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
29
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited),
November
30,
2023
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
2
a
a
Principal
Amount
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
0.1%
Residential
REITs
0.1%
a,b
Centennial
Gardens
LP
,
c
CME
Term
Loan,
B,
7.321%,
(1-month
SOFR
+
1.55%),
1/01/38
...............
$
6,132,417
$
6,132,417
Delayed
Draw
Term
Loan,
7.07%,
(1-month
USD
LIBOR
+
2%),
1/08/24
.........
1,495,232
1,514,831
7,647,248
a
a
a
a
a
Total
Senior
Floating
Rate
Interests
(Cost
$7,627,648)
...........................
7,647,248
Municipal
Bonds
98.9%
California
95.5%
ABAG
Finance
Authority
for
Nonprofit
Corp.
,
Eskaton
Properties,
Inc.
Obligated
Group
,
Revenue
,
2013
,
Refunding
,
5
%
,
11/15/35
................................
10,000,000
9,736,645
Alameda
Corridor
Transportation
Authority
,
Revenue,
2022
C,
Refunding,
AGMC
Insured,
5%,
10/01/52
..................
28,000,000
29,460,035
Revenue,
Sub.
Lien,
2004
A,
Refunding,
AMBAC
Insured,
Zero
Cpn.,
10/01/29
....
20,000,000
16,338,950
Revenue,
Sub.
Lien,
2004
A,
Refunding,
AMBAC
Insured,
Zero
Cpn.,
10/01/30
....
41,665,000
32,720,920
Alameda
Unified
School
District
,
GO
,
2015
A
,
5
%
,
8/01/39
.....................
18,000,000
18,432,749
Alhambra
City
Elementary
School
District
,
Alhambra
Unified
School
District
,
GO
,
2004
B
,
NATL
Insured
,
Zero
Cpn.,
9/01/27
...................................
3,035,000
2,670,738
Align
Capital
Trust
,
Revenue
,
2023-1
,
5.5
%
,
3/01/35
.........................
13,000,000
13,043,420
Alisal
Union
School
District
,
GO,
2009
B,
AGMC
Insured,
Zero
Cpn.,
8/01/32
...........................
3,355,000
2,494,666
GO,
2009
B,
AGMC
Insured,
Zero
Cpn.,
8/01/33
...........................
3,610,000
2,579,423
GO,
2009
B,
AGMC
Insured,
Zero
Cpn.,
2/01/34
...........................
3,345,000
2,342,562
Alta
Loma
School
District
,
GO
,
2019
B
,
5
%
,
8/01/44
.........................
7,375,000
7,741,342
Alvord
Unified
School
District
,
GO,
2011
B,
AGMC
Insured,
Zero
Cpn.,
8/01/36
...........................
15,000,000
8,777,971
GO,
2011
B,
AGMC
Insured,
Zero
Cpn.,
8/01/46
...........................
42,500,000
47,357,695
Anaheim
Housing
&
Public
Improvements
Authority
,
City
of
Anaheim
Electric
System,
Revenue,
2022
A,
Refunding,
5%,
10/01/52
.....
8,387,793
City
of
Anaheim
Water
System,
Revenue,
2022
A,
5%,
10/01/52
...............
8,345,000
8,705,986
Anaheim
Public
Financing
Authority
,
City
of
Anaheim,
Revenue,
1997
C,
AGMC
Insured,
Zero
Cpn.,
9/01/24
.........
26,855,000
26,159,386
City
of
Anaheim,
Revenue,
1997
C,
AGMC
Insured,
Zero
Cpn.,
9/01/26
.........
29,430,000
26,788,343
City
of
Anaheim,
Revenue,
1997
C,
AGMC
Insured,
Zero
Cpn.,
9/01/27
.........
22,860,000
20,123,733
City
of
Anaheim,
Revenue,
1997
C,
AGMC
Insured,
Zero
Cpn.,
9/01/28
.........
14,425,000
12,258,995
City
of
Anaheim,
Revenue,
1997
C,
AGMC
Insured,
Zero
Cpn.,
9/01/29
.........
24,810,000
20,299,803
City
of
Anaheim,
Revenue,
1997
C,
AGMC
Insured,
Zero
Cpn.,
9/01/32
.........
13,665,000
9,895,083
City
of
Anaheim,
Revenue,
1997
C,
AGMC
Insured,
Zero
Cpn.,
9/01/33
.........
37,070,000
25,725,549
City
of
Anaheim,
Revenue,
1997
C,
AGMC
Insured,
Zero
Cpn.,
9/01/34
.........
24,970,000
16,602,476
City
of
Anaheim,
Revenue,
1997
C,
AGMC
Insured,
ETM,
Zero
Cpn.,
3/01/37
.....
15,080,000
9,396,603
Anaheim
Union
High
School
District
,
GO
,
2002
A
,
AGMC
Insured
,
Zero
Cpn.,
8/01/26
8,570,000
7,889,804
Bay
Area
Toll
Authority
,
Revenue,
2017
S-7,
Refunding,
4%,
4/01/42
.............................
119,305,000
119,922,105
Revenue,
2017
S-7,
Refunding,
4%,
4/01/47
.............................
23,330,000
23,366,987
Revenue,
2017
S-7,
Refunding,
4%,
4/01/49
.............................
13,625,000
13,565,455
d
Revenue,
2021
A,
Refunding,
Mandatory
Put,
2%,
4/01/28
...................
12,000,000
11,028,209
Beaumont
Public
Improvement
Authority
,
City
of
Beaumont
Wastewater
,
Revenue
,
2018
A
,
AGMC
Insured
,
5
%
,
9/01/49
...................................
10,000,000
10,345,495
Beaumont
Unified
School
District
,
GO
,
2011
C
,
AGMC
Insured
,
Zero
Cpn.,
8/01/40
..
11,000,000
5,251,335
Cabrillo
Unified
School
District
,
GO
,
2018
A
,
5
%
,
8/01/45
.....................
4,245,000
4,381,002
California
Affordable
Housing
Agency
,
Butte
County
Housing
Authority,
Revenue,
2020
A,
4%,
10/01/40
..............
1,580,000
1,531,825
Butte
County
Housing
Authority,
Revenue,
2020
A,
4%,
10/01/45
..............
1,930,000
1,828,195
Butte
County
Housing
Authority,
Revenue,
2020
A,
4%,
10/01/50
..............
1,855,000
1,683,615
d
California
Community
Choice
Financing
Authority
,
Revenue,
2022
A-1,
Mandatory
Put,
4%,
8/01/28
..........................
100,000,000
99,247,970
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)
d
California
Community
Choice
Financing
Authority,
(continued)
Revenue,
2023
C,
Mandatory
Put,
5.25%,
10/01/31
........................
$
116,575,000
$
120,198,921
Revenue,
2023
E-1,
Mandatory
Put,
5%,
3/01/31
..........................
38,855,000
40,675,139
e
Revenue,
2023
G,
Mandatory
Put,
5.25%,
4/01/30
.........................
23,500,000
24,481,125
California
Community
College
Financing
Authority
,
Revenue,
2001
A,
NATL
Insured,
5.125%,
4/01/31
.........................
880,000
885,293
NCCD-Orange
Coast
Properties
LLC,
Revenue,
2018,
5.25%,
5/01/53
..........
8,150,000
8,175,003
f
California
Community
Housing
Agency
,
Aster
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-1,
4%,
2/01/56
..........
5,235,000
4,244,506
Brio
Apartments
&
Next
on
Lex
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-1,
4%,
2/01/56
....................................................
35,015,000
27,714,099
Exchange
at
Bayfront
Apartments,
Revenue,
Senior
Lien,
144A,
201
A-1
T,
4.25%,
2/01/38
........................................................
7,095,000
5,798,233
Exchange
at
Bayfront
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3%,
2/01/57
........................................................
59,855,000
35,897,755
Fountains
at
Emerald
Park,
Revenue,
Junior
Lien,
144A,
2021
A-2,
4%,
8/01/46
...
14,870,000
11,863,334
Fountains
at
Emerald
Park,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3%,
8/01/56
..
46,440,000
30,411,392
K
Street
Flats,
Revenue,
144A,
2021
A-1,
3%,
2/01/57
......................
47,500,000
28,829,118
Summit
at
Sausalito
Apartments,
Revenue,
144A,
2021
A-1,
3%,
2/01/57
........
16,260,000
10,267,509
Twin
Creek
Apartments,
Revenue,
144A,
2022
A-1,
4.5%,
8/01/52
.............
29,275,000
23,332,567
Twin
Creek
Apartments,
Revenue,
Senior
Lien,
144A,
2022
A-2,
Zero
Cpn.,
8/01/65
79,990,000
4,100,271
Verdant
at
Green
Valley
Apartments,
Revenue,
144A,
2019
A,
5%,
8/01/49
.......
13,550,000
12,315,308
California
County
Tobacco
Securitization
Agency
,
Alameda
County
Tobacco
Asset
Securitization
Corp.,
Revenue,
2002,
5.875%,
6/01/35
........................................................
1,685,000
1,710,749
Gold
Country
Settlement
Funding
Corp.,
Revenue,
2020
A,
Refunding,
4%,
6/01/40
1,120,000
1,077,210
Gold
Country
Settlement
Funding
Corp.,
Revenue,
2020
A,
Refunding,
4%,
6/01/49
2,000,000
1,782,346
Gold
Country
Settlement
Funding
Corp.,
Revenue,
2020
B-1,
Refunding,
4%,
6/01/49
35,000
34,865
Kern
County
Tobacco
Funding
Corp.,
Revenue,
2014,
Refunding,
5%,
6/01/34
....
10,295,000
10,295,911
Kern
County
Tobacco
Funding
Corp.,
Revenue,
2014,
Refunding,
5%,
6/01/40
....
17,650,000
17,650,671
Los
Angeles
County
Securitization
Corp.,
Revenue,
2020
B-1,
Refunding,
5%,
6/01/49
........................................................
540,000
547,765
Los
Angeles
County
Securitization
Corp.,
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/49
....................................................
3,525,000
3,175,160
Merced
County
Tobacco
Funding
Corp.,
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/36
....................................................
470,000
472,428
Merced
County
Tobacco
Funding
Corp.,
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/38
....................................................
530,000
518,005
Merced
County
Tobacco
Funding
Corp.,
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/40
....................................................
625,000
601,122
Merced
County
Tobacco
Funding
Corp.,
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/42
....................................................
100,000
94,410
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
4%,
6/01/35
..
350,000
354,863
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
4%,
6/01/36
..
600,000
603,100
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
4%,
6/01/37
..
530,000
526,239
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
4%,
6/01/38
..
790,000
772,120
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
4%,
6/01/39
..
620,000
601,180
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
4%,
6/01/40
..
830,000
798,290
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
4%,
6/01/49
..
3,520,000
3,170,656
Sonoma
County
Securitization
Corp.,
Revenue,
2020
B-1,
Refunding,
5%,
6/01/49
.
745,000
756,410
Stanislaus
County
Tobacco
Funding
Corp.,
Revenue,
2002
A,
5.875%,
6/01/43
...
4,255,000
4,255,397
California
Educational
Facilities
Authority
,
Art
Center
College
of
Design,
Revenue,
2022
A,
4%,
12/01/40
................
1,295,000
1,206,276
Art
Center
College
of
Design,
Revenue,
2022
A,
4%,
12/01/41
................
1,345,000
1,240,601
Art
Center
College
of
Design,
Revenue,
2022
A,
4%,
12/01/42
................
1,400,000
1,275,831
Art
Center
College
of
Design,
Revenue,
2022
A,
4%,
12/01/46
................
3,000,000
2,643,423
Art
Center
College
of
Design,
Revenue,
2022
A,
4%,
12/01/50
................
2,675,000
2,295,940
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)
Art
Center
College
of
Design,
Revenue,
2022
A,
3%,
12/01/51
................
$
650,000
$
449,107
Chapman
University,
Revenue,
2015,
5%,
4/01/40
.........................
5,000,000
5,063,958
Chapman
University,
Revenue,
2015,
5%,
4/01/45
.........................
5,000,000
5,045,370
Chapman
University,
Revenue,
2021
A,
Refunding,
5%,
4/01/27
...............
475,000
509,157
Chapman
University,
Revenue,
2021
A,
Refunding,
5%,
4/01/28
...............
395,000
430,657
Chapman
University,
Revenue,
2021
A,
Refunding,
5%,
4/01/29
...............
400,000
441,674
Chapman
University,
Revenue,
2021
A,
Refunding,
5%,
4/01/30
...............
425,000
473,427
Chapman
University,
Revenue,
2021
A,
Refunding,
5%,
4/01/31
...............
475,000
534,644
Leland
Stanford
Junior
University
(The),
Revenue,
T-1,
5%,
3/15/39
............
2,815,000
3,379,475
Leland
Stanford
Junior
University
(The),
Revenue,
U-1,
5.25%,
4/01/40
.........
5,000,000
6,105,540
Leland
Stanford
Junior
University
(The),
Revenue,
U-6,
5%,
5/01/45
............
7,000,000
8,196,243
Leland
Stanford
Junior
University
(The),
Revenue,
V-1,
5%,
5/01/49
............
20,850,000
24,253,250
Loma
Linda
University,
Revenue,
2017
A,
Refunding,
5%,
4/01/47
.............
11,000,000
11,193,801
Loyola
Marymount
University,
Revenue,
2001
A,
NATL
Insured,
Zero
Cpn.,
10/01/26
7,620,000
6,911,475
Loyola
Marymount
University,
Revenue,
2001
A,
NATL
Insured,
Zero
Cpn.,
10/01/27
7,365,000
6,457,973
Loyola
Marymount
University,
Revenue,
2001
A,
NATL
Insured,
Zero
Cpn.,
10/01/28
4,120,000
3,485,899
Loyola
Marymount
University,
Revenue,
2001
A,
NATL
Insured,
Zero
Cpn.,
10/01/30
5,685,000
4,446,698
Loyola
Marymount
University,
Revenue,
2001
A,
NATL
Insured,
Zero
Cpn.,
10/01/31
7,615,000
5,716,928
Loyola
Marymount
University,
Revenue,
2001
A,
NATL
Insured,
Zero
Cpn.,
10/01/32
7,615,000
5,480,384
Santa
Clara
University,
Revenue,
1999,
AMBAC
Insured,
Zero
Cpn.,
9/01/26
.....
2,075,000
1,860,150
Santa
Clara
University,
Revenue,
2015,
Refunding,
5%,
4/01/45
...............
15,495,000
15,722,516
St.
Mary's
College
of
California,
Revenue,
2023
A,
Refunding,
5.5%,
10/01/53
....
9,350,000
9,622,183
University
of
Redlands,
Revenue,
2022
A,
5%,
10/01/44
.....................
3,835,000
3,923,809
University
of
Redlands,
Revenue,
2022
A,
5%,
10/01/52
.....................
18,790,000
18,967,986
University
of
San
Francisco,
Revenue,
2018
A,
5%,
10/01/48
.................
10,000,000
10,284,284
University
of
San
Francisco,
Revenue,
2018
A,
5%,
10/01/53
.................
10,000,000
10,249,693
California
Enterprise
Development
Authority
,
Provident
Group-SDSU
Properties
LLC,
Revenue,
First
Tier,
2020
A,
5%,
8/01/40
..
650,000
664,353
Provident
Group-SDSU
Properties
LLC,
Revenue,
First
Tier,
2020
A,
5%,
8/01/45
..
650,000
656,186
Provident
Group-SDSU
Properties
LLC,
Revenue,
First
Tier,
2020
A,
5%,
8/01/50
..
650,000
651,781
Provident
Group-SDSU
Properties
LLC,
Revenue,
First
Tier,
2020
A,
5%,
8/01/55
..
1,000,000
999,923
Provident
Group-SDSU
Properties
LLC,
Revenue,
First
Tier,
2020
A,
5%,
8/01/57
..
500,000
495,940
California
Health
Facilities
Financing
Authority
,
Casa
Milagro
LLC,
Revenue,
2011
A,
California
Mortgage
Insured,
6.25%,
2/01/26
.
2,730,000
2,737,029
Cedars-Sinai
Medical
Center
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
8/15/41
........................................................
5,000,000
5,516,578
Children's
Hospital
Los
Angeles
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
8/15/42
........................................................
14,370,000
14,561,533
Children's
Hospital
Los
Angeles
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
8/15/47
........................................................
7,750,000
7,826,913
Children's
Hospital
of
Orange
County
Obligated
Group,
Revenue,
2021
B,
Refunding,
5%,
11/01/27
...................................................
1,000,000
1,087,449
Children's
Hospital
of
Orange
County
Obligated
Group,
Revenue,
2021
B,
Refunding,
5%,
11/01/29
...................................................
1,350,000
1,517,759
City
of
Hope
Obligated
Group,
Revenue,
2019,
5%,
11/15/49
.................
27,000,000
27,269,644
CommonSpirit
Health
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
4/01/36
.
15,770,000
15,851,700
CommonSpirit
Health
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
4/01/37
.
3,000,000
2,994,788
CommonSpirit
Health
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
4/01/38
.
7,075,000
7,028,369
CommonSpirit
Health
Obligated
Group,
Revenue,
2020
A,
Refunding,
3%,
4/01/44
.
4,340,000
3,254,357
El
Camino
Hospital,
Revenue,
2017,
4.125%,
2/01/47
......................
11,000,000
10,623,539
El
Camino
Hospital,
Revenue,
2017,
5%,
2/01/47
..........................
12,500,000
12,762,204
Kaiser
Foundation
Hospitals,
Revenue,
2017
A-2,
4%,
11/01/38
...............
25,000,000
25,171,840
Kaiser
Foundation
Hospitals,
Revenue,
2017
A-2,
4%,
11/01/44
...............
411,225,000
405,332,105
Kaiser
Foundation
Hospitals,
Revenue,
2017
A-2,
5%,
11/01/47
...............
12,500,000
14,178,105
Lucile
Salter
Packard
Children's
Hospital
at
Stanford
Obligated
Group,
Revenue,
2016
B,
5%,
8/15/55
..............................................
24,000,000
24,386,414
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)
Lucile
Salter
Packard
Children's
Hospital
at
Stanford
Obligated
Group,
Revenue,
2017
A,
5%,
11/15/56
.............................................
