Franklin California Tax Free Income Fund NPORT-P Franklin California Tax-Free Income Fund (Nov 2022 report)

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

1112-Q3PH

1

Schedule

of

Investments

(unaudited)

Franklin

California

Tax–Free

Income

Fund

2

Notes

to

Schedule

of

Investments

26

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited),

November

30,

2022

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

2

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

98.8%

California

95.7%

ABAG

Finance

Authority

for

Nonprofit

Corp.

,

Eskaton

Properties,

Inc.

Obligated

Group

,

Revenue

,

2013

,

Refunding

,

5

%

,

11/15/35

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

$

10,000,000

$

9,868,505

Alameda

Corridor

Transportation

Authority

,

Revenue,

2022

C,

Refunding,

AGMC

Insured,

5%,

10/01/52

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

28,000,000

29,451,873

Revenue,

Sub.

Lien,

2004

A,

Refunding,

AMBAC

Insured,

Zero

Cpn.,

10/01/29

....

20,000,000

15,780,428

Revenue,

Sub.

Lien,

2004

A,

Refunding,

AMBAC

Insured,

Zero

Cpn.,

10/01/30

....

41,665,000

31,533,868

Alameda

Unified

School

District

,

GO

,

2015

A

,

5

%

,

8/01/39

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

18,000,000

18,837,886

Alhambra

City

Elementary

School

District

,

Alhambra

Unified

School

District

,

GO

,

2004

B

,

NATL

Insured

,

Zero

Cpn.,

9/01/27

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

3,035,000

2,597,035

Alisal

Union

School

District

,

GO,

2009

B,

AGMC

Insured,

Zero

Cpn.,

8/01/32

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

3,355,000

2,371,622

GO,

2009

B,

AGMC

Insured,

Zero

Cpn.,

8/01/33

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

3,610,000

2,433,789

GO,

2009

B,

AGMC

Insured,

Zero

Cpn.,

2/01/34

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

3,345,000

2,208,571

Alta

Loma

School

District

,

GO

,

2019

B

,

5

%

,

8/01/44

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

7,375,000

7,866,541

Alvord

Unified

School

District

,

GO,

2011

B,

AGMC

Insured,

Zero

Cpn.,

8/01/36

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

15,000,000

8,252,370

GO,

2011

B,

AGMC

Insured,

Zero

Cpn.,

8/01/46

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

42,500,000

44,917,370

GO,

A,

Pre-Refunded,

AGMC

Insured,

5%,

8/01/42

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

34,690,000

35,278,308

Anaheim

Housing

&

Public

Improvements

Authority

,

City

of

Anaheim

Electric

System,

Revenue,

2022

A,

Refunding,

5%,

10/01/52

.....

8,040,000

8,456,097

City

of

Anaheim

Water

System,

Revenue,

2022

A,

5%,

10/01/52

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

8,345,000

8,795,710

Anaheim

Public

Financing

Authority

,

City

of

Anaheim,

Revenue,

1997

C,

AGMC

Insured,

Zero

Cpn.,

9/01/24

.........

26,855,000

25,450,489

City

of

Anaheim,

Revenue,

1997

C,

AGMC

Insured,

Zero

Cpn.,

9/01/26

.........

29,430,000

26,017,312

City

of

Anaheim,

Revenue,

1997

C,

AGMC

Insured,

Zero

Cpn.,

9/01/27

.........

22,860,000

19,470,081

City

of

Anaheim,

Revenue,

1997

C,

AGMC

Insured,

Zero

Cpn.,

9/01/28

.........

14,425,000

11,814,322

City

of

Anaheim,

Revenue,

1997

C,

AGMC

Insured,

Zero

Cpn.,

9/01/29

.........

24,810,000

19,542,830

City

of

Anaheim,

Revenue,

1997

C,

AGMC

Insured,

Zero

Cpn.,

9/01/32

.........

13,665,000

9,409,268

City

of

Anaheim,

Revenue,

1997

C,

AGMC

Insured,

Zero

Cpn.,

9/01/33

.........

37,070,000

24,251,887

City

of

Anaheim,

Revenue,

1997

C,

AGMC

Insured,

Zero

Cpn.,

9/01/34

.........

24,970,000

15,506,240

City

of

Anaheim,

Revenue,

1997

C,

AGMC

Insured,

ETM,

Zero

Cpn.,

3/01/37

.....

15,080,000

9,018,966

Anaheim

Union

High

School

District

,

GO

,

2002

A

,

AGMC

Insured

,

Zero

Cpn.,

8/01/26

8,570,000

7,584,042

Baldwin

Park

Unified

School

District

,

GO,

2013,

Pre-Refunded,

BAM

Insured,

5%,

8/01/43

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

5,000,000

5,083,131

GO,

2013,

Pre-Refunded,

BAM

Insured,

Zero

Cpn.,

8/01/48

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

25,000,000

4,266,062

GO,

2013,

Pre-Refunded,

BAM

Insured,

Zero

Cpn.,

8/01/53

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

60,000,000

6,966,528

Bay

Area

Toll

Authority

,

Revenue,

2017

S-7,

Refunding,

4%,

4/01/42

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

89,260,000

89,804,638

Revenue,

2017

S-7,

Refunding,

4%,

4/01/47

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

67,000,000

66,832,942

a

Revenue,

2021

A,

Refunding,

Mandatory

Put,

2%,

4/01/28

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

12,000,000

11,088,528

Beaumont

Public

Improvement

Authority

,

City

of

Beaumont

Wastewater

,

Revenue

,

2018

A

,

AGMC

Insured

,

5

%

,

9/01/49

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

10,000,000

10,596,357

Beaumont

Unified

School

District

,

GO

,

2011

C

,

AGMC

Insured

,

Zero

Cpn.,

8/01/40

..

11,000,000

4,840,473

Cabrillo

Unified

School

District

,

GO

,

2018

A

,

5

%

,

8/01/45

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

4,245,000

4,441,206

California

Affordable

Housing

Agency

,

Butte

County

Housing

Authority,

Revenue,

2020

A,

4%,

10/01/40

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

1,580,000

1,558,068

Butte

County

Housing

Authority,

Revenue,

2020

A,

4%,

10/01/45

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

1,930,000

1,859,949

Butte

County

Housing

Authority,

Revenue,

2020

A,

4%,

10/01/50

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

1,855,000

1,752,232

a

California

Community

Choice

Financing

Authority

,

Revenue

,

2022

A-1

,

Mandatory

Put

,

4

%

,

8/01/28

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

100,000,000

100,018,280

California

Community

College

Financing

Authority

,

Revenue,

2001

A,

NATL

Insured,

5.125%,

4/01/31

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

880,000

887,420

NCCD-Orange

Coast

Properties

LLC,

Revenue,

2018,

5.25%,

5/01/53

..........

8,150,000

7,920,579

b

California

Community

Housing

Agency

,

Aster

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-1,

4%,

2/01/56

..........

5,235,000

4,275,096

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

3

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

b

California

Community

Housing

Agency,

(continued)

Brio

Apartments

&

Next

on

Lex

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-1,

4%,

2/01/56

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

$

26,515,000

$

21,653,135

Exchange

at

Bayfront

Apartments,

Revenue,

Senior

Lien,

144A,

201

A-1

T,

4.25%,

2/01/38

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

7,095,000

6,052,148

Exchange

at

Bayfront

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-1,

3%,

2/01/57

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

59,855,000

38,091,860

Fountains

at

Emerald

Park,

Revenue,

Junior

Lien,

144A,

2021

A-2,

4%,

8/01/46

...

20,450,000

15,720,757

Fountains

at

Emerald

Park,

Revenue,

Senior

Lien,

144A,

2021

A-1,

3%,

8/01/56

..

46,440,000

30,605,191

K

Street

Flats,

Revenue,

144A,

2021

A-1,

3%,

2/01/57

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

47,500,000

29,340,555

Summit

at

Sausalito

Apartments,

Revenue,

144A,

2021

A-1,

3%,

2/01/57

........

16,260,000

10,646,889

Twin

Creek

Apartments,

Revenue,

144A,

2022

A-1,

4.5%,

8/01/52

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

29,275,000

24,128,894

Twin

Creek

Apartments,

Revenue,

Senior

Lien,

144A,

2022

A-2,

Zero

Cpn.,

8/01/65

78,990,000

4,212,458

California

County

Tobacco

Securitization

Agency

,

Revenue,

2020

B-1,

Refunding,

5%,

6/01/49

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

785,000

785,290

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/49

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

3,525,000

3,038,507

Alameda

County

Tobacco

Asset

Securitization

Corp.,

Revenue,

2002,

5.875%,

6/01/35

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

3,640,000

3,700,117

Gold

Country

Settlement

Funding

Corp.,

Revenue,

2020

A,

Refunding,

4%,

6/01/40

1,120,000

1,030,779

Gold

Country

Settlement

Funding

Corp.,

Revenue,

2020

A,

Refunding,

4%,

6/01/49

2,000,000

1,723,870

Gold

Country

Settlement

Funding

Corp.,

Revenue,

2020

B-1,

Refunding,

4%,

6/01/49

130,000

128,420

Kern

County

Tobacco

Funding

Corp.,

Revenue,

2014,

Refunding,

5%,

6/01/34

....

10,295,000

10,311,977

Kern

County

Tobacco

Funding

Corp.,

Revenue,

2014,

Refunding,

5%,

6/01/40

....

17,650,000

17,675,155

Merced

County

Tobacco

Funding

Corp.,

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/36

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

470,000

449,587

Merced

County

Tobacco

Funding

Corp.,

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/38

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

530,000

499,230

Merced

County

Tobacco

Funding

Corp.,

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/40

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

625,000

575,211

Merced

County

Tobacco

Funding

Corp.,

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/42

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

100,000

89,570

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

4%,

6/01/35

..

350,000

336,551

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

4%,

6/01/36

..

600,000

573,941

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

4%,

6/01/37

..

530,000

503,287

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

4%,

6/01/38

..

790,000

744,135

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

4%,

6/01/39

..

620,000

578,244

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

4%,

6/01/40

..

830,000

763,881

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

4%,

6/01/49

..

3,520,000

3,034,010

Sonoma

County

Securitization

Corp.,

Revenue,

2020

B-1,

Refunding,

5%,

6/01/49

.

970,000

970,378

Stanislaus

County

Tobacco

Funding

Corp.,

Revenue,

2002

A,

5.875%,

6/01/43

...

5,390,000

5,390,016

California

Educational

Facilities

Authority

,

Art

Center

College

of

Design,

Revenue,

2022

A,

4%,

12/01/40

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

1,295,000

1,179,800

Art

Center

College

of

Design,

Revenue,

2022

A,

4%,

12/01/41

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

1,345,000

1,219,275

Art

Center

College

of

Design,

Revenue,

2022

A,

4%,

12/01/42

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

1,400,000

1,265,531

Art

Center

College

of

Design,

Revenue,

2022

A,

4%,

12/01/46

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

3,000,000

2,637,631

Art

Center

College

of

Design,

Revenue,

2022

A,

4%,

12/01/50

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

2,675,000

2,305,000

Art

Center

College

of

Design,

Revenue,

2022

A,

3%,

12/01/51

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

650,000

431,285

Chapman

University,

Revenue,

2015,

5%,

4/01/40

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

5,000,000

5,105,441

Chapman

University,

Revenue,

2015,

5%,

4/01/45

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

5,000,000

5,085,458

Chapman

University,

Revenue,

2021

A,

Refunding,

5%,

4/01/27

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

475,000

516,178

Chapman

University,

Revenue,

2021

A,

Refunding,

5%,

4/01/28

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

395,000

435,735

Chapman

University,

Revenue,

2021

A,

Refunding,

5%,

4/01/29

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

400,000

446,219

Chapman

University,

Revenue,

2021

A,

Refunding,

5%,

4/01/30

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

425,000

477,723

Chapman

University,

Revenue,

2021

A,

Refunding,

5%,

4/01/31

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

475,000

538,696

Leland

Stanford

Junior

University

(The),

Revenue,

T-1,

5%,

3/15/39

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

2,815,000

3,373,596

Leland

Stanford

Junior

University

(The),

Revenue,

U-1,

5.25%,

4/01/40

.........

5,000,000

6,151,462

Leland

Stanford

Junior

University

(The),

Revenue,

U-6,

5%,

5/01/45

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

7,000,000

8,295,265

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

4

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

Educational

Facilities

Authority,

(continued)

Leland

Stanford

Junior

University

(The),

Revenue,

V-1,

5%,

5/01/49

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

$

20,850,000

$

24,646,887

Loma

Linda

University,

Revenue,

2017

A,

Refunding,

5%,

4/01/47

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

11,000,000

11,540,642

Loyola

Marymount

University,

Revenue,

2001

A,

NATL

Insured,

Zero

Cpn.,

10/01/26

7,620,000

6,697,089

Loyola

Marymount

University,

Revenue,

2001

A,

NATL

Insured,

Zero

Cpn.,

10/01/27

7,365,000

6,231,279

Loyola

Marymount

University,

Revenue,

2001

A,

NATL

Insured,

Zero

Cpn.,

10/01/28

4,120,000

3,348,948

Loyola

Marymount

University,

Revenue,

2001

A,

NATL

Insured,

Zero

Cpn.,

10/01/30

5,685,000

4,259,854

Loyola

Marymount

University,

Revenue,

2001

A,

NATL

Insured,

Zero

Cpn.,

10/01/31

7,615,000

5,466,861

Loyola

Marymount

University,

Revenue,

2001

A,

NATL

Insured,

Zero

Cpn.,

10/01/32

7,615,000

5,230,145

Santa

Clara

University,

Revenue,

1999,

AMBAC

Insured,

Zero

Cpn.,

9/01/26

.....

2,840,000

2,459,537

Santa

Clara

University,

Revenue,

2015,

Refunding,

5%,

4/01/45

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

15,495,000

15,936,694

University

of

Redlands,

Revenue,

2022

A,

5%,

10/01/44

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

3,835,000

3,912,408

University

of

Redlands,

Revenue,

2022

A,

5%,

10/01/52

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

15,500,000

15,684,506

University

of

San

Francisco,

Revenue,

2018

A,

5%,

10/01/53

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

20,000,000

20,614,706

California

Enterprise

Development

Authority

,

Provident

Group-SDSU

Properties

LLC,

Revenue,

First

Tier,

2020

A,

5%,

8/01/40

..

650,000

659,461

Provident

Group-SDSU

Properties

LLC,

Revenue,

First

Tier,

2020

A,

5%,

8/01/45

..

650,000

652,008

Provident

Group-SDSU

Properties

LLC,

Revenue,

First

Tier,

2020

A,

5%,

8/01/50

..

650,000

645,772

Provident

Group-SDSU

Properties

LLC,

Revenue,

First

Tier,

2020

A,

5%,

8/01/55

..

1,000,000

977,883

Provident

Group-SDSU

Properties

LLC,

Revenue,

First

Tier,

2020

A,

5%,

8/01/57

..

500,000

487,113

California

Health

Facilities

Financing

Authority

,

Revenue,

1992

A,

California

Mortgage

Insured,

6.5%,

12/01/22

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

140,000

140,000

California-Nevada

Methodist

Homes,

Revenue,

2015,

Refunding,

California

Mortgage

Insured,

5%,

7/01/35

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

1,000,000

1,031,520

Casa

Milagro

LLC,

Revenue,

2011

A,

California

Mortgage

Insured,

6.25%,

2/01/26

.

3,900,000

3,911,557

Cedars-Sinai

Medical

Center

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

8/15/51

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

5,000,000

5,345,364

Children's

Hospital

Los

Angeles

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

8/15/42

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

14,370,000

14,597,943

Children's

Hospital

Los

Angeles

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

8/15/47

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

7,750,000

7,824,313

Children's

Hospital

of

Orange

County

Obligated

Group,

Revenue,

2021

B,

Refunding,

5%,

11/01/27

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

1,000,000

1,101,711

Children's

Hospital

of

Orange

County

Obligated

Group,

Revenue,

2021

B,

Refunding,

5%,

11/01/29

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

1,350,000

1,533,618

City

of

Hope

Obligated

Group,

Revenue,

2019,

5%,

11/15/49

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

27,000,000

27,356,076

CommonSpirit

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/36

.

