N-Q 1 nqform.txt FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-04356 FRANKLIN CALIFORNIA TAX-FREE TRUST (Exact name of registrant as specified in charter) ONE FRANKLIN PARKWAY, SAN MATEO, CA 94403-1906 (Address of principal executive offices) (Zip code) MURRAY L. SIMPSON, ONE FRANKLIN PARKWAY, SAN MATEO, CA 94403-1906 (Name and address of agent for service) Registrant's telephone number, including area code: 650 312-2000 Date of fiscal year end: 6/30 Date of reporting period: 3/31/05 Item 1. Schedule of Investments. FRANKLIN CALIFORNIA TAX-FREE TRUST QUARTERLY STATEMENTS OF INVESTMENTS MARCH 31, 2005 -------------------------------------------------------------------------------- CONTENTS Franklin California Insured Tax-Free Income Fund .......................... 3 Franklin California Intermediate-Term Tax-Free Income Fund ................ 15 Franklin California Limited-Term Tax-Free Income Fund ..................... 23 Franklin California Tax-Exempt Money Fund ................................. 27 Selected Portfolio Abbreviations .......................................... 31 Notes to Statements of Investments ........................................ 32 [LOGO](R) FRANKLIN TEMPLETON INVESTMENTS FRANKLIN o Templeton o Mutual Series Quarterly Statements of Investments | 1 This page intentionally left blank. FRANKLIN CALIFORNIA TAX-FREE TRUST STATEMENT OF INVESTMENTS, MARCH 31, 2005 (UNAUDITED)
-------------------------------------------------------------------------------------------------------------------------------- FRANKLIN CALIFORNIA INSURED TAX-FREE INCOME FUND PRINCIPAL AMOUNT VALUE -------------------------------------------------------------------------------------------------------------------------------- LONG TERM INVESTMENTS 97.7% BONDS 89.2% CALIFORNIA 89.2% ABAG Finance Authority for Nonprofit Corps. COP, Lincoln Child Center Inc., California Mortgage Insured, 6.125%, 11/01/24 ................ $ 2,055,000 $ 2,232,100 Lytton Gardens Inc., California Mortgage Insured, 6.00%, 2/15/30 ........................ 3,500,000 3,705,835 Odd Fellows Home, California Mortgage Insured, 6.00%, 8/15/24 ........................... 5,000,000 5,280,000 ABAG Finance Authority for Nonprofit Corps. Revenue, Poway Retirement Housing Foundation Housing Inc. Project, Series A, California Mortgage Insured, 5.375%, 11/15/25 ............................................................... 5,145,000 5,391,754 Sansum-Santa Barbara, Series A, California Mortgage Insured, 5.60%, 4/01/26 ............. 2,750,000 2,857,800 Alameda Power and Telecommunication Electric System Revenue COP, MBIA Insured, 5.75%, 7/01/30 ........................................................................... 3,305,000 3,607,474 Alhambra City Elementary School District GO, Series A, FSA Insured, 5.60%, 9/01/24 ......... 2,065,000 2,294,938 Alhambra COP, Police Facilities AD No. 91-1, AMBAC Insured, 6.75%, 9/01/23 ................. 10,730,000 10,930,114 Antelope Valley UHSD, GO, Series A, MBIA Insured, 5.00%, 2/01/27 ........................... 5,000,000 5,171,650 Arcata Joint Powers Financing Authority Wastewater Revenue, FSA Insured, 5.80%, 12/01/22 ... 1,080,000 1,179,749 Atascadero CDA Tax Allocation, Redevelopment Project, XLCA Insured, 5.00%, 9/01/34 ......... 4,315,000 4,395,475 Baldwin Park RDA Tax Allocation, Refunding, FSA Insured, 5.70%, 9/01/25 .................... 4,000,000 4,392,040 Beaumont USD, COP, Refunding, Series A, FSA Insured, 5.80%, 1/01/21 ........................ 1,500,000 1,603,305 Brea Olinda USD, GO, Series A, FGIC Insured, 5.60%, 8/01/20 ................................ 1,000,000 1,105,830 Cabrillo Community College District GO, Series C, AMBAC Insured, Pre-Refunded, 5.375%, 5/01/26 .......................................................................... 5,400,000 6,043,086 Calexico USD, CFD No. 1 Special Tax, AMBAC Insured, Pre-Refunded, 5.60%, 9/01/17 ........... 2,930,000 3,179,314 California Community College Financing Authority Lease Revenue, Grossmont Palomar and Shasta, Series A, MBIA Insured, 5.125%, 4/01/31 .......................................... 3,030,000 3,146,140 California Educational Facilities Authority Revenue, Pomona College, Series B, Pre-Refunded, 5.50%, 7/01/29 .................................. 4,455,000 4,723,681 Stanford University, Refunding, Series O, 5.125%, 1/01/31 ............................... 24,705,000 25,357,459 Stanford University, Series N, 5.25%, 12/01/26 .......................................... 6,450,000 6,728,833 Stanford University, Series N, 5.35%, 6/01/27 ........................................... 21,250,000 22,265,750 Stanford University, Series N, 5.20%, 12/01/27 .......................................... 6,000,000 6,248,820 Student Loan Program, Series A, MBIA Insured, 6.00%, 3/01/16 ............................ 900,000 943,920 University of Southern California, Refunding, Series C, 5.125%, 10/01/28 ................ 3,845,000 3,950,930 California Health Facilities Financing Authority Revenue, Catholic Healthcare West, Refunding, ACA Insured, 5.00%, 7/01/28 ........................ 10,000,000 10,017,500 Catholic Healthcare West, Refunding, Series A, MBIA Insured, 6.00%, 7/01/17 ............. 5,000,000 5,289,200 Catholic Healthcare West, Series A, 5.00%, 7/01/28 ...................................... 15,000,000 14,896,950 Community Health Facilities, Series A, California Mortgage Insured, 5.80%, 8/01/25....... 1,190,000 1,263,387 Kaiser Permanente, Series A, ETM, 5.40%, 5/01/28 ........................................ 15,400,000 15,853,992 Kaiser Permanente, Series B, ETM, 5.00%, 10/01/18 ....................................... 5,000,000 5,271,700 Kaiser Permanente, Series B, ETM, 5.00%, 10/01/20 ....................................... 4,000,000 4,197,200 Marshall Hospital, Series A, California Mortgage Insured, 5.30%, 11/01/28 ............... 3,325,000 3,400,511 Northern California Presbyterian, 5.40%, 7/01/28 ........................................ 5,000,000 5,036,450 Orange County Health Facility, Series A, California Mortgage Insured, 6.20%, 11/01/24 ... 3,435,000 3,715,090 Scripps Memorial Hospital, Series A, MBIA Insured, 6.40%, 10/01/12 ...................... 3,500,000 3,568,985 Senior Living, Aldersly, Series A, California Mortgage Insured, 5.25%, 3/01/32 .......... 2,000,000 2,040,080 Sutter Health, Series A, MBIA Insured, 5.00%, 8/15/19 ................................... 1,700,000 1,766,861 Sutter Health, Series A, MBIA Insured, 5.00%, 8/15/38 ................................... 4,000,000 4,049,720 The Help Group, California Mortgage Insured, 5.40%, 8/01/22 ............................. 5,000,000 5,204,500
Quarterly Statements of Investments | 3 FRANKLIN CALIFORNIA TAX-FREE TRUST STATEMENT OF INVESTMENTS, MARCH 31, 2005 (UNAUDITED) (CONTINUED)
