,644,088

Riverside

County

Asset

Leasing

Corp.

,

County

of

Riverside

,

Revenue

,

1997A

,

NATL

Insured

,

Zero

Cpn.,

6/01/23

........

14,160,000

13,958,503

County

of

Riverside

,

Revenue

,

1997A

,

NATL

Insured

,

Zero

Cpn.,

6/01/24

........

13,005,000

12,693,010

Riverside

County

Transportation

Commission

,

Revenue

,

2013

A

,

Pre-Refunded

,

5.25

%

,

6/01/39

..........................

11,000,000

12,352,230

Revenue,

Senior

Lien

,

2013A

,

5.75

%

,

6/01/48

............................

10,000,000

10,857,600

RNR

School

Financing

Authority

,

Community

Facilities

District

No.

92-1

,

Special

Tax

,

2015A

,

Refunding

,

BAM

Insured

,

5

%

,

9/01/36

............................

11,145,000

13,011,788

Rocklin

Unified

School

District

,

GO

,

2003

,

NATL

Insured

,

Zero

Cpn.,

8/01/25

.............................

8,160,000

7,906,877

GO

,

2003

,

NATL

Insured

,

Zero

Cpn.,

8/01/26

.............................

8,695,000

8,310,681

GO

,

2003

,

NATL

Insured

,

Zero

Cpn.,

8/01/27

.............................

9,080,000

8,523,759

GO

,

2003

,

NATL

Insured

,

Zero

Cpn.,

8/01/28

.............................

16,615,000

15,268,520

Community

Facilities

District

No.

3

,

Special

Tax

,

2019

,

BAM

Insured

,

4

%

,

9/15/49

..

11,825,000

13,714,044

Rohnert

Park

Community

Development

Commission

Successor

Agency

,

Tax

Allocation

,

2007R

,

NATL

Insured

,

ETM,

5

%

,

8/01/37

................................

1,380,000

1,441,589

Roseville

Natural

Gas

Financing

Authority

,

Revenue

,

2007

,

5

%

,

2/15/26

..........

5,000,000

6,088,150

Sacramento

Area

Flood

Control

Agency

,

Special

Assessment

,

2020

,

4

%

,

10/01/47

..

10,620,000

12,642,260

Sacramento

City

Unified

School

District

,

GO

,

2017E

,

4

%

,

5/01/47

...............

20,000,000

22,248,000

Sacramento

County

Sanitation

Districts

Financing

Authority

,

Revenue

,

2014A

,

Refunding

,

5

%

,

12/01/44

..............................

25,000,000

28,453,250

Sacramento

Regional

County

Sanitation

District

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

12/01/45

.......................................................

9,000,000

12,005,370

Sacramento

Regional

County

Sanitation

District

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

12/01/50

.......................................................

10,000,000

13,207,100

Sacramento

Municipal

Utility

District

,

Revenue

,

2019

G

,

5

%

,

8/15/39

.......................................

3,135,000

4,132,087

Revenue

,

2019

G

,

5

%

,

8/15/41

.......................................

2,500,000

3,276,975

Electric

System

,

Revenue

,

2020

H

,

5

%

,

8/15/50

...........................

51,700,000

67,853,148

Salida

Area

Public

Facilities

Financing

Agency

,

Special

Tax

,

2011

,

Pre-Refunded

,

AGMC

Insured

,

5

%

,

9/01/30

..........................................

5,435,000

5,610,224

San

Bernardino

Community

College

District

,

GO

,

2009B

,

Zero

Cpn.,

8/01/48

.......

66,390,000

32,677,158

San

Buenaventura

Public

Facilities

Financing

Authority

,

Revenue

,

2014

C

,

Pre-Refunded

,

5

%

,

1/01/39

............................

8,500,000

9,710,825

Revenue

,

Pre-Refunded

,

5

%

,

1/01/44

..................................

19,395,000

22,157,818

San

Diego

Community

College

District

,

GO

,

2009B

,

6

%

,

8/01/33

................

26,880,000

36,026,995

San

Diego

County

Regional

Airport

Authority

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

7/01/44

...............................

9,000,000

11,290,770

Revenue

,

2019

A

,

Refunding

,

5

%

,

7/01/49

...............................