15,770,000

15,317,086

CommonSpirit

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/38

.

10,075,000

9,584,986

CommonSpirit

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

3%,

4/01/44

.

4,340,000

3,142,409

El

Camino

Hospital,

Revenue,

2017,

4.125%,

2/01/47

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

11,000,000

10,491,822

El

Camino

Hospital,

Revenue,

2017,

5%,

2/01/47

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

12,500,000

12,687,554

Kaiser

Foundation

Hospitals,

Revenue,

2017

A-2,

4%,

11/01/38

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

25,000,000

25,154,262

Kaiser

Foundation

Hospitals,

Revenue,

2017

A-2,

4%,

11/01/44

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

395,000,000

387,077,446

Kaiser

Foundation

Hospitals,

Revenue,

2017

A-2,

5%,

11/01/47

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

12,500,000

14,227,667

Lucile

Salter

Packard

Children's

Hospital

at

Stanford

Obligated

Group,

Revenue,

2016

B,

5%,

8/15/55

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

20,760,000

21,225,917

Lucile

Salter

Packard

Children's

Hospital

at

Stanford

Obligated

Group,

Revenue,

2017

A,

5%,

11/15/56

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

14,200,000

14,603,469

Marshall

Medical

Center,

Revenue,

2020

A,

Refunding,

California

Mortgage

Insured,

4%,

11/01/40

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

3,750,000

3,697,328

Marshall

Medical

Center,

Revenue,

2020

A,

Refunding,

California

Mortgage

Insured,

5%,

11/01/50

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

25,065,000

26,511,256

On

Lok

Senior

Health

Services

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

8/01/40

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

800,000

832,994

On

Lok

Senior

Health

Services

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

8/01/50

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

2,375,000

2,444,175

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

5

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

Health

Facilities

Financing

Authority,

(continued)

On

Lok

Senior

Health

Services

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

8/01/55

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

$

850,000

$

871,947

Providence

St.

Joseph

Health

Obligated

Group,

Revenue,

2014

A,

5%,

10/01/38

..

5,110,000

5,198,124

Sequoia

Living,

Inc.,

Revenue,

2015,

Refunding,

California

Mortgage

Insured,

5%,

7/01/34

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

1,000,000

1,055,432

Sequoia

Living,

Inc.,

Revenue,

2015,

Refunding,

California

Mortgage

Insured,

5%,

7/01/39

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

1,450,000

1,517,326

Sequoia

Living,

Inc.,

Revenue,

2015,

Refunding,

California

Mortgage

Insured,

5%,

7/01/44

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

1,160,000

1,202,837

Sutter

Health

Obligated

Group,

Revenue,

2016

B,

5%,

11/15/46

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

42,105,000

42,953,420

Sutter

Health

Obligated

Group,

Revenue,

2017

A,

Refunding,

4%,

11/15/48

......

26,810,000

25,414,389

Sutter

Health

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

11/15/48

......

21,690,000

22,189,388

Sutter

Health

Obligated

Group,

Revenue,

2018

A,

4%,

11/15/42

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

11,680,000

11,413,816

Sutter

Health

Obligated

Group,

Revenue,

2018

A,

5%,

11/15/48

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

24,500,000

25,064,086

California

Housing

Finance

Agency

,

Revenue,

2019-1,

A,

4.25%,

1/15/35

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

47,810,805

46,445,605

Revenue,

2019-2,

A,

4%,

3/20/33

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

14,526,451

14,107,618

Revenue,

2021-1,

A,

3.5%,

11/20/35

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

4,878,332

4,402,453

a,b

Shermanair

Apartments

Owner

LP,

Revenue,

144A,

2021

Q-1,

Mandatory

Put,

3%,

9/01/36

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

22,535,000

19,138,223

b

Shermanair

Apartments

Owner

LP,

Revenue,

144A,

2021

Q-2,

5%,

9/01/36

......

1,940,000

1,661,694

California

Infrastructure

&

Economic

Development

Bank

,

Revenue,

2018,

5%,

10/01/43

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

10,000,000

10,787,329

Academy

of

Motion

Picture

Arts

and

Sciences

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

11/01/41

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

8,000,000

8,113,934

Academy

of

Motion

Picture

Arts

and

Sciences

Obligated

Group,

Revenue,

2020

B,

Refunding,

5%,

11/01/29

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

5,000,000

5,732,835

Broad

(The),

Revenue,

2021

A,

Refunding,

5%,

6/01/28

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

5,750,000

6,477,730

a

California

Academy

of

Sciences,

Revenue,

2018

B,

Refunding,

Mandatory

Put,

2.25%,

8/01/24

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

26,900,000

26,504,941

California

State

Teachers'

Retirement

System,

Revenue,

2019,

5%,

8/01/44

......

12,750,000

13,611,743

California

State

Teachers'

Retirement

System,

Revenue,

2019,

5%,

8/01/49

......

25,470,000

27,021,579

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2020

B,

4%,

11/01/45

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

850,000

783,918

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2020

B,

4%,

11/01/50

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

860,000

773,734

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2021

B,

4%,

11/01/56

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

1,000,000

874,889

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2022

B,

5%,

11/01/47

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

2,300,000

2,421,491

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2022

B,

4.125%,

11/01/52

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

3,100,000

2,826,494

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2022

B,

5%,

11/01/57

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

5,500,000

5,688,635

Los

Angeles

County

Museum

of

Natural

History

Foundation,

Revenue,

2020,

Refunding,

3%,

7/01/50

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

18,995,000

14,509,506

Los

Angeles

County

Museum

of

Natural

History

Foundation,

Revenue,

2020,

Refunding,

4%,

7/01/50

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

10,000,000

9,383,287

a

Museum

Associates,

Revenue,

2021

A,

Refunding,

Mandatory

Put,

1.2%,

6/01/28

.

15,000,000

13,026,942

State

of

California

Department

of

Transportation

Seismic

Surcharge,

Revenue,

First

Lien,

2003

A,

Pre-Refunded,

FGIC

Insured,

5%,

7/01/29

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

50,985,000

56,500,664

State

of

California

Department

of

Transportation

Seismic

Surcharge,

Revenue,

First

Lien,

2003

A,

Pre-Refunded,

AMBAC

Insured,

5%,

7/01/33

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

13,460,000

15,019,626

California

Municipal

Finance

Authority

,

Revenue,

2022

A-1,

4.25%,

12/01/37

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

81,985,000

67,854,525

Revenue,

Senior

Lien,

2017

A,

Refunding,

4%,

8/15/52

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

27,350,000

24,764,703

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

6

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

Municipal

Finance

Authority,

(continued)

1717

University

Associates

LLC,

Revenue,

2020

A,

4.5%,

6/01/52

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

$

11,413,000

$

9,741,921

1717

University

Associates

LLC,

Revenue,

2020

A-T,

5.25%,

6/01/52

...........

3,407,000

2,938,708

California

Institute

of

the

Arts,

Revenue,

2021,

4%,

10/01/51

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

2,355,000

2,013,436

Carmel

Valley

Manor

Obligated

Group,

Revenue,

2022,

California

Mortgage

Insured,

5%,

5/15/52

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

17,775,000

18,938,219

b

Century

CityView

LP,

Revenue,

144A,

2021

A,

4%,

11/01/36

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

10,375,000

9,341,163

Channing

House,

Revenue,

2017

B,

California

Mortgage

Insured,

5%,

5/15/47

....

10,000,000

10,367,532

CHF-Davis

I

LLC,

Revenue,

2018,

5%,

5/15/51

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

10,000,000

9,747,861

CHF-Davis

II

LLC,

Revenue,

2021,

BAM

Insured,

5%,

5/15/24

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

500,000

513,199

CHF-Davis

II

LLC,

Revenue,

2021,

BAM

Insured,

5%,

5/15/25

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

400,000

417,042

CHF-Davis

II

LLC,

Revenue,

2021,

BAM

Insured,

5%,

5/15/26

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

400,000

422,583

CHF-Davis

II

LLC,

Revenue,

2021,

BAM

Insured,

5%,

5/15/27

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

500,000

534,548

CHF-Davis

II

LLC,

Revenue,

2021,

BAM

Insured,

5%,

5/15/28

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

400,000

432,650

CHF-Davis

II

LLC,

Revenue,

2021,

BAM

Insured,

5%,

5/15/29

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

600,000

655,760

CHF-Davis

II

LLC,

Revenue,

2021,

BAM

Insured,

5%,

5/15/30

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

700,000

771,916

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/42

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

8,750,000

8,964,231

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/47

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

17,500,000

17,828,965

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2021

A,

4%,

2/01/51

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

7,000,000

6,258,613

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/37

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

1,040,000

975,544

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/38

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

1,000,000

932,097

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/39

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

1,100,000

1,020,513

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/40

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

1,175,000

1,084,284

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/41

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

1,280,000

1,177,114

Congregational

Homes,

Inc.

Obligated

Group,

Revenue,

2022

A,

4%,

11/15/42

....

450,000

369,782

Congregational

Homes,

Inc.

Obligated

Group,

Revenue,

2022

A,

4%,

11/15/52

....

1,000,000

766,522

Congregational

Homes,

Inc.

Obligated

Group,

Revenue,

2022

A,

4%,

11/15/56

....

1,100,000

819,257

Eisenhower

Medical

Center,

Revenue,

2017

A,

Refunding,

5%,

7/01/47

.........

9,100,000

9,204,149

b

IH

Lakes

Concord

LLC,

Revenue,

144A,

2022

A,

4.375%,

12/01/32

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

22,510,000

20,099,958

Inland

Christian

Home,

Inc.,

Revenue,

2020,

California

Mortgage

Insured,

4%,

12/01/49

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

2,670,000

2,538,105

Inland

Counties

Regional

Center,

Inc.,

Revenue,

2015,

Refunding,

5%,

6/15/45

...

23,300,000

24,112,392

LAX

Integrated

Express

Solutions

LLC,

Revenue,

Senior

Lien,

2018

A,

5%,

12/31/37

8,500,000

8,693,541

LAX

Integrated

Express

Solutions

LLC,

Revenue,

Senior

Lien,

2018

A,

5%,

12/31/38

5,000,000

5,107,013

LAX

Integrated

Express

Solutions

LLC,

Revenue,

Senior

Lien,

2018

A,

5%,

12/31/43

34,650,000

35,046,992

LAX

Integrated

Express

Solutions

LLC,

Revenue,

Senior

Lien,

2018

A,

5%,

12/31/47

35,145,000

35,350,331

LAX

Integrated

Express

Solutions

LLC,

Revenue,

Senior

Lien,

2018

B,

5%,

6/01/48

11,750,000

11,808,255

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5.25%,

11/01/41

..

5,500,000

5,528,179

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5%,

11/01/47

....

8,650,000

8,692,852

Northern

California

Retired

Officers

Community,

Revenue,

2019

A,

California

Mortgage

Insured,

5%,

1/01/43

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

10,000,000

10,761,782

Northern

California

Retired

Officers

Community,

Revenue,

2019

A,

California

Mortgage

Insured,

5%,

1/01/49

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

18,990,000

20,295,597

Palomar

Health

Obligated

Group,

COP,

2022

A,

Refunding,

AGMC

Insured,

5.25%,

11/01/52

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

43,040,000

45,471,898

c

Samuel

Merritt

University,

Revenue,

2022,

5.25%,

6/01/53

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

31,500,000

33,737,700

South

Central

Los

Angeles

Regional

Center

for

Developmentally

Disabled

Persons,

Revenue,

2013,

5.75%,

12/01/43

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

33,895,000

34,431,724

University

of

La

Verne,

Revenue,

2017

A,

Refunding,

4%,

6/01/47

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

10,500,000

9,714,199

California

Pollution

Control

Financing

Authority

,

b

Poseidon

Resources

Channelside

LP,

Revenue,

144A,

2019,

Refunding,

5%,

7/01/39

7,250,000

6,926,970

b

Poseidon

Resources

Channelside

LP,

Revenue,

144A,

2019,

Refunding,

5%,

11/21/45

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

1,905,000

1,755,945

San

Jose

Water

Co.,

Revenue,

2016,

4.75%,

11/01/46

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

15,000,000

15,178,523

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

7

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

Public

School

District

Financing

Authority

,

Southern

Kern

Unified

School

District

,

Revenue

,

1996

B

,

AGMC

Insured

,

ETM,

5.9

%

,

9/01/26

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

$

820,000

$

873,243

b

California

School

Finance

Authority

,

Revenue,

144A,

2022

A,

Refunding,

5%,

10/01/42

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

1,325,000

1,360,203

Revenue,

144A,

2022

A,

Refunding,

5%,

10/01/52

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

2,265,000

2,255,967

Revenue,

144A,

2022

A,

Refunding,

5%,

10/01/61

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

3,905,000

3,822,510

Aspire

Public

Schools

Obligated

Group,

Revenue,

144A,

2021

A,

2.125%,

8/01/31

.

500,000

420,857

Aspire

Public

Schools

Obligated

Group,

Revenue,

144A,

2021

A,

4%,

8/01/36

....

325,000

304,374

Aspire

Public

Schools

Obligated

Group,

Revenue,

144A,

2021

A,

4%,

8/01/41

....

525,000

465,580

Aspire

Public

Schools

Obligated

Group,

Revenue,

144A,

2021

A,

4%,

8/01/51

....

800,000

660,863

Aspire

Public

Schools

Obligated

Group,

Revenue,

144A,

2022

A,

5%,

8/01/42

....

1,000,000

1,006,706

Aspire

Public

Schools

Obligated

Group,

Revenue,

144A,

2022

A,

5%,

8/01/52

....

1,875,000

1,851,058

Granada

Hills

Charter

High

School

Obligated

Group,

Revenue,

144A,

2021

A,

Refunding,

4%,

7/01/29

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

300,000

299,715

Granada

Hills

Charter

High

School

Obligated

Group,

Revenue,

144A,

2021

A,

Refunding,

4%,

7/01/38

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

465,000

423,050

Granada

Hills

Charter

High

School

Obligated

Group,

Revenue,

144A,

2021

A,

Refunding,

4%,

7/01/48

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

675,000

572,442

Green

Dot

Public

Schools

Obligated

Group,

Revenue,

144A,

2022

A,

Refunding,

5.75%,

8/01/52

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

1,500,000

1,579,926

Kipp

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

4%,

7/01/40

800,000

723,650

California

State

Public

Works

Board

,

Revenue,

2013

I,

5%,

11/01/38

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

40,000,000

40,765,488

Revenue,

2021

A,

Refunding,

5%,

2/01/24

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

5,440,000

5,599,050

State

of

California

Department

of

Corrections

&

Rehabilitation,

Revenue,

2019

C,

5%,

11/01/44

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

5,000,000

5,418,584

California

State

University

,

Revenue,

2015

A,

Refunding,

5%,

11/01/43

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

11,000,000

11,430,439

a

Revenue,

2016

B-2,

Refunding,

Mandatory

Put,

0.55%,

11/01/26

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

12,000,000

10,323,458

Revenue,

2017

A,

Refunding,

5%,

11/01/42

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

42,535,000

44,998,704

Revenue,

2017

A,

Refunding,

5%,

11/01/47

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

29,345,000

30,789,056

Revenue,

2018

A,

Refunding,

5%,

11/01/39

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

19,920,000

21,622,268

Revenue,

2018

A,

Refunding,

5%,

11/01/43

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

3,330,000

3,568,385

Revenue,

2018

A,

Refunding,

5%,

11/01/48

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

29,780,000

31,662,385

Revenue,

2019

A,

5%,

11/01/44

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

23,765,000

25,633,903

Revenue,

2019

A,

5%,

11/01/49

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

77,595,000

83,156,870

California

Statewide

Communities

Development

Authority

,

Revenue,

2004

A,

AGMC

Insured,

5.25%,

10/01/24

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

115,000

115,266

Adventist

Health

System/West

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

3/01/35

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

9,250,000

9,522,107

Adventist

Health

System/West

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

3/01/48

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

67,585,000

68,935,200

Cedars-Sinai

Medical

Center

Obligated

Group,

Revenue,

2018,

5%,

7/01/48

.....

7,980,000

8,227,897

Community

Facilities

District

No.

2020-02

Improvement

Area

No.