-------------------------------------------------------------------------------------------------------------------------------- FRANKLIN CALIFORNIA INSURED TAX-FREE INCOME FUND PRINCIPAL AMOUNT VALUE -------------------------------------------------------------------------------------------------------------------------------- LONG TERM INVESTMENTS (CONT.) BONDS (CONT.) CALIFORNIA (CONT.) California Health Facilities Financing Authority Revenue, (cont.) True to Life Children's Services, Series A, California Mortgage Insured, 5.625%, 9/01/25 ........................................................................ $ 1,250,000 $ 1,321,475 UCSF-Stanford Health Care, Series A, FSA Insured, 5.00%, 11/15/28 ....................... 9,530,000 9,716,216 California Infrastructure and Economic Development Bank Revenue, Bay Area Toll Bridges, first lien, Series A, AMBAC Insured, 5.00%, 7/01/33 ...................................... 8,460,000 8,730,297 California PCFA, PCR, Southern California Edison Co., Series C, MBIA Insured, 5.55%, 9/01/31 ........................................................................... 4,800,000 5,013,168 California Public School District Financing Authority Lease Revenue, Southern Kern USD, Series B, FSA Insured, ETM, 5.90%, 9/01/26 ............................................... 1,615,000 1,898,271 California State Department of Water Resources Central Valley Project Revenue, Water System, Series Q, MBIA Insured, 5.375%, 12/01/27 ........................................................................ 365,000 385,991 Pre-Refunded, 5.375%, 12/01/27 .......................................................... 635,000 672,052 California State Department of Water Resources Water Revenue, Series W, FSA Insured, 5.125%, 12/01/29 ......................................................................... 5,000,000 5,148,700 California State GO, 5.00%, 10/01/27 ......................................................................... 30,790,000 31,346,683 AMBAC Insured, 6.30%, 9/01/06 ........................................................... 9,000,000 9,457,650 FGIC Insured, 5.375%, 6/01/26 ........................................................... 3,645,000 3,749,867 FGIC Insured, Pre-Refunded, 5.375%, 6/01/26 ............................................. 1,355,000 1,411,422 FSA Insured, 5.50%, 9/01/29 ............................................................. 34,500,000 37,033,335 MBIA Insured, 6.00%, 8/01/16 ............................................................ 210,000 214,595 MBIA Insured, 5.00%, 8/01/29 ............................................................ 20,250,000 20,723,242 MBIA Insured, 6.00%, 10/01/21 ........................................................... 65,000 66,182 Refunding, 5.125%, 6/01/31 .............................................................. 25,000,000 25,803,250 California State Local Government Finance Authority Revenue, Marin Valley Mobile Country Club Park Acquisition, Senior Series A, FSA Insured, 5.80%, 10/01/20 ..................... 4,275,000 4,671,891 California State Public Works Board Lease Revenue, Department of Mental Health Hospital, Series A, AMBAC Insured, 5.00%, 12/01/21 ................................................................................ 4,100,000 4,245,386 12/01/26 ................................................................................ 5,675,000 5,782,428 California State University Foundation Revenue, Monterey Bay, MBIA Insured, 5.35%, 6/01/31 ........................................................................... 2,000,000 2,103,560 California State University of Los Angeles Auxiliary Services Inc. Revenue, MBIA Insured, 5.125%, 6/01/33 .......................................................................... 3,200,000 3,271,776 California State University Revenue and Colleges Revenue, Systemwide, Series A, AMBAC Insured, 5.00%, 11/01/33 ........................................................... 22,000,000 22,457,820 California Statewide CDA Revenue, Brentwood School, Series A, FSA Insured, 5.25%, 10/01/29 ................................ 7,625,000 8,014,409 Hospital Monterey Peninsula, Series B, FSA Insured, 5.25%, 6/01/23 ...................... 2,000,000 2,136,520 Refunding, California Mortgage Insured, 5.00%, 8/01/21 .................................. 2,035,000 2,097,719 California Statewide CDA Revenue COP, John Muir/Mt. Diablo Health System, MBIA Insured, 5.125%, 8/15/22 .......................................................................... 5,000,000 5,210,600 California Statewide CDA Water and Wastewater Revenue, Pooled Financing Program, Series B, FSA Insured, 5.65%, 10/01/26 .................................................. 3,420,000 3,732,143 Series B, FSA Insured, 5.75%, 10/01/29 .................................................. 1,465,000 1,595,795 Series A, FSA Insured, 5.00%, 10/01/32 .................................................. 9,320,000 9,518,330
4 | Quarterly Statements of Investments FRANKLIN CALIFORNIA TAX-FREE TRUST STATEMENT OF INVESTMENTS, MARCH 31, 2005 (UNAUDITED) (CONTINUED)
-------------------------------------------------------------------------------------------------------------------------------- FRANKLIN CALIFORNIA INSURED TAX-FREE INCOME FUND PRINCIPAL AMOUNT VALUE -------------------------------------------------------------------------------------------------------------------------------- LONG TERM INVESTMENTS (CONT.) BONDS (CONT.) CALIFORNIA (CONT.) California Statewide CDA, COP, California Mortgage Insured, 5.75%, 8/01/21 ........................................ $ 9,585,000 $ 10,316,144 COP, Children's Hospital, Los Angeles, 5.25%, 8/15/29 ................................... 12,250,000 12,494,510 COP, FSA Insured, 5.50%, 8/15/31 ........................................................ 7,000,000 7,495,250 COP, Kaiser Permanente, ETM, 5.30%, 12/01/15 ............................................ 9,700,000 10,240,775 COP, MBIA Insured, 5.00%, 4/01/18 ....................................................... 3,000,000 3,118,980 MFR, Silver Ridge Apartments, Mandatory Put 8/01/21, Series H, FNMA Insured, 5.80%, 8/01/33 ......................................................................... 2,785,000 2,967,223 Cambria Community Services District Water and Wastewater Revenue, Refunding, Series A, MBIA Insured, 6.00%, 5/01/15 ............................................................. 1,330,000 1,360,111 Campbell USD, GO, FSA Insured, 5.00%, 8/01/27 .............................................. 7,150,000 7,364,214 Castaic Lake Water Agency Revenue COP, Series A, MBIA Insured, 5.00%, 8/01/29 .............. 8,000,000 8,175,680 Chaffey Community College District GO, Series A, FSA Insured, 5.00%, 7/01/27 ............... 5,750,000 5,945,730 Chico PFAR, Merged Redevelopment Project Area, MBIA Insured, 5.125%, 4/01/24 ............... 