5,000,000

6,220,600

Revenue

,

2019

B

,

Refunding

,

4

%

,

7/01/44

...............................

3,000,000

3,413,820

Revenue

,

2019

B

,

Refunding

,

5

%

,

7/01/49

...............................

5,000,000

6,132,600

Special

Facilities

,

Revenue

,

2014A

,

5

%

,

7/01/44

..........................

5,645,000

6,178,001

Franklin

California

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments

14

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

San

Diego

County

Regional

Transportation

Commission

,

Revenue

,

2014A

,

Pre-Refunded

,

5

%

,

4/01/44

.............................

54,915,000

63,092,942

Revenue

,

2014A

,

Pre-Refunded

,

5

%

,

4/01/48

.............................

20,000,000

22,978,400

Revenue

,

2016A

,

5

%

,

4/01/48

........................................

25,000,000

29,941,500

San

Diego

Public

Facilities

Financing

Authority

,

City

of

San

Diego

Water

Utility

,

Revenue

,

2020

A

,

4

%

,

8/01/45

........................................

$

4,500,000

$

5,522,175

San

Diego

Unified

School

District

,

2020

M-2

,

3

%

,

7/01/50

..............................................

25,000,000

27,230,000

GO

,

1999

A

,

NATL

Insured

,

Zero

Cpn.,

7/01/21

...........................

12,160,000

12,150,515

GO

,

1999

A

,

NATL

Insured

,

Zero

Cpn.,

7/01/22

...........................

8,440,000

8,411,979

GO

,

1999

A

,

NATL

Insured

,

Zero

Cpn.,

7/01/23

...........................

11,120,000

11,037,712

GO

,

2009-1

,

Pre-Refunded

,

6

%

,

7/01/33

................................

104,505,000

125,325,531

GO

,

2010C

,

0

%

,

7/01/48

............................................

29,840,000

33,729,346

GO

,

2012

E

,

Zero

Cpn.,

7/01/47

.......................................

74,270,000

73,437,433

GO

,

2019

L

,

4

%

,

7/01/49

............................................

30,000

35,731

GO

,

2020

D2

,

4

%

,

7/01/50

...........................................

125,000,000

150,642,500

GO

,

F

,

5

%

,

7/01/40

................................................

56,510,000

66,656,370

GO

,

F

,

5

%

,

7/01/45

................................................

34,370,000

40,226,992

GO

,

G

,

5

%

,

7/01/40

................................................

13,000,000

15,334,150

GO

,

R-2

,

Refunding

,

0

%

,

7/01/40

......................................

79,760,000

94,177,418

San

Francisco

Bay

Area

Rapid

Transit

District

,

GO

,

2020

C-1

,

4

%

,

8/01/45

..........................................

35,295,000

42,336,705

GO

,

2020

C-1

,

3

%

,

8/01/50

..........................................

65,000,000

70,541,900

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

,

Revenue

,

2016B

,

5

%

,

5/01/46

........................................

28,040,000

32,636,317

Revenue

,

2019

A

,

Refunding

,

5

%

,

5/01/49

...............................

25,000,000

30,717,250

Revenue,

Second

Series

,

2014B

,

5

%

,

5/01/44

............................

31,000,000

34,799,670

Revenue,

Second

Series

,

2017A

,

5

%

,

5/01/42

............................

20,910,000

24,998,323

Revenue,

Second

Series

,

2017A

,

5

%

,

5/01/47

............................

49,090,000

58,189,814

Revenue,

Second

Series

,

2017B

,

5

%

,

5/01/47

............................

70,725,000

85,003,670

Revenue,

Second

Series

,

2018

,

5.25

%

,

5/01/48

...........................

120,000,000

146,949,600

Revenue,

Second

Series

,

2018

D

,

5

%

,

5/01/48

...........................

117,910,000

142,388,116

Revenue,

Second

Series

,

2018E

,

5

%

,

5/01/48

............................

44,650,000

54,532,831

Revenue,

Second

Series

,

2019E

,

5

%

,

5/01/50

............................

6,500,000

7,975,760

San

Francisco

City

&

County

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation,

Third

Lien

,

2017B

,

AGMC

Insured

,

5

%

,

8/01/46

...................