2,

Special

Tax,

2022,

5.25%,

9/01/52

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

1,650,000

1,659,180

Enloe

Medical

Center

Obligated

Group,

Revenue,

2022

A,

AGMC

Insured,

5%,

8/15/42

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

600,000

632,059

Enloe

Medical

Center

Obligated

Group,

Revenue,

2022

A,

AGMC

Insured,

5.125%,

8/15/47

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

880,000

925,039

Enloe

Medical

Center

Obligated

Group,

Revenue,

2022

A,

AGMC

Insured,

5.25%,

8/15/52

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

11,215,000

11,828,570

Enloe

Medical

Center

Obligated

Group,

Revenue,

2022

A,

AGMC

Insured,

5.375%,

8/15/57

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

17,930,000

18,941,033

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2014,

Pre-Refunded,

AGMC

Insured,

5.25%,

10/01/43

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

3,000,000

3,144,322

Marin

General

Hospital

Obligated

Group,

Revenue,

2018

A,

5%,

8/01/34

........

1,225,000

1,275,891

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

8

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

Statewide

Communities

Development

Authority,

(continued)

Methodist

Hospital

of

Southern

California

Obligated

Group,

Revenue,

2018,

Refunding,

4%,

1/01/34

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

$

3,485,000

$

3,407,312

Poway

RHF

Housing,

Inc.,

Revenue,

2013

A,

California

Mortgage

Insured,

5.25%,

11/15/35

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

2,000,000

2,048,886

Carlsbad

Unified

School

District

,

GO,

2009

B,

Refunding,

6%,

5/01/34

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

14,000,000

14,627,465

GO,

2011

C,

Zero

Cpn.,

8/01/35

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

33,000,000

35,440,383

GO,

B,

2%,

8/01/23

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

1,000,000

995,447

GO,

B,

2%,

8/01/24

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

1,000,000

986,954

Centinela

Valley

Union

High

School

District

,

GO

,

2004

A

,

Refunding

,

NATL

Insured

,

5.5

%

,

8/01/33

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

15,630,000

17,663,511

Cerritos

Community

College

District

,

GO

,

2014

A

,

4

%

,

8/01/44

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

10,000,000

10,020,346

Chabot-Las

Positas

Community

College

District

,

GO,

B,

5%,

8/01/23

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

14,400,000

14,644,210

GO,

B,

5%,

8/01/24

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

5,500,000

5,723,940

Chaffey

Joint

Union

High

School

District

,

GO

,

B

,

5

%

,

8/01/44

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

27,500,000

28,357,013

Chino

Community

Facilities

District

,

City

of

Chino

Community

Facilities

District

No.

2003-3,

Special

Tax,

2021,

4%,

9/01/41

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

1,710,000

1,553,350

City

of

Chino

Community

Facilities

District

No.

2003-3,

Special

Tax,

2021,

4%,

9/01/46

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

1,000,000

874,710

City

of

Chino

Community

Facilities

District

No.

2003-3,

Special

Tax,

2021,

4%,

9/01/51

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

1,250,000

1,063,835

City

of

Chino

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

9,

Special

Tax,

2022,

5%,

9/01/37

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

2,740,000

2,848,563

City

of

Chino

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

9,

Special

Tax,

2022,

5.25%,

9/01/42

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

2,000,000

2,082,024

City

of

Chino

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

9,

Special

Tax,

2022,

5.375%,

9/01/47

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

2,000,000

2,079,327

City

of

Chino

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

9,

Special

Tax,

2022,

5.375%,

9/01/52

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

2,695,000

2,785,558

Chino

Valley

Unified

School

District

,

GO,

2020

B,

3.375%,

8/01/50

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

20,500,000

16,371,107

GO,

2020

B,

5%,

8/01/55

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

12,500,000

13,380,888

City

&

County

of

San

Francisco

,

GO

,

2022

,

Refunding

,

5

%

,

6/15/26

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

5,000,000

5,420,481

City

of

Corona

,

Community

Facilities

District

No.

2018-1

Improvement

Area

No.

1,

Special

Tax,

2020,

4%,

9/01/45

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

650,000

570,661

Community

Facilities

District

No.

2018-1

Improvement

Area

No.

1,

Special

Tax,

2020,

4%,

9/01/50

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

1,500,000

1,288,004

City

of

Dublin

,

Community

Facilities

District

No.

2015-1

Improvement

Area

No.

4,

Special

Tax,

2022,

5.25%,

9/01/42

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

2,005,000

2,060,398

Community

Facilities

District

No.

2015-1

Improvement

Area

No.

4,

Special

Tax,

2022,

5.5%,

9/01/47

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

2,630,000

2,724,452

Community

Facilities

District

No.

2015-1

Improvement

Area

No.

4,

Special

Tax,

2022,

5.5%,

9/01/51

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

3,040,000

3,134,701

City

of

Fontana

,

Community

Facilities

District

No.

85,

Special

Tax,

2020,

4%,

9/01/45

...........

850,000

764,103

Community

Facilities

District

No.

85,

Special

Tax,

2020,

4%,

9/01/50

...........

900,000

784,600

Community

Facilities

District

No.

88,

Special

Tax,

2020,

4%,

9/01/45

...........

1,100,000

986,008

Community

Facilities

District

No.

88,

Special

Tax,

2020,

4%,

9/01/51

...........

1,545,000

1,340,371

Community

Facilities

District

No.

89,

Special

Tax,

2020,

4%,

9/01/40

...........

750,000

692,322

Community

Facilities

District

No.

89,

Special

Tax,

2020,

4%,

9/01/51

...........

1,500,000

1,284,770

Community

Facilities

District

No.

90,

Special

Tax,

2021,

4%,

9/01/41

...........

530,000

485,772

Community

Facilities

District

No.

90,

Special

Tax,

2021,

4%,

9/01/46

...........

475,000

419,752

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

9

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

City

of

Fontana,

(continued)

Community

Facilities

District

No.

90,

Special

Tax,

2021,

4%,

9/01/51

...........

$

1,825,000

$

1,570,650

City

of

Irvine

,

Assessment

District

No.

21-1,

1915

Act,

Special

Assessment,

Refunding,

4%,

9/02/23

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

1,630,000

1,647,344

Assessment

District

No.

21-1,

1915

Act,

Special

Assessment,

Refunding,

4%,

9/02/26

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

1,245,000

1,286,273

Assessment

District

No.

21-1,

1915

Act,

Special

Assessment,

Refunding,

4%,

9/02/27

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

1,500,000

1,560,497

City

of

Lake

Elsinore

,

Community

Facilities

District

No.

2006-6

,

Special

Tax

,

2022

,

4.75

%

,

9/01/52

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

1,000,000

960,612

City

of

Lincoln

,

Community

Facilities

District

No.

2006-1,

Special

Tax,

2021,

Refunding,

4%,

9/01/39

290,000

267,821

Community

Facilities

District

No.

2006-1,

Special

Tax,

2021,

Refunding,

4%,

9/01/40

160,000

146,605

Community

Facilities

District

No.

2006-1,

Special

Tax,

2021,

Refunding,

4%,

9/01/43

320,000

288,420

City

of

Long

Beach

,

Harbor,

Revenue,

2017

C,

Refunding,

5%,

5/15/47

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

15,660,000

16,529,050

Harbor,

Revenue,

2019

A,

5%,

5/15/44

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

15,045,000

16,266,022

Harbor,

Revenue,

2019

A,

5%,

5/15/49

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

8,705,000

9,328,324

City

of

Los

Angeles

,

Department

of

Airports,

Revenue,

2015

D,

5%,

5/15/33

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

11,420,000

11,762,989

Department

of

Airports,

Revenue,

2015

D,

5%,

5/15/41

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

17,000,000

17,284,697

Department

of

Airports,

Revenue,

2017

A,

5%,

5/15/42

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

13,680,000

14,036,571

Department

of

Airports,

Revenue,

2017

A,

5%,

5/15/47

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

51,110,000

52,133,171

Department

of

Airports,

Revenue,

2017

B,

5%,

5/15/42

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

4,000,000

4,220,136

Department

of

Airports,

Revenue,

2018

A,

5%,

5/15/44

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

47,710,000

49,036,973

Department

of

Airports,

Revenue,

2018

A,

5.25%,

5/15/48

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

10,000,000

10,375,485

Department

of

Airports,

Revenue,

2018

C,

5%,

5/15/37

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

9,550,000

9,939,056

Department

of

Airports,

Revenue,

2018

C,

5%,

5/15/44

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

39,945,000

40,964,720

Department

of

Airports,

Revenue,

2018

E,

Refunding,

5%,

5/15/43

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

16,995,000

18,269,912

Department

of

Airports,

Revenue,

2018

E,

Refunding,

5%,

5/15/48

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

33,145,000

35,370,279

Department

of

Airports,

Revenue,

2019

A,

Refunding,

5%,

5/15/49

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

10,000,000

10,259,994

Department

of

Airports,

Revenue,

2019

C,

Refunding,

5%,

5/15/39

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

6,170,000

6,721,723

Department

of

Airports,

Revenue,

2019

E,

5%,

5/15/44

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

25,135,000

26,838,457

Department

of

Airports,

Revenue,

2019

E,

5%,

5/15/49

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

45,200,000

47,989,419

Department

of

Airports,

Revenue,

2020

A,

Refunding,

5%,

5/15/35

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

16,005,000

17,875,063

Department

of

Airports,

Revenue,

2020

A,

Refunding,

5%,

5/15/37

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

5,000,000

5,539,665

Department

of

Airports,

Revenue,

2020

A,

Refunding,

5%,

5/15/38

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

15,925,000

17,594,125

Department

of

Airports,

Revenue,

2020

A,

Refunding,

5%,

5/15/40

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

22,485,000

24,651,551

Department

of

Airports,

Revenue,

2021

A,

Refunding,

5%,

5/15/36

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

3,665,000

3,936,162

Department

of

Airports,

Revenue,

2021

A,

Refunding,

5%,

5/15/38

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

4,920,000

5,222,580

Department

of

Airports,

Revenue,

2021

A,

Refunding,

5%,

5/15/41

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

7,005,000

7,332,811

Department

of

Airports,

Revenue,

2021

A,

Refunding,

5%,

5/15/46

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

25,965,000

26,909,622

Department

of

Airports,

Revenue,

2021

A,

Refunding,

5%,

5/15/51

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

26,450,000

27,259,095

Department

of

Airports,

Revenue,

2021

D,

Refunding,

5%,

5/15/34

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

2,640,000

2,877,417

Department

of

Airports,

Revenue,

2022

C,

Refunding,

5%,

5/15/45

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

8,000,000

8,336,574

Department

of

Airports,

Revenue,

Senior

Lien,

2015

A,

5%,

5/15/40

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

3,000,000

3,054,603

Department

of

Airports,

Revenue,

Senior

Lien,

2020

C,

5%,

5/15/37

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

6,595,000

7,006,372

Department

of

Airports,

Revenue,

Senior

Lien,

2022

G,

4%,

5/15/42

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

16,575,000

15,778,220

Department

of

Airports,

Revenue,

Senior

Lien,

2022

G,

4%,

5/15/47

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

11,325,000

10,493,032

Department

of

Airports,

Revenue,

Senior

Lien,

2022

H,

5%,

5/15/42

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

1,415,000

1,488,013

Department

of

Airports,

Revenue,

Senior

Lien,

2022

H,

5%,

5/15/47

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

25,000,000

25,952,785

Department

of

Airports,

Revenue,

Senior

Lien,

2022

H,

5.25%,

5/15/47

.........

1,200,000

1,279,511

Department

of

Airports,

Revenue,

Senior

Lien,

2022

H,

5.5%,

5/15/47

..........

23,000,000

24,982,151

Department

of

Airports,

Revenue,

Senior

Lien,

2022

I,

5%,

5/15/41

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

1,350,000

1,503,083

Department

of

Airports,

Revenue,

Senior

Lien,

2022

I,

5%,

5/15/42

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

1,360,000

1,509,073

Department

of

Airports,

Revenue,

Senior

Lien,

2022

I,

4%,

5/15/48

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

2,000,000

1,988,577

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

10

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

City

of

Los

Angeles,

(continued)

Department

of

Airports,

Revenue,

Senior

Lien,

2022

I,

5%,

5/15/48

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

$

6,265,000

$

6,847,810

Wastewater

System,

Revenue,

2015

A,

5%,

6/01/44

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

18,500,000

19,135,680

Wastewater

System,

Revenue,

2015

C,

Refunding,

5%,

6/01/45

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

15,190,000

15,697,363

Wastewater

System,

Revenue,

2018

A,

5%,

6/01/43

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

10,000,000

10,675,708

Wastewater

System,

Revenue,

2018

A,

5%,

6/01/48

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

1,275,000

1,358,986

City

of

Menifee

,

Community

Facilities

District

No.

2019-1

Meadow

Run,

Special

Tax,

2022,

4%,

9/01/37

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

320,000

302,784

Community

Facilities

District

No.

2019-1

Meadow

Run,

Special

Tax,

2022,

3%,

9/01/43

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

135,000

98,219

Community

Facilities

District

No.

2019-1

Meadow

Run,

Special

Tax,

2022,

4%,

9/01/51

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

565,000

490,168

City

of

Newport

Beach

,

Assessment

District

No.

113

,

1915

Act,

Special

Assessment

,

2021

A

,

2.25

%

,

9/02/41

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

1,290,000

847,608

City

of

Ontario

,

Community

Facilities

District

No.

13,

Special

Tax,

2021,

Refunding,

4%,

9/01/38

...

400,000

371,584

Community

Facilities

District

No.

45,

Special

Tax,

2020,

4%,

9/01/43

...........

410,000

366,216

Community

Facilities

District

No.

45,

Special

Tax,

2020,

4%,

9/01/51

...........

1,565,000

1,326,145

Community

Facilities

District

No.

53,

Special

Tax,

2021,

4%,

9/01/36

...........

525,000

489,743

Community

Facilities

District

No.

53,

Special

Tax,

2021,

4%,

9/01/42

...........

650,000

566,820

d

Community

Facilities

District

No.

55,

Special

Tax,

2022,

5%,

9/01/42

...........

750,000

769,144

d

Community

Facilities

District

No.

55,

Special

Tax,

2022,

5%,

9/01/47

...........

800,000

811,114

d

Community

Facilities

District

No.

55,

Special

Tax,

2022,

5%,

9/01/53

...........

845,000

851,700

Community

Facilities

District

No.

57,

Special

Tax,

2022,

4.25%,

9/01/37

.........

415,000

399,431

Community

Facilities

District

No.

57,

Special

Tax,

2022,

4.625%,

9/01/42

........

650,000

638,049

Community

Facilities

District

No.

57,

Special

Tax,

2022,

4.75%,

9/01/47

.........

840,000

818,661

Community

Facilities

District

No.

57,

Special

Tax,

2022,

4.75%,

9/01/52

.........

825,000

787,596

City

of

Orange

,

Community

Facilities

District

No.

06-1

,

Special

Tax

,

2015

,

Refunding

,

AGMC

Insured

,

5

%

,

10/01/40

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

7,500,000

7,818,779

City

of

Pasadena

,

Electric

,

Revenue

,

2016

A

,

Refunding

,

4

%

,

6/01/46

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

22,625,000

22,101,967

City

of

Perris

,

Revenue

,

1988

A

,

GNMA

Insured

,

ETM,

Zero

Cpn.,

6/01/23

.........

19,095,000

18,825,976

City

of

Riverside

,

Electric,

Revenue,

2013

A,

Refunding,

5%,

10/01/43

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

11,535,000

11,743,279

Sewer,

Revenue,

2015

A,

Refunding,

5%,

8/01/40

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

25,000,000

25,938,130

City

of

Roseville

,

Electric

System

,

COP

,

2004

,

AGMC

Insured

,

5

%

,

2/01/34

........

5,000

5,010

City

of

Sacramento

,

Transient

Occupancy

Tax,

Revenue,

2018

A,

5%,

6/01/43

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

6,035,000

6,353,639

Transient

Occupancy

Tax,

Revenue,

2018

A,

5%,

6/01/48

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

19,830,000

20,714,319

Transient

Occupancy

Tax,

Revenue,

2018

C,

5%,

6/01/48

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

9,415,000

9,816,031

City

of

Santa

Paula

,

Harvest

Community

Facilities

District

No.

