Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
1112-Q1PH
1
Schedule
of
Investments
(unaudited)
Franklin
California
Tax–Free
Income
Fund
2
Notes
to
Schedule
of
Investments
31
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited),
May
31,
2024
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
2
a
a
Shares
a
Value
a
Common
Stocks
0.0%
Independent
Power
and
Renewable
Electricity
Producers
0.0%
a,b
AES
Guayama
Holdings
BV
...........................................
79,045
$
—
b
Total
Common
Stocks
(Cost
$
–
)
...............................................
—
Principal
Amount
a
a
a
a
Senior
Floating
Rate
Interests
0.1%
Real
Estate
Management
&
Development
0.0%
†
a
,c
TBG
Hillcrest
Senior
II
LP
,
First
Lien,
Delayed
Draw
CME
Term
Loan,
B
,
6.89
%
,
(
12-month
SOFR
+
1.55
%
),
1/01/38
....................................
$
1,946,875
1,947,377
Residential
REITs
0.1%
a
,c
Centennial
Gardens
LP
,
d,e
First
Lien,
CME
Term
Loan,
B
,
7.331
%
,
(
12-month
SOFR
+
1.55
%
),
1/01/38
......
9,515,674
9,538,938
First
Lien,
Delayed
Draw
CME
Term
Loan
,
6.886
%
,
(
1-month
SOFR
+
2
%
),
1/08/25
1,495,232
1,499,515
11,038,453
a
a
a
a
a
Total
Senior
Floating
Rate
Interests
(Cost
$
12,957,781
)
..........................
12,985,830
Municipal
Bonds
98.0%
California
94.9%
ABAG
Finance
Authority
for
Nonprofit
Corp.
,
Eskaton
Properties,
Inc.
Obligated
Group
,
Revenue
,
2013
,
Refunding
,
5
%
,
11/15/35
................................
10,000,000
9,999,694
Alameda
Corridor
Transportation
Authority
,
Revenue
,
2022
C
,
Refunding
,
AGMC
Insured
,
5
%
,
10/01/52
..................
28,000,000
29,845,441
Revenue,
Sub.
Lien
,
2004
A
,
Refunding
,
AMBAC
Insured
,
Zero
Cpn.,
10/01/29
....
20,000,000
16,153,938
Revenue,
Sub.
Lien
,
2004
A
,
Refunding
,
AMBAC
Insured
,
Zero
Cpn.,
10/01/30
....
41,665,000
32,314,416
Alameda
Unified
School
District
,
GO
,
2015
A
,
5
%
,
8/01/39
.....................
18,000,000
18,288,464
Alhambra
City
Elementary
School
District
,
Alhambra
Unified
School
District
,
GO
,
2004
B
,
NATL
Insured
,
Zero
Cpn.,
9/01/27
...................................
3,035,000
2,681,143
Align
Capital
Trust
,
Revenue
,
2023-1
,
5.5
%
,
3/01/35
.........................
13,000,000
12,721,410
Alisal
Union
School
District
,
GO
,
2009
B
,
AGMC
Insured
,
Zero
Cpn.,
8/01/32
...........................
3,355,000
2,496,446
GO
,
2009
B
,
AGMC
Insured
,
Zero
Cpn.,
8/01/33
...........................
3,610,000
2,579,200
GO
,
2009
B
,
AGMC
Insured
,
Zero
Cpn.,
2/01/34
...........................
3,345,000
2,342,416
Alta
Loma
School
District
,
GO
,
2019
B
,
5
%
,
8/01/44
.........................
7,375,000
7,676,050
Alvord
Unified
School
District
,
GO
,
2011
B
,
AGMC
Insured
,
Zero
Cpn.,
8/01/36
...........................
15,000,000
8,804,316
GO
,
2011
B
,
AGMC
Insured
,
Zero
Cpn.,
8/01/46
...........................
42,500,000
48,133,592
Anaheim
Housing
&
Public
Improvements
Authority
,
City
of
Anaheim
Electric
System
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
10/01/52
.....
8,040,000
8,304,985
City
of
Anaheim
Water
System
,
Revenue
,
2022
A
,
5
%
,
10/01/52
...............
8,345,000
8,646,398
Anaheim
Public
Financing
Authority
,
City
of
Anaheim
,
Revenue
,
1997
C
,
AGMC
Insured
,
Zero
Cpn.,
9/01/24
.........
26,855,000
26,620,371
City
of
Anaheim
,
Revenue
,
1997
C
,
AGMC
Insured
,
Zero
Cpn.,
9/01/26
.........
29,430,000
27,206,490
City
of
Anaheim
,
Revenue
,
1997
C
,
AGMC
Insured
,
Zero
Cpn.,
9/01/27
.........
22,860,000
20,395,114
City
of
Anaheim
,
Revenue
,
1997
C
,
AGMC
Insured
,
Zero
Cpn.,
9/01/28
.........
14,425,000
12,423,235
City
of
Anaheim
,
Revenue
,
1997
C
,
AGMC
Insured
,
Zero
Cpn.,
9/01/29
.........
24,810,000
20,630,376
City
of
Anaheim
,
Revenue
,
1997
C
,
AGMC
Insured
,
Zero
Cpn.,
9/01/32
.........
13,665,000
10,158,542
City
of
Anaheim
,
Revenue
,
1997
C
,
AGMC
Insured
,
Zero
Cpn.,
9/01/33
.........
37,070,000
26,468,944
City
of
Anaheim
,
Revenue
,
1997
C
,
AGMC
Insured
,
Zero
Cpn.,
9/01/34
.........
24,970,000
17,128,763
City
of
Anaheim
,
Revenue
,
1997
C
,
AGMC
Insured
,
ETM,
Zero
Cpn.,
3/01/37
.....
15,080,000
9,541,675
Anaheim
Union
High
School
District
,
GO
,
2002
A
,
AGMC
Insured
,
Zero
Cpn.,
8/01/26
8,570,000
7,951,009
Bay
Area
Toll
Authority
,
Revenue
,
2017
S-7
,
Refunding
,
4
%
,
4/01/42
.............................
119,305,000
117,803,988
Revenue
,
2017
S-7
,
Refunding
,
4
%
,
4/01/47
.............................
23,330,000
22,415,312
Revenue
,
2017
S-7
,
Refunding
,
4
%
,
4/01/49
.............................
13,625,000
12,982,062
f
Revenue
,
2021
A
,
Refunding
,
Mandatory
Put
,
2
%
,
4/01/28
...................
12,000,000
11,035,152
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Beaumont
Public
Improvement
Authority
,
City
of
Beaumont
Wastewater
,
Revenue
,
2018
A
,
AGMC
Insured
,
5
%
,
9/01/49
...................................
$
10,000,000
$
10,382,582
Beaumont
Unified
School
District
,
GO
,
2011
C
,
AGMC
Insured
,
Zero
Cpn.,
8/01/40
..
11,000,000
5,450,705
Burbank-Glendale-Pasadena
Airport
Authority
Brick
Campaign
,
Revenue,
Senior
Lien
,
2024
B
,
5.25
%
,
7/01/49
............................
8,500,000
9,057,312
Revenue,
Senior
Lien
,
2024
B
,
5.25
%
,
7/01/54
............................
6,750,000
7,167,195
Cabrillo
Unified
School
District
,
GO
,
2018
A
,
5
%
,
8/01/45
.....................
4,245,000
4,335,663
California
Affordable
Housing
Agency
,
Butte
County
Housing
Authority
,
Revenue
,
2020
A
,
4
%
,
10/01/40
..............
1,580,000
1,536,809
Butte
County
Housing
Authority
,
Revenue
,
2020
A
,
4
%
,
10/01/45
..............
1,930,000
1,760,225
Butte
County
Housing
Authority
,
Revenue
,
2020
A
,
4
%
,
10/01/50
..............
1,855,000
1,715,576
f
California
Community
Choice
Financing
Authority
,
Revenue
,
2022
A-1
,
Mandatory
Put
,
4
%
,
8/01/28
..........................
100,000,000
99,714,620
Revenue
,
2023
C
,
Mandatory
Put
,
5.25
%
,
10/01/31
........................
116,575,000
121,899,668
Revenue
,
2023
E-1
,
Mandatory
Put
,
5
%
,
3/01/31
..........................
38,855,000
40,967,204
Revenue
,
2023
G-1
,
Mandatory
Put
,
5.25
%
,
4/01/30
.......................
23,500,000
24,976,994
California
Community
College
Financing
Authority
,
Revenue
,
2001
A
,
NATL
Insured
,
5.125
%
,
4/01/31
.........................
880,000
883,297
NCCD-Orange
Coast
Properties
LLC
,
Revenue
,
2018
,
5.25
%
,
5/01/53
..........
8,150,000
8,258,715
g
California
Community
Housing
Agency
,
Aster
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
4
%
,
2/01/56
..........
5,235,000
4,729,853
Brio
Apartments
&
Next
on
Lex
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
4
%
,
2/01/56
....................................................
35,015,000
29,089,583
Exchange
at
Bayfront
Apartments
,
Revenue,
Senior
Lien
,
144A,
201
A-1
T
,
4.25
%
,
2/01/38
........................................................
7,095,000
6,000,163
Exchange
at
Bayfront
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
2/01/57
........................................................
59,855,000
37,078,796
Fountains
at
Emerald
Park
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
8/01/46
...
14,775,000
12,354,879
Fountains
at
Emerald
Park
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
8/01/56
..
46,440,000
33,112,170
K
Street
Flats
,
Revenue
,
144A,
2021
A-1
,
3
%
,
2/01/57
......................
47,500,000
31,997,962
Summit
at
Sausalito
Apartments
,
Revenue
,
144A,
2021
A-1
,
3
%
,
2/01/57
........
16,260,000
11,231,429
Twin
Creek
Apartments
,
Revenue
,
144A,
2022
A-1
,
4.5
%
,
8/01/52
.............
29,275,000
24,627,524
Twin
Creek
Apartments
,
Revenue,
Senior
Lien
,
144A,
2022
A-2
,
Zero
Cpn.,
8/01/65
79,990,000
4,901,923
Verdant
at
Green
Valley
Apartments
,
Revenue
,
144A,
2019
A
,
5
%
,
8/01/49
.......
13,550,000
12,843,437
California
County
Tobacco
Securitization
Agency
,
Alameda
County
Tobacco
Asset
Securitization
Corp.
,
Revenue
,
2002
,
5.875
%
,
6/01/35
........................................................
1,675,000
1,675,000
Gold
Country
Settlement
Funding
Corp.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/40
1,120,000
1,120,324
Gold
Country
Settlement
Funding
Corp.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/49
2,000,000
1,873,673
Gold
Country
Settlement
Funding
Corp.
,
Revenue
,
2020
B-1
,
Refunding
,
4
%
,
6/01/49
35,000
35,000
Kern
County
Tobacco
Funding
Corp.
,
Revenue
,
2014
,
Refunding
,
5
%
,
6/01/34
....
10,295,000
10,296,521
Kern
County
Tobacco
Funding
Corp.
,
Revenue
,
2014
,
Refunding
,
5
%
,
6/01/40
....
17,650,000
17,649,952
Los
Angeles
County
Securitization
Corp.
,
Revenue
,
2020
B-1
,
Refunding
,
5
%
,
6/01/49
........................................................
540,000
546,688
Los
Angeles
County
Securitization
Corp.
,
Revenue,
Senior
Lien
,
2020
A
,
Refunding
,
4
%
,
6/01/49
....................................................
3,525,000
3,292,225
Merced
County
Tobacco
Funding
Corp.
,
Revenue,
Senior
Lien
,
2020
A
,
Refunding
,
4
%
,
6/01/36
....................................................
470,000
480,527
Merced
County
Tobacco
Funding
Corp.
,
Revenue,
Senior
Lien
,
2020
A
,
Refunding
,
4
%
,
6/01/38
....................................................
530,000
535,130
Merced
County
Tobacco
Funding
Corp.
,
Revenue,
Senior
Lien
,
2020
A
,
Refunding
,
4
%
,
6/01/40
....................................................
625,000
625,181
Merced
County
Tobacco
Funding
Corp.
,
Revenue,
Senior
Lien
,
2020
A
,
Refunding
,
4
%
,
6/01/42
....................................................
100,000
98,625
Sonoma
County
Securitization
Corp.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/35
..
350,000
360,251
Sonoma
County
Securitization
Corp.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/36
..
600,000
613,439
Sonoma
County
Securitization
Corp.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/37
..
530,000
537,860
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
4
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
California
County
Tobacco
Securitization
Agency,
(continued)
Sonoma
County
Securitization
Corp.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/38
..
$
790,000
$
797,647
Sonoma
County
Securitization
Corp.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/39
..
620,000
622,968
Sonoma
County
Securitization
Corp.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/40
..
830,000
830,240
Sonoma
County
Securitization
Corp.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/49
..
3,520,000
3,297,664
Sonoma
County
Securitization
Corp.
,
Revenue
,
2020
B-1
,
Refunding
,
5
%
,
6/01/49
.
745,000
754,886
Stanislaus
County
Tobacco
Funding
Corp.
,
Revenue
,
2002
A
,
5.875
%
,
6/01/43
...
4,255,000
4,279,008
California
Educational
Facilities
Authority
,
Art
Center
College
of
Design
,
Revenue
,
2022
A
,
4
%
,
12/01/40
................
1,295,000
1,206,570
Art
Center
College
of
Design
,
Revenue
,
2022
A
,
4
%
,
12/01/41
................
1,345,000
1,241,280
Art
Center
College
of
Design
,
Revenue
,
2022
A
,
4
%
,
12/01/42
................
1,400,000
1,280,466
Art
Center
College
of
Design
,
Revenue
,
2022
A
,
4
%
,
12/01/46
................
3,000,000
2,666,277
Art
Center
College
of
Design
,
Revenue
,
2022
A
,
4
%
,
12/01/50
................
2,675,000
2,305,682
Art
Center
College
of
Design
,
Revenue
,
2022
A
,
3
%
,
12/01/51
................
650,000
452,515
Chapman
University
,
Revenue
,
2015
,
5
%
,
4/01/40
.........................
5,000,000
5,024,426
Chapman
University
,
Revenue
,
2015
,
5
%
,
4/01/45
.........................
5,000,000
5,016,115
Chapman
University
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
4/01/27
...............
475,000
496,459
Chapman
University
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
4/01/28
...............
395,000
418,799
Chapman
University
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
4/01/29
...............
400,000
429,141
Chapman
University
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
4/01/30
...............
425,000
462,571
Chapman
University
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
4/01/31
...............
475,000
522,338
Leland
Stanford
Junior
University
(The)
,
Revenue
,
T-1
,
5
%
,
3/15/39
............
2,815,000
3,319,009
Leland
Stanford
Junior
University
(The)
,
Revenue
,
U-1
,
5.25
%
,
4/01/40
.........
5,000,000
6,073,236
Leland
Stanford
Junior
University
(The)
,
Revenue
,
U-6
,
5
%
,
5/01/45
............
7,000,000
8,170,005
Leland
Stanford
Junior
University
(The)
,
Revenue
,
V-1
,
5
%
,
5/01/49
............
20,850,000
24,134,063
Loma
Linda
University
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
4/01/47
.............
11,000,000
11,121,926
Loyola
Marymount
University
,
Revenue
,
2001
A
,
NATL
Insured
,
Zero
Cpn.,
10/01/26
7,620,000
6,970,726
Loyola
Marymount
University
,
Revenue
,
2001
A
,
NATL
Insured
,
Zero
Cpn.,
10/01/27
7,365,000
6,481,282
Loyola
Marymount
University
,
Revenue
,
2001
A
,
NATL
Insured
,
Zero
Cpn.,
10/01/28
4,120,000
3,488,661
Loyola
Marymount
University
,
Revenue
,
2001
A
,
NATL
Insured
,
Zero
Cpn.,
10/01/30
5,685,000
4,455,908
Loyola
Marymount
University
,
Revenue
,
2001
A
,
NATL
Insured
,
Zero
Cpn.,
10/01/31
7,615,000
5,731,768
Loyola
Marymount
University
,
Revenue
,
2001
A
,
NATL
Insured
,
Zero
Cpn.,
10/01/32
7,615,000
5,491,913
Santa
Clara
University
,
Revenue
,
1999
,
AMBAC
Insured
,
Zero
Cpn.,
9/01/26
.....
2,075,000
1,882,244
Santa
Clara
University
,
Revenue
,
2015
,
Refunding
,
5
%
,
4/01/45
...............
15,495,000
15,627,349
St.
Mary's
College
of
California
,
Revenue
,
2023
A
,
Refunding
,
5.5
%
,
10/01/53
....
9,350,000
9,642,300
University
of
Redlands
,
Revenue
,
2022
A
,
5
%
,
10/01/44
.....................
3,835,000
3,881,153
University
of
Redlands
,
Revenue
,
2022
A
,
5
%
,
10/01/52
.....................
18,790,000
18,743,773
University
of
San
Francisco
,
Revenue
,
2018
A
,
5
%
,
10/01/48
.................
10,000,000
10,261,753
University
of
San
Francisco
,
Revenue
,
2018
A
,
5
%
,
10/01/53
.................
10,000,000
10,216,068
California
Enterprise
Development
Authority
,
Provident
Group-SDSU
Properties
LLC
,
Revenue,
First
Tier
,
2020
A
,
5
%
,
8/01/40
..
650,000
658,723
Provident
Group-SDSU
Properties
LLC
,
Revenue,
First
Tier
,
2020
A
,
5
%
,
8/01/45
..
650,000
656,794
Provident
Group-SDSU
Properties
LLC
,
Revenue,
First
Tier
,
2020
A
,
5
%
,
8/01/50
..
650,000
656,130
Provident
Group-SDSU
Properties
LLC
,
Revenue,
First
Tier
,
2020
A
,
5
%
,
8/01/55
..
3,175,000
3,181,352
Provident
Group-SDSU
Properties
LLC
,
Revenue,
First
Tier
,
2020
A
,
5
%
,
8/01/57
..
500,000
499,110
California
Health
Facilities
Financing
Authority
,
Adventist
Health
System/West
Obligated
Group
,
Revenue
,
2024
A
,
5
%
,
12/01/28
..
24,200,000
25,540,723
Casa
Milagro
LLC
,
Revenue
,
2011
A
,
California
Mortgage
Insured
,
6.25
%
,
2/01/26
.
2,730,000
2,736,153
Cedars-Sinai
Medical
Center
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
8/15/41
........................................................
5,000,000
5,420,158
Children's
Hospital
Los
Angeles
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
8/15/42
........................................................
14,370,000
14,612,731
Children's
Hospital
Los
Angeles
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
8/15/47
........................................................
7,750,000
7,844,141
Children's
Hospital
of
Orange
County
Obligated
Group
,
Revenue
,
2021
B
,
Refunding
,
5
%
,
11/01/27
...................................................
1,000,000
1,056,759
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)
Children's
Hospital
of
Orange
County
Obligated
Group
,
Revenue
,
2021
B
,
Refunding
,
5
%
,
11/01/29
...................................................
$
1,350,000
$
1,470,514
City
of
Hope
Obligated
Group
,
Revenue
,
2019
,
5
%
,
11/15/49
.................
27,000,000
27,286,257
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
4/01/36
.
15,770,000
15,804,065
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
4/01/37
.
3,000,000
2,986,390
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
4/01/38
.
7,075,000
7,013,868
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
3
%
,
4/01/44
.