10,000,000

12,124,300

San

Francisco

Community

College

District

,

GO

,

A

,

4

%

,

6/15/45

.................

7,000,000

8,422,540

San

Gabriel

Unified

School

District

,

GO

,

2002

A

,

AGMC

Insured

,

Zero

Cpn.,

8/01/26

...........................

3,530,000

3,372,103

GO

,

2002

A

,

AGMC

Insured

,

Zero

Cpn.,

2/01/27

...........................

1,850,000

1,748,805

San

Joaquin

Hills

Transportation

Corridor

Agency

,

Revenue

,

1997

A

,

Refunding

,

NATL

Insured

,

Zero

Cpn.,

1/15/26

...............

13,155,000

12,038,009

Revenue

,

Refunding

,

0

%

,

1/15/38

.....................................

245,085,000

341,324,444

Revenue

,

1997

A

,

Refunding

,

0

%

,

1/15/40

...............................

158,655,000

226,822,707

Revenue

,

1997

A

,

Refunding

,

Zero

Cpn.,

1/15/41

..........................

141,024,000

203,173,277

Revenue

,

1997

A

,

Refunding

,

Zero

Cpn.,

1/15/42

..........................

141,024,000

204,283,136

Revenue,

Senior

Lien

,

1993

,

ETM,

Zero

Cpn.,

1/01/25

......................

5,700,000

5,630,004

Revenue,

Senior

Lien

,

1993

,

ETM,

Zero

Cpn.,

1/01/28

......................

33,545,000

31,968,385

Revenue,

Senior

Lien

,

1993

,

ETM,

Zero

Cpn.,

1/01/29

......................

37,050,000

34,375,731

Revenue,

Senior

Lien

,

2014A

,

Refunding

,

5

%

,

1/15/44

......................

125,000,000

139,341,250

Revenue,

Senior

Lien

,

2014A

,

Refunding

,

5

%

,

1/15/50

......................

430,000,000

476,758,200

San

Jose

Evergreen

Community

College

District

,

GO

,

B

,

2.5

%

,

9/01/45

...........

24,815,000

25,226,433

San

Jose

Unified

School

District

,

COP

,

2002

,

AGMC

Insured

,

ETM,

Zero

Cpn.,

1/01/27

.......................

7,105,000

6,834,158

COP

,

2002

,

AGMC

Insured

,

ETM,

Zero

Cpn.,

1/01/29

.......................

7,105,000

6,539,939

San

Juan

Unified

School

District

,

GO

,

2003

B

,

NATL

Insured

,

Zero

Cpn.,

8/01/26

...........................

15,825,000

14,112,577

Franklin

California

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

See

Notes

to

Statement

of

Investments

Quarterly

Statement

of

Investments

15

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

San

Juan

Unified

School

District,

(continued)

GO

,

2003

B

,

NATL

Insured

,

Zero

Cpn.,

8/01/27

...........................

18,605,000

17,626,005

GO

,

2003

B

,

NATL

Insured

,

Zero

Cpn.,

8/01/28

...........................

19,470,000

18,081,789

San

Luis

Obispo

County

Financing

Authority

,

Revenue

,

2015A

,

Refunding

,

BAM

Insured

,

5

%

,

9/01/37

...............................................

$

10,000,000

$

11,914,600

San

Marcos

Public

Financing

Authority

,

Revenue

,

1994

A

,

ETM,

6.25

%

,

9/02/22

....

15,000,000

16,501,650

San

Marino

Unified

School

District

,

GO

,

2000

A

,

NATL

Insured

,

Zero

Cpn.,

7/01/25

..

6,080,000

5,897,782

San

Mateo

Foster

City

Public

Financing

Authority

,

City

of

San

Mateo

Sewer

,

Revenue

,

2019

,

5

%

,

8/01/49

.................................................

29,000,000

37,331,120

San

Mateo

Union

High

School

District

,

COP

,

2007

,

Pre-Refunded

,

AMBAC

Insured

,

5

%

,

12/15/43

...................

11,535,000

13,639,330

GO

,

2002

B

,

NATL

Insured

,

Zero

Cpn.,

9/01/22

...........................