$
10,300,000
$
10,492,197
Marshall
Medical
Center,
Revenue,
2020
A,
Refunding,
California
Mortgage
Insured,
4%,
11/01/40
...................................................
3,750,000
3,767,367
Marshall
Medical
Center,
Revenue,
2020
A,
Refunding,
California
Mortgage
Insured,
5%,
11/01/50
...................................................
25,065,000
26,281,645
On
Lok
Senior
Health
Services
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
8/01/40
........................................................
800,000
825,310
On
Lok
Senior
Health
Services
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
8/01/50
........................................................
2,375,000
2,393,842
On
Lok
Senior
Health
Services
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
8/01/55
........................................................
850,000
854,328
Providence
St.
Joseph
Health
Obligated
Group,
Revenue,
2014
A,
5%,
10/01/38
..
5,110,000
5,144,265
Sequoia
Living,
Inc.,
Revenue,
2015,
Refunding,
California
Mortgage
Insured,
5%,
7/01/34
........................................................
1,000,000
1,029,808
Sequoia
Living,
Inc.,
Revenue,
2015,
Refunding,
California
Mortgage
Insured,
5%,
7/01/39
........................................................
1,450,000
1,479,516
Sequoia
Living,
Inc.,
Revenue,
2015,
Refunding,
California
Mortgage
Insured,
5%,
7/01/44
........................................................
1,160,000
1,179,722
Sutter
Health
Obligated
Group,
Revenue,
2016
B,
5%,
11/15/46
...............
42,105,000
42,896,662
Sutter
Health
Obligated
Group,
Revenue,
2017
A,
Refunding,
4%,
11/15/48
......
10,585,000
10,135,932
Sutter
Health
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
11/15/48
......
21,690,000
22,260,506
Sutter
Health
Obligated
Group,
Revenue,
2018
A,
4%,
11/15/42
...............
11,680,000
11,544,202
Sutter
Health
Obligated
Group,
Revenue,
2018
A,
5%,
11/15/48
...............
24,500,000
25,135,464
California
Housing
Finance
Agency
,
Revenue,
2019-1,
A,
4.25%,
1/15/35
...................................
46,981,564
46,256,465
Revenue,
2019-2,
A,
4%,
3/20/33
......................................
14,261,765
14,186,245
Revenue,
2021-1,
A,
3.5%,
11/20/35
...................................
4,800,982
4,464,929
d,f
Shermanair
Apartments
Owner
LP,
Revenue,
144A,
2021
Q-1,
Mandatory
Put,
3%,
9/01/36
........................................................
22,535,000
18,911,949
f
Shermanair
Apartments
Owner
LP,
Revenue,
144A,
2021
Q-2,
5%,
9/01/36
......
1,940,000
1,563,977
California
Infrastructure
&
Economic
Development
Bank
,
Academy
of
Motion
Picture
Arts
and
Sciences
Obligated
Group,
Revenue,
2015
A,
Refunding,
5%,
11/01/41
...........................................
8,000,000
8,000,798
Broad
(The),
Revenue,
2021
A,
Refunding,
5%,
6/01/28
.....................
5,750,000
6,365,474
d
California
Academy
of
Sciences,
Revenue,
2018
B,
Refunding,
Mandatory
Put,
3.65%,
8/01/24
..................................................
26,900,000
26,699,856
California
State
Teachers'
Retirement
System,
Revenue,
2019,
5%,
8/01/44
......
12,750,000
13,486,946
California
State
Teachers'
Retirement
System,
Revenue,
2019,
5%,
8/01/49
......
25,470,000
26,739,751
California
State
Water
Resources
Control
Board
Water
Pollution
Control
Revolving
Fund,
Revenue,
2018,
5%,
10/01/43
..................................
10,000,000
10,592,759
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2020
B,
4%,
11/01/45
.......................................................
850,000
786,289
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2020
B,
4%,
11/01/50
.......................................................
860,000
767,620
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2021
B,
4%,
11/01/56
.......................................................
1,000,000
871,522
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2022
B,
5%,
11/01/47
.......................................................
2,300,000
2,379,726
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2022
B,
4.125%,
11/01/52
.......................................................
3,100,000
2,803,427
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2022
B,
5%,
11/01/57
.......................................................
5,500,000
5,631,503
Los
Angeles
County
Museum
of
Natural
History
Foundation,
Revenue,
2020,
Refunding,
3%,
7/01/50
............................................
18,995,000
14,387,510
d
Museum
Associates,
Revenue,
2021
A,
Refunding,
Mandatory
Put,
1.2%,
6/01/28
.
15,000,000
13,108,989
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
6
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
California
Infrastructure
&
Economic
Development
Bank,
(continued)
University
of
California,
Revenue,
2017,
5%,
5/15/52
.......................
$
31,305,000
$
32,739,527
California
Municipal
Finance
Authority
,
Revenue,
2022
A-1,
4.25%,
12/01/37
...................................
81,985,000
67,105,805
Revenue,
Senior
Lien,
2017
A,
Refunding,
4%,
8/15/52
.....................
27,350,000
24,564,594
1717
University
Associates
LLC,
Revenue,
2020
A,
4.5%,
6/01/52
.............
11,413,000
9,494,672
1717
University
Associates
LLC,
Revenue,
2020
A-T,
5.25%,
6/01/52
...........
3,407,000
2,638,853
Bethany
Home
Society
of
San
Joaquin
County,
Inc.,
Revenue,
2023,
California
Mortgage
Insured,
5%,
11/15/52
.....................................
26,465,000
28,531,062
California
Institute
of
the
Arts,
Revenue,
2021,
4%,
10/01/51
.................
2,355,000
1,990,135
Carmel
Valley
Manor
Obligated
Group,
Revenue,
2022,
California
Mortgage
Insured,
5%,
5/15/52
....................................................
17,775,000
19,093,546
f
Century
CityView
LP,
Revenue,
144A,
2021
A,
4%,
11/01/36
..................
10,375,000
9,368,937
Channing
House,
Revenue,
2017
B,
California
Mortgage
Insured,
5%,
5/15/47
....
10,000,000
10,350,584
CHF-Davis
I
LLC,
Revenue,
2018,
5%,
5/15/51
...........................
10,000,000
10,021,416
CHF-Davis
II
LLC,
Revenue,
2021,
BAM
Insured,
5%,
5/15/24
................
500,000
502,913
CHF-Davis
II
LLC,
Revenue,
2021,
BAM
Insured,
5%,
5/15/25
................
400,000
407,845
CHF-Davis
II
LLC,
Revenue,
2021,
BAM
Insured,
5%,
5/15/26
................
400,000
413,777
CHF-Davis
II
LLC,
Revenue,
2021,
BAM
Insured,
5%,
5/15/27
................
500,000
525,255
CHF-Davis
II
LLC,
Revenue,
2021,
BAM
Insured,
5%,
5/15/28
................
400,000
425,720
CHF-Davis
II
LLC,
Revenue,
2021,
BAM
Insured,
5%,
5/15/29
................
600,000
644,882
CHF-Davis
II
LLC,
Revenue,
2021,
BAM
Insured,
5%,
5/15/30
................
700,000
758,050
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
2/01/42
............................................
15,900,000
16,170,632
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
2/01/47
............................................
19,145,000
19,327,787
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2021
A,
4%,
2/01/51
........................................................
7,000,000
6,030,734
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/37
....................
1,040,000
1,002,967
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/38
....................
1,000,000
940,888
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/39
....................
1,100,000
1,023,528
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/40
....................
1,175,000
1,082,295
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/41
....................
1,280,000
1,166,983
Congregational
Homes,
Inc.
Obligated
Group,
Revenue,
2022
A,
4%,
11/15/42
....
450,000
357,603
Congregational
Homes,
Inc.
Obligated
Group,
Revenue,
2022
A,
4%,
11/15/52
....
1,000,000
722,550
Congregational
Homes,
Inc.
Obligated
Group,
Revenue,
2022
A,
4%,
11/15/56
....
1,100,000
775,958
Eisenhower
Medical
Center,
Revenue,
2017
A,
Refunding,
5%,
7/01/47
.........
9,100,000
9,113,690
f
IH
Citrus
Whittier
LLC,
Revenue,
144A,
2023,
I-A,
6.25%,
1/01/60
.............
29,830,000
28,476,792
f
IH
Citrus
Whittier
LLC,
Revenue,
144A,
2023,
I-B,
9%,
7/01/42
................
1,800,000
1,766,026
f
IH
Lakes
Concord
LLC,
Revenue,
144A,
2022
A-1,
4.375%,
12/01/32
...........
22,510,000
19,725,421
f
IH
Parkside
Fairfield
LLC,
Revenue,
144A,
2023
A-1,
6.75%,
9/01/53
...........
51,750,000
51,251,270
f
IH
Parkside
Fairfield
LLC,
Revenue,
144A,
2023
A-2,
8%,
9/01/27
.............
565,000
567,224
Inland
Christian
Home,
Inc.,
Revenue,
2020,
California
Mortgage
Insured,
4%,
12/01/49
.......................................................
2,670,000
2,647,130
Inland
Counties
Regional
Center,
Inc.,
Revenue,
2015,
Refunding,
5%,
6/15/45
...
23,300,000
23,522,825
LAX
Integrated
Express
Solutions
LLC,
Revenue,
Senior
Lien,
2018
A,
5%,
12/31/37
8,500,000
8,708,629
LAX
Integrated
Express
Solutions
LLC,
Revenue,
Senior
Lien,
2018
A,
5%,
12/31/38
5,000,000
5,107,513
LAX
Integrated
Express
Solutions
LLC,
Revenue,
Senior
Lien,
2018
A,
5%,
12/31/43
46,895,000
47,341,201
LAX
Integrated
Express
Solutions
LLC,
Revenue,
Senior
Lien,
2018
A,
5%,
12/31/47
55,745,000
56,144,954
LAX
Integrated
Express
Solutions
LLC,
Revenue,
Senior
Lien,
2018
B,
5%,
6/01/48
14,325,000
14,411,175
f
NCCD-Claremont
Properties
LLC,
Revenue,
144A,
2023
A,
Refunding,
5.25%,
7/01/40
........................................................
7,065,000
6,949,577
f
NCCD-Claremont
Properties
LLC,
Revenue,
144A,
2023
A,
Refunding,
5.5%,
7/01/50
21,145,000
20,738,800
f
NCCD-Claremont
Properties
LLC,
Revenue,
144A,
2023
A,
Refunding,
6%,
7/01/53
12,485,000
12,617,420
f
NCCD-Claremont
Properties
LLC,
Revenue,
144A,
2023
B,
Refunding,
6.5%,
7/01/32
........................................................
2,470,000
2,352,962
Northbay
Healthcare
Group
Obligated
Group,
Revenue,
2017
A,
5.25%,
11/01/41
..
5,500,000
5,461,255
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
7
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
California
Municipal
Finance
Authority,
(continued)
Northbay
Healthcare
Group
Obligated
Group,
Revenue,
2017
A,
5%,
11/01/47
....
$
8,650,000
$
7,799,394
Northern
California
Retired
Officers
Community,
Revenue,
2019
A,
California
Mortgage
Insured,
5%,
1/01/43
......................................
10,000,000
10,569,330
Northern
California
Retired
Officers
Community,
Revenue,
2019
A,
California
Mortgage
Insured,
5%,
1/01/49
......................................
18,990,000
19,908,795
Palomar
Health
Obligated
Group,
COP,
2022
A,
Refunding,
AGMC
Insured,
5.25%,
11/01/52
.......................................................
43,040,000
47,152,704
Samuel
Merritt
University,
Revenue,
2022,
5.25%,
6/01/53
...................
39,750,000
42,181,297
South
Central
Los
Angeles
Regional
Center
for
Developmentally
Disabled
Persons,
Revenue,
2013,
5.75%,
12/01/43
....................................
33,895,000
33,926,610
University
of
La
Verne,
Revenue,
2017
A,
Refunding,
4%,
6/01/47
.............
10,500,000
9,914,727
California
Pollution
Control
Financing
Authority
,
f
Poseidon
Resources
Channelside
LP,
Revenue,
144A,
2019,
Refunding,
5%,
7/01/39
7,250,000
7,409,291
f
Poseidon
Resources
Channelside
LP,
Revenue,
144A,
2019,
Refunding,
5%,
11/21/45
.......................................................
11,365,000
11,465,879
f
Poseidon
Resources
Channelside
LP,
Revenue,
144A,
2023,
5%,
7/01/30
.......
5,200,000
5,531,878
f
Poseidon
Resources
Channelside
LP,
Revenue,
144A,
2023,
5%,
7/01/31
.......
3,000,000
3,206,429
f
Poseidon
Resources
Channelside
LP,
Revenue,
144A,
2023,
5%,
7/01/32
.......
5,500,000
5,899,893
f
Poseidon
Resources
Channelside
LP,
Revenue,
144A,
2023,
5%,
7/01/33
.......
6,000,000
6,453,437
f
Poseidon
Resources
Channelside
LP,
Revenue,
144A,
2023,
5%,
7/01/34
.......
3,250,000
3,479,613
f
Poseidon
Resources
Channelside
LP,
Revenue,
144A,
2023,
5%,
7/01/35
.......
3,250,000
3,453,143
f
Poseidon
Resources
Channelside
LP,
Revenue,
144A,
2023,
5%,
7/01/36
.......
2,650,000
2,798,515
f
Poseidon
Resources
Channelside
LP,
Revenue,
144A,
2023,
5%,
7/01/37
.......
2,300,000
2,412,308
f
Poseidon
Resources
Channelside
LP,
Revenue,
144A,
2023,
5%,
7/01/38
.......
2,000,000
2,084,935
f
Poseidon
Resources
Channelside
LP,
Revenue,
144A,
2023,
5%,
11/21/45
......
2,200,000
2,233,377
San
Jose
Water
Co.,
Revenue,
2016,
4.75%,
11/01/46
......................
15,000,000
15,148,960
California
Public
School
District
Financing
Authority
,
Southern
Kern
Unified
School
District
,
Revenue
,
1996
B
,
AGMC
Insured
,
ETM,
5.9
%
,
9/01/26
...............
630,000
657,483
f
California
School
Finance
Authority
,
Revenue,
144A,
2022
A,
Refunding,
5%,
10/01/42
.........................
1,325,000
1,323,014
Revenue,
144A,
2022
A,
Refunding,
5%,
10/01/52
.........................
2,265,000
2,176,081
Revenue,
144A,
2022
A,
Refunding,
5%,
10/01/61
.........................
3,905,000
3,684,961
Aspire
Public
Schools
Obligated
Group,
Revenue,
144A,
2021
A,
2.125%,
8/01/31
.
500,000
434,534
Aspire
Public
Schools
Obligated
Group,
Revenue,
144A,
2021
A,
4%,
8/01/36
....
325,000
312,872
Aspire
Public
Schools
Obligated
Group,
Revenue,
144A,
2021
A,
4%,
8/01/41
....
525,000
475,281
Aspire
Public
Schools
Obligated
Group,
Revenue,
144A,
2021
A,
4%,
8/01/51
....
800,000
667,150
Aspire
Public
Schools
Obligated
Group,
Revenue,
144A,
2022
A,
5%,
8/01/52
....
2,935,000
2,912,702
Camino
Nuevo
Charter
Academy
Obligated
Group,
Revenue,
144A,
2023
A,
Refunding,
5%,
6/01/43
............................................
1,000,000
967,934
Camino
Nuevo
Charter
Academy
Obligated
Group,
Revenue,
144A,
2023
A,
Refunding,
5.25%,
6/01/53
.........................................
1,550,000
1,498,526
Granada
Hills
Charter
High
School
Obligated
Group,
Revenue,
144A,
2021
A,
Refunding,
4%,
7/01/29
............................................
275,000
273,020
Granada
Hills
Charter
High
School
Obligated
Group,
Revenue,
144A,
2021
A,
Refunding,
4%,
7/01/38
............................................
465,000
420,224
Granada
Hills
Charter
High
School
Obligated
Group,
Revenue,
144A,
2021
A,
Refunding,
4%,
7/01/48
............................................
675,000
550,452
Green
Dot
Public
Schools
Obligated
Group,
Revenue,
144A,
2022
A,
Refunding,
5.75%,
8/01/52
..................................................
1,500,000
1,574,278
KIPP
SoCal
Public
Schools
Obligated
Group,
Revenue,
144A,
2020
A,
4%,
7/01/40
800,000
738,183
STEM
Preparatory
Schools
-
Obligated
Group,
Revenue,
144A,
2023
A,
5.125%,
6/01/53
........................................................
1,000,000
959,895
STEM
Preparatory
Schools
-
Obligated
Group,
Revenue,
144A,
2023
A,
5.375%,
5/01/63
........................................................
1,000,000
970,774
Value
Schools,
Revenue,
144A,
2023
A,
Refunding,
5%,
7/01/40
..............
550,000
550,500
Value
Schools,
Revenue,
144A,
2023
A,
Refunding,
5.25%,
7/01/48
............
725,000
719,112
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
State
Public
Works
Board
,
Revenue,
2013
I,
Refunding,
5%,
11/01/38
...............................
$
40,000,000
$
40,041,544
Revenue,
2021
A,
Refunding,
5%,
2/01/24
...............................
5,440,000
5,455,298
Judicial
Council
of
California,
Revenue,
2014
B,
5%,
10/01/39
................
10,000,000
10,074,131
State
of
California
Department
of
Corrections
&
Rehabilitation,
Revenue,
2019
C,
5%,
11/01/44
...................................................
5,000,000
5,362,316
State
of
California
Department
of
General
Services,
Revenue,
2021
D,
4%,
11/01/35
1,210,000
1,286,029
California
State
University
,
Revenue,
2015
A,
Refunding,
5%,
11/01/43
..............................
11,000,000
11,278,842
Revenue,
2016
A,
Refunding,
5%,
11/01/36
..............................
3,760,000
3,912,464
d
Revenue,
2016
B-2,
Refunding,
Mandatory
Put,
0.55%,
11/01/26
..............
12,000,000
10,718,225
Revenue,
2017
A,
Refunding,
5%,
11/01/42
..............................