4,340,000
3,378,285
El
Camino
Hospital
,
Revenue
,
2017
,
4.125
%
,
2/01/47
......................
11,000,000
10,535,021
El
Camino
Hospital
,
Revenue
,
2017
,
5
%
,
2/01/47
..........................
12,500,000
12,751,162
Episcopal
Communities
&
Services
for
Seniors
Obligated
Group
,
Revenue
,
2024
B
,
5.25
%
,
11/15/48
.................................................
1,905,000
2,015,647
Episcopal
Communities
&
Services
for
Seniors
Obligated
Group
,
Revenue
,
2024
B
,
5.25
%
,
11/15/53
.................................................
1,945,000
2,041,860
Episcopal
Communities
&
Services
for
Seniors
Obligated
Group
,
Revenue
,
2024
B
,
5.25
%
,
11/15/58
.................................................
3,000,000
3,124,511
Kaiser
Foundation
Hospitals
,
Revenue
,
2017
A-2
,
4
%
,
11/01/38
...............
25,000,000
25,115,065
Kaiser
Foundation
Hospitals
,
Revenue
,
2017
A-2
,
4
%
,
11/01/44
...............
411,225,000
401,130,701
Kaiser
Foundation
Hospitals
,
Revenue
,
2017
A-2
,
5
%
,
11/01/47
...............
12,500,000
14,110,894
Lucile
Salter
Packard
Children's
Hospital
at
Stanford
Obligated
Group
,
Revenue
,
2016
B
,
5
%
,
8/15/55
..............................................
24,000,000
24,291,946
Lucile
Salter
Packard
Children's
Hospital
at
Stanford
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
11/15/56
.............................................
10,300,000
10,545,044
Marshall
Medical
Center
,
Revenue
,
2020
A
,
Refunding
,
California
Mortgage
Insured
,
4
%
,
11/01/40
...................................................
3,750,000
3,751,071
Marshall
Medical
Center
,
Revenue
,
2020
A
,
Refunding
,
California
Mortgage
Insured
,
5
%
,
11/01/50
...................................................
25,065,000
26,016,565
On
Lok
Senior
Health
Services
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
8/01/40
........................................................
800,000
836,812
On
Lok
Senior
Health
Services
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
8/01/50
........................................................
2,375,000
2,439,420
On
Lok
Senior
Health
Services
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
8/01/55
........................................................
850,000
867,523
Providence
St.
Joseph
Health
Obligated
Group
,
Revenue
,
2014
A
,
5
%
,
10/01/38
..
5,110,000
5,113,284
Scripps
Health
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
11/15/43
.....
2,500,000
2,754,863
Sequoia
Living,
Inc.
,
Revenue
,
2015
,
Refunding
,
California
Mortgage
Insured
,
5
%
,
7/01/34
........................................................
1,000,000
1,016,135
Sequoia
Living,
Inc.
,
Revenue
,
2015
,
Refunding
,
California
Mortgage
Insured
,
5
%
,
7/01/39
........................................................
1,450,000
1,467,712
Sequoia
Living,
Inc.
,
Revenue
,
2015
,
Refunding
,
California
Mortgage
Insured
,
5
%
,
7/01/44
........................................................
1,160,000
1,171,773
Sutter
Health
Obligated
Group
,
Revenue
,
2016
B
,
5
%
,
11/15/46
...............
42,105,000
42,891,391
Sutter
Health
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
4
%
,
11/15/48
......
10,585,000
10,166,450
Sutter
Health
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
11/15/48
......
21,690,000
22,118,254
Sutter
Health
Obligated
Group
,
Revenue
,
2018
A
,
4
%
,
11/15/42
...............
11,680,000
11,320,597
Sutter
Health
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
11/15/48
...............
24,500,000
24,983,735
California
Housing
Finance
Agency
,
Revenue
,
2019-1
,
A
,
4.25
%
,
1/15/35
...................................
46,552,381
45,221,513
Revenue
,
2019-2
,
A
,
4
%
,
3/20/33
......................................
14,124,532
13,887,391
Revenue
,
2021-1
,
A
,
3.5
%
,
11/20/35
...................................
4,761,026
4,445,975
h
Found
Middle
LP
,
Revenue
,
2024
L
,
5.2
%
,
12/01/27
........................
5,000,000
5,005,469
f,g
Shermanair
Apartments
Owner
LP
,
Revenue
,
144A,
2021
Q-1
,
Mandatory
Put
,
3
%
,
9/01/36
........................................................
22,535,000
19,591,483
g
Shermanair
Apartments
Owner
LP
,
Revenue
,
144A,
2021
Q-2
,
5
%
,
9/01/36
......
1,940,000
1,560,002
California
Infrastructure
&
Economic
Development
Bank
,
Broad
(The)
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
6/01/28
.....................
500,000
536,358
California
State
Teachers'
Retirement
System
,
Revenue
,
2019
,
5
%
,
8/01/44
......
12,750,000
13,448,010
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)
California
State
Teachers'
Retirement
System
,
Revenue
,
2019
,
5
%
,
8/01/49
......
$
25,470,000
$
26,563,730
California
State
Water
Resources
Control
Board
Water
Pollution
Control
Revolving
Fund
,
Revenue
,
2018
,
5
%
,
10/01/43
..................................
10,000,000
10,489,383
f,g
DesertXpress
Enterprises
LLC
,
Revenue
,
144A,
2020
A
,
Mandatory
Put
,
3.95
%
,
1/30/25
........................................................
35,000,000
35,000,151
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2020
B
,
4
%
,
11/01/45
.......................................................
850,000
800,791
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2020
B
,
4
%
,
11/01/50
.......................................................
860,000
783,995
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2021
B
,
4
%
,
11/01/56
.......................................................
1,000,000
890,060
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2022
B
,
5
%
,
11/01/47
.......................................................
2,300,000
2,405,068
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2022
B
,
4.125
%
,
11/01/52
.......................................................
3,100,000
2,860,373
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2022
B
,
5
%
,
11/01/57
.......................................................
5,500,000
5,674,782
Los
Angeles
County
Museum
of
Natural
History
Foundation
,
Revenue
,
2020
,
Refunding
,
3
%
,
7/01/50
............................................
18,995,000
14,006,890
f
Museum
Associates
,
Revenue
,
2021
A
,
Refunding
,
Mandatory
Put
,
1.2
%
,
6/01/28
.
15,000,000
13,086,915
University
of
California
,
Revenue
,
2017
,
5
%
,
5/15/52
.......................
31,305,000
32,408,182
California
Municipal
Finance
Authority
,
Revenue,
Senior
Lien
,
2017
A
,
Refunding
,
4
%
,
8/15/52
.....................
27,350,000
23,288,938
1717
University
Associates
LLC
,
Revenue
,
2020
A
,
4.5
%
,
6/01/52
.............
11,413,000
9,968,482
1717
University
Associates
LLC
,
Revenue
,
2020
A-T
,
5.25
%
,
6/01/52
...........
3,407,000
2,632,621
Bethany
Home
Society
of
San
Joaquin
County,
Inc.
,
Revenue
,
2023
,
California
Mortgage
Insured
,
5
%
,
11/15/52
.....................................
26,465,000
28,103,993
California
Institute
of
the
Arts
,
Revenue
,
2021
,
4
%
,
10/01/51
.................
2,355,000
2,025,523
Carmel
Valley
Manor
Obligated
Group
,
Revenue
,
2022
,
California
Mortgage
Insured
,
5
%
,
5/15/52
....................................................
17,775,000
18,806,739
g
Century
CityView
LP
,
Revenue
,
144A,
2021
A
,
4
%
,
11/01/36
..................
10,375,000
9,669,759
Channing
House
,
Revenue
,
2017
B
,
California
Mortgage
Insured
,
5
%
,
5/15/47
....
10,000,000
10,291,963
CHF-Davis
I
LLC
,
Revenue
,
2018
,
5
%
,
5/15/51
...........................
10,000,000
10,079,875
CHF-Davis
II
LLC
,
Revenue
,
2021
,
BAM
Insured
,
5
%
,
5/15/25
................
400,000
403,425
CHF-Davis
II
LLC
,
Revenue
,
2021
,
BAM
Insured
,
5
%
,
5/15/26
................
400,000
409,024
CHF-Davis
II
LLC
,
Revenue
,
2021
,
BAM
Insured
,
5
%
,
5/15/27
................
500,000
516,999
CHF-Davis
II
LLC
,
Revenue
,
2021
,
BAM
Insured
,
5
%
,
5/15/28
................
400,000
417,976
CHF-Davis
II
LLC
,
Revenue
,
2021
,
BAM
Insured
,
5
%
,
5/15/29
................
600,000
634,294
CHF-Davis
II
LLC
,
Revenue
,
2021
,
BAM
Insured
,
5
%
,
5/15/30
................
700,000
748,003
City
of
Elk
Grove
Community
Facilities
District
No.
2023-7
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/39
......................................
580,000
597,539
City
of
Elk
Grove
Community
Facilities
District
No.
2023-7
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/44
......................................
900,000
910,441
City
of
Elk
Grove
Community
Facilities
District
No.
2023-7
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/49
......................................
785,000
783,192
City
of
Elk
Grove
Community
Facilities
District
No.
2023-7
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/54
......................................
750,000
747,546
Community
Hospitals
of
Central
California
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
2/01/42
............................................
15,900,000
15,985,281
Community
Hospitals
of
Central
California
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
2/01/47
............................................
19,145,000
19,155,413
Community
Hospitals
of
Central
California
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
2/01/51
........................................................
7,000,000
6,081,533
Concordia
University
Irvine
,
Revenue
,
2021
,
4
%
,
1/01/37
....................
1,040,000
1,010,739
Concordia
University
Irvine
,
Revenue
,
2021
,
4
%
,
1/01/38
....................
1,000,000
953,293
Concordia
University
Irvine
,
Revenue
,
2021
,
4
%
,
1/01/39
....................
1,100,000
1,034,454
Concordia
University
Irvine
,
Revenue
,
2021
,
4
%
,
1/01/40
....................
1,175,000
1,094,068
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)
Concordia
University
Irvine
,
Revenue
,
2021
,
4
%
,
1/01/41
....................
$
1,280,000
$
1,181,905
Congregational
Homes,
Inc.
Obligated
Group
,
Revenue
,
2022
A
,
4
%
,
11/15/42
....
450,000
390,284
Congregational
Homes,
Inc.
Obligated
Group
,
Revenue
,
2022
A
,
4
%
,
11/15/52
....
1,000,000
786,707
Congregational
Homes,
Inc.
Obligated
Group
,
Revenue
,
2022
A
,
4
%
,
11/15/56
....
1,100,000
844,757
Eisenhower
Medical
Center
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/47
.........
9,100,000
9,056,162
g
IH
Citrus
Whittier
LLC
,
Revenue
,
144A,
2023
,
I-A
,
6.25
%
,
1/01/60
.............
29,830,000
29,785,771
g
IH
Citrus
Whittier
LLC
,
Revenue
,
144A,
2023
,
I-B
,
9
%
,
7/01/42
................
1,800,000
1,790,896
g
IH
Lakes
Concord
LLC
,
Revenue
,
144A,
2022
A-1
,
4.375
%
,
12/01/32
...........
22,510,000
21,500,841
g
IH
Parkside
Fairfield
LLC
,
Revenue
,
144A,
2023
A-1
,
6.75
%
,
9/01/53
...........
51,750,000
54,976,633
g
IH
Parkside
Fairfield
LLC
,
Revenue
,
144A,
2023
A-2
,
8
%
,
9/01/27
.............
565,000
568,362
Inland
Christian
Home,
Inc.
,
Revenue
,
2020
,
California
Mortgage
Insured
,
4
%
,
12/01/49
.......................................................
2,670,000
2,595,986
Inland
Counties
Regional
Center,
Inc.
,
Revenue
,
2015
,
Refunding
,
5
%
,
6/15/45
...
23,300,000
23,422,644
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
........
81,985,000
73,614,225
LAX
Integrated
Express
Solutions
LLC
,
Revenue,
Senior
Lien
,
2018
A
,
5
%
,
12/31/37
8,500,000
8,551,902
LAX
Integrated
Express
Solutions
LLC
,
Revenue,
Senior
Lien
,
2018
A
,
5
%
,
12/31/38
5,000,000
5,016,907
LAX
Integrated
Express
Solutions
LLC
,
Revenue,
Senior
Lien
,
2018
A
,
5
%
,
12/31/43
46,895,000
47,011,506
LAX
Integrated
Express
Solutions
LLC
,
Revenue,
Senior
Lien
,
2018
A
,
5
%
,
12/31/47
55,745,000
55,549,670
LAX
Integrated
Express
Solutions
LLC
,
Revenue,
Senior
Lien
,
2018
B
,
5
%
,
6/01/48
14,325,000
14,268,005
g
NCCD-Claremont
Properties
LLC
,
Revenue
,
144A,
2023
A
,
Refunding
,
5.25
%
,
7/01/40
........................................................
7,065,000
7,170,220
g
NCCD-Claremont
Properties
LLC
,
Revenue
,
144A,
2023
A
,
Refunding
,
5.5
%
,
7/01/50
21,145,000
21,475,841
g
NCCD-Claremont
Properties
LLC
,
Revenue
,
144A,
2023
A
,
Refunding
,
6
%
,
7/01/53
12,485,000
12,978,647
g
NCCD-Claremont
Properties
LLC
,
Revenue
,
144A,
2023
B
,
Refunding
,
6.5
%
,
7/01/32
........................................................
2,470,000
2,402,552
Northbay
Healthcare
Group
Obligated
Group
,
Revenue
,
2017
A
,
5.25
%
,
11/01/41
..
5,500,000
5,317,689
Northbay
Healthcare
Group
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
11/01/47
....
8,650,000
7,971,593
Northern
California
Retired
Officers
Community
,
Revenue
,
2019
A
,
California
Mortgage
Insured
,
5
%
,
1/01/43
......................................
10,000,000
10,481,283
Northern
California
Retired
Officers
Community
,
Revenue
,
2019
A
,
California
Mortgage
Insured
,
5
%
,
1/01/49
......................................
18,990,000
19,740,840
Palomar
Health
Obligated
Group
,
COP
,
2022
A
,
Refunding
,
AGMC
Insured
,
5.25
%
,
11/01/52
.......................................................
43,040,000
45,136,879
Samuel
Merritt
University
,
Revenue
,
2022
,
5.25
%
,
6/01/53
...................
39,750,000
41,680,550
South
Central
Los
Angeles
Regional
Center
for
Developmentally
Disabled
Persons
,
Revenue
,
2013
,
5.75
%
,
12/01/43
....................................
33,895,000
33,923,868
University
of
La
Verne
,
Revenue
,
2017
A
,
Refunding
,
4
%
,
6/01/47
.............
10,500,000
9,643,464
California
Pollution
Control
Financing
Authority
,
g
Poseidon
Resources
Channelside
LP
,
Revenue
,
144A,
2019
,
Refunding
,
5
%
,
7/01/39
7,250,000
7,516,532
g
Poseidon
Resources
Channelside
LP
,
Revenue
,
144A,
2019
,
Refunding
,
5
%
,
11/21/45
.......................................................
11,365,000
11,592,611
g
Poseidon
Resources
Channelside
LP
,
Revenue
,
144A,
2023
,
5
%
,
7/01/30
.......
5,200,000
5,626,530
g
Poseidon
Resources
Channelside
LP
,
Revenue
,
144A,
2023
,
5
%
,
7/01/31
.......
3,000,000
3,272,021
g
Poseidon
Resources
Channelside
LP
,
Revenue
,
144A,
2023
,
5
%
,
7/01/32
.......
5,500,000
6,039,457
g
Poseidon
Resources
Channelside
LP
,
Revenue
,
144A,
2023
,
5
%
,
7/01/33
.......
6,000,000
6,625,828
g
Poseidon
Resources
Channelside
LP
,
Revenue
,
144A,
2023
,
5
%
,
7/01/34
.......
3,250,000
3,573,163
g
Poseidon
Resources
Channelside
LP
,
Revenue
,
144A,
2023
,
5
%
,
7/01/35
.......
3,250,000
3,546,969
g
Poseidon
Resources
Channelside
LP
,
Revenue
,
144A,
2023
,
5
%
,
7/01/36
.......
2,650,000
2,875,191
g
Poseidon
Resources
Channelside
LP
,
Revenue
,
144A,
2023
,
5
%
,
7/01/37
.......
2,300,000
2,479,020
g
Poseidon
Resources
Channelside
LP
,
Revenue
,
144A,
2023
,
5
%
,
7/01/38
.......
2,000,000
2,143,064
g
Poseidon
Resources
Channelside
LP
,
Revenue
,
144A,
2023
,
5
%
,
11/21/45
......
2,200,000
2,279,498
San
Jose
Water
Co.
,
Revenue
,
2016
,
4.75
%
,
11/01/46
......................
15,000,000
15,095,215
California
Public
School
District
Financing
Authority
,
Southern
Kern
Unified
School
District
,
Revenue
,
1996
B
,
AGMC
Insured
,
ETM,
5.9
%
,
9/01/26
...............
630,000
646,125
g
California
School
Finance
Authority
,
Aspire
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2021
A
,
2.125
%
,
8/01/31
.
500,000
434,342
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)
g
California
School
Finance
Authority,
(continued)
Aspire
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2021
A
,
4
%
,
8/01/36
....
$
325,000
$
312,522
Aspire
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2021
A
,
4
%
,
8/01/41
....
525,000
478,028
Aspire
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2021
A
,
4
%
,
8/01/51
....
800,000
670,536
Aspire
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2022
A
,
5
%
,
8/01/52
....
2,935,000
2,923,415
Camino
Nuevo
Charter
Academy
Obligated
Group
,
Revenue
,
144A,
2023
A
,
Refunding
,
5
%
,
6/01/43
............................................
1,000,000
980,665
Camino
Nuevo
Charter
Academy
Obligated
Group
,
Revenue
,
144A,
2023
A
,
Refunding
,
5.25
%
,
6/01/53
.........................................
1,550,000
1,521,895
Classical
Academy
Obligated
Group
,
Revenue
,
144A,
2022
A
,
Refunding
,
5
%
,
10/01/42
.......................................................
1,325,000
1,332,455
Classical
Academy
Obligated
Group
,
Revenue
,
144A,
2022
A
,
Refunding
,
5
%
,
10/01/52
.......................................................
2,265,000
2,215,846
Classical
Academy
Obligated
Group
,
Revenue
,
144A,
2022
A
,
Refunding
,
5
%
,
10/01/61
.......................................................
3,905,000
3,751,403
Granada
Hills
Charter
High
School
Obligated
Group
,
Revenue
,
144A,
2021
A
,
Refunding
,
4
%
,
7/01/29
............................................
275,000
271,640
Granada
Hills
Charter
High
School
Obligated
Group
,
Revenue
,
144A,
2021
A
,
Refunding
,
4
%
,
7/01/38
............................................
465,000
435,704
Granada
Hills
Charter
High
School
Obligated
Group
,
Revenue
,
144A,
2021
A
,
Refunding
,
4
%
,
7/01/48
............................................
675,000
574,465
Green
Dot
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2022
A
,
Refunding
,
5.75
%
,
8/01/52
..................................................
1,500,000
1,572,891
KIPP
SoCal
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2020
A
,
4
%
,
7/01/40
800,000
741,981
STEM
Preparatory
Schools
-
Obligated
Group
,
Revenue
,
144A,
2023
A
,
5.125
%
,
6/01/53
........................................................