2,790,000 2,902,102 Chino Basin Regional Financing Authority Revenue, Municipal Water District, Sewer System Project, Refunding, AMBAC Insured, 6.00%, 8/01/16 ........................................ 2,000,000 2,047,060 Chula Vista Elementary School District GO, Election of 1998, Series F, MBIA Insured, 5.00%, 8/01/28 ........................................................................... 2,685,000 2,786,144 Chula Vista PFA Local Agency Revenue, Series 1995-A, FSA Insured, 6.125%, 9/02/14 .......... 3,785,000 3,956,839 Clovis PFAR, 2001 Corp. Yard Project, AMBAC Insured, 5.00%, 3/01/27 ........................ 3,265,000 3,341,368 Compton USD, GO, Election of 2002, Series B, MBIA Insured, 5.00%, 6/01/29 .................. 2,000,000 2,071,200 Contra Costa Mosquito Abatement District COP, Public Improvements Project, Refunding, FSA Insured, 6.25%, 2/01/06 .............................................................. 290,000 293,697 Corona-Norco USD, COP, Refunding, FSA Insured, 5.125%, 4/15/25 ................................................................................. 5,355,000 5,508,903 4/15/29 ................................................................................. 2,540,000 2,604,948 Coronado CDA Tax Allocation, Community Development Project, MBIA Insured, 5.375%, 9/01/26 .......................................................................... 2,700,000 2,891,700 Cucamonga County Water District COP, FGIC Insured, 5.00%, 9/01/29 .......................... 5,070,000 5,189,449 Culver City USD, GO, MBIA Insured, 5.125%, 8/01/37 ......................................................................... 650,000 668,323 5.20%, 8/01/38 .......................................................................... 3,285,000 3,384,700 Delano USD, COP, Refinancing Project, MBIA Insured, 5.125%, 1/01/22 ........................ 1,620,000 1,784,349 East Bay MUD Water System Revenue, Refunding, MBIA Insured, 5.00%, 6/01/26 ................. 14,000,000 14,387,100 El Dorado County Public Agency Financing Authority Revenue, FGIC Insured, 5.50%, 2/15/16 ................................................................................. 2,250,000 2,352,105 2/15/21 ................................................................................. 3,500,000 3,658,830 El Monte Water Authority Revenue, Water System Project, AMBAC Insured, 5.60%, 9/01/34 1,800,000 1,995,120 Escondido Joint Powers Financing Authority Lease Revenue, AMBAC Insured, 5.125%, 9/01/30 .......................................................................... 3,770,000 3,869,038 Escondido USD, GO, Series A, FSA Insured, 5.00%, 8/01/26 ................................... 11,665,000 12,039,330 Eureka USD, GO, FSA Insured, 5.00%, 8/01/25 ................................................ 4,145,000 4,287,298 Fairfield Suisun USD, GO, Election of 2002, MBIA Insured, 5.00%, 8/01/25 .......................................... 4,185,000 4,358,803 MBIA Insured, 5.00%, 8/01/27 ............................................................ 12,000,000 12,411,960 Florin Resource Conservation District COP, Elk Grove Water Service, Refunding, Series A, MBIA Insured, 5.00%, 3/01/33 ............................................................. 5,000,000 5,105,150 Folsom COP, Central Business District Fire Station, MBIA Insured, 5.125%, 10/01/26 ......... 2,030,000 2,109,982
Quarterly Statements of Investments | 5 FRANKLIN CALIFORNIA TAX-FREE TRUST STATEMENT OF INVESTMENTS, MARCH 31, 2005 (UNAUDITED) (CONTINUED)
-------------------------------------------------------------------------------------------------------------------------------- FRANKLIN CALIFORNIA INSURED TAX-FREE INCOME FUND PRINCIPAL AMOUNT VALUE -------------------------------------------------------------------------------------------------------------------------------- LONG TERM INVESTMENTS (CONT.) BONDS (CONT.) CALIFORNIA (CONT.) Foothill/Eastern Corridor Agency Toll Road Revenue, senior lien, Refunding, Series A, MBIA Insured, 5.00%, 1/01/35 ............................................................. $66,735,000 $ 67,374,321 Fremont UHSD Santa Clara County GO, Series C, FSA Insured, Pre-Refunded, 5.00%, 9/01/26 ........................................................................... 10,000,000 10,943,500 Fresno USD, GO, Refunding, Series B, MBIA Insured, 5.00%, 2/01/21 .................................................. 2,860,000 3,098,209 Series C, MBIA Insured, 5.90%, 2/01/20 .................................................. 2,065,000 2,444,258 Series C, MBIA Insured, 5.90%, 8/01/22 .................................................. 3,000,000 3,573,690 Fullerton University Foundation Auxiliary Organization Revenue, Series A, MBIA Insured, 5.75%, 7/01/25 ................................................................................. 1,250,000 1,378,112 7/01/30 ................................................................................. 1,000,000 1,094,000 Glendale USD, GO, Series C, FSA Insured, 5.50%, 9/01/24 .................................... 2,750,000 3,010,425 Glendora PFAR, Tax Allocation, Project No. 1, Series A, MBIA Insured, 5.00%, 9/01/24 ....... 5,000,000 5,198,000 Grant Joint UHSD, GO, FSA Insured, 5.00%, 8/01/26 .......................................... 5,235,000 5,764,416 Grossmont UHSD, COP, FSA Insured, Pre-Refunded, 5.75%, 9/01/26 ............................. 2,250,000 2,493,360 Hemet USD, COP, Nutrition Center Project, FSA Insured, 5.875%, 4/01/27 ..................... 1,250,000 1,345,225 Hercules COP, Capital Improvement Projects, Refunding, AMBAC Insured, 6.00%, 6/01/15........ 125,000 126,470 Hollister RDA Tax Allocation, Community Development Project, Refunding, AMBAC Insured, 5.125%, 10/01/32 ......................................................................... 19,815,000 20,694,984 Huntington Beach City School District COP, MBIA Insured, 5.25%, 7/01/29 .................... 1,795,000 1,899,218 Jefferson San Mateo County UHSD, GO, Refunding, Series A, MBIA Insured, 6.45%, 8/01/25 ................................................................................. 3,045,000 3,868,063 8/01/29 ................................................................................. 3,075,000 3,945,010 Jurupa Community Services District Special Tax, CFD No. 2, Series A, AMBAC Insured, ........ 5.00%, 9/01/32 ........................................................................... 7,000,000 7,147,280 Jurupa USD, COP, FSA Insured, 5.625%, 9/01/24 .............................................. 1,600,000 1,761,648 Kern Community College District COP, Refunding, MBIA Insured, 5.00%, 1/01/25 ............... 7,800,000 8,027,214 Kern County High School District GO, FSA Insured, ETM, 6.625%, 8/01/14 ................................................................................. 1,535,000 1,876,676 8/01/15 ................................................................................. 