Franklin California Tax Free Income Fund NPORT-P Franklin California Tax-Free Income Fund (Dec 2021 report)

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

1112-Q3PH

1

Statement

of

Investments

(unaudited)

Franklin

California

Tax–Free

Income

Fund

2

Notes

to

Statement

of

Investments

25

Franklin

California

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited),

December

31,

2021

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments

2

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

95.8%

California

94.3%

ABAG

Finance

Authority

for

Nonprofit

Corp.

,

Eskaton

Properties,

Inc.

Obligated

Group

,

Revenue

,

2013

,

Refunding

,

5

%

,

11/15/35

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

$

10,000,000

$

10,551,609

Alameda

Corridor

Transportation

Authority

,

Revenue,

Sub.

Lien,

2004

A,

Refunding,

AMBAC

Insured,

Zero

Cpn.,

10/01/29

....

20,000,000

17,772,912

Revenue,

Sub.

Lien,

2004

A,

Refunding,

AMBAC

Insured,

Zero

Cpn.,

10/01/30

....

41,665,000

36,209,160

Alameda

Unified

School

District

,

GO

,

2015

A

,

5

%

,

8/01/39

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

18,000,000

20,582,768

Alhambra

City

Elementary

School

District

,

Alhambra

Unified

School

District

,

GO

,

2004

B

,

NATL

Insured

,

Zero

Cpn.,

9/01/27

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

3,035,000

2,832,830

Alisal

Union

School

District

,

GO,

2009

B,

AGMC

Insured,

Zero

Cpn.,

8/01/32

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

3,355,000

2,790,812

GO,

2009

B,

AGMC

Insured,

Zero

Cpn.,

8/01/33

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

3,610,000

2,932,966

GO,

2009

B,

AGMC

Insured,

Zero

Cpn.,

2/01/34

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

3,345,000

2,680,085

Alvord

Unified

School

District

,

GO,

2011

B,

AGMC

Insured,

Zero

Cpn.,

8/01/36

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

15,000,000

10,300,587

GO,

2011

B,

AGMC

Insured,

Zero

Cpn.,

8/01/46

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

42,500,000

57,398,672

GO,

A,

Pre-Refunded,

AGMC

Insured,

5%,

8/01/42

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

34,690,000

37,307,576

Anaheim

Public

Financing

Authority

,

City

of

Anaheim,

Revenue,

1997

C,

AGMC

Insured,

Zero

Cpn.,

9/01/24

.........

26,855,000

26,360,304

City

of

Anaheim,

Revenue,

1997

C,

AGMC

Insured,

Zero

Cpn.,

9/01/26

.........

29,430,000

28,016,851

City

of

Anaheim,

Revenue,

1997

C,

AGMC

Insured,

Zero

Cpn.,

9/01/27

.........

22,860,000

21,325,237

City

of

Anaheim,

Revenue,

1997

C,

AGMC

Insured,

Zero

Cpn.,

9/01/28

.........

14,425,000

13,168,610

City

of

Anaheim,

Revenue,

1997

C,

AGMC

Insured,

Zero

Cpn.,

9/01/29

.........

24,810,000

22,107,665

City

of

Anaheim,

Revenue,

1997

C,

AGMC

Insured,

Zero

Cpn.,

9/01/32

.........

13,665,000

11,311,984

City

of

Anaheim,

Revenue,

1997

C,

AGMC

Insured,

Zero

Cpn.,

9/01/33

.........

37,070,000

29,927,864

City

of

Anaheim,

Revenue,

1997

C,

AGMC

Insured,

Zero

Cpn.,

9/01/34

.........

24,970,000

19,628,752

City

of

Anaheim,

Revenue,

1997

C,

AGMC

Insured,

ETM,

Zero

Cpn.,

3/01/37

.....

15,080,000

11,526,134

Anaheim

Union

High

School

District

,

GO

,

2002

A

,

AGMC

Insured

,

Zero

Cpn.,

8/01/26

8,570,000

8,165,366

Antelope

Valley

Community

College

District

,

GO

,

2015

,

Pre-Refunded

,

5

%

,

8/01/39

..

11,750,000

13,441,449

Baldwin

Park

Unified

School

District

,

GO,

2013,

Pre-Refunded,

BAM

Insured,

5%,

8/01/43

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

5,000,000

5,373,156

GO,

2013,

Pre-Refunded,

BAM

Insured,

Zero

Cpn.,

8/01/48

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

25,000,000

4,314,910

GO,

2013,

Pre-Refunded,

BAM

Insured,

Zero

Cpn.,

8/01/53

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

60,000,000

7,046,298

Bay

Area

Toll

Authority

,

Revenue,

2013

S-4,

Pre-Refunded,

5%,

4/01/43

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

36,040,000

38,197,095

Revenue,

2013

S-4,

Pre-Refunded,

5.125%,

4/01/48

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

47,355,000

50,262,715

Revenue,

2013

S-4,

Pre-Refunded,

5.25%,

4/01/53

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

32,760,000

34,821,891

Revenue,

2017

F-1,

Pre-Refunded,

5%,

4/01/56

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

60,000,000

73,469,370

Revenue,

2017

S-7,

Refunding,

4%,

4/01/42

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

84,260,000

97,094,618

Revenue,

2017

S-7,

Refunding,

4%,

4/01/47

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

72,000,000

82,517,155

Revenue,

2019

S-8,

5%,

4/01/56

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

25,000,000

32,516,163

a

Revenue,

2021

A,

Refunding,

Mandatory

Put,

2%,

4/01/28

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

12,000,000

12,672,868

Beaumont

Public

Improvement

Authority

,

City

of

Beaumont

Wastewater

,

Revenue

,

2018

A

,

AGMC

Insured

,

5

%

,

9/01/49

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

10,000,000

11,746,346

Beaumont

Unified

School

District

,

GO

,

2011

C

,

AGMC

Insured

,

Zero

Cpn.,

8/01/40

..

11,000,000

6,729,945

California

Affordable

Housing

Agency

,

Butte

County

Housing

Authority,

Revenue,

2020

A,

4%,

10/01/40

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

1,580,000

1,814,920

Butte

County

Housing

Authority,

Revenue,

2020

A,

4%,

10/01/45

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

1,930,000

2,192,904

Butte

County

Housing

Authority,

Revenue,

2020

A,

4%,

10/01/50

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

1,855,000

2,097,507

California

Community

College

Financing

Authority

,

Revenue,

2001

A,

NATL

Insured,

5.125%,

4/01/31

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

880,000

889,658

NCCD-Orange

Coast

Properties

LLC,

Revenue,

2018,

5.25%,

5/01/53

..........

8,150,000

9,406,984

b

California

Community

Housing

Agency

,

Aster

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-1,

4%,

2/01/56

..........

17,000,000

17,855,703

Brio

Apartments

&

Next

on

Lex

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-1,

4%,

2/01/56

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

37,000,000

38,462,747

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)

b

California

Community

Housing

Agency,

(continued)

Exchange

at

Bayfront

Apartments,

Revenue,

Senior

Lien,

144A,

201

A-1

T,

4.25%,

2/01/38

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

$

7,095,000

$

7,043,841

Exchange

at

Bayfront

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-1,

3%,

2/01/57

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

59,855,000

54,059,749

Fountains

at

Emerald

Park,

Revenue,

Junior

Lien,

144A,

2021

A-2,

4%,

8/01/46

...

20,450,000

20,072,475

Fountains

at

Emerald

Park,

Revenue,

Senior

Lien,

144A,

2021

A-1,

3%,

8/01/56

..

46,440,000

41,717,698

K

Street

Flats,

Revenue,

144A,

2021

A-1,

3%,

2/01/57

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

27,500,000

24,941,128

Summit

at

Sausalito

Apartments,

Revenue,

144A,

2021

A-1,

3%,

2/01/57

........

36,260,000

31,231,510

California

County

Tobacco

Securitization

Agency

,

Revenue,

2020

B-1,

Refunding,

5%,

6/01/49

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

1,000,000

1,208,731

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/49

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

3,525,000

4,093,240

Alameda

County

Tobacco

Asset

Securitization

Corp.,

Revenue,

2002,

5.875%,

6/01/35

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

5,705,000

5,714,306

Gold

Country

Settlement

Funding

Corp.,

Revenue,

2020

A,

Refunding,

4%,

6/01/40

1,120,000

1,335,569

Gold

Country

Settlement

Funding

Corp.,

Revenue,

2020

A,

Refunding,

4%,

6/01/49

1,000,000

1,161,556

Gold

Country

Settlement

Funding

Corp.,

Revenue,

2020

B-1,

Refunding,

4%,

6/01/49

225,000

254,873

Kern

County

Tobacco

Funding

Corp.,

Revenue,

2014,

Refunding,

5%,

6/01/34

....

10,295,000

10,656,009

Kern

County

Tobacco

Funding

Corp.,

Revenue,

2014,

Refunding,

5%,

6/01/40

....

17,650,000

18,594,206

Merced

County

Tobacco

Funding

Corp.,

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/36

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

470,000

567,100

Merced

County

Tobacco

Funding

Corp.,

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/38

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

530,000

635,396

Merced

County

Tobacco

Funding

Corp.,

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/40

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

625,000

745,013

Merced

County

Tobacco

Funding

Corp.,

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/42

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

100,000

118,524

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

4%,

6/01/35

..

350,000

423,794

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

4%,

6/01/36

..

600,000

723,965

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

4%,

6/01/37

..

530,000

637,438

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

4%,

6/01/38

..

790,000

947,272

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

4%,

6/01/39

..

620,000

741,095

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

4%,

6/01/40

..

830,000

989,695

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

4%,

6/01/49

..

1,120,000

1,299,952

Sonoma

County

Securitization

Corp.,

Revenue,

2020

B-1,

Refunding,

5%,

6/01/49

.

1,200,000

1,467,186

Stanislaus

County

Tobacco

Funding

Corp.,

Revenue,

2002

A,

5.875%,

6/01/43

...

6,575,000

6,585,745

California

Educational

Facilities

Authority

,

Chapman

University,

Revenue,

2015,

5%,

4/01/45

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

10,000,000

11,237,562

Chapman

University,

Revenue,

2021

A,

Refunding,

5%,

4/01/27

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

475,000

580,534

Chapman

University,

Revenue,

2021

A,

Refunding,

5%,

4/01/28

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

395,000

495,788

Chapman

University,

Revenue,

2021

A,

Refunding,

5%,

4/01/29

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

400,000

511,649

Chapman

University,

Revenue,

2021

A,

Refunding,

5%,

4/01/30

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

425,000

555,392

Chapman

University,

Revenue,

2021

A,

Refunding,

5%,

4/01/31

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

475,000

634,372

Loma

Linda

University,

Revenue,

2017

A,

Refunding,

5%,

4/01/47

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

11,000,000

12,853,437

Loyola

Marymount

University,

Revenue,

2001

A,

NATL

Insured,

Zero

Cpn.,

10/01/26

7,620,000

7,299,494

Loyola

Marymount

University,

Revenue,

2001

A,

NATL

Insured,

Zero

Cpn.,

10/01/27

7,365,000

6,922,223

Loyola

Marymount

University,

Revenue,

2001

A,

NATL

Insured,

Zero

Cpn.,

10/01/28

4,120,000

3,790,095

Loyola

Marymount

University,

Revenue,

2001

A,

NATL

Insured,

Zero

Cpn.,

10/01/30

5,685,000

4,974,976

Loyola

Marymount

University,

Revenue,

2001

A,

NATL

Insured,

Zero

Cpn.,

10/01/31

7,615,000

6,499,684

Loyola

Marymount

University,

Revenue,

2001

A,

NATL

Insured,

Zero

Cpn.,

10/01/32

7,615,000

6,340,034

Santa

Clara

University,

Revenue,

1999,

AMBAC

Insured,

Zero

Cpn.,

9/01/26

.....

3,655,000

3,204,146

Santa

Clara

University,

Revenue,

2015,

Refunding,

5%,

4/01/45

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

15,495,000

17,522,268

University

of

San

Francisco,

Revenue,

2018

A,

5%,

10/01/48

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

10,000,000

12,133,931

University

of

San

Francisco,

Revenue,

2018

A,

5%,

10/01/53

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

10,000,000

12,107,881

California

Enterprise

Development

Authority

,

Provident

Group-SDSU

Properties

LLC,

Revenue,

First

Tier,

2020

A,

5%,

8/01/40

..

650,000

799,497

Provident

Group-SDSU

Properties

LLC,

Revenue,

First

Tier,

2020

A,

5%,

8/01/45

..

650,000

789,246

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

Enterprise

Development

Authority,

(continued)

Provident

Group-SDSU

Properties

LLC,

Revenue,

First

Tier,

2020

A,

5%,

8/01/50

..

$

650,000

$

786,426

Provident

Group-SDSU

Properties

LLC,

Revenue,

First

Tier,

2020

A,

5%,

8/01/55

..

1,000,000

1,201,263

Provident

Group-SDSU

Properties

LLC,

Revenue,

First

Tier,

2020

A,

5%,

8/01/57

..

500,000

598,489

California

Health

Facilities

Financing

Authority

,

Revenue,

1992

A,

California

Mortgage

Insured,

6.5%,

12/01/22

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

140,000

140,668

California-Nevada

Methodist

Homes,

Revenue,

2015,

Refunding,

California

Mortgage

Insured,

5%,

7/01/35

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

1,000,000

1,136,248

Casa

Milagro

LLC,

Revenue,

2011

A,

California

Mortgage

Insured,

6.25%,

2/01/26

.

5,000,000

5,021,871

Children's

Hospital

Los

Angeles

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

8/15/42

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

7,750,000

9,223,953

Children's

Hospital

Los

Angeles

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

8/15/47

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

10,370,000

12,284,806

Children's

Hospital

of

Orange

County

Obligated

Group,

Revenue,

2021

B,

Refunding,

5%,

11/01/27

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

1,000,000

1,240,905

Children's

Hospital

of

Orange

County

Obligated

Group,

Revenue,

2021

B,

Refunding,

5%,

11/01/29

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

1,350,000

1,762,538

City

of

Hope

Obligated

Group,

Revenue,

2019,

5%,

11/15/49

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

37,000,000

43,715,167

CommonSpirit

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/35

.

3,500,000

4,198,707

CommonSpirit

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/36

.

2,550,000

3,052,090

CommonSpirit

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/37

.

3,000,000

3,583,097

CommonSpirit

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/38

.

8,950,000

10,671,660

CommonSpirit

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/40

.

7,500,000

8,880,202

CommonSpirit

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

3%,

4/01/44

.

4,340,000

4,637,358

CommonSpirit

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/44

.

17,215,000

20,145,973

CommonSpirit

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/49

.