5,000,000

4,981,150

San

Rafael

City

High

School

District

,

GO

,

2018

B

,

4

%

,

8/01/47

.................

17,060,000

19,967,877

Sanger

Public

Financing

Authority

,

Revenue

,

2013

,

AGMC

Insured

,

5

%

,

6/15/35

.............................

2,360,000

2,609,287

Revenue

,

2013

,

AGMC

Insured

,

5

%

,

6/15/43

.............................

6,155,000

6,771,977

Sanger

Unified

School

District

,

GO

,

A

,

BAM

Insured

,

4

%

,

8/01/41

...............

10,000,000

11,485,000

Santa

Ana

Community

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation

,

2011A

,

Pre-Refunded

,

6.25

%

,

9/01/24

.......................

7,005,000

7,072,528

Tax

Allocation

,

2011A

,

Pre-Refunded

,

6.75

%

,

9/01/28

.......................

13,500,000

13,639,590

Santa

Ana

Unified

School

District

,

COP

,

1999

,

AGMC

Insured

,

Zero

Cpn.,

4/01/24

...

11,225,000

10,145,829

Santa

Clara

Valley

Water

District

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

6/01/45

...............................

5,000,000

6,553,200

Revenue

,

2020

A

,

Refunding

,

5

%

,

6/01/50

...............................

5,000,000

6,512,700

Santa

Cruz

County

Redevelopment

Successor

Agency

,

Tax

Allocation

,

2015A

,

Refunding

,

AGMC

Insured

,

5

%

,

9/01/35

.................................

20,000,000

23,444,800

Santa

Maria

Joint

Union

High

School

District

,

GO

,

2014

,

4

%

,

8/01/37

............

14,230,000

15,583,273

Santa

Paula

Utility

Authority

,

Revenue

,

2015A

,

Pre-Refunded

,

5

%

,

2/01/45

.............................

16,495,000

19,615,689

Revenue

,

2015A

,

Pre-Refunded

,

5

%

,

2/01/50

.............................

21,050,000

25,032,450

School

Facilities

Financing

Authority

,

Twin

Rivers

Unified

School

District

,

Revenue

,

A

,

AGMC

Insured

,

Zero

Cpn.,

8/01/42

....................................

49,000,000

27,780,550

Semitropic

Improvement

District

of

the

Semitropic

Water

Storage

District

,

Revenue,

Second

Lien

,

2015A

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/45

................

10,000,000

11,843,600

Sonoma

Community

Development

Agency

Successor

Agency

,

Tax

Allocation

,

2011

,

7.125

%

,

12/01/36

.............................................

10,775,000

11,338,640

Southern

California

Public

Power

Authority

,

Revenue

,

2007A

,

5

%

,

11/01/33

........

17,500,000

24,110,275

Southern

California

Water

Replenishment

District

,

COP

,

2011

,

Pre-Refunded

,

5

%

,

8/01/41

.........................................................

22,870,000

23,513,562

Southern

Mono

Health

Care

District

,

GO

,

A

,

NATL

Insured

,

Zero

Cpn.,

8/01/28

................................

2,340,000

2,110,282

GO

,

A

,

NATL

Insured

,

Zero

Cpn.,

8/01/29

................................

2,440,000

2,142,808

GO

,

A

,

NATL

Insured

,

Zero

Cpn.,

8/01/30

................................

2,550,000

2,179,077

GO

,

A

,

NATL

Insured

,

Zero

Cpn.,

8/01/31

................................

2,660,000

2,214,317

Southwestern

Community

College

District

,

GO

,

D

,

5

%

,

8/01/44

.................

10,000,000

11,768,400

Stanislaus

Union

School

District

,

GO

,

B

,

Pre-Refunded

,

AGMC

Insured

,

5.125

%

,

8/01/41

.........................................................

3,400,000

3,497,104

State

of

California

,

GO

,

6

%

,

5/01/24

..................................................

2,565,000

2,613,478

GO

,

NATL

Insured

,

6

%

,

8/01/24

.......................................

990,000

994,198

GO

,

5.625

%

,

9/01/24

...............................................

255,000

257,178

GO

,

AMBAC

Insured

,

5.9

%

,

3/01/25

....................................