1,000,000
975,077
STEM
Preparatory
Schools
-
Obligated
Group
,
Revenue
,
144A,
2023
A
,
5.375
%
,
5/01/63
........................................................
1,000,000
987,782
Value
Schools
,
Revenue
,
144A,
2023
A
,
Refunding
,
5
%
,
7/01/40
..............
550,000
553,397
Value
Schools
,
Revenue
,
144A,
2023
A
,
Refunding
,
5.25
%
,
7/01/48
............
725,000
727,572
California
State
Public
Works
Board
,
Judicial
Council
of
California
,
Revenue
,
2014
B
,
5
%
,
10/01/39
................
10,000,000
10,042,629
State
of
California
Department
of
Corrections
&
Rehabilitation
,
Revenue
,
2019
C
,
5
%
,
11/01/44
...................................................
5,000,000
5,307,930
State
of
California
Department
of
General
Services
,
Revenue
,
2021
D
,
4
%
,
11/01/35
1,210,000
1,263,092
California
State
University
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
11/01/43
..............................
11,000,000
11,177,230
Revenue
,
2016
A
,
Refunding
,
5
%
,
11/01/36
..............................
3,760,000
3,860,806
f
Revenue
,
2016
B-2
,
Refunding
,
Mandatory
Put
,
0.55
%
,
11/01/26
..............
12,000,000
10,776,287
Revenue
,
2017
A
,
Refunding
,
5
%
,
11/01/42
..............................
12,310,000
12,767,007
Revenue
,
2017
A
,
Refunding
,
5
%
,
11/01/47
..............................
53,000,000
54,686,100
Revenue
,
2018
A
,
Refunding
,
5
%
,
11/01/39
..............................
3,675,000
3,914,176
Revenue
,
2018
A
,
Refunding
,
5
%
,
11/01/43
..............................
3,330,000
3,507,056
Revenue
,
2018
A
,
Refunding
,
5
%
,
11/01/48
..............................
17,385,000
18,174,110
Revenue
,
2019
A
,
5
%
,
11/01/44
.......................................
40,010,000
42,412,741
Revenue
,
2019
A
,
5
%
,
11/01/49
.......................................
77,595,000
81,482,238
California
Statewide
Communities
Development
Authority
,
Revenue
,
2004
A
,
AGMC
Insured
,
5.25
%
,
10/01/24
........................
60,000
60,081
Special
Assessment
,
2024
A
,
5
%
,
9/02/54
...............................
1,290,000
1,260,271
Special
Tax
,
2023
A
,
5.25
%
,
9/01/51
...................................
3,305,000
3,253,937
Adventist
Health
System/West
Obligated
Group
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
3/01/35
........................................................
9,250,000
9,376,028
Adventist
Health
System/West
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
3/01/48
........................................................
67,585,000
67,807,787
Cedars-Sinai
Medical
Center
Obligated
Group
,
Revenue
,
2018
,
5
%
,
7/01/48
.....
7,980,000
8,192,352
Community
Facilities
District
No.
2020-02
Improvement
Area
No.
2
,
Special
Tax
,
2022
,
5.25
%
,
9/01/52
.............................................
1,650,000
1,655,786
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
9
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
California
Statewide
Communities
Development
Authority,
(continued)
Community
Facilities
District
No.
2020-2
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
5
%
,
9/01/34
....................................................
$
350,000
$
360,431
Community
Facilities
District
No.
2020-2
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
5
%
,
9/01/39
....................................................
745,000
754,083
Community
Facilities
District
No.
2020-2
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
5
%
,
9/01/44
....................................................
1,230,000
1,221,880
Community
Facilities
District
No.
2020-2
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
5
%
,
9/01/49
....................................................
500,000
498,139
Community
Facilities
District
No.
2020-2
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
5
%
,
9/01/54
....................................................
750,000
742,936
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2023
,
5
%
,
9/01/43
........
1,000,000
1,035,806
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2023
,
5
%
,
9/01/53
........
1,850,000
1,882,192
Community
Facilities
District
No.
20220
,
Special
Tax
,
2023
,
5
%
,
9/01/43
.........
1,030,000
1,038,963
Community
Facilities
District
No.
20220
,
Special
Tax
,
2023
,
5
%
,
9/01/48
.........
1,120,000
1,101,564
Community
Facilities
District
No.
20220
,
Special
Tax
,
2023
,
5
%
,
9/01/53
.........
1,000,000
972,359
Community
Facilities
District
No.
2022-03
,
Special
Tax
,
2023
,
5
%
,
9/01/38
.......
1,715,000
1,708,952
Community
Facilities
District
No.
2022-03
,
Special
Tax
,
2023
,
5
%
,
9/01/43
.......
380,000
369,406
Community
Facilities
District
No.
2022-03
,
Special
Tax
,
2023
,
5
%
,
9/01/53
.......
1,250,000
1,181,336
Community
Facilities
District
No.
2022-10
,
Special
Tax
,
2023
,
5.5
%
,
9/01/53
......
1,770,000
1,819,667
Enloe
Medical
Center
Obligated
Group
,
Revenue
,
2022
A
,
AGMC
Insured
,
5
%
,
8/15/42
........................................................
600,000
641,307
Enloe
Medical
Center
Obligated
Group
,
Revenue
,
2022
A
,
AGMC
Insured
,
5.125
%
,
8/15/47
........................................................
880,000
934,964
Enloe
Medical
Center
Obligated
Group
,
Revenue
,
2022
A
,
AGMC
Insured
,
5.25
%
,
8/15/52
........................................................
11,215,000
11,907,422
Enloe
Medical
Center
Obligated
Group
,
Revenue
,
2022
A
,
AGMC
Insured
,
5.375
%
,
8/15/57
........................................................
17,930,000
19,145,900
Marin
General
Hospital
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
8/01/34
........
1,225,000
1,254,548
USC
Obligated
Group
,
Revenue
,
2018
,
Refunding
,
4
%
,
1/01/34
...............
3,485,000
3,530,395
Carlsbad
Unified
School
District
,
GO
,
2011
C
,
Zero
Cpn.,
8/01/35
.......................................
33,000,000
36,301,670
GO
,
B
,
2
%
,
8/01/24
................................................
1,000,000
995,686
Centinela
Valley
Union
High
School
District
,
GO
,
2004
A
,
Refunding
,
NATL
Insured
,
5.5
%
,
8/01/33
....................................................
15,630,000
16,990,465
Cerritos
Community
College
District
,
GO
,
2014
A
,
4
%
,
8/01/44
.................
10,000,000
9,926,615
Chabot-Las
Positas
Community
College
District
,
GO
,
B
,
5
%
,
8/01/24
.............
5,500,000
5,510,592
Chaffey
Joint
Union
High
School
District
,
GO
,
B
,
5
%
,
8/01/44
..................
27,500,000
27,710,534
Chino
Community
Facilities
District
,
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
10
,
Special
Tax
,
2024
,
4
%
,
9/01/29
......................................
350,000
344,375
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
10
,
Special
Tax
,
2024
,
5
%
,
9/01/34
......................................
650,000
681,136
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
10
,
Special
Tax
,
2024
,
5
%
,
9/01/39
......................................
830,000
859,299
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
10
,
Special
Tax
,
2024
,
5
%
,
9/01/44
......................................
795,000
805,644
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
10
,
Special
Tax
,
2024
,
5
%
,
9/01/49
......................................
675,000
676,255
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
10
,
Special
Tax
,
2024
,
5
%
,
9/01/54
......................................
740,000
740,493
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
8
,
Special
Tax
,
2021
,
4
%
,
9/01/41
......................................
1,710,000
1,573,544
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
8
,
Special
Tax
,
2021
,
4
%
,
9/01/46
......................................
1,000,000
885,645
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
8
,
Special
Tax
,
2021
,
4
%
,
9/01/51
......................................
1,250,000
1,072,023
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)
Chino
Community
Facilities
District,
(continued)
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
9
,
Special
Tax
,
2022
,
5
%
,
9/01/37
......................................
$
2,740,000
$
2,846,007
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
9
,
Special
Tax
,
2022
,
5.25
%
,
9/01/42
...................................
2,000,000
2,062,476
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
9
,
Special
Tax
,
2022
,
5.375
%
,
9/01/47
...................................
2,000,000
2,057,458
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
9
,
Special
Tax
,
2022
,
5.375
%
,
9/01/52
...................................
2,695,000
2,752,171
Chino
Valley
Unified
School
District
,
GO
,
2020
B
,
3.375
%
,
8/01/50
.........................................
20,500,000
17,092,879
GO
,
2020
B
,
5
%
,
8/01/55
............................................
12,500,000
13,119,843
City
&
County
of
San
Francisco
,
GO
,
2022
R-1
,
Refunding
,
5
%
,
6/15/26
.................................
5,000,000
5,175,654
g
District
No.
2020-1
Development
,
Special
Tax
,
144A,
2023
A
,
5.75
%
,
9/01/50
.....
850,000
861,466
g
District
No.
2020-1
Office
,
Special
Tax
,
144A,
2023
B
,
5.75
%
,
9/01/53
..........
1,835,000
1,852,614
City
of
Beaumont
,
Community
Facilities
District
No.
2016-3
,
Special
Tax
,
2023
,
5
%
,
9/01/38
........
500,000
518,924
Community
Facilities
District
No.
2016-3
,
Special
Tax
,
2023
,
5
%
,
9/01/43
........
625,000
635,558
Community
Facilities
District
No.
2016-3
,
Special
Tax
,
2023
,
5
%
,
9/01/48
........
745,000
745,559
Community
Facilities
District
No.
2016-3
,
Special
Tax
,
2023
,
5
%
,
9/01/53
........
950,000
940,688
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2024
,
5
%
,
9/01/39
........
400,000
412,096
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2024
,
5
%
,
9/01/44
........
650,000
660,448
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2024
,
5
%
,
9/01/49
........
1,000,000
1,001,710
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........
1,500,000
1,488,170
City
of
Corona
,
Community
Facilities
District
No.
2018-1
Improvement
Area
No.
1
,
Special
Tax
,
2020
,
4
%
,
9/01/45
....................................................
650,000
581,914
Community
Facilities
District
No.
2018-1
Improvement
Area
No.
1
,
Special
Tax
,
2020
,
4
%
,
9/01/50
....................................................
1,500,000
1,291,803
h
City
of
Dixon
,
Community
Facilities
District
No.
2019-1
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
.......................................
1,000,000
1,002,257
City
of
Dublin
,
Community
Facilities
District
No.
2015-1
Improvement
Area
No.
4
,
Special
Tax
,
2022
,
5.25
%
,
9/01/42
..................................................
2,005,000
2,041,643
Community
Facilities
District
No.
2015-1
Improvement
Area
No.
4
,
Special
Tax
,
2022
,
5.5
%
,
9/01/47
...................................................
2,630,000
2,693,597
Community
Facilities
District
No.
2015-1
Improvement
Area
No.
4
,
Special
Tax
,
2022
,
5.5
%
,
9/01/51
...................................................
3,040,000
3,096,609
Community
Facilities
District
No.
2015-1
Improvement
Area
No.
5
,
Special
Tax
,
2023
,
5.125
%
,
9/01/43
.................................................
1,275,000
1,281,206
City
of
Fillmore
,
Community
Facilities
District
No.
5
Improvement
Area
B
,
Special
Tax
,
2023
,
5
%
,
9/01/38
........................................................
1,000,000
1,027,180
Community
Facilities
District
No.
5
Improvement
Area
B
,
Special
Tax
,
2023
,
5
%
,
9/01/43
........................................................
1,100,000
1,112,021
Community
Facilities
District
No.
5
Improvement
Area
B
,
Special
Tax
,
2023
,
5
%
,
9/01/48
........................................................
2,375,000
2,339,150
Community
Facilities
District
No.
5
Improvement
Area
B
,
Special
Tax
,
2023
,
5
%
,
9/01/53
........................................................
3,740,000
3,647,617
City
of
Fontana
,
Community
Facilities
District
No.
85
,
Special
Tax
,
2020
,
4
%
,
9/01/45
...........
850,000
764,111
Community
Facilities
District
No.
85
,
Special
Tax
,
2020
,
4
%
,
9/01/50
...........
900,000
782,236
Community
Facilities
District
No.
88
,
Special
Tax
,
2020
,
4
%
,
9/01/45
...........
1,100,000
970,033
Community
Facilities
District
No.
88
,
Special
Tax
,
2020
,
4
%
,
9/01/51
...........
1,545,000
1,304,632
Community
Facilities
District
No.
89
,
Special
Tax
,
2020
,
4
%
,
9/01/40
...........
750,000
697,641
Community
Facilities
District
No.
89
,
Special
Tax
,
2020
,
4
%
,
9/01/51
...........
1,500,000
1,298,514
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
Fontana,
(continued)
Community
Facilities
District
No.
90
,
Special
Tax
,
2021
,
4
%
,
9/01/41
...........
$
530,000
$
494,860
Community
Facilities
District
No.
90
,
Special
Tax
,
2021
,
4
%
,
9/01/46
...........
475,000
426,058
Community
Facilities
District
No.
90
,
Special
Tax
,
2021
,
4
%
,
9/01/51
...........
1,825,000
1,584,804
Community
Facilities
District
No.
99
,
Special
Tax
,
2023
,
5
%
,
9/01/45
...........
600,000
605,574
Community
Facilities
District
No.
99
,
Special
Tax
,
2023
,
5
%
,
9/01/53
...........
500,000
497,366
City
of
Irvine
,
Assessment
District
No.
21-1
,
1915
Act,
Special
Assessment
,
Refunding
,
4
%
,
9/02/26
........................................................
1,245,000
1,251,531
Assessment
District
No.
21-1
,
1915
Act,
Special
Assessment
,
Refunding
,
4
%
,
9/02/27
........................................................
1,500,000
1,511,496
City
of
Laguna
Beach
,
Underground
Utility
Assessment
District
No.
2014-2
,
Special
Assessment
,
4.375
%
,
9/02/39
........................................................
1,685,000
1,673,985
Underground
Utility
Assessment
District
No.
2014-2
,
Special
Assessment
,
4.625
%
,
9/02/44
........................................................
1,000,000
991,258
City
of
Lake
Elsinore
,
Community
Facilities
District
No.
2006-6
,
Special
Tax
,
2022
,
4.75
%
,
9/01/52
...................................................
1,000,000
932,861
City
of
Lincoln
,
Community
Facilities
District
No.
2006-1
Area
No.
1
,
Special
Tax
,
2021
,
Refunding
,
4
%
,
9/01/39
....................................................
290,000
276,458
Community
Facilities
District
No.
2006-1
Area
No.
1
,
Special
Tax
,
2021
,
Refunding
,
4
%
,
9/01/40
....................................................
160,000
151,106
Community
Facilities
District
No.
2006-1
Area
No.
1
,
Special
Tax
,
2021
,
Refunding
,
4
%
,
9/01/43
....................................................
320,000
295,219
Community
Facilities
District
No.
2019-1
,
Special
Tax
,
2022
,
5
%
,
9/01/42
........
2,015,000
2,006,290
Community
Facilities
District
No.
2019-1
,
Special
Tax
,
2022
,
5
%
,
9/01/47
........
3,430,000
3,335,446
Community
Facilities
District
No.
2019-1
,
Special
Tax
,
2022
,
5
%
,
9/01/52
........
2,090,000
1,990,918
City
of
Long
Beach
,
Harbor
,
Revenue
,
2017
C
,
Refunding
,
5
%
,
5/15/47
.........................
15,660,000
16,125,146
Harbor
,
Revenue
,
2019
A
,
5
%
,
5/15/44
..................................
15,045,000
15,950,099
Harbor
,
Revenue
,
2019
A
,
5
%
,
5/15/49
..................................
8,705,000
9,162,340
City
of
Los
Angeles
,
Department
of
Airports
,
Revenue
,
2015
D
,
5
%
,
5/15/33
.....................
11,420,000
11,506,472
Department
of
Airports
,
Revenue
,
2015
D
,
5
%
,
5/15/41
.....................
17,000,000
17,065,385
Department
of
Airports
,
Revenue
,
2016
B
,
5
%
,
5/15/41
......................
10,000,000
10,079,311
Department
of
Airports
,
Revenue
,
2016
B
,
5
%
,
5/15/46
......................
15,265,000
15,350,360
Department
of
Airports
,
Revenue
,
2017
A
,
5
%
,
5/15/42
......................
3,680,000
3,732,665
Department
of
Airports
,
Revenue
,
2017
A
,
5
%
,
5/15/47
......................
51,110,000
51,547,154
Department
of
Airports
,
Revenue
,
2017
B
,
5
%
,
5/15/42
......................
4,000,000
4,147,855
Department
of
Airports
,
Revenue
,
2018
A
,
5
%
,
5/15/44
......................
32,985,000
33,632,545
Department
of
Airports
,
Revenue
,
2018
A
,
5.25
%
,
5/15/48
...................
10,000,000
10,257,957
Department
of
Airports
,
Revenue
,
2018
C
,
5
%
,
5/15/37
.....................
9,550,000
9,811,594
Department
of
Airports
,
Revenue
,
2018
C
,
5
%
,
5/15/44
.....................
39,405,000
39,936,893
Department
of
Airports
,
Revenue
,
2018
E
,
Refunding
,
5
%
,
5/15/43
.............
16,995,000
18,032,305
Department
of
Airports
,
Revenue
,
2018
E
,
Refunding
,
5
%
,
5/15/48
.............
33,145,000
34,773,142
Department
of
Airports
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
5/15/49
.............
10,000,000
10,216,912
Department
of
Airports
,
Revenue
,
2019
C
,
5
%
,
5/15/39
.....................
2,305,000
2,477,780
Department
of
Airports
,
Revenue
,
2019
E
,
5
%
,
5/15/44
......................
23,485,000
24,724,825
Department
of
Airports
,
Revenue
,
2019
E
,
5
%
,
5/15/49
......................
10,495,000
10,929,305
Department
of
Airports
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
5/15/35
.............
10,005,000
10,987,607
Department
of
Airports
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
5/15/36
.............
6,000,000
6,577,975
Department
of
Airports
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
5/15/37
.............
5,000,000
5,462,682
Department
of
Airports
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
5/15/38
.............
15,925,000
17,328,024
Department
of
Airports
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
5/15/40
.............
22,485,000
24,289,648
Department
of
Airports
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
5/15/36
.............
3,665,000
3,911,314
Department
of
Airports
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
5/15/38
.............
4,920,000
5,202,413
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
Los
Angeles,
(continued)
Department
of
Airports
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
5/15/41
.............
$
7,005,000
$
7,318,607
Department
of
Airports
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
5/15/46
.............
25,965,000
26,911,928
Department
of
Airports
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
5/15/51
.............
26,450,000
27,155,154
Department
of
Airports
,
Revenue
,
2021
D
,
5
%
,
5/15/33
.....................
4,735,000
5,098,588
Department
of
Airports
,
Revenue
,
2021
D
,
5
%
,
5/15/34
.....................
2,500,000
2,691,500
Department
of
Airports
,
Revenue
,
2021
D
,
Pre-Refunded
,
5
%
,
5/15/34
..........
140,000
150,968
Department
of
Airports
,
Revenue
,
2022
C
,
Refunding
,
5
%
,
5/15/45
.............
8,000,000
8,345,733
Department
of
Airports
,
Revenue,
Senior
Lien
,
2015
A
,
5
%
,
5/15/40
............