28,500,000

32,797,506

El

Camino

Hospital,

Revenue,

2017,

4.125%,

2/01/47

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

11,000,000

12,313,011

El

Camino

Hospital,

Revenue,

2017,

5%,

2/01/47

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

12,500,000

14,966,435

Kaiser

Foundation

Hospitals,

Revenue,

2017

A-2,

4%,

11/01/38

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

25,000,000

29,020,045

Kaiser

Foundation

Hospitals,

Revenue,

2017

A-2,

4%,

11/01/44

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

385,000,000

444,755,311

Lucile

Salter

Packard

Children's

Hospital

at

Stanford

Obligated

Group,

Revenue,

2012

A,

Refunding,

5%,

8/15/51

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

39,455,000

40,630,968

Lucile

Salter

Packard

Children's

Hospital

at

Stanford

Obligated

Group,

Revenue,

2016

B,

5%,

8/15/55

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

12,960,000

15,224,801

Lucile

Salter

Packard

Children's

Hospital

at

Stanford

Obligated

Group,

Revenue,

2017

A,

5%,

11/15/56

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

22,000,000

26,609,488

Marshall

Medical

Center,

Revenue,

2020

A,

Refunding,

California

Mortgage

Insured,

4%,

11/01/40

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

3,750,000

4,404,345

Marshall

Medical

Center,

Revenue,

2020

A,

Refunding,

California

Mortgage

Insured,

5%,

11/01/50

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

25,065,000

31,147,626

On

Lok

Senior

Health

Services

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

8/01/40

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

800,000

995,604

On

Lok

Senior

Health

Services

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

8/01/50

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

1,625,000

1,991,950

On

Lok

Senior

Health

Services

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

8/01/55

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

1,600,000

1,948,404

Providence

St.

Joseph

Health

Obligated

Group,

Revenue,

2014

A,

5%,

10/01/38

..

5,110,000

5,694,094

Providence

St.

Joseph

Health

Obligated

Group,

Revenue,

2014

A,

Pre-Refunded,

5%,

10/01/38

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

3,890,000

4,388,847

Sequoia

Living,

Inc.,

Revenue,

2015,

Refunding,

California

Mortgage

Insured,

5%,

7/01/34

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

1,000,000

1,136,341

Sequoia

Living,

Inc.,

Revenue,

2015,

Refunding,

California

Mortgage

Insured,

5%,

7/01/39

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

1,450,000

1,645,064

Sequoia

Living,

Inc.,

Revenue,

2015,

Refunding,

California

Mortgage

Insured,

5%,

7/01/44

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

1,160,000

1,316,668

Sutter

Health

Obligated

Group,

Revenue,

2013

A,

Pre-Refunded,

5%,

8/15/52

....

89,990,000

96,880,633

Sutter

Health

Obligated

Group,

Revenue,

2015

A,

Pre-Refunded,

5%,

8/15/43

....

20,000,000

23,291,774

Sutter

Health

Obligated

Group,

Revenue,

2016

B,

Pre-Refunded,

5%,

11/15/46

...

36,705,000

44,561,962

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

Health

Facilities

Financing

Authority,

(continued)

Sutter

Health

Obligated

Group,

Revenue,

2016

B,

5%,

11/15/46

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

$

53,265,000

$

63,042,984

Sutter

Health

Obligated

Group,

Revenue,

2017

A,

Refunding,

4%,

11/15/48

......

36,810,000

41,839,678

Sutter

Health

Obligated

Group,

Revenue,

2018

A,

4%,

11/15/42

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

11,680,000

13,405,768

Sutter

Health

Obligated

Group,

Revenue,

2018

A,

5%,

11/15/48

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

34,500,000

42,091,935

California

Housing

Finance

Agency

,

Revenue,

2019-1,

A,

4.25%,

1/15/35

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

48,538,072

58,342,971

Revenue,

2019-2,

A,

4%,

3/20/33

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

14,758,068

17,009,708

Revenue,

2021-1,

A,

3.5%,

11/20/35

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

4,946,339

5,647,140

a,b

Shermanair

Apartments

Owner

LP,

Revenue,

144A,

2021

Q-1,

Mandatory

Put,

3%,

9/01/36

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

22,535,000

21,959,036

b

Shermanair

Apartments

Owner

LP,

Revenue,

144A,

2021

Q-2,

Zero

Cpn.,

9/01/36

.

1,940,000

1,946,041

California

Infrastructure

&

Economic

Development

Bank

,

Revenue,

2015

A,

Pre-Refunded,

5%,

10/01/40

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

4,015,000

4,705,086

Revenue,

2015

A,

Pre-Refunded,

5%,

10/01/43

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

1,900,000

2,226,566

Revenue,

2018,

5%,

10/01/48

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

10,000,000

12,371,461

Academy

of

Motion

Picture

Arts

and

Sciences

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

11/01/41

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

8,000,000

8,661,732

Academy

of

Motion

Picture

Arts

and

Sciences

Obligated

Group,

Revenue,

2020

B,

Refunding,

5%,

11/01/29

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

5,000,000

6,472,380

Broad

(The),

Revenue,

2021

A,

Refunding,

5%,

6/01/26

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

4,500,000

5,379,274

Broad

(The),

Revenue,

2021

A,

Refunding,

5%,

6/01/28

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

5,750,000

7,273,000

a

California

Academy

of

Sciences,

Revenue,

2018

B,

Refunding,

Mandatory

Put,

0.45%,

8/01/24

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

26,900,000

26,979,979

California

State

Teachers'

Retirement

System,

Revenue,

2019,

5%,

8/01/44

......

8,000,000

9,965,093

California

State

Teachers'

Retirement

System,

Revenue,

2019,

5%,

8/01/49

......

30,300,000

37,510,464

a,b

DesertXpress

Enterprises

LLC,

Revenue,

144A,

2020

A,

Mandatory

Put,

0.2%,

2/01/22

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

57,000,000

56,999,920

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2020

B,

4%,

11/01/45

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

850,000

984,455

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2020

B,

4%,

11/01/50

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

860,000

993,421

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2020

B,

4%,

11/01/55

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

915,000

1,047,261

Los

Angeles

County

Museum

of

Natural

History

Foundation,

Revenue,

2020,

Refunding,

3%,

7/01/50

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

18,995,000

20,064,291

Los

Angeles

County

Museum

of

Natural

History

Foundation,

Revenue,

2020,

Refunding,

4%,

7/01/50

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

10,000,000

11,540,077

a

Museum

Associates,

Revenue,

2021

A,

Refunding,

Mandatory

Put,

1.2%,

6/01/28

.

15,000,000

15,157,763

State

of

California

Department

of

Transportation

Seismic

Surcharge,

Revenue,

First

Lien,

2003

A,

Pre-Refunded,

FGIC

Insured,

5%,

7/01/29

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

50,985,000

63,378,796

State

of

California

Department

of

Transportation

Seismic

Surcharge,

Revenue,

First

Lien,

2003

A,

Pre-Refunded,

AMBAC

Insured,

5%,

7/01/33

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

13,460,000

16,792,090

California

Municipal

Finance

Authority

,

Revenue,

Senior

Lien,

2017

A,

Refunding,

4%,

8/15/52

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

27,350,000

29,665,667

1717

University

Associates

LLC,

Revenue,

2020

A,

4.5%,

6/01/52

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

11,413,000

11,435,488

1717

University

Associates

LLC,

Revenue,

2020

A-T,

5.25%,

6/01/52

...........

3,407,000

3,410,844

California

Institute

of

the

Arts,

Revenue,

2021,

4%,

10/01/46

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

965,000

1,128,963

California

Institute

of

the

Arts,

Revenue,

2021,

4%,

10/01/51

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

1,205,000

1,404,141

b

Century

CityView

LP,

Revenue,

144A,

2021

A,

4%,

11/01/36

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

5,000,000

5,480,393

Channing

House,

Revenue,

2017

B,

California

Mortgage

Insured,

5%,

5/15/47

....

10,000,000

11,477,500

CHF-Davis

I

LLC,

Revenue,

2018,

5%,

5/15/51

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

10,000,000

11,843,000

CHF-Davis

II

LLC,

Revenue,

2021,

BAM

Insured,

5%,

5/15/24

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

500,000

551,735

CHF-Davis

II

LLC,

Revenue,

2021,

BAM

Insured,

5%,

5/15/25

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

400,000

457,241

CHF-Davis

II

LLC,

Revenue,

2021,

BAM

Insured,

5%,

5/15/26

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

400,000

471,584

CHF-Davis

II

LLC,

Revenue,

2021,

BAM

Insured,

5%,

5/15/27

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

500,000

605,235

CHF-Davis

II

LLC,

Revenue,

2021,

BAM

Insured,

5%,

5/15/28

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

400,000

495,809

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

Municipal

Finance

Authority,

(continued)

CHF-Davis

II

LLC,

Revenue,

2021,

BAM

Insured,

5%,

5/15/29

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

$

600,000

$

759,790

CHF-Davis

II

LLC,

Revenue,

2021,

BAM

Insured,

5%,

5/15/30

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

700,000

903,013

CHF-Davis

II

LLC,

Revenue,

2021,

BAM

Insured,

5%,

5/15/31

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

650,000

854,282

CHF-Davis

II

LLC,

Revenue,

2021,

BAM

Insured,

4%,

5/15/32

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

1,000,000

1,207,626

CHF-Davis

II

LLC,

Revenue,

2021,

BAM

Insured,

4%,

5/15/33

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

850,000

1,023,630

CHF-Davis

II

LLC,

Revenue,

2021,

BAM

Insured,

4%,

5/15/34

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

950,000

1,140,936

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2015

A,

Pre-

Refunded,

5%,

2/01/46

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

15,000,000

17,082,924

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/42

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

5,500,000

6,568,217

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/47

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

20,750,000

24,651,855

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/37

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

1,040,000

1,237,198

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/38

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

1,000,000

1,187,469

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/39

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

1,100,000

1,304,600

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/40

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

1,175,000

1,389,056

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/41

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

1,280,000

1,509,726

Eisenhower

Medical

Center,

Revenue,

2017

A,

Refunding,

5%,

7/01/42

.........

5,100,000

6,085,400

Eisenhower

Medical

Center,

Revenue,

2017

A,

Refunding,

5%,

7/01/47

.........

4,000,000

4,746,415

Inland

Christian

Home,

Inc.,

Revenue,

2020,

California

Mortgage

Insured,

4%,

12/01/49

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

2,670,000

3,142,899

Inland

Counties

Regional

Center,

Inc.,

Revenue,

2015,

Refunding,

5%,

6/15/45

...

23,300,000

26,232,216

LAX

Integrated

Express

Solutions

LLC,

Revenue,

Senior

Lien,

2018

A,

5%,

12/31/37

5,000,000

5,953,674

LAX

Integrated

Express

Solutions

LLC,

Revenue,

Senior

Lien,

2018

A,

5%,

12/31/43

22,400,000

26,630,941

LAX

Integrated

Express

Solutions

LLC,

Revenue,

Senior

Lien,

2018

A,

5%,

12/31/47

61,850,000

73,410,019

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5.25%,

11/01/41

..

5,500,000

6,415,524

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5%,

11/01/47

....

8,650,000

9,845,198

Northern

California

Retired

Officers

Community,

Revenue,

2019

A,

California

Mortgage

Insured,

5%,

1/01/43

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

10,000,000

12,131,578

Northern

California

Retired

Officers

Community,

Revenue,

2019

A,

California

Mortgage

Insured,

5%,

1/01/49

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

18,990,000

22,972,845

South

Central

Los

Angeles

Regional

Center

for

Developmentally

Disabled

Persons,

Revenue,

2013,

5.75%,

12/01/43

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

33,895,000

36,406,206

University

of

La

Verne,

Revenue,

2017

A,

Refunding,

4%,

6/01/47

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

10,500,000

11,770,172

California

Pollution

Control

Financing

Authority

,

b

San

Diego

County

Water

Authority,

Revenue,

144A,

2019,

Refunding,

5%,

7/01/39

.

7,250,000

8,725,490

b

San

Diego

County

Water

Authority,

Revenue,

144A,

2019,

Refunding,

5%,

11/21/45

1,905,000

2,265,220

San

Jose

Water

Co.,

Revenue,

2016,

4.75%,

11/01/46

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

15,000,000

17,133,659

California

Public

School

District

Financing

Authority

,

Southern

Kern

Unified

School

District

,

Revenue

,

1996

B

,

AGMC

Insured

,

ETM,

5.9

%

,

9/01/26

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

995,000

1,134,417

b

California

School

Finance

Authority

,

Aspire

Public

Schools

Obligated

Group,

Revenue,

144A,

2021

A,

2.125%,

8/01/31

.

500,000

503,674

Aspire

Public

Schools

Obligated

Group,

Revenue,

144A,

2021

A,

4%,

8/01/36

....

325,000

365,585

Aspire

Public

Schools

Obligated

Group,

Revenue,

144A,

2021

A,

4%,

8/01/41

....

525,000

586,073

Aspire

Public

Schools

Obligated

Group,

Revenue,

144A,

2021

A,

4%,

8/01/51

....

800,000

885,652

Granada

Hills

Charter

High

School

Obligated

Group,

Revenue,

144A,

2021

A,

Refunding,

4%,

7/01/29

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

350,000

397,212

Granada

Hills

Charter

High

School

Obligated

Group,

Revenue,

144A,

2021

A,

Refunding,

4%,

7/01/38

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

465,000

522,896

Granada

Hills

Charter

High

School

Obligated

Group,

Revenue,

144A,

2021

A,

Refunding,

4%,

7/01/48

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

675,000

748,435

Kipp

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

4%,

7/01/40

800,000

923,925

California

State

Public

Works

Board

,

Revenue,

2012

A,

Refunding,

5%,

4/01/31

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

48,070,000

48,633,005

Revenue,

2012

A,

Refunding,

5%,

4/01/32

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

17,885,000

18,094,473

Revenue,

2012

A,

Refunding,

5%,

4/01/37

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

29,000,000

29,339,654

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)

California

State

Public

Works

Board,

(continued)

Revenue,

2012

G,

Refunding,

5%,

11/01/31

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

$

16,520,000

$

17,181,874

Revenue,

2013

I,

5%,

11/01/38

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

40,000,000

43,171,216

Revenue,

2021

B,

5%,

5/01/30

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

1,250,000

1,640,004

c

Revenue,

2022

A,

Refunding,

5%,

8/01/32

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

6,500,000

8,569,438

c

Revenue,

2022

A,

Refunding,

5%,

8/01/36

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

7,500,000

9,813,097

State

of

California

Department

of

Corrections

&

Rehabilitation,

Revenue,

2019

C,

5%,

11/01/38

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

5,000,000

6,393,999

California

State

University

,

Revenue,

2014

A,

Pre-Refunded,

5%,

11/01/39

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

1,530,000

1,726,356

Revenue,

2014

A,

Pre-Refunded,

5%,

11/01/39

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

21,470,000

24,290,323

Revenue,

2014

A,

Pre-Refunded,

5%,

11/01/44

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

30,045,000

33,991,744

Revenue,

2014

A,

Pre-Refunded,

5%,

11/01/44

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

2,300,000

2,595,175

Revenue,

2015

A,

Refunding,

5%,

11/01/43

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

11,000,000

12,751,271

a

Revenue,

2016

B-2,

Refunding,

Mandatory

Put,

0.55%,

11/01/26

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

12,000,000

11,865,330

Revenue,

2017

A,

Refunding,

5%,

11/01/42

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

29,105,000

35,263,583

Revenue,

2017

A,

Refunding,

5%,

11/01/47

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

63,000,000

76,148,421

Revenue,

2018

A,

Refunding,

5%,

11/01/39

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

19,920,000

24,992,144

Revenue,

2018

A,

Refunding,

5%,

11/01/43

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

16,870,000

21,029,791

Revenue,

2018

A,

Refunding,

5%,

11/01/50

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

17,385,000

21,511,947

Revenue,

2019

A,

5%,

11/01/44

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

13,100,000

16,761,699

Revenue,

2019

A,

5%,

11/01/49

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

90,295,000

114,877,064

Revenue,

2019

A,

5%,

11/01/51

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

40,470,000

51,405,168

California

Statewide

Communities

Development

Authority

,

Revenue,

2004

A,

Pre-Refunded,

AGMC

Insured,

5.25%,

10/01/24

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

170,000

170,667

Adventist

Health

System/West

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

3/01/35

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

9,250,000

10,751,514

Adventist

Health

System/West

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

3/01/48

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

67,585,000

81,746,017

Collis

P

and

Howard

Huntington

Memorial

Hospital

Obligated

Group,

Revenue,

2018,

5%,

7/01/48

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

7,980,000

9,579,683

Community

Church

Retirement

Center,

Revenue,

2013,

California

Mortgage

Insured,

5.125%,

11/15/35

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

2,000,000

2,166,136

Community

Church

Retirement

Center,

Revenue,

2013,

California

Mortgage

Insured,

5.375%,

11/15/44

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

7,250,000

7,880,669

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2014,

Pre-Refunded,

AGMC

Insured,

5.25%,

10/01/43

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

3,000,000

3,383,152

Kaiser

Foundation

Hospitals,

Revenue,

2012

A,

5%,

4/01/42

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

88,945,000

89,922,932

Marin

General

Hospital

Obligated

Group,

Revenue,

2018

A,

5%,

8/01/34

........