12,310,000
12,807,176
Revenue,
2017
A,
Refunding,
5%,
11/01/47
..............................
53,000,000
54,655,296
Revenue,
2018
A,
Refunding,
5%,
11/01/39
..............................
3,675,000
3,947,311
Revenue,
2018
A,
Refunding,
5%,
11/01/43
..............................
3,330,000
3,539,231
Revenue,
2018
A,
Refunding,
5%,
11/01/48
..............................
17,385,000
18,297,633
Revenue,
2019
A,
5%,
11/01/44
.......................................
40,010,000
43,028,414
Revenue,
2019
A,
5%,
11/01/49
.......................................
77,595,000
82,683,261
California
Statewide
Communities
Development
Authority
,
Revenue,
2004
A,
AGMC
Insured,
5.25%,
10/01/24
........................
60,000
60,107
Special
Tax,
2023
A,
5.25%,
9/01/51
...................................
3,305,000
3,280,193
Adventist
Health
System/West
Obligated
Group,
Revenue,
2015
A,
Refunding,
5%,
3/01/35
........................................................
9,250,000
9,468,750
Adventist
Health
System/West
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
3/01/48
........................................................
67,585,000
68,353,854
Cedars-Sinai
Medical
Center
Obligated
Group,
Revenue,
2018,
5%,
7/01/48
.....
7,980,000
8,265,145
Community
Facilities
District
No.
2020-02
Improvement
Area
No.
2,
Special
Tax,
2022,
5.25%,
9/01/52
.............................................
1,650,000
1,663,008
Community
Facilities
District
No.
2021-1,
Special
Tax,
2023,
5%,
9/01/43
........
1,000,000
1,041,817
Community
Facilities
District
No.
2021-1,
Special
Tax,
2023,
5%,
9/01/53
........
1,850,000
1,893,101
Community
Facilities
District
No.
20220,
Special
Tax,
2023,
5%,
9/01/43
.........
1,030,000
1,043,798
Community
Facilities
District
No.
20220,
Special
Tax,
2023,
5%,
9/01/48
.........
1,120,000
1,110,611
Community
Facilities
District
No.
20220,
Special
Tax,
2023,
5%,
9/01/53
.........
1,000,000
981,954
Community
Facilities
District
No.
2022-03,
Special
Tax,
2023,
5%,
9/01/38
.......
1,715,000
1,716,977
Community
Facilities
District
No.
2022-03,
Special
Tax,
2023,
5%,
9/01/43
.......
380,000
371,804
Community
Facilities
District
No.
2022-03,
Special
Tax,
2023,
5%,
9/01/53
.......
1,250,000
1,192,589
Community
Facilities
District
No.
2022-10,
Special
Tax,
2023,
5.5%,
9/01/53
......
1,770,000
1,830,783
Enloe
Medical
Center
Obligated
Group,
Revenue,
2022
A,
AGMC
Insured,
5%,
8/15/42
........................................................
600,000
649,088
Enloe
Medical
Center
Obligated
Group,
Revenue,
2022
A,
AGMC
Insured,
5.125%,
8/15/47
........................................................
880,000
950,566
Enloe
Medical
Center
Obligated
Group,
Revenue,
2022
A,
AGMC
Insured,
5.25%,
8/15/52
........................................................
11,215,000
12,110,878
Enloe
Medical
Center
Obligated
Group,
Revenue,
2022
A,
AGMC
Insured,
5.375%,
8/15/57
........................................................
17,930,000
19,493,765
Marin
General
Hospital
Obligated
Group,
Revenue,
2018
A,
5%,
8/01/34
........
1,225,000
1,275,553
Methodist
Hospital
of
Southern
California
Obligated
Group,
Revenue,
2018,
Refunding,
4%,
1/01/34
............................................
3,485,000
3,378,723
Carlsbad
Unified
School
District
,
GO,
2009
B,
Refunding,
6%,
5/01/34
...................................
14,000,000
14,157,563
GO,
2011
C,
Zero
Cpn.,
8/01/35
.......................................
33,000,000
37,132,821
GO,
B,
2%,
8/01/24
................................................
1,000,000
991,625
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)
Centinela
Valley
Union
High
School
District
,
GO
,
2004
A
,
Refunding
,
NATL
Insured
,
5.5
%
,
8/01/33
....................................................
$
15,630,000
$
17,436,798
Cerritos
Community
College
District
,
GO
,
2014
A
,
4
%
,
8/01/44
.................
10,000,000
9,996,308
Chabot-Las
Positas
Community
College
District
,
GO
,
B
,
5
%
,
8/01/24
.............
5,500,000
5,574,295
Chaffey
Joint
Union
High
School
District
,
GO
,
B
,
5
%
,
8/01/44
..................
27,500,000
27,888,165
Chino
Community
Facilities
District
,
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
8,
Special
Tax,
2021,
4%,
9/01/41
......................................
1,710,000
1,574,477
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
8,
Special
Tax,
2021,
4%,
9/01/46
......................................
1,000,000
881,796
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
8,
Special
Tax,
2021,
4%,
9/01/51
......................................
1,250,000
1,076,646
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
9,
Special
Tax,
2022,
5%,
9/01/37
......................................
2,740,000
2,842,427
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
9,
Special
Tax,
2022,
5.25%,
9/01/42
...................................
2,000,000
2,058,907
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
9,
Special
Tax,
2022,
5.375%,
9/01/47
...................................
2,000,000
2,053,514
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
9,
Special
Tax,
2022,
5.375%,
9/01/52
...................................
2,695,000
2,747,335
Chino
Valley
Unified
School
District
,
GO,
2020
B,
3.375%,
8/01/50
.........................................
20,500,000
16,816,267
GO,
2020
B,
5%,
8/01/55
............................................
12,500,000
13,330,357
City
&
County
of
San
Francisco
,
GO,
2022
R-1,
Refunding,
5%,
6/15/26
.................................
5,000,000
5,294,090
e,f
District
No.
2020-1
Development,
Special
Tax,
144A,
2023
A,
5.75%,
9/01/50
.....
850,000
865,262
e,f
District
No.
2020-1
Office,
Special
Tax,
144A,
2023
B,
5.75%,
9/01/53
..........
1,835,000
1,862,379
City
of
Beaumont
,
Community
Facilities
District
No.
2016-3,
Special
Tax,
2023,
5%,
9/01/38
........
500,000
518,952
Community
Facilities
District
No.
2016-3,
Special
Tax,
2023,
5%,
9/01/43
........
625,000
636,293
Community
Facilities
District
No.
2016-3,
Special
Tax,
2023,
5%,
9/01/48
........
745,000
742,926
Community
Facilities
District
No.
2016-3,
Special
Tax,
2023,
5%,
9/01/53
........
950,000
938,579
City
of
Corona
,
Community
Facilities
District
No.
2018-1
Improvement
Area
No.
1,
Special
Tax,
2020,
4%,
9/01/45
....................................................
650,000
576,751
Community
Facilities
District
No.
2018-1
Improvement
Area
No.
1,
Special
Tax,
2020,
4%,
9/01/50
....................................................
1,500,000
1,284,346
City
of
Dublin
,
Community
Facilities
District
No.
2015-1
Improvement
Area
No.
4,
Special
Tax,
2022,
5.25%,
9/01/42
..................................................
2,005,000
2,051,132
Community
Facilities
District
No.
2015-1
Improvement
Area
No.
4,
Special
Tax,
2022,
5.5%,
9/01/47
...................................................
2,630,000
2,706,527
Community
Facilities
District
No.
2015-1
Improvement
Area
No.
4,
Special
Tax,
2022,
5.5%,
9/01/51
...................................................
3,040,000
3,111,432
e
Community
Facilities
District
No.
2015-1
Improvement
Area
No.
5,
Special
Tax,
2023,
5.125%,
9/01/43
.................................................
1,275,000
1,286,514
City
of
Fillmore
,
Community
Facilities
District
No.
5
Improvement
Area
B,
Special
Tax,
2023,
5%,
9/01/38
........................................................
1,000,000
1,032,328
Community
Facilities
District
No.
5
Improvement
Area
B,
Special
Tax,
2023,
5%,
9/01/43
........................................................
1,100,000
1,117,302
Community
Facilities
District
No.
5
Improvement
Area
B,
Special
Tax,
2023,
5%,
9/01/48
........................................................
2,375,000
2,358,405
Community
Facilities
District
No.
5
Improvement
Area
B,
Special
Tax,
2023,
5%,
9/01/53
........................................................
3,740,000
3,683,748
City
of
Fontana
,
Community
Facilities
District
No.
85,
Special
Tax,
2020,
4%,
9/01/45
...........
850,000
763,728
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
Fontana,
(continued)
Community
Facilities
District
No.
85,
Special
Tax,
2020,
4%,
9/01/50
...........
$
900,000
$
781,392
Community
Facilities
District
No.
88,
Special
Tax,
2020,
4%,
9/01/45
...........
1,100,000
969,288
Community
Facilities
District
No.
88,
Special
Tax,
2020,
4%,
9/01/51
...........
1,545,000
1,303,917
Community
Facilities
District
No.
89,
Special
Tax,
2020,
4%,
9/01/40
...........
750,000
703,258
Community
Facilities
District
No.
89,
Special
Tax,
2020,
4%,
9/01/51
...........
1,500,000
1,304,248
Community
Facilities
District
No.
90,
Special
Tax,
2021,
4%,
9/01/41
...........
530,000
498,997
Community
Facilities
District
No.
90,
Special
Tax,
2021,
4%,
9/01/46
...........
475,000
428,548
Community
Facilities
District
No.
90,
Special
Tax,
2021,
4%,
9/01/51
...........
1,825,000
1,596,901
Community
Facilities
District
No.
99,
Special
Tax,
2023,
5%,
9/01/45
...........
600,000
606,156
Community
Facilities
District
No.
99,
Special
Tax,
2023,
5%,
9/01/53
...........
500,000
498,558
City
of
Irvine
,
Assessment
District
No.
21-1,
1915
Act,
Special
Assessment,
Refunding,
4%,
9/02/26
........................................................
1,245,000
1,268,713
Assessment
District
No.
21-1,
1915
Act,
Special
Assessment,
Refunding,
4%,
9/02/27
........................................................
1,500,000
1,539,741
City
of
Lake
Elsinore
,
Community
Facilities
District
No.
2006-6
,
Special
Tax
,
2022
,
4.75
%
,
9/01/52
...................................................
1,000,000
933,776
City
of
Lincoln
,
Community
Facilities
District
No.
2006-1
Area
No.
1,
Special
Tax,
2021,
Refunding,
4%,
9/01/39
....................................................
290,000
278,944
Community
Facilities
District
No.
2006-1
Area
No.
1,
Special
Tax,
2021,
Refunding,
4%,
9/01/40
....................................................
160,000
152,560
Community
Facilities
District
No.
2006-1
Area
No.
1,
Special
Tax,
2021,
Refunding,
4%,
9/01/43
....................................................
320,000
297,015
Community
Facilities
District
No.
2019-1,
Special
Tax,
2022,
5%,
9/01/42
........
2,015,000
2,007,124
Community
Facilities
District
No.
2019-1,
Special
Tax,
2022,
5%,
9/01/47
........
3,430,000
3,335,721
Community
Facilities
District
No.
2019-1,
Special
Tax,
2022,
5%,
9/01/52
........
2,090,000
2,002,072
City
of
Long
Beach
,
Harbor,
Revenue,
2017
C,
Refunding,
5%,
5/15/47
.........................
15,660,000
16,240,006
Harbor,
Revenue,
2019
A,
5%,
5/15/44
..................................
15,045,000
16,179,543
Harbor,
Revenue,
2019
A,
5%,
5/15/49
..................................
8,705,000
9,280,421
City
of
Los
Angeles
,
Department
of
Airports,
Revenue,
2015
D,
5%,
5/15/33
.....................
11,420,000
11,483,949
Department
of
Airports,
Revenue,
2015
D,
5%,
5/15/41
.....................
17,000,000
17,074,576
Department
of
Airports,
Revenue,
2016
B,
5%,
5/15/41
......................
10,000,000
10,123,400
Department
of
Airports,
Revenue,
2016
B,
5%,
5/15/46
......................
15,265,000
15,374,734
Department
of
Airports,
Revenue,
2017
A,
5%,
5/15/42
......................
3,680,000
3,751,963
Department
of
Airports,
Revenue,
2017
A,
5%,
5/15/47
......................
51,110,000
51,749,693
Department
of
Airports,
Revenue,
2017
B,
5%,
5/15/42
......................
4,000,000
4,169,159
Department
of
Airports,
Revenue,
2018
A,
5%,
5/15/44
......................
32,985,000
33,808,078
Department
of
Airports,
Revenue,
2018
A,
5.25%,
5/15/48
...................
10,000,000
10,299,297
Department
of
Airports,
Revenue,
2018
C,
5%,
5/15/37
.....................
9,550,000
9,907,796
Department
of
Airports,
Revenue,
2018
C,
5%,
5/15/44
.....................
39,405,000
40,172,357
Department
of
Airports,
Revenue,
2018
E,
Refunding,
5%,
5/15/43
.............
16,995,000
18,157,677
Department
of
Airports,
Revenue,
2018
E,
Refunding,
5%,
5/15/48
.............
33,145,000
35,169,801
Department
of
Airports,
Revenue,
2019
A,
Refunding,
5%,
5/15/49
.............
10,000,000
10,212,979
Department
of
Airports,
Revenue,
2019
C,
5%,
5/15/39
.....................
2,305,000
2,488,577
Department
of
Airports,
Revenue,
2019
E,
5%,
5/15/44
......................
23,485,000
24,846,905
Department
of
Airports,
Revenue,
2019
E,
5%,
5/15/49
......................
10,495,000
11,027,204
Department
of
Airports,
Revenue,
2020
A,
Refunding,
5%,
5/15/35
.............
10,005,000
11,221,541
Department
of
Airports,
Revenue,
2020
A,
Refunding,
5%,
5/15/36
.............
6,000,000
6,688,916
Department
of
Airports,
Revenue,
2020
A,
Refunding,
5%,
5/15/37
.............
5,000,000
5,530,964
Department
of
Airports,
Revenue,
2020
A,
Refunding,
5%,
5/15/38
.............
15,925,000
17,471,408
Department
of
Airports,
Revenue,
2020
A,
Refunding,
5%,
5/15/40
.............
22,485,000
24,501,988
Department
of
Airports,
Revenue,
2021
A,
Refunding,
5%,
5/15/36
.............
3,665,000
3,963,955
Department
of
Airports,
Revenue,
2021
A,
Refunding,
5%,
5/15/38
.............
4,920,000
5,226,277
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
11
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
City
of
Los
Angeles,
(continued)
Department
of
Airports,
Revenue,
2021
A,
Refunding,
5%,
5/15/41
.............
$
7,005,000
$
7,400,866
Department
of
Airports,
Revenue,
2021
A,
Refunding,
5%,
5/15/46
.............
25,965,000
26,970,466
Department
of
Airports,
Revenue,
2021
A,
Refunding,
5%,
5/15/51
.............
26,450,000
27,309,826
Department
of
Airports,
Revenue,
2021
D,
5%,
5/15/33
.....................
4,735,000
5,222,668
Department
of
Airports,
Revenue,
2021
D,
5%,
5/15/34
.....................
2,500,000
2,751,940
Department
of
Airports,
Revenue,
2021
D,
Pre-Refunded,
5%,
5/15/34
..........
140,000
155,889
Department
of
Airports,
Revenue,
2022
C,
Refunding,
5%,
5/15/45
.............
8,000,000
8,396,706
Department
of
Airports,
Revenue,
Senior
Lien,
2015
A,
5%,
5/15/40
............
3,000,000
3,013,002
Department
of
Airports,
Revenue,
Senior
Lien,
2020
B,
Refunding,
4%,
5/15/39
...
2,000,000
2,049,544
Department
of
Airports,
Revenue,
Senior
Lien,
2020
C,
5%,
5/15/37
............
6,595,000
7,018,565
Department
of
Airports,
Revenue,
Senior
Lien,
2022
G,
4%,
5/15/42
............
16,575,000
16,189,890
Department
of
Airports,
Revenue,
Senior
Lien,
2022
G,
4%,
5/15/47
............
11,325,000
10,662,557
Department
of
Airports,
Revenue,
Senior
Lien,
2022
H,
5%,
5/15/42
............
1,415,000
1,492,564
Department
of
Airports,
Revenue,
Senior
Lien,
2022
H,
5%,
5/15/47
............
25,000,000
25,975,195
Department
of
Airports,
Revenue,
Senior
Lien,
2022
H,
5.25%,
5/15/47
.........
24,000,000
25,450,272
Department
of
Airports,
Revenue,
Senior
Lien,
2022
I,
5%,
5/15/42
.............
2,360,000
2,612,014
Department
of
Airports,
Revenue,
Senior
Lien,
2022
I,
4%,
5/15/48
.............
2,000,000
1,997,105
Department
of
Airports,
Revenue,
Senior
Lien,
2022
I,
5%,
5/15/48
.............
6,265,000
6,812,586
Wastewater
System,
Revenue,
2015
A,
5%,
6/01/44
........................
9,500,000
9,669,223
Wastewater
System,
Revenue,
2015
C,
Refunding,
5%,
6/01/45
...............
24,190,000
24,612,382
Wastewater
System,
Revenue,
2018
A,
5%,
6/01/43
........................
10,000,000
10,587,079
City
of
Menifee
,
Community
Facilities
District
No.
2019-1
Meadow
Run,
Special
Tax,
2022,
4%,
9/01/37
........................................................
320,000
306,010
Community
Facilities
District
No.
2019-1
Meadow
Run,
Special
Tax,
2022,
3%,
9/01/43
........................................................
135,000
99,767
Community
Facilities
District
No.
2019-1
Meadow
Run,
Special
Tax,
2022,
4%,
9/01/51
........................................................
565,000
486,644
Community
Facilities
District
No.
2022-1
Quartz
Ranch,
Special
Tax,
2023
A,
5%,
9/01/38
........................................................
500,000
523,369
Community
Facilities
District
No.