1,400,000 1,725,556 Lakewood PFA Water Revenue, FGIC Insured, Pre-Refunded, 5.70%, 4/01/05 ..................... 2,485,000 2,534,700 Lancaster Financing Authority Tax Allocation Revenue, Subordinated, Redevelopment Projects No. 5 and 6, Series B, FGIC Insured, 5.00%, 2/01/35 ............... 5,775,000 5,932,138 Lodi COP, Wastewater Treatment Project, Refunding, AMBAC Insured, 6.70%, 8/01/26 ........... 8,800,000 9,421,192 Lodi Electric System Revenue COP, Series A, MBIA Insured, Pre-Refunded, 5.50%, 1/15/32 ..... 4,000,000 4,390,200 Lodi USD, GO, MBIA Insured, 5.00%, 8/01/23 ................................................. 2,150,000 2,232,603 Long Beach Bond Finance Authority Lease Revenue, Aquarium of The South Pacific, Refunding, AMBAC Insured, 5.00%, 11/01/19 ................ 4,000,000 4,179,200 Aquarium of The South Pacific, Refunding, AMBAC Insured, 5.00%, 11/01/26 ................ 11,000,000 11,292,490 Aquarium of The South Pacific, Refunding, AMBAC Insured, 5.25%, 11/01/30 ................ 2,000,000 2,092,680 Public Safety Facilities Projects, AMBAC Insured, 5.00%, 11/01/26 ....................... 6,780,000 6,960,280 Public Safety Facilities Projects, AMBAC Insured, 5.00%, 11/01/31 ....................... 10,500,000 10,731,945 Long Beach Bond Finance Authority Tax Allocation Revenue, North Long Beach Redevelopment Projects, Series A, AMBAC Insured, 5.00%, 8/01/25 ................................................................................. 13,550,000 13,925,199 8/01/31 ................................................................................. 12,000,000 12,257,400 Long Beach Harbor Revenue, MBIA Insured, 5.25%, 5/15/25 .................................... 25,000,000 25,580,500
6 | Quarterly Statements of Investments FRANKLIN CALIFORNIA TAX-FREE TRUST STATEMENT OF INVESTMENTS, MARCH 31, 2005 (UNAUDITED) (CONTINUED)
-------------------------------------------------------------------------------------------------------------------------------- FRANKLIN CALIFORNIA INSURED TAX-FREE INCOME FUND PRINCIPAL AMOUNT VALUE -------------------------------------------------------------------------------------------------------------------------------- LONG TERM INVESTMENTS (CONT.) BONDS (CONT.) CALIFORNIA (CONT.) Long Beach University School District GO, Election of 1999, Series C, MBIA Insured, 5.125%, 8/01/31 .......................................................................... $13,870,000 $ 14,432,567 Los Angeles Community College District GO, Series A, MBIA Insured, 5.00%, 6/01/26 .................................................. 4,000,000 4,361,160 Series B, FSA Insured, 5.00%, 8/01/27 ................................................... 4,000,000 4,137,320 Los Angeles COP, Municipal Improvement Corp. MICLA AW, AMBAC Insured, 5.00%, 6/01/27 ..................... 5,895,000 6,073,736 Real Property Program, MBIA Insured, 5.00%, 2/01/27 ..................................... 9,890,000 10,147,931 Los Angeles County COP, Antelope Valley Courthouse, Series A, AMBAC Insured, 5.25%, 11/01/27 ................................................................................ 2,500,000 2,610,200 11/01/33 ................................................................................ 2,500,000 2,617,850 Los Angeles County MTA Sales Tax Revenue, Proposition A, First Tier, Refunding, Senior Series A, MBIA Insured, 5.25%, 7/01/27 ............................................ 27,870,000 28,801,694 Los Angeles Harbor Department Revenue, Series B, MBIA Insured, 6.20%, 8/01/25 .............. 2,500,000 2,621,175 Los Angeles Mortgage Revenue, Refunding, Series I, MBIA Insured, 6.50%, 7/01/22 ............ 810,000 821,324 Los Angeles Wastewater System Revenue, Refunding, MBIA Insured, 5.00%, 6/01/26 ............. 10,000,000 10,351,400 Los Angeles Water and Power Revenue, Power System, Refunding, Series A, MBIA Insured, 5.00%, 7/01/24 ........................................................................... 12,000,000 12,374,640 Lynwood PFA Tax Allocation, Project Area A, Series A, FSA Insured, 5.85%, 9/01/18 .......... 1,765,000 1,998,298 Lynwood PFA Water Revenue, Water System Improvement Project, MBIA Insured, 5.85%, 6/01/22 .......................................................................... 665,000 735,297 5.90%, 6/01/29 .......................................................................... 3,105,000 3,423,946 Marin Municipal Water District COP, Financing Project, AMBAC Insured, 5.00%, 7/01/29........ 1,200,000 1,238,448 Mendocino County COP, Public Facilities Corp., MBIA Insured, 5.25%, 6/01/30 ................ 2,680,000 2,810,623 Menlo Park CDA Tax Allocation, Las Pulgas Community Development Project, Refunding, AMBAC Insured, 5.375%, 6/01/22 ........................................................... 10,000,000 10,497,000 Metropolitan Water District Southern California Waterworks Revenue, Series A, MBIA Insured, Pre-Refunded, 5.00%, 7/01/30 .................................... 6,525,000 6,954,019 Series C, MBIA Insured, Pre-Refunded, 5.00%, 7/01/27 .................................... 2,500,000 2,599,100 Millbrae COP, Police Department Expansion, AMBAC Insured, 5.875%, 3/01/24 .................. 1,025,000 1,141,788 Modesto Irrigation District COP, Capital Improvements, Series A, FSA Insured, 5.00%, 7/01/26 ................................................................................. 5,000,000 5,134,800 7/01/31 ................................................................................. 8,285,000 8,450,534 Modesto Wastewater Treatment Facility Revenue, MBIA Insured, 5.75%, 11/01/22 ............... 14,375,000 15,483,025 Montebello Community RDA Tax Allocation, Housing, Series A, FSA Insured, 5.45%, 9/01/19 .......................................... 1,100,000 1,181,213 Montebello Hills Redevelopment Project, Refunding, MBIA Insured, 5.60%, 3/01/19 ......... 2,460,000 2,542,779 Montebello COP, Capital Improvement Project, Refunding, FSA Insured, 5.375%, 11/01/26....... 8,715,000 9,343,526 Moreno Valley USD, GO, Election of 2004, Series A, FSA Insured, 5.00%, 8/01/26 ............. 4,000,000 4,156,840 Morgan Hill USD, GO, FGIC Insured, 5.50%, 8/01/25 .......................................... 3,840,000 4,144,550 Mount Diablo USD, CFD No. 1 Special Tax, FSA Insured, 6.00%, 8/01/24 ...................................... 1,000,000 1,029,510 CFD No. 1 Special Tax, Refunding, AMBAC Insured, 5.75%, 8/01/15 ......................... 1,000,000 1,049,770 CFD No. 1 Special Tax, Refunding, AMBAC Insured, 5.75%, 8/01/16 ......................... 2,270,000 2,382,978 CFD No. 1 Special Tax, Refunding, AMBAC Insured, 5.375%, 8/01/19 ........................ 7,290,000 7,612,655 GO, Election of 2002, FGIC Insured, 5.00%, 7/01/25 ...................................... 6,025,000 6,251,058 Murrieta Valley USD, COP, MBIA Insured, 5.00%, 8/01/27 ..................................... 2,380,000 2,445,069 Natomas USD, GO, FSA Insured, 5.00%, 9/01/26 ............................................... 2,535,000 2,626,387