3,000,000
3,013,031
Department
of
Airports
,
Revenue,
Senior
Lien
,
2020
B
,
Refunding
,
4
%
,
5/15/39
...
2,000,000
2,034,542
Department
of
Airports
,
Revenue,
Senior
Lien
,
2020
C
,
5
%
,
5/15/37
............
6,595,000
6,998,678
Department
of
Airports
,
Revenue,
Senior
Lien
,
2022
G
,
5
%
,
5/15/29
............
2,000,000
2,114,312
Department
of
Airports
,
Revenue,
Senior
Lien
,
2022
G
,
4
%
,
5/15/42
............
16,575,000
16,025,947
Department
of
Airports
,
Revenue,
Senior
Lien
,
2022
G
,
4
%
,
5/15/47
............
11,325,000
10,573,083
Department
of
Airports
,
Revenue,
Senior
Lien
,
2022
H
,
5
%
,
5/15/42
............
1,415,000
1,488,976
Department
of
Airports
,
Revenue,
Senior
Lien
,
2022
H
,
5
%
,
5/15/47
............
25,000,000
26,015,588
Department
of
Airports
,
Revenue,
Senior
Lien
,
2022
H
,
5.25
%
,
5/15/47
.........
24,000,000
25,494,341
Department
of
Airports
,
Revenue,
Senior
Lien
,
2022
I
,
5
%
,
5/15/42
.............
2,360,000
2,597,520
Department
of
Airports
,
Revenue,
Senior
Lien
,
2022
I
,
4
%
,
5/15/48
.............
2,000,000
1,928,576
Department
of
Airports
,
Revenue,
Senior
Lien
,
2022
I
,
5
%
,
5/15/48
.............
6,265,000
6,715,631
Wastewater
System
,
Revenue
,
2015
A
,
5
%
,
6/01/44
........................
9,500,000
9,595,218
Wastewater
System
,
Revenue
,
2015
C
,
Refunding
,
5
%
,
6/01/45
...............
24,190,000
24,428,003
Wastewater
System
,
Revenue
,
2018
A
,
5
%
,
6/01/43
........................
10,000,000
10,474,439
City
of
Menifee
,
Community
Facilities
District
No.
2019-1
Meadow
Run
,
Special
Tax
,
2022
,
4
%
,
9/01/37
........................................................
320,000
302,507
Community
Facilities
District
No.
2019-1
Meadow
Run
,
Special
Tax
,
2022
,
3
%
,
9/01/43
........................................................
135,000
99,536
Community
Facilities
District
No.
2019-1
Meadow
Run
,
Special
Tax
,
2022
,
4
%
,
9/01/51
........................................................
565,000
483,050
Community
Facilities
District
No.
2022-1
Quartz
Ranch
,
Special
Tax
,
2023
A
,
5
%
,
9/01/38
........................................................
500,000
520,460
Community
Facilities
District
No.
2022-1
Quartz
Ranch
,
Special
Tax
,
2023
A
,
5
%
,
9/01/43
........................................................
600,000
611,484
Community
Facilities
District
No.
2022-1
Quartz
Ranch
,
Special
Tax
,
2023
A
,
5
%
,
9/01/48
........................................................
700,000
705,168
Community
Facilities
District
No.
2022-1
Quartz
Ranch
,
Special
Tax
,
2023
A
,
5
%
,
9/01/53
........................................................
1,000,000
994,732
City
of
Newport
Beach
,
Assessment
District
No.
113
,
1915
Act,
Special
Assessment
,
2021
A
,
2.25
%
,
9/02/41
.............................................
1,290,000
842,229
City
of
Ontario
,
Community
Facilities
District
No.
13
,
Special
Tax
,
2021
,
Refunding
,
4
%
,
9/01/38
...
400,000
367,456
Community
Facilities
District
No.
45
,
Special
Tax
,
2020
,
4
%
,
9/01/43
...........
410,000
379,732
Community
Facilities
District
No.
45
,
Special
Tax
,
2020
,
4
%
,
9/01/51
...........
1,565,000
1,371,858
Community
Facilities
District
No.
53
,
Special
Tax
,
2021
,
4
%
,
9/01/36
...........
525,000
503,480
Community
Facilities
District
No.
53
,
Special
Tax
,
2021
,
4
%
,
9/01/42
...........
650,000
582,411
Community
Facilities
District
No.
55
,
Special
Tax
,
2022
,
5
%
,
9/01/42
...........
750,000
760,781
Community
Facilities
District
No.
55
,
Special
Tax
,
2022
,
5
%
,
9/01/47
...........
800,000
802,339
Community
Facilities
District
No.
55
,
Special
Tax
,
2022
,
5
%
,
9/01/53
...........
845,000
835,445
Community
Facilities
District
No.
57
,
Special
Tax
,
2022
,
4.25
%
,
9/01/37
.........
415,000
399,745
Community
Facilities
District
No.
57
,
Special
Tax
,
2022
,
4.625
%
,
9/01/42
........
650,000
631,165
Community
Facilities
District
No.
57
,
Special
Tax
,
2022
,
4.75
%
,
9/01/47
.........
840,000
804,004
Community
Facilities
District
No.
57
,
Special
Tax
,
2022
,
4.75
%
,
9/01/52
.........
825,000
771,923
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
13
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
City
of
Orange
,
Community
Facilities
District
No.
06-1
,
Special
Tax
,
2015
,
Refunding
,
AGMC
Insured
,
5
%
,
10/01/40
.........................................
$
7,500,000
$
7,623,210
City
of
Pasadena
,
Electric
,
Revenue
,
2016
A
,
Refunding
,
4
%
,
6/01/46
............
22,625,000
22,121,985
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
532,505
Arista
Del
Sol
Community
Facilities
District
No.
2022-1
Improvement
Area
No.
1
,
Special
Tax
,
2023
,
5.375
%
,
9/01/53
...................................
1,100,000
1,114,586
Grantline
220
Community
Facilities
District
No.
2023-1
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/44
......................................
885,000
868,161
Grantline
220
Community
Facilities
District
No.
2023-1
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/49
......................................
550,000
531,169
Grantline
220
Community
Facilities
District
No.
2023-1
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/53
......................................
525,000
505,899
City
of
Riverside
,
Sewer
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
8/01/40
.............
25,000,000
25,333,267
City
of
Roseville
,
Electric
System
,
COP
,
2004
,
AGMC
Insured
,
5
%
,
2/01/34
....................
5,000
5,004
Ranch
at
Sierra
Vista
Community
Facilities
District
No.
1
,
Special
Tax
,
2023
,
5
%
,
9/01/38
........................................................
1,165,000
1,201,973
Ranch
at
Sierra
Vista
Community
Facilities
District
No.
1
,
Special
Tax
,
2023
,
5
%
,
9/01/43
........................................................
1,000,000
1,012,415
Ranch
at
Sierra
Vista
Community
Facilities
District
No.
1
,
Special
Tax
,
2023
,
5
%
,
9/01/48
........................................................
1,000,000
991,773
Ranch
at
Sierra
Vista
Community
Facilities
District
No.
1
,
Special
Tax
,
2023
,
5
%
,
9/01/53
........................................................
1,150,000
1,128,401
City
of
Sacramento
,
Transient
Occupancy
Tax
,
Revenue
,
2018
A
,
5
%
,
6/01/43
....................
13,555,000
13,959,464
Transient
Occupancy
Tax
,
Revenue
,
2018
A
,
5
%
,
6/01/48
....................
21,415,000
21,819,165
City
of
San
Diego
,
Community
Facilities
District
No.
2
,
Special
Tax
,
2021
,
Refunding
,
4
%
,
9/01/28
....
880,000
887,922
Community
Facilities
District
No.
2
,
Special
Tax
,
2021
,
Refunding
,
4
%
,
9/01/29
....
690,000
697,298
Community
Facilities
District
No.
2
,
Special
Tax
,
2021
,
Refunding
,
4
%
,
9/01/30
....
425,000
430,121
City
of
San
Francisco
,
Public
Utilities
Commission
Water
,
Revenue
,
2023
AB-A
,
5.25
%
,
11/01/48
.......
47,895,000
53,350,327
Public
Utilities
Commission
Water
,
Revenue
,
2023
AB-A
,
5.25
%
,
11/01/52
.......
40,170,000
44,319,995
City
of
Santa
Paula
,
Harvest
Community
Facilities
District
No.
1
Improvement
Area
A
,
Special
Tax
,
2022
,
4
%
,
9/01/42
....................................................
575,000
512,007
Harvest
Community
Facilities
District
No.
1
Improvement
Area
A
,
Special
Tax
,
2022
,
4
%
,
9/01/47
....................................................
1,460,000
1,243,526
Harvest
Community
Facilities
District
No.
1
Improvement
Area
A
,
Special
Tax
,
2022
,
4
%
,
9/01/52
....................................................
3,530,000
2,899,076
Harvest
Community
Facilities
District
No.
1
Improvement
Area
A
,
Special
Tax
,
2023
,
5
%
,
9/01/49
....................................................
325,000
321,042
Harvest
Community
Facilities
District
No.
1
Improvement
Area
A
,
Special
Tax
,
2023
,
5
%
,
9/01/53
....................................................
1,345,000
1,319,739
City
of
Upland
,
San
Antonio
Regional
Hospital
Obligated
Group
,
COP
,
Refunding
,
5
%
,
1/01/47
.........................................................
14,400,000
14,556,622
City
of
Vernon
,
Electric
System
,
Revenue
,
2021
A
,
5
%
,
10/01/24
..........................
2,500,000
2,505,746
Electric
System
,
Revenue
,
2021
A
,
5
%
,
4/01/28
...........................
2,000,000
2,070,229
Electric
System
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
8/01/34
..................
1,350,000
1,436,422
Electric
System
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
8/01/39
..................
425,000
446,049
Electric
System
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
8/01/40
..................
365,000
382,025
Electric
System
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
8/01/41
..................
420,000
438,594
g
CMFA
Special
Finance
Agency
,
Latitude33
,
Revenue
,
144A,
2021
A-1
,
3
%
,
12/01/56
.......................
9,000,000
6,290,429
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)
g
CMFA
Special
Finance
Agency,
(continued)
Solana
at
Grand
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
4
%
,
8/01/56
..........
$
54,800,000
$
47,329,269
g
CMFA
Special
Finance
Agency
Enclave
,
Revenue,
Senior
Lien
,
144A,
2022
A-1
,
4
%
,
8/01/58
.........................................................
26,500,000
20,537,537
g
CMFA
Special
Finance
Agency
VII
,
Breakwater
Apartments
(The)
,
Revenue
,
144A,
2021
A-1
,
3
%
,
8/01/56
..............................................
94,250,000
63,567,601
g
CMFA
Special
Finance
Agency
VIII
,
Elan
Huntington
Beach
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
8/01/56
.........................................
34,750,000
24,200,995
g
CMFA
Special
Finance
Agency
XII
,
Allure
Apartments
,
Revenue,
Senior
Lien
,
144A,
2022
A-1
,
3.25
%
,
2/01/57
............................................
27,500,000
20,072,778
Coachella
Valley
Unified
School
District
,
GO
,
2016
F
,
BAM
Insured
,
5
%
,
8/01/46
.................................
7,135,000
7,227,520
GO
,
C
,
AGMC
Insured
,
Zero
Cpn.,
8/01/36
...............................
8,000,000
4,988,849
GO
,
C
,
AGMC
Insured
,
Zero
Cpn.,
8/01/37
...............................
8,000,000
4,755,376
GO
,
C
,
AGMC
Insured
,
Zero
Cpn.,
8/01/40
...............................
7,500,000
3,752,449
GO
,
C
,
AGMC
Insured
,
Zero
Cpn.,
8/01/43
...............................
10,000,000
4,171,156
Colton
Joint
Unified
School
District
,
GO
,
2010
B
,
AGMC
Insured
,
Zero
Cpn.,
8/01/42
.
16,365,000
7,120,037
Contra
Costa
Community
College
District
,
GO
,
2020
C
,
4
%
,
8/01/32
.............
1,200,000
1,256,792
Contra
Costa
Water
District
,
Revenue
,
V
,
Refunding
,
5
%
,
10/01/49
..............
7,500,000
7,932,325
Corona-Norco
Unified
School
District
,
GO
,
1998
B
,
AGMC
Insured
,
Zero
Cpn.,
9/01/24
...........................
2,620,000
2,596,040
GO
,
1998
B
,
AGMC
Insured
,
Zero
Cpn.,
3/01/25
...........................
1,400,000
1,361,753
GO
,
1998
C
,
NATL
Insured
,
Zero
Cpn.,
9/01/25
...........................
4,655,000
4,443,557
GO
,
1998
C
,
NATL
Insured
,
Zero
Cpn.,
9/01/26
...........................
6,080,000
5,590,985
County
of
El
Dorado
,
Community
Facilities
District
No.
2014-1
,
Special
Tax
,
2023
,
5
%
,
9/01/48
.........................................................
1,000,000
998,708
County
of
Orange
,
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2022
A
,
5
%
,
8/15/37
......
1,300,000
1,347,690
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2022
A
,
5
%
,
8/15/42
......
850,000
864,474
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2022
A
,
5
%
,
8/15/47
......
1,250,000
1,253,642
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2022
A
,
5
%
,
8/15/52
......
8,200,000
8,167,558
County
of
Placer
,
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
2
,
Special
Tax
,
2023
,
5
%
,
9/01/43
....................................................
900,000
886,711
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
2
,
Special
Tax
,
2023
,
5
%
,
9/01/48
....................................................
1,360,000
1,292,340
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
2
,
Special
Tax
,
2023
,
5
%
,
9/01/53
....................................................
1,000,000
933,917
County
of
Riverside
,
Revenue
,
2023
,
5
%
,
6/28/24
.........................................
11,000,000
11,007,502
Community
Facilities
District
No.
07-2
,
Special
Tax
,
2020
,
AGMC
Insured
,
4
%
,
9/01/45
........................................................
2,730,000
2,639,865
County
of
Sacramento
,
Airport
System
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
7/01/41
...................
9,000,000
9,152,485
Airport
System
,
Revenue,
Senior
Lien
,
2016
A
,
Refunding
,
5
%
,
7/01/41
.........
10,000,000
10,209,397
Community
Facilities
District
No.
2014-2
,
Special
Tax
,
2021
,
4
%
,
9/01/41
........
325,000
288,446
Community
Facilities
District
No.
2014-2
,
Special
Tax
,
2021
,
4
%
,
9/01/46
........
325,000
276,778
g
CSCDA
Community
Improvement
Authority
,
1818
Platinum
Triangle-Anaheim
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3.35
%
,
4/01/47
........................................................
9,800,000
7,935,698
777
Place-Pomona
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3.6
%
,
5/01/47
.......
10,000,000
8,318,535
777
Place-Pomona
,
Revenue,
Senior
Lien
,
144A,
2021
A-2
,
3.25
%
,
5/01/57
......
12,500,000
8,753,128
Acacia
on
Santa
Rosa
Creek
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
4
%
,
10/01/56
.
13,000,000
11,129,531
Cameo/Garrison
Apartments
,
Revenue
,
144A,
2021
B
,
4
%
,
3/01/57
............
7,000,000
5,104,909
Cameo/Garrison
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
2.8
%
,
3/01/47
21,400,000
16,006,650
Cameo/Garrison
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-2
,
3
%
,
3/01/57
.
7,430,000
5,074,815
Crescent
(The)
,
Revenue,
Senior
Lien
,
144A,
2022
A-1
,
3.25
%
,
7/01/43
.........
6,530,000
5,121,527
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)
g
CSCDA
Community
Improvement
Authority,
(continued)
Crescent
(The)
,
Revenue,
Senior
Lien
,
144A,
2022
A-2
,
4.3
%
,
7/01/59
..........
$
18,250,000
$
15,330,261
Dublin
,
Revenue
,
144A,
2021
B
,
4
%
,
2/01/57
.............................
16,110,000
11,770,818
Dublin
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
2.45
%
,
2/01/47
...............
39,600,000
31,681,517
Dublin
,
Revenue,
Senior
Lien
,
144A,
2021
A-2
,
3
%
,
2/01/57
..................
45,500,000
31,599,072
Escondido
Portfolio
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
6/01/48
........
10,000,000
6,960,847
Jefferson
Platinum
Triangle
Apartments
,
Revenue
,
144A,
2021
A-1
,
2.875
%
,
8/01/41
18,755,000
16,986,756
Jefferson
Platinum
Triangle
Apartments
,
Revenue
,
144A,
2021
A-2
,
3.125
%
,
8/01/56
54,465,000
40,054,830
Monterey
Station
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
7/01/43
.
8,000,000
6,230,495
Park
Crossing
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
3.25
%
,
12/01/58
.
18,750,000
12,646,988
Parrallel-Anaheim
,
Revenue
,
144A,
2021
A
,
4
%
,
8/01/56
....................
17,840,000
15,100,395
Pasadena
Portfolio
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
2.65
%
,
12/01/46
.....
1,420,000
1,111,714
Pasadena
Portfolio
,
Revenue,
Senior
Lien
,
144A,
2021
A-2
,
3
%
,
12/01/56
.......
39,820,000
27,831,651
Renaissance
at
City
Center
,
Revenue
,
144A,
2020
A
,
5
%
,
7/01/51
.............
18,625,000
17,785,784
Theo
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3.5
%
,
5/01/47
........
5,000,000
4,096,410
Towne
at
Glendale
Apartments
,
Revenue
,
144A,
2022
A
,
Zero
Cpn.,
9/01/62
.....
53,000,000
27,850,636
Vineyard
Garden
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
3.25
%
,
10/01/58
14,000,000
9,568,517
Waterscape
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
3
%
,
9/01/56
......
5,000,000
3,437,136
Westgate
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
6/01/47
......
14,500,000
10,082,343
Wood
Creek
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
12/01/49
...
30,000,000
20,654,673
Wood
Creek
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-2
,
4
%
,
12/01/58
...
25,000,000
18,797,715
Daly
City
Housing
Development
Finance
Agency
,
Franciscan
Park
LLC
,
Revenue
,
2007
A
,
Refunding
,
5
%
,
12/15/47
..........................................
17,870,000
17,875,111
Day
Creek
Square
Public
Facilities
,
Community
Facilities
District
No.
2018-1
,
Special
Tax
,
2020
,
4
%
,
9/01/40
........
625,000
579,339
Community
Facilities
District
No.
2018-1
,
Special
Tax
,
2020
,
4
%
,
9/01/45
........
700,000
622,388
Delano
Joint
Union
High
School
District
,
GO
,
2003
A
,
Refunding
,
NATL
Insured
,
5.15
%
,
2/01/32
.........................................................
8,520,000
9,085,320
East
Bay
Municipal
Utility
District
,
Water
System
,
Revenue
,
2014
A
,
Refunding
,
5
%
,
6/01/35
...................
10,000,000
10,000,000
Water
System
,
Revenue
,
2014
B
,
Refunding
,
5
%
,
6/01/24
...................
4,140,000
4,140,000
Water
System
,
Revenue
,
2014
C
,
Refunding
,
5
%
,
6/01/44
...................
14,000,000
14,000,000
Water
System
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
6/01/36
...................
7,355,000
7,454,082
Water
System
,
Revenue
,
2015
C
,
4
%
,
6/01/45
............................
9,070,000
8,942,138
Water
System
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
6/01/45
...................