2022-1
Quartz
Ranch,
Special
Tax,
2023
A,
5%,
9/01/43
........................................................
600,000
614,602
Community
Facilities
District
No.
2022-1
Quartz
Ranch,
Special
Tax,
2023
A,
5%,
9/01/48
........................................................
700,000
708,608
Community
Facilities
District
No.
2022-1
Quartz
Ranch,
Special
Tax,
2023
A,
5%,
9/01/53
........................................................
1,000,000
1,002,351
City
of
Newport
Beach
,
Assessment
District
No.
113
,
1915
Act,
Special
Assessment
,
2021
A
,
2.25
%
,
9/02/41
.............................................
1,290,000
846,204
City
of
Ontario
,
Community
Facilities
District
No.
13,
Special
Tax,
2021,
Refunding,
4%,
9/01/38
...
400,000
368,676
Community
Facilities
District
No.
45,
Special
Tax,
2020,
4%,
9/01/43
...........
410,000
382,070
Community
Facilities
District
No.
45,
Special
Tax,
2020,
4%,
9/01/51
...........
1,565,000
1,382,490
Community
Facilities
District
No.
53,
Special
Tax,
2021,
4%,
9/01/36
...........
525,000
509,165
Community
Facilities
District
No.
53,
Special
Tax,
2021,
4%,
9/01/42
...........
650,000
585,281
Community
Facilities
District
No.
55,
Special
Tax,
2022,
5%,
9/01/42
...........
750,000
764,210
Community
Facilities
District
No.
55,
Special
Tax,
2022,
5%,
9/01/47
...........
800,000
805,439
Community
Facilities
District
No.
55,
Special
Tax,
2022,
5%,
9/01/53
...........
845,000
843,861
Community
Facilities
District
No.
57,
Special
Tax,
2022,
4.25%,
9/01/37
.........
415,000
401,634
Community
Facilities
District
No.
57,
Special
Tax,
2022,
4.625%,
9/01/42
........
650,000
633,504
Community
Facilities
District
No.
57,
Special
Tax,
2022,
4.75%,
9/01/47
.........
840,000
809,544
Community
Facilities
District
No.
57,
Special
Tax,
2022,
4.75%,
9/01/52
.........
825,000
775,045
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
12
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
City
of
Orange
,
Community
Facilities
District
No.
06-1
,
Special
Tax
,
2015
,
Refunding
,
AGMC
Insured
,
5
%
,
10/01/40
.........................................
$
7,500,000
$
7,691,927
City
of
Pasadena
,
Electric
,
Revenue
,
2016
A
,
Refunding
,
4
%
,
6/01/46
............
22,625,000
22,683,974
City
of
Rancho
Cordova
,
Arista
Del
Sol
Community
Facilities
District
No.
2022-1
Improvement
Area
No.
1,
Special
Tax,
2023,
5.125%,
9/01/43
...................................
525,000
534,584
Arista
Del
Sol
Community
Facilities
District
No.
2022-1
Improvement
Area
No.
1,
Special
Tax,
2023,
5.375%,
9/01/53
...................................
1,100,000
1,119,611
City
of
Riverside
,
Electric,
Revenue,
2013
A,
Refunding,
5%,
10/01/43
.......................
11,535,000
11,583,726
Sewer,
Revenue,
2015
A,
Refunding,
5%,
8/01/40
.........................
25,000,000
25,509,303
City
of
Roseville
,
Electric
System,
COP,
2004,
AGMC
Insured,
5%,
2/01/34
....................
5,000
5,007
Ranch
at
Sierra
Vista
Community
Facilities
District
No.
1,
Special
Tax,
2023,
5%,
9/01/38
........................................................
1,165,000
1,208,227
Ranch
at
Sierra
Vista
Community
Facilities
District
No.
1,
Special
Tax,
2023,
5%,
9/01/43
........................................................
1,000,000
1,017,288
Ranch
at
Sierra
Vista
Community
Facilities
District
No.
1,
Special
Tax,
2023,
5%,
9/01/48
........................................................
1,000,000
999,982
Ranch
at
Sierra
Vista
Community
Facilities
District
No.
1,
Special
Tax,
2023,
5%,
9/01/53
........................................................
1,150,000
1,139,662
City
of
Sacramento
,
Transient
Occupancy
Tax,
Revenue,
2018
A,
5%,
6/01/43
....................
13,555,000
14,037,549
Transient
Occupancy
Tax,
Revenue,
2018
A,
5%,
6/01/48
....................
12,000,000
12,336,854
Transient
Occupancy
Tax,
Revenue,
2018
C,
5%,
6/01/48
...................
9,415,000
9,663,821
City
of
San
Diego
,
Community
Facilities
District
No.
2,
Special
Tax,
2021,
Refunding,
4%,
9/01/28
....
880,000
910,930
Community
Facilities
District
No.
2,
Special
Tax,
2021,
Refunding,
4%,
9/01/29
....
690,000
715,693
Community
Facilities
District
No.
2,
Special
Tax,
2021,
Refunding,
4%,
9/01/30
....
425,000
441,961
City
of
San
Francisco
,
Public
Utilities
Commission
Water,
Revenue,
2023
AB-A,
5.25%,
11/01/48
.......
47,895,000
54,007,973
Public
Utilities
Commission
Water,
Revenue,
2023
AB-A,
5.25%,
11/01/52
.......
40,170,000
44,990,766
City
of
Santa
Paula
,
Harvest
Community
Facilities
District
No.
1
Improvement
Area
A,
Special
Tax,
2022,
4%,
9/01/42
....................................................
575,000
514,468
Harvest
Community
Facilities
District
No.
1
Improvement
Area
A,
Special
Tax,
2022,
4%,
9/01/47
....................................................
1,460,000
1,250,624
Harvest
Community
Facilities
District
No.
1
Improvement
Area
A,
Special
Tax,
2022,
4%,
9/01/52
....................................................
3,530,000
2,921,681
City
of
Upland
,
San
Antonio
Regional
Hospital
Obligated
Group
,
COP
,
Refunding
,
5
%
,
1/01/47
.........................................................
14,400,000
14,583,360
City
of
Vernon
,
Electric
System,
Revenue,
2021
A,
5%,
10/01/24
..........................
2,500,000
2,524,819
Electric
System,
Revenue,
2021
A,
5%,
4/01/28
...........................
2,000,000
2,099,674
Electric
System,
Revenue,
2022
A,
Refunding,
5%,
8/01/34
..................
1,350,000
1,462,950
Electric
System,
Revenue,
2022
A,
Refunding,
5%,
8/01/39
..................
425,000
447,670
Electric
System,
Revenue,
2022
A,
Refunding,
5%,
8/01/40
..................
365,000
383,428
Electric
System,
Revenue,
2022
A,
Refunding,
5%,
8/01/41
..................
420,000
439,775
f
CMFA
Special
Finance
Agency
,
Latitude33,
Revenue,
144A,
2021
A-1,
3%,
12/01/56
.......................
9,000,000
5,850,929
Solana
at
Grand,
Revenue,
Senior
Lien,
144A,
2021
A-1,
4%,
8/01/56
..........
54,800,000
44,515,898
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)
f
CMFA
Special
Finance
Agency
Enclave
,
Revenue,
Senior
Lien
,
144A,
2022
A-1
,
4
%
,
8/01/58
.........................................................
$
26,500,000
$
19,346,100
f
CMFA
Special
Finance
Agency
VII
,
Breakwater
Apartments
(The)
,
Revenue
,
144A,
2021
A-1
,
3
%
,
8/01/56
..............................................
94,250,000
60,019,380
f
CMFA
Special
Finance
Agency
VIII
,
Elan
Huntington
Beach
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
8/01/56
.........................................
34,750,000
21,900,263
f
CMFA
Special
Finance
Agency
XII
,
Allure
Apartments
,
Revenue,
Senior
Lien
,
144A,
2022
A-1
,
3.25
%
,
2/01/57
............................................
27,500,000
18,610,776
Coachella
Valley
Unified
School
District
,
GO,
2016
F,
BAM
Insured,
5%,
8/01/46
.................................
7,135,000
7,277,191
GO,
C,
AGMC
Insured,
Zero
Cpn.,
8/01/36
...............................
8,000,000
4,944,486
GO,
C,
AGMC
Insured,
Zero
Cpn.,
8/01/37
...............................
8,000,000
4,667,314
GO,
C,
AGMC
Insured,
Zero
Cpn.,
8/01/40
...............................
7,500,000
3,663,476
GO,
C,
AGMC
Insured,
Zero
Cpn.,
8/01/43
...............................
10,000,000
4,098,615
Colton
Joint
Unified
School
District
,
GO
,
2010
B
,
AGMC
Insured
,
Zero
Cpn.,
8/01/42
.
16,365,000
7,031,370
Contra
Costa
Community
College
District
,
GO
,
2020
C
,
4
%
,
8/01/32
.............
1,200,000
1,280,787
Contra
Costa
Water
District
,
Revenue
,
V
,
Refunding
,
5
%
,
10/01/49
..............
7,500,000
7,986,277
Corona-Norco
Unified
School
District
,
GO,
1998
B,
AGMC
Insured,
Zero
Cpn.,
9/01/24
...........................
2,620,000
2,553,437
GO,
1998
B,
AGMC
Insured,
Zero
Cpn.,
3/01/25
...........................
1,400,000
1,341,552
GO,
1998
C,
NATL
Insured,
Zero
Cpn.,
9/01/25
...........................
4,655,000
4,385,561
GO,
1998
C,
NATL
Insured,
Zero
Cpn.,
9/01/26
...........................
6,080,000
5,543,213
County
of
Orange
,
Community
Facilities
District
No.
2021-1,
Special
Tax,
2022
A,
5%,
8/15/37
......
1,300,000
1,364,285
Community
Facilities
District
No.
2021-1,
Special
Tax,
2022
A,
5%,
8/15/42
......
850,000
866,648
Community
Facilities
District
No.
2021-1,
Special
Tax,
2022
A,
5%,
8/15/47
......
1,250,000
1,258,468
Community
Facilities
District
No.
2021-1,
Special
Tax,
2022
A,
5%,
8/15/52
......
8,200,000
8,219,050
County
of
Placer
,
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
2,
Special
Tax,
2023,
5%,
9/01/43
....................................................
900,000
892,677
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
2,
Special
Tax,
2023,
5%,
9/01/48
....................................................
1,360,000
1,302,343
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
2,
Special
Tax,
2023,
5%,
9/01/53
....................................................
1,000,000
942,681
County
of
Riverside
,
Revenue,
2023,
5%,
6/28/24
.........................................
11,000,000
11,131,652
Community
Facilities
District
No.
07-2,
Special
Tax,
2020,
AGMC
Insured,
4%,
9/01/45
........................................................
2,730,000
2,693,073
County
of
Sacramento
,
Airport
System,
Revenue,
2016
B,
Refunding,
5%,
7/01/41
...................
9,000,000
9,215,429
Airport
System,
Revenue,
Senior
Lien,
2016
A,
Refunding,
5%,
7/01/41
.........
10,000,000
10,288,711
Community
Facilities
District
No.
2014-2,
Special
Tax,
2021,
4%,
9/01/41
........
325,000
293,765
Community
Facilities
District
No.
2014-2,
Special
Tax,
2021,
4%,
9/01/46
........
325,000
281,741
f
CSCDA
Community
Improvement
Authority
,
1818
Platinum
Triangle-Anaheim,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3.35%,
4/01/47
........................................................
10,000,000
7,560,705
777
Place-Pomona,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3.6%,
5/01/47
.......
10,000,000
7,825,130
777
Place-Pomona,
Revenue,
Senior
Lien,
144A,
2021
A-2,
3.25%,
5/01/57
......
12,500,000
8,463,023
Acacia
on
Santa
Rosa
Creek,
Revenue,
Senior
Lien,
144A,
2021
A,
4%,
10/01/56
.
13,000,000
10,503,382
Cameo/Garrison
Apartments,
Revenue,
144A,
2021
B,
4%,
3/01/57
............
7,000,000
4,856,715
Cameo/Garrison
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-1,
2.8%,
3/01/47
21,800,000
15,385,838
Cameo/Garrison
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-2,
3%,
3/01/57
.
7,430,000
4,839,584
Crescent
(The),
Revenue,
Senior
Lien,
144A,
2022
A-1,
3.25%,
7/01/43
.........
6,530,000
4,859,021
Crescent
(The),
Revenue,
Senior
Lien,
144A,
2022
A-2,
4.3%,
7/01/59
..........
18,250,000
14,443,039
Dublin,
Revenue,
144A,
2021
B,
4%,
2/01/57
.............................
16,110,000
11,181,365
Dublin,
Revenue,
Senior
Lien,
144A,
2021
A-1,
2.45%,
2/01/47
...............
40,000,000
29,370,952
Dublin,
Revenue,
Senior
Lien,
144A,
2021
A-2,
3%,
2/01/57
..................
45,500,000
29,547,632
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)
f
CSCDA
Community
Improvement
Authority,
(continued)
Escondido
Portfolio,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3%,
6/01/48
........
$
10,000,000
$
6,527,733
Jefferson
Platinum
Triangle
Apartments,
Revenue,
144A,
2021
A-1,
2.875%,
8/01/41
19,335,000
16,125,322
Jefferson
Platinum
Triangle
Apartments,
Revenue,
144A,
2021
A-2,
3.125%,
8/01/56
54,465,000
36,538,504
Monterey
Station
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3%,
7/01/43
.
8,000,000
5,782,882
Park
Crossing
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A,
3.25%,
12/01/58
.
18,750,000
11,959,483
Parrallel-Anaheim,
Revenue,
144A,
2021
A,
4%,
8/01/56
....................
17,840,000
12,994,381
Pasadena
Portfolio,
Revenue,
Senior
Lien,
144A,
2021
A-1,
2.65%,
12/01/46
.....
1,425,000
1,004,355
Pasadena
Portfolio,
Revenue,
Senior
Lien,
144A,
2021
A-2,
3%,
12/01/56
.......
39,820,000
25,978,437
Renaissance
at
City
Center,
Revenue,
144A,
2020
A,
5%,
7/01/51
.............
18,625,000
16,809,327
Theo
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3.5%,
5/01/47
........
5,000,000
3,856,728
Towne
at
Glendale
Apartments,
Revenue,
144A,
2022
A,
Zero
Cpn.,
9/01/62
.....
53,000,000
25,260,696
Vineyard
Garden
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A,
3.25%,
10/01/58
14,000,000
8,969,387
Waterscape
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A,
3%,
9/01/56
......
5,000,000
3,268,690
Westgate
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3%,
6/01/47
......
14,500,000
10,109,777
Wood
Creek
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3%,
12/01/49
...
30,000,000
19,386,183
Wood
Creek
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-2,
4%,
12/01/58
...
25,000,000
18,116,270
Daly
City
Housing
Development
Finance
Agency
,
Franciscan
Park
LLC
,
Revenue
,
2007
A
,
Refunding
,
5
%
,
12/15/47
..........................................
17,870,000
17,876,871
Day
Creek
Square
Public
Facilities
,
Community
Facilities
District
No.
2018-1,
Special
Tax,
2020,
4%,
9/01/40
........
625,000
554,449
Community
Facilities
District
No.
2018-1,
Special
Tax,
2020,
4%,
9/01/45
........
700,000
592,191
Delano
Joint
Union
High
School
District
,
GO
,
2003
A
,
Refunding
,
NATL
Insured
,
5.15
%
,
2/01/32
.........................................................
8,520,000
9,311,135
East
Bay
Municipal
Utility
District
,
Water
System,
Revenue,
2014
A,
Refunding,
5%,
6/01/35
...................
10,000,000
10,075,746
Water
System,
Revenue,
2014
B,
Refunding,
5%,
6/01/24
...................
4,140,000
4,182,892
Water
System,
Revenue,
2014
C,
5%,
6/01/44
............................
14,000,000
14,076,086
Water
System,
Revenue,
2015
A,
Refunding,
5%,
6/01/36
...................
7,355,000
7,566,767
Water
System,
Revenue,
2015
C,
4%,
6/01/45
............................
9,070,000
9,083,673
Water
System,
Revenue,
2017
A,
Refunding,
5%,
6/01/45
...................
4,240,000
4,436,702
Water
System,
Revenue,
2019
A,
5%,
6/01/44
............................
4,000,000
4,296,255
Eastern
Municipal
Water
District
,
Revenue,
2021
A,
Refunding,
4%,
7/01/28
...............................
2,480,000
2,638,003
d
Revenue,
2021
B,
Refunding,
Mandatory
Put,
3.4%,
7/01/24
.................
7,500,000
7,482,902
Community
Facilities
District
No.
2017-79,
Special
Tax,
2021,
4%,
9/01/46
.......
2,815,000
2,433,409
Community
Facilities
District
No.
2017-79,
Special
Tax,
2021,
4%,
9/01/51
.......
3,405,000
2,846,973
Community
Facilities
District
No.
2019-83,
Special
Tax,
2022,
4%,
9/01/51
.......
2,790,000
2,332,762
e
Community
Facilities
District
No.
2019-86,
Special
Tax,
2023,
5%,
9/01/48
.......
855,000
852,622
e
Community
Facilities
District
No.
2019-86,
Special
Tax,
2023,
5%,
9/01/54
.......
1,775,000
1,747,939
Eastern
Municipal
Water
District
Financing
Authority
,
Revenue
,
2015
B
,
5
%
,
7/01/46
.
30,705,000
31,251,233
Elk
Grove
Finance
Authority
,
Special
Tax
,
2015
,
Refunding
,
BAM
Insured
,
5
%
,
9/01/38
1,500,000
1,526,380
Fairfax
School
District
,
GO
,
2011
,
AGMC
Insured
,
Zero
Cpn.,
11/01/48
...........
10,380,000
3,050,105
FHLMC,
Multi-family
ML
Pass-Through
Certificates
,
Revenue
,
2019-ML06
,
ACA
,
Revenue
,
2.493
%
,
7/25/35
...........................................
1,018,657
815,155
Folsom
Cordova
Unified
School
District
School
Facilities
Improvement
Dist
No.
5
,
GO
,
C
,
4
%
,
10/01/43
...................................................