1

Improvement

Area

A,

Special

Tax,

2022,

4%,

9/01/42

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

575,000

523,599

Harvest

Community

Facilities

District

No.

1

Improvement

Area

A,

Special

Tax,

2022,

4%,

9/01/47

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

1,460,000

1,278,708

Harvest

Community

Facilities

District

No.

1

Improvement

Area

A,

Special

Tax,

2022,

4%,

9/01/52

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

3,530,000

3,022,487

City

of

Santa

Rosa

,

Wastewater

,

Revenue

,

2020

A

,

5

%

,

9/01/35

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

600,000

676,685

City

of

Upland

,

San

Antonio

Regional

Hospital

Obligated

Group

,

COP

,

Refunding

,

5

%

,

1/01/47

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

14,400,000

14,645,856

City

of

Vernon

,

Electric

System,

Revenue,

2021

A,

5%,

10/01/24

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

2,500,000

2,559,042

Electric

System,

Revenue,

2021

A,

5%,

4/01/28

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

2,000,000

2,121,922

Electric

System,

Revenue,

2022

A,

Refunding,

5%,

8/01/34

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

1,350,000

1,446,295

Electric

System,

Revenue,

2022

A,

Refunding,

5%,

8/01/39

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

425,000

442,072

Electric

System,

Revenue,

2022

A,

Refunding,

5%,

8/01/40

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

365,000

378,277

Electric

System,

Revenue,

2022

A,

Refunding,

5%,

8/01/41

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

420,000

434,202

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

11

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

b

CMFA

Special

Finance

Agency

,

Latitude33,

Revenue,

144A,

2021

A-1,

3%,

12/01/56

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

$

9,000,000

$

5,846,686

Solana

at

Grand,

Revenue,

Senior

Lien,

144A,

2021

A-1,

4%,

8/01/56

..........

54,800,000

44,694,524

b

CMFA

Special

Finance

Agency

Enclave

,

Revenue,

Senior

Lien

,

144A,

2022

A-1

,

4

%

,

8/01/58

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

26,500,000

20,416,117

b

CMFA

Special

Finance

Agency

VII

,

Breakwater

Apartments

(The)

,

Revenue

,

144A,

2021

A-1

,

3

%

,

8/01/56

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

94,250,000

61,892,542

b

CMFA

Special

Finance

Agency

VIII

,

Elan

Huntington

Beach

,

Revenue,

Senior

Lien

,

144A,

2021

A-1

,

3

%

,

8/01/56

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

34,750,000

22,418,069

b

CMFA

Special

Finance

Agency

XII

,

Allure

Apartments

,

Revenue,

Senior

Lien

,

144A,

2022

A-1

,

3.25

%

,

2/01/57

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

27,500,000

18,372,340

Coachella

Valley

Unified

School

District

,

GO,

C,

AGMC

Insured,

Zero

Cpn.,

8/01/36

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

8,000,000

4,550,355

GO,

C,

AGMC

Insured,

Zero

Cpn.,

8/01/37

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

8,000,000

4,309,995

GO,

C,

AGMC

Insured,

Zero

Cpn.,

8/01/40

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

7,500,000

3,399,459

GO,

C,

AGMC

Insured,

Zero

Cpn.,

8/01/43

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

10,000,000

3,747,790

Coalinga-Huron

Joint

Unified

School

District

,

GO

,

B

,

BAM

Insured

,

5

%

,

8/01/48

.....

7,135,000

7,495,558

Colton

Joint

Unified

School

District

,

GO

,

2010

B

,

AGMC

Insured

,

Zero

Cpn.,

8/01/42

.

16,365,000

6,572,608

Contra

Costa

Community

College

District

,

GO

,

2020

C

,

4

%

,

8/01/32

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

1,200,000

1,288,226

Contra

Costa

Water

District

,

Revenue

,

V

,

Refunding

,

5

%

,

10/01/49

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

7,500,000

8,163,443

Corona-Norco

Unified

School

District

,

GO,

1998

B,

AGMC

Insured,

Zero

Cpn.,

9/01/23

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

2,320,000

2,272,912

GO,

1998

B,

AGMC

Insured,

Zero

Cpn.,

9/01/24

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

2,620,000

2,491,109

GO,

1998

B,

AGMC

Insured,

Zero

Cpn.,

3/01/25

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

1,400,000

1,310,697

GO,

1998

C,

NATL

Insured,

Zero

Cpn.,

9/01/25

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

4,655,000

4,283,888

GO,

1998

C,

NATL

Insured,

Zero

Cpn.,

9/01/26

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

6,080,000

5,406,772

County

of

Madera

,

Childrens

Hospital

Central

California

Obligated

Group

,

COP

,

1998

,

NATL

Insured

,

5

%

,

3/15/23

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

1,870,000

1,882,651

County

of

Orange

,

Community

Facilities

District

No.

2021-1,

Special

Tax,

2022

A,

5%,

8/15/37

......

1,300,000

1,362,793

Community

Facilities

District

No.

2021-1,

Special

Tax,

2022

A,

5%,

8/15/42

......

850,000

875,022

Community

Facilities

District

No.

2021-1,

Special

Tax,

2022

A,

5%,

8/15/47

......

4,650,000

4,732,595

Community

Facilities

District

No.

2021-1,

Special

Tax,

2022

A,

5%,

8/15/52

......

4,200,000

4,255,955

County

of

Riverside

,

Revenue,

1988

B,

GNMA

Insured,

ETM,

Zero

Cpn.,

6/01/23

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

26,160,000

25,810,418

Community

Facilities

District

No.

07-2,

Special

Tax,

2020,

AGMC

Insured,

4%,

9/01/45

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

2,730,000

2,568,824

County

of

Sacramento

,

Airport

System,

Revenue,

2016

B,

Refunding,

5%,

7/01/41

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

9,000,000

9,229,939

Airport

System,

Revenue,

Senior

Lien,

2016

A,

Refunding,

5%,

7/01/41

.........

10,000,000

10,288,971

Community

Facilities

District

No.

2014-2,

Special

Tax,

2021,

4%,

9/01/41

........

325,000

297,879

Community

Facilities

District

No.

2014-2,

Special

Tax,

2021,

4%,

9/01/46

........

325,000

288,885

b

CSCDA

Community

Improvement

Authority

,

1818

Platinum

Triangle-Anaheim,

Revenue,

Senior

Lien,

144A,

2021

A-1,

3.35%,

4/01/47

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

10,000,000

7,633,584

777

Place-Pomona,

Revenue,

Senior

Lien,

144A,

2021

A-1,

3.6%,

5/01/47

.......

10,000,000

7,778,239

777

Place-Pomona,

Revenue,

Senior

Lien,

144A,

2021

A-2,

3.25%,

5/01/57

......

12,500,000

8,508,201

Acacia

on

Santa

Rosa

Creek,

Revenue,

Senior

Lien,

144A,

2021

A,

4%,

10/01/56

.

13,000,000

10,405,519

Cameo/Garrison

Apartments,

Revenue,

144A,

2021

B,

4%,

3/01/57

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

12,000,000

8,141,719

Cameo/Garrison

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-1,

2.8%,

3/01/47

21,800,000

15,868,802

Cameo/Garrison

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-2,

3%,

3/01/57

.

7,430,000

4,862,737

Crescent

(The),

Revenue,

Senior

Lien,

144A,

2022

A-1,

3.25%,

7/01/43

.........

6,530,000

4,898,425

Crescent

(The),

Revenue,

Senior

Lien,

144A,

2022

A-2,

4.3%,

7/01/59

..........

18,250,000

14,693,765

Dublin,

Revenue,

144A,

2021

B,

4%,

2/01/57

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

16,110,000

10,984,111

Dublin,

Revenue,

Senior

Lien,

144A,

2021

A-1,

2.45%,

2/01/47

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

41,100,000

29,942,106

Dublin,

Revenue,

Senior

Lien,

144A,

2021

A-2,

3%,

2/01/57

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

45,500,000

29,792,954

Escondido

Portfolio,

Revenue,

Senior

Lien,

144A,

2021

A-1,

3%,

6/01/48

........

10,000,000

6,697,868

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

12

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

b

CSCDA

Community

Improvement

Authority,

(continued)

Jefferson

Platinum

Triangle

Apartments,

Revenue,

144A,

2021

A-1,

2.875%,

8/01/41

$

20,135,000

$

16,568,790

Jefferson

Platinum

Triangle

Apartments,

Revenue,

144A,

2021

A-2,

3.125%,

8/01/56

44,465,000

29,547,673

Monterey

Station

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-1,

3%,

7/01/43

.

8,000,000

5,816,410

Park

Crossing

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A,

3.25%,

12/01/58

.

18,750,000

12,230,989

Pasadena

Portfolio,

Revenue,

Senior

Lien,

144A,

2021

A-1,

2.65%,

12/01/46

.....

1,425,000

1,084,078

Pasadena

Portfolio,

Revenue,

Senior

Lien,

144A,

2021

A-2,

3%,

12/01/56

.......

39,820,000

26,100,318

Theo

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-1,

3.5%,

5/01/47

........

5,000,000

3,997,261

Towne

at

Glendale

Apartments,

Revenue,

144A,

2022

A,

Zero

Cpn.,

9/01/62

.....

53,000,000

25,245,209

Vineyard

Garden

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A,

3.25%,

10/01/58

14,000,000

9,148,692

Waterscape

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A,

3%,

9/01/56

......

5,000,000

3,179,067

Westgate

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-1,

3%,

6/01/47

......

14,500,000

10,532,366

Wood

Creek

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-1,

3%,

12/01/49

...

30,000,000

19,391,229

Wood

Creek

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-2,

4%,

12/01/58

...

25,000,000

17,799,430

Daly

City

Housing

Development

Finance

Agency

,

Franciscan

Park

LLC

,

Revenue

,

2007

A

,

Refunding

,

5

%

,

12/15/47

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

17,870,000

17,873,792

Day

Creek

Square

Public

Facilities

,

Community

Facilities

District

No.

2018-1,

Special

Tax,

2020,

4%,

9/01/40

........

625,000

558,335

Community

Facilities

District

No.

2018-1,

Special

Tax,

2020,

4%,

9/01/45

........

700,000

598,090

Delano

Joint

Union

High

School

District

,

GO

,

2003

A

,

Refunding

,

NATL

Insured

,

5.15

%

,

2/01/32

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

8,520,000

9,443,594

East

Bay

Municipal

Utility

District

,

Water

System,

Revenue,

2014

A,

Refunding,

5%,

6/01/35

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

10,000,000

10,334,103

Water

System,

Revenue,

2014

B,

Refunding,

5%,

6/01/24

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

4,140,000

4,290,684

Water

System,

Revenue,

2014

C,

5%,

6/01/44

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

14,000,000

14,341,216

Water

System,

Revenue,

2015

A,

Refunding,

5%,

6/01/36

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

7,355,000

7,758,414

Water

System,

Revenue,

2015

C,

4%,

6/01/45

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

9,070,000

9,102,172

Water

System,

Revenue,

2017

A,

Refunding,

5%,

6/01/45

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

4,240,000

4,500,786

Water

System,

Revenue,

2019

A,

5%,

6/01/44

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

4,000,000

4,350,859

Eastern

Municipal

Water

District

,

Revenue,

2021

A,

Refunding,

4%,

7/01/28

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

2,480,000

2,663,041

a

Revenue,

2021

B,

Refunding,

Mandatory

Put,

2%,

7/01/24

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

7,500,000

7,444,636

Community

Facilities

District

No.

2017-79,

Special

Tax,

2021,

4%,

9/01/46

.......

2,815,000

2,491,223

Community

Facilities

District

No.

2017-79,

Special

Tax,

2021,

4%,

9/01/51

.......

3,405,000

2,930,445

Community

Facilities

District

No.

2019-83,

Special

Tax,

2022,

4%,

9/01/51

.......

2,790,000

2,401,158

Eastern

Municipal

Water

District

Financing

Authority

,

Revenue

,

2015

B

,

5

%

,

7/01/46

.

30,705,000

31,886,587

Elk

Grove

Finance

Authority

,

Special

Tax

,

2015

,

Refunding

,

BAM

Insured

,

5

%

,

9/01/38

1,500,000

1,573,206

Fairfax

School

District

,

GO

,

2010

,

AGMC

Insured

,

Zero

Cpn.,

11/01/48

...........

10,380,000

2,829,674

FHLMC,

Multi-family

ML

Pass-Through

Certificates

,

Revenue

,

2019-ML06

,

ACA

,

Revenue

,

2.493

%

,

7/25/35

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

1,036,024

828,443

Folsom

Cordova

Unified

School

District

School

Facilities

Improvement

Dist

No.

5

,

GO

,

C

,

4

%

,

10/01/43

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

17,500,000

17,432,893

Foothill-Eastern

Transportation

Corridor

Agency

,

Revenue,

2013

A,

Refunding,

AGMC

Insured,

5%,

1/15/42

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

10,000,000

10,231,659

Revenue,

2013

A,

Pre-Refunded,

6%,

1/15/49

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

305,000,000

316,734,387

Revenue,

2013

A,

Pre-Refunded,

6%,

1/15/53

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

190,000,000

197,309,946

Revenue,

2013

A,

Refunding,

AGMC

Insured,

Zero

Cpn.,

1/15/31

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

35,000,000

38,221,270

Revenue,

2013

A,

Refunding,

AGMC

Insured,

Zero

Cpn.,

1/15/32

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

37,260,000

40,842,415

Revenue,

2013

A,

Refunding,

AGMC

Insured,

Zero

Cpn.,

1/15/37

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

41,250,000

22,834,173

Revenue,

2013

A,

Refunding,

AGMC

Insured,

Zero

Cpn.,

1/15/38

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

77,650,000

40,749,260

Revenue,

2013

A,

Refunding,

AGMC

Insured,

Zero

Cpn.,

1/15/39

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

56,100,000

27,804,001

Revenue,

2013

A,

Refunding,

Zero

Cpn.,

1/15/42

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

98,000,000

104,924,386

Revenue,

2013

A,

Refunding,

Zero

Cpn.,

1/15/42

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

130,000,000

48,857,536

Revenue,

Senior

Lien,

1995

A,

ETM,

Zero

Cpn.,

1/01/25

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

20,660,000

19,534,530

Revenue,

Senior

Lien,

1995

A,

ETM,

Zero

Cpn.,

1/01/26

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

23,475,000

21,563,658

Revenue,

Senior

Lien,

1995

A,

ETM,

Zero

Cpn.,

1/01/27

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

15,000,000

13,361,664

Revenue,

Senior

Lien,

1995

A,

ETM,

Zero

Cpn.,

1/01/28

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

2,000,000

1,731,019

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

13

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Foothill-Eastern

Transportation

Corridor

Agency,

(continued)

Revenue,

Senior

Lien,

1995

A,

ETM,

Zero

Cpn.,

1/01/29

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

$

35,310,000

$

29,675,739

Revenue,

Senior

Lien,

2021

A,

Refunding,

4%,

1/15/46

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

17,500,000

16,112,798

Fowler

Unified

School

District

,

GO,

2010

C,

AGMC

Insured,

Zero

Cpn.,

8/01/41

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

3,095,000

1,297,498

GO,

2010

C,

AGMC

Insured,

Zero

Cpn.,

8/01/42

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

3,005,000

1,198,597

Franklin-Mckinley

School

District

,

GO

,

C

,

Pre-Refunded

,

BAM

Insured

,

5

%

,

8/01/44

.

5,000,000

5,084,795

Fresno

Unified

School

District

,

GO,

2020

B,

5%,

8/01/46

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

2,635,000

2,841,954

GO,

2020

B,

4%,

8/01/48

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

3,205,000

3,133,755

GO,

2020

B,

4%,

8/01/52

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

6,585,000

6,361,411

GO,

2020

B,

4%,

8/01/55

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

4,000,000

3,854,075

Fullerton

School

District

,

GO

,

2002

A

,

NATL

Insured

,

Zero

Cpn.,

8/01/23

..........