1,225,000

1,463,773

Methodist

Hospital

of

Southern

California

Obligated

Group,

Revenue,

2018,

Refunding,

4%,

1/01/34

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

3,485,000

3,965,023

Poway

RHF

Housing,

Inc.,

Revenue,

2013

A,

California

Mortgage

Insured,

5.25%,

11/15/35

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

2,000,000

2,170,760

Carlsbad

Unified

School

District

,

GO,

2009

B,

Refunding,

6%,

5/01/34

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

14,000,000

15,804,620

GO,

2011

C,

Zero

Cpn.,

8/01/35

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

33,000,000

41,744,228

GO,

B,

2%,

8/01/23

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

1,000,000

1,027,600

GO,

B,

2%,

8/01/24

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

1,000,000

1,041,902

Centinela

Valley

Union

High

School

District

,

GO,

2004

A,

Refunding,

NATL

Insured,

5.5%,

8/01/33

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

15,630,000

19,871,741

GO,

2012

B,

Refunding,

AGMC

Insured,

5%,

8/01/50

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

3,850,000

3,956,122

Cerritos

Public

Financing

Authority

,

Tax

Allocation

,

2002

A

,

AMBAC

Insured

,

5

%

,

11/01/22

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

1,675,000

1,680,202

Chabot-Las

Positas

Community

College

District

,

GO,

B,

5%,

8/01/22

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

14,000,000

14,392,510

GO,

B,

5%,

8/01/23

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

14,400,000

15,485,619

GO,

B,

5%,

8/01/24

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

5,500,000

6,157,490

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)

Chaffey

Joint

Union

High

School

District

,

GO

,

B

,

5

%

,

8/01/44

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

$

27,500,000

$

30,931,563

Charter

Oak

Unified

School

District

,

GO

,

2015

A

,

Pre-Refunded

,

AGMC

Insured

,

5

%

,

8/01/40

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

5,000,000

5,805,637

Chico

Unified

School

District

,

GO

,

2012

A

,

Pre-Refunded

,

5

%

,

8/01/43

...........

8,000,000

8,601,801

Chino

Valley

Unified

School

District

,

GO,

2020

B,

4%,

8/01/45

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

3,000,000

3,534,585

GO,

2020

B,

3.375%,

8/01/50

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

20,500,000

22,326,837

GO,

2020

B,

5%,

8/01/55

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

12,500,000

15,710,839

City

of

Corona

,

Community

Facilities

District

No.

2018-1

Improvement

Area

No.

1,

Special

Tax,

2020,

4%,

9/01/45

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

650,000

731,281

Community

Facilities

District

No.

2018-1

Improvement

Area

No.

1,

Special

Tax,

2020,

4%,

9/01/50

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

1,500,000

1,679,423

City

of

Fontana

,

Community

Facilities

District

No.

85,

Special

Tax,

2020,

4%,

9/01/45

...........

850,000

958,247

Community

Facilities

District

No.

85,

Special

Tax,

2020,

4%,

9/01/50

...........

900,000

1,011,261

Community

Facilities

District

No.

88,

Special

Tax,

2020,

4%,

9/01/45

...........

1,100,000

1,240,084

Community

Facilities

District

No.

88,

Special

Tax,

2020,

4%,

9/01/51

...........

1,545,000

1,734,931

Community

Facilities

District

No.

89,

Special

Tax,

2020,

4%,

9/01/40

...........

750,000

852,276

Community

Facilities

District

No.

89,

Special

Tax,

2020,

4%,

9/01/51

...........

1,500,000

1,684,399

Community

Facilities

District

No.

90,

Special

Tax,

2021,

4%,

9/01/41

...........

530,000

610,176

Community

Facilities

District

No.

90,

Special

Tax,

2021,

4%,

9/01/46

...........

475,000

542,589

Community

Facilities

District

No.

90,

Special

Tax,

2021,

4%,

9/01/51

...........

525,000

597,559

City

of

Irvine

,

Assessment

District

No.

21-1,

1915

Act,

Special

Assessment,

Refunding,

4%,

9/02/23

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

1,630,000

1,729,739

Assessment

District

No.

21-1,

1915

Act,

Special

Assessment,

Refunding,

4%,

9/02/26

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

1,245,000

1,423,854

Assessment

District

No.

21-1,

1915

Act,

Special

Assessment,

Refunding,

4%,

9/02/27

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

1,500,000

1,749,510

City

of

Lincoln

,

Community

Facilities

District

No.

2006-1,

Special

Tax,

2021,

Refunding,

4%,

9/01/39

290,000

329,074

Community

Facilities

District

No.

2006-1,

Special

Tax,

2021,

Refunding,

4%,

9/01/40

160,000

181,726

Community

Facilities

District

No.

2006-1,

Special

Tax,

2021,

Refunding,

4%,

9/01/43

320,000

361,854

City

of

Long

Beach

,

Harbor,

Revenue,

2017

C,

Refunding,

5%,

5/15/47

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

12,210,000

14,659,497

Harbor,

Revenue,

2019

A,

5%,

5/15/49

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

18,205,000

22,854,073

City

of

Los

Angeles

,

Revenue,

1993-1,

Refunding,

NATL,

FHA

Insured,

6.5%,

7/01/22

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

80,000

80,350

Department

of

Airports,

Revenue,

2015

D,

5%,

5/15/41

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

14,500,000

16,373,142

Department

of

Airports,

Revenue,

2016

B,

5%,

5/15/41

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

12,500,000

14,631,695

Department

of

Airports,

Revenue,

2016

B,

5%,

5/15/46

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

53,000,000

61,884,189

Department

of

Airports,

Revenue,

2017

A,

5%,

5/15/47

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

50,350,000

60,021,948

Department

of

Airports,

Revenue,

2018

A,

5%,

5/15/44

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

60,000,000

72,779,166

Department

of

Airports,

Revenue,

2018

C,

5%,

5/15/37

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

9,550,000

11,577,456

Department

of

Airports,

Revenue,

2018

E,

Refunding,

5%,

5/15/43

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

15,005,000

18,804,144

Department

of

Airports,

Revenue,

2018

E,

Refunding,

5%,

5/15/48

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

33,145,000

41,274,660

Department

of

Airports,

Revenue,

2019

A,

Refunding,

5%,

5/15/49

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

10,000,000

12,231,804

Department

of

Airports,

Revenue,

2019

E,

5%,

5/15/44

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

22,135,000

27,627,085

Department

of

Airports,

Revenue,

2019

E,

5%,

5/15/49

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

62,940,000

78,157,797

Department

of

Airports,

Revenue,

2019

F,

5%,

5/15/44

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

2,950,000

3,627,868

Department

of

Airports,

Revenue,

2020

A,

Refunding,

5%,

5/15/35

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

10,500,000

13,589,417

Department

of

Airports,

Revenue,

2020

A,

Refunding,

5%,

5/15/37

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

8,000,000

10,319,486

Department

of

Airports,

Revenue,

2020

A,

Refunding,

5%,

5/15/38

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

9,925,000

12,765,224

Department

of

Airports,

Revenue,

2020

A,

Refunding,

5%,

5/15/39

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

10,265,000

13,170,502

Department

of

Airports,

Revenue,

2020

A,

Refunding,

5%,

5/15/40

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

10,000,000

12,811,558

Department

of

Airports,

Revenue,

2021

A,

Refunding,

5%,

5/15/36

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

3,665,000

4,760,896

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)

City

of

Los

Angeles,

(continued)

Wastewater

System,

Revenue,

2015

A,

5%,

6/01/44

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

$

9,000,000

$

10,254,184

Wastewater

System,

Revenue,

2015

C,

Refunding,

5%,

6/01/45

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

24,690,000

28,112,757

Wastewater

System,

Revenue,

2018

A,

5%,

6/01/48

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

11,275,000

13,821,999

City

of

Newport

Beach

,

Assessment

District

No.

113

,

1915

Act,

Special

Assessment

,

2021

A

,

2.25

%

,

9/02/41

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

1,315,000

1,315,378

City

of

Ontario

,

Community

Facilities

District

No.

13,

Special

Tax,

2021,

Refunding,

4%,

9/01/38

...

400,000

458,816

Community

Facilities

District

No.

45,

Special

Tax,

2020,

4%,

9/01/43

...........

410,000

463,862

Community

Facilities

District

No.

45,

Special

Tax,

2020,

4%,

9/01/51

...........

1,565,000

1,757,389

Community

Facilities

District

No.

53,

Special

Tax,

2021,

4%,

9/01/36

...........

525,000

604,802

Community

Facilities

District

No.

53,

Special

Tax,

2021,

4%,

9/01/42

...........

650,000

742,928

Community

Facilities

District

No.

53,

Special

Tax,

2021,

4%,

9/01/51

...........

1,375,000

1,557,655

City

of

Orange

,

Community

Facilities

District

No.

06-1

,

Special

Tax

,

2015

,

Refunding

,

AGMC

Insured

,

5

%

,

10/01/40

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

7,500,000

8,614,124

City

of

Pasadena

,

Electric

,

Revenue

,

2016

A

,

Refunding

,

4

%

,

6/01/46

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

22,625,000

25,245,222

City

of

Perris

,

Revenue

,

1988

A

,

GNMA

Insured

,

ETM,

Zero

Cpn.,

6/01/23

.........

19,095,000

18,909,158

City

of

Riverside

,

Electric,

Revenue,

2013

A,

Refunding,

5%,

10/01/43

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

11,535,000

12,391,263

Sewer,

Revenue,

2015

A,

Refunding,

5%,

8/01/40

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

25,000,000

28,568,185

City

of

Roseville

,

Electric

System

,

COP

,

2004

,

AGMC

Insured

,

5

%

,

2/01/34

........

5,000

5,018

City

of

Sacramento

,

Transient

Occupancy

Tax,

Revenue,

2018

A,

5%,

6/01/43

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

6,035,000

7,185,569

Transient

Occupancy

Tax,

Revenue,

2018

A,

5%,

6/01/48

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

19,830,000

23,479,067

Transient

Occupancy

Tax,

Revenue,

2018

C,

5%,

6/01/48

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

9,415,000

11,042,174

Water,

Revenue,

2013,

Pre-Refunded,

5%,

9/01/38

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

21,630,000

23,339,181

City

of

San

Francisco

,

Public

Utilities

Commission

Water

,

Revenue

,

2012

A

,

Pre-

Refunded

,

5

%

,

11/01/43

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

71,735,000

72,875,665

City

of

San

Jose

,

Hotel

Tax,

Special

Tax,

2011,

6.5%,

5/01/36

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

10,000,000

10,040,426

Hotel

Tax,

Special

Tax,

2011,

6.5%,

5/01/42

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

10,000,000

10,040,634

City

of

Santa

Rosa

,

Wastewater,

Revenue,

2020

A,

5%,

9/01/34

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

6,700,000

8,755,361

Wastewater,

Revenue,

2020

A,

5%,

9/01/35

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

3,100,000

4,036,052

City

of

Upland

,

San

Antonio

Regional

Hospital

Obligated

Group

,

COP

,

Refunding

,

5

%

,

1/01/47

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

14,400,000

17,048,929

City

of

Vernon

,

Electric

System,

Revenue,

2021

A,

5%,

10/01/27

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

2,500,000

3,042,139

Electric

System,

Revenue,

2021

A,

5%,

4/01/28

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

2,000,000

2,458,302

c

Electric

System,

Revenue,

2022

A,

Refunding,

5%,

8/01/35

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

1,420,000

1,800,630

c

Electric

System,

Revenue,

2022

A,

Refunding,

5%,

8/01/39

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

425,000

535,110

c

Electric

System,

Revenue,

2022

A,

Refunding,

5%,

8/01/40

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

365,000

458,727

c

Electric

System,

Revenue,

2022

A,

Refunding,

5%,

8/01/41

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

420,000

526,986

b

CMFA

Special

Finance

Agency

,

Latitude33,

Revenue,

144A,

2021

A-1,

3%,

12/01/56

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

9,000,000

8,117,222

Solana

at

Grand,

Revenue,

Senior

Lien,

144A,

2021

A-1,

4%,

8/01/56

..........

32,550,000

34,118,542

b

CMFA

Special

Finance

Agency

VII

,

Breakwater

Apartments

(The)

,

Revenue

,

144A,

2021

A-1

,

3

%

,

8/01/56

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

94,250,000

84,666,085

b

CMFA

Special

Finance

Agency

VIII

,

Elan

Huntington

Beach

,

Revenue,

Senior

Lien

,

144A,

2021

A-1

,

3

%

,

8/01/56

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

35,750,000

32,515,411

b,c

CMFA

Special

Finance

Agency

XII

,

Allure

Apartments

,

Revenue,

Senior

Lien

,

144A,

2022

A-1

,

3.25

%

,

2/01/57

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

27,500,000

24,979,784

Coachella

Valley

Unified

School

District

,

GO,

C,

AGMC

Insured,

Zero

Cpn.,

8/01/36

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

8,000,000

5,920,651

GO,

C,

AGMC

Insured,

Zero

Cpn.,

8/01/37

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

8,000,000

5,755,511

GO,

C,

AGMC

Insured,

Zero

Cpn.,

8/01/40

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

7,500,000

4,925,258

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)

Coachella

Valley

Unified

School

District,

(continued)

GO,

C,

AGMC

Insured,

Zero

Cpn.,

8/01/43

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

$

10,000,000

$

5,717,067

Coalinga-Huron

Joint

Unified

School

District

,

GO

,

B

,

BAM

Insured

,

5

%

,

8/01/48

.....

13,210,000

16,114,008

Colton

Joint

Unified

School

District

,

GO

,

2010

B

,

AGMC

Insured

,

Zero

Cpn.,

8/01/42

.

16,365,000

9,571,785

Community

Facilities

District

No.