Quarterly Statements of Investments | 7 FRANKLIN CALIFORNIA TAX-FREE TRUST STATEMENT OF INVESTMENTS, MARCH 31, 2005 (UNAUDITED) (CONTINUED)
-------------------------------------------------------------------------------------------------------------------------------- FRANKLIN CALIFORNIA INSURED TAX-FREE INCOME FUND PRINCIPAL AMOUNT VALUE -------------------------------------------------------------------------------------------------------------------------------- LONG TERM INVESTMENTS (CONT.) BONDS (CONT.) CALIFORNIA (CONT.) Nevada Irrigation District Revenue COP, Cascade Bench Flume Project, MBIA Insured, 5.50%, 1/01/17 ........................................................................... $ 4,600,000 $ 4,889,478 Nevada Joint UHSD, GO, Series A, FSA Insured, 5.00%, 8/01/26 ............................... 1,295,000 1,336,557 Norco RDA Tax Allocation, Redevelopment Project Area No. 1, MBIA Insured, 5.625%, 3/01/30 .......................................................................... 1,000,000 1,100,540 North City West School Facilities Financing Authority Special Tax, Refunding, Series B, FSA Insured, 5.75%, 9/01/15 .......................................................................... 1,260,000 1,337,062 6.00%, 9/01/19 .......................................................................... 2,500,000 2,657,875 Northern California Public Power Agency Revenue, AMBAC Insured, Pre-Refunded, 7.50%, 7/01/23 ........................................................................... 3,200,000 4,337,696 Oakland Revenue, 1800 Harrison Foundation, Series A, AMBAC Insured, Pre-Refunded, 6.00%, 1/01/29 ........................................................................... 10,000,000 11,207,500 Oceanside COP, AMBAC Insured, 5.20%, 4/01/23 ........................................................... 2,500,000 2,638,650 Oceanside Civic Center Project, Refunding, MBIA Insured, 5.75%, 8/01/15 ................. 1,000,000 1,031,650 Wastereuse Assn., Finance Program, Series A, AMBAC Insured, Pre-Refunded, 6.50%, 4/01/05 ......................................................................... 2,180,000 2,180,000 Orange County Sanitation District COP, FGIC Insured, 5.00%, 2/01/33 ........................ 8,000,000 8,202,000 Oroville PFA Tax Allocation Revenue, Oroville Redevelopment Project No. 1, AMBAC Insured, Pre-Refunded, 5.90%, 9/15/21 .......................................................................... 1,245,000 1,289,608 6.10%, 9/15/23 .......................................................................... 2,860,000 2,964,991 Oxnard Financing Authority Solid Waste Revenue, AMBAC Insured, 6.00%, 5/01/16 .............. 5,000,000 5,110,900 Oxnard UHSD, GO, Series B, FSA Insured, ETM, 5.875%, 8/01/27 ............................... 3,615,000 3,723,378 Palm Springs Financing Authority Lease Revenue, Convention Center Project, Refunding, Series A, MBIA Insured, 5.00%, 11/01/25 .................................................. 2,295,000 2,367,545 Paramount USD, COP, Master Lease Program, FSA Insured, Pre-Refunded, 6.30%, 9/01/26 ........ 4,750,000 4,921,190 Parlier USD, GO, Series B, AMBAC Insured, 6.00%, 6/01/16 ................................... 1,130,000 1,195,212 Pasadena Area Community College District GO, Election of 2002, Series A, FGIC Insured, 5.00%, 6/01/28 ........................................................................... 4,000,000 4,135,040 Pasadena USD, GO, Series B, FGIC Insured, Pre-Refunded, 5.25%, 7/01/24 ..................... 1,000,000 1,093,930 Peralta Community College District GO, Election of 2000, Series B, MBIA Insured, 5.25%, 8/01/32 ........................................................................... 8,450,000 8,873,345 Perris CFD Special Tax, No. 93-1, Series A, AMBAC Insured, 5.125%, 8/15/23 ................. 4,000,000 4,210,920 Placer County COP, Administrative and Emergency Services, MBIA Insured, 5.65%, 6/01/24...... 4,000,000 4,299,760 Placer County Water Agency Water Revenue COP, Capital Improvement Projects, FSA Insured, 5.90%, 7/01/25 ........................................................................... 2,350,000 2,418,385 Plumas County COP, Capital Improvement Program, Series A, AMBAC Insured, 5.00%, 6/01/33 ........................................................................... 3,280,000 3,372,004 Porterville COP, Sewer System Refining Project, Refunding, AMBAC Insured, 5.25%, 10/01/23 .......................................................................... 3,000,000 3,156,990 Poway RDA Tax Allocation, Paguay Redevelopment Project, AMBAC Insured, 5.00%, 12/15/25 ............................ 9,195,000 9,400,600 Refunding, MBIA Insured, 5.75%, 6/15/33 ................................................. 11,475,000 12,826,984 Rancho Cucamonga RDA Tax Allocation, Rancho Redevelopment Project, Housing Set Aside, MBIA Insured, 5.25%, 9/01/26 ......................................... 2,000,000 2,097,520 Refunding, FSA Insured, 5.25%, 9/01/20 .................................................. 2,500,000 2,677,825
8 | Quarterly Statements of Investments FRANKLIN CALIFORNIA TAX-FREE TRUST STATEMENT OF INVESTMENTS, MARCH 31, 2005 (UNAUDITED) (CONTINUED)
-------------------------------------------------------------------------------------------------------------------------------- FRANKLIN CALIFORNIA INSURED TAX-FREE INCOME FUND PRINCIPAL AMOUNT VALUE -------------------------------------------------------------------------------------------------------------------------------- LONG TERM INVESTMENTS (CONT.) BONDS (CONT.) CALIFORNIA (CONT.) Redding Joint Powers Financing Authority Lease Revenue, Civic Center Project, Series A, MBIA Insured, 5.75%, 3/01/19 .......................................................................... $ 3,090,000 $ 3,296,165 5.25%, 3/01/26 .......................................................................... 75,000 79,312 Redwood City School District GO, FGIC Insured, 5.00%, 7/15/27 .............................. 3,000,000 3,092,010 Ripon RDA Tax Allocation, Community Redevelopment Project, MBIA Insured, 5.85%, 11/01/30 .......................................................................... 3,975,000 4,398,457 Riverside County COP, Historic Courthouse, MBIA Insured, 5.875%, 11/01/27 .................. 3,000,000 3,279,270 Rowland USD, GO, Series A, FSA Insured, 5.25%, 9/01/25 ..................................... 5,685,000 6,000,631 Sacramento Area Flood Control Agency Special Assessment, Capital AD No. 2, FGIC Insured, 5.80%, 11/01/16 ......................................... 1,000,000 1,066,720 Operation and Maintenance, FGIC Insured, 5.80%, 11/01/16 ................................ 1,475,000 1,573,412 Operation and Maintenance, FGIC Insured, 5.90%, 11/01/25 ................................ 