17,500,000
17,700,008
Foothill-Eastern
Transportation
Corridor
Agency
,
Revenue,
2013
A,
Refunding,
AGMC
Insured,
5%,
1/15/42
...................
10,000,000
10,010,209
Revenue,
2013
A,
Pre-Refunded,
6%,
1/15/53
............................
190,000,000
190,606,442
Revenue,
2013
A,
Refunding,
AGMC
Insured,
Zero
Cpn.,
1/15/31
..............
35,000,000
40,110,542
Revenue,
2013
A,
Refunding,
AGMC
Insured,
Zero
Cpn.,
1/15/32
..............
37,260,000
42,850,051
Revenue,
2013
A,
Refunding,
AGMC
Insured,
Zero
Cpn.,
1/15/37
..............
41,250,000
24,518,732
Revenue,
2013
A,
Refunding,
AGMC
Insured,
Zero
Cpn.,
1/15/38
..............
77,650,000
43,408,897
Revenue,
2013
A,
Refunding,
AGMC
Insured,
Zero
Cpn.,
1/15/39
..............
56,100,000
29,578,826
Revenue,
2013
A,
Refunding,
Zero
Cpn.,
1/15/42
..........................
130,000,000
55,428,438
Revenue,
2013
A,
Refunding,
Zero
Cpn.,
1/15/42
..........................
98,000,000
116,314,397
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)
Foothill-Eastern
Transportation
Corridor
Agency,
(continued)
Revenue,
Senior
Lien,
1995
A,
ETM,
Zero
Cpn.,
1/01/25
....................
$
20,660,000
$
19,968,778
Revenue,
Senior
Lien,
1995
A,
ETM,
Zero
Cpn.,
1/01/26
....................
23,475,000
22,031,771
Revenue,
Senior
Lien,
1995
A,
ETM,
Zero
Cpn.,
1/01/27
....................
15,000,000
13,704,129
Revenue,
Senior
Lien,
1995
A,
ETM,
Zero
Cpn.,
1/01/28
....................
2,000,000
1,779,070
Revenue,
Senior
Lien,
1995
A,
ETM,
Zero
Cpn.,
1/01/29
....................
35,310,000
30,502,692
Revenue,
Senior
Lien,
2021
A,
Refunding,
4%,
1/15/46
.....................
17,500,000
16,816,635
Fowler
Unified
School
District
,
GO,
2010
C,
AGMC
Insured,
Zero
Cpn.,
8/01/41
..........................
3,095,000
1,416,111
GO,
2010
C,
AGMC
Insured,
Zero
Cpn.,
8/01/42
..........................
3,005,000
1,307,591
Fresno
Unified
School
District
,
GO,
2020
B,
5%,
8/01/46
............................................
2,635,000
2,810,139
GO,
2020
B,
4%,
8/01/48
............................................
3,205,000
3,169,979
GO,
2020
B,
4%,
8/01/52
............................................
6,585,000
6,408,206
GO,
2020
B,
4%,
8/01/55
............................................
4,000,000
3,875,249
Glendale
Community
College
District
,
GO
,
2003
C
,
NATL
Insured
,
Zero
Cpn.,
8/01/28
10,735,000
8,843,908
Glendora
Public
Finance
Authority
,
Glendora
Community
Redevelopment
Agency
,
Tax
Allocation
,
2003
A
,
NATL
Insured
,
5
%
,
9/01/24
............................
995,000
996,207
Golden
State
Tobacco
Securitization
Corp.
,
Revenue
,
2022
A-1
,
Refunding
,
5
%
,
6/01/51
.........................................................
21,350,000
21,917,359
Golden
Valley
Unified
School
District
Financing
Authority
,
Community
Facilities
District
No.
2017-1,
Revenue,
2021
A,
4%,
9/01/46
........
250,000
212,484
Community
Facilities
District
No.
2017-1,
Revenue,
2021
A,
4%,
9/01/51
........
500,000
409,106
Community
Facilities
District
No.
2017-1,
Revenue,
2021
A,
4%,
9/01/56
........
745,000
598,282
Grossmont
Union
High
School
District
,
GO
,
2004
,
AGMC
Insured
,
Zero
Cpn.,
8/01/24
5,110,000
4,996,215
Grossmont-Cuyamaca
Community
College
District
,
GO
,
2018
B
,
4
%
,
8/01/47
......
10,000,000
10,024,954
Hacienda
La
Puente
Unified
School
District
,
GO
,
2017
A
,
4
%
,
8/01/47
............
655,000
655,639
Hartnell
Community
College
District
,
GO
,
2009
C
,
6.125
%
,
8/01/33
..............
20,000,000
24,715,980
Hawthorne
School
District
,
GO
,
2008
C
,
AGMC
Insured
,
Zero
Cpn.,
8/01/48
.......
37,665,000
11,317,029
Hemet
Unified
School
District
,
Community
Facilities
District
No.
2021-7,
Special
Tax,
2023,
5%,
9/01/48
........
1,500,000
1,503,416
Community
Facilities
District
No.
2021-7,
Special
Tax,
2023,
5%,
9/01/53
........
1,000,000
997,117
Huntington
Beach
City
School
District
,
GO
,
2003
A
,
NATL
Insured
,
Zero
Cpn.,
8/01/28
10,005,000
8,326,310
Independent
Cities
Finance
Authority
,
Augusta
Communities
LLC,
Revenue,
2022
A,
Refunding,
5.25%,
5/15/56
.......
4,000,000
4,177,830
f
City
of
Compton
Sales
Tax,
Revenue,
144A,
2021,
AGMC
Insured,
4%,
6/01/36
...
700,000
716,095
f
City
of
Compton
Sales
Tax,
Revenue,
144A,
2021,
AGMC
Insured,
4%,
6/01/41
...
900,000
905,325
f
City
of
Compton
Sales
Tax,
Revenue,
144A,
2021,
AGMC
Insured,
4%,
6/01/46
...
925,000
916,985
f
City
of
Compton
Sales
Tax,
Revenue,
144A,
2021,
AGMC
Insured,
4%,
6/01/51
...
1,250,000
1,216,480
Millennium
Housing
LLC,
Revenue,
2021
A,
Refunding,
3%,
9/15/46
...........
1,000,000
751,722
Millennium
Housing
LLC,
Revenue,
2021
A,
Refunding,
3%,
9/15/56
...........
2,000,000
1,373,538
Millennium
Housing
LLC,
Revenue,
2022,
Refunding,
4%,
9/15/42
.............
2,000,000
1,897,918
Millennium
Housing
LLC,
Revenue,
2022,
Refunding,
4.25%,
9/15/50
...........
2,000,000
1,887,444
Millennium
Housing
LLC,
Revenue,
2022,
Refunding,
5%,
9/15/50
.............
2,000,000
2,083,830
Irvine
Unified
School
District
,
Special
Tax,
2020
A,
4%,
9/01/40
......................................
2,945,000
2,745,056
Special
Tax,
2020
A,
4%,
9/01/44
......................................
6,215,000
5,576,783
Special
Tax,
2020
A,
BAM
Insured,
4%,
9/01/50
...........................
7,960,000
7,737,202
Community
Facilities
District
No.
01-1,
Special
Tax,
2015,
Refunding,
BAM
Insured,
5%,
9/01/38
....................................................
7,000,000
7,132,830
Community
Facilities
District
No.
09-1,
Special
Tax,
2017
D,
5%,
3/01/57
........
10,940,000
11,115,042
Jefferson
Union
High
School
District
,
GO,
2000
A,
Refunding,
NATL
Insured,
6.45%,
8/01/25
.....................
1,335,000
1,372,718
GO,
2000
A,
Refunding,
NATL
Insured,
6.45%,
8/01/29
.....................
3,075,000
3,423,917
Jurupa
Community
Services
District
,
Community
Facilities
District
No.
52,
Special
Tax,
2021
A,
4%,
9/01/39
..........
135,000
123,910
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)
Jurupa
Community
Services
District,
(continued)
Community
Facilities
District
No.
52,
Special
Tax,
2021
A,
4%,
9/01/40
..........
$
140,000
$
126,832
Community
Facilities
District
No.
52,
Special
Tax,
2021
A,
4%,
9/01/50
..........
1,000,000
834,221
Community
Facilities
District
No.
54,
Special
Tax,
2021
A,
4%,
9/01/46
..........
900,000
770,345
Community
Facilities
District
No.
54,
Special
Tax,
2021
A,
4%,
9/01/51
..........
875,000
723,708
La
Mirada
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation
,
2010
A
,
Refunding
,
AGMC
Insured
,
5
%
,
8/15/28
.................................
1,855,000
1,858,661
Lake
Elsinore
Unified
School
District
,
Community
Facilities
District
No.
2006-3
Area
B,
Special
Tax,
2022,
5%,
9/01/47
..
350,000
347,934
Community
Facilities
District
No.
2006-3
Area
B,
Special
Tax,
2022,
5%,
9/01/52
..
500,000
489,087
Lakeside
Union
School
District
,
GO
,
2010
B
,
Zero
Cpn.,
8/01/45
................
11,540,000
4,230,747
Lammersville
Joint
Unified
School
District
,
GO
,
2016
A
,
4
%
,
8/01/46
.............
41,340,000
41,395,879
Lancaster
School
District
,
GO,
2001,
NATL
Insured,
Zero
Cpn.,
8/01/25
.............................
5,495,000
5,172,715
GO,
2001,
NATL
Insured,
Zero
Cpn.,
7/01/26
.............................
5,965,000
5,434,451
Lassen
Municipal
Utility
District
,
COP
,
2021
,
4
%
,
5/01/51
......................
3,000,000
2,648,083
Lawndale
Redevelopment
Agency
,
Tax
Allocation,
2009,
AGMC
Insured,
5.5%,
8/01/39
........................
10,280,000
10,296,679
Tax
Allocation,
2009,
AGMC
Insured,
5.5%,
8/01/44
........................
6,085,000
6,093,847
Lemon
Grove
School
District
,
GO
,
2010
B
,
AGMC
Insured
,
Zero
Cpn.,
8/01/50
.....
20,990,000
6,036,892
Lodi
Unified
School
District
,
GO
,
2017
,
4
%
,
8/01/41
..........................
15,000,000
15,055,582
Long
Beach
Bond
Finance
Authority
,
Revenue,
2007
A,
5.5%,
11/15/28
.....................................
8,000,000
8,573,763
Revenue,
2007
A,
5%,
11/15/29
.......................................
17,465,000
18,304,583
Revenue,
2007
A,
5.5%,
11/15/30
.....................................
5,000,000
5,407,901
Revenue,
2007
A,
5%,
11/15/35
.......................................
69,855,000
74,106,543
Revenue,
2007
A,
5.5%,
11/15/37
.....................................
35,000,000
38,872,298
Los
Angeles
Community
College
District
,
GO,
2015
C,
Refunding,
5%,
8/01/25
...................................
5,890,000
6,105,645
GO,
2016,
Refunding,
5%,
8/01/38
.....................................
10,000,000
10,428,650
Los
Angeles
County
Metropolitan
Transportation
Authority
,
Revenue,
2021
A,
5%,
6/01/26
........................................
4,000,000
4,227,123
Sales
Tax,
Revenue,
2016
A,
Refunding,
5%,
6/01/35
.......................
17,655,000
18,439,602
Sales
Tax,
Revenue,
2016
A,
Refunding,
5%,
6/01/37
.......................
10,970,000
11,416,310
Sales
Tax,
Revenue,
2016
A,
Refunding,
5%,
6/01/38
.......................
7,705,000
7,991,698
Sales
Tax,
Revenue,
2016
A,
Refunding,
5%,
6/01/39
.......................
5,000,000
5,180,453
Sales
Tax,
Revenue,
2017
A,
5%,
7/01/38
...............................
10,455,000
11,099,968
Sales
Tax,
Revenue,
2017
A,
5%,
7/01/39
...............................
7,860,000
8,323,133
Sales
Tax,
Revenue,
2017
A,
5%,
7/01/41
...............................
12,350,000
13,031,842
Sales
Tax,
Revenue,
2017
A,
5%,
7/01/42
...............................
26,910,000
28,326,338
Sales
Tax,
Revenue,
2020
A,
Refunding,
5%,
6/01/32
.......................
6,700,000
7,689,853
Sales
Tax,
Revenue,
2020
A,
Refunding,
5%,
6/01/35
.......................
18,960,000
21,550,484
Sales
Tax,
Revenue,
2020
A,
Refunding,
5%,
6/01/36
.......................
7,035,000
7,931,646
Sales
Tax,
Revenue,
2020
A,
Refunding,
5%,
6/01/37
.......................
10,330,000
11,539,823
Sales
Tax,
Revenue,
2021
A,
5%,
6/01/24
...............................
5,500,000
5,558,060
Sales
Tax,
Revenue,
2021
A,
5%,
6/01/32
...............................
4,000,000
4,669,306
Sales
Tax,
Revenue,
Senior
Lien,
2021
A,
5%,
7/01/28
......................
3,830,000
4,247,275
Sales
Tax,
Revenue,
Senior
Lien,
2021
A,
5%,
7/01/36
......................
2,500,000
2,863,076
Sales
Tax,
Revenue,
Senior
Lien,
2021
A,
5%,
7/01/38
......................
3,875,000
4,356,092
Los
Angeles
County
Sanitation
Districts
Financing
Authority
,
Revenue,
2022
A,
5%,
10/01/25
.......................................
6,830,000
7,111,361
Los
Angeles
County
Sanitation
District
No.
20,
Revenue,
2016
A,
Refunding,
4%,
10/01/42
.......................................................
16,430,000
16,460,368
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)
Los
Angeles
Department
of
Water
,
Water
System
,
Revenue
,
2020
C
,
Refunding
,
5
%
,
7/01/41
.........................................................
$
6,455,000
$
7,086,287
Los
Angeles
Department
of
Water
&
Power
,
Power
System,
Revenue,
2014
D,
5%,
7/01/44
............................
51,940,000
52,193,493
Power
System,
Revenue,
2015
A,
Refunding,
5%,
7/01/35
...................
15,105,000
15,370,581
Power
System,
Revenue,
2015
A,
Refunding,
5%,
7/01/36
...................
17,795,000
18,101,250
Power
System,
Revenue,
2016
A,
Refunding,
5%,
7/01/46
...................
15,000,000
15,330,047
Power
System,
Revenue,
2016
B,
5%,
7/01/35
............................
11,995,000
12,417,742
Power
System,
Revenue,
2017
A,
5%,
7/01/42
............................
22,375,000
23,237,677
Power
System,
Revenue,
2017
A,
5%,
7/01/47
............................
5,000,000
5,169,155
Power
System,
Revenue,
2017
C,
5%,
7/01/47
............................
99,525,000
103,403,867
Power
System,
Revenue,
2018
D,
Refunding,
5%,
7/01/38
...................
8,960,000
9,619,830
Power
System,
Revenue,
2018
D,
Refunding,
5%,
7/01/39
...................
8,215,000
8,793,879
Power
System,
Revenue,
2019
A,
5%,
7/01/45
............................
9,535,000
10,115,487
Power
System,
Revenue,
2019
A,
5.25%,
7/01/49
.........................
12,555,000
13,397,536
Power
System,
Revenue,
2019
D,
Refunding,
5%,
7/01/44
...................
17,555,000
18,771,483
Power
System,
Revenue,
2020
B,
Refunding,
5%,
7/01/39
...................
1,005,000
1,107,326
Power
System,
Revenue,
2020
B,
Refunding,
5%,
7/01/40
...................
8,020,000
8,802,448
Power
System,
Revenue,
2021
B,
Refunding,
5%,
7/01/48
...................
20,800,000
22,443,273
Power
System,
Revenue,
2021
C,
5%,
7/01/45
............................
14,455,000
15,812,450
Power
System,
Revenue,
2022
A,
5%,
7/01/51
............................
8,500,000
9,170,704
Power
System,
Revenue,
2022
C,
Refunding,
5%,
7/01/40
...................
6,000,000
6,702,038
Power
System,
Revenue,
2022
C,
Refunding,
5%,
7/01/41
...................
5,000,000
5,571,477
Power
System,
Revenue,
2022
C,
Refunding,
5%,
7/01/42
...................
6,250,000
6,931,332
Power
System,
Revenue,
2022
C,
Refunding,
5%,
7/01/43
...................
5,000,000
5,525,307
Power
System,
Revenue,
2023
A,
Refunding,
5%,
7/01/31
...................
10,000,000
11,703,553
Water
System,
Revenue,
2014
A,
5%,
7/01/44
............................
84,000,000
84,428,980
Water
System,
Revenue,
2016
A,
Refunding,
5%,
7/01/41
...................
29,820,000
30,604,021
Water
System,
Revenue,
2016
A,
Refunding,
5%,
7/01/46
...................
24,610,000
25,171,231
Water
System,
Revenue,
2017
A,
Refunding,
5%,
7/01/41
...................
34,330,000
35,766,075
Water
System,
Revenue,
2017
A,
Refunding,
5%,
7/01/44
...................
18,475,000
19,179,683
Water
System,
Revenue,
2018
A,
5%,
7/01/25
............................
3,940,000
4,072,746
Water
System,
Revenue,
2018
A,
5%,
7/01/43
............................
5,425,000
5,730,336
Water
System,
Revenue,
2018
B,
Refunding,
5%,
7/01/43
...................
8,380,000
8,905,085
Water
System,
Revenue,
2022
C,
Refunding,
5%,
7/01/41
...................
2,970,000
3,337,029
Los
Angeles
Unified
School
District
,
GO,
2017
A,
Refunding,
5%,
7/01/25
...................................
18,750,000
19,390,532
GO,
2020
C,
4%,
7/01/33
............................................
7,000,000
7,396,108
GO,
2020
C,
4%,
7/01/36
............................................
8,975,000
9,368,198
GO,
2020
RYQ,
4%,
7/01/44
.........................................
10,730,000
10,835,542
GO,
2023
QRR,
5.25%,
7/01/48
.......................................
25,000,000
28,212,900
Los
Gatos-Saratoga
Joint
High
School
District
,
GO,
A,
4%,
8/01/39
................................................
10,635,000
10,645,361
GO,
A,
4%,
8/01/44
................................................