2003-3

,

City

of

Chino,

Special

Tax,

2021,

4%,

9/01/41

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

1,710,000

1,967,392

City

of

Chino,

Special

Tax,

2021,

4%,

9/01/46

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

1,000,000

1,137,277

City

of

Chino,

Special

Tax,

2021,

4%,

9/01/51

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

1,250,000

1,416,915

Compton

Community

Redevelopment

Agency

,

Tax

Allocation,

Second

Lien,

2010

B,

5.7%,

8/01/30

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

10,000,000

10,032,885

Tax

Allocation,

Second

Lien,

2010

B,

6%,

8/01/35

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

11,160,000

11,197,221

Tax

Allocation,

Second

Lien,

2010

B,

6%,

8/01/42

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

10,000,000

10,032,124

Contra

Costa

Community

College

District

,

GO,

2020

C,

4%,

8/01/33

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

1,500,000

1,861,612

GO,

2020

C,

4%,

8/01/34

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

1,375,000

1,701,951

Corona-Norco

Unified

School

District

,

GO,

1998

B,

AGMC

Insured,

Zero

Cpn.,

9/01/23

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

2,320,000

2,302,262

GO,

1998

B,

AGMC

Insured,

Zero

Cpn.,

9/01/24

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

2,620,000

2,575,828

GO,

1998

B,

AGMC

Insured,

Zero

Cpn.,

3/01/25

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

1,400,000

1,366,568

GO,

1998

C,

NATL

Insured,

Zero

Cpn.,

9/01/25

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

4,655,000

4,512,739

GO,

1998

C,

NATL

Insured,

Zero

Cpn.,

9/01/26

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

6,080,000

5,801,483

GO,

A,

Pre-Refunded,

5%,

8/01/44

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

20,000,000

23,279,906

County

of

Madera

,

Childrens

Hospital

Central

California

Obligated

Group

,

COP

,

1998

,

NATL

Insured

,

5

%

,

3/15/23

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

3,650,000

3,679,193

County

of

Riverside

,

Revenue

,

1988

B

,

GNMA

Insured

,

ETM,

Zero

Cpn.,

6/01/23

...

26,160,000

25,960,009

County

of

Sacramento

,

Airport

System,

Revenue,

2016

B,

Refunding,

5%,

7/01/41

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

9,000,000

10,570,207

Airport

System,

Revenue,

Senior

Lien,

2016

A,

Refunding,

5%,

7/01/41

.........

10,000,000

11,763,934

Community

Facilities

District

No.

2014-2,

Special

Tax,

2021,

4%,

9/01/41

........

325,000

374,165

Community

Facilities

District

No.

2014-2,

Special

Tax,

2021,

4%,

9/01/46

........

325,000

371,245

County

of

San

Bernardino

,

Revenue

,

1989

A

,

GNMA

Insured

,

ETM,

Zero

Cpn.,

5/01/22

1,425,000

1,423,451

b

CSCDA

Community

Improvement

Authority

,

1818

Platinum

Triangle-Anaheim,

Revenue,

Senior

Lien,

144A,

2021

A-1,

3.35%,

4/01/47

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

10,000,000

9,982,724

777

Place-Pomona,

Revenue,

Senior

Lien,

144A,

2021

A-1,

3.6%,

5/01/47

.......

10,000,000

10,033,947

777

Place-Pomona,

Revenue,

Senior

Lien,

144A,

2021

A-2,

3.25%,

5/01/57

......

12,500,000

11,488,166

Acacia

on

Santa

Rosa

Creek,

Revenue,

Senior

Lien,

144A,

2021

A,

4%,

10/01/56

.

13,000,000

13,663,733

Cameo/Garrison

Apartments,

Revenue,

144A,

2021

B,

4%,

3/01/57

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

12,000,000

11,412,456

Cameo/Garrison

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-1,

2.8%,

3/01/47

22,000,000

20,129,171

Cameo/Garrison

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-2,

3%,

3/01/57

.

24,000,000

21,360,070

Dublin,

Revenue,

144A,

2021

B,

4%,

2/01/57

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

16,110,000

15,636,156

Dublin,

Revenue,

Senior

Lien,

144A,

2021

A-1,

2.45%,

2/01/47

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

39,000,000

35,207,188

Dublin,

Revenue,

Senior

Lien,

144A,

2021

A-2,

3%,

2/01/57

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

45,500,000

42,050,800

Escondido

Portfolio,

Revenue,

Senior

Lien,

144A,

2021

A-1,

3%,

6/01/48

........

10,000,000

8,719,066

Jefferson

Platinum

Triangle

Apartments,

Revenue,

144A,

2021

A-1,

2.875%,

8/01/41

3,110,000

2,998,964

Jefferson

Platinum

Triangle

Apartments,

Revenue,

144A,

2021

A-2,

3.125%,

8/01/56

23,965,000

22,066,133

Monterey

Station

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-1,

3%,

7/01/43

.

7,000,000

6,585,699

Park

Crossing

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A,

3.25%,

12/01/58

.

18,750,000

16,746,317

Pasadena

Portfolio,

Revenue,

Senior

Lien,

144A,

2021

A-1,

2.65%,

12/01/46

.....

22,250,000

20,375,477

Pasadena

Portfolio,

Revenue,

Senior

Lien,

144A,

2021

A-2,

3%,

12/01/56

.......

23,250,000

20,659,311

Theo

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-1,

3.5%,

5/01/47

........

5,000,000

5,047,411

Vineyard

Garden

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A,

3.25%,

10/01/58

14,000,000

12,687,270

Waterscape

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A,

3%,

9/01/56

......

24,500,000

22,466,118

Westgate

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-1,

3%,

6/01/47

......

10,000,000

9,210,470

Wood

Creek

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-1,

3%,

12/01/49

...

25,000,000

21,811,617

Wood

Creek

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-2,

4%,

12/01/58

...

25,000,000

25,157,160

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)

Daly

City

Housing

Development

Finance

Agency

,

Franciscan

Park

LLC

,

Revenue

,

2007

A

,

Refunding

,

5

%

,

12/15/47

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

$

17,870,000

$

17,888,887

Day

Creek

Square

Public

Facilities

,

Community

Facilities

District

No.

2018-1,

Special

Tax,

2020,

4%,

9/01/40

........

625,000

706,607

Community

Facilities

District

No.

2018-1,

Special

Tax,

2020,

4%,

9/01/45

........

700,000

787,936

Delano

Joint

Union

High

School

District

,

GO

,

2003

A

,

Refunding

,

NATL

Insured

,

5.15

%

,

2/01/32

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

8,520,000

10,540,411

Delano

Union

School

District

,

COP

,

1999

,

NATL

Insured

,

5.125

%

,

1/01/22

.........

365,000

365,000

East

Bay

Municipal

Utility

District

,

Water

System,

Revenue,

2014

A,

Refunding,

5%,

6/01/35

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

10,000,000

11,070,908

Water

System,

Revenue,

2014

C,

5%,

6/01/44

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

14,000,000

15,435,270

Water

System,

Revenue,

2015

A,

Refunding,

5%,

6/01/36

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

7,355,000

8,433,458

Water

System,

Revenue,

2015

C,

4%,

6/01/45

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

9,070,000

10,059,221

Water

System,

Revenue,

2019

A,

5%,

6/01/44

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

4,000,000

5,080,698

Water

System,

Revenue,

2019

A,

5%,

6/01/49

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

11,700,000

14,780,388

Eastern

Municipal

Water

District

,

Revenue,

2021

A,

Refunding,

4%,

7/01/26

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

2,250,000

2,599,254

Revenue,

2021

A,

Refunding,

4%,

7/01/27

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

1,750,000

2,067,791

a

Revenue,

2021

B,

Refunding,

Mandatory

Put,

0.2%,

7/01/24

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

7,500,000

7,501,742

Community

Facilities

District

No.

2017-79,

Special

Tax,

2021,

4%,

9/01/46

.......

2,815,000

3,206,063

Community

Facilities

District

No.

2017-79,

Special

Tax,

2021,

4%,

9/01/51

.......

3,405,000

3,864,163

Eastern

Municipal

Water

District

Financing

Authority

,

Revenue

,

2015

B

,

5

%

,

7/01/46

.

30,705,000

34,997,264

Elk

Grove

Finance

Authority

,

Special

Tax

,

2015

,

Refunding

,

BAM

Insured

,

5

%

,

9/01/38

1,500,000

1,730,773

Fairfax

Elementary

School

District

,

GO

,

2010

,

AGMC

Insured

,

Zero

Cpn.,

11/01/48

..

10,380,000

4,449,056

FHLMC,

Multi-family

ML

Pass-Through

Certificates

,

Revenue

,

2019-ML06

,

ACA

,

Revenue

,

2.493

%

,

7/25/35

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

1,051,276

1,105,949

Folsom

Cordova

Unified

School

District

School

Facilities

Improvement

Dist

No.

5

,

GO

,

C

,

4

%

,

10/01/43

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

17,500,000

20,364,554

Foothill-Eastern

Transportation

Corridor

Agency

,

Revenue,

2013

A,

Refunding,

AGMC

Insured,

5%,

1/15/42

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

10,000,000

10,844,467

Revenue,

2013

A,

Pre-Refunded,

6%,

1/15/49

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

305,000,000

339,742,885

Revenue,

2013

A,

Pre-Refunded,

6%,

1/15/53

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

190,000,000

211,643,109

Revenue,

2013

A,

Refunding,

AGMC

Insured,

Zero

Cpn.,

1/15/31

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

35,000,000

41,889,162

Revenue,

2013

A,

Refunding,

AGMC

Insured,

Zero

Cpn.,

1/15/32

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

37,260,000

44,771,139

Revenue,

2013

A,

Refunding,

AGMC

Insured,

Zero

Cpn.,

1/15/37

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

41,250,000

29,753,769

Revenue,

2013

A,

Refunding,

AGMC

Insured,

Zero

Cpn.,

1/15/38

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

77,650,000

54,429,063

Revenue,

2013

A,

Refunding,

AGMC

Insured,

Zero

Cpn.,

1/15/39

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

56,100,000

38,164,331

Revenue,

2013

A,

Refunding,

Zero

Cpn.,

1/15/42

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

98,000,000

126,059,389

Revenue,

2013

A,

Refunding,

Zero

Cpn.,

1/15/42

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

130,000,000

78,708,695

Revenue,

Senior

Lien,

1995

A,

ETM,

Zero

Cpn.,

1/01/23

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

5,765,000

5,747,803

Revenue,

Senior

Lien,

1995

A,

ETM,

Zero

Cpn.,

1/01/24

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

72,045,000

71,439,519

Revenue,

Senior

Lien,

1995

A,

ETM,

Zero

Cpn.,

1/01/25

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

20,660,000

20,342,152

Revenue,

Senior

Lien,

1995

A,

ETM,

Zero

Cpn.,

1/01/26

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

23,475,000

22,869,385

Revenue,

Senior

Lien,

1995

A,

ETM,

Zero

Cpn.,

1/01/27

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

15,000,000

14,402,604

Revenue,

Senior

Lien,

1995

A,

ETM,

Zero

Cpn.,

1/01/28

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

2,000,000

1,887,901

Revenue,

Senior

Lien,

1995

A,

ETM,

Zero

Cpn.,

1/01/29

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

35,310,000

32,754,312

Fowler

Unified

School

District

,

GO,

2010

C,

AGMC

Insured,

Zero

Cpn.,

8/01/41

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

3,095,000

1,990,950

GO,

2010

C,

AGMC

Insured,

Zero

Cpn.,

8/01/42

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

3,005,000

1,873,738

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)

Franklin-Mckinley

School

District

,

GO

,

C

,

Pre-Refunded

,

BAM

Insured

,

5

%

,

8/01/44

.

$

5,000,000

$

5,376,125

Fremont

Union

High

School

District

,

GO

,

2021

A

,

2

%

,

8/01/23

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

3,000,000

3,083,761

Fresno

Unified

School

District

,

GO

,

1999

C

,

Refunding

,

NATL

Insured

,

5.9

%

,

8/01/22

1,540,000

1,557,705

Fullerton

School

District

,

GO

,

2002

A

,

NATL

Insured

,

Zero

Cpn.,

8/01/23

..........

3,030,000

3,008,477

Fullerton

School

District

Financing

Authority

,

Special

Tax,

Senior

Lien

,

2013

A

,

Refunding

,

AGMC

Insured

,

5

%

,

9/01/31

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

2,500,000

2,684,965

Glendale

Community

College

District

,

GO

,

2003

C

,

NATL

Insured

,

Zero

Cpn.,

8/01/28

15,000,000

12,182,730

Glendora

Public

Finance

Authority

,

Glendora

Community

Redevelopment

Agency

,

Tax

Allocation

,

2003

A

,

NATL

Insured

,

5

%

,

9/01/24

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

2,850,000

2,859,350

Golden

State

Tobacco

Securitization

Corp.

,

Revenue,

2015

A,

Pre-Refunded,

5%,

6/01/35

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

25,000,000

28,904,257

Revenue,

2015

A,

Pre-Refunded,

5%,

6/01/40

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

212,525,000

245,715,093

Revenue,

2015

A,

Pre-Refunded,

5%,

6/01/45

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

308,395,000

356,557,140

Revenue,

2018

A-1,

Pre-Refunded,

5%,

6/01/35

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

28,340,000

35,745,265

Golden

Valley

Unified

School

District

Financing

Authority

,

Community

Facilities

District

No.

2017-1,

Revenue,

2021

A,

4%,

9/01/46

........

250,000

283,220

Community

Facilities

District

No.

2017-1,

Revenue,

2021

A,

4%,

9/01/51

........

500,000

565,752

Community

Facilities

District

No.

2017-1,

Revenue,

2021

A,

4%,

9/01/56

........

745,000

840,981

Grossmont

Union

High

School

District

,

GO

,

2004

,

AGMC

Insured

,

Zero

Cpn.,

8/01/24

5,110,000

5,037,774

Grossmont-Cuyamaca

Community

College

District

,

GO

,

2018

B

,

4

%

,

8/01/47

......

10,000,000

11,537,701

Hacienda

La

Puente

Unified

School

District

,

GO

,

2017

A

,

4

%

,

8/01/47

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

655,000

744,422

Hartnell

Community

College

District

,

GO

,

2009

C

,

Zero

Cpn.,

8/01/33

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

20,000,000

27,459,022

Hawthorne

School

District

,

GO

,

2008

C

,

AGMC

Insured

,

Zero

Cpn.,

8/01/48

.......

37,665,000

16,200,157

Huntington

Beach

City

School

District

,

GO

,

2003

A

,

NATL

Insured

,

Zero

Cpn.,

8/01/28

10,005,000

8,645,944

Independent

Cities

Finance

Authority

,

b

City

of

Compton

Sales

Tax,

Revenue,

144A,

2021,

AGMC

Insured,

4%,

6/01/36

...

700,000

827,026

b

City

of

Compton

Sales

Tax,

Revenue,

144A,

2021,

AGMC

Insured,

4%,

6/01/41

...

900,000

1,052,271

b

City

of

Compton

Sales

Tax,

Revenue,

144A,

2021,

AGMC

Insured,

4%,

6/01/46

...

925,000

1,070,139

b

City

of

Compton

Sales

Tax,

Revenue,

144A,

2021,

AGMC

Insured,

4%,

6/01/51

...

1,250,000

1,442,610

Millennium

Housing

LLC,

Revenue,

2021

A,

Refunding,

3%,

9/15/46

...........

1,000,000

1,051,711

Millennium

Housing

LLC,

Revenue,

2021

A,

Refunding,

3%,

9/15/56

...........

2,000,000

2,075,187

Irvine

Unified

School

District

,

Special

Tax,

2020

A,

4%,

9/01/40

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

2,960,000

3,488,498

Special

Tax,

2020

A,

4%,

9/01/44

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

6,250,000

7,314,704

Special

Tax,

2020

A,

BAM

Insured,

4%,

9/01/50

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

8,000,000

9,427,915

Special

Tax,

2020

A,

BAM

Insured,

4%,

9/01/54

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

12,285,000

14,464,744

Community

Facilities

District

No.