2,690,000 2,871,414 Sacramento City Financing Authority Revenue, Capital Improvement, Series A, AMBAC Insured, 5.00%, 12/01/26 ........................... 8,395,000 8,581,789 Capital Improvement, Series A, AMBAC Insured, 5.00%, 12/01/32 ........................... 21,500,000 21,885,925 City Hall and Redevelopment Projects, Series A, FSA Insured, 5.00%, 12/01/28 ............ 10,000,000 10,255,100 Sacramento County Airport System Revenue, Series A, MBIA Insured, 6.00%, 7/01/17 ........... 5,920,000 6,207,238 Sacramento County Sanitation District Financing Authority Revenue, Sacramento Regional County Sanitation, Series A, AMBAC Insured, 5.00%, 12/01/35 .......... 10,000,000 10,347,900 Salida Area Public Facilities Financing Agency CFD No. 1988-1 Special Tax, FSA Insured, 5.75%, 9/01/30 ........................................................................... 3,435,000 3,766,237 Salida USD, COP, Financing Project, AMBAC Insured, 5.375%, 5/01/26 ......................... 1,645,000 1,649,014 San Bernardino County COP, 1997 Public Improvement Financing Project, MBIA Insured, 5.25%, 10/01/25 .......................................................................... 7,000,000 7,361,060 San Buenaventura Public Facilities Financing Authority Lease Revenue, Refunding, FSA Insured, 5.75%, 6/01/14 .............................................................. 2,250,000 2,308,162 San Carlos School District GO, MBIA Insured, 5.50%, 10/01/24 ............................... 2,110,000 2,287,810 San Diego Public Facilities Financing Authority Sewer Revenue, Series B, FGIC Insured, 5.25%, 5/15/27 ........................................................................... 2,950,000 3,108,828 San Francisco BART District Sales Tax Revenue, FGIC Insured, 5.50%, 7/01/26 ............................................................ 6,500,000 7,123,025 FGIC Insured, 5.50%, 7/01/34 ............................................................ 12,000,000 13,150,200 Refunding, AMBAC Insured, 5.00%, 7/01/28 ................................................ 8,000,000 8,200,160 San Francisco City and County Airport Commission International Airport Revenue, Issue 9B, Second Series, FGIC Insured, Pre-Refunded, 6.00%, 5/01/25 ..................... 6,400,000 6,481,664 Issue 11, Second Series, FGIC Insured, Pre-Refunded, 6.00%, 5/01/11 ..................... 2,105,000 2,131,628 Issue 28A, Second Series, MBIA Insured, 5.125%, 5/01/24 ................................. 9,745,000 10,003,242 Issue 28A, Second Series, MBIA Insured, 5.125%, 5/01/27 ................................. 16,575,000 16,864,400 San Francisco City and County Public Utilities Commission Water Revenue, Refunding, Series A, FSA Insured, 5.00%, 11/01/31 ................................................... 3,885,000 3,961,107 San Francisco Community College District GO, Series A, FGIC Insured, 5.00%, 6/15/26 ........ 6,000,000 6,189,720 San Francisco State University Foundation Inc. Auxiliary Organization Housing Revenue, MBIA Insured, 5.00%, 9/01/31 ............................................................. 13,415,000 13,705,703
Quarterly Statements of Investments | 9 FRANKLIN CALIFORNIA TAX-FREE TRUST STATEMENT OF INVESTMENTS, MARCH 31, 2005 (UNAUDITED) (CONTINUED)
-------------------------------------------------------------------------------------------------------------------------------- FRANKLIN CALIFORNIA INSURED TAX-FREE INCOME FUND PRINCIPAL AMOUNT VALUE -------------------------------------------------------------------------------------------------------------------------------- LONG TERM INVESTMENTS (CONT.) BONDS (CONT.) CALIFORNIA (CONT.) San Gabriel USD, COP, Facilities Development Program, Series A, FSA Insured, Pre-Refunded, 6.00%, 9/01/15 ........................................................................... $ 1,000,000 $ 1,034,840 San Joaquin Hills Transportation Corridor Agency Toll Road Revenue, Refunding, Series A, MBIA Insured, 5.375%, 1/15/29 ...................................... 18,075,000 18,833,246 Refunding, Series A, MBIA Insured, 5.25%, 1/15/30 ....................................... 11,860,000 12,433,550 senior lien, MBIA Insured, 5.00%, 1/01/33 ............................................... 10,035,000 10,105,646 San Jose Financing Authority Lease Revenue, Civic Center Project, Series B, AMBAC Insured, 5.00%, 6/01/27 ........................................................................... 10,000,000 10,240,900 San Jose MFHR, Sixth and Martha Family Apartments, FNMA Insured, 5.875%, 3/01/33 ........... 3,500,000 3,650,990 San Juan USD, GO, Election of 1998, Series A, MBIA Insured, 5.00%, 8/01/28 ................. 5,115,000 5,290,598 San Leandro COP, Library and Fire Stations Financing, AMBAC Insured, 5.75%, 11/01/29........ 5,000,000 5,538,750 San Marcos Public Facilities Authority Revenue, Senior Tax Increment Project Area 3, Series A, MBIA Insured, 5.75%, 10/01/29 ......................................................................... 5,340,000 5,924,303 5.80%, 10/01/30 ......................................................................... 7,800,000 8,713,770 San Mateo GO, Library Improvement Project, Series A, AMBAC Insured, 5.25%, 8/01/30 ......... 5,790,000 6,130,857 Santa Clara COP, Refunding, AMBAC Insured, 5.00%, 2/01/27 .................................. 5,555,000 5,736,093 Santa Clara County Financing Authority Lease Revenue, Refunding, Series A, AMBAC Insured, 5.00%, 11/15/22 .......................................................................... 3,950,000 4,106,223 Santa Cruz County COP, Sub-Joint Wastewater Treatment Project, AMBAC Insured, 6.20%, 9/01/19 ........................................................................... 475,000 475,746 Santa Fe Springs PFA Water Revenue, Series A, MBIA Insured, 5.90%, 5/01/21 ................................................................................. 900,000 949,284 5/01/26 ................................................................................. 1,190,000 1,254,510 Santa Monica Community College District GO, Series B, AMBAC Insured, 5.75%, 7/01/20 ........ 1,495,000 1,537,802 Santa Monica PFA Lease Revenue, Civic Center Parking Project, XLCA Insured, 5.00%, 7/01/33 ........................................................................... 11,050,000 11,278,735 Santa Rosa Wastewater Revenue, Series B, FGIC Insured, 5.125%, 9/01/31 ..................... 4,000,000 4,160,920 Santa Rosa Wastewater Service Facilities District Revenue, Refunding and Improvement, AMBAC Insured, 6.00%, 7/02/15 ............................................................ 2,000,000 2,338,800 Sonoma CDA Tax Allocation, Redevelopment Project, MBIA Insured, 5.70%, 12/01/30 ............ 3,455,000 3,824,927 Sonoma Valley USD, GO, FSA Insured, 6.00%, 7/15/21 ......................................... 2,400,000 2,519,088 South Gate COP, Series A, AMBAC Insured, 5.00%, 9/01/24 .................................... 