6,090,000
6,095,146
Marin
Municipal
Water
District
,
Revenue
,
2022
,
Refunding
,
4
%
,
6/15/52
..........
27,295,000
27,252,289
Marina
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation,
2023
A,
5%,
9/01/43
....................................
1,000,000
1,018,714
Tax
Allocation,
2023
B,
5%,
9/01/43
....................................
2,100,000
2,119,827
Menifee
Union
School
District
,
e
Special
Tax,
2023,
5%,
9/01/48
.......................................
500,000
499,992
e
Special
Tax,
2023,
5%,
9/01/54
.......................................
1,230,000
1,213,128
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
5,
Special
Tax,
2021,
4%,
9/01/45
....................................................
875,000
767,826
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
5,
Special
Tax,
2021,
4%,
9/01/51
....................................................
1,825,000
1,533,045
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
6,
Special
Tax,
2021,
4%,
9/01/26
....................................................
75,000
75,348
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)
Menifee
Union
School
District,
(continued)
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
6,
Special
Tax,
2021,
4%,
9/01/27
....................................................
$
140,000
$
141,194
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
6,
Special
Tax,
2021,
4%,
9/01/28
....................................................
105,000
105,969
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
7,
Special
Tax,
2022,
5%,
9/01/42
....................................................
1,000,000
1,016,081
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
7,
Special
Tax,
2022,
5.125%,
9/01/47
.................................................
2,000,000
2,026,937
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
7,
Special
Tax,
2022,
5.25%,
9/01/52
..................................................
2,000,000
2,031,255
Community
Facilities
District
No.
2019-2,
Special
Tax,
2021,
4%,
9/01/35
........
200,000
198,078
Community
Facilities
District
No.
2019-2,
Special
Tax,
2021,
4%,
9/01/44
........
565,000
503,559
Community
Facilities
District
No.
2019-2,
Special
Tax,
2021,
4%,
9/01/51
........
675,000
573,242
Metropolitan
Water
District
of
Southern
California
,
d
Revenue,
2017
C,
Mandatory
Put,
3.44%,
5/21/24
.........................
13,000,000
12,977,605
d
Revenue,
2017
D,
Refunding,
Mandatory
Put,
3.44%,
5/21/24
................
10,000,000
9,982,773
d
Revenue,
2017
E,
Refunding,
Mandatory
Put,
3.44%,
5/21/24
................
13,000,000
12,977,605
Revenue,
2019
A,
Refunding,
5%,
7/01/25
...............................
10,000,000
10,336,919
Revenue,
2020
A,
5%,
10/01/45
.......................................
15,665,000
16,826,713
Revenue,
2022
B,
Refunding,
3%,
7/01/28
...............................
20,000,000
20,233,428
Middle
Fork
Project
Finance
Authority
,
Revenue,
2020,
Refunding,
5%,
4/01/30
.................................
2,505,000
2,685,934
Revenue,
2020,
Refunding,
5%,
4/01/32
.................................
4,095,000
4,376,749
Revenue,
2020,
Refunding,
5%,
4/01/34
.................................
1,150,000
1,225,648
Revenue,
2020,
Refunding,
5%,
4/01/35
.................................
1,200,000
1,274,849
Revenue,
2020,
Refunding,
5%,
4/01/36
.................................
4,980,000
5,259,598
Midpeninsula
Regional
Open
Space
District
,
Field
Employees
Corp.
,
GO
,
2018
,
4
%
,
9/01/48
.........................................................
11,220,000
11,223,010
Modesto
High
School
District
,
GO
,
2002
A
,
NATL
Insured
,
Zero
Cpn.,
5/01/27
......
12,770,000
11,429,690
Monterey
Peninsula
Unified
School
District
,
GO
,
2016
C
,
Refunding
,
5
%
,
8/01/41
...
11,190,000
11,626,710
Moorpark
Unified
School
District
,
GO
,
2009
A
,
AGMC
Insured
,
Zero
Cpn.,
8/01/32
...
5,870,000
4,262,015
Moreno
Valley
Unified
School
District
,
GO,
2004
A,
AGMC
Insured,
ETM,
Zero
Cpn.,
8/01/27
......................
6,315,000
5,679,955
GO,
2004
A,
AGMC
Insured,
ETM,
Zero
Cpn.,
8/01/28
......................
6,625,000
5,797,314
GO,
2018
B,
AGMC
Insured,
5%,
8/01/47
................................
6,075,000
6,359,513
Mount
Diablo
Unified
School
District
,
GO,
2022
B,
Refunding,
4%,
8/01/25
...................................
3,100,000
3,158,023
GO,
B,
4%,
8/01/24
................................................
1,425,000
1,433,827
Mount
San
Antonio
Community
College
District
,
GO
,
2013
A
,
Zero
Cpn.,
8/01/43
....
55,000,000
52,366,050
M-S-R
Energy
Authority
,
Revenue
,
2009
B
,
6.5
%
,
11/01/39
....................
25,000,000
30,744,808
Murrieta
Valley
Unified
School
District
,
Community
Facilities
District
No.
2018-1,
Special
Tax,
2021,
4%,
9/01/24
........
60,000
59,924
Community
Facilities
District
No.
2018-1,
Special
Tax,
2021,
4%,
9/01/44
........
500,000
434,159
Community
Facilities
District
No.
2018-1,
Special
Tax,
2021,
4%,
9/01/51
........
1,000,000
826,158
Newport
Mesa
Unified
School
District
,
GO
,
2011
,
6.3
%
,
8/01/42
................
20,000,000
23,759,280
Norman
Y
Mineta
San
Jose
International
Airport
SJC
,
Revenue,
2017
A,
Refunding,
5%,
3/01/36
...............................
4,590,000
4,727,517
Revenue,
2017
A,
Refunding,
5%,
3/01/37
...............................
4,475,000
4,588,391
Revenue,
2017
A,
Refunding,
5%,
3/01/41
...............................
12,685,000
12,861,615
Revenue,
2017
B,
Refunding,
5%,
3/01/47
...............................
10,000,000
10,327,529
Revenue,
2021
A,
Refunding,
5%,
3/01/32
...............................
1,800,000
1,962,257
Revenue,
2021
B,
Refunding,
5%,
3/01/29
...............................
500,000
557,867
Revenue,
2021
B,
Refunding,
5%,
3/01/30
...............................
600,000
678,525
Revenue,
2021
B,
Refunding,
5%,
3/01/31
...............................
1,000,000
1,148,857
Revenue,
2021
B,
Refunding,
5%,
3/01/33
...............................
1,400,000
1,601,543
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)
Oceanside
Unified
School
District
,
GO,
2010
B,
AGMC
Insured,
Zero
Cpn.,
8/01/38
...........................
$
10,590,000
$
5,859,859
GO,
2010
B,
AGMC
Insured,
Zero
Cpn.,
8/01/39
...........................
7,860,000
4,110,399
GO,
2015,
Refunding,
5%,
8/01/48
.....................................
12,000,000
12,209,941
GO,
2022,
Refunding,
5%,
8/01/39
.....................................
1,005,000
1,127,764
GO,
G,
5%,
8/01/40
................................................
1,020,000
1,140,449
GO,
G,
5%,
8/01/43
................................................
1,000,000
1,104,381
Ontario
International
Airport
Authority
,
Revenue,
2021
B,
AGMC
Insured,
5%,
5/15/33
...........................
1,000,000
1,090,470
Revenue,
2021
B,
AGMC
Insured,
5%,
5/15/34
...........................
1,000,000
1,088,398
e
Orange
County
Community
Facilities
District
,
Community
Facilities
District
No.
2023-1,
Special
Tax,
2023
A,
5.5%,
8/15/48
.....
1,550,000
1,585,007
Community
Facilities
District
No.
2023-1,
Special
Tax,
2023
A,
5.5%,
8/15/53
.....
1,200,000
1,226,273
Community
Facilities
District
No.
2023-1,
Special
Tax,
2023
A,
5.75%,
8/15/53
....
1,085,000
1,112,580
Orange
County
Sanitation
District
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
2/01/36
......
8,350,000
8,442,232
Orange
County
Water
District
,
COP,
2003
B,
NATL
Insured,
ETM,
5%,
8/15/28
...........................
13,740,000
14,568,951
COP,
2003
B,
NATL
Insured,
ETM,
5%,
8/15/34
...........................
3,305,000
3,757,457
COP,
2003
B,
Pre-Refunded,
NATL
Insured,
5%,
8/15/34
....................
4,140,000
4,866,189
Palomar
Community
College
District
,
GO
,
2010
B
,
Zero
Cpn.,
8/01/39
............
69,410,000
78,521,798
Palomar
Health
,
Obligated
Group,
GO,
2009
A,
AGMC
Insured,
7%,
8/01/38
..................
36,000,000
41,390,597
Obligated
Group,
GO,
2010
A,
6.75%,
8/01/40
............................
60,000,000
68,634,570
Palomar
Health
Obligated
Group,
Revenue,
2017,
Refunding,
AGMC
Insured,
5%,
11/01/47
.......................................................
35,000,000
35,716,968
Panoche
Financing
Authority
,
Panoche
Water
District,
Revenue,
2021
A,
4%,
9/01/43
.....................
1,120,000
1,027,227
Panoche
Water
District,
Revenue,
2021
A,
4%,
9/01/51
.....................
6,070,000
5,188,323
Panoche
Water
District,
Revenue,
2021
B,
1.408%,
9/01/24
..................
125,000
121,162
Panoche
Water
District,
Revenue,
2021
B,
1.553%,
9/01/25
..................
130,000
121,645
Panoche
Water
District,
Revenue,
2021
B,
2.006%,
9/01/27
..................
395,000
351,685
Panoche
Water
District,
Revenue,
2021
B,
2.456%,
9/01/29
..................
415,000
353,633
Panoche
Water
District,
Revenue,
2021
B,
2.756%,
9/01/31
..................
435,000
355,599
Panoche
Water
District,
Revenue,
2021
B,
3.106%,
9/01/35
..................
880,000
683,312
Panoche
Water
District,
Revenue,
2021
B,
3.571%,
9/01/40
..................
1,155,000
852,999
Patterson
Joint
Unified
School
District
,
GO,
2001
A,
NATL
Insured,
Zero
Cpn.,
8/01/24
...........................
2,075,000
2,024,994
GO,
2001
A,
NATL
Insured,
Zero
Cpn.,
8/01/25
...........................
2,170,000
2,043,061
GO,
2001
A,
NATL
Insured,
Zero
Cpn.,
8/01/26
...........................
2,265,000
2,059,764
Perris
Joint
Powers
Authority
,
Community
Facilities
District
No.
2007-2,
Special
Tax,
2021,
4%,
9/01/43
........
1,445,000
1,285,764
Community
Facilities
District
No.
2007-2,
Special
Tax,
2021,
4%,
9/01/48
........
1,250,000
1,070,544
Community
Facilities
District
No.
2018-1
Improvement
Area
No.
1,
Special
Tax,
2020,
4%,
9/01/50
....................................................
1,125,000
937,016
Perris
Union
High
School
District
,
COP,
2019,
Refunding,
BAM
Insured,
5%,
10/01/48
........................
10,000,000
10,571,353
GO,
2019
A,
AGMC
Insured,
4%,
9/01/43
................................
5,540,000
5,615,167
Pittsburg
Unified
School
District
,
GO
,
2016
,
Refunding
,
4
%
,
8/01/44
.............
11,000,000
10,889,088
Placentia-Yorba
Linda
Unified
School
District
,
GO,
2008
D,
Zero
Cpn.,
8/01/43
.......................................
27,955,000
11,908,360
GO,
2008
D,
Zero
Cpn.,
8/01/46
.......................................
89,200,000
31,536,089
GO,
2008
D,
Zero
Cpn.,
8/01/49
.......................................
85,000,000
25,756,148
Port
of
Los
Angeles
,
Revenue
,
2014
B
,
Refunding
,
5
%
,
8/01/44
.................
10,300,000
10,352,441
Port
of
Oakland
,
Revenue
,
2021
H
,
Refunding
,
5
%
,
11/01/29
...................
2,000,000
2,167,773
Poway
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation,
2015
A,
Refunding,
5%,
12/15/31
..........................
10,180,000
11,612,048
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)
Poway
Redevelopment
Agency
Successor
Agency,
(continued)
Tax
Allocation,
2015
A,
Refunding,
5%,
12/15/32
..........................
$
11,215,000
$
12,957,350
Tax
Allocation,
2015
A,
Refunding,
5%,
6/15/33
...........................
5,835,000
6,878,059
Poway
Unified
School
District
,
Community
Facilities
District
No.
16,
Special
Tax,
2020,
AGMC
Insured,
4%,
9/01/50
2,000,000
1,917,999
Community
Facilities
District
No.
16
Area
A,
Special
Tax,
2020,
AGMC
Insured,
4%,
9/01/50
........................................................
5,500,000
5,274,497
Facilities
Improvement
District
No.
2007-1,
GO,
B,
Zero
Cpn.,
8/01/46
..........
45,000,000
15,579,355
Rancho
Mirage
Community
Facilities
District
,
City
of
Rancho
Mirage
Community
Facilities
District
No.
4C,
Special
Tax,
2022,
5%,
9/01/42
........................................................
300,000
306,312
City
of
Rancho
Mirage
Community
Facilities
District
No.
4C,
Special
Tax,
2022,
5%,
9/01/47
........................................................
500,000
506,459
City
of
Rancho
Mirage
Community
Facilities
District
No.
4C,
Special
Tax,
2022,
5%,
9/01/53
........................................................
1,000,000
1,002,859
Regents
of
the
University
of
California
,
Medical
Center,
Revenue,
2016
L,
Refunding,
5%,
5/15/47
...................
39,575,000
40,467,705
Medical
Center,
Revenue,
2022
P,
5%,
5/15/47
...........................
116,410,000
126,579,322
Medical
Center,
Revenue,
2022
P,
4%,
5/15/53
...........................
84,305,000
81,172,681
Regents
of
the
University
of
California
Medical
Center
,
Medical
Center
,
Revenue
,
2016
L
,
Refunding
,
5
%
,
5/15/41
...........................................
10,000,000
10,302,413
Rialto
Unified
School
District
,
GO
,
2011
A
,
AGMC
Insured
,
Zero
Cpn.,
8/01/41
......
27,000,000
31,236,462
Rio
Hondo
Community
College
District
,
GO
,
2010
C
,
Zero
Cpn.,
8/01/35
..........
10,000,000
6,507,684
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
4,328,013
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
5,900,034
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
11,900,732
Riverside
County
Asset
Leasing
Corp.
,
County
of
Riverside
,
Revenue
,
1997
A
,
NATL
Insured
,
Zero
Cpn.,
6/01/24
..........................................
13,005,000
12,773,878
Riverside
Unified
School
District
,
Community
Facilities
District
No.
37,
Special
Tax,
2023
A,
5%,
9/01/47
..........
1,150,000
1,157,006
Community
Facilities
District
No.
37,
Special
Tax,
2023
A,
5%,
9/01/52
..........
2,135,000
2,138,473
f
RMA
Capital
Series
Trust
,
Revenue
,
144A,
2022-1
,
A
,
5.67
%
,
8/01/58
............
15,491,000
15,258,480
RNR
School
Financing
Authority
,
Community
Facilities
District
No.
92-1
,
Special
Tax
,
2015
A
,
Refunding
,
BAM
Insured
,
5
%
,
9/01/36
............................
11,145,000
11,437,885
Rocklin
Unified
School
District
,
GO,
2003,
NATL
Insured,
Zero
Cpn.,
8/01/25
.............................
8,160,000
7,715,280
GO,
2003,
NATL
Insured,
Zero
Cpn.,
8/01/26
.............................
8,695,000
7,961,029
GO,
2003,
NATL
Insured,
Zero
Cpn.,
8/01/27
.............................
9,080,000
8,044,519
GO,
2003,
NATL
Insured,
Zero
Cpn.,
8/01/28
.............................
16,615,000
14,234,066
Rohnert
Park
Community
Development
Commission
Successor
Agency
,
Tax
Allocation
,
2007
R
,
NATL
Insured
,
ETM,
5
%
,
8/01/37
...............................
1,380,000
1,441,253
Romoland
School
District
,
Community
Facilities
District
No.
2016-1,
Special
Tax,
2023,
5%,
9/01/43
........
750,000
768,843
Community
Facilities
District
No.
2016-1,
Special
Tax,
2023,
5%,
9/01/48
........
1,000,000
1,009,201
Community
Facilities
District
No.
2016-1,
Special
Tax,
2023,
5%,
9/01/53
........
1,500,000
1,504,676
Community
Facilities
District
No.
2016-2,
Special
Tax,
2022,
4.5%,
9/01/42
.......
360,000
347,510
Community
Facilities
District
No.
2016-2,
Special
Tax,
2022,
4.625%,
9/01/47
.....
750,000
714,883
Community
Facilities
District
No.
2016-2,
Special
Tax,
2022,
4.75%,
9/01/52
......
1,000,000
952,398
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
1,
Special
Tax,
2022,
5%,
9/01/42
....................................................
750,000
767,987
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
1,
Special
Tax,
2022,
5.125%,
9/01/47
.................................................
1,200,000
1,222,992
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)
Romoland
School
District,
(continued)
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
1,
Special
Tax,
2022,
5.25%,
9/01/53
..................................................
$
2,500,000
$
2,545,703
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
2,
Special
Tax,
2023,
5%,
9/01/46
....................................................
370,000
375,548
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
2,
Special
Tax,
2023,
5%,
9/01/54
....................................................
1,600,000
1,607,444
Community
Facilities
District
No.
91-1,
Special
Tax,
2022,
3.75%,
9/01/42
........
1,695,000
1,424,498
Community
Facilities
District
No.
91-1,
Special
Tax,
2022,
4%,
9/01/46
..........
5,085,000
4,433,224
Roseville
Natural
Gas
Financing
Authority
,
Revenue
,
2007
,
5
%
,
2/15/26
..........
5,000,000
5,089,163
Sacramento
Area
Flood
Control
Agency
,
Consolidated
Capital
Assessment
District
No.
2,
Special
Assessment,
2016
A,
Refunding,
5%,
10/01/41
...........................................