01-1,

Special

Tax,

2015,

Refunding,

BAM

Insured,

5%,

9/01/38

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

7,000,000

7,875,555

Community

Facilities

District

No.

09-1,

Special

Tax,

2017

D,

5%,

3/01/57

........

10,000,000

11,726,000

Jefferson

Union

High

School

District

,

GO,

2000

A,

Refunding,

NATL

Insured,

6.45%,

8/01/25

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

2,515,000

2,766,529

GO,

2000

A,

Refunding,

NATL

Insured,

6.45%,

8/01/29

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

3,075,000

3,908,247

Jurupa

Community

Services

District

,

Community

Facilities

District

No.

52,

Special

Tax,

2021

A,

4%,

9/01/39

..........

135,000

153,033

Community

Facilities

District

No.

52,

Special

Tax,

2021

A,

4%,

9/01/40

..........

140,000

159,010

Community

Facilities

District

No.

52,

Special

Tax,

2021

A,

4%,

9/01/50

..........

1,000,000

1,123,623

Community

Facilities

District

No.

54,

Special

Tax,

2021

A,

4%,

9/01/46

..........

900,000

1,028,064

Community

Facilities

District

No.

54,

Special

Tax,

2021

A,

4%,

9/01/51

..........

875,000

995,932

Jurupa

Public

Financing

Authority

,

Special

Tax,

2013

A,

AGMC

Insured,

5.125%,

9/01/37

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

4,000,000

4,295,194

Special

Tax,

2013

A,

AGMC

Insured,

5.25%,

9/01/42

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

3,250,000

3,496,535

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)

Jurupa

Unified

School

District

,

GO

,

2015

A

,

Pre-Refunded

,

5

%

,

8/01/39

..........

$

10,165,000

$

11,822,549

La

Mirada

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation

,

2010

A

,

Refunding

,

AGMC

Insured

,

5

%

,

8/15/28

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

1,855,000

1,861,274

La

Palma

Community

Development

Commission

Successor

Agency

,

Tax

Allocation

,

1993

,

Refunding

,

6.1

%

,

6/01/22

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

145,000

146,945

Lakeside

Union

School

District

,

GO

,

2010

B

,

Zero

Cpn.,

8/01/45

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

11,540,000

6,338,705

Lammersville

Joint

Unified

School

District

,

GO

,

2016

A

,

4

%

,

8/01/46

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

41,340,000

46,264,351

Lancaster

School

District

,

GO,

1999,

NATL

Insured,

Zero

Cpn.,

8/01/25

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

5,495,000

5,302,251

GO,

1999,

NATL

Insured,

Zero

Cpn.,

7/01/26

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

5,965,000

5,665,335

Lassen

Municipal

Utility

District

,

COP

,

2021

,

4

%

,

5/01/46

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

3,000,000

3,415,263

Lawndale

Redevelopment

Agency

,

Tax

Allocation,

2009,

AGMC

Insured,

5.5%,

8/01/39

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

10,280,000

10,320,807

Tax

Allocation,

2009,

AGMC

Insured,

5.5%,

8/01/44

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

6,085,000

6,109,577

Lemon

Grove

School

District

,

GO

,

2010

B

,

AGMC

Insured

,

Zero

Cpn.,

8/01/50

.....

20,990,000

9,581,030

Lodi

Unified

School

District

,

GO

,

2017

,

4

%

,

8/01/41

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

15,000,000

17,270,025

Long

Beach

Bond

Finance

Authority

,

Revenue,

2007

A,

5.5%,

11/15/28

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

8,000,000

10,214,703

Revenue,

2007

A,

5%,

11/15/29

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

17,465,000

22,079,677

Revenue,

2007

A,

5.5%,

11/15/30

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

5,000,000

6,624,387

Revenue,

2007

A,

5%,

11/15/35

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

69,855,000

97,126,008

Revenue,

2007

A,

5.5%,

11/15/37

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

35,000,000

52,153,612

Los

Angeles

Community

College

District

,

GO

,

2016

,

Refunding

,

5

%

,

8/01/38

.......

10,000,000

11,902,860

Los

Angeles

County

Metropolitan

Transportation

Authority

,

Revenue,

2016

A,

Refunding,

5%,

6/01/35

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

17,655,000

20,926,459

Revenue,

2016

A,

Refunding,

5%,

6/01/37

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

10,970,000

12,976,528

Revenue,

2016

A,

Refunding,

5%,

6/01/38

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

28,160,000

33,283,898

Revenue,

2016

A,

Refunding,

5%,

6/01/39

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

10,000,000

11,805,274

Revenue,

2019

A,

5%,

7/01/44

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

32,030,000

39,880,194

Revenue,

2020

A,

Refunding,

5%,

6/01/35

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

21,325,000

28,013,062

Revenue,

2020

A,

Refunding,

5%,

6/01/36

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

30,950,000

40,572,442

Revenue,

2020

A,

Refunding,

5%,

6/01/37

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

6,500,000

8,502,907

Revenue,

2021

A,

5%,

6/01/22

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

7,000,000

7,141,087

Revenue,

2021

A,

5%,

6/01/23

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

7,000,000

7,477,162

Revenue,

2021

A,

5%,

6/01/24

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

5,500,000

6,117,089

Revenue,

2021

A,

5%,

6/01/25

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

10,000,000

11,550,647

Revenue,

2021

A,

5%,

6/01/26

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

4,000,000

4,777,714

Los

Angeles

County

Sanitation

Districts

Financing

Authority

,

Revenue

,

2016

A

,

Refunding

,

4

%

,

10/01/42

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

16,430,000

17,972,243

Los

Angeles

Department

of

Water

&

Power

,

Revenue,

2020

B,

Refunding,

5%,

7/01/39

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

16,420,000

21,343,330

Revenue,

2020

B,

Refunding,

5%,

7/01/40

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

45,465,000

59,003,981

Power

System,

Revenue,

2014

B,

5%,

7/01/43

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

62,000,000

67,271,240

Power

System,

Revenue,

2014

D,

5%,

7/01/44

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

85,940,000

95,037,342

Power

System,

Revenue,

2015

A,

Refunding,

5%,

7/01/35

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

15,105,000

17,029,909

Power

System,

Revenue,

2015

A,

Refunding,

5%,

7/01/36

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

17,795,000

20,045,756

Power

System,

Revenue,

2016

A,

Refunding,

5%,

7/01/46

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

15,000,000

17,459,955

Power

System,

Revenue,

2016

B,

5%,

7/01/35

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

11,995,000

14,018,814

Power

System,

Revenue,

2017

A,

5%,

7/01/42

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

7,710,000

9,222,175

Power

System,

Revenue,

2017

A,

5%,

7/01/47

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

16,000,000

19,086,406

Power

System,

Revenue,

2019

A,

5%,

7/01/45

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

18,980,000

23,655,114

Power

System,

Revenue,

2019

A,

5%,

7/01/49

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

9,185,000

11,410,724

Power

System,

Revenue,

2019

D,

Refunding,

5%,

7/01/44

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

8,450,000

10,695,324

Water

System,

Revenue,

2012

A,

5%,

7/01/43

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

81,095,000

83,000,960

Water

System,

Revenue,

2014

A,

5%,

7/01/44

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

50,000,000

55,345,335

Water

System,

Revenue,

2016

A,

Refunding,

5%,

7/01/46

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

62,660,000

73,043,539

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)

Los

Angeles

Department

of

Water

&

Power,

(continued)

Water

System,

Revenue,

2017

A,

Refunding,

5%,

7/01/44

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

$

72,060,000

$

86,348,885

Water

System,

Revenue,

2018

A,

5%,

7/01/43

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

13,805,000

16,889,029

Water

System,

Revenue,

2018

A,

5%,

7/01/48

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

22,375,000

27,301,241

Water

System,

Revenue,

2018

B,

Refunding,

5%,

7/01/48

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

10,000,000

12,378,464

Water

System,

Revenue,

2020

A,

Refunding,

5%,

7/01/41

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

15,000,000

19,481,229

Water

System,

Revenue,

2020

C,

Refunding,

5%,

7/01/37

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

6,035,000

7,895,163

Water

System,

Revenue,

2020

C,

Refunding,

5%,

7/01/38

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

20,350,000

26,577,658

Water

System,

Revenue,

2020

C,

Refunding,

5%,

7/01/39

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

14,535,000

18,947,558

Los

Angeles

Unified

School

District

,

GO,

2020

A,

Refunding,

5%,

7/01/32

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

18,480,000

24,313,890

GO,

2020

A,

Refunding,

5%,

7/01/33

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

16,520,000

21,697,368

GO,

2020

C,

4%,

7/01/33

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

2,000,000

2,454,332

GO,

2020

C,

4%,

7/01/36

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

16,685,000

20,167,817

GO,

2021

A,

Refunding,

5%,

7/01/24

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

24,190,000

26,961,088

Los

Gatos-Saratoga

Joint

High

School

District

,

GO,

A,

4%,

8/01/39

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

10,635,000

11,487,871

GO,

A,

4%,

8/01/44

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

16,090,000

17,403,697

Los

Rios

Community

College

District

,

GO,

E,

3%,

8/01/23

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

10,560,000

11,024,187

GO,

E,

3%,

8/01/24

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

8,250,000

8,815,740

GO,

E,

3%,

8/01/25

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

10,000,000

10,917,734

McFarland

Public

Financing

Authority

,

Revenue

,

2010

A

,

AGMC

Insured

,

5

%

,

10/01/40

5,115,000

5,132,916

Mendocino-Lake

Community

College

District

,

GO

,

2011

B

,

AGMC

Insured

,

5.125

%

,

8/01/41

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

7,500,000

7,526,857

Menifee

Union

School

District

,

Community

Facilities

District

No.

2011-1,

Special

Tax,

2021,

4%,

9/01/26

........

75,000

83,408

Community

Facilities

District

No.

2011-1,

Special

Tax,

2021,

4%,

9/01/27

........

140,000

157,604

Community

Facilities

District

No.

2011-1,

Special

Tax,

2021,

4%,

9/01/28

........

105,000

119,479

Community

Facilities

District

No.

2011-1

Improvement

Area

No.

5,

Special

Tax,

2021,

4%,

9/01/45

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

875,000

990,227

Community

Facilities

District

No.

2011-1

Improvement

Area

No.

5,

Special

Tax,

2021,

4%,

9/01/51

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

1,825,000

2,055,130

Community

Facilities

District

No.

2019-2,

Special

Tax,

2021,

4%,

9/01/35

........

200,000

229,515

Community

Facilities

District

No.

2019-2,

Special

Tax,

2021,

4%,

9/01/44

........

565,000

638,887

Community

Facilities

District

No.

2019-2,

Special

Tax,

2021,

4%,

9/01/51

........

675,000

758,822

Metropolitan

Water

District

of

Southern

California

,

Revenue,

2015

A,

5%,

7/01/40

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

10,000,000

11,468,556

a

Revenue,

2017

C,

Mandatory

Put,

0.24%,

5/21/24

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

13,000,000

12,995,159

a

Revenue,

2017

D,

Refunding,

Mandatory

Put,

0.24%,

5/21/24

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

23,000,000

22,991,435

Revenue,

2020

A,

5%,

10/01/45

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

16,665,000

21,272,737

Revenue,

2021

B,

Refunding,

4%,

10/01/24

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

4,070,000

4,474,066

Revenue,

2021

B,

Refunding,

4%,

10/01/25

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

2,000,000

2,260,810

Revenue,

2021

B,

Refunding,

5%,

10/01/26

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

6,250,000

7,553,725

Middle

Fork

Project

Finance

Authority

,

Revenue,

2020,

Refunding,

5%,

4/01/27

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

3,000,000

3,608,177

Revenue,

2020,

Refunding,

5%,

4/01/32

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

4,095,000

5,184,093

Revenue,

2020,

Refunding,

5%,

4/01/36

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

7,330,000

9,185,359

Midpeninsula

Regional

Open

Space

District

,

GO

,

2018

,

4

%

,

9/01/48

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

11,220,000

13,042,816

Milpitas

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation

,

1997

,

NATL

Insured

,

ETM,

5.5

%

,

1/15/24

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

5,595,000

5,884,141

Modesto

High

School

District

,

GO,

2002

A,

NATL

Insured,

Zero

Cpn.,

8/01/23

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

10,815,000

10,721,321

GO,

2002

A,

NATL

Insured,

Zero

Cpn.,

5/01/27

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

12,770,000

11,982,489

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)

Monterey

Peninsula

Unified

School

District

,

GO

,

2016

C

,

Refunding

,

5

%

,

8/01/41

...

$

11,190,000

$

13,104,577

Moorpark

Unified

School

District

,

GO

,

2009

A

,

AGMC

Insured

,

Zero

Cpn.,

8/01/32

...

5,870,000

4,826,912

Moreno

Valley

Unified

School

District

,

GO,

2004

A,

AGMC

Insured,

ETM,

Zero

Cpn.,

8/01/27

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

6,315,000

5,992,243

GO,

2004

A,

AGMC

Insured,

ETM,

Zero

Cpn.,

8/01/28

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

6,625,000

6,171,741

GO,

A,

AGMC

Insured,

5%,

8/01/44

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

29,220,000

33,390,495

Mount

San

Antonio

Community

College

District

,

GO

,

2013

A

,

Zero

Cpn.,

8/01/43

....

55,000,000

63,583,652

M-S-R

Energy

Authority

,

Revenue

,

2009

B

,

6.5

%

,

11/01/39

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

25,000,000

40,110,837

M-S-R

Public

Power

Agency

,

Revenue

,

E

,

NATL

Insured

,

ETM,

6

%

,

7/01/22

.......

1,925,000

1,980,145

Murrieta

Valley

Unified

School

District

,

Community

Facilities

District

No.

2018-1,

Special

Tax,

2021,

4%,

9/01/24

........

60,000

64,561

Community

Facilities

District

No.

2018-1,

Special

Tax,

2021,

4%,

9/01/29

........

75,000

86,108

Community

Facilities

District

No.

2018-1,

Special

Tax,

2021,

4%,

9/01/35

........

120,000

138,526

Community

Facilities

District

No.

2018-1,

Special

Tax,

2021,

4%,

9/01/44

........

500,000

572,787

Community

Facilities

District

No.

2018-1,

Special

Tax,

2021,

4%,

9/01/51

........