170,000

171,525

GO

,

Refunding

,

5

%

,

3/01/35

.........................................

50,000,000

67,282,500

GO

,

Refunding

,

4

%

,

3/01/36

.........................................

10,000,000

12,412,300

GO

,

5

%

,

10/01/39

.................................................

15,000,000

18,195,000

GO

,

5

%

,

10/01/41

.................................................

15,250,000

15,761,180

GO

,

5

%

,

4/01/43

..................................................

44,745,000

49,091,977

Franklin

California

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments

16

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

State

of

California,

(continued)

GO

,

5

%

,

10/01/44

.................................................

25,000,000

28,822,250

GO

,

5

%

,

8/01/45

..................................................

22,500,000

26,644,725

GO

,

4

%

,

3/01/46

..................................................

6,750,000

8,132,872

GO

,

5

%

,

8/01/46

..................................................

20,000,000

24,430,800

GO

,

5

%

,

10/01/47

.................................................

81,000,000

97,790,490

GO

,

5

%

,

4/01/49

..................................................

5,000,000

6,342,100

GO

,

1992

,

NATL

Insured

,

6

%

,

10/01/21

.................................

35,000

35,494

GO

,

1996

,

Pre-Refunded

,

FGIC

Insured

,

5.375

%

,

6/01/26

...................

1,335,000

1,363,382

GO

,

1997

,

NATL,

FGIC

Insured

,

5.625

%

,

10/01/26

.........................

5,005,000

5,070,666

GO

,

2004

,

5.125

%

,

4/01/24

..........................................

5,000

5,018

GO

,

2004

,

5.2

%

,

4/01/26

............................................

20,000

20,073

GO

,

2012

,

5

%

,

4/01/42

.............................................

85,000,000

89,709,850

GO

,

2017

,

5

%

,

11/01/47

.............................................

10,000,000

12,485,500

State

of

California

Department

of

Water

Resources

,

Revenue

,

BB

,

Refunding

,

5

%

,

12/01/32

.................................

17,110,000

24,025,520

Revenue

,

BB

,

Refunding

,

5

%

,

12/01/33

.................................

10,785,000

15,076,136

Revenue

,

BB

,

Refunding

,

5

%

,

12/01/35

.................................

3,100,000

4,309,992

Sulphur

Springs

Union

School

District

,

COP

,

2010

,

AGMC

Insured

,

ETM,

6.5

%

,

12/01/37

..........................

1,725,000

1,934,743

COP

,

2010

,

AGMC

Insured

,

6.5

%

,

12/01/37

..............................

11,390,000

14,390,012

Temple

City

Unified

School

District

,

GO

,

A

,

Pre-Refunded

,

5

%

,

8/01/43

...........

$

10,000,000

$

11,247,400

Transbay

Joint

Powers

Authority

,

Transbay

Redevelopment

Project

Tax

Increment

Re-Development

Project

,

Tax

Allocation,

Senior

Lien

,

2020

A

,

5

%

,

10/01/45

...........................

10,410,000

13,016,664

Transbay

Redevelopment

Project

Tax

Increment

Re-Development

Project

,

Tax

Allocation,

Senior

Lien

,

2020

A

,

5

%

,

10/01/49

...........................

7,985,000

9,927,351

Tulare

County

Board

of

Education

,

COP

,

Pre-Refunded

,

BAM

Insured

,

5.375

%

,

5/01/33

........................

3,185,000

3,568,251

COP

,

Pre-Refunded

,

BAM

Insured

,

5.5

%

,

5/01/38

.........................

8,305,000

9,328,425

COP

,

Pre-Refunded

,

BAM

Insured

,

5.5

%

,

5/01/43

.........................

10,855,000

12,192,662

Union

Elementary

School

District

,

GO

,

1999-A

,

NATL

Insured

,

Zero

Cpn.,

9/01/24

...........................

2,000,000

1,964,060

GO

,

2001B

,

NATL

Insured

,

Zero

Cpn.,

9/01/25

............................

5,500,000

5,355,680

GO

,

2001B

,

NATL

Insured

,

Zero

Cpn.,

9/01/26

............................

5,850,000

5,622,611

University

of

California

,

Revenue

,

2015

I

,

Refunding

,

5

%

,

5/15/40

................................