13,740,000
14,206,737
Consolidated
Capital
Assessment
District
No.
2,
Special
Assessment,
2016
A,
Refunding,
5%,
10/01/43
...........................................
20,000,000
20,615,546
Sacramento
City
Unified
School
District
,
GO
,
2017
E
,
4
%
,
5/01/47
...............
20,000,000
19,551,784
Sacramento
County
Sanitation
Districts
Financing
Authority
,
Sacramento
Regional
County
Sanitation
District,
Revenue,
2014
A,
Refunding,
5%,
12/01/44
.......................................................
25,000,000
25,083,805
Sacramento
Regional
County
Sanitation
District,
Revenue,
2020
A,
Refunding,
5%,
12/01/27
.......................................................
2,960,000
3,250,754
Sacramento
County
Water
Financing
Authority
,
Sacramento
County
Water
Agency,
Revenue,
2019,
Refunding,
5%,
6/01/27
.....
2,000,000
2,163,390
Sacramento
County
Water
Agency,
Revenue,
2022
A,
4%,
11/01/25
............
32,260,000
32,912,074
Sacramento
Municipal
Utility
District
,
Revenue,
2019
G,
5%,
8/15/41
.......................................
2,500,000
2,709,663
Revenue,
2021
I,
Refunding,
5%,
8/15/25
................................
3,500,000
3,627,283
Revenue,
2022
J,
Refunding,
5%,
8/15/26
...............................
2,615,000
2,781,900
San
Bernardino
Community
College
District
,
GO,
2009
B,
Zero
Cpn.,
8/01/44
.......................................
7,750,000
2,995,210
GO,
2009
B,
Zero
Cpn.,
8/01/48
.......................................
66,390,000
21,297,919
San
Diego
Community
College
District
,
GO
,
2009
B
,
Pre-Refunded
,
6
%
,
8/01/33
....
26,880,000
30,210,483
San
Diego
County
Regional
Airport
Authority
,
Revenue,
2017
A,
Refunding,
5%,
7/01/47
...............................
5,000,000
5,179,644
Revenue,
2019
A,
Refunding,
5%,
7/01/44
...............................
4,000,000
4,252,262
Revenue,
2019
A,
Refunding,
5%,
7/01/49
...............................
5,000,000
5,256,792
Revenue,
2019
B,
Refunding,
4%,
7/01/44
...............................
5,000,000
4,759,729
Revenue,
2021
A,
5%,
7/01/56
........................................
7,500,000
7,976,536
Revenue,
2021
B,
5%,
7/01/33
........................................
4,000,000
4,369,408
Revenue,
2021
B,
4%,
7/01/36
........................................
3,610,000
3,604,912
Special
Facilities,
Revenue,
2014
A,
5%,
7/01/44
..........................
5,645,000
5,667,787
San
Diego
County
Regional
Transportation
Commission
,
Revenue
,
2016
A
,
5
%
,
4/01/48
.........................................................
25,000,000
25,659,467
San
Diego
County
Water
Authority
,
Revenue,
Sub.
Lien
,
2021
S-1
,
Refunding
,
5
%
,
5/01/28
......................................................
2,335,000
2,584,778
San
Diego
Unified
School
District
,
GO,
2010
C,
Zero
Cpn.,
7/01/48
.......................................
29,840,000
26,900,882
GO,
2012
E,
Zero
Cpn.,
7/01/47
.......................................
74,270,000
54,581,922
GO,
2019
L,
4%,
7/01/49
............................................
30,000
29,698
GO,
2023
ZR-4B,
Refunding,
5%,
7/01/40
...............................
62,225,000
71,371,447
GO,
2023
ZR-4B,
Refunding,
5%,
7/01/45
...............................
31,605,000
35,259,900
GO,
R-2,
Refunding,
Zero
Cpn.,
7/01/40
.................................
79,760,000
76,205,208
San
Francisco
Bay
Area
Rapid
Transit
District
,
GO,
2017
A-1,
5%,
8/01/47
..........................................
11,480,000
11,924,671
GO,
2020
C-1,
4%,
8/01/33
..........................................
1,560,000
1,642,448
GO,
2022
D-1,
3%,
8/01/41
..........................................
23,605,000
20,152,544
GO,
2022
D-1,
3%,
8/01/42
..........................................
20,000,000
16,812,162
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)
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
,
Revenue,
2016
B,
5%,
5/01/41
........................................
$
65,645,000
$
66,158,502
Revenue,
2016
B,
5%,
5/01/46
........................................
28,825,000
28,917,972
Revenue,
2016
C,
5%,
5/01/46
........................................
67,880,000
69,445,645
Revenue,
2019
A,
Refunding,
5%,
5/01/44
...............................
30,720,000
31,514,373
Revenue,
2019
A,
Refunding,
5%,
5/01/49
...............................
8,000,000
8,146,152
Revenue,
Second
Series,
2014
B,
5%,
5/01/44
............................
31,000,000
31,096,435
Revenue,
Second
Series,
2017
A,
5%,
5/01/42
............................
48,155,000
49,086,096
Revenue,
Second
Series,
2017
A,
5%,
5/01/47
............................
28,625,000
28,970,074
Revenue,
Second
Series,
2017
B,
5%,
5/01/47
............................
200,000
206,871
Revenue,
Second
Series,
2018
D,
5%,
5/01/43
...........................
106,295,000
108,756,835
Revenue,
Second
Series,
2018
D,
5%,
5/01/48
...........................
33,700,000
34,245,418
Revenue,
Second
Series,
2018
D,
5.25%,
5/01/48
.........................
40,145,000
41,287,876
Revenue,
Second
Series,
2018
E,
5%,
5/01/48
............................
52,245,000
54,465,867
Revenue,
Second
Series,
2019
B,
5%,
5/01/49
............................
10,700,000
11,250,680
Revenue,
Second
Series,
2019
E,
5%,
5/01/45
............................
33,570,000
34,376,952
Revenue,
Second
Series,
2019
E,
5%,
5/01/50
............................
5,000,000
5,087,896
Revenue,
Second
Series,
2021
A,
Refunding,
5%,
5/01/31
...................
1,405,000
1,542,097
Revenue,
Second
Series,
2021
A,
Refunding,
5%,
5/01/34
...................
5,000,000
5,457,496
San
Francisco
City
&
County
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation,
Third
Lien
,
2017
B
,
AGMC
Insured
,
5
%
,
8/01/46
..................
10,000,000
10,434,367
San
Francisco
Unified
School
District
,
GO
,
2022
C
,
5
%
,
6/15/35
................
6,640,000
7,541,749
San
Gabriel
Unified
School
District
,
GO,
2002
A,
AGMC
Insured,
Zero
Cpn.,
8/01/26
...........................
3,530,000
3,215,173
GO,
2002
A,
AGMC
Insured,
Zero
Cpn.,
2/01/27
...........................
1,850,000
1,656,307
San
Jacinto
Unified
School
District
,
Community
Facilities
District
No.
2003-1,
Special
Tax,
2022,
4%,
9/01/50
........
875,000
726,617
Community
Facilities
District
No.
2022-1
Improvement
Area
No.
1,
Special
Tax,
2023,
5.25%,
9/01/54
..................................................
1,000,000
1,028,474
San
Joaquin
Hills
Transportation
Corridor
Agency
,
Revenue,
1997
A,
Refunding,
5.9%,
1/15/38
..............................
106,465,000
132,379,497
Revenue,
1997
A,
Refunding,
5.95%,
1/15/40
.............................
142,645,000
179,445,327
Revenue,
1997
A,
Refunding,
6%,
1/15/43
...............................
161,250,000
204,673,577
Revenue,
1997
A,
Refunding,
6%,
1/15/45
...............................
143,336,000
182,659,314
Revenue,
1997
A,
Refunding,
6%,
1/15/46
...............................
143,336,000
182,813,687
Revenue,
1997
A,
Refunding,
NATL
Insured,
Zero
Cpn.,
1/15/26
...............
13,155,000
12,218,444
Revenue,
Senior
Lien,
1993,
ETM,
Zero
Cpn.,
1/01/25
......................
5,700,000
5,509,295
Revenue,
Senior
Lien,
1993,
ETM,
Zero
Cpn.,
1/01/28
......................
33,545,000
29,839,448
Revenue,
Senior
Lien,
1993,
ETM,
Zero
Cpn.,
1/01/29
......................
37,050,000
32,005,798
Revenue,
Senior
Lien,
2021
A,
Refunding,
AGMC
Insured,
4%,
1/15/44
.........
130,746,000
131,681,462
Revenue,
Senior
Lien,
2021
A,
Refunding,
AGMC
Insured,
4%,
1/15/50
.........
191,775,000
191,927,059
San
Jose
Unified
School
District
,
COP,
2002,
AGMC
Insured,
ETM,
Zero
Cpn.,
1/01/27
.......................
7,105,000
6,491,189
COP,
2002,
AGMC
Insured,
ETM,
Zero
Cpn.,
1/01/29
.......................
7,105,000
6,122,354
San
Juan
Unified
School
District
,
GO,
2003
B,
NATL
Insured,
Zero
Cpn.,
8/01/26
...........................
11,360,000
10,195,804
GO,
2003
B,
NATL
Insured,
Zero
Cpn.,
8/01/27
...........................
18,605,000
16,435,919
GO,
2003
B,
NATL
Insured,
Zero
Cpn.,
8/01/28
...........................
19,470,000
16,611,321
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)
San
Luis
Obispo
County
Financing
Authority
,
Revenue
,
2015
A
,
Refunding
,
BAM
Insured
,
5
%
,
9/01/37
...............................................
$
10,000,000
$
10,304,215
San
Marino
Unified
School
District
,
GO
,
2000
A
,
NATL
Insured
,
Zero
Cpn.,
7/01/25
..
6,080,000
5,780,483
San
Mateo
Foster
City
Public
Financing
Authority
,
Estero
Municipal
Improvement
District
,
Revenue
,
2021
A
,
5
%
,
8/01/25
..................................
10,545,000
10,920,635
San
Rafael
City
High
School
District
,
GO
,
2018
B
,
4
%
,
8/01/47
.................
17,060,000
17,102,572
Sanger
Unified
School
District
,
GO
,
A
,
BAM
Insured
,
4
%
,
8/01/41
...............
10,000,000
10,050,618
Santa
Ana
Unified
School
District
,
COP
,
1999
,
AGMC
Insured
,
Zero
Cpn.,
4/01/24
...
2,685,000
2,654,804
Santa
Cruz
County
Redevelopment
Successor
Agency
,
Tax
Allocation
,
2015
A
,
Refunding
,
AGMC
Insured
,
5
%
,
9/01/35
.................................
20,000,000
20,611,558
School
Facilities
Financing
Authority
,
Twin
Rivers
Unified
School
District
,
Revenue
,
A
,
AGMC
Insured
,
Zero
Cpn.,
8/01/42
....................................
49,000,000
20,892,390
Semitropic
Improvement
District
of
the
Semitropic
Water
Storage
District
,
Revenue,
Second
Lien
,
2015
A
,
Refunding
,
AGMC
Insured
,
5
%
,
12/01/45
...............
10,000,000
10,233,142
Southern
California
Public
Power
Authority
,
Revenue,
2007
A,
5.25%,
11/01/27
.....................................
9,855,000
10,332,536
Revenue,
2007
A,
5%,
11/01/33
.......................................
17,500,000
18,548,961
Los
Angeles
Department
of
Water
&
Power
Power
System,
Revenue,
2023-1
A,
5.25%,
7/01/53
..................................................
28,975,000
32,423,042
Southern
Mono
Health
Care
District
,
GO,
A,
NATL
Insured,
Zero
Cpn.,
8/01/28
................................
2,340,000
1,973,717
GO,
A,
NATL
Insured,
Zero
Cpn.,
8/01/29
................................
2,440,000
1,974,206
GO,
A,
NATL
Insured,
Zero
Cpn.,
8/01/30
................................
2,550,000
1,982,022
GO,
A,
NATL
Insured,
Zero
Cpn.,
8/01/31
................................
2,660,000
1,988,291
State
of
California
,
GO,
Refunding,
5%,
12/01/23
.........................................
5,000,000
5,000,000
GO,
6%,
5/01/24
..................................................
640,000
648,043
GO,
NATL
Insured,
6%,
8/01/24
.......................................
255,000
256,182
GO,
5.625%,
9/01/24
...............................................
90,000
90,538
GO,
Refunding,
4%,
10/01/24
.........................................
5,685,000
5,727,085
GO,
Refunding,
4%,
11/01/24
.........................................
11,655,000
11,751,693
GO,
5%,
11/01/24
.................................................
5,000,000
5,085,908
GO,
4%,
12/01/24
.................................................
3,500,000
3,532,126
GO,
5%,
3/01/25
..................................................
10,000,000
10,239,534
GO,
AMBAC
Insured,
5.9%,
3/01/25
....................................
75,000
75,509
GO,
Refunding,
5%,
4/01/25
.........................................
25,625,000
26,283,514
GO,
Refunding,
5%,
11/01/25
.........................................
39,975,000
41,508,029
GO,
Refunding,
5%,
12/01/25
.........................................
2,375,000
2,470,582
GO,
5%,
4/01/27
..................................................
4,000,000
4,298,195
GO,
Refunding,
5%,
4/01/28
.........................................
2,930,000
3,219,584
GO,
Refunding,
5%,
8/01/28
.........................................
12,020,000
12,956,672
GO,
Refunding,
5%,
9/01/30
.........................................
5,000,000
5,729,677
GO,
Refunding,
5%,
11/01/30
.........................................
5,320,000
6,113,119
GO,
Refunding,
5%,
10/01/32
.........................................
4,125,000
4,611,063
GO,
5%,
4/01/33
..................................................
5,000,000
5,527,048
GO,
Refunding,
5%,
3/01/35
.........................................
56,185,000
63,386,557
GO,
Refunding,
5%,
9/01/35
.........................................
9,000,000
9,476,417
GO,
Refunding,
4%,
3/01/37
.........................................
10,000,000
10,360,495
GO,
Refunding,
5%,
8/01/37
.........................................
2,900,000
3,127,336
GO,
5%,
10/01/39
.................................................
13,340,000
13,452,942
GO,
5%,
10/01/39
.................................................
15,000,000
15,515,751
GO,
5%,
10/01/44
.................................................
1,660,000
1,673,247
GO,
5%,
3/01/45
..................................................
17,500,000
17,733,578
GO,
5%,
8/01/45
..................................................
10,085,000
10,263,633
GO,
5%,
9/01/45
..................................................
5,000,000
5,161,971
GO,
5%,
8/01/46
..................................................
57,200,000
58,939,818
GO,
5%,
9/01/46
..................................................
8,930,000
9,209,647
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)
State
of
California,
(continued)
GO,
5%,
10/01/47
.................................................
$
11,000,000
$
11,287,460
GO,
5%,
10/01/48
.................................................
5,000,000
5,268,919
GO,
1996,
FGIC
Insured,
5.375%,
6/01/26
...............................
800,000
808,292
GO,
1997,
NATL,
FGIC
Insured,
5.625%,
10/01/26
.........................
5,005,000
5,044,252
GO,
2004,
5.125%,
4/01/24
..........................................
5,000
5,008
GO,
2004,
5.2%,
4/01/26
............................................
20,000
20,029
GO,
2017,
5%,
11/01/27
.............................................
2,380,000
2,590,899
GO,
2017,
5%,
11/01/47
.............................................
23,370,000
24,619,858
GO,
2022,
Refunding,
5%,
4/01/35
.....................................
38,600,000
44,998,132
GO,
2022,
Refunding,
5%,
4/01/35
.....................................
12,985,000
14,223,957
Department
of
Water
Resources,
Revenue,
BD,
5%,
12/01/26
................
3,250,000
3,486,104
Department
of
Water
Resources,
Revenue,
BD,
5%,
12/01/27
................
8,240,000
9,052,691
Department
of
Water
Resources,
Revenue,
BD,
5%,
12/01/28
................
1,650,000
1,852,230
Sulphur
Springs
Union
School
District
,
COP,
2010,
AGMC
Insured,
6.5%,
12/01/37
..............................
1,695,000
1,799,260
COP,
2010,
AGMC
Insured,
ETM,
6.5%,
12/01/37
..........................
790,000
798,123
COP,
2010,
Pre-Refunded,
AGMC
Insured,
6.5%,
12/01/37
..................
4,480,000
4,777,762
COP,
2010,
Pre-Refunded,
AGMC
Insured,
6.5%,
12/01/37
..................
5,215,000
5,577,285
Temescal
Valley
Water
District
,
Community
Facilities
District
No.
4
Terramor
Improvement
Area
No.
2,
Special
Tax,
2021,
4%,
9/01/36
................................................
930,000
888,747
Community
Facilities
District
No.
4
Terramor
Improvement
Area
No.
2,
Special
Tax,
2021,
4%,
9/01/41
................................................
785,000
709,556
Community
Facilities
District
No.
4
Terramor
Improvement
Area
No.
2,
Special
Tax,
2021,
4%,
9/01/46
................................................
1,040,000
885,112
Community
Facilities
District
No.
4
Terramor
Improvement
Area
No.
2,
Special
Tax,
2021,
4%,
9/01/51
................................................
930,000
767,034
Three
Rivers
Levee
Improvement
Authority
,
Special
Tax,
2021
A,
Refunding,
3%,
9/01/24
.............................
245,000
241,323
Special
Tax,
2021
A,
Refunding,
4%,
9/01/25
.............................
280,000
279,602
Special
Tax,
2021
A,
Refunding,
4%,
9/01/36
.............................
1,080,000
1,022,022
Special
Tax,
2021
A,
Refunding,
4%,
9/01/41
.............................
2,840,000
2,462,633
Special
Tax,
2021
A,
Refunding,
4%,
9/01/46
.............................
2,700,000
2,194,623
Special
Tax,
2021
A,
Refunding,
4%,
9/01/51
.............................
5,065,000
4,001,198
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
1,631,049
Sacramento
County
Tobacco
Securitization
Corp.,
Revenue,
Senior
Lien,
2021
A,
1,
Refunding,
4%,
6/01/49
............................................