3,030,000

2,973,514

Glendale

Community

College

District

,

GO

,

2003

C

,

NATL

Insured

,

Zero

Cpn.,

8/01/28

12,860,000

10,149,349

Glendora

Public

Finance

Authority

,

Glendora

Community

Redevelopment

Agency

,

Tax

Allocation

,

2003

A

,

NATL

Insured

,

5

%

,

9/01/24

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

1,945,000

1,948,334

Golden

State

Tobacco

Securitization

Corp.

,

Revenue

,

2018

A-1

,

Pre-Refunded

,

5

%

,

6/01/35

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

28,340,000

31,911,262

Golden

Valley

Unified

School

District

Financing

Authority

,

Community

Facilities

District

No.

2017-1,

Revenue,

2021

A,

4%,

9/01/46

........

250,000

216,150

Community

Facilities

District

No.

2017-1,

Revenue,

2021

A,

4%,

9/01/51

........

500,000

418,173

Community

Facilities

District

No.

2017-1,

Revenue,

2021

A,

4%,

9/01/56

........

745,000

613,068

Grossmont

Union

High

School

District

,

GO

,

2004

,

AGMC

Insured

,

Zero

Cpn.,

8/01/24

5,110,000

4,877,788

Grossmont-Cuyamaca

Community

College

District

,

GO

,

2018

B

,

4

%

,

8/01/47

......

10,000,000

9,690,257

Hacienda

La

Puente

Unified

School

District

,

GO

,

2017

A

,

4

%

,

8/01/47

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

655,000

644,604

Hartnell

Community

College

District

,

GO

,

2009

C

,

6.125

%

,

8/01/33

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

20,000,000

25,059,658

Hawthorne

School

District

,

GO

,

2008

C

,

AGMC

Insured

,

Zero

Cpn.,

8/01/48

.......

37,665,000

10,786,857

Huntington

Beach

City

School

District

,

GO

,

2003

A

,

NATL

Insured

,

Zero

Cpn.,

8/01/28

10,005,000

8,024,887

Independent

Cities

Finance

Authority

,

Augusta

Communities

LLC,

Revenue,

2022

A,

Refunding,

5.25%,

5/15/56

.......

4,000,000

4,161,458

b

City

of

Compton

Sales

Tax,

Revenue,

144A,

2021,

AGMC

Insured,

4%,

6/01/36

...

700,000

706,485

b

City

of

Compton

Sales

Tax,

Revenue,

144A,

2021,

AGMC

Insured,

4%,

6/01/41

...

900,000

878,859

b

City

of

Compton

Sales

Tax,

Revenue,

144A,

2021,

AGMC

Insured,

4%,

6/01/46

...

925,000

879,606

b

City

of

Compton

Sales

Tax,

Revenue,

144A,

2021,

AGMC

Insured,

4%,

6/01/51

...

1,250,000

1,164,787

Millennium

Housing

LLC,

Revenue,

2021

A,

Refunding,

3%,

9/15/46

...........

1,000,000

765,466

Millennium

Housing

LLC,

Revenue,

2021

A,

Refunding,

3%,

9/15/56

...........

2,000,000

1,391,837

Millennium

Housing

LLC,

Revenue,

2022,

Refunding,

4%,

9/15/42

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

2,000,000

1,907,851

Millennium

Housing

LLC,

Revenue,

2022,

Refunding,

4.25%,

9/15/50

...........

2,000,000

1,913,483

Millennium

Housing

LLC,

Revenue,

2022,

Refunding,

5%,

9/15/50

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

2,000,000

2,098,563

Irvine

Unified

School

District

,

Special

Tax,

2020

A,

4%,

9/01/40

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

2,960,000

2,718,899

Special

Tax,

2020

A,

4%,

9/01/44

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

6,250,000

5,594,913

Special

Tax,

2020

A,

BAM

Insured,

4%,

9/01/50

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

8,000,000

7,710,673

Special

Tax,

2020

A,

BAM

Insured,

4%,

9/01/54

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

12,285,000

11,739,080

Community

Facilities

District

No.

01-1,

Special

Tax,

2015,

Refunding,

BAM

Insured,

5%,

9/01/38

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

7,000,000

7,283,088

Community

Facilities

District

No.

09-1,

Special

Tax,

2017

D,

5%,

3/01/57

........

11,000,000

11,102,986

Jefferson

Union

High

School

District

,

GO,

2000

A,

Refunding,

NATL

Insured,

6.45%,

8/01/25

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

1,945,000

2,034,525

GO,

2000

A,

Refunding,

NATL

Insured,

6.45%,

8/01/29

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

3,075,000

3,519,971

Jurupa

Community

Services

District

,

Community

Facilities

District

No.

52,

Special

Tax,

2021

A,

4%,

9/01/39

..........

135,000

124,972

Community

Facilities

District

No.

52,

Special

Tax,

2021

A,

4%,

9/01/40

..........

140,000

127,964

Community

Facilities

District

No.

52,

Special

Tax,

2021

A,

4%,

9/01/50

..........

1,000,000

854,120

Community

Facilities

District

No.

54,

Special

Tax,

2021

A,

4%,

9/01/46

..........

900,000

783,810

Community

Facilities

District

No.

54,

Special

Tax,

2021

A,

4%,

9/01/51

..........

875,000

743,500

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

14

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Jurupa

Public

Financing

Authority

,

Special

Tax,

2013

A,

AGMC

Insured,

5.125%,

9/01/37

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

$

4,000,000

$

4,071,911

Special

Tax,

2013

A,

AGMC

Insured,

5.25%,

9/01/42

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

3,250,000

3,315,548

La

Mirada

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation

,

2010

A

,

Refunding

,

AGMC

Insured

,

5

%

,

8/15/28

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

1,855,000

1,858,919

d

Lake

Elsinore

Unified

School

District

Community

Facilities

District

,

Special

Tax,

2022,

5%,

9/01/47

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

350,000

352,429

Special

Tax,

2022,

5%,

9/01/52

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

500,000

500,515

Lakeside

Union

School

District

,

GO

,

2010

B

,

Zero

Cpn.,

8/01/45

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

11,540,000

4,033,752

Lammersville

Joint

Unified

School

District

,

GO

,

2016

A

,

4

%

,

8/01/46

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

41,340,000

40,349,878

Lancaster

School

District

,

GO,

1999,

NATL

Insured,

Zero

Cpn.,

8/01/25

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

5,495,000

5,067,297

GO,

1999,

NATL

Insured,

Zero

Cpn.,

7/01/26

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

5,965,000

5,306,980

Lassen

Municipal

Utility

District

,

COP

,

2021

,

4

%

,

5/01/51

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

3,000,000

2,725,138

Lawndale

Redevelopment

Agency

,

Tax

Allocation,

2009,

AGMC

Insured,

5.5%,

8/01/39

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

10,280,000

10,305,655

Tax

Allocation,

2009,

AGMC

Insured,

5.5%,

8/01/44

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

6,085,000

6,099,834

Lee

Lake

Water

District

Financing

Corp.

,

Community

Facilities

District

No.

4

Terramor

Improvement

Area

No.

2,

Special

Tax,

2021,

4%,

9/01/36

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

930,000

878,644

Community

Facilities

District

No.

4

Terramor

Improvement

Area

No.

2,

Special

Tax,

2021,

4%,

9/01/41

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

785,000

708,183

Community

Facilities

District

No.

4

Terramor

Improvement

Area

No.

2,

Special

Tax,

2021,

4%,

9/01/46

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

1,040,000

911,082

Community

Facilities

District

No.

4

Terramor

Improvement

Area

No.

2,

Special

Tax,

2021,

4%,

9/01/51

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

930,000

793,550

Lemon

Grove

School

District

,

GO

,

2010

B

,

AGMC

Insured

,

Zero

Cpn.,

8/01/50

.....

20,990,000

5,732,006

Lodi

Unified

School

District

,

GO

,

2017

,

4

%

,

8/01/41

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

15,000,000

15,057,680

Long

Beach

Bond

Finance

Authority

,

Revenue,

2007

A,

5.5%,

11/15/28

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

8,000,000

8,644,143

Revenue,

2007

A,

5%,

11/15/29

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

17,465,000

18,536,226

Revenue,

2007

A,

5.5%,

11/15/30

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

5,000,000

5,502,579

Revenue,

2007

A,

5%,

11/15/35

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

69,855,000

74,215,286

Revenue,

2007

A,

5.5%,

11/15/37

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

35,000,000

38,929,636

Los

Angeles

Community

College

District

,

GO,

2015

C,

Refunding,

5%,

8/01/25

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

5,890,000

6,253,681

GO,

2016,

Refunding,

5%,

8/01/38

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

10,000,000

10,684,953

Los

Angeles

County

Metropolitan

Transportation

Authority

,

Revenue,

2021

A,

5%,

6/01/26

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

4,000,000

4,331,664

Sales

Tax,

Revenue,

2016

A,

Refunding,

5%,

6/01/35

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

17,655,000

18,879,219

Sales

Tax,

Revenue,

2016

A,

Refunding,

5%,

6/01/37

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

10,970,000

11,681,003

Sales

Tax,

Revenue,

2016

A,

Refunding,

5%,

6/01/38

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

2,705,000

2,875,915

Sales

Tax,

Revenue,

2016

A,

Refunding,

5%,

6/01/39

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

10,000,000

10,610,658

Sales

Tax,

Revenue,

2017

A,

5%,

7/01/38

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

10,455,000

11,306,057

Sales

Tax,

Revenue,

2017

A,

5%,

7/01/39

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

7,860,000

8,474,673

Sales

Tax,

Revenue,

2017

A,

5%,

7/01/41

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

12,350,000

13,217,763

Sales

Tax,

Revenue,

2017

A,

5%,

7/01/42

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

26,910,000

28,745,800

Sales

Tax,

Revenue,

2020

A,

Refunding,

5%,

6/01/32

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

6,700,000

7,756,637

Sales

Tax,

Revenue,

2020

A,

Refunding,

5%,

6/01/35

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

18,960,000

21,488,176

Sales

Tax,

Revenue,

2020

A,

Refunding,

5%,

6/01/36

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

7,035,000

7,926,365

Sales

Tax,

Revenue,

2020

A,

Refunding,

5%,

6/01/37

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

11,455,000

12,841,912

Sales

Tax,

Revenue,

2021

A,

5%,

6/01/23

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

7,000,000

7,092,065

Sales

Tax,

Revenue,

2021

A,

5%,

6/01/24

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

5,500,000

5,705,948

Sales

Tax,

Revenue,

2021

A,

5%,

6/01/32

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

4,000,000

4,692,615

Sales

Tax,

Revenue,

Senior

Lien,

2021

A,

5%,

7/01/28

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

3,830,000

4,316,958

Sales

Tax,

Revenue,

Senior

Lien,

2021

A,

5%,

7/01/36

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

2,500,000

2,847,755

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

15

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Los

Angeles

County

Sanitation

Districts

Financing

Authority

,

Revenue,

2022

A,

5%,

10/01/25

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

$

6,830,000

$

7,297,597

Los

Angeles

County

Sanitation

District

No.

20,

Revenue,

2016

A,

Refunding,

4%,

10/01/42

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

16,430,000

16,426,959

Los

Angeles

Department

of

Water

,

Water

System

,

Revenue

,

2020

C

,

Refunding

,

5

%

,

7/01/41

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

6,455,000

7,138,711

Los

Angeles

Department

of

Water

&

Power

,

Power

System,

Revenue,

2014

B,

5%,

7/01/43

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

62,000,000

63,120,991

Power

System,

Revenue,

2014

D,

5%,

7/01/44

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

51,940,000

53,270,386

Power

System,

Revenue,

2015

A,

Refunding,

5%,

7/01/35

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

15,105,000

15,750,989

Power

System,

Revenue,

2015

A,

Refunding,

5%,

7/01/36

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

17,795,000

18,518,961

Power

System,

Revenue,

2016

B,

5%,

7/01/35

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

11,995,000

12,733,151

Power

System,

Revenue,

2017

A,

5%,

7/01/47

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

5,000,000

5,253,947

Power

System,

Revenue,

2017

C,

5%,

7/01/47

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

99,525,000

105,149,815

Power

System,

Revenue,

2018

D,

Refunding,

5%,

7/01/38

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

8,960,000

9,753,997

Power

System,

Revenue,

2018

D,

Refunding,

5%,

7/01/39

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

8,215,000

8,920,201

Power

System,

Revenue,

2019

A,

5%,

7/01/45

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

9,535,000

10,258,110

Power

System,

Revenue,

2019

A,

5.25%,

7/01/49

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

12,555,000

13,612,418

Power

System,

Revenue,

2019

D,

Refunding,

5%,

7/01/44

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

17,555,000

19,004,588

Power

System,

Revenue,

2020

A,

Refunding,

5%,

7/01/28

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

10,000,000

11,238,207

Power

System,

Revenue,

2020

B,

Refunding,

5%,

7/01/39

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

1,005,000

1,116,422

Power

System,

Revenue,

2020

B,

Refunding,

5%,

7/01/45

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

8,500,000

9,277,433

Power

System,

Revenue,

2021

B,

Refunding,

5%,

7/01/48

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

20,800,000

22,679,199

Power

System,

Revenue,

2021

C,

5%,

7/01/40

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

8,020,000

8,974,025

Power

System,

Revenue,

2021

C,

5%,

7/01/45

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

14,455,000

15,926,285

Power

System,

Revenue,

2022

C,

Refunding,

5%,

7/01/40

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

6,000,000

6,744,333

Power

System,

Revenue,

2022

C,

Refunding,

5%,

7/01/41

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

5,000,000

5,582,041

Power

System,

Revenue,

2022

C,

Refunding,

5%,

7/01/42

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

6,250,000

6,963,839

Power

System,

Revenue,

2022

C,

Refunding,

5%,

7/01/43

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

5,000,000

5,557,249

Water

System,

Revenue,

2014

A,

5%,

7/01/44

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

84,000,000

86,203,816

Water

System,

Revenue,

2016

A,

Refunding,

5%,

7/01/41

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

29,820,000

31,263,488

Water

System,

Revenue,

2016

A,

Refunding,

5%,

7/01/46

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

32,840,000

34,277,561

Water

System,

Revenue,

2017

A,

Refunding,

5%,

7/01/41

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

24,210,000

25,642,770

Water

System,

Revenue,

2017

A,

Refunding,

5%,

7/01/44

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

35,365,000

37,309,912

Water

System,

Revenue,

2018,

Refunding,

5%,

7/01/43

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

8,380,000

9,010,712

Water

System,

Revenue,

2018

A,

5%,

7/01/43

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

5,425,000

5,799,852

Water

System,

Revenue,

2018

A,

5%,

7/01/48

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

22,375,000

23,746,511

Water

System,

Revenue,

2022

C,

Refunding,

5%,

7/01/41

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

2,970,000

3,342,101

Los

Angeles

Unified

School

District

,

GO,

2017

A,

Refunding,

5%,

7/01/25

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

18,750,000

19,931,914

GO,

2020

C,

4%,

7/01/33

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

7,000,000

7,518,813

GO,

2020

C,

4%,

7/01/36

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

10,185,000

10,542,452

GO,

2020

RYQ,

4%,

7/01/44

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

10,730,000

10,613,547

Los

Gatos-Saratoga

Joint

High

School

District

,

GO,

A,

4%,

8/01/39

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

10,635,000

10,683,470

GO,

A,

4%,

8/01/44

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

6,090,000

6,094,603

Los

Rios

Community

College

District

,

GO

,

E

,

3

%

,

8/01/23

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

10,560,000

10,600,950

Marin

Municipal

Water

District

,

Revenue

,

2022

,

Refunding

,

4

%

,

6/15/52

..........

27,295,000

26,379,902

McFarland

Public

Financing

Authority

,

Revenue

,

2010

A

,

AGMC

Insured

,

5

%

,

10/01/40

5,115,000

5,125,560

Menifee

Union

School

District

,

Community

Facilities

District

No.

2011-1,

Special

Tax,

2021,

4%,

9/01/26

........

75,000

75,395

Community

Facilities

District

No.

2011-1,

Special

Tax,

2021,

4%,

9/01/27

........

140,000

140,535

Community

Facilities

District

No.

2011-1,

Special

Tax,

2021,

4%,

9/01/28

........

105,000

105,133

Community

Facilities

District

No.

2011-1

Improvement

Area

No.