3,155,000 3,255,203 South San Francisco COP, 5.00%, 4/01/29 .................................................... 2,000,000 2,016,460 Southern Mono Health Care District GO, Series A, MBIA Insured, 5.00%, 8/01/24 .............. 3,005,000 3,101,430 Southern Public Power Authority Power Projects Revenue, Series A, AMBAC Insured, 5.00%, 7/01/33 ........................................................................... 29,000,000 29,846,220 Stanislaus County Board of Education COP, FSA Insured, 5.70%, 9/01/24 ...................... 2,000,000 2,191,000 Stockton Port District Port Facilities Revenue, Refunding and Improvement, Series B, FSA Insured, 5.90%, 7/01/12 .............................................................. 2,770,000 3,014,619 Stockton Revenue COP, Wastewater System Project, Refunding, Series A, MBIA Insured, 5.00%, 9/01/23 ........................................................................... 6,500,000 6,738,160 Susanville PFAR, MBIA Insured, 5.70%, 6/01/30 .............................................. 3,000,000 3,273,930 Tahoe-Truckee Joint USD, GO, Series B, FGIC Insured, Pre-Refunded, 5.95%, 9/01/20 .......... 3,620,000 3,858,630 Tahoe-Truckee USD, GO, ID No. 2, Series A, FGIC Insured, Pre-Refunded, 5.75%, 8/01/20....... 4,340,000 4,841,530 Thousand Oaks RDA Tax Allocation, Thousand Oaks Boulevard Redevelopment, Refunding, MBIA Insured, 5.375%, 12/01/25 ........................................................... 2,390,000 2,486,174
10 | Quarterly Statements of Investments FRANKLIN CALIFORNIA TAX-FREE TRUST STATEMENT OF INVESTMENTS, MARCH 31, 2005 (UNAUDITED) (CONTINUED)
-------------------------------------------------------------------------------------------------------------------------------- FRANKLIN CALIFORNIA INSURED TAX-FREE INCOME FUND PRINCIPAL AMOUNT VALUE -------------------------------------------------------------------------------------------------------------------------------- LONG TERM INVESTMENTS (CONT.) BONDS (CONT.) CALIFORNIA (CONT.) Tri-City Hospital District Revenue, MBIA Insured, 6.00%, 2/01/22 ............................................................ $ 2,350,000 $ 2,358,319 Refunding, Series A, MBIA Insured, 5.625%, 2/15/17 ...................................... 2,750,000 2,870,698 Truckee PFA Lease Revenue, Series A, AMBAC Insured, 6.00%, 11/01/30 ........................ 1,990,000 2,169,677 Turlock Auxiliary Organization Revenue COP, California State University, Stanislaus Foundation, MBIA Insured, 5.875%, 6/01/22 ..................................... 2,000,000 2,111,880 Turlock PFA Sewer Revenue, FGIC Insured, 5.50%, 9/15/29 .................................... 6,855,000 7,488,745 Union City CRDA Tax Allocation Revenue, Community Redevelopment Project, AMBAC Insured, 5.75%, 10/01/32 ........................................................... 14,100,000 15,534,111 University of California Revenues, Multi Purpose Projects, Series H, FGIC Insured, 5.50%, 9/01/28 .................................................. 2,500,000 2,664,800 Series K, 5.00%, 9/01/23 ................................................................ 3,160,000 3,248,512 Series M, FGIC Insured, 5.125%, 9/01/30 ................................................. 8,720,000 9,070,718 Vacaville PFA Tax Allocation Revenue, Vacaville Redevelopment Projects, FSA Insured, 5.00%, 9/01/31 ........................................................................... 5,095,000 5,178,456 Vallejo Revenue, Water Improvement Project, Refunding, Series A, FSA Insured, 5.875%, 5/01/26 .......................................................................... 12,500,000 13,167,500 Vista USD, GO, Series A, FSA Insured, 5.25%, 8/01/25 ....................................... 5,000,000 5,295,350 Washington Township Health Care District Revenue, 5.00%, 7/01/18 .......................................................................... 2,000,000 2,050,460 5.125%, 7/01/23 ......................................................................... 450,000 458,501 Washington USD, GO, Yolo County Election of 1999, Series A, FGIC Insured, 5.375%, 8/01/25 .......................................................................... 2,045,000 2,186,923 Waugh School District Special Tax GO, Corona/Ely CFD No.1, AMBAC Insured, 5.80%, 9/01/26 ........................................................................... 5,640,000 5,835,482 West Basin Municipal Water District Revenue COP, 1992 Project, Refunding, Series A, AMBAC Insured, 5.50%, 8/01/17 ........................ 3,370,000 3,597,576 Refunding, Series A, MBIA Insured, 5.00%, 8/01/24 ....................................... 2,500,000 2,598,125 Refunding, Series A, MBIA Insured, 5.00%, 8/01/30 ....................................... 5,745,000 5,906,032 Westlands Water District Revenue COP, MBIA Insured, 5.00%, 9/01/29 ............................................................ 11,775,000 12,083,270 Series A, MBIA Insured, 5.00%, 9/01/35 .................................................. 1,460,000 1,503,639 William S. Hart Joint School Financing Authority Special Tax Revenue, Community Facilities, Pre-Refunded, FSA Insured, 6.60%, 9/01/18 ................................................ 1,285,000 1,331,671 Woodland Finance Authority Lease Revenue, Capital Projects, Refunding, XLCA Insured, 5.00%, 3/01/32 ........................................................................... 6,340,000 6,509,215 Yucaipa-Sweetwater School Facilities Financing Authority Special Tax Revenue, Sweetwater, Series A, MBIA Insured, 5.70%, 9/01/19 ................................................... 4,000,000 4,136,200 ------------- TOTAL BONDS (COST $1,614,032,483)........................................................... 1,732,568,615 ------------- ZERO COUPON/STEP-UP BONDS 8.5% CALIFORNIA 8.5% Acalanes UHSD, GO, Capital Appreciation, Election of 2002, Series A, FGIC Insured, 8/01/25 . 9,045,000 2,957,444 Alameda Corridor Transportation Authority Revenue, AMBAC Insured, zero cpn. to 10/01/12, 5.25% thereafter, 10/01/21 .............................................................. 64,660,000 45,902,134 5.45% thereafter, 10/01/25 .............................................................. 25,000,000 17,306,250 Alhambra City Elementary School District GO, Capital Appreciation, Election of 1999, Series B, FGIC Insured, 9/01/27 .......................................................... 3,035,000 946,222
Quarterly Statements of Investments | 11 FRANKLIN CALIFORNIA TAX-FREE TRUST STATEMENT OF INVESTMENTS, MARCH 31, 2005 (UNAUDITED) (CONTINUED)