4,240,000
4,397,212
Water
System
,
Revenue
,
2019
A
,
5
%
,
6/01/44
............................
4,000,000
4,255,420
Eastern
Municipal
Water
District
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
7/01/28
...............................
2,480,000
2,565,083
f
Revenue
,
2021
B
,
Refunding
,
Mandatory
Put
,
3.46
%
,
7/01/24
................
7,500,000
7,496,969
h
Community
Facilities
District
No.
2017-77
Improvement
Area
A
,
Special
Tax
,
2024
,
5
%
,
9/01/45
....................................................
1,175,000
1,194,621
h
Community
Facilities
District
No.
2017-77
Improvement
Area
A
,
Special
Tax
,
2024
,
5
%
,
9/01/54
....................................................
2,485,000
2,498,535
Community
Facilities
District
No.
2017-79
,
Special
Tax
,
2021
,
4
%
,
9/01/46
.......
2,815,000
2,427,559
Community
Facilities
District
No.
2017-79
,
Special
Tax
,
2021
,
4
%
,
9/01/51
.......
3,405,000
2,835,647
Community
Facilities
District
No.
2019-83
,
Special
Tax
,
2022
,
4
%
,
9/01/51
.......
2,790,000
2,327,056
Community
Facilities
District
No.
2019-86
,
Special
Tax
,
2023
,
5
%
,
9/01/48
.......
855,000
851,517
Community
Facilities
District
No.
2019-86
,
Special
Tax
,
2023
,
5
%
,
9/01/54
.......
1,775,000
1,744,784
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)
Eastern
Municipal
Water
District
Financing
Authority
,
Revenue
,
2015
B
,
5
%
,
7/01/46
.
$
30,705,000
$
31,034,959
Elk
Grove
Finance
Authority
,
Special
Tax
,
2015
,
Refunding
,
BAM
Insured
,
5
%
,
9/01/38
1,500,000
1,515,725
Fairfax
School
District
,
GO
,
2011
,
AGMC
Insured
,
Zero
Cpn.,
11/01/48
...........
10,380,000
3,087,333
FHLMC,
Multi-family
ML
Pass-Through
Certificates
,
Revenue
,
2019-ML06
,
ACA
,
Revenue
,
2.493
%
,
7/25/35
...........................................
1,009,675
809,025
Folsom
Cordova
Unified
School
District
School
Facilities
Improvement
Dist
No.
5
,
GO
,
C
,
4
%
,
10/01/43
...................................................
17,500,000
17,310,344
Folsom
Ranch
Financing
Authority
,
City
of
Folsom
Community
Facilities
District
No.
23
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/39
............................................
715,000
733,369
City
of
Folsom
Community
Facilities
District
No.
23
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/44
............................................
775,000
779,970
City
of
Folsom
Community
Facilities
District
No.
23
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/49
............................................
425,000
422,215
City
of
Folsom
Community
Facilities
District
No.
23
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/53
............................................
485,000
480,246
Foothill-Eastern
Transportation
Corridor
Agency
,
Revenue
,
2013
A
,
Refunding
,
AGMC
Insured
,
5.5
%
,
1/15/31
.................
35,000,000
39,395,093
Revenue
,
2013
A
,
Refunding
,
AGMC
Insured
,
5.625
%
,
1/15/32
...............
37,260,000
42,125,079
Revenue
,
2013
A
,
Refunding
,
6.85
%
,
1/15/42
.............................
98,000,000
115,739,784
Revenue
,
2013
A
,
Refunding
,
AGMC
Insured
,
Zero
Cpn.,
1/15/37
..............
41,250,000
25,041,118
Revenue
,
2013
A
,
Refunding
,
AGMC
Insured
,
Zero
Cpn.,
1/15/38
..............
77,650,000
44,801,317
Revenue
,
2013
A
,
Refunding
,
AGMC
Insured
,
Zero
Cpn.,
1/15/39
..............
56,100,000
30,706,638
Revenue
,
2013
A
,
Refunding
,
Zero
Cpn.,
1/15/42
..........................
130,000,000
58,385,197
Revenue,
Senior
Lien
,
1995
A
,
ETM,
Zero
Cpn.,
1/01/25
....................
20,660,000
20,237,689
Revenue,
Senior
Lien
,
1995
A
,
ETM,
Zero
Cpn.,
1/01/26
....................
23,475,000
22,243,422
Revenue,
Senior
Lien
,
1995
A
,
ETM,
Zero
Cpn.,
1/01/27
....................
15,000,000
13,750,225
Revenue,
Senior
Lien
,
1995
A
,
ETM,
Zero
Cpn.,
1/01/28
....................
2,000,000
1,776,420
Revenue,
Senior
Lien
,
1995
A
,
ETM,
Zero
Cpn.,
1/01/29
....................
35,310,000
30,386,956
Revenue,
Senior
Lien
,
2021
A
,
Refunding
,
4
%
,
1/15/46
.....................
17,500,000
16,587,545
Fowler
Unified
School
District
,
GO
,
2010
C
,
AGMC
Insured
,
Zero
Cpn.,
8/01/41
..........................
3,095,000
1,465,599
GO
,
2010
C
,
AGMC
Insured
,
Zero
Cpn.,
8/01/42
..........................
3,005,000
1,349,704
Fresno
Unified
School
District
,
GO
,
2020
B
,
5
%
,
8/01/46
............................................
2,635,000
2,785,813
GO
,
2020
B
,
4
%
,
8/01/48
............................................
3,205,000
3,164,159
GO
,
2020
B
,
4
%
,
8/01/52
............................................
6,585,000
6,410,245
GO
,
2020
B
,
4
%
,
8/01/55
............................................
4,000,000
3,867,861
Glendale
Community
College
District
,
GO
,
2003
C
,
NATL
Insured
,
Zero
Cpn.,
8/01/28
10,735,000
8,897,062
Glendora
Public
Finance
Authority
,
Glendora
Community
Redevelopment
Agency
,
Tax
Allocation
,
2003
A
,
NATL
Insured
,
5
%
,
9/01/24
............................
995,000
995,736
Golden
State
Tobacco
Securitization
Corp.
,
Revenue
,
2022
A-1
,
Refunding
,
5
%
,
6/01/51
.........................................................
21,350,000
21,962,487
Golden
Valley
Unified
School
District
Financing
Authority
,
Community
Facilities
District
No.
2017-1
,
Revenue
,
2021
A
,
4
%
,
9/01/46
........
250,000
211,434
Community
Facilities
District
No.
2017-1
,
Revenue
,
2021
A
,
4
%
,
9/01/51
........
500,000
406,332
Community
Facilities
District
No.
2017-1
,
Revenue
,
2021
A
,
4
%
,
9/01/56
........
745,000
593,081
Grossmont
Union
High
School
District
,
GO
,
2004
,
AGMC
Insured
,
Zero
Cpn.,
8/01/24
5,110,000
5,079,510
Grossmont-Cuyamaca
Community
College
District
,
GO
,
2018
B
,
4
%
,
8/01/47
......
10,000,000
9,896,521
Hacienda
La
Puente
Unified
School
District
,
GO
,
2017
A
,
4
%
,
8/01/47
............
655,000
638,618
Hartnell
Community
College
District
,
GO
,
2009
C
,
6.125
%
,
8/01/33
..............
20,000,000
23,948,728
Hawthorne
School
District
,
GO
,
2008
C
,
AGMC
Insured
,
Zero
Cpn.,
8/01/48
.......
37,665,000
11,471,475
Hemet
Unified
School
District
,
Community
Facilities
District
No.
2021-7
,
Special
Tax
,
2023
,
5
%
,
9/01/48
........
1,500,000
1,502,228
Community
Facilities
District
No.
2021-7
,
Special
Tax
,
2023
,
5
%
,
9/01/53
........
1,000,000
994,732
h
Community
Facilities
District
No.
2022-2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........
1,000,000
1,005,440
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)
Huntington
Beach
City
School
District
,
GO
,
2003
A
,
NATL
Insured
,
Zero
Cpn.,
8/01/28
$
10,005,000
$
8,372,943
Imperial
Irrigation
District
,
Electric
System
,
Revenue
,
2016
B-2
,
Refunding
,
5
%
,
11/01/27
........................................................
1,000,000
1,043,055
Independent
Cities
Finance
Authority
,
Augusta
Communities
LLC
,
Revenue
,
2022
A
,
Refunding
,
5.25
%
,
5/15/56
.......
4,000,000
4,128,194
g
City
of
Compton
Sales
Tax
,
Revenue
,
144A,
2021
,
AGMC
Insured
,
4
%
,
6/01/36
...
700,000
706,018
g
City
of
Compton
Sales
Tax
,
Revenue
,
144A,
2021
,
AGMC
Insured
,
4
%
,
6/01/41
...
900,000
896,805
g
City
of
Compton
Sales
Tax
,
Revenue
,
144A,
2021
,
AGMC
Insured
,
4
%
,
6/01/46
...
925,000
904,438
g
City
of
Compton
Sales
Tax
,
Revenue
,
144A,
2021
,
AGMC
Insured
,
4
%
,
6/01/51
...
1,250,000
1,190,876
Millennium
Housing
LLC
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
9/15/46
...........
1,000,000
737,952
Millennium
Housing
LLC
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
9/15/56
...........
2,000,000
1,314,928
Millennium
Housing
LLC
,
Revenue
,
2022
,
Refunding
,
4
%
,
9/15/42
.............
2,000,000
1,830,365
Millennium
Housing
LLC
,
Revenue
,
2022
,
Refunding
,
4.25
%
,
9/15/50
...........
2,000,000
1,800,700
Millennium
Housing
LLC
,
Revenue
,
2022
,
Refunding
,
5
%
,
9/15/50
.............
2,000,000
2,022,837
Irvine
Unified
School
District
,
Special
Tax
,
2020
A
,
4
%
,
9/01/40
......................................
2,945,000
2,733,027
Special
Tax
,
2020
A
,
4
%
,
9/01/44
......................................
6,215,000
5,573,942
Special
Tax
,
2020
A
,
BAM
Insured
,
4
%
,
9/01/50
...........................
7,960,000
7,556,693
Community
Facilities
District
No.
01-1
,
Special
Tax
,
2015
,
Refunding
,
BAM
Insured
,
5
%
,
9/01/38
....................................................
7,000,000
7,070,870
Community
Facilities
District
No.
09-1
,
Special
Tax
,
2017
D
,
5
%
,
3/01/57
........
10,940,000
11,036,699
Jefferson
Union
High
School
District
,
GO
,
2000
A
,
Refunding
,
NATL
Insured
,
6.45
%
,
8/01/25
.....................
805,000
822,281
GO
,
2000
A
,
Refunding
,
NATL
Insured
,
6.45
%
,
8/01/29
.....................
3,075,000
3,330,394
Jurupa
Community
Services
District
,
Community
Facilities
District
No.
52
,
Special
Tax
,
2021
A
,
4
%
,
9/01/39
..........
135,000
128,552
Community
Facilities
District
No.
52
,
Special
Tax
,
2021
A
,
4
%
,
9/01/40
..........
140,000
131,755
Community
Facilities
District
No.
52
,
Special
Tax
,
2021
A
,
4
%
,
9/01/50
..........
1,000,000
863,841
Community
Facilities
District
No.
54
,
Special
Tax
,
2021
A
,
4
%
,
9/01/46
..........
900,000
779,387
Community
Facilities
District
No.
54
,
Special
Tax
,
2021
A
,
4
%
,
9/01/51
..........
875,000
732,061
La
Mirada
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation
,
2010
A
,
Refunding
,
AGMC
Insured
,
5
%
,
8/15/28
.................................
1,855,000
1,857,655
Lake
Elsinore
Unified
School
District
,
Community
Facilities
District
No.
2006-3
Area
B
,
Special
Tax
,
2022
,
5
%
,
9/01/47
..
350,000
352,436
Community
Facilities
District
No.
2006-3
Area
B
,
Special
Tax
,
2022
,
5
%
,
9/01/52
..
500,000
498,768
Community
Facilities
District
No.
2017-2
,
Special
Tax
,
2024
,
5
%
,
9/01/49
........
1,250,000
1,243,576
Community
Facilities
District
No.
2017-2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........
850,000
840,696
Lakeside
Union
School
District
,
GO
,
2010
B
,
Zero
Cpn.,
8/01/45
................
11,540,000
4,307,939
Lammersville
Joint
Unified
School
District
,
GO
,
2016
A
,
4
%
,
8/01/46
.............
41,340,000
40,375,732
Lancaster
School
District
,
GO
,
2001
,
NATL
Insured
,
Zero
Cpn.,
8/01/25
.............................
5,495,000
5,248,489
GO
,
2001
,
NATL
Insured
,
Zero
Cpn.,
7/01/26
.............................
5,965,000
5,492,943
Lassen
Municipal
Utility
District
,
COP
,
2021
,
4
%
,
5/01/51
......................
3,000,000
2,591,444
Lawndale
Redevelopment
Agency
,
Tax
Allocation
,
2009
,
AGMC
Insured
,
5.5
%
,
8/01/39
........................
10,280,000
10,291,709
Tax
Allocation
,
2009
,
AGMC
Insured
,
5.5
%
,
8/01/44
........................
6,085,000
6,090,868
Lemon
Grove
School
District
,
GO
,
2010
B
,
AGMC
Insured
,
Zero
Cpn.,
8/01/50
.....
20,990,000
6,034,465
Lodi
Unified
School
District
,
GO
,
2017
,
4
%
,
8/01/41
..........................
15,000,000
14,916,052
Long
Beach
Bond
Finance
Authority
,
Revenue
,
2007
A
,
5.5
%
,
11/15/28
.....................................
8,000,000
8,334,006
Revenue
,
2007
A
,
5
%
,
11/15/29
.......................................
17,465,000
17,951,369
Revenue
,
2007
A
,
5.5
%
,
11/15/30
.....................................
5,000,000
5,306,308
Revenue
,
2007
A
,
5
%
,
11/15/35
.......................................
69,855,000
73,474,446
Revenue
,
2007
A
,
5.5
%
,
11/15/37
.....................................
35,000,000
38,833,329
Los
Angeles
Community
College
District
,
GO
,
2015
C
,
Refunding
,
5
%
,
8/01/25
...................................
5,890,000
6,003,220
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)
Los
Angeles
Community
College
District,
(continued)
GO
,
2016
,
Refunding
,
5
%
,
8/01/38
.....................................
$
10,000,000
$
10,313,950
GO
,
2016
D
,
5
%
,
8/01/25
............................................
6,620,000
6,747,252
Los
Angeles
County
Metropolitan
Transportation
Authority
,
Revenue
,
2021
A
,
5
%
,
6/01/26
........................................
4,000,000
4,137,673
Sales
Tax
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
6/01/35
.......................
17,655,000
18,181,062
Sales
Tax
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
6/01/37
.......................
10,970,000
11,279,524
Sales
Tax
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
6/01/38
.......................
7,705,000
7,911,137
Sales
Tax
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
6/01/39
.......................
5,000,000
5,129,261
Sales
Tax
,
Revenue
,
2017
A
,
5
%
,
7/01/38
...............................
10,455,000
10,904,675
Sales
Tax
,
Revenue
,
2017
A
,
5
%
,
7/01/39
...............................
7,860,000
8,196,267
Sales
Tax
,
Revenue
,
2017
A
,
5
%
,
7/01/41
...............................
12,350,000
12,869,989
Sales
Tax
,
Revenue
,
2017
A
,
5
%
,
7/01/42
...............................
26,910,000
28,005,065
Sales
Tax
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
6/01/32
.......................
6,700,000
7,424,476
Sales
Tax
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
6/01/35
.......................
18,960,000
20,981,034
Sales
Tax
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
6/01/36
.......................
5,375,000
5,933,324
Sales
Tax
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
6/01/37
.......................
10,330,000
11,370,967
Sales
Tax
,
Revenue
,
2021
A
,
5
%
,
6/01/24
...............................
5,500,000
5,500,000
Sales
Tax
,
Revenue,
Senior
Lien
,
2021
A
,
5
%
,
7/01/28
......................
3,830,000
4,111,599
Sales
Tax
,
Revenue,
Senior
Lien
,
2021
A
,
5
%
,
7/01/36
......................
2,500,000
2,809,083
Sales
Tax
,
Revenue,
Senior
Lien
,
2021
A
,
5
%
,
7/01/38
......................
3,875,000
4,312,909
Los
Angeles
County
Sanitation
Districts
Financing
Authority
,
Revenue
,
2022
A
,
5
%
,
10/01/25
.......................................
6,830,000
6,989,798
Los
Angeles
County
Sanitation
District
No.
20
,
Revenue
,
2016
A
,
Refunding
,
4
%
,
10/01/42
.......................................................
16,430,000
16,161,319
Los
Angeles
Department
of
Water
,
Water
System
,
Revenue
,
2020
C
,
Refunding
,
5
%
,
7/01/41
.........................................................
6,455,000
6,970,199
Los
Angeles
Department
of
Water
&
Power
,
Revenue
,
2014
D
,
5
%
,
7/01/44
........................................
43,985,000
43,992,552
Revenue
,
2014
D
,
Refunding
,
5
%
,
7/01/44
...............................
7,955,000
7,961,280
Power
System
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
7/01/35
...................
15,105,000
15,223,177
Power
System
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
7/01/36
...................
17,795,000
17,938,260
Power
System
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/46
...................
15,000,000
15,248,469
Power
System
,
Revenue
,
2016
B
,
5
%
,
7/01/35
............................
11,995,000
12,225,167
Power
System
,
Revenue
,
2017
A
,
5
%
,
7/01/42
............................
22,375,000
23,091,132
Power
System
,
Revenue
,
2017
A
,
5
%
,
7/01/47
............................
5,000,000
5,143,975
Power
System
,
Revenue
,
2017
C
,
5
%
,
7/01/47
............................
99,525,000
102,915,648
Power
System
,
Revenue
,
2018
D
,
Refunding
,
5
%
,
7/01/38
...................
8,960,000
9,482,743
Power
System
,
Revenue
,
2018
D
,
Refunding
,
5
%
,
7/01/39
...................
8,215,000
8,684,423
Power
System
,
Revenue
,
2019
A
,
5
%
,
7/01/45
............................
9,535,000
10,023,290
Power
System
,
Revenue
,
2019
A
,
5.25
%
,
7/01/49
.........................
12,555,000
13,266,649
Power
System
,
Revenue
,
2019
D
,
Refunding
,
5
%
,
7/01/44
...................
17,555,000
18,575,635
Power
System
,
Revenue
,
2020
B
,
Refunding
,
5
%
,
7/01/40
...................
9,020,000
9,788,143
Power
System
,
Revenue
,
2021
B
,
Refunding
,
5
%
,
7/01/48
...................
20,800,000
22,254,153
Power
System
,
Revenue
,
2021
C
,
5
%
,
7/01/45
............................
14,455,000
15,614,600
Power
System
,
Revenue
,
2022
A
,
5
%
,
7/01/51
............................
8,500,000
9,101,485
Power
System
,
Revenue
,
2022
C
,
Refunding
,
5
%
,
7/01/40
...................
6,000,000
6,621,649
Power
System
,
Revenue
,
2022
C
,
Refunding
,
5
%
,
7/01/41
...................
5,000,000
5,478,251
Power
System
,
Revenue
,
2022
C
,
Refunding
,
5
%
,
7/01/42
...................
6,250,000
6,844,791
Power
System
,
Revenue
,
2022
C
,
Refunding
,
5
%
,
7/01/43
...................