5,

Special

Tax,

2021,

4%,

9/01/45

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

875,000

779,847

Community

Facilities

District

No.

2011-1

Improvement

Area

No.

5,

Special

Tax,

2021,

4%,

9/01/51

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

1,825,000

1,565,635

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

16

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Menifee

Union

School

District,

(continued)

Community

Facilities

District

No.

2011-1

Improvement

Area

No.

7,

Special

Tax,

2022,

5%,

9/01/42

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

$

1,000,000

$

1,018,531

Community

Facilities

District

No.

2011-1

Improvement

Area

No.

7,

Special

Tax,

2022,

5.125%,

9/01/47

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

2,000,000

2,034,658

Community

Facilities

District

No.

2011-1

Improvement

Area

No.

7,

Special

Tax,

2022,

5.25%,

9/01/52

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

2,000,000

2,043,388

Community

Facilities

District

No.

2019-2,

Special

Tax,

2021,

4%,

9/01/35

........

200,000

192,650

Community

Facilities

District

No.

2019-2,

Special

Tax,

2021,

4%,

9/01/44

........

565,000

506,486

Community

Facilities

District

No.

2019-2,

Special

Tax,

2021,

4%,

9/01/51

........

675,000

580,925

Metropolitan

Water

District

of

Southern

California

,

a

Revenue,

2017

C,

Mandatory

Put,

2.04%,

5/21/24

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

13,000,000

12,896,970

a

Revenue,

2017

D,

Refunding,

Mandatory

Put,

2.04%,

5/21/24

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

10,000,000

9,920,702

a

Revenue,

2017

E,

Refunding,

Mandatory

Put,

2.04%,

5/21/24

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

13,000,000

12,896,970

Revenue,

2019

A,

Refunding,

5%,

7/01/25

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

6,000,000

6,373,568

Revenue,

2020

A,

5%,

10/01/49

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

16,665,000

18,181,431

Revenue,

2021

B,

Refunding,

4%,

10/01/25

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

2,000,000

2,074,255

Revenue,

2022

B,

Refunding,

3%,

7/01/28

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

20,000,000

20,442,662

Middle

Fork

Project

Finance

Authority

,

Revenue,

2020,

Refunding,

5%,

4/01/27

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

3,000,000

3,174,705

Revenue,

2020,

Refunding,

5%,

4/01/31

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

3,895,000

4,231,323

Revenue,

2020,

Refunding,

5%,

4/01/36

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

7,330,000

7,808,340

Midpeninsula

Regional

Open

Space

District

,

GO

,

2018

,

4

%

,

9/01/48

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

11,220,000

11,155,126

Milpitas

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation

,

1997

,

NATL

Insured

,

ETM,

5.5

%

,

1/15/24

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

3,830,000

3,893,913

Modesto

High

School

District

,

GO,

2002

A,

NATL

Insured,

Zero

Cpn.,

8/01/23

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

10,815,000

10,616,860

GO,

2002

A,

NATL

Insured,

Zero

Cpn.,

5/01/27

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

12,770,000

11,145,134

Monterey

Peninsula

Unified

School

District

,

GO

,

2016

C

,

Refunding

,

5

%

,

8/01/41

...

11,190,000

11,792,462

Moorpark

Unified

School

District

,

GO

,

2009

A

,

AGMC

Insured

,

Zero

Cpn.,

8/01/32

...

5,870,000

4,090,815

Moreno

Valley

Unified

School

District

,

GO,

2004

A,

AGMC

Insured,

ETM,

Zero

Cpn.,

8/01/27

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

6,315,000

5,506,474

GO,

2004

A,

AGMC

Insured,

ETM,

Zero

Cpn.,

8/01/28

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

6,625,000

5,605,295

GO,

2018

B,

AGMC

Insured,

5%,

8/01/47

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

6,075,000

6,449,955

Mount

Diablo

Unified

School

District

,

GO,

2022

B,

Refunding,

4%,

8/01/25

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

3,100,000

3,210,198

GO,

B,

4%,

8/01/24

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

1,425,000

1,457,073

Mount

San

Antonio

Community

College

District

,

GO

,

2013

A

,

Zero

Cpn.,

8/01/43

....

55,000,000

49,636,345

M-S-R

Energy

Authority

,

Revenue

,

2009

B

,

6.5

%

,

11/01/39

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

25,000,000

30,332,852

Murrieta

Valley

Unified

School

District

,

Community

Facilities

District

No.

2018-1,

Special

Tax,

2021,

4%,

9/01/24

........

60,000

60,361

Community

Facilities

District

No.

2018-1,

Special

Tax,

2021,

4%,

9/01/44

........

500,000

444,995

Community

Facilities

District

No.

2018-1,

Special

Tax,

2021,

4%,

9/01/51

........

1,000,000

854,766

Newport

Mesa

Unified

School

District

,

GO

,

2011

,

6.3

%

,

8/01/42

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

20,000,000

24,405,168

Norman

Y

Mineta

San

Jose

International

Airport

SJC

,

Revenue,

2017

A,

Refunding,

5%,

3/01/36

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

4,590,000

4,732,969

Revenue,

2017

A,

Refunding,

5%,

3/01/37

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

4,475,000

4,606,919

Revenue,

2017

A,

Refunding,

5%,

3/01/41

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

11,535,000

11,767,174

Revenue,

2017

A,

Refunding,

5%,

3/01/47

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

9,400,000

9,507,379

Revenue,

2017

B,

Refunding,

5%,

3/01/47

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

10,000,000

10,249,605

Revenue,

2021

A,

Refunding,

5%,

3/01/32

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

3,800,000

4,118,467

Revenue,

2021

B,

Refunding,

5%,

3/01/29

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

500,000

562,878

Revenue,

2021

B,

Refunding,

5%,

3/01/30

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

600,000

683,732

Revenue,

2021

B,

Refunding,

5%,

3/01/31

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

1,000,000

1,152,021

Revenue,

2021

B,

Refunding,

5%,

3/01/32

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

2,000,000

2,289,356

Revenue,

2021

B,

Refunding,

5%,

3/01/33

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

1,400,000

1,591,947

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

17

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Oceanside

Unified

School

District

,

GO,

2010

B,

AGMC

Insured,

Zero

Cpn.,

8/01/38

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

$

10,590,000

$

5,547,750

GO,

2010

B,

AGMC

Insured,

Zero

Cpn.,

8/01/39

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

7,860,000

3,892,130

GO,

2015,

Refunding,

5%,

8/01/48

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

12,000,000

12,417,594

GO,

2022,

Refunding,

5%,

8/01/39

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

1,005,000

1,116,585

GO,

G,

5%,

8/01/40

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

1,020,000

1,128,610

GO,

G,

5%,

8/01/43

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

1,000,000

1,100,790

Ontario

International

Airport

Authority

,

Revenue,

2021

B,

AGMC

Insured,

5%,

5/15/28

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

300,000

318,494

Revenue,

2021

B,

AGMC

Insured,

5%,

5/15/29

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

830,000

888,253

Revenue,

2021

B,

AGMC

Insured,

5%,

5/15/30

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

1,315,000

1,418,681

Revenue,

2021

B,

AGMC

Insured,

5%,

5/15/31

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

1,000,000

1,085,913

Revenue,

2021

B,

AGMC

Insured,

5%,

5/15/32

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

2,000,000

2,165,522

Revenue,

2021

B,

AGMC

Insured,

5%,

5/15/33

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

1,000,000

1,078,779

Revenue,

2021

B,

AGMC

Insured,

5%,

5/15/34

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

1,000,000

1,072,215

Orange

County

Sanitation

District

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

2/01/36

......

8,350,000

8,634,611

Orange

County

Transportation

Authority

,

Revenue,

2021,

4%,

10/15/24

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

13,055,000

13,400,271

Revenue,

2021,

5%,

10/15/24

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

51,945,000

54,346,308

Orange

County

Water

District

,

COP,

2003

B,

NATL

Insured,

ETM,

5%,

8/15/28

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

13,740,000

14,859,070

COP,

2003

B,

NATL

Insured,

ETM,

5%,

8/15/34

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

3,305,000

3,807,599

COP,

2003

B,

Pre-Refunded,

NATL

Insured,

5%,

8/15/34

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

4,140,000

4,900,573

Orange

Unified

School

District

,

GO

,

2022

,

5

%

,

8/01/41

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

3,380,000

3,803,557

Palomar

Community

College

District

,

GO

,

2010

B

,

Zero

Cpn.,

8/01/39

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

69,410,000

75,363,011

Palomar

Health

,

Obligated

Group,

GO,

2009

A,

AGMC

Insured,

7%,

8/01/38

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

36,000,000

41,666,900

Obligated

Group,

GO,

2010

A,

6.75%,

8/01/40

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

60,000,000

69,125,292

Palomar

Health

Obligated

Group,

Revenue,

2017,

Refunding,

AGMC

Insured,

5%,

11/01/47

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

35,000,000

35,889,196

Panoche

Financing

Authority

,

Panoche

Water

District,

Revenue,

2021

A,

4%,

9/01/43

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

1,120,000

1,035,611

Panoche

Water

District,

Revenue,

2021

A,

4%,

9/01/51

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

6,070,000

5,355,223

Panoche

Water

District,

Revenue,

2021

B,

1.182%,

9/01/23

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

125,000

121,268

Panoche

Water

District,

Revenue,

2021

B,

1.408%,

9/01/24

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

125,000

117,195

Panoche

Water

District,

Revenue,

2021

B,

1.553%,

9/01/25

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

130,000

118,264

Panoche

Water

District,

Revenue,

2021

B,

2.006%,

9/01/27

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

395,000

344,120

Panoche

Water

District,

Revenue,

2021

B,

2.456%,

9/01/29

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

415,000

351,555

Panoche

Water

District,

Revenue,

2021

B,

2.756%,

9/01/31

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

435,000

357,706

Panoche

Water

District,

Revenue,

2021

B,

3.106%,

9/01/35

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

880,000

694,971

Panoche

Water

District,

Revenue,

2021

B,

3.571%,

9/01/40

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

1,155,000

889,058

Paramount

Unified

School

District

,

GO,

2013,

Pre-Refunded,

BAM

Insured,

5%,

8/01/48

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

2,450,000

2,491,550

GO,

2013,

Pre-Refunded,

BAM

Insured,

Zero

Cpn.,

8/01/43

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

32,000,000

8,174,096

GO,

2013,

Pre-Refunded,

BAM

Insured,

Zero

Cpn.,

8/01/48

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

28,000,000

4,807,992

Patterson

Joint

Unified

School

District

,

GO,

2001

A,

NATL

Insured,

Zero

Cpn.,

8/01/23

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

1,985,000

1,949,271

GO,

2001

A,

NATL

Insured,

Zero

Cpn.,

8/01/24

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

2,075,000

1,980,057

GO,

2001

A,

NATL

Insured,

Zero

Cpn.,

8/01/25

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

2,170,000

2,001,098

GO,

2001

A,

NATL

Insured,

Zero

Cpn.,

8/01/26

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

2,265,000

2,009,481

Perris

Joint

Powers

Authority

,

Community

Facilities

District

No.

2018-1,

Special

Tax,

2020,

4%,

9/01/50

........

1,125,000

957,736

Facilities

District

No.

2007-2,

Special

Tax,

2021,

4%,

9/01/43

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

1,445,000

1,298,865

Facilities

District

No.

2007-2,

Special

Tax,

2021,

4%,

9/01/48

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

1,250,000

1,088,661

Perris

Union

High

School

District

,

COP,

2019,

Refunding,

BAM

Insured,

5%,

10/01/48

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

10,000,000

10,749,083

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

18

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Perris

Union

High

School

District,

(continued)

GO,

2019

A,

AGMC

Insured,

4%,

9/01/43

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

$

5,540,000

$

5,483,126

Pittsburg

Unified

School

District

,

GO

,

2016

,

Refunding

,

4

%

,

8/01/44

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

11,000,000

10,708,843

Placentia-Yorba

Linda

Unified

School

District

,

GO,

2008

D,

Zero

Cpn.,

8/01/43

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

27,955,000

11,252,064

GO,

2008

D,

Zero

Cpn.,

8/01/46

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

89,200,000

29,841,824

GO,

2008

D,

Zero

Cpn.,

8/01/49

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

85,000,000

24,418,154

Port

of

Los

Angeles

,

Revenue

,

2014

B

,

Refunding

,

5

%

,

8/01/44

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

10,300,000

10,547,152

Poway

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation,

2015

A,

Refunding,

5%,

12/15/31

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

10,180,000

11,812,684

Tax

Allocation,

2015

A,

Refunding,

5%,

12/15/32

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

11,215,000

13,138,488

Tax

Allocation,

2015

A,

Refunding,

5%,

6/15/33

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

5,835,000

6,852,040

Poway

Unified

School

District

,

Community

Facilities

District

No.

16,

Special

Tax,

2020,

AGMC

Insured,

4%,

9/01/50

7,500,000

7,225,742

Facilities

Improvement

District

No.

2007-1,

GO,

B,

Zero

Cpn.,

8/01/46

..........

45,000,000

14,668,434

Rancho

Mirage

Community

Facilities

District

,

City

of

Rancho

Mirage

Community

Facilities

District

No.

4C,

Special

Tax,

2022,

5%,

9/01/42

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

300,000

309,715

City

of

Rancho

Mirage

Community

Facilities

District

No.

4C,

Special

Tax,

2022,

5%,

9/01/47

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

500,000

512,277

City

of

Rancho

Mirage

Community

Facilities

District

No.

4C,

Special

Tax,

2022,

5%,

9/01/53

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

1,000,000

1,013,676

Regents

of

the

University

of

California

,

Medical

Center,

Revenue,

2013

J,

5%,

5/15/48

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

75,000,000

75,368,018

Medical

Center,

Revenue,

2016

L,

Refunding,

5%,

5/15/47

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

39,575,000

40,840,909

Medical

Center,

Revenue,

2022

P,

5%,

5/15/47

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

10,000,000

10,806,444

Medical

Center,

Revenue,

2022

P,

4%,

5/15/53

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

84,305,000

79,546,674

Regents

of

the

University

of

California

Medical

Center

,

Medical

Center

,

Revenue

,

2016

L

,

Refunding

,

5

%

,

5/15/41

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

10,000,000

10,436,495

Rialto

Unified

School

District

,

GO

,

2011

A

,

AGMC

Insured

,

Zero

Cpn.,

8/01/41

......

27,000,000

30,507,195

Rio

Hondo

Community

College

District

,

GO

,

2010

C

,

Zero

Cpn.,

8/01/35

..........

10,000,000

6,091,545

Ripon

Unified

School

District

,

GO

,

2013

A

,

Refunding

,

BAM

Insured

,

5

%

,

8/01/42

...

2,315,000

2,350,105

River

Islands

Public

Financing

Authority

,

Community

Facilities

District

No

2003-1

Improvement

Area

No.

1,

Special

Tax,

2022

A-1,

Refunding,

AGMC

Insured,

5%,

9/01/42

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

4,000,000

4,300,198

Community

Facilities

District

No

2003-1

Improvement

Area

No.

1,

Special

Tax,

2022

A-1,

Refunding,

AGMC

Insured,

4.25%,

9/01/47

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

6,000,000

5,730,270

Community

Facilities

District

No

2003-1

Improvement

Area

No.

1,

Special

Tax,

2022

A-1,

Refunding,

AGMC

Insured,

5.25%,

9/01/52

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

11,000,000

11,837,353

Riverside

County

Asset

Leasing

Corp.

,

County

of

Riverside,

Revenue,

1997

A,

NATL

Insured,

Zero

Cpn.,

6/01/23

.......

14,160,000

13,971,463

County

of

Riverside,

Revenue,

1997

A,

NATL

Insured,

Zero

Cpn.,

6/01/24

.......

13,005,000

12,469,571

b

RMA

Capital

Series

Trust

,

Revenue

,

144A,

2022-1

,

A

,

5.67

%

,

8/01/58

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

15,491,000

15,617,097

RNR

School

Financing

Authority

,

Community

Facilities

District

No.