1,000,000

1,138,207

Needles

Public

Financing

Authority

,

Revenue

,

1992

A

,

7.5

%

,

8/15/22

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

150,000

150,478

Newport

Mesa

Unified

School

District

,

GO

,

2011

,

6.3

%

,

8/01/42

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

20,000,000

28,534,716

Norman

Y

Mineta

San

Jose

International

Airport

SJC

,

Revenue,

2017

A,

Refunding,

5%,

3/01/41

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

10,000,000

11,803,613

Revenue,

2017

A,

Refunding,

5%,

3/01/47

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

20,000,000

23,535,320

Revenue,

2017

B,

Refunding,

5%,

3/01/47

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

10,000,000

11,971,262

Revenue,

2021

A,

Refunding,

5%,

3/01/29

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

1,505,000

1,889,574

Revenue,

2021

A,

Refunding,

5%,

3/01/30

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

1,550,000

1,984,207

Revenue,

2021

A,

Refunding,

5%,

3/01/31

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

1,600,000

2,087,537

Revenue,

2021

A,

Refunding,

5%,

3/01/32

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

2,000,000

2,601,336

Revenue,

2021

A,

Refunding,

5%,

3/01/33

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

2,000,000

2,596,195

Revenue,

2021

B,

Refunding,

5%,

3/01/29

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

500,000

639,970

Revenue,

2021

B,

Refunding,

5%,

3/01/30

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

600,000

783,173

Revenue,

2021

B,

Refunding,

5%,

3/01/31

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

1,000,000

1,334,048

Revenue,

2021

B,

Refunding,

5%,

3/01/32

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

2,000,000

2,655,716

Revenue,

2021

B,

Refunding,

5%,

3/01/33

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

1,400,000

1,851,049

Oceanside

Unified

School

District

,

GO,

2010

B,

AGMC

Insured,

Zero

Cpn.,

8/01/38

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

10,590,000

7,382,312

GO,

2010

B,

AGMC

Insured,

Zero

Cpn.,

8/01/39

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

7,860,000

5,309,249

GO,

2015,

Refunding,

5%,

8/01/48

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

12,000,000

13,712,729

Ontario

International

Airport

Authority

,

Revenue,

2021

B,

AGMC

Insured,

5%,

5/15/28

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

300,000

371,648

Revenue,

2021

B,

AGMC

Insured,

5%,

5/15/29

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

830,000

1,047,707

Revenue,

2021

B,

AGMC

Insured,

5%,

5/15/30

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

1,315,000

1,693,971

Revenue,

2021

B,

AGMC

Insured,

5%,

5/15/31

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

1,000,000

1,311,208

Revenue,

2021

B,

AGMC

Insured,

5%,

5/15/32

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

2,000,000

2,614,839

Revenue,

2021

B,

AGMC

Insured,

5%,

5/15/33

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

1,000,000

1,300,835

Revenue,

2021

B,

AGMC

Insured,

5%,

5/15/34

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

1,000,000

1,297,377

Ontario

Montclair

School

District

,

GO

,

2017

A

,

5

%

,

8/01/46

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

11,765,000

14,352,480

Orange

County

Sanitation

District

,

Revenue,

2015

A,

Refunding,

5%,

2/01/36

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

8,350,000

9,307,030

Revenue,

2021

A,

Refunding,

5%,

2/01/25

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

10,975,000

12,546,177

Orange

County

Transportation

Authority

,

Revenue,

2021,

4%,

10/15/24

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

40,000,000

43,969,472

Revenue,

2021,

5%,

10/15/24

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

25,000,000

28,171,410

Orange

County

Water

District

,

COP,

2003

B,

NATL

Insured,

ETM,

5%,

8/15/28

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

13,740,000

16,530,279

COP,

2003

B,

Pre-Refunded,

NATL

Insured,

5%,

8/15/34

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

4,140,000

5,704,021

COP,

2003

B,

NATL

Insured,

ETM,

5%,

8/15/34

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

3,305,000

4,391,548

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)

Oxnard

School

District

,

GO

,

C

,

Pre-Refunded

,

BAM

Insured

,

4

%

,

8/01/44

.........

$

10,755,000

$

11,759,350

Palomar

Community

College

District

,

GO,

2010

B,

Zero

Cpn.,

8/01/39

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

69,410,000

91,896,834

GO,

C,

Pre-Refunded,

5%,

8/01/44

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

35,120,000

40,792,386

Palomar

Health

,

GO,

2009

A,

AGMC

Insured,

7%,

8/01/38

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

36,000,000

50,413,201

GO,

2010

A,

6.75%,

8/01/40

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

60,000,000

83,058,312

Palomar

Health

Obligated

Group,

Revenue,

2017,

Refunding,

AGMC

Insured,

5%,

11/01/47

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

35,000,000

42,963,767

Panoche

Financing

Authority

,

Panoche

Water

District,

Revenue,

2021

A,

4%,

9/01/43

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

1,120,000

1,300,562

Panoche

Water

District,

Revenue,

2021

A,

4%,

9/01/51

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

6,070,000

6,959,284

Panoche

Water

District,

Revenue,

2021

B,

0.882%,

3/01/22

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

100,000

100,003

Panoche

Water

District,

Revenue,

2021

B,

0.932%,

9/01/22

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

125,000

124,858

Panoche

Water

District,

Revenue,

2021

B,

1.182%,

9/01/23

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

125,000

124,240

Panoche

Water

District,

Revenue,

2021

B,

1.408%,

9/01/24

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

125,000

123,662

Panoche

Water

District,

Revenue,

2021

B,

1.553%,

9/01/25

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

130,000

127,781

Panoche

Water

District,

Revenue,

2021

B,

2.006%,

9/01/27

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

395,000

385,367

Panoche

Water

District,

Revenue,

2021

B,

2.456%,

9/01/29

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

415,000

406,500

Panoche

Water

District,

Revenue,

2021

B,

2.756%,

9/01/31

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

435,000

428,598

Panoche

Water

District,

Revenue,

2021

B,

3.106%,

9/01/35

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

880,000

884,333

Panoche

Water

District,

Revenue,

2021

B,

3.571%,

9/01/40

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

1,155,000

1,169,933

Paramount

Unified

School

District

,

GO,

2013,

Pre-Refunded,

BAM

Insured,

5%,

8/01/48

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

2,450,000

2,634,301

GO,

2013,

Pre-Refunded,

BAM

Insured,

Zero

Cpn.,

8/01/43

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

32,000,000

8,282,330

GO,

2013,

Pre-Refunded,

BAM

Insured,

Zero

Cpn.,

8/01/48

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

28,000,000

4,871,656

Patterson

Joint

Unified

School

District

,

GO,

2001

A,

NATL

Insured,

Zero

Cpn.,

8/01/22

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

1,900,000

1,894,652

GO,

2001

A,

NATL

Insured,

Zero

Cpn.,

8/01/23

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

1,985,000

1,964,102

GO,

2001

A,

NATL

Insured,

Zero

Cpn.,

8/01/24

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

2,075,000

2,029,984

GO,

2001

A,

NATL

Insured,

Zero

Cpn.,

8/01/25

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

2,170,000

2,091,650

GO,

2001

A,

NATL

Insured,

Zero

Cpn.,

8/01/26

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

2,265,000

2,145,332

Perris

Joint

Powers

Authority

,

Community

Facilities

District

No.

2018-1,

Special

Tax,

2020,

4%,

9/01/50

........

1,125,000

1,260,853

Facilities

District

No.

2007-2,

Special

Tax,

2021,

4%,

9/01/43

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

1,445,000

1,602,610

Facilities

District

No.

2007-2,

Special

Tax,

2021,

4%,

9/01/48

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

1,250,000

1,380,007

Perris

Union

High

School

District

,

COP,

2019,

Refunding,

BAM

Insured,

5%,

10/01/48

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

10,000,000

12,472,090

GO,

2013

A,

Pre-Refunded,

AGMC

Insured,

5%,

9/01/42

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

5,000,000

5,392,311

Pittsburg

Unified

School

District

,

GO

,

2016

,

Refunding

,

4

%

,

8/01/44

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

11,000,000

12,319,909

Placentia-Yorba

Linda

Unified

School

District

,

GO,

2008

D,

Zero

Cpn.,

8/01/43

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

27,955,000

17,649,616

GO,

2008

D,

Zero

Cpn.,

8/01/46

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

89,200,000

48,675,798

GO,

2008

D,

Zero

Cpn.,

8/01/49

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

85,000,000

42,334,020

Port

of

Los

Angeles

,

Revenue

,

2014

B

,

Refunding

,

5

%

,

8/01/44

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

10,300,000

11,389,044

Poway

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation,

2015

A,

Refunding,

5%,

12/15/31

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

10,180,000

13,644,524

Tax

Allocation,

2015

A,

Refunding,

5%,

12/15/32

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

11,215,000

15,349,118

Tax

Allocation,

2015

A,

Refunding,

5%,

6/15/33

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

5,835,000

8,079,645

Poway

Unified

School

District

,

Community

Facilities

District

No.

16,

Special

Tax,

2020,

AGMC

Insured,

4%,

9/01/50

7,500,000

8,733,943

Facilities

Improvement

District

No.

2007-1,

GO,

B,

Zero

Cpn.,

8/01/46

..........

45,000,000

23,061,316

Regents

of

the

University

of

California

,

Medical

Center,

Revenue,

2013

J,

5%,

5/15/48

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

75,000,000

79,552,245

Medical

Center,

Revenue,

2016

L,

Refunding,

5%,

5/15/47

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

49,575,000

58,038,846

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)

Rialto

Unified

School

District

,

GO

,

2011

A

,

AGMC

Insured

,

Zero

Cpn.,

8/01/41

......

$

27,000,000

$

37,061,723

Rio

Hondo

Community

College

District

,

GO

,

2010

C

,

Zero

Cpn.,

8/01/35

..........

10,000,000

7,883,473

Ripon

Unified

School

District

,

GO,

2013

A,

Refunding,

BAM

Insured,

5%,

8/01/42

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

2,315,000

2,480,000

GO,

2013

A,

Pre-Refunded,

BAM

Insured,

5%,

8/01/42

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

705,000

758,197

Riverside

County

Asset

Leasing

Corp.

,

County

of

Riverside,

Revenue,

1997

A,

NATL

Insured,

Zero

Cpn.,

6/01/23

.......

14,160,000

14,044,450

County

of

Riverside,

Revenue,

1997

A,

NATL

Insured,

Zero

Cpn.,

6/01/24

.......

13,005,000

12,766,672

Riverside

County

Transportation

Commission

,

Revenue,

2013

A,

Pre-Refunded,

5.25%,

6/01/39

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

11,000,000

11,782,008

Revenue,

Second

Lien,

2021

C,

Refunding,

4%,

6/01/47

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

6,750,000

7,894,633

RNR

School

Financing

Authority

,

Community

Facilities

District

No.

92-1

,

Special

Tax

,

2015

A

,

Refunding

,

BAM

Insured

,

5

%

,

9/01/36

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

11,145,000

12,800,512

Rocklin

Unified

School

District

,

GO,

2003,

NATL

Insured,

Zero

Cpn.,

8/01/25

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

8,160,000

7,944,148

GO,

2003,

NATL

Insured,

Zero

Cpn.,

8/01/26

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

8,695,000

8,341,231

GO,

2003,

NATL

Insured,

Zero

Cpn.,

8/01/27

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

9,080,000

8,559,711

GO,

2003,

NATL

Insured,

Zero

Cpn.,

8/01/28

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

16,615,000

15,353,290

Community

Facilities

District

No.

3,

Special

Tax,

2019,

BAM

Insured,

4%,

9/15/49

..

11,825,000

13,571,828

Rohnert

Park

Community

Development

Commission

Successor

Agency

,

Tax

Allocation

,

2007

R

,

NATL

Insured

,

ETM,

5

%

,

8/01/37

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

1,380,000

1,444,567

Roseville

Natural

Gas

Financing

Authority

,

Revenue

,

2007

,

5

%

,

2/15/26

..........

5,000,000

5,839,312

Sacramento

City

Unified

School

District

,

GO

,

2017

E

,

4

%

,

5/01/47

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

20,000,000

22,501,964

Sacramento

County

Sanitation

Districts

Financing

Authority

,

Revenue,

2014

A,

Refunding,

5%,

12/01/44

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

25,000,000

27,487,118

Sacramento

Regional

County

Sanitation

District,

Revenue,

2021,

Refunding,

5%,

12/01/29

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

4,100,000

5,376,977

Sacramento

Municipal

Utility

District

,

Revenue,

2019

G,

5%,

8/15/39

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

3,135,000

4,003,291

Revenue,

2019

G,

5%,

8/15/41

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

2,500,000

3,181,639

Revenue,

2021

I,

Refunding,

5%,

8/15/25

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

5,500,000

6,399,135

Revenue,

2021

I,

Refunding,

5%,

8/15/26

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

6,500,000

7,817,789

Revenue,

2021

I,

Refunding,

5%,

8/15/27

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

6,500,000

8,049,527

Revenue,

2021

I,

Refunding,

5%,

8/15/28

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

4,000,000

5,080,436

San

Bernardino

Community

College

District

,

GO

,

2009

B

,

Zero

Cpn.,

8/01/48

......

66,390,000

31,869,258

San

Buenaventura

Public

Facilities

Financing

Authority

,

Revenue,

2014

C,

Pre-Refunded,

5%,

1/01/39

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

8,500,000

9,301,999

Revenue,

2014

C,

Pre-Refunded,

5%,

1/01/44

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

19,395,000

21,224,972

San

Diego

Community

College

District

,

GO

,

2009

B

,

Pre-Refunded

,

6

%

,

8/01/33

....

26,880,000

34,687,809

San

Diego

County

Regional

Airport

Authority

,

Revenue,

2019

A,

Refunding,

5%,

7/01/44

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

9,000,000

11,159,150

Revenue,

2019

A,

Refunding,

5%,

7/01/49

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

5,000,000

6,165,708

Revenue,

2019

B,

Refunding,

4%,

7/01/44

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

3,000,000

3,433,385

Revenue,

2019

B,

Refunding,

5%,

7/01/49

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

5,000,000

6,114,485

Special

Facilities,

Revenue,

2014

A,

5%,

7/01/44

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

5,645,000

6,224,824

San

Diego

County

Regional

Transportation

Commission

,

Revenue,

2014

A,

Pre-Refunded,

5%,

4/01/44

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

54,915,000

60,689,367

Revenue,

2014

A,

Pre-Refunded,

5%,

4/01/48

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

20,000,000

22,103,020

Revenue,

2016

A,

5%,

4/01/48

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

25,000,000

29,161,333

San

Diego

County

Water

Authority

,

Revenue,

2021

A,

Refunding,

5%,

5/01/29

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

2,335,000

3,028,549

Revenue,

Sub.