5,000,000
5,456,730
Power
System
,
Revenue
,
2023
A
,
Refunding
,
5
%
,
7/01/31
...................
10,000,000
11,258,271
Water
System
,
Revenue
,
2014
A
,
Refunding
,
5
%
,
7/01/44
...................
84,000,000
84,208,858
Water
System
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/41
...................
29,820,000
30,353,432
Water
System
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/46
...................
24,610,000
25,025,203
Water
System
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/41
...................
34,330,000
35,468,867
Water
System
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/44
...................
18,475,000
19,068,149
Water
System
,
Revenue
,
2018
A
,
5
%
,
7/01/25
............................
3,940,000
4,014,399
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)
Los
Angeles
Department
of
Water
&
Power,
(continued)
Water
System
,
Revenue
,
2018
A
,
5
%
,
7/01/43
............................
$
5,425,000
$
5,664,536
Water
System
,
Revenue
,
2018
B
,
Refunding
,
5
%
,
7/01/43
...................
8,380,000
8,798,023
Water
System
,
Revenue
,
2022
C
,
Refunding
,
5
%
,
7/01/41
...................
2,970,000
3,274,686
Los
Angeles
Unified
School
District
,
GO
,
2016
A
,
Refunding
,
5
%
,
7/01/26
...................................
4,000,000
4,066,659
GO
,
2017
A
,
Refunding
,
5
%
,
7/01/25
...................................
18,750,000
19,070,104
GO
,
2020
C
,
4
%
,
7/01/33
............................................
7,000,000
7,299,081
GO
,
2020
C
,
4
%
,
7/01/36
............................................
8,975,000
9,255,114
GO
,
2020
RYQ
,
4
%
,
7/01/44
.........................................
10,730,000
10,521,325
GO
,
2023
QRR
,
5.25
%
,
7/01/48
.......................................
25,000,000
27,783,453
Los
Gatos-Saratoga
Joint
High
School
District
,
GO
,
A
,
4
%
,
8/01/39
................................................
10,635,000
10,496,341
GO
,
A
,
4
%
,
8/01/44
................................................
6,090,000
6,001,225
Marin
Municipal
Water
District
,
Revenue
,
2022
,
Refunding
,
4
%
,
6/15/52
..........
27,295,000
26,723,658
Marina
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation
,
2023
A
,
5
%
,
9/01/43
....................................
1,000,000
1,014,031
Tax
Allocation
,
2023
B
,
5
%
,
9/01/43
....................................
2,100,000
2,110,988
Menifee
Union
School
District
,
Special
Tax
,
2023
,
5
%
,
9/01/48
.......................................
500,000
497,963
Special
Tax
,
2023
,
5
%
,
9/01/54
.......................................
1,230,000
1,207,204
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
5
,
Special
Tax
,
2021
,
4
%
,
9/01/45
....................................................
875,000
783,345
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
5
,
Special
Tax
,
2021
,
4
%
,
9/01/51
....................................................
1,825,000
1,577,395
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
6
,
Special
Tax
,
2021
,
4
%
,
9/01/26
....................................................
75,000
74,594
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
6
,
Special
Tax
,
2021
,
4
%
,
9/01/27
....................................................
140,000
139,127
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
6
,
Special
Tax
,
2021
,
4
%
,
9/01/28
....................................................
105,000
104,237
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
7
,
Special
Tax
,
2022
,
5
%
,
9/01/42
....................................................
1,000,000
1,013,015
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
7
,
Special
Tax
,
2022
,
5.125
%
,
9/01/47
.................................................
2,000,000
2,021,247
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
7
,
Special
Tax
,
2022
,
5.25
%
,
9/01/52
..................................................
2,000,000
2,024,401
Community
Facilities
District
No.
2019-2
,
Special
Tax
,
2021
,
4
%
,
9/01/35
........
200,000
194,849
Community
Facilities
District
No.
2019-2
,
Special
Tax
,
2021
,
4
%
,
9/01/44
........
565,000
502,684
Community
Facilities
District
No.
2019-2
,
Special
Tax
,
2021
,
4
%
,
9/01/51
........
675,000
571,751
Metropolitan
Water
District
of
Southern
California
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/01/25
...............................
10,000,000
10,188,831
Revenue
,
2020
A
,
5
%
,
10/01/45
.......................................
15,665,000
16,706,621
Revenue
,
2022
B
,
Refunding
,
3
%
,
7/01/28
...............................
20,000,000
19,514,396
Middle
Fork
Project
Finance
Authority
,
Revenue
,
2020
,
Refunding
,
5
%
,
4/01/30
.................................
2,505,000
2,611,671
Revenue
,
2020
,
Refunding
,
5
%
,
4/01/32
.................................
4,095,000
4,265,947
Revenue
,
2020
,
Refunding
,
5
%
,
4/01/34
.................................
1,150,000
1,197,136
Revenue
,
2020
,
Refunding
,
5
%
,
4/01/35
.................................
1,200,000
1,249,051
Revenue
,
2020
,
Refunding
,
5
%
,
4/01/36
.................................
4,980,000
5,175,369
Midpeninsula
Regional
Open
Space
District
,
Field
Employees
Corp.
,
GO
,
2018
,
4
%
,
9/01/48
.........................................................
11,220,000
11,111,261
Modesto
High
School
District
,
GO
,
2002
A
,
NATL
Insured
,
Zero
Cpn.,
5/01/27
......
12,770,000
11,482,359
Monterey
Peninsula
Unified
School
District
,
GO
,
2016
C
,
Refunding
,
5
%
,
8/01/41
...
11,190,000
11,475,599
Moorpark
Unified
School
District
,
GO
,
2009
A
,
AGMC
Insured
,
Zero
Cpn.,
8/01/32
...
5,870,000
4,270,990
Moreno
Valley
Unified
School
District
,
GO
,
2004
A
,
AGMC
Insured
,
ETM,
Zero
Cpn.,
8/01/27
......................
6,315,000
5,657,310
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)
Moreno
Valley
Unified
School
District,
(continued)
GO
,
2004
A
,
AGMC
Insured
,
ETM,
Zero
Cpn.,
8/01/28
......................
$
6,625,000
$
5,743,168
GO
,
2018
B
,
AGMC
Insured
,
5
%
,
8/01/47
................................
6,075,000
6,335,599
Mount
Diablo
Unified
School
District
,
GO
,
2022
B
,
Refunding
,
4
%
,
8/01/25
...................................
3,100,000
3,119,653
GO
,
B
,
4
%
,
8/01/24
................................................
1,425,000
1,425,399
Mount
San
Antonio
Community
College
District
,
GO
,
2013
A
,
Zero
Cpn.,
8/01/43
....
55,000,000
52,628,130
M-S-R
Energy
Authority
,
Revenue
,
2009
B
,
6.5
%
,
11/01/39
....................
25,000,000
30,944,582
Murrieta
Valley
Unified
School
District
,
Community
Facilities
District
No.
2018-1
,
Special
Tax
,
2021
,
4
%
,
9/01/24
........
60,000
59,885
Community
Facilities
District
No.
2018-1
,
Special
Tax
,
2021
,
4
%
,
9/01/44
........
500,000
431,181
Community
Facilities
District
No.
2018-1
,
Special
Tax
,
2021
,
4
%
,
9/01/51
........
1,000,000
819,447
Newport
Mesa
Unified
School
District
,
GO
,
2011
,
6.3
%
,
8/01/42
................
20,000,000
23,455,538
Norman
Y
Mineta
San
Jose
International
Airport
SJC
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
3/01/36
...............................
4,590,000
4,693,626
Revenue
,
2017
A
,
Refunding
,
5
%
,
3/01/37
...............................
4,475,000
4,568,487
Revenue
,
2017
A
,
Refunding
,
5
%
,
3/01/41
...............................
12,685,000
12,849,789
Revenue
,
2017
B
,
Refunding
,
5
%
,
3/01/47
...............................
10,000,000
10,245,042
Revenue
,
2021
A
,
Refunding
,
5
%
,
3/01/32
...............................
1,800,000
1,921,382
Revenue
,
2021
B
,
Refunding
,
5
%
,
3/01/29
...............................
500,000
542,581
Revenue
,
2021
B
,
Refunding
,
5
%
,
3/01/30
...............................
600,000
660,511
Oceanside
Unified
School
District
,
GO
,
2010
B
,
AGMC
Insured
,
Zero
Cpn.,
8/01/38
...........................
10,590,000
5,882,713
GO
,
2010
B
,
AGMC
Insured
,
Zero
Cpn.,
8/01/39
...........................
7,860,000
4,131,425
GO
,
2015
,
Refunding
,
5
%
,
8/01/48
.....................................
12,000,000
12,135,114
GO
,
2022
,
Refunding
,
5
%
,
8/01/39
.....................................
1,005,000
1,113,845
GO
,
G
,
5
%
,
8/01/40
................................................
1,020,000
1,125,468
GO
,
G
,
5
%
,
8/01/43
................................................
1,000,000
1,091,627
Orange
County
Community
Facilities
District
,
Community
Facilities
District
No.
2023-1
,
Special
Tax
,
2023
A
,
5.5
%
,
8/15/48
.....
1,550,000
1,585,953
Community
Facilities
District
No.
2023-1
,
Special
Tax
,
2023
A
,
5.5
%
,
8/15/53
.....
1,200,000
1,222,085
Community
Facilities
District
No.
2023-1
,
Special
Tax
,
2023
A
,
5.75
%
,
8/15/53
....
1,085,000
1,111,827
Orange
County
Sanitation
District
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
2/01/36
......
8,350,000
8,366,195
Orange
County
Water
District
,
COP
,
2003
B
,
NATL
Insured
,
ETM,
5
%
,
8/15/28
...........................
13,740,000
14,221,103
COP
,
2003
B
,
NATL
Insured
,
ETM,
5
%
,
8/15/34
...........................
3,305,000
3,611,279
COP
,
2003
B
,
Pre-Refunded
,
NATL
Insured
,
5
%
,
8/15/34
....................
4,140,000
4,694,326
Palomar
Community
College
District
,
GO
,
2010
B
,
Zero
Cpn.,
8/01/39
............
69,410,000
78,809,280
Palomar
Health
,
Obligated
Group
,
GO
,
2009
A
,
AGMC
Insured
,
7
%
,
8/01/38
..................
36,000,000
40,722,361
Obligated
Group
,
GO
,
2010
A
,
6.75
%
,
8/01/40
............................
60,000,000
67,480,818
Palomar
Health
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
AGMC
Insured
,
5
%
,
11/01/47
.......................................................
35,000,000
35,673,488
Panoche
Financing
Authority
,
Panoche
Water
District
,
Revenue
,
2021
A
,
4
%
,
9/01/43
.....................
1,120,000
1,009,382
Panoche
Water
District
,
Revenue
,
2021
A
,
4
%
,
9/01/51
.....................
6,070,000
5,066,383
Panoche
Water
District
,
Revenue
,
2021
B
,
1.408
%
,
9/01/24
..................
125,000
123,764
Panoche
Water
District
,
Revenue
,
2021
B
,
1.553
%
,
9/01/25
..................
130,000
123,991
Panoche
Water
District
,
Revenue
,
2021
B
,
2.006
%
,
9/01/27
..................
395,000
358,436
Panoche
Water
District
,
Revenue
,
2021
B
,
2.456
%
,
9/01/29
..................
415,000
363,596
Panoche
Water
District
,
Revenue
,
2021
B
,
2.756
%
,
9/01/31
..................
435,000
367,939
Panoche
Water
District
,
Revenue
,
2021
B
,
3.106
%
,
9/01/35
..................
880,000
711,054
Panoche
Water
District
,
Revenue
,
2021
B
,
3.571
%
,
9/01/40
..................
1,155,000
896,040
Patterson
Joint
Unified
School
District
,
GO
,
2001
A
,
NATL
Insured
,
Zero
Cpn.,
8/01/24
...........................
2,075,000
2,061,662
GO
,
2001
A
,
NATL
Insured
,
Zero
Cpn.,
8/01/25
...........................
2,170,000
2,072,888
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)
Patterson
Joint
Unified
School
District,
(continued)
GO
,
2001
A
,
NATL
Insured
,
Zero
Cpn.,
8/01/26
...........................
$
2,265,000
$
2,080,555
Perris
Joint
Powers
Authority
,
Community
Facilities
District
No.
2007-2
,
Special
Tax
,
2021
,
4
%
,
9/01/43
........
1,445,000
1,292,217
Community
Facilities
District
No.
2007-2
,
Special
Tax
,
2021
,
4
%
,
9/01/48
........
1,250,000
1,075,627
Community
Facilities
District
No.
2018-1
Improvement
Area
No.
1
,
Special
Tax
,
2020
,
4
%
,
9/01/50
....................................................
1,125,000
952,075
Perris
Union
High
School
District
,
COP
,
2019
,
Refunding
,
BAM
Insured
,
5
%
,
10/01/48
........................
10,000,000
10,456,630
GO
,
2019
A
,
AGMC
Insured
,
4
%
,
9/01/43
................................
5,540,000
5,540,067
Pittsburg
Unified
School
District
,
GO
,
2016
,
Refunding
,
4
%
,
8/01/44
.............
11,000,000
10,600,573
Placentia-Yorba
Linda
Unified
School
District
,
GO
,
2008
D
,
Zero
Cpn.,
8/01/43
.......................................
27,955,000
12,271,406
GO
,
2008
D
,
Zero
Cpn.,
8/01/46
.......................................
89,200,000
32,368,129
GO
,
2008
D
,
Zero
Cpn.,
8/01/49
.......................................
85,000,000
26,479,464
Port
of
Los
Angeles
,
Revenue
,
2014
B
,
Refunding
,
5
%
,
8/01/44
.................
10,300,000
10,307,512
Port
of
Oakland
,
Revenue
,
2021
H
,
Refunding
,
5
%
,
11/01/29
...................
2,000,000
2,111,306
Poway
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation
,
2015
A
,
Refunding
,
5
%
,
12/15/31
..........................
10,180,000
11,234,290
Tax
Allocation
,
2015
A
,
Refunding
,
5
%
,
12/15/32
..........................
11,215,000
12,513,155
Tax
Allocation
,
2015
A
,
Refunding
,
5
%
,
6/15/33
...........................
5,835,000
6,630,493
Poway
Unified
School
District
,
Community
Facilities
District
No.
16
Area
A
,
Special
Tax
2020
,
AGMC
Insured
,
4
%
,
9/01/50
........................................................
7,500,000
7,181,809
Facilities
Improvement
District
No.
2007-1
,
GO
,
B
,
Zero
Cpn.,
8/01/46
..........
45,000,000
15,771,100
Rancho
Mirage
Community
Facilities
District
,
City
of
Rancho
Mirage
Community
Facilities
District
No.
4C
,
Special
Tax
,
2022
,
5
%
,
9/01/42
........................................................
300,000
305,030
City
of
Rancho
Mirage
Community
Facilities
District
No.
4C
,
Special
Tax
,
2022
,
5
%
,
9/01/47
........................................................
500,000
504,626
City
of
Rancho
Mirage
Community
Facilities
District
No.
4C
,
Special
Tax
,
2022
,
5
%
,
9/01/53
........................................................
1,000,000
1,001,831
Regents
of
the
University
of
California
,
Medical
Center
,
Revenue
,
2016
L
,
Refunding
,
5
%
,
5/15/47
...................
39,575,000
40,306,837
Medical
Center
,
Revenue
,
2022
P
,
5
%
,
5/15/47
...........................
116,410,000
125,224,425
Medical
Center
,
Revenue
,
2022
P
,
4
%
,
5/15/53
...........................
84,305,000
80,228,297
Regents
of
the
University
of
California
Medical
Center
,
Medical
Center
,
Revenue
,
2016
L
,
Refunding
,
5
%
,
5/15/41
...........................................
10,000,000
10,255,937
Rialto
Unified
School
District
,
GO
,
2011
A
,
AGMC
Insured
,
Zero
Cpn.,
8/01/41
......
27,000,000
31,366,035
Rio
Hondo
Community
College
District
,
GO
,
2010
C
,
Zero
Cpn.,
8/01/35
..........
10,000,000
6,539,104
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
4,308,153
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
6,003,360
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
11,819,272
Riverside
County
Asset
Leasing
Corp.
,
County
of
Riverside
,
Revenue
,
1997
A
,
NATL
Insured
,
Zero
Cpn.,
6/01/24
..........................................
13,005,000
13,005,000
Riverside
County
Transportation
Commission
,
Sales
Tax
,
Revenue
,
2017
B
,
Refunding
,
5
%
,
6/01/31
......................................................
3,685,000
3,883,667
Riverside
Unified
School
District
,
Community
Facilities
District
No.
19
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/39
........................................................
375,000
384,918
Community
Facilities
District
No.
19
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/44
........................................................
700,000
710,206
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)
Riverside
Unified
School
District,
(continued)
Community
Facilities
District
No.
19
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/49
........................................................
$
1,050,000
$
1,051,796
Community
Facilities
District
No.
19
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........................................................
1,270,000
1,252,231
Community
Facilities
District
No.
19
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/44
........................................................
480,000
488,793
Community
Facilities
District
No.
19
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/49
........................................................
730,000
733,936
Community
Facilities
District
No.
19
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........................................................
775,000
768,888
Community
Facilities
District
No.
37
,
Special
Tax
,
2023
A
,
5
%
,
9/01/47
..........
1,150,000
1,152,590
Community
Facilities
District
No.
37
,
Special
Tax
,
2023
A
,
5
%
,
9/01/52
..........
2,135,000
2,123,351
g
RMA
Capital
Series
Trust
,
Revenue
,
144A,
2022-1
,
A
,
5.67
%
,
8/01/58
............
15,491,000
14,771,133
RNR
School
Financing
Authority
,
Community
Facilities
District
No.
92-1
,
Special
Tax
,
2015
A
,
Refunding
,
BAM
Insured
,
5
%
,
9/01/36
............................
11,145,000
11,321,116
Rocklin
Unified
School
District
,
GO
,
2003
,
NATL
Insured
,
Zero
Cpn.,
8/01/25
.............................
8,160,000
7,817,943
GO
,
2003
,
NATL
Insured
,
Zero
Cpn.,
8/01/26
.............................
8,695,000
8,031,098
GO
,
2003
,
NATL
Insured
,
Zero
Cpn.,
8/01/27
.............................
9,080,000
8,074,548
GO
,
2003
,
NATL
Insured
,
Zero
Cpn.,
8/01/28
.............................
16,615,000
14,240,175
Rohnert
Park
Community
Development
Commission
Successor
Agency
,
Tax
Allocation
,
2007
R
,
NATL
Insured
,
ETM,
5
%
,
8/01/37
...............................
1,380,000
1,442,792
Romoland
School
District
,
Community
Facilities
District
No.
2016-1
,
Special
Tax
,
2023
,
5
%
,
9/01/43
........
750,000
772,281
Community
Facilities
District
No.
2016-1
,
Special
Tax
,
2023
,
5
%
,
9/01/48
........
1,000,000
1,014,067
Community
Facilities
District
No.
2016-1
,
Special
Tax
,
2023
,
5
%
,
9/01/53
........
1,500,000
1,511,587
Community
Facilities
District
No.
2016-2
,
Special
Tax
,
2022
,
4.5
%
,
9/01/42
.......
360,000
349,681
Community
Facilities
District
No.