8,000,000
7,151,171
Tobacco
Securitization
Authority
of
Southern
California
,
San
Diego
County
Tobacco
Asset
Securitization
Corp.
,
Revenue
,
2019
B-1
,
2
,
Refunding
,
5
%
,
6/01/48
.......
13,955,000
14,171,357
Town
of
Tiburon
,
Assessment
District
No.
2017-1,
1915
Act,
Special
Assessment,
2021
A,
2.375%,
9/02/41
........................................................
550,000
364,508
Assessment
District
No.
2017-1,
1915
Act,
Special
Assessment,
2021
A,
2.5%,
9/02/51
........................................................
1,250,000
740,994
Tracy
Community
Facilities
District
,
City
of
Tracy
Community
Facilities
District
No.
2016-01
Improvement
Area
No.
2,
Special
Tax,
2023,
5.75%,
9/01/48
...................................
1,750,000
1,826,858
City
of
Tracy
Community
Facilities
District
No.
2016-01
Improvement
Area
No.
2,
Special
Tax,
2023,
5.875%,
9/01/53
...................................
2,900,000
3,040,353
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2,
Special
Tax,
2021,
3%,
9/01/24
......................................
100,000
99,079
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2,
Special
Tax,
2021,
4%,
9/01/25
......................................
115,000
114,741
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
25
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Tracy
Community
Facilities
District,
(continued)
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2,
Special
Tax,
2021,
4%,
9/01/28
......................................
$
120,000
$
120,126
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2,
Special
Tax,
2021,
4%,
9/01/30
......................................
110,000
109,651
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2,
Special
Tax,
2021,
4%,
9/01/36
......................................
430,000
418,265
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2,
Special
Tax,
2021,
4%,
9/01/41
......................................
665,000
604,795
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2,
Special
Tax,
2021,
4%,
9/01/46
......................................
885,000
769,378
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2,
Special
Tax,
2021,
4%,
9/01/51
......................................
2,210,000
1,859,346
Transbay
Joint
Powers
Authority
,
Transbay
Redevelopment
Project
Tax
Increment
Re-Development
Project,
Tax
Allocation,
Senior
Lien,
2020
A,
5%,
10/01/45
...........................
11,030,000
11,182,299
Transbay
Redevelopment
Project
Tax
Increment
Re-Development
Project,
Tax
Allocation,
Senior
Lien,
2020
A,
5%,
10/01/49
...........................
8,790,000
8,849,276
Truckee-Donner
Public
Utility
District
,
Water
System
,
Revenue
,
2022
A
,
5
%
,
11/15/47
3,230,000
3,506,061
Turlock
Irrigation
District
,
Revenue
,
2019
,
Refunding
,
5
%
,
1/01/44
...............
9,060,000
9,777,414
Union
Elementary
School
District
,
GO,
1999
A,
NATL
Insured,
Zero
Cpn.,
9/01/24
...........................
2,000,000
1,953,459
GO,
2001
B,
NATL
Insured,
Zero
Cpn.,
9/01/25
...........................
5,500,000
5,208,354
GO,
2001
B,
NATL
Insured,
Zero
Cpn.,
9/01/26
...........................
5,850,000
5,378,313
University
of
California
,
Revenue,
2015
I,
Refunding,
5%,
5/15/40
................................
22,990,000
23,366,374
Revenue,
2015
I,
Refunding,
5%,
5/15/50
................................
25,420,000
25,709,902
Revenue,
2016
K,
4%,
5/15/46
........................................
19,850,000
19,739,676
Revenue,
2017
AV,
5.25%,
5/15/47
.....................................
6,775,000
7,113,509
Revenue,
2017
M,
5%,
5/15/42
.......................................
15,410,000
16,143,071
Revenue,
2017
M,
5%,
5/15/47
.......................................
27,200,000
28,296,146
Revenue,
2018
AZ,
Refunding,
5%,
5/15/43
..............................
28,000,000
29,709,333
Revenue,
2018
AZ,
Refunding,
5%,
5/15/48
..............................
47,230,000
49,746,872
Revenue,
2018
AZ,
Refunding,
5.25%,
5/15/58
............................
9,110,000
9,669,264
Revenue,
2018
O,
Refunding,
5%,
5/15/39
...............................
14,400,000
15,400,784
Revenue,
2018
O,
Refunding,
5%,
5/15/48
...............................
11,445,000
11,968,863
Revenue,
2018
O,
Refunding,
5%,
5/15/58
...............................
5,805,000
6,046,853
Revenue,
2021
Q,
Refunding,
4%,
5/15/37
...............................
1,500,000
1,563,303
Revenue,
2022
BK,
5%,
5/15/52
.......................................
48,195,000
52,427,610
Revenue,
2023
BN,
Refunding,
5%,
5/15/43
..............................
9,000,000
10,104,749
Upland
Community
Facilities
District
,
City
of
Upland
Community
Facilities
District
No.
2016-1
Improvement
Area
No.
2,
Special
Tax,
2021
A,
4%,
9/01/40
....................................
260,000
234,712
City
of
Upland
Community
Facilities
District
No.
2016-1
Improvement
Area
No.
2,
Special
Tax,
2021
A,
4%,
9/01/45
....................................
165,000
139,804
City
of
Upland
Community
Facilities
District
No.
2016-1
Improvement
Area
No.
2,
Special
Tax,
2021
A,
4%,
9/01/51
....................................
260,000
211,237
Upland
Unified
School
District
,
GO
,
2011
C
,
Zero
Cpn.,
8/01/45
.................
62,900,000
23,291,191
Val
Verde
Unified
School
District
,
GO,
2010
B,
AGMC
Insured,
6.125%,
8/01/34
............................
1,000,000
1,216,786
GO,
2020
A,
BAM
Insured,
4%,
8/01/46
.................................
1,450,000
1,436,226
Community
Facilities
District
No.
2018-1,
Special
Tax,
2022,
4%,
9/01/52
........
7,000,000
5,802,825
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
1,
Special
Tax,
2023,
5%,
9/01/43
....................................................
1,230,000
1,249,496
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
1,
Special
Tax,
2023,
5%,
9/01/48
....................................................
1,755,000
1,761,128
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
26
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Val
Verde
Unified
School
District,
(continued)
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
1,
Special
Tax,
2023,
5%,
9/01/53
....................................................
$
2,445,000
$
2,441,703
Vallejo
Public
Financing
Authority
,
City
of
Vallejo
Hiddenbrooke
Improvement
District
No.
1
,
Revenue
,
2004
A
,
5.8
%
,
9/01/31
.................................
3,075,000
3,090,374
Vista
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation
,
2015
B-1
,
Refunding
,
AGMC
Insured
,
5
%
,
9/01/37
..........................................
3,020,000
3,111,873
Vista
Unified
School
District
,
GO,
2002
A,
AGMC
Insured,
Zero
Cpn.,
8/01/26
...........................
7,150,000
6,515,723
GO,
2002
A,
AGMC
Insured,
Zero
Cpn.,
2/01/27
...........................
4,795,000
4,291,636
Washington
Township
Health
Care
District
,
GO,
2015
B,
5%,
8/01/45
............................................
15,000,000
15,107,872
Revenue,
2023
A,
5.75%,
7/01/48
.....................................
1,300,000
1,376,537
Revenue,
2023
A,
5.75%,
7/01/53
.....................................
1,000,000
1,048,848
West
Basin
Municipal
Water
District
,
Revenue,
2021
A,
Refunding,
5%,
8/01/25
...............................
1,365,000
1,410,254
Revenue,
2021
A,
Refunding,
5%,
8/01/26
...............................
1,000,000
1,058,521
West
Sacramento
Area
Flood
Control
Agency
,
Special
Assessment,
2015,
AGMC
Insured,
5%,
9/01/40
.....................
3,000,000
3,074,579
Special
Assessment,
2015,
AGMC
Insured,
5%,
9/01/45
.....................
7,500,000
7,653,136
West
Sacramento
Financing
Authority
,
Special
Tax
,
A
,
AGMC
Insured
,
5
%
,
9/01/34
..
4,940,000
5,580,775
Westside
Union
School
District
,
Community
Facilities
District
No.
2016-1
Improvement
Area
B,
Special
Tax,
2023,
5%,
9/01/43
....................................................
1,175,000
1,153,932
Community
Facilities
District
No.
2016-1
Improvement
Area
B,
Special
Tax,
2023,
5.25%,
9/01/52
..................................................
1,890,000
1,847,140
12,445,242,104
Oregon
0.0%
†
f
State
of
Oregon
Housing
&
Community
Services
Department
,
Union
at
Pacific
Highway
LP
,
Revenue
,
144A,
2022
II-2
,
6.75
%
,
12/01/25
...........................
2,525,000
2,528,944
Wisconsin
0.8%
f
Public
Finance
Authority
,
Revenue,
144A,
2022,
B-1,
4%,
12/28/44
................................
30,400,000
23,477,342
Gulf
Coast
Portfolio
Obligated
Group,
Revenue,
144A,
2021,
5.25%,
12/01/23
....
83,000,000
83,000,000
106,477,342
U.S.
Territories
2.6%
Guam
0.2%
Antonio
B
Won
Pat
International
Airport
Authority
,
Revenue,
2021
A,
Refunding,
2.499%,
10/01/25
...........................
2,660,000
2,492,627
Revenue,
2021
A,
Refunding,
2.899%,
10/01/27
...........................
2,150,000
1,916,796
Revenue,
2021
A,
Refunding,
3.099%,
10/01/28
...........................
3,140,000
2,731,337
Revenue,
2021
A,
Refunding,
3.189%,
10/01/29
...........................
3,560,000
3,012,154
Revenue,
2021
A,
Refunding,
3.339%,
10/01/30
...........................
2,400,000
1,985,886
Revenue,
2021
A,
Refunding,
3.489%,
10/01/31
...........................
2,155,000
1,748,647
Revenue,
2021
A,
Refunding,
3.839%,
10/01/36
...........................
9,650,000
7,473,869
Revenue,
2021
A,
Refunding,
4.46%,
10/01/43
............................
2,400,000
1,736,141
23,097,457
Puerto
Rico
2.4%
Children's
Trust
Fund
,
Revenue,
2002,
5.5%,
5/15/39
........................................
5,355,000
5,368,533
Revenue,
2002,
5.625%,
5/15/43
......................................
16,000,000
16,181,662
Puerto
Rico
Electric
Power
Authority
,
a,e
Revenue,
6%,
7/01/41
..............................................
9,260,673
9,260,673
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
27
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
(continued)
Puerto
Rico
Electric
Power
Authority,
(continued)
a,e
Revenue,
7.125%,
7/01/59
...........................................
$
44,974,968
$
44,974,968
g
Revenue,
2012
A,
5%,
7/01/29
........................................
20,000,000
5,050,000
g
Revenue,
2013
A,
7%,
7/01/33
........................................
50,000,000
12,625,000
g
Revenue,
WW,
5%,
7/01/28
..........................................
12,030,000
3,037,575
g
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority
,
AES
Puerto
Rico
LP
,
Revenue
,
2000
A
,
6.625
%
,
6/01/26
.....
5,200,000
3,640,000
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax,
Revenue,
A-1,
4.75%,
7/01/53
................................
29,500,000
27,917,989
Sales
Tax,
Revenue,
A-1,
5%,
7/01/58
..................................
184,264,000
179,119,312
307,175,712
Total
U.S.
Territories
....................................................................
330,273,169
Total
Municipal
Bonds
(Cost
$12,542,415,075)
..................................
12,884,521,559
Shares
Escrows
and
Litigation
Trusts
0.0%
†
a,h
Puerto
Rico
Electric
Power
Authority,
Escrow
Account
........................
4,167,132
3,333,706
Total
Escrows
and
Litigation
Trusts
(Cost
$–)
...................................
3,333,706
Total
Long
Term
Investments
(Cost
$12,550,042,723)
............................
12,895,502,513
a
a
a
a
a
Short
Term
Investments
0.9%
Principal
Amount
Municipal
Bonds
0.9%
California
0.9%
i
California
Health
Facilities
Financing
Authority
,
Adventist
Health
System/West
Obligated
Group
,
Revenue
,
2009
B
,
LOC
US
Bank
NA
,
Daily
VRDN
and
Put
,
2
%
,
9/01/38
.........................................................
13,000,000
13,000,000
i
California
Statewide
Communities
Development
Authority
,
Rady
Children's
Hospital
Obligated
Group,
Revenue,
2008
A,
Refunding,
LOC
US
Bank
NA,
Daily
VRDN
and
Put,
2%,
8/15/47
............................
10,200,000
10,200,000
Rady
Children's
Hospital
Obligated
Group,
Revenue,
2008
B,
LOC
Wells
Fargo
Bank
NA,
Daily
VRDN
and
Put,
2%,
8/15/47
................................
22,140,000
22,140,000
i
Eastern
Municipal
Water
District
,
Revenue
,
2018
A
,
Refunding
,
SPA
Bank
of
America
NA
,
Daily
VRDN
and
Put
,
2.5
%
,
7/01/46
.................................
1,000,000
1,000,000
i
Irvine
Ranch
Water
District
,
Water
Service
Corp.,
Special
Assessment,
2009
A,
LOC
US
Bank
NA,
Daily
VRDN
and
Put,
2%,
10/01/41
............................................
9,155,000
9,155,000
Water
Service
Corp.,
Special
Assessment,
2009
B,
LOC
Bank
of
America
NA,
Daily
VRDN
and
Put,
1.9%,
10/01/41
......................................
600,000
600,000
i
Los
Angeles
Department
of
Water
&
Power
,
Power
System
,
Revenue
,
2002
A-6
,
Refunding
,
SPA
Bank
of
America
NA
,
Daily
VRDN
and
Put
,
2.55
%
,
7/01/35
......
4,850,000
4,850,000
i
State
of
California
,
GO
,
2005
B-5
,
LOC
US
Bank
NA
,
Daily
VRDN
and
Put
,
2.15
%
,
5/01/40
.........................................................
44,500,000
44,500,000
i
University
of
California
,
Revenue,
2013
AL-1,
Daily
VRDN
and
Put,
2.3%,
5/15/48
...................
1,200,000
1,200,000
Revenue,
2013
AL-3,
Refunding,
Daily
VRDN
and
Put,
2.4%,
5/15/48
...........
11,100,000
11,100,000
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
28
See
Abbreviations
on
page
31
.
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Municipal
Bonds
(continued)
California
(continued)
i
a
Total
Investments
(Cost
$12,672,937,723)
99.9%
................................
$13,018,397,513
Other
Assets,
less
Liabilities
0.1%
.............................................
7,565,565
Net
Assets
100.0%
...........................................................
$13,025,963,078
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
4
regarding
fair
value
measurements.
b
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
c
See
Note
3
regarding
restricted
securities.
d
The
maturity
date
shown
represents
the
mandatory
put
date.
e
Security
purchased
on
a
when-issued
basis.
f
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,
2023,
the
aggregate
value
of
these
securities
was
$1,119,217,817,
representing
8.6%
of
net
assets.
g
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
h
Non-income
producing.
i
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
29
Quarterly
Schedule
of
Investments
Notes
to
Schedule
of
Investments
(unaudited)
1.
Organization
Franklin
California
Tax-Free
Income
Fund (Fund)
is
registered under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company.
The
Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
2. Financial
Instrument
Valuation
The
Fund's investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the
Trust’s
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund's
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund's administrator
in
performing
this responsibility,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Debt
securities
generally
trade
in
the
over-the-counter
(OTC) market
rather
than
on
a
securities
exchange.
The Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
The
Fund
has procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Fund
primarily employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
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.
Restricted
Securities
At
November
30,
2023
,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
Securities
Act
of
1933,
were
as
follows:
Principal
Amount
Issuer
Acquisition
Date
Cost
Value
Franklin
California
Tax-Free
Income
Fund
6,132,417
a
Centennial
Gardens
LP,
CME
Term
Loan,
B,
7.321%,
(1-month
SOFR
+
1.55%),
1/01/38
.............
10/12/23
$
6,132,417
$
6,132,417
Total
Restricted
Securities
(Value
is
0.0%
†
of
Net
Assets)
.............
$6,132,417
$6,132,417
†
Rounds
to
less
than
0.1%
of
net
assets.
a
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$1,514,831
as
of
November
30,
2023.
Franklin
California
Tax-Free
Income
Fund
Notes
to
Schedule
of
Investments
(unaudited)
30
Quarterly
Schedule
of
Investments
4. Fair
Value
Measurements
The Fund
follows a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's
financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
November
30,
2023,
in
valuing
the Fund's
assets
carried
at
fair
value,
is
as
follows:
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the
period.
Level
1
Level
2
Level
3
Total
Franklin
California
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Senior
Floating
Rate
Interests
...............
$
—
$
—
$
7,647,248
$
7,647,248
Municipal
Bonds
:
California
.............................
—
12,445,242,104
—
12,445,242,104
Oregon
..............................
—
2,528,944
—
2,528,944
Wisconsin
............................
—
106,477,342
—
106,477,342
U.S.
Territories
..........................
Guam
...............................
—
23,097,457
—
23,097,457
Puerto
Rico
...........................
—
252,940,071
54,235,641
307,175,712
Escrows
and
Litigation
Trusts
...............
—
—
3,333,706
3,333,706
Short
Term
Investments
...................
—
122,895,000
—
122,895,000
Total
Investments
in
Securities
...........
$—
$12,953,180,918
$65,216,595
$13,018,397,513
Franklin
California
Tax-Free
Income
Fund
Notes
to
Schedule
of
Investments
(unaudited)
31
Quarterly
Schedule
of
Investments
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.
CME
Chicago
Mercantile
Exchange
COP
Certificate
of
Participation
ETM
Escrowed
to
Maturity
FGIC
Financial
Guaranty
Insurance
Co.
FHLMC
Federal
Home
Loan
Mortgage
Corp.
GO
General
Obligation
LIBOR
London
Interbank
Offered
Rate
LOC
Letter
of
Credit
NATL
National
Reinsurance
Corp.
REIT
Real
Estate
Investment
Trust
SOFR
Secured
Overnight
Financing
Rate
SPA
Standby
Purchase
Agreement
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.