Lien,

2021

S-1,

Refunding,

5%,

5/01/28

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

44,020,000

55,482,152

San

Diego

Unified

School

District

,

GO,

1999

A,

NATL

Insured,

Zero

Cpn.,

7/01/22

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

8,440,000

8,433,588

GO,

1999

A,

NATL

Insured,

Zero

Cpn.,

7/01/23

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

11,120,000

11,073,208

GO,

2009-1,

Pre-Refunded,

6%,

7/01/33

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

104,505,000

119,206,314

Franklin

California

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments

18

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

San

Diego

Unified

School

District,

(continued)

GO,

2010

C,

Zero

Cpn.,

7/01/48

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

$

29,840,000

$

35,239,163

GO,

2012

E,

Zero

Cpn.,

7/01/47

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

74,270,000

77,442,027

GO,

2019

L,

4%,

7/01/49

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

30,000

35,306

GO,

F,

5%,

7/01/40

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

69,510,000

79,717,933

GO,

F,

5%,

7/01/45

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

34,370,000

39,289,399

GO,

R-2,

Refunding,

Zero

Cpn.,

7/01/40

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

79,760,000

97,083,729

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

,

Revenue,

2016

B,

5%,

5/01/46

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

28,040,000

32,531,559

Revenue,

2019

A,

Refunding,

5%,

5/01/49

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

25,000,000

30,609,555

Revenue,

Second

Series,

2014

B,

5%,

5/01/44

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

31,000,000

34,059,108

Revenue,

Second

Series,

2017

A,

5%,

5/01/42

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

20,910,000

24,843,303

Revenue,

Second

Series,

2017

A,

5%,

5/01/47

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

49,090,000

58,231,181

Revenue,

Second

Series,

2017

B,

5%,

5/01/47

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

70,725,000

84,982,722

Revenue,

Second

Series,

2018,

5.25%,

5/01/48

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

120,000,000

146,788,476

Revenue,

Second

Series,

2018

D,

5%,

5/01/48

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

117,910,000

142,461,562

Revenue,

Second

Series,

2018

E,

5%,

5/01/48

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

44,650,000

54,792,734

Revenue,

Second

Series,

2019

E,

5%,

5/01/50

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

6,500,000

7,957,536

Revenue,

Second

Series,

2021

A,

Refunding,

5%,

5/01/34

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

14,000,000

18,290,215

Revenue,

Second

Series,

2021

A,

Refunding,

5%,

5/01/35

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

5,000,000

6,519,803

San

Francisco

City

&

County

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation,

Third

Lien

,

2017

B

,

AGMC

Insured

,

5

%

,

8/01/46

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

10,000,000

12,055,823

San

Gabriel

Unified

School

District

,

GO,

2002

A,

AGMC

Insured,

Zero

Cpn.,

8/01/26

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

3,530,000

3,386,376

GO,

2002

A,

AGMC

Insured,

Zero

Cpn.,

2/01/27

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

1,850,000

1,759,867

San

Joaquin

Hills

Transportation

Corridor

Agency

,

Revenue,

1997

A,

Refunding,

5.9%,

1/15/38

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

106,465,000

152,825,238

Revenue,

1997

A,

Refunding,

5.95%,

1/15/40

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

142,645,000

206,252,916

Revenue,

1997

A,

Refunding,

6%,

1/15/43

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

161,250,000

238,789,078

Revenue,

1997

A,

Refunding,

6%,

1/15/45

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

143,336,000

214,701,303

Revenue,

1997

A,

Refunding,

6%,

1/15/46

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

143,336,000

216,304,344

Revenue,

1997

A,

Refunding,

NATL

Insured,

Zero

Cpn.,

1/15/26

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

13,155,000

12,702,521

Revenue,

Senior

Lien,

1993,

ETM,

Zero

Cpn.,

1/01/25

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

5,700,000

5,634,127

Revenue,

Senior

Lien,

1993,

ETM,

Zero

Cpn.,

1/01/28

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

33,545,000

31,532,941

Revenue,

Senior

Lien,

1993,

ETM,

Zero

Cpn.,

1/01/29

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

37,050,000

34,320,608

Revenue,

Senior

Lien,

2014

A,

Pre-Refunded,

5%,

1/15/50

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

230,000,000

262,295,243

Revenue,

Senior

Lien,

2021

A,

Refunding,

4%,

1/15/44

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

123,148,000

145,794,843

Revenue,

Senior

Lien,

2021

A,

Refunding,

4%,

1/15/50

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

199,373,000

233,129,919

San

Jose

Unified

School

District

,

COP,

2002,

AGMC

Insured,

ETM,

Zero

Cpn.,

1/01/27

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

7,105,000

6,769,687

COP,

2002,

AGMC

Insured,

ETM,

Zero

Cpn.,

1/01/29

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

7,105,000

6,514,230

San

Juan

Unified

School

District

,

GO,

2003

B,

NATL

Insured,

Zero

Cpn.,

8/01/26

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

15,825,000

14,161,444

GO,

2003

B,

NATL

Insured,

Zero

Cpn.,

8/01/27

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

18,605,000

17,616,922

GO,

2003

B,

NATL

Insured,

Zero

Cpn.,

8/01/28

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

19,470,000

18,062,187

San

Luis

Obispo

County

Financing

Authority

,

Revenue

,

2015

A

,

Refunding

,

BAM

Insured

,

5

%

,

9/01/37

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

10,000,000

11,464,247

San

Marcos

Public

Financing

Authority

,

Revenue

,

1994

A

,

ETM,

6.25

%

,

9/02/22

....

15,000,000

15,593,349

San

Marino

Unified

School

District

,

GO

,

2000

A

,

NATL

Insured

,

Zero

Cpn.,

7/01/25

..

6,080,000

5,904,136

San

Mateo

Foster

City

Public

Financing

Authority

,

City

of

San

Mateo,

Revenue,

2021

B,

5%,

8/01/25

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

30,000,000

34,822,215

City

of

San

Mateo

Sewer,

Revenue,

2019,

5%,

8/01/49

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

29,000,000

36,822,881

Estero

Municipal

Improvement

District,

Revenue,

2021

A,

5%,

8/01/25

..........

14,235,000

16,523,141

San

Mateo

Union

High

School

District

,

COP,

2007,

Pre-Refunded,

AMBAC

Insured,

5%,

12/15/43

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

11,535,000

13,070,303

GO,

2002

B,

NATL

Insured,

Zero

Cpn.,

9/01/22

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

5,000,000

4,994,835

Franklin

California

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

See

Notes

to

Statement

of

Investments

Quarterly

Statement

of

Investments

19

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

San

Rafael

City

High

School

District

,

GO

,

2018

B

,

4

%

,

8/01/47

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

$

17,060,000

$

19,683,318

Sanger

Public

Financing

Authority

,

Revenue,

2013,

AGMC

Insured,

5%,

6/15/35

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

2,360,000

2,507,706

Revenue,

2013,

AGMC

Insured,

5%,

6/15/43

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

6,155,000

6,533,770

Sanger

Unified

School

District

,

GO

,

A

,

BAM

Insured

,

4

%

,

8/01/41

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

10,000,000

11,317,012

Santa

Ana

Unified

School

District

,

COP

,

1999

,

AGMC

Insured

,

Zero

Cpn.,

4/01/24

...

8,295,000

7,738,928

Santa

Cruz

County

Redevelopment

Successor

Agency

,

Tax

Allocation

,

2015

A

,

Refunding

,

AGMC

Insured

,

5

%

,

9/01/35

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

20,000,000

23,045,036

Santa

Maria

Joint

Union

High

School

District

,

GO

,

2014

,

Pre-Refunded

,

4

%

,

8/01/37

.

14,230,000

15,558,861

Santa

Paula

Utility

Authority

,

Revenue,

2015

A,

Pre-Refunded,

5%,

2/01/45

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

16,495,000

18,833,477

Revenue,

2015

A,

Pre-Refunded,

5%,

2/01/50

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

21,050,000

24,034,233

Santaluz

Community

Facilities

District

No.

2

,

City

of

San

Diego

Community

Facilities

District

No.

2,

Special

Tax,

2021,

Refunding,

4%,

9/01/25

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

470,000

528,095

City

of

San

Diego

Community

Facilities

District

No.

2,

Special

Tax,

2021,

Refunding,

4%,

9/01/26

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

490,000

563,271

City

of

San

Diego

Community

Facilities

District

No.

2,

Special

Tax,

2021,

Refunding,

4%,

9/01/27

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

635,000

744,041

City

of

San

Diego

Community

Facilities

District

No.

2,

Special

Tax,

2021,

Refunding,

4%,

9/01/28

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

880,000

1,050,055

City

of

San

Diego

Community

Facilities

District

No.

2,

Special

Tax,

2021,

Refunding,

4%,

9/01/29

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

690,000

837,615

City

of

San

Diego

Community

Facilities

District

No.

2,

Special

Tax,

2021,

Refunding,

4%,

9/01/30

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

430,000

530,475

School

Facilities

Financing

Authority

,

Twin

Rivers

Unified

School

District

,

Revenue

,

A

,

AGMC

Insured

,

Zero

Cpn.,

8/01/42

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

49,000,000

28,087,285

Semitropic

Improvement

District

of

the

Semitropic

Water

Storage

District

,

Revenue,

Second

Lien

,

2015

A

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/45

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

10,000,000

11,543,094

Southern

California

Public

Power

Authority

,

Revenue

,

2007

A

,

5

%

,

11/01/33

.......

17,500,000

23,644,873

Southern

Mono

Health

Care

District

,

GO,

A,

NATL

Insured,

Zero

Cpn.,

8/01/28

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

2,340,000

2,094,237

GO,

A,

NATL

Insured,

Zero

Cpn.,

8/01/29

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

2,440,000

2,125,135

GO,

A,

NATL

Insured,

Zero

Cpn.,

8/01/30

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

2,550,000

2,159,083

GO,

A,

NATL

Insured,

Zero

Cpn.,

8/01/31

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

2,660,000

2,187,061

Southwestern

Community

College

District

,

GO

,

D

,

Pre-Refunded

,

5

%

,

8/01/44

.....

10,000,000

11,630,643

State

of

California

,

GO,

5%,

10/01/22

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

18,500,000

19,169,976

GO,

Refunding,

4%,

10/01/23

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

31,000,000

33,011,299

GO,

5%,

10/01/23

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

20,000,000

21,644,902

GO,

6%,

5/01/24

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

1,920,000

1,957,024

GO,

NATL

Insured,

6%,

8/01/24

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

745,000

748,300

GO,

5.625%,

9/01/24

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

255,000

257,231

GO,

Refunding,

4%,

10/01/24

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

17,340,000

19,056,492

GO,

5%,

10/01/24

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

7,000,000

7,883,702

GO,

AMBAC

Insured,

5.9%,

3/01/25

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

140,000

141,286

GO,

Refunding,

5%,

9/01/26

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

25,000,000

30,059,412

GO,

Refunding,

5%,

10/01/27

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

10,000,000

12,401,215

GO,

Refunding,

5%,

11/01/28

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

10,000,000

12,753,325

GO,

Refunding,

5%,

12/01/28

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

24,000,000

30,670,644

GO,

Refunding,

5%,

9/01/29

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

4,000,000

5,189,862

GO,

Refunding,

5%,

11/01/29

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

17,000,000

22,135,316

GO,

Refunding,

5%,

12/01/29

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

3,015,000

3,932,637

GO,

Refunding,

5%,

9/01/30

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

4,000,000

5,325,383

GO,

Refunding,

5%,

12/01/30

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

4,000,000

5,342,757

GO,

Refunding,

5%,

4/01/31

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

10,295,000

13,877,586

GO,

Refunding,

5%,

3/01/33

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

5,000,000

6,525,052

Franklin

California

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments

20

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

State

of

California,

(continued)

GO,

5%,

12/01/34

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

$

34,235,000

$

45,372,820

GO,

Refunding,

5%,

3/01/35

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

51,980,000

67,508,365

GO,

5%,

12/01/35

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

9,745,000

12,898,387

GO,

Refunding,

4%,

3/01/36

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

10,000,000

12,052,631

GO,

5%,

12/01/36

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

16,560,000

21,851,784

GO,

5%,

10/01/39

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

15,000,000

17,558,166

GO,

5%,

4/01/43

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

44,745,000

47,244,187

GO,

5%,

10/01/44

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

25,000,000

27,843,145

GO,

5%,

8/01/45

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

22,500,000

25,668,691

GO,

5%,

8/01/46

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

20,000,000

23,558,866

GO,

5%,

10/01/47

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

81,000,000

94,335,872

GO,

5%,

4/01/49

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

5,000,000

6,256,664

GO,

1996,

Pre-Refunded,

FGIC

Insured,

5.375%,

6/01/26

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

1,335,000

1,363,839

GO,

1997,

NATL,

FGIC

Insured,

5.625%,

10/01/26

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

5,005,000

5,071,795

GO,

2004,

5.125%,

4/01/24

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

5,000

5,019

GO,

2004,

5.2%,

4/01/26

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

20,000

20,077

GO,

2012,

5%,

4/01/42

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

85,000,000

85,951,371

GO,

2017,

5%,

11/01/47

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

10,000,000

12,223,863

Department

of

Water

Resources,

Revenue,

BD,

5%,

12/01/25

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

3,000,000

3,527,336

Department

of

Water

Resources,

Revenue,

BD,

5%,

12/01/26

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

3,250,000

3,950,000

Department

of

Water

Resources,

Revenue,

BD,

5%,

12/01/27

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

8,240,000

10,301,084

Department

of

Water

Resources,

Revenue,

BD,

5%,

12/01/28

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

4,650,000

5,964,002

Department

of

Water

Resources,

Revenue,

BD,

5%,

12/01/29

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

6,665,000

8,758,691

Department

of

Water

Resources,

Revenue,

BD,

5%,

12/01/30

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

9,075,000

12,222,037

State

of

California

Department

of

Water

Resources

,

Revenue,

BB,

Refunding,

5%,

12/01/32

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

17,110,000

22,985,064

Revenue,

BB,

Refunding,

5%,

12/01/35

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

3,100,000

4,140,258

Sulphur

Springs

Union

School

District

,

COP,

2010,

AGMC

Insured,

6.5%,

12/01/37

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

6,175,000

7,498,171

COP,

2010,

Pre-Refunded,

AGMC

Insured,

6.5%,

12/01/37

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

5,215,000

6,394,043

COP,

2010,

AGMC

Insured,

ETM,

6.5%,

12/01/37

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

1,275,000

1,403,071

Temescal

Valley

Water

District

,

Community

Facilities

District

No.

4

Terramor

Improvement

Area

No.

2,

Special

Tax,

2021,

4%,

9/01/36

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

930,000

1,066,933

Community

Facilities

District

No.

4

Terramor

Improvement

Area

No.

2,

Special

Tax,

2021,

4%,

9/01/41

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

785,000

896,296

Community

Facilities

District

No.

4

Terramor

Improvement

Area

No.

2,

Special

Tax,

2021,

4%,

9/01/46

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

1,040,000

1,178,196

Community

Facilities

District

No.

4

Terramor

Improvement

Area

No.

2,

Special

Tax,

2021,

4%,

9/01/51

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

930,000

1,051,056

Temple

City

Unified

School

District

,

GO

,

A

,

Pre-Refunded

,

5

%

,

8/01/43

...........

10,000,000

10,752,251

Three

Rivers

Levee

Improvement

Authority

,

Special

Tax,

2021

A,

Refunding,

3%,

9/01/22

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

105,000

106,564

Special

Tax,

2021

A,

Refunding,

3%,

9/01/23

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

220,000

227,648

Special

Tax,

2021

A,

Refunding,

3%,

9/01/24

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

245,000

257,090

Special

Tax,

2021

A,

Refunding,

4%,

9/01/25

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

280,000

307,762

Special

Tax,

2021

A,

Refunding,

4%,

9/01/36

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

1,080,000

1,245,638

Special

Tax,

2021

A,

Refunding,

4%,

9/01/41

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

2,840,000

3,267,687

Special

Tax,

2021

A,

Refunding,

4%,

9/01/46

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

2,700,000

3,082,368

Special

Tax,

2021

A,

Refunding,

4%,

9/01/51

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

5,065,000

5,741,226

Tobacco

Securitization

Authority

of

Northern

California

,

Sacramento

County

Tobacco

Securitization

Corp.,

Revenue,

Senior

Lien,

2021

A,

1,

Refunding,

5%,

6/01/29

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

1,500,000

1,905,312

Sacramento

County

Tobacco

Securitization

Corp.,

Revenue,

Senior

Lien,

2021

A,

1,

Refunding,

5%,

6/01/31

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

1,290,000

1,675,029

Franklin

California

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

See

Notes

to

Statement

of

Investments

Quarterly

Statement

of

Investments

21

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Tobacco

Securitization

Authority

of

Northern

California,

(continued)

Sacramento

County

Tobacco

Securitization

Corp.,

Revenue,

Senior

Lien,

2021

A,

1,

Refunding,

5%,

6/01/33

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

$

1,520,000

$

1,961,343

Sacramento

County

Tobacco

Securitization

Corp.,

Revenue,

Senior

Lien,

2021

A,

1,

Refunding,

4%,

6/01/35

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

1,020,000

1,224,643

Sacramento

County

Tobacco

Securitization

Corp.,

Revenue,

Senior

Lien,

2021

A,

1,

Refunding,

4%,

6/01/49

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

5,500,000

6,402,873

Sacramento

County

Tobacco

Securitization

Corp.,

Revenue,

Senior

Lien,

2021

B,

2,

Refunding,

4%,

6/01/49

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

2,500,000

2,844,714

Town

of

Tiburon

,

Assessment

District

No.