2016-2
,
Special
Tax
,
2022
,
4.625
%
,
9/01/47
.....
750,000
719,986
Community
Facilities
District
No.
2016-2
,
Special
Tax
,
2022
,
4.75
%
,
9/01/52
......
1,000,000
958,541
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
1
,
Special
Tax
,
2022
,
5
%
,
9/01/42
....................................................
750,000
770,554
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
1
,
Special
Tax
,
2022
,
5.125
%
,
9/01/47
.................................................
1,200,000
1,226,597
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
1
,
Special
Tax
,
2022
,
5.25
%
,
9/01/53
..................................................
2,500,000
2,554,467
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
2
,
Special
Tax
,
2023
,
5
%
,
9/01/46
....................................................
370,000
376,686
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
2
,
Special
Tax
,
2023
,
5
%
,
9/01/54
....................................................
1,600,000
1,611,584
h
Community
Facilities
District
No.
2020-1
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........
1,000,000
1,015,862
Community
Facilities
District
No.
91-1
,
Special
Tax
,
2022
,
3.75
%
,
9/01/42
........
1,695,000
1,437,673
Community
Facilities
District
No.
91-1
,
Special
Tax
,
2022
,
4
%
,
9/01/46
..........
5,085,000
4,471,941
Roseville
Natural
Gas
Financing
Authority
,
Revenue
,
2007
,
5
%
,
2/15/26
..........
5,000,000
5,046,209
Sacramento
Area
Flood
Control
Agency
,
Consolidated
Capital
Assessment
District
No.
2
,
Special
Assessment
,
2016
A
,
Refunding
,
5
%
,
10/01/41
...........................................
13,740,000
14,108,012
Consolidated
Capital
Assessment
District
No.
2
,
Special
Assessment
,
2016
A
,
Refunding
,
5
%
,
10/01/43
...........................................
20,000,000
20,496,836
Sacramento
City
Unified
School
District
,
GO
,
2017
E
,
4
%
,
5/01/47
...............
20,000,000
18,980,738
Sacramento
County
Sanitation
Districts
Financing
Authority
,
Sacramento
Regional
County
Sanitation
District
,
Revenue
,
2014
A
,
Refunding
,
5
%
,
12/01/44
.......................................................
25,000,000
25,001,920
Sacramento
Regional
County
Sanitation
District
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/27
.......................................................
2,960,000
3,157,567
Sacramento
County
Water
Financing
Authority
,
Sacramento
County
Water
Agency
,
Revenue
,
2019
,
Refunding
,
5
%
,
6/01/27
.....
2,000,000
2,105,116
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)
Sacramento
County
Water
Financing
Authority,
(continued)
Sacramento
County
Water
Agency
,
Revenue
,
2022
A
,
4
%
,
11/01/25
............
$
27,060,000
$
27,298,661
Sacramento
Municipal
Utility
District
,
Revenue
,
2021
I
,
Refunding
,
5
%
,
8/15/25
................................
3,500,000
3,572,089
Revenue
,
2022
J
,
Refunding
,
5
%
,
8/15/26
...............................
2,615,000
2,713,174
Sacramento
Transportation
Authority
,
Sales
Tax
,
Revenue
,
2023
,
Refunding
,
5
%
,
10/01/37
........................................................
2,500,000
2,866,674
San
Bernardino
Community
College
District
,
GO
,
2009
B
,
Zero
Cpn.,
8/01/48
......
66,390,000
22,217,168
San
Diego
Community
College
District
,
GO
,
2009
B
,
Pre-Refunded
,
6
%
,
8/01/33
....
26,880,000
29,268,374
San
Diego
County
Regional
Airport
Authority
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/47
...............................
5,000,000
5,136,689
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/01/44
...............................
4,000,000
4,213,637
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/01/49
...............................
5,000,000
5,216,897
Revenue
,
2019
B
,
Refunding
,
4
%
,
7/01/44
...............................
5,000,000
4,670,493
Revenue
,
2021
A
,
5
%
,
7/01/56
........................................
7,500,000
7,872,902
Revenue
,
2021
B
,
5
%
,
7/01/33
........................................
4,000,000
4,280,832
Revenue
,
2021
B
,
4
%
,
7/01/36
........................................
3,610,000
3,577,607
Special
Facilities
,
Revenue
,
2014
A
,
5
%
,
7/01/44
..........................
5,645,000
5,647,255
San
Diego
County
Regional
Transportation
Commission
,
Revenue
,
2016
A
,
5
%
,
4/01/48
.........................................................
25,000,000
25,522,210
San
Diego
County
Water
Authority
,
Revenue,
Sub.
Lien
,
2021
S-1
,
Refunding
,
5
%
,
5/01/28
......................................................
2,335,000
2,491,356
San
Diego
Unified
School
District
,
GO
,
2010
C
,
Zero
Cpn.,
7/01/48
.......................................
29,840,000
26,959,897
GO
,
2012
E
,
Zero
Cpn.,
7/01/47
.......................................
74,270,000
56,118,694
GO
,
2019
L
,
4
%
,
7/01/49
............................................
30,000
29,686
GO
,
2023
ZR-4B
,
Refunding
,
5
%
,
7/01/40
...............................
62,225,000
70,176,714
GO
,
2023
ZR-4B
,
Refunding
,
5
%
,
7/01/45
...............................
31,605,000
34,618,015
GO
,
R-2
,
Refunding
,
Zero
Cpn.,
7/01/40
.................................
79,760,000
75,894,847
San
Francisco
Bay
Area
Rapid
Transit
District
,
GO
,
2017
A-1
,
5
%
,
8/01/47
..........................................
11,480,000
11,847,241
GO
,
2020
C-1
,
4
%
,
8/01/33
..........................................
1,560,000
1,621,762
GO
,
2022
D-1
,
5
%
,
8/01/39
..........................................
1,500,000
1,681,442
GO
,
2022
D-1
,
3
%
,
8/01/41
..........................................
23,605,000
20,329,872
GO
,
2022
D-1
,
3
%
,
8/01/42
..........................................
20,000,000
17,024,012
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
,
Revenue
,
2016
B
,
5
%
,
5/01/41
........................................
65,645,000
66,154,622
Revenue
,
2016
B
,
5
%
,
5/01/46
........................................
28,825,000
28,909,506
Revenue
,
2016
C
,
5
%
,
5/01/46
........................................
67,880,000
68,995,601
Revenue
,
2019
A
,
Refunding
,
5
%
,
5/01/44
...............................
30,720,000
31,427,113
Revenue
,
2019
A
,
Refunding
,
5
%
,
5/01/49
...............................
8,000,000
8,143,966
Revenue,
Second
Series
,
2014
B
,
Refunding
,
5
%
,
5/01/44
...................
31,000,000
31,085,126
Revenue,
Second
Series
,
2017
A
,
5
%
,
5/01/42
............................
48,155,000
48,834,871
Revenue,
Second
Series
,
2017
A
,
5
%
,
5/01/47
............................
28,625,000
28,881,846
Revenue,
Second
Series
,
2017
B
,
5
%
,
5/01/47
............................
200,000
205,797
Revenue,
Second
Series
,
2018
D
,
5
%
,
5/01/43
...........................
106,295,000
108,059,614
Revenue,
Second
Series
,
2018
D
,
5
%
,
5/01/48
...........................
33,675,000
33,972,394
Revenue,
Second
Series
,
2018
D
,
Pre-Refunded
,
5
%
,
5/01/48
................
25,000
25,890
Revenue,
Second
Series
,
2018
D
,
5.25
%
,
5/01/48
.........................
40,145,000
41,213,981
Revenue,
Second
Series
,
2018
E
,
5
%
,
5/01/48
............................
52,245,000
54,177,339
Revenue,
Second
Series
,
2019
B
,
5
%
,
5/01/49
............................
10,700,000
11,174,556
Revenue,
Second
Series
,
2019
E
,
5
%
,
5/01/45
............................
33,570,000
34,299,748
Revenue,
Second
Series
,
2019
E
,
5
%
,
5/01/50
............................
5,000,000
5,086,816
Revenue,
Second
Series
,
2021
A
,
Refunding
,
5
%
,
5/01/31
...................
1,405,000
1,502,798
Revenue,
Second
Series
,
2021
A
,
Refunding
,
5
%
,
5/01/34
...................
5,000,000
5,349,319
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)
San
Francisco
City
&
County
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation,
Third
Lien
,
2017
B
,
AGMC
Insured
,
5
%
,
8/01/46
..................
$
10,000,000
$
10,334,617
San
Francisco
Unified
School
District
,
GO
,
2022
C
,
5
%
,
6/15/35
................
6,640,000
7,327,889
San
Gabriel
Unified
School
District
,
GO
,
2002
A
,
AGMC
Insured
,
Zero
Cpn.,
8/01/26
...........................
3,530,000
3,257,703
GO
,
2002
A
,
AGMC
Insured
,
Zero
Cpn.,
2/01/27
...........................
1,850,000
1,675,431
San
Jacinto
Unified
School
District
,
Community
Facilities
District
No.
2003-1
,
Special
Tax
,
2022
,
4
%
,
9/01/50
........
875,000
727,697
Community
Facilities
District
No.
2022-1
Improvement
Area
No.
1
,
Special
Tax
,
2023
,
5.25
%
,
9/01/54
..................................................
1,000,000
1,022,657
San
Joaquin
Hills
Transportation
Corridor
Agency
,
Revenue
,
1997
A
,
Refunding
,
5.9
%
,
1/15/38
..............................
106,465,000
132,693,654
Revenue
,
1997
A
,
Refunding
,
5.95
%
,
1/15/40
.............................
142,645,000
178,993,228
Revenue
,
1997
A
,
Refunding
,
6
%
,
1/15/43
...............................
161,250,000
204,750,945
Revenue
,
1997
A
,
Refunding
,
6
%
,
1/15/45
...............................
143,336,000
182,362,996
Revenue
,
1997
A
,
Refunding
,
6
%
,
1/15/46
...............................
143,336,000
182,725,421
Revenue
,
1997
A
,
Refunding
,
NATL
Insured
,
Zero
Cpn.,
1/15/26
...............
13,155,000
12,352,420
Revenue,
Senior
Lien
,
1993
,
ETM,
Zero
Cpn.,
1/01/25
......................
5,700,000
5,583,486
Revenue,
Senior
Lien
,
1993
,
ETM,
Zero
Cpn.,
1/01/28
......................
33,545,000
29,795,001
Revenue,
Senior
Lien
,
1993
,
ETM,
Zero
Cpn.,
1/01/29
......................
37,050,000
31,884,359
Revenue,
Senior
Lien
,
2021
A
,
Refunding
,
AGMC
Insured
,
4
%
,
1/15/44
.........
130,746,000
130,896,083
Revenue,
Senior
Lien
,
2021
A
,
Refunding
,
AGMC
Insured
,
4
%
,
1/15/50
.........
191,775,000
186,960,220
San
Jose
Unified
School
District
,
COP
,
2002
,
AGMC
Insured
,
ETM,
Zero
Cpn.,
1/01/27
.......................
7,105,000
6,488,317
COP
,
2002
,
AGMC
Insured
,
ETM,
Zero
Cpn.,
1/01/29
.......................
7,105,000
6,059,600
San
Juan
Unified
School
District
,
GO
,
2003
B
,
NATL
Insured
,
Zero
Cpn.,
8/01/26
...........................
11,360,000
10,332,699
GO
,
2003
B
,
NATL
Insured
,
Zero
Cpn.,
8/01/27
...........................
18,605,000
16,555,092
GO
,
2003
B
,
NATL
Insured
,
Zero
Cpn.,
8/01/28
...........................
19,470,000
16,693,921
San
Luis
Obispo
County
Financing
Authority
,
Revenue
,
2015
A
,
Refunding
,
BAM
Insured
,
5
%
,
9/01/37
...............................................
10,000,000
10,154,746
San
Marino
Unified
School
District
,
GO
,
2000
A
,
NATL
Insured
,
Zero
Cpn.,
7/01/25
..
6,080,000
5,854,105
San
Mateo
Foster
City
Public
Financing
Authority
,
Estero
Municipal
Improvement
District
,
Revenue
,
2021
A
,
ETM,
5
%
,
8/01/25
.............................
10,545,000
10,735,614
San
Rafael
City
High
School
District
,
GO
,
2018
B
,
4
%
,
8/01/47
.................
17,060,000
16,908,751
Sanger
Unified
School
District
,
GO
,
A
,
BAM
Insured
,
4
%
,
8/01/41
...............
10,000,000
9,944,035
Santa
Cruz
County
Redevelopment
Successor
Agency
,
Tax
Allocation
,
2015
A
,
Refunding
,
AGMC
Insured
,
5
%
,
9/01/35
.................................
20,000,000
20,358,570
School
Facilities
Financing
Authority
,
Twin
Rivers
Unified
School
District
,
Revenue
,
A
,
AGMC
Insured
,
Zero
Cpn.,
8/01/42
....................................
49,000,000
21,305,269
Semitropic
Improvement
District
of
the
Semitropic
Water
Storage
District
,
Revenue,
Second
Lien
,
2015
A
,
Refunding
,
AGMC
Insured
,
5
%
,
12/01/45
...............
10,000,000
10,152,651
Southern
California
Public
Power
Authority
,
Revenue
,
2007
A
,
5.25
%
,
11/01/27
.....................................
9,855,000
10,108,325
Revenue
,
2007
A
,
5
%
,
11/01/33
.......................................
17,500,000
18,019,053
Los
Angeles
Department
of
Water
&
Power
Power
System
,
Revenue
,
2023-1
A
,
5.25
%
,
7/01/53
..................................................
28,975,000
32,117,768
Southern
Mono
Health
Care
District
,
GO
,
A
,
NATL
Insured
,
Zero
Cpn.,
8/01/28
................................
2,340,000
1,984,365
GO
,
A
,
NATL
Insured
,
Zero
Cpn.,
8/01/29
................................
2,440,000
1,989,064
GO
,
A
,
NATL
Insured
,
Zero
Cpn.,
8/01/30
................................
2,550,000
1,997,389
GO
,
A
,
NATL
Insured
,
Zero
Cpn.,
8/01/31
................................
2,660,000
1,999,339
State
of
California
,
GO
,
NATL
Insured
,
6
%
,
8/01/24
.......................................
255,000
255,790
GO
,
5.625
%
,
9/01/24
...............................................
90,000
90,354
GO
,
Refunding
,
4
%
,
10/01/24
.........................................
5,685,000
5,686,300
GO
,
Refunding
,
4
%
,
11/01/24
.........................................
11,655,000
11,670,521
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)
State
of
California,
(continued)
GO
,
5
%
,
11/01/24
.................................................
$
5,000,000
$
5,026,843
GO
,
4
%
,
12/01/24
.................................................
3,500,000
3,507,180
GO
,
5
%
,
3/01/25
..................................................
10,000,000
10,110,118
GO
,
AMBAC
Insured
,
5.9
%
,
3/01/25
....................................
35,000
35,188
GO
,
Refunding
,
5
%
,
4/01/25
.........................................
25,625,000
25,947,898
GO
,
Refunding
,
5
%
,
11/01/25
.........................................
39,975,000
40,871,667
GO
,
Refunding
,
5
%
,
12/01/25
.........................................
2,375,000
2,431,623
GO
,
5
%
,
4/01/27
..................................................
4,000,000
4,180,710
GO
,
Refunding
,
5
%
,
4/01/28
.........................................
2,930,000
3,111,950
GO
,
Refunding
,
5
%
,
8/01/28
.........................................
12,020,000
12,568,370
GO
,
Refunding
,
5
%
,
9/01/30
.........................................
5,000,000
5,517,213
GO
,
Refunding
,
5
%
,
11/01/30
.........................................
5,320,000
5,884,319
GO
,
5.75
%
,
10/01/31
...............................................
28,805,000
30,048,595
GO
,
Refunding
,
5
%
,
10/01/32
.........................................
4,125,000
4,474,260
GO
,
5
%
,
4/01/33
..................................................
5,000,000
5,379,486
GO
,
Refunding
,
5
%
,
3/01/35
.........................................
56,185,000
61,294,801
GO
,
Refunding
,
5
%
,
9/01/35
.........................................
9,000,000
9,280,531
GO
,
Refunding
,
4
%
,
3/01/37
.........................................
10,000,000
10,271,459
GO
,
Refunding
,
5
%
,
8/01/37
.........................................
2,900,000
3,074,275
GO
,
5
%
,
10/01/39
.................................................
13,340,000
13,375,893
GO
,
5
%
,
10/01/39
.................................................
15,000,000
15,342,441
GO
,
5
%
,
10/01/44
.................................................
1,660,000
1,663,110
GO
,
5
%
,
3/01/45
..................................................
17,500,000
17,619,521
GO
,
5
%
,
8/01/45
..................................................
10,085,000
10,191,967
GO
,
5
%
,
9/01/45
..................................................
5,000,000
5,123,212
GO
,
5
%
,
8/01/46
..................................................
57,200,000
58,518,626
GO
,
5
%
,
9/01/46
..................................................
8,930,000
9,143,415
GO
,
5
%
,
10/01/47
.................................................
11,000,000
11,211,809
GO
,
5
%
,
10/01/48
.................................................
5,000,000
5,223,154
GO
,
1996
,
FGIC
Insured
,
5.375
%
,
6/01/26
...............................
800,000
805,936
GO
,
1997
,
NATL,
FGIC
Insured
,
5.625
%
,
10/01/26
.........................
5,005,000
5,034,264
GO
,
2004
,
5.2
%
,
4/01/26
............................................
20,000
20,017
GO
,
2017
,
5
%
,
11/01/27
.............................................
2,380,000
2,511,148
GO
,
2017
,
5
%
,
11/01/47
.............................................
23,370,000
24,163,804
GO
,
2022
,
Refunding
,
5
%
,
4/01/35
.....................................
12,985,000
13,802,793
GO
,
2022
,
Refunding
,
5
%
,
4/01/35
.....................................
38,600,000
43,430,431
Stockton
Community
Facilities
District
,
City
of
Stockton
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
5
%
,
9/01/39
......................................
370,000
375,191
City
of
Stockton
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
5
%
,
9/01/44
......................................
380,000
377,491
City
of
Stockton
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
5
%
,
9/01/49
......................................
525,000
515,676
City
of
Stockton
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
5
%
,
9/01/54
......................................
650,000
637,953
Sulphur
Springs
Union
School
District
,
COP
,
2010
,
AGMC
Insured
,
ETM,
6.5
%
,
12/01/37
..........................
275,000
278,619
COP
,
2010
,
AGMC
Insured
,
6.5
%
,
12/01/37
..............................
1,695,000
1,770,806
COP
,
2010
,
Pre-Refunded
,
AGMC
Insured
,
6.5
%
,
12/01/37
..................
9,695,000
10,121,963
Temecula
Public
Financing
Authority
,
Community
Facilities
District
No.
20-01
,
Special
Tax
,
2024
,
5
%
,
9/01/39
.........
330,000
345,295
Community
Facilities
District
No.
20-01
,
Special
Tax
,
2024
,
5
%
,
9/01/44
.........
925,000
946,116
Community
Facilities
District
No.
20-01
,
Special
Tax
,
2024
,
5
%
,
9/01/49
.........
975,000
988,939
Community
Facilities
District
No.
20-01
,
Special
Tax
,
2024
,
5
%
,
9/01/54
.........
900,000
905,850
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)
Temescal
Valley
Water
District
,
Community
Facilities
District
No.