92-1

,

Special

Tax

,

2015

A

,

Refunding

,

BAM

Insured

,

5

%

,

9/01/36

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

11,145,000

11,720,035

Rocklin

Unified

School

District

,

GO,

2003,

NATL

Insured,

Zero

Cpn.,

8/01/25

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

8,160,000

7,540,681

GO,

2003,

NATL

Insured,

Zero

Cpn.,

8/01/26

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

8,695,000

7,769,937

GO,

2003,

NATL

Insured,

Zero

Cpn.,

8/01/27

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

9,080,000

7,834,259

GO,

2003,

NATL

Insured,

Zero

Cpn.,

8/01/28

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

16,615,000

13,816,720

Community

Facilities

District

No.

3,

Special

Tax,

2019,

BAM

Insured,

4%,

9/15/49

..

9,095,000

8,749,254

Rohnert

Park

Community

Development

Commission

Successor

Agency

,

Tax

Allocation

,

2007

R

,

NATL

Insured

,

ETM,

5

%

,

8/01/37

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

1,380,000

1,446,802

Romoland

School

District

,

Community

Facilities

District

No.

2016-2,

Special

Tax,

2022,

4.5%,

9/01/42

.......

360,000

353,541

Community

Facilities

District

No.

2016-2,

Special

Tax,

2022,

4.625%,

9/01/47

.....

750,000

731,242

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

19

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Romoland

School

District,

(continued)

Community

Facilities

District

No.

2016-2,

Special

Tax,

2022,

4.75%,

9/01/52

......

$

1,000,000

$

980,330

Community

Facilities

District

No.

2017-1

Improvement

Area

No.

1,

Special

Tax,

2022,

5%,

9/01/42

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

750,000

775,730

Community

Facilities

District

No.

2017-1

Improvement

Area

No.

1,

Special

Tax,

2022,

5.125%,

9/01/47

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

1,200,000

1,238,642

Community

Facilities

District

No.

2017-1

Improvement

Area

No.

1,

Special

Tax,

2022,

5.25%,

9/01/53

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

2,500,000

2,579,593

Community

Facilities

District

No.

91-1,

Special

Tax,

2022,

3.75%,

9/01/42

........

1,695,000

1,431,251

Community

Facilities

District

No.

91-1,

Special

Tax,

2022,

4%,

9/01/46

..........

5,085,000

4,526,557

Roseville

Natural

Gas

Financing

Authority

,

Revenue

,

2007

,

5

%

,

2/15/26

..........

5,000,000

5,186,715

Sacramento

City

Unified

School

District

,

GO

,

2017

E

,

4

%

,

5/01/47

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

20,000,000

19,228,748

Sacramento

County

Sanitation

Districts

Financing

Authority

,

Sacramento

Regional

County

Sanitation

District,

Revenue,

2014

A,

Refunding,

5%,

12/01/44

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

25,000,000

25,411,527

Sacramento

Regional

County

Sanitation

District,

Revenue,

2020

A,

Refunding,

5%,

12/01/27

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

2,960,000

3,290,622

Sacramento

County

Water

Financing

Authority

,

Sacramento

County

Water

Agency,

Revenue,

2019,

Refunding,

5%,

6/01/27

.....

2,000,000

2,197,322

Sacramento

County

Water

Agency,

Revenue,

2022

A,

4%,

11/01/25

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

32,260,000

33,456,559

Sacramento

Municipal

Utility

District

,

Revenue,

2019

G,

5%,

8/15/41

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

2,500,000

2,732,724

Revenue,

2021

I,

Refunding,

5%,

8/15/25

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

5,500,000

5,844,224

Revenue,

2022

J,

Refunding,

5%,

8/15/26

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

2,615,000

2,831,716

San

Bernardino

Community

College

District

,

GO

,

2009

B

,

Zero

Cpn.,

8/01/48

......

66,390,000

20,663,024

San

Diego

Community

College

District

,

GO

,

2009

B

,

Pre-Refunded

,

6

%

,

8/01/33

....

26,880,000

30,831,457

San

Diego

County

Regional

Airport

Authority

,

Revenue,

2017

A,

Refunding,

5%,

7/01/47

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

5,000,000

5,138,025

Revenue,

2019

A,

Refunding,

5%,

7/01/44

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

4,000,000

4,170,525

Revenue,

2019

A,

Refunding,

5%,

7/01/49

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

5,000,000

5,181,070

Revenue,

2019

B,

Refunding,

4%,

7/01/44

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

5,000,000

4,503,329

Revenue,

2021

A,

5%,

7/01/56

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

7,500,000

7,820,906

Revenue,

2021

B,

5%,

7/01/29

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

2,150,000

2,313,672

Revenue,

2021

B,

5%,

7/01/30

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

2,260,000

2,445,261

Revenue,

2021

B,

4%,

7/01/36

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

3,610,000

3,503,750

Special

Facilities,

Revenue,

2014

A,

5%,

7/01/44

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

5,645,000

5,687,396

San

Diego

County

Regional

Transportation

Commission

,

Revenue

,

2016

A

,

5

%

,

4/01/48

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

25,000,000

26,259,643

San

Diego

County

Water

Authority

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

5/01/29

......

2,335,000

2,673,865

San

Diego

Unified

School

District

,

GO,

1999

A,

NATL

Insured,

Zero

Cpn.,

7/01/23

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

11,120,000

10,956,166

GO,

2009-1,

Pre-Refunded,

6%,

7/01/33

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

104,505,000

110,117,514

GO,

2010

C,

Zero

Cpn.,

7/01/48

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

29,840,000

25,678,988

GO,

2012

E,

Zero

Cpn.,

7/01/47

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

74,270,000

53,703,969

GO,

2019

L,

4%,

7/01/49

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

30,000

29,443

GO,

F,

5%,

7/01/40

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

56,510,000

58,752,277

GO,

F,

5%,

7/01/45

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

34,370,000

35,570,743

GO,

G,

5%,

7/01/40

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

13,000,000

13,515,831

GO,

R-2,

Refunding,

Zero

Cpn.,

7/01/40

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

79,760,000

70,469,244

San

Francisco

Bay

Area

Rapid

Transit

District

,

GO,

2017

A-1,

5%,

8/01/47

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

10,000,000

10,530,559

GO,

2020

C-1,

4%,

8/01/34

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

1,560,000

1,640,246

GO,

2022

D-1,

3%,

8/01/41

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

23,605,000

20,513,507

GO,

2022

D-1,

3%,

8/01/42

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

20,000,000

17,222,094

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

,

Revenue,

2016

B,

5%,

5/01/41

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

65,645,000

66,935,561

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

20

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport,

(continued)

Revenue,

2016

B,

5%,

5/01/46

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

$

40,540,000

$

41,060,724

Revenue,

2016

C,

5%,

5/01/46

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

44,000,000

45,067,805

Revenue,

2019

A,

Refunding,

5%,

5/01/39

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

14,500,000

15,094,108

Revenue,

2019

A,

Refunding,

5%,

5/01/44

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

13,705,000

14,067,275

Revenue,

2019

A,

Refunding,

5%,

5/01/49

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

17,000,000

17,335,123

Revenue,

Second

Series,

2014

B,

5%,

5/01/44

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

31,000,000

31,318,922

Revenue,

Second

Series,

2017

A,

5%,

5/01/42

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

48,155,000

49,302,346

Revenue,

Second

Series,

2017

A,

5%,

5/01/47

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

10,910,000

11,078,499

Revenue,

Second

Series,

2017

B,

5%,

5/01/47

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

24,080,000

24,751,907

Revenue,

Second

Series,

2018,

5.25%,

5/01/48

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

40,145,000

41,350,322

Revenue,

Second

Series,

2018

D,

5%,

5/01/43

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

118,950,000

121,873,280

Revenue,

Second

Series,

2018

D,

5%,

5/01/48

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

33,700,000

34,296,183

Revenue,

Second

Series,

2018

E,

5%,

5/01/48

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

52,245,000

53,951,975

Revenue,

Second

Series,

2019

B,

5%,

5/01/49

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

5,050,000

5,237,428

Revenue,

Second

Series,

2019

E,

5%,

5/01/45

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

21,035,000

21,556,079

Revenue,

Second

Series,

2021

A,

Refunding,

5%,

5/01/34

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

5,000,000

5,390,898

San

Francisco

City

&

County

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation,

Third

Lien

,

2017

B

,

AGMC

Insured

,

5

%

,

8/01/46

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

10,000,000

10,592,170

San

Francisco

Unified

School

District

,

GO

,

2022

C

,

5

%

,

6/15/35

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

6,640,000

7,590,516

San

Gabriel

Unified

School

District

,

GO,

2002

A,

AGMC

Insured,

Zero

Cpn.,

8/01/26

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

3,530,000

3,131,773

GO,

2002

A,

AGMC

Insured,

Zero

Cpn.,

2/01/27

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

1,850,000

1,611,965

San

Jacinto

Unified

School

District

,

Community

Facilities

District

No.

2003-1

,

Special

Tax

,

2022

,

4

%

,

9/01/50

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

875,000

737,305

San

Joaquin

Hills

Transportation

Corridor

Agency

,

Revenue,

1997

A,

Refunding,

5.9%,

1/15/38

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

106,465,000

126,958,107

Revenue,

1997

A,

Refunding,

5.95%,

1/15/40

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

142,645,000

171,915,982

Revenue,

1997

A,

Refunding,

6%,

1/15/43

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

161,250,000

198,081,435

Revenue,

1997

A,

Refunding,

6%,

1/15/45

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

143,336,000

177,421,100

Revenue,

1997

A,

Refunding,

6%,

1/15/46

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

143,336,000

176,682,289

Revenue,

1997

A,

Refunding,

NATL

Insured,

Zero

Cpn.,

1/15/26

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

13,155,000

11,737,979

Revenue,

Senior

Lien,

1993,

ETM,

Zero

Cpn.,

1/01/25

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

5,700,000

5,383,960

Revenue,

Senior

Lien,

1993,

ETM,

Zero

Cpn.,

1/01/28

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

33,545,000

28,960,902

Revenue,

Senior

Lien,

1993,

ETM,

Zero

Cpn.,

1/01/29

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

37,050,000

31,044,921

Revenue,

Senior

Lien,

2014

A,

Pre-Refunded,

5%,

1/15/50

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

230,000,000

242,179,006

Revenue,

Senior

Lien,

2021

A,

Refunding,

AGMC

Insured,

4%,

1/15/44

.........

130,746,000

126,215,638

Revenue,

Senior

Lien,

2021

A,

Refunding,

AGMC

Insured,

4%,

1/15/50

.........

191,775,000

180,711,750

San

Jose

Unified

School

District

,

COP,

2002,

AGMC

Insured,

ETM,

Zero

Cpn.,

1/01/27

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

7,105,000

6,303,570

COP,

2002,

AGMC

Insured,

ETM,

Zero

Cpn.,

1/01/29

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

7,105,000

5,917,857

San

Juan

Unified

School

District

,

GO,

2003

B,

NATL

Insured,

Zero

Cpn.,

8/01/26

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

13,575,000

11,776,887

GO,

2003

B,

NATL

Insured,

Zero

Cpn.,

8/01/27

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

18,605,000

16,037,735

GO,

2003

B,

NATL

Insured,

Zero

Cpn.,

8/01/28

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

19,470,000

16,217,974

San

Luis

Obispo

County

Financing

Authority

,

Revenue

,

2015

A

,

Refunding

,

BAM

Insured

,

5

%

,

9/01/37

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

10,000,000

10,500,876

San

Marino

Unified

School

District

,

GO

,

2000

A

,

NATL

Insured

,

Zero

Cpn.,

7/01/25

..

6,080,000

5,597,065

San

Mateo

Foster

City

Public

Financing

Authority

,

Estero

Municipal

Improvement

District

,

Revenue

,

2021

A

,

5

%

,

8/01/25

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

14,485,000

15,394,777

San

Rafael

City

High

School

District

,

GO

,

2018

B

,

4

%

,

8/01/47

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

17,060,000

16,841,402

Sanger

Public

Financing

Authority

,

Revenue,

2013,

Pre-Refunded,

AGMC

Insured,

5%,

6/15/35

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

2,360,000

2,390,392

Revenue,

2013,

Pre-Refunded,

AGMC

Insured,

5%,

6/15/43

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

6,155,000

6,234,263

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

21

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Sanger

Unified

School

District

,

GO

,

A

,

BAM

Insured

,

4

%

,

8/01/41

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

$

10,000,000

$

9,950,079

Santa

Ana

Unified

School

District

,

COP

,

1999

,

AGMC

Insured

,

Zero

Cpn.,

4/01/24

...

5,450,000

5,153,971

Santa

Cruz

County

Redevelopment

Successor

Agency

,

Tax

Allocation

,

2015

A

,

Refunding

,

AGMC

Insured

,

5

%

,

9/01/35

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

20,000,000

20,966,166

Santaluz

Community

Facilities

District

No.

2

,

City

of

San

Diego

Community

Facilities

District

No.

2,

Special

Tax,

2021,

Refunding,

4%,

9/01/28

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

880,000

917,571

City

of

San

Diego

Community

Facilities

District

No.

2,

Special

Tax,

2021,

Refunding,

4%,

9/01/29

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

690,000

719,600

City

of

San

Diego

Community

Facilities

District

No.

2,

Special

Tax,

2021,

Refunding,

4%,

9/01/30

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

425,000

443,893

School

Facilities

Financing

Authority

,

Twin

Rivers

Unified

School

District

,

Revenue

,

A

,

AGMC

Insured

,

Zero

Cpn.,

8/01/42

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

49,000,000

19,977,849

Semitropic

Improvement

District

of

the

Semitropic

Water

Storage

District

,

Revenue,

Second

Lien

,

2015

A

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/45

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

10,000,000

10,481,473

Southern

California

Public

Power

Authority

,

Revenue

,

2007

A

,

5

%

,

11/01/33

.......

17,500,000

18,716,542

Southern

Mono

Health

Care

District

,

GO,

A,

NATL

Insured,

Zero

Cpn.,

8/01/28

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

2,340,000

1,909,410

GO,

A,

NATL

Insured,

Zero

Cpn.,

8/01/29

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

2,440,000

1,906,472

GO,

A,

NATL

Insured,

Zero

Cpn.,

8/01/30

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

2,550,000

1,911,222

GO,

A,

NATL

Insured,

Zero

Cpn.,

8/01/31

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

2,660,000

1,909,794

State

of

California

,

GO,

Refunding,

5%,

9/01/23

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

15,000,000

15,295,204

GO,

Refunding,

4%,

10/01/23

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

31,000,000

31,419,787

GO,

Refunding,

5%,

12/01/23

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

5,000,000

5,129,482

GO,

6%,

5/01/24

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

1,280,000

1,298,956

GO,

NATL

Insured,

6%,

8/01/24

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

500,000

502,912

GO,

5.625%,

9/01/24

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

175,000

176,378

GO,

Refunding,

4%,

10/01/24

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

5,685,000

5,838,724

GO,

Refunding,

4%,

11/01/24

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

11,655,000

11,983,063

GO,

5%,

11/01/24

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

5,000,000

5,242,130

GO,

4%,

12/01/24

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

3,500,000

3,602,382

GO,

5%,

3/01/25

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

10,000,000

10,550,569

GO,

AMBAC

Insured,

5.9%,

3/01/25

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

110,000

110,940

GO,

Refunding,

5%,

4/01/25

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

5,000,000

5,284,989

GO,

Refunding,

5%,

11/01/25

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

39,975,000

42,787,617

GO,

Refunding,

5%,

12/01/25

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

23,000,000

24,661,916

GO,

Refunding,

5%,

9/01/26

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

8,500,000

9,250,097

GO,

5%,

3/01/27

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

5,000,000

5,269,528

GO,

5%,

4/01/27

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

4,000,000

4,398,121

GO,

Refunding,

5%,

4/01/28

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

2,930,000

3,279,778

GO,

Refunding,

5%,

11/01/30

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

5,320,000

6,202,806

GO,

Refunding,

5%,

10/01/32

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

4,125,000

4,707,980

GO,

5%,

4/01/33

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

5,000,000

5,662,350

GO,

Refunding,

5%,

3/01/35

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

56,185,000

63,638,682

GO,

Refunding,

5%,

9/01/35

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

9,000,000

9,646,697

GO,

Refunding,

4%,

3/01/37

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

10,000,000

10,282,882

GO,

Refunding,

5%,

8/01/37

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

2,900,000

3,171,054

GO,

5%,

10/01/39

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

15,000,000

15,839,859

GO,

5%,

4/01/43

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

44,745,000

44,992,485

GO,

5%,

10/01/44

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

25,000,000

25,769,585

GO,

5%,

3/01/45

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

17,500,000

18,069,432

GO,

5%,

8/01/45

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

22,085,000

22,931,204

GO,

5%,

9/01/45

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

5,000,000

5,266,448

GO,

5%,

8/01/46

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

45,200,000

47,513,639

GO,

5%,

9/01/46

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

8,930,000

9,396,785

GO,

5%,

10/01/47

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

1,000,000

1,045,497

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

22

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

State

of

California,

(continued)