22,990,000

26,972,558

Revenue

,

2015

I

,

Refunding

,

5

%

,

5/15/50

................................

25,420,000

29,539,565

Revenue

,

2016AR

,

Refunding

,

5

%

,

5/15/41

..............................

13,760,000

16,602,266

Revenue

,

2016K

,

4

%

,

5/15/46

........................................

19,850,000

22,396,556

Revenue

,

2017M

,

5

%

,

5/15/37

........................................

15,410,000

19,187,916

Revenue

,

2018

AZ

,

Refunding

,

5

%

,

5/15/48

..............................

72,325,000

90,907,462

Revenue

,

2018

O

,

Refunding

,

5

%

,

5/15/39

...............................

14,400,000

18,372,960

Revenue

,

2018

O

,

Refunding

,

5

%

,

5/15/43

...............................

30,120,000

38,065,656

Revenue

,

2018

O

,

Refunding

,

5

%

,

5/15/48

...............................

20,000,000

25,059,000

Revenue

,

2018

O

,

Refunding

,

5

%

,

5/15/58

...............................

10,000,000

12,450,500

Revenue

,

2020

BE

,

Refunding

,

5

%

,

5/15/41

..............................

20,000,000

26,648,000

Revenue

,

2020

BE

,

Refunding

,

5

%

,

5/15/42

..............................

26,250,000

34,855,275

Revenue

,

2020

BE

,

Refunding

,

4

%

,

5/15/47

..............................

13,000,000

15,668,250

Revenue

,

2020

BE

,

Refunding

,

4

%

,

5/15/50

..............................

13,000,000

15,598,960

Upland

Unified

School

District

,

GO

,

2011C

,

Zero

Cpn.,

8/01/45

.................

62,900,000

32,554,524

Vacaville

Unified

School

District

,

GO

,

D

,

4

%

,

8/01/45

.........................

2,000,000

2,347,260

Val

Verde

Unified

School

District

,

GO

,

2010B

,

AGMC

Insured

,

0

%

,

8/01/34

................................

1,000,000

1,363,560

GO

,

2015B

,

Refunding

,

BAM

Insured

,

5

%

,

8/01/44

.........................

15,000,000

17,383,050

GO

,

2020A

,

BAM

Insured

,

4

%

,

8/01/46

.................................

1,450,000

1,680,014

GO

,

2020A

,

BAM

Insured

,

2.75

%

,

8/01/49

...............................

3,000,000

3,074,910

Franklin

California

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

See

Notes

to

Statement

of

Investments

Quarterly

Statement

of

Investments

17

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Val

Verde

Unified

School

District,

(continued)

GO

,

2020E

,

BAM

Insured

,

2.75

%

,

8/01/46

...............................

1,100,000

1,131,603

Vallejo

Public

Financing

Authority

,

Vallejo

CA-Hiddenbrooke

Improvement

District

No.

1

,

Revenue

,

2004-A

,

5.8

%

,

9/01/31

....................................

$

3,495,000

$

3,510,063

Vista

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation

,

2015B-1

,

Refunding

,

AGMC

Insured

,

5

%

,

9/01/37

..........................................

3,020,000

3,483,026

Vista

Unified

School

District

,

GO

,

2002A

,

AGMC

Insured

,

Zero

Cpn.,

8/01/26

...........................

7,150,000

6,852,918

GO

,

2002A

,

AGMC

Insured

,

Zero

Cpn.,

2/01/27

...........................

4,795,000

4,546,427

Washington

Township

Health

Care

District

,

GO

,

2015B

,

5

%

,

8/01/45

............................................

15,000,000

17,034,000

Revenue

,

2010-A

,

Refunding

,

5.5

%

,

7/01/38

.............................

11,000,000

11,000,000

West

Hills

Community

College

District

,

GO

,

2011B

,

Pre-Refunded

,

AGMC

Insured

,

6.5

%

,

8/01/41

....................................................

4,000,000

4,144,520

West

Sacramento

Area

Flood

Control

Agency

,

Special

Assessment

,

2011

,

Pre-Refunded

,

5.25

%

,

9/01/41

...................