4
Terramor
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/36
................................................
$
930,000
$
887,642
Community
Facilities
District
No.
4
Terramor
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/41
................................................
785,000
712,816
Community
Facilities
District
No.
4
Terramor
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/46
................................................
1,040,000
909,495
Community
Facilities
District
No.
4
Terramor
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/51
................................................
930,000
787,745
Three
Rivers
Levee
Improvement
Authority
,
Special
Tax
,
2021
A
,
Refunding
,
3
%
,
9/01/24
.............................
245,000
243,212
Special
Tax
,
2021
A
,
Refunding
,
4
%
,
9/01/25
.............................
280,000
278,345
Special
Tax
,
2021
A
,
Refunding
,
4
%
,
9/01/36
.............................
2,025,000
1,912,659
Special
Tax
,
2021
A
,
Refunding
,
4
%
,
9/01/41
.............................
1,895,000
1,710,404
Special
Tax
,
2021
A
,
Refunding
,
4
%
,
9/01/46
.............................
2,700,000
2,280,324
Special
Tax
,
2021
A
,
Refunding
,
4
%
,
9/01/51
.............................
5,065,000
4,160,301
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
1,611,574
Sacramento
County
Tobacco
Securitization
Corp.
,
Revenue,
Senior
Lien
,
2021
A
,
1
,
Refunding
,
4
%
,
6/01/49
............................................
8,000,000
7,369,507
Tobacco
Securitization
Authority
of
Southern
California
,
San
Diego
County
Tobacco
Asset
Securitization
Corp.
,
Revenue
,
2019
B-1
,
2
,
Refunding
,
5
%
,
6/01/48
.......
13,665,000
13,710,509
Town
of
Tiburon
,
Assessment
District
No.
2017-1
,
1915
Act,
Special
Assessment
,
2021
A
,
2.375
%
,
9/02/41
........................................................
550,000
366,655
Assessment
District
No.
2017-1
,
1915
Act,
Special
Assessment
,
2021
A
,
2.5
%
,
9/02/51
........................................................
1,250,000
736,483
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
1,819,811
City
of
Tracy
Community
Facilities
District
No.
2016-01
Improvement
Area
No.
2
,
Special
Tax
,
2023
,
5.875
%
,
9/01/53
...................................
2,900,000
3,026,843
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
3
%
,
9/01/24
......................................
100,000
99,556
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/25
......................................
115,000
114,306
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/28
......................................
120,000
118,029
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/30
......................................
110,000
107,728
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/36
......................................
430,000
413,949
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/41
......................................
665,000
603,122
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/46
......................................
885,000
765,328
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/51
......................................
2,210,000
1,843,295
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
11,134,241
Transbay
Redevelopment
Project
Tax
Increment
Re-Development
Project
,
Tax
Allocation,
Senior
Lien
,
2020
A
,
5
%
,
10/01/49
...........................
8,790,000
8,817,744
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
27
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Truckee-Donner
Public
Utility
District
,
Water
System
,
Revenue
,
2022
A
,
5
%
,
11/15/47
$
3,230,000
$
3,476,256
Turlock
Irrigation
District
,
Revenue
,
2019
,
Refunding
,
5
%
,
1/01/44
...............
9,060,000
9,690,497
Union
Elementary
School
District
,
GO
,
1999
A
,
NATL
Insured
,
Zero
Cpn.,
9/01/24
...........................
2,000,000
1,982,910
GO
,
2001
B
,
NATL
Insured
,
Zero
Cpn.,
9/01/25
...........................
5,500,000
5,266,241
GO
,
2001
B
,
NATL
Insured
,
Zero
Cpn.,
9/01/26
...........................
5,850,000
5,410,404
University
of
California
,
Revenue
,
2015
I
,
Refunding
,
5
%
,
5/15/40
................................
22,990,000
23,172,874
Revenue
,
2015
I
,
Refunding
,
5
%
,
5/15/50
................................
25,420,000
25,592,726
Revenue
,
2016
K
,
4
%
,
5/15/46
........................................
19,850,000
19,581,999
Revenue
,
2017
AV
,
5.25
%
,
5/15/47
.....................................
6,775,000
7,049,401
Revenue
,
2017
M
,
5
%
,
5/15/42
.......................................
15,410,000
15,940,361
Revenue
,
2017
M
,
5
%
,
5/15/47
.......................................
27,200,000
28,059,866
Revenue
,
2018
AZ
,
Refunding
,
5
%
,
5/15/43
..............................
28,000,000
29,356,281
Revenue
,
2018
AZ
,
Refunding
,
5
%
,
5/15/48
..............................
47,230,000
49,256,757
Revenue
,
2018
AZ
,
Refunding
,
5.25
%
,
5/15/58
............................
9,110,000
9,555,785
Revenue
,
2018
O
,
Refunding
,
5
%
,
5/15/39
...............................
14,400,000
15,215,243
Revenue
,
2018
O
,
Refunding
,
5
%
,
5/15/48
...............................
11,445,000
11,927,607
Revenue
,
2018
O
,
Refunding
,
5
%
,
5/15/58
...............................
5,805,000
6,023,494
Revenue
,
2021
Q
,
Refunding
,
4
%
,
5/15/37
...............................
1,500,000
1,544,165
Revenue
,
2022
BK
,
5
%
,
5/15/52
.......................................
48,195,000
51,597,876
Revenue
,
2023
BN
,
Refunding
,
5
%
,
5/15/43
..............................
9,000,000
9,941,459
Revenue
,
2024
BS
,
Refunding
,
5
%
,
5/15/37
..............................
81,135,000
93,501,605
Revenue
,
2024
BS
,
Refunding
,
5
%
,
5/15/38
..............................
11,000,000
12,570,924
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
236,293
City
of
Upland
Community
Facilities
District
No.
2016-1
Improvement
Area
No.
2
,
Special
Tax
,
2021
A
,
4
%
,
9/01/45
....................................
165,000
141,618
City
of
Upland
Community
Facilities
District
No.
2016-1
Improvement
Area
No.
2
,
Special
Tax
,
2021
A
,
4
%
,
9/01/51
....................................
260,000
214,121
Upland
Unified
School
District
,
GO
,
2011
C
,
Zero
Cpn.,
8/01/45
.................
62,900,000
22,993,869
Val
Verde
Unified
School
District
,
GO
,
2010
B
,
AGMC
Insured
,
6.125
%
,
8/01/34
............................
1,000,000
1,177,170
GO
,
2020
A
,
BAM
Insured
,
4
%
,
8/01/46
.................................
1,450,000
1,431,004
Community
Facilities
District
No.
2018-1
,
Special
Tax
,
2022
,
4
%
,
9/01/52
........
7,000,000
5,757,823
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
1
,
Special
Tax
,
2023
,
5
%
,
9/01/43
....................................................
1,230,000
1,243,916
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
1
,
Special
Tax
,
2023
,
5
%
,
9/01/48
....................................................
1,755,000
1,752,732
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
1
,
Special
Tax
,
2023
,
5
%
,
9/01/53
....................................................
2,445,000
2,417,354
Vallejo
Public
Financing
Authority
,
City
of
Vallejo
Hiddenbrooke
Improvement
District
No.
1
,
Revenue
,
2004
A
,
5.8
%
,
9/01/31
.................................
3,075,000
3,087,937
Vista
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation
,
2015
B-1
,
Refunding
,
AGMC
Insured
,
5
%
,
9/01/37
..........................................
3,020,000
3,078,926
Vista
Unified
School
District
,
GO
,
2002
A
,
AGMC
Insured
,
Zero
Cpn.,
8/01/26
...........................
7,150,000
6,578,903
GO
,
2002
A
,
AGMC
Insured
,
Zero
Cpn.,
2/01/27
...........................
4,795,000
4,322,175
Washington
Township
Health
Care
District
,
GO
,
2015
B
,
5
%
,
8/01/45
............................................
15,000,000
15,070,683
Revenue
,
2023
A
,
5.75
%
,
7/01/48
.....................................
1,300,000
1,400,002
Revenue
,
2023
A
,
5.75
%
,
7/01/53
.....................................
1,000,000
1,052,351
West
Patterson
Financing
Authority
,
Community
Facilities
District
No.
2018-1
,
Special
Tax
,
2024
,
5
%
,
9/01/39
........
300,000
312,053
Community
Facilities
District
No.
2018-1
,
Special
Tax
,
2024
,
4.375
%
,
9/01/44
.....
830,000
784,399
Community
Facilities
District
No.
2018-1
,
Special
Tax
,
2024
,
4.625
%
,
9/01/49
.....
780,000
741,948
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
28
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
West
Patterson
Financing
Authority,
(continued)
Community
Facilities
District
No.
2018-1
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........
$
2,440,000
$
2,452,258
West
Sacramento
Area
Flood
Control
Agency
,
Special
Assessment
,
2015
,
AGMC
Insured
,
5
%
,
9/01/40
.....................
3,000,000
3,050,368
Special
Assessment
,
2015
,
AGMC
Insured
,
5
%
,
9/01/45
.....................
7,500,000
7,602,526
West
Sacramento
Financing
Authority
,
Special
Tax
,
A
,
AGMC
Insured
,
5
%
,
9/01/34
..
4,940,000
5,403,921
Westside
Union
School
District
,
Community
Facilities
District
No.
2016-1
Improvement
Area
B
,
Special
Tax
,
2023
,
5
%
,
9/01/43
....................................................
1,175,000
1,146,416
Community
Facilities
District
No.
2016-1
Improvement
Area
B
,
Special
Tax
,
2023
,
5.25
%
,
9/01/52
..................................................
1,890,000
1,831,457
William
S
Hart
Union
High
School
District
,
Community
Facilities
District
No.
2021-1
Improvement
Area
A
,
Special
Tax
,
2024
,
5
%
,
9/01/44
....................................................
385,000
392,025
Community
Facilities
District
No.
2021-1
Improvement
Area
A
,
Special
Tax
,
2024
,
5
%
,
9/01/49
....................................................
750,000
751,394
Community
Facilities
District
No.
2021-1
Improvement
Area
A
,
Special
Tax
,
2024
,
5
%
,
9/01/54
....................................................
885,000
879,379
12,352,725,144
Florida
0.7%
g
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
Zero
Cpn.,
3/01/29
........................................
110,500,000
86,253,979
Oregon
0.0%
†
g
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
2,528,423
Wisconsin
0.2%
g
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
..............
30,400,000
24,566,495
U.S.
Territories
2.2%
Guam
0.2%
Antonio
B
Won
Pat
International
Airport
Authority
,
Revenue
,
2021
A
,
Refunding
,
2.499
%
,
10/01/25
...........................
2,660,000
2,548,332
Revenue
,
2021
A
,
Refunding
,
2.899
%
,
10/01/27
...........................
2,150,000
1,976,693
Revenue
,
2021
A
,
Refunding
,
3.099
%
,
10/01/28
...........................
3,140,000
2,844,611
Revenue
,
2021
A
,
Refunding
,
3.189
%
,
10/01/29
...........................
3,560,000
3,162,850
Revenue
,
2021
A
,
Refunding
,
3.339
%
,
10/01/30
...........................
2,400,000
2,098,246
Revenue
,
2021
A
,
Refunding
,
3.489
%
,
10/01/31
...........................
2,155,000
1,860,382
Revenue
,
2021
A
,
Refunding
,
3.839
%
,
10/01/36
...........................
9,650,000
8,055,736
Revenue
,
2021
A
,
Refunding
,
4.46
%
,
10/01/43
............................
2,400,000
1,939,405
24,486,255
Puerto
Rico
2.0%
Children's
Trust
Fund
,
Revenue
,
2002
,
5.5
%
,
5/15/39
........................................
4,600,000
4,623,776
Revenue
,
2002
,
5.625
%
,
5/15/43
......................................
16,000,000
16,189,589
i
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
2013
A
,
5
%
,
7/01/29
........................................
20,000,000
5,300,000
Revenue
,
2013
A
,
7
%
,
7/01/33
........................................
50,000,000
13,250,000
Revenue
,
WW
,
5
%
,
7/01/28
..........................................
12,030,000
3,187,950
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority
,
Revenue
,
2000
B
,
6.625
%
,
1/01/27
....................................
471,227
463,866
Revenue
,
2000
B
,
6.625
%
,
1/01/28
....................................
3,593,968
3,530,521
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
4.75
%
,
7/01/53
................................
29,500,000
29,314,761
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
29
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
(continued)
Puerto
Rico
Sales
Tax
Financing
Corp.,
(continued)
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
..................................
$
184,264,000
$
184,323,757
260,184,220
Total
U.S.
Territories
....................................................................
284,670,475
Total
Municipal
Bonds
(Cost
$
12,414,499,847
)
..................................
12,750,744,516
Shares
Escrows
and
Litigation
Trusts
0.0%
†
a
,b
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
$
12,427,457,628
)
............................
12,767,064,052
a
a
a
a
a
Short
Term
Investments
1.1%
Principal
Amount
Municipal
Bonds
1.1%
California
1.1%
j
Bay
Area
Toll
Authority
,
Revenue
,
2024
D
,
Refunding
,
LOC
TD
Bank
NA
,
Daily
VRDN
and
Put
,
3.8
%
,
4/01/59
..............................................
15,000,000
15,000,000
j
California
Health
Facilities
Financing
Authority
,
Adventist
Health
System/West
Obligated
Group
,
Revenue
,
2009
B
,
LOC
US
Bank
NA
,
Daily
VRDN
and
Put
,
3.85
%
,
9/01/38
.........................................................
300,000
300,000
j
California
Statewide
Communities
Development
Authority
,
Rady
Children's
Hospital
Obligated
Group
,
Revenue
,
2008
A
,
Refunding
,
LOC
US
Bank
NA
,
Daily
VRDN
and
Put
,
3.85
%
,
8/15/47
................................................
16,100,000
16,100,000
j
Irvine
Ranch
Water
District
,
Water
Service
Corp.
,
Special
Assessment
,
2009
A
,
LOC
US
Bank
NA
,
Daily
VRDN
and
Put
,
3.85
%
,
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
,
3.8
%
,
10/01/41
......................................
400,000
400,000
j
University
of
California
,
Revenue
,
2013
AL-1
,
Daily
VRDN
and
Put
,
3.8
%
,
5/15/48
...................
900,000
900,000
Revenue
,
2013
AL-3
,
Refunding
,
Daily
VRDN
and
Put
,
3.8
%
,
5/15/48
...........
31,000,000
31,000,000
Revenue
,
2023
BP-1
,
Refunding
,
Daily
VRDN
and
Put
,
3.7
%
,
5/15/48
..........
69,350,000
69,350,000
142,205,000
Total
Municipal
Bonds
(Cost
$
142,205,000
)
.....................................
142,205,000
Total
Short
Term
Investments
(Cost
$
142,205,000
)
...............................
142,205,000
a
Total
Investments
(Cost
$
12,569,662,628
)
99.2
%
................................
$12,909,269,052
Other
Assets,
less
Liabilities
0.8
%
.............................................
101,050,432
Net
Assets
100.0%
...........................................................
$13,010,319,484
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
30
See
Abbreviations
on
page
33
.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
5
regarding
fair
value
measurements.
b
Non-income
producing.
c
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
d
See
Note
3
regarding
restricted
securities.
e
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
f
The
maturity
date
shown
represents
the
mandatory
put
date.
g
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2024,
the
aggregate
value
of
these
securities
was
$1,219,024,584,
representing
9.4%
of
net
assets.
h
Security
purchased
on
a
when-issued
basis.
i
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
j
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
31
Quarterly
Schedule
of
Investments
Notes
to
Schedule
of
Investments
(unaudited)
1.
Organization
Franklin
California
Tax-Free
Income
Fund (Fund)
is
registered under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company.
The
Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
2. Financial
Instrument
Valuation
The
Fund's investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the Trust's
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund's
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund's administrator
in
performing
this responsibility,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Debt
securities
generally
trade
in
the
OTC market
rather
than
on
a
securities
exchange.
The Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
The
Fund
has procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Fund
primarily employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
3.
Restricted
Securities
At
May
31,
2024
,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
Securities
Act
of
1933,
were
as
follows:
Franklin
California
Tax-Free
Income
Fund
Notes
to
Schedule
of
Investments
(unaudited)
32
Quarterly
Schedule
of
Investments
4. Securities
Purchased
on
a Forward
Commitment
Basis
The
Fund may
purchase
securities
on
a
forward
commitment
basis,
with
payment
and
delivery
scheduled
for
a
future
date.
These
transactions
are
subject
to
market
fluctuations
and
are
subject
to
the
risk
that
the
value
at
delivery
may
be
more
or
less
than
the
trade
date
purchase
price.
Although
the
Fund
will
generally
purchase
these
securities
with
the
intention
of
holding
the
securities, it
may
sell
the
securities
before
the
settlement
date. These
types
of
securities
may
be
considered
unfunded
and
the
Fund
may
be
obligated
to
perform
on
such
agreements
at
a
future
date.
At
May
31,
2024,
unfunded
commitments
were
as
follows:
5. Fair
Value
Measurements
The Fund
follows a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's
financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
May
31,
2024,
in
valuing
the Fund's
assets
carried
at
fair
value,
is
as
follows:
Principal
Amount
Issuer
Acquisition
Date
Cost
Value
Franklin
California
Tax-Free
Income
Fund
9,515,674
a
Centennial
Gardens
LP,
First
Lien,
CME
Term
Loan,
B,
7.331%,
(12-month
SOFR
+
1.55%),
1/01/38
......
10/12/23
-
5/10/24
$
9,515,674
$
9,538,938
Total
Restricted
Securities
(Value
is
0.1%
of
Net
Assets)
..............
$9,515,674
$9,538,938
a
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$1,499,515
as
of
May
31,
2024.
Borrower
Unfunded
Commitment
Franklin
California
Tax-Free
Income
Fund
Puerto
Rico
Electric
Power
Authority,
Restructured
Power
Revenue
,
B-1,
6%,
7/01/41
$
9,260,673
B-2,
7.125%,
7/01/59
44,974,968
$54,235,641
Level
1
Level
2
Level
3
Total
Franklin
California
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Common
Stocks
........................
$
—
$
—
$
—
a
$
—
Senior
Floating
Rate
Interests
...............
—
—
12,985,830
12,985,830
Municipal
Bonds
.........................
—
12,750,744,516
—
12,750,744,516
3.
Restricted
Securities
(continued)
Franklin
California
Tax-Free
Income
Fund
Notes
to
Schedule
of
Investments
(unaudited)
33
Quarterly
Schedule
of
Investments
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the
period.
Abbreviations
Level
1
Level
2
Level
3
Total
Franklin
California
Tax-Free
Income
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Escrows
and
Litigation
Trusts
...............
$
—
$
—
$
3,333,706
$
3,333,706
Short
Term
Investments
...................
—
142,205,000
—
142,205,000
Total
Investments
in
Securities
...........
$—
$12,892,949,516
$16,319,536
$12,909,269,052
Other
Financial
Instruments:
Unfunded
Commitments
..................
$—
$—
$2,211,045
$2,211,045
Total
Other
Financial
Instruments
.........
$—
$—
$2,211,045
$2,211,045
a
Includes
financial
instruments
determined
to
have
no
value.
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
LOC
Letter
of
Credit
NATL
National
Reinsurance
Corp.
REIT
Real
Estate
Investment
Trust
SOFR
Secured
Overnight
Financing
Rate
5. Fair
Value
Measurements
(continued)
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.