2017-1,

1915

Act,

Special

Assessment,

2021

A,

2.375%,

9/02/41

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

550,000

551,339

Assessment

District

No.

2017-1,

1915

Act,

Special

Assessment,

2021

A,

2.5%,

9/02/51

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

1,250,000

1,242,318

Tracy

Community

Facilities

District

,

City

of

Tracy

Community

Facilities

District

No.

2016-02,

Special

Tax,

2021,

3%,

9/01/24

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

100,000

104,774

City

of

Tracy

Community

Facilities

District

No.

2016-02,

Special

Tax,

2021,

4%,

9/01/25

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

115,000

126,056

City

of

Tracy

Community

Facilities

District

No.

2016-02,

Special

Tax,

2021,

4%,

9/01/28

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

120,000

136,790

City

of

Tracy

Community

Facilities

District

No.

2016-02,

Special

Tax,

2021,

4%,

9/01/30

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

110,000

126,944

City

of

Tracy

Community

Facilities

District

No.

2016-02,

Special

Tax,

2021,

4%,

9/01/36

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

430,000

495,361

City

of

Tracy

Community

Facilities

District

No.

2016-02,

Special

Tax,

2021,

4%,

9/01/41

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

665,000

763,788

City

of

Tracy

Community

Facilities

District

No.

2016-02,

Special

Tax,

2021,

4%,

9/01/46

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

885,000

1,010,929

City

of

Tracy

Community

Facilities

District

No.

2016-02,

Special

Tax,

2021,

4%,

9/01/51

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

2,210,000

2,513,952

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

13,038,787

Transbay

Redevelopment

Project

Tax

Increment

Re-Development

Project,

Tax

Allocation,

Senior

Lien,

2020

A,

5%,

10/01/49

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

7,985,000

9,964,599

Tulare

County

Board

of

Education

,

COP,

Pre-Refunded,

BAM

Insured,

5.375%,

5/01/33

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

3,185,000

3,401,553

COP,

Pre-Refunded,

BAM

Insured,

5.5%,

5/01/38

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

8,305,000

8,883,393

COP,

Pre-Refunded,

BAM

Insured,

5.5%,

5/01/43

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

10,855,000

11,610,986

Turlock

Irrigation

District

,

Revenue,

2020,

Refunding,

5%,

1/01/37

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

2,090,000

2,686,989

Revenue,

2020,

Refunding,

5%,

1/01/38

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

940,000

1,206,573

Revenue,

2020,

Refunding,

5%,

1/01/39

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

2,250,000

2,882,944

Revenue,

2020,

Refunding,

5%,

1/01/41

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

3,500,000

4,468,811

Union

Elementary

School

District

,

GO,

1999

A,

NATL

Insured,

Zero

Cpn.,

9/01/24

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

2,000,000

1,965,239

GO,

2001

B,

NATL

Insured,

Zero

Cpn.,

9/01/25

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

5,500,000

5,333,858

GO,

2001

B,

NATL

Insured,

Zero

Cpn.,

9/01/26

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

5,850,000

5,584,607

University

of

California

,

Revenue,

2015

I,

Refunding,

5%,

5/15/40

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

22,990,000

26,230,376

Revenue,

2015

I,

Refunding,

5%,

5/15/50

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

25,420,000

28,857,412

Revenue,

2016

AR,

Refunding,

5%,

5/15/41

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

13,760,000

16,222,488

Revenue,

2016

K,

4%,

5/15/46

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

19,850,000

22,126,249

Revenue,

2017

M,

5%,

5/15/37

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

15,410,000

18,689,306

Revenue,

2018

AZ,

Refunding,

5%,

5/15/48

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

72,325,000

89,000,838

Revenue,

2018

O,

Refunding,

5%,

5/15/39

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

14,400,000

17,827,569

Franklin

California

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments

22

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

University

of

California,

(continued)

Revenue,

2018

O,

Refunding,

5%,

5/15/43

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

$

30,120,000

$

37,085,190

Revenue,

2018

O,

Refunding,

5%,

5/15/48

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

20,000,000

24,556,370

Revenue,

2018

O,

Refunding,

5%,

5/15/58

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

10,000,000

12,253,038

Upland

Community

Facilities

District

,

City

of

Upland

Community

Facilities

District

No.

2016-1,

Special

Tax,

2021

A,

4%,

9/01/40

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

260,000

298,988

City

of

Upland

Community

Facilities

District

No.

2016-1,

Special

Tax,

2021

A,

4%,

9/01/45

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

165,000

187,839

City

of

Upland

Community

Facilities

District

No.

2016-1,

Special

Tax,

2021

A,

4%,

9/01/51

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

260,000

294,744

Upland

Unified

School

District

,

GO

,

2011

C

,

Zero

Cpn.,

8/01/45

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

62,900,000

32,577,759

Vacaville

Unified

School

District

,

GO

,

D

,

4

%

,

8/01/45

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

2,000,000

2,341,615

Val

Verde

Unified

School

District

,

GO,

2010

B,

AGMC

Insured,

Zero

Cpn.,

8/01/34

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

1,000,000

1,362,591

GO,

2015

B,

Pre-Refunded,

BAM

Insured,

5%,

8/01/44

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

15,000,000

17,416,911

GO,

2020

A,

BAM

Insured,

4%,

8/01/46

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

1,450,000

1,667,436

Vallejo

Public

Financing

Authority

,

Vallejo

CA-Hiddenbrooke

Improvement

District

No.

1

,

Revenue

,

2004

A

,

5.8

%

,

9/01/31

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

3,370,000

3,388,645

Vista

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation

,

2015

B-1

,

Refunding

,

AGMC

Insured

,

5

%

,

9/01/37

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

3,020,000

3,478,093

Vista

Unified

School

District

,

GO,

2002

A,

AGMC

Insured,

Zero

Cpn.,

8/01/26

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

7,150,000

6,840,376

GO,

2002

A,

AGMC

Insured,

Zero

Cpn.,

2/01/27

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

4,795,000

4,538,413

Washington

Township

Health

Care

District

,

GO

,

2015

B

,

5

%

,

8/01/45

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

15,000,000

16,999,225

West

Basin

Municipal

Water

District

,

Revenue,

2021

A,

Refunding,

5%,

8/01/23

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

2,170,000

2,333,238

Revenue,

2021

A,

Refunding,

5%,

8/01/24

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

1,100,000

1,231,498

Revenue,

2021

A,

Refunding,

5%,

8/01/25

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

1,365,000

1,585,996

Revenue,

2021

A,

Refunding,

5%,

8/01/26

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

1,000,000

1,203,787

West

Sacramento

Area

Flood

Control

Agency

,

Special

Assessment,

2015,

AGMC

Insured,

5%,

9/01/40

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

3,000,000

3,436,940

Special

Assessment,

2015,

AGMC

Insured,

5%,

9/01/45

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

7,500,000

8,592,349

West

Sacramento

Financing

Authority

,

Special

Tax

,

A

,

AGMC

Insured

,

5

%

,

9/01/34

..

4,940,000

6,596,222

16,212,229,925

Wisconsin

0.7%

b

Public

Finance

Authority

,

Affordable

Housing

Preservation

Corp.

(The)

,

Revenue

,

144A,

2021

,

5.25

%

,

12/01/22

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

112,100,000

111,996,823

U.S.

Territories

0.8%

Guam

0.2%

Antonio

B

Won

Pat

International

Airport

Authority

,

Revenue,

2021

A,

Refunding,

2.499%,

10/01/25

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

1,480,000

1,481,373

Revenue,

2021

A,

Refunding,

2.699%,

10/01/26

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

2,445,000

2,444,986

Revenue,

2021

A,

Refunding,

2.899%,

10/01/27

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

1,325,000

1,327,106

Revenue,

2021

A,

Refunding,

3.099%,

10/01/28

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

2,375,000

2,389,152

Revenue,

2021

A,

Refunding,

3.189%,

10/01/29

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

3,560,000

3,577,434

Revenue,

2021

A,

Refunding,

3.339%,

10/01/30

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

2,400,000

2,427,248

Revenue,

2021

A,

Refunding,

3.489%,

10/01/31

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

2,155,000

2,195,261

Revenue,

2021

A,

Refunding,

3.839%,

10/01/36

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

9,650,000

9,906,388

Revenue,

2021

A,

Refunding,

4.46%,

10/01/43

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

2,400,000

2,499,323

28,248,271

Puerto

Rico

0.6%

Children's

Trust

Fund

,

Revenue,

5.5%,

5/15/39

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

6,210,000

6,364,543

Franklin

California

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

See

Notes

to

Statement

of

Investments

Quarterly

Statement

of

Investments

23

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

Children’s

Trust

Fund,

(continued)

Revenue,

2002,

5.625%,

5/15/43

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

$

16,000,000

$

16,087,464

d

Puerto

Rico

Electric

Power

Authority

,

Revenue,

2012

A

RSA-1

2012

A,

5%,

7/01/29

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

20,000,000

19,975,000

Revenue,

2012

A

RSA-1

2013

A,

7%,

7/01/33

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

50,000,000

51,437,500

Revenue,

WW-RSA-1,

5%,

7/01/28

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

12,030,000

12,014,963

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

AES

Puerto

Rico

LP

,

Revenue

,

2000

A

,

6.625

%

,

6/01/26

.....

5,800,000

6,003,000

111,882,470

Total

U.S.

Territories

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

140,130,741

Total

Municipal

Bonds

(Cost

$14,190,101,955)

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

16,464,357,489

a

a

a

a

Short

Term

Investments

3.1%

Municipal

Bonds

3.1%

California

3.1%

e

California

Health

Facilities

Financing

Authority

,

Adventist

Health

System/West

Obligated

Group

,

Revenue

,

2009

B

,

LOC

US

Bank

NA

,

Daily

VRDN

and

Put

,

0.05

%

,

9/01/38

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

12,150,000

12,150,000

e

California

Statewide

Communities

Development

Authority

,

Rady

Children's

Hospital

Obligated

Group

,

Revenue

,

2008

B

,

LOC

Wells

Fargo

Bank

NA

,

Daily

VRDN

and

Put

,

0.07

%

,

8/15/47

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

28,435,000

28,435,000

e

Eastern

Municipal

Water

District

,

Revenue

,

2018

A

,

Refunding

,

SPA

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

0.06

%

,

7/01/46

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

10,500,000

10,500,000

e

Irvine

Ranch

Water

District

,

Special

Assessment

,

2009

B

,

LOC

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

0.04

%

,

10/01/41

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

39,165,000

39,165,000

e

Los

Angeles

Department

of

Water

&

Power

,

Power

System

,

Revenue

,

2001

B-6

,

Refunding

,

SPA

Barclays

Bank

plc

,

Daily

VRDN

and

Put

,

0.06

%

,

7/01/34

........

10,300,000

10,300,000

e

Metropolitan

Water

District

of

Southern

California

,

Revenue,

2016

B-1,

Refunding,

SPA

TD

Bank

NA,

Daily

VRDN

and

Put,

0.06%,

7/01/37

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

100,000

100,000

Revenue,

2018

A-1,

Refunding,

SPA

TD

Bank

NA,

Daily

VRDN

and

Put,

0.06%,

7/01/37

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

6,575,000

6,575,000

e

Orange

County

Water

District

,

COP

,

2003

A

,

LOC

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

0.06

%

,

8/01/42

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

25,000,000

25,000,000

e

Santa

Clara

Valley

Transportation

Authority

,

2000

Measure

A

Sales

Tax,

Revenue,

2008

C,

Refunding,

SPA

TD

Bank

NA,

Daily

VRDN

and

Put,

0.06%,

4/01/36

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

31,610,000

31,610,000

2000

Measure

A

Sales

Tax,

Revenue,

2008

D,

Refunding,

SPA

TD

Bank

NA,

Daily

VRDN

and

Put,

0.06%,

4/01/36

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

28,895,000

28,895,000

e

Southern

California

Public

Power

Authority

,

Revenue

,

2020-3

,

Refunding

,

LOC

US

Bank

NA

,

Daily

VRDN

and

Put

,

0.05

%

,

7/01/36

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

73,860,000

73,860,000

e

State

of

California

,

GO,

2003

C-4,

LOC

US

Bank

NA,

Daily

VRDN

and

Put,

0.07%,

5/01/33

.........

27,700,000

27,700,000

GO,

2004

A-2,

LOC

State

Street

Bank

&

Trust

Co.,

Daily

VRDN

and

Put,

0.06%,

5/01/34

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

16,730,000

16,730,000

e

University

of

California

,

Revenue,

2013

AL-1,

Daily

VRDN

and

Put,

0.04%,

5/15/48

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

95,530,000

95,530,000

Revenue,

2013

AL-2,

Refunding,

Daily

VRDN

and

Put,

0.06%,

5/15/48

..........

25,000,000

25,000,000

Revenue,

2013

AL-3,

Refunding,

Daily

VRDN

and

Put,

0.05%,

5/15/48

..........

49,270,000

49,270,000

Franklin

California

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments

24

See

Abbreviations

on

page

26

.

Short

Term

Investments

(continued)

a

a

Principal

Amount

a

Value

Municipal

Bonds

(continued)

California

(continued)

e

University

of

California,

(continued)

Revenue,

2013

AL-4,

Refunding,

Daily

VRDN

and

Put,

0.05%,

5/15/48

..........

$

59,735,000

$

59,735,000

540,555,000

Total

Municipal

Bonds

(Cost

$540,555,000)

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

540,555,000

Total

Short

Term

Investments

(Cost

$540,555,000

)

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

540,555,000

a

Total

Investments

(Cost

$14,730,656,955)

98.9%

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

$17,004,912,489

Other

Assets,

less

Liabilities

1.1%

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

188,109,763

Net

Assets

100.0%

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

$17,193,022,252

a

The

maturity

date

shown

represents

the

mandatory

put

date.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

December

31,

2021,

the

aggregate

value

of

these

securities

was

$1,023,975,742,

representing

6.0%

of

net

assets.

c

Security

purchased

on

a

when-issued

basis.

d

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

e

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

California

Tax-Free

Income

Fund

25

Quarterly

Statement

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)

26

Quarterly

Statement

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,

2021,

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

1915

Act

Improvement

Bond

Act

of

1915

ABAG

Association

of

Bay

Area

Governments

AGMC

Assured

Guaranty

Municipal

Corp.

AMBAC

American

Municipal

Bond

Assurance

Corp.

BAM

Build

America

Mutual

Assurance

Co.

COP

Certificate

of

Participation

ETM

Escrow

to

Maturity

FGIC

Financial

Guaranty

Insurance

Co.

FHA

Federal

Housing

Administration

FHLMC

Federal

Home

Loan

Mortgage

Corp.

GNMA

Government

National

Mortgage

Association

GO

General

Obligation

LOC

Letter

of

Credit

NATL

National

Reinsurance

Corp.

SPA

Standby

Purchase

Agreement

For

additional

information

on

the

Fund's

significant

accounting

policies,

please

refer

to

the Fund's

most

recent

semiannual

or

annual

shareholder

report.