GO,

5%,

10/01/48

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

$

5,000,000

$

5,349,752

GO,

1996,

FGIC

Insured,

5.375%,

6/01/26

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

1,065,000

1,080,545

GO,

1997,

NATL,

FGIC

Insured,

5.625%,

10/01/26

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

5,005,000

5,057,546

GO,

2004,

5.125%,

4/01/24

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

5,000

5,011

GO,

2004,

5.2%,

4/01/26

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

20,000

20,047

GO,

2017,

5%,

11/01/27

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

2,380,000

2,646,352

GO,

2017,

5%,

11/01/47

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

33,370,000

35,489,489

GO,

2022,

Refunding,

5%,

4/01/35

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

38,600,000

44,982,464

GO,

2022,

Refunding,

5%,

4/01/35

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

12,985,000

14,423,940

Department

of

Water

Resources,

Revenue,

BD,

5%,

12/01/26

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

3,250,000

3,554,145

Department

of

Water

Resources,

Revenue,

BD,

5%,

12/01/27

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

8,240,000

9,193,110

Department

of

Water

Resources,

Revenue,

BD,

5%,

12/01/28

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

1,650,000

1,875,625

Sulphur

Springs

Union

School

District

,

COP,

2010,

AGMC

Insured,

6.5%,

12/01/37

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

1,695,000

1,859,621

COP,

2010,

AGMC

Insured,

ETM,

6.5%,

12/01/37

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

1,275,000

1,312,132

COP,

2010,

Pre-Refunded,

AGMC

Insured,

6.5%,

12/01/37

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

4,480,000

4,951,547

COP,

2010,

Pre-Refunded,

AGMC

Insured,

6.5%,

12/01/37

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

5,215,000

5,787,708

Three

Rivers

Levee

Improvement

Authority

,

Special

Tax,

2021

A,

Refunding,

3%,

9/01/23

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

220,000

218,520

Special

Tax,

2021

A,

Refunding,

3%,

9/01/24

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

245,000

239,880

Special

Tax,

2021

A,

Refunding,

4%,

9/01/25

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

280,000

282,037

Special

Tax,

2021

A,

Refunding,

4%,

9/01/36

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

1,080,000

1,031,782

Special

Tax,

2021

A,

Refunding,

4%,

9/01/41

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

2,840,000

2,583,126

Special

Tax,

2021

A,

Refunding,

4%,

9/01/46

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

2,700,000

2,378,999

Special

Tax,

2021

A,

Refunding,

4%,

9/01/51

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

5,065,000

4,345,174

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

1,601,771

Sacramento

County

Tobacco

Securitization

Corp.,

Revenue,

Senior

Lien,

2021

A,

1,

Refunding,

4%,

6/01/49

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

8,000,000

6,884,895

Tobacco

Securitization

Authority

of

Southern

California

,

San

Diego

County

Tobacco

Asset

Securitization

Corp.

,

Revenue

,

2019

B-1

,

Refunding

,

5

%

,

6/01/48

.........

15,160,000

15,302,504

Town

of

Tiburon

,

Assessment

District

No.

2017-1,

1915

Act,

Special

Assessment,

2021

A,

2.375%,

9/02/41

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

550,000

365,255

Assessment

District

No.

2017-1,

1915

Act,

Special

Assessment,

2021

A,

2.5%,

9/02/51

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

1,250,000

759,076

Tracy

Community

Facilities

District

,

City

of

Tracy

Community

Facilities

District

No.

2016-02,

Special

Tax,

2021,

3%,

9/01/24

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

100,000

98,759

City

of

Tracy

Community

Facilities

District

No.

2016-02,

Special

Tax,

2021,

4%,

9/01/25

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

115,000

115,687

City

of

Tracy

Community

Facilities

District

No.

2016-02,

Special

Tax,

2021,

4%,

9/01/28

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

120,000

120,152

City

of

Tracy

Community

Facilities

District

No.

2016-02,

Special

Tax,

2021,

4%,

9/01/30

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

110,000

109,568

City

of

Tracy

Community

Facilities

District

No.

2016-02,

Special

Tax,

2021,

4%,

9/01/36

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

430,000

412,944

City

of

Tracy

Community

Facilities

District

No.

2016-02,

Special

Tax,

2021,

4%,

9/01/41

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

665,000

611,852

City

of

Tracy

Community

Facilities

District

No.

2016-02,

Special

Tax,

2021,

4%,

9/01/46

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

885,000

788,963

City

of

Tracy

Community

Facilities

District

No.

2016-02,

Special

Tax,

2021,

4%,

9/01/51

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

2,210,000

1,917,295

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

23

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Transbay

Joint

Powers

Authority

,

Transbay

Redevelopment

Project

Tax

Increment

Re-Development

Project,

Tax

Allocation,

Senior

Lien,

2020

A,

5%,

10/01/45

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

$

13,420,000

$

13,843,001

Transbay

Redevelopment

Project

Tax

Increment

Re-Development

Project,

Tax

Allocation,

Senior

Lien,

2020

A,

5%,

10/01/49

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

6,400,000

6,509,397

Truckee-Donner

Public

Utility

District

,

Water

System

,

Revenue

,

2022

A

,

5

%

,

11/15/47

3,230,000

3,568,884

Tulare

County

Board

of

Education

,

COP,

Pre-Refunded,

BAM

Insured,

5.375%,

5/01/33

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

3,185,000

3,222,992

COP,

Pre-Refunded,

BAM

Insured,

5.5%,

5/01/38

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

8,305,000

8,408,308

COP,

Pre-Refunded,

BAM

Insured,

5.5%,

5/01/43

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

10,855,000

10,990,029

Turlock

Irrigation

District

,

Revenue,

2019,

Refunding,

5%,

1/01/44

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

9,060,000

9,869,986

Revenue,

2020,

Refunding,

5%,

1/01/37

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

2,090,000

2,313,678

Revenue,

2020,

Refunding,

5%,

1/01/38

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

940,000

1,037,625

Revenue,

2020,

Refunding,

5%,

1/01/39

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

2,250,000

2,474,421

Union

Elementary

School

District

,

GO,

1999

A,

NATL

Insured,

Zero

Cpn.,

9/01/24

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

2,000,000

1,903,904

GO,

2001

B,

NATL

Insured,

Zero

Cpn.,

9/01/25

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

5,500,000

5,079,364

GO,

2001

B,

NATL

Insured,

Zero

Cpn.,

9/01/26

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

5,850,000

5,233,049

University

of

California

,

Revenue,

2015

I,

Refunding,

5%,

5/15/40

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

22,990,000

23,886,589

Revenue,

2015

I,

Refunding,

5%,

5/15/50

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

25,420,000

26,220,900

Revenue,

2016

AR,

Refunding,

5%,

5/15/41

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

13,760,000

14,460,958

Revenue,

2016

K,

4%,

5/15/46

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

19,850,000

19,718,655

Revenue,

2017

AV,

5.25%,

5/15/47

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

6,775,000

7,237,254

Revenue,

2017

M,

5%,

5/15/37

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

15,410,000

16,557,264

Revenue,

2017

M,

5%,

5/15/47

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

12,750,000

13,468,299

Revenue,

2018

AZ,

Refunding,

5%,

5/15/43

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

28,000,000

30,035,118

Revenue,

2018

AZ,

Refunding,

5%,

5/15/48

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

70,790,000

75,058,495

Revenue,

2018

O,

Refunding,

5%,

5/15/39

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

14,400,000

15,588,016

Revenue,

2018

O,

Refunding,

5%,

5/15/48

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

17,250,000

18,290,141

Revenue,

2020

BE,

Refunding,

5%,

5/15/42

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

5,000,000

5,495,330

Revenue,

2021

Q,

Refunding,

4%,

5/15/37

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

1,500,000

1,544,220

Revenue,

2022

BK,

5%,

5/15/52

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

250,000,000

273,934,550

Upland

Community

Facilities

District

,

City

of

Upland

Community

Facilities

District

No.

2016-1,

Special

Tax,

2021

A,

4%,

9/01/40

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

260,000

236,680

City

of

Upland

Community

Facilities

District

No.

2016-1,

Special

Tax,

2021

A,

4%,

9/01/45

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

165,000

146,033

City

of

Upland

Community

Facilities

District

No.

2016-1,

Special

Tax,

2021

A,

4%,

9/01/51

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

260,000

222,239

Upland

Unified

School

District

,

GO

,

2011

C

,

Zero

Cpn.,

8/01/45

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

62,900,000

21,356,601

Val

Verde

Unified

School

District

,

GO,

2010

B,

AGMC

Insured,

6.125%,

8/01/34

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

1,000,000

1,198,349

GO,

2020

A,

BAM

Insured,

4%,

8/01/46

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

1,450,000

1,413,138

Community

Facilities

District

No.

2018-1,

Special

Tax,

2022,

4%,

9/01/52

........

7,000,000

5,974,194

Vallejo

Public

Financing

Authority

,

Vallejo

CA-Hiddenbrooke

Improvement

District

No.

1

,

Revenue

,

2004

A

,

5.8

%

,

9/01/31

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

3,225,000

3,240,480

Vista

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation

,

2015

B-1

,

Refunding

,

AGMC

Insured

,

5

%

,

9/01/37

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

3,020,000

3,156,652

Vista

Unified

School

District

,

GO,

2002

A,

AGMC

Insured,

Zero

Cpn.,

8/01/26

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

7,150,000

6,347,967

GO,

2002

A,

AGMC

Insured,

Zero

Cpn.,

2/01/27

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

4,795,000

4,176,329

Washington

Township

Health

Care

District

,

GO

,

2015

B

,

5

%

,

8/01/45

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

15,000,000

15,211,865

West

Basin

Municipal

Water

District

,

Revenue,

2021

A,

Refunding,

5%,

8/01/23

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

2,170,000

2,206,079

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

24

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

West

Basin

Municipal

Water

District,

(continued)

Revenue,

2021

A,

Refunding,

5%,

8/01/25

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

$

1,365,000

$

1,449,282

Revenue,

2021

A,

Refunding,

5%,

8/01/26

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

1,000,000

1,082,821

West

Sacramento

Area

Flood

Control

Agency

,

Special

Assessment,

2015,

AGMC

Insured,

5%,

9/01/40

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

3,000,000

3,139,967

Special

Assessment,

2015,

AGMC

Insured,

5%,

9/01/45

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

7,500,000

7,829,937

West

Sacramento

Financing

Authority

,

Special

Tax

,

A

,

AGMC

Insured

,

5

%

,

9/01/34

..

4,940,000

5,558,574

13,055,212,878

Wisconsin

0.8%

b

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

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

30,400,000

23,920,881

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

....

83,000,000

83,000,000

106,920,881

U.S.

Territories

2.3%

Guam

0.2%

Antonio

B

Won

Pat

International

Airport

Authority

,

Revenue,

2021

A,

Refunding,

2.499%,

10/01/25

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

1,480,000

1,374,112

Revenue,

2021

A,

Refunding,

2.699%,

10/01/26

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

2,445,000

2,231,718

Revenue,

2021

A,

Refunding,

2.899%,

10/01/27

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

1,325,000

1,188,462

Revenue,

2021

A,

Refunding,

3.099%,

10/01/28

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

2,375,000

2,097,477

Revenue,

2021

A,

Refunding,

3.189%,

10/01/29

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

3,560,000

3,083,359

Revenue,

2021

A,

Refunding,

3.339%,

10/01/30

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

2,400,000

2,052,902

Revenue,

2021

A,

Refunding,

3.489%,

10/01/31

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

2,155,000

1,825,783

Revenue,

2021

A,

Refunding,

3.839%,

10/01/36

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

9,650,000

8,103,426

Revenue,

2021

A,

Refunding,

4.46%,

10/01/43

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

2,400,000

1,932,869

23,890,108

Puerto

Rico

2.1%

Children's

Trust

Fund

,

Revenue,

5.5%,

5/15/39

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

6,210,000

6,194,494

Revenue,

2002,

5.625%,

5/15/43

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

16,000,000

16,004,304

e

Puerto

Rico

Electric

Power

Authority

,

Revenue,

2012

A,

5%,

7/01/29

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

20,000,000

14,800,000

Revenue,

2013

A,

7%,

7/01/33

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

50,000,000

38,000,000

Revenue,

WW,

5%,

7/01/28

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

12,030,000

8,902,200

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

6,008,183

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax,

Revenue,

A-1,

4.75%,

7/01/53

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

29,500,000

26,954,279

Sales

Tax,

Revenue,

A-1,

5%,

7/01/58

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

184,264,000

174,831,655

291,695,115

Total

U.S.

Territories

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

315,585,223

Total

Municipal

Bonds

(Cost

$13,141,664,424)

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

13,477,718,982

a

a

a

a

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

25

See

Abbreviations

on

page

27

.

Short

Term

Investments

0.4%

a

a

Principal

Amount

a

Value

Municipal

Bonds

0.4%

California

0.4%

f

Irvine

Ranch

Water

District

,

Special

Assessment

,

2009

B

,

LOC

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

0.6

%

,

10/01/41

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

$

6,200,000

$

6,200,000

f

Southern

California

Public

Power

Authority

,

Revenue

,

2020-3

,

Refunding

,

LOC

US

Bank

NA

,

Daily

VRDN

and

Put

,

0.7

%

,

7/01/36

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

16,200,000

16,200,000

f

University

of

California

,

Revenue,

2013

AL-1,

Daily

VRDN

and

Put,

0.6%,

5/15/48

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

18,430,000

18,430,000

Revenue,

2013

AL-3,

Refunding,

Daily

VRDN

and

Put,

0.65%,

5/15/48

..........

5,200,000

5,200,000

Revenue,

2013

AL-4,

Refunding,

Daily

VRDN

and

Put,

0.55%,

5/15/48

..........

12,200,000

12,200,000

58,230,000

Total

Municipal

Bonds

(Cost

$58,230,000)

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

58,230,000

Total

Short

Term

Investments

(Cost

$58,230,000

)

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

58,230,000

a

Total

Investments

(Cost

$13,199,894,424)

99.2%

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

$13,535,948,982

Other

Assets,

less

Liabilities

0.8%

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

108,766,207

Net

Assets

100.0%

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

$13,644,715,189

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

November

30,

2022,

the

aggregate

value

of

these

securities

was

$900,055,372,

representing

6.6%

of

net

assets.

c

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

d

Security

purchased

on

a

when-issued

basis.

e

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

f

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

California

Tax-Free

Income

Fund

Notes

to

Schedule

of

Investments

(unaudited)

26

Quarterly

Schedule

of

Investments

1.

Organization

Franklin

California

Tax-Free

Income

Fund (Fund)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

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

Fund’s

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Fund’s

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund’s

administrator

in

performing

this

responsibility,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

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. 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.

Franklin

California

Tax-Free

Income

Fund

Notes

to

Schedule

of

Investments

(unaudited)

27

Quarterly

Schedule

of

Investments

At November

30,

2022,

all

of

the

Fund's investments

in

financial

instruments

carried

at

fair

value

were

valued

using

Level

2

inputs. 

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

Escrowed

to

Maturity

FGIC

Financial

Guaranty

Insurance

Co.

FHLMC

Federal

Home

Loan

Mortgage

Corp.

GNMA

Government

National

Mortgage

Association

GO

General

Obligation

LOC

Letter

of

Credit

NATL

National

Reinsurance

Corp.

3. Fair

Value

Measurements 

(continued)

For

additional

information

on

the

Fund's

significant

accounting

policies,

please

refer

to

the Fund's

most

recent

semiannual

or

annual

shareholder

report.