9,030,000

9,335,936

Special

Assessment

,

2015

,

AGMC

Insured

,

5

%

,

9/01/40

.....................

3,000,000

3,569,820

Special

Assessment

,

2015

,

AGMC

Insured

,

5

%

,

9/01/45

.....................

7,500,000

8,871,825

West

Sacramento

Financing

Authority

,

Special

Tax

,

A

,

AGMC

Insured

,

5

%

,

9/01/34

..

4,940,000

6,839,578

Western

Placer

Unified

School

District

,

COP

,

2011

,

AGMC

Insured

,

ETM,

5.2

%

,

11/01/41

........................................................

1,000,000

1,041,140

Western

Riverside

Water

&

Wastewater

Financing

Authority

,

Revenue

,

2009

,

AGMC

Insured

,

5.5

%

,

9/01/34

............................

1,750,000

1,756,475

Revenue

,

2009

,

AGMC

Insured

,

5.625

%

,

9/01/39

..........................

2,500,000

2,509,075

Wiseburn

School

District

,

GO

,

2011B

,

Pre-Refunded

,

AGMC

Insured

,

5.625

%

,

5/01/41

10,000,000

10,317,200

16,633,675,293

U.S.

Territories

0.6%

Puerto

Rico

0.6%

Children's

Trust

Fund

,

Revenue

,

5.5

%

,

5/15/39

.............................................

6,210,000

6,356,307

Revenue

,

2002

,

5.625

%

,

5/15/43

......................................

16,000,000

16,078,240

d

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

2012A-RSA-1

2012A

,

5

%

,

7/01/29

.............................

20,000,000

16,200,000

Revenue

,

2012A-RSA-1

2013A

,

7

%

,

7/01/33

.............................

50,000,000

41,812,500

Revenue

,

WW-RSA-1

,

5

%

,

7/01/28

....................................

12,030,000

9,744,300

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

AES

Puerto

Rico

LP

,

Revenue

,

2000A

,

6.625

%

,

6/01/26

.....

5,800,000

6,003,000

96,194,347

Total

U.S.

Territories

....................................................................

96,194,347

Total

Municipal

Bonds

(Cost

$

14,090,585,665

)

..................................

16,729,869,640

Total

Long

Term

Investments

(Cost

$

14,144,457,790

)

............................

16,786,815,245

a

a

a

a

a

Franklin

California

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments

18

See

Abbreviations

on

page

20

.

Short

Term

Investments

1.5%

a

a

Principal

Amount

a

Value

Municipal

Bonds

1.5%

California

1.5%

e

Los

Angeles

Department

of

Water

&

Power

,

Power

System

,

Revenue

,

2002

A-4

,

Refunding

,

SPA

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

0.08

%

,

7/01/35

...

$

19,450,000

$

19,450,000

e

Regents

of

the

University

of

California

,

Medical

Center

,

Revenue

,

2007

B-1

,

Refunding

,

Daily

VRDN

and

Put

,

0.05

%

,

5/15/32

...................................

10,600,000

10,600,000

e

Santa

Clara

Valley

Transportation

Authority

,

Revenue

,

2008D

,

Refunding

,

SPA

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.09

%

,

4/01/36

...........................

11,500,000

11,500,000

e

State

of

California

,

GO

,

2003A-3

,

LOC

Bank

of

Montreal

,

Daily

VRDN

and

Put

,

0.06

%

,

5/01/33

......

10,000,000

10,000,000

GO

,

2003C-4

,

LOC

US

Bank

NA

,

Daily

VRDN

and

Put

,

0.02

%

,

5/01/33

.........

11,290,000

11,290,000

GO

,

2004

A1

,

LOC

Citibank

NA

,

Daily

VRDN

and

Put

,

0.06

%

,

5/01/34

..........

12,100,000

12,100,000

e

University

of

California

,

Revenue

,

2013

AL-1

,

Daily

VRDN

and

Put

,

0.07

%

,

5/15/48

..................

102,505,000

102,505,000

Revenue

,

2013

AL-2

,

Refunding

,

Daily

VRDN

and

Put

,

0.06

%

,

5/15/48

..........

41,330,000

41,330,000

Revenue

,

2013

AL-4

,

Refunding

,

Daily

VRDN

and

Put

,

0.07

%

,

5/15/48

..........

46,150,000

46,150,000

264,925,000

Total

Municipal

Bonds

(Cost

$

264,925,000

)

.....................................

264,925,000

Total

Short

Term

Investments

(Cost

$

264,925,000

)

...............................

264,925,000

a

Total

Investments

(Cost

$

14,409,382,790

)

99

.3

%

................................

$17,051,740,245

Other

Assets,

less

Liabilities

0

.7

%

............................................

118,301,616

Net

Assets

100.0%

...........................................................

$17,170,041,861

a

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

December

31,

2020,

the

aggregate

value

of

these

securities

was

$14,492,100,

representing

0.1%

of

net

assets.

b

The

maturity

date

shown

represents

the

mandatory

put

date.

c

Security

purchased

on

a

when-issued

basis.

d

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

e

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

California

Tax-Free

Income

Fund

19

Quarterly

Statements

of

Investments

Notes

to

Statement

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,

consisting

of

one

fund,

Franklin

California

Tax-Free

Income

Fund

(Fund)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP). 

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

Fund’s

administrator

has

responsibility

for

oversight

of

valuation,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Debt

securities

generally

trade

in

the

over-the-counter

market

rather

than

on

a

securities

exchange.

The Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

The

Fund

has procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Fund

primarily employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

book

values,

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.

Concentration

of

Risk 

The

Fund

invests

a

large

percentage

of

its

total

assets

in

obligations

of

issuers

within

California

and

U.S.

territories.

Such

concentration

may

subject

the

Fund

to

risks

associated

with

industrial

or

regional

matters,

and

economic,

political

or

legal

developments

occurring

within

California

and

U.S.

territories.

Investing

in

Puerto

Rico

securities

may

expose

the Fund

to

heightened

risks

due

to

recent

adverse

economic

and

market

changes,

credit

downgrades

and

ongoing

restructuring

discussions.

In

addition,

investments

in

these

securities

are

sensitive

to

interest

rate

changes

and

credit

risk

of

the

issuer

and

may

subject

the

Fund to

increased

market

volatility.

The

market

for

these

investments

may

be

limited,

which

may

make

them

difficult

to

buy

or

sell. 

4.

Novel

Coronavirus

Pandemic 

The

global

outbreak

of

the

novel

coronavirus

disease,

known

as

COVID-19, has

caused

adverse

effects

on

many

companies,

sectors,

nations,

regions

and

the

markets

in

general, and

may

continue for

an unpredictable duration.

The

effects

of

this

pandemic

may

materially

impact

the

value

and

performance

of

the Fund, its ability

to

buy

and

sell

fund

investments

at

appropriate

valuations

and its ability

to

achieve its investment

objectives.

Franklin

California

Tax-Free

Income

Fund

Notes

to

Statement

of

Investments

(unaudited)

20

Quarterly

Statements

of

Investments

5. Fair

Value

Measurements 

The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the

Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's

financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

•

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

•

Level 2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

•

Level 3

–

significant

unobservable

inputs

(including

the

Fund's own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

At December

31,

2020,

all

of

the

Fund's investments

in

financial

instruments

carried

at

fair

value

were

valued

using

Level

2

inputs.

6.

Subsequent

Events

The Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

Statement

of

Investments

and

determined

that

no

events

have

occurred

that

require

disclosure.

Abbreviations

Selected

Portfolio

ABAG

Association

of

Bay

Area

Governments

AGMC

Assured

Guaranty

Municipal

Corp.

AMBAC

American

Municipal

Bond

Assurance

Corp.

BAM

Build

America

Mutual

Assurance

Co.

COP

Certificate

of

Participation

ETM

Escrow

to

Maturity

FGIC

Financial

Guaranty

Insurance

Co.

FHA

Federal

Housing

Administration

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

FRN

Floating

Rate

Note

GNMA

Government

National

Mortgage

Association

GO

General

Obligation

NATL

National

Reinsurance

Corp.

SPA

Standby

Purchase

Agreement

For

additional

information

on

the

Fund's

significant

accounting

policies,

please

refer

to

the Fund's

most

recent

semiannual

or

annual

shareholder

report.