-------------------------------------------------------------------------------------------------------------------------------- FRANKLIN CALIFORNIA INSURED TAX-FREE INCOME FUND PRINCIPAL AMOUNT VALUE -------------------------------------------------------------------------------------------------------------------------------- LONG TERM INVESTMENTS (CONT.) ZERO COUPON/STEP-UP BONDS (CONT.) CALIFORNIA (CONT.) California HFAR, Home Mortgage, Series N, AMBAC Insured, 8/01/31 ........................... $ 860,000 $ 643,813 Corona-Norco USD, GO, Series B, FSA Insured, 9/01/23 .......................................................... 2,320,000 916,539 Series B, FSA Insured, 9/01/24 .......................................................... 2,620,000 974,876 Series B, FSA Insured, 3/01/25 .......................................................... 1,400,000 503,888 Series C, FGIC Insured, 9/01/25 ......................................................... 4,655,000 1,632,974 Series C, FGIC Insured, 9/01/26 ......................................................... 6,080,000 2,005,123 Foothill/Eastern Corridor Agency Toll Road Revenue, Capital Appreciation, Refunding, MBIA Insured, 1/15/17 ................................................................................. 20,000,000 11,015,200 1/15/18 ................................................................................. 25,000,000 12,933,000 1/15/19 ................................................................................. 5,970,000 2,901,599 Fullerton School District GO, Capital Appreciation, Series A, FGIC Insured, 8/01/23 ........ 3,030,000 1,202,092 Grossmont UHSD, GO, Capital Appreciation, Election of 2004, FSA Insured, 8/01/24 ........... 5,110,000 1,909,454 Lancaster School District GO, Capital Appreciation, Election of 1999, MBIA Insured, 8/01/25 ................................................................................. 5,495,000 1,935,943 7/01/26 ................................................................................. 5,965,000 1,984,257 Newark USD, GO, Capital Appreciation, Series B, FGIC Insured, 8/01/24 ......................................................... 9,905,000 3,529,251 Series C, FSA Insured, 8/01/22 .......................................................... 2,165,000 916,120 Series C, FSA Insured, 8/01/23 .......................................................... 2,465,000 977,939 Series C, FSA Insured, 8/01/24 .......................................................... 2,560,000 957,338 Series C, FSA Insured, 8/01/25 .......................................................... 2,705,000 953,485 Patterson Joint USD, GO, Series A, FGIC Insured, 8/01/22 ................................................................................. 1,900,000 799,520 8/01/23 ................................................................................. 1,985,000 787,509 8/01/24 ................................................................................. 2,075,000 775,365 8/01/25 ................................................................................. 2,170,000 764,513 8/01/26 ................................................................................. 2,265,000 750,213 San Bernardino County SFMR, Series A, GNMA Secured, ETM, 5/01/22 ........................... 28,405,000 12,204,208 San Gabriel USD, GO, Capital Appreciation Bonds, Series A, FSA Insured, 8/01/26 ................................................................................. 3,530,000 1,169,207 2/01/27 ................................................................................. 1,850,000 594,534 San Joaquin Hills Transportation Corridor Agency Toll Road Revenue, Capital Appreciation, Refunding, Series A, MBIA Insured, 1/15/26 ............................................... 13,155,000 4,436,787 San Marino USD, GO, Series A, MBIA Insured, 7/01/25 ........................................ 6,080,000 2,151,226 Santa Ana USD, COP, Capital Appreciation Financing Project, FSA Insured, 4/01/24 ........... 14,245,000 5,414,097 Southern Kern USD, COP, Convertible Capital Appreciation Building Program, Series B, FSA Insured, 9/01/26 ........................................................... 2,250,000 2,201,850 Southern Mono Health Care District Revenue, Capital Appreciation Bonds, Series A, MBIA Insured, 8/01/28 ................................................................................. 2,340,000 673,803 8/01/29 ................................................................................. 2,440,000 659,800 8/01/30 ................................................................................. 2,550,000 651,831 8/01/31 ................................................................................. 2,660,000 642,656
12 | Quarterly Statements of Investments FRANKLIN CALIFORNIA TAX-FREE TRUST STATEMENT OF INVESTMENTS, MARCH 31, 2005 (UNAUDITED) (CONTINUED)
-------------------------------------------------------------------------------------------------------------------------------- FRANKLIN CALIFORNIA INSURED TAX-FREE INCOME FUND PRINCIPAL AMOUNT VALUE -------------------------------------------------------------------------------------------------------------------------------- LONG TERM INVESTMENTS (CONT.) ZERO COUPON/STEP-UP BONDS (CONT.) CALIFORNIA (CONT.) Union Elementary School District GO, Capital Appreciation, Series A, FGIC Insured, 9/01/24 ......................................................... $ 2,000,000 $ 744,180 Series B, FGIC Insured, 9/01/25 ......................................................... 5,500,000 1,929,400 Series B, FGIC Insured, 9/01/26 ......................................................... 5,850,000 1,929,272 Vista USD, GO, Capital Appreciation, Series A, FSA Insured, 8/01/26 ................................................................................. 7,150,000 2,368,223 2/01/27 ................................................................................. 4,795,000 1,540,969 Western Placer USD Financing Corp. COP, Convertible Capital Appreciation, zero cpn. to 11/01/05, 5.55% thereafter, 11/01/30 ..................................................... 6,930,000 6,844,207 -------------- TOTAL ZERO COUPON/STEP-UP BONDS (COST $151,594,993)......................................... 165,038,311 -------------- TOTAL LONG TERM INVESTMENTS (COST $1,765,627,476)........................................... 1,897,606,926 -------------- SHORT TERM INVESTMENTS 1.2% BONDS 1.2% (a)CALIFORNIA 1.2% California State Department of Water Resources Power Supply Revenue, Series B-5, Daily VRDN and Put, 2.24%, 5/01/22 .......................................... $ 5,900,000 5,900,000 Series B-6, Daily VRDN and Put, 2.28%, 5/01/22 .......................................... 5,200,000 5,200,000 California State Economic Recovery Revenue, Series C-3, Daily VRDN and Put, 2.20%, 7/01/23 ................................................................................. 2,800,000 2,800,000 California State GO, Kindergarten University, Series B-3, Daily VRDN and Put, 2.25%, 5/01/34 ................................................................................. 1,900,000 1,900,000 Irvine 1915 Act Special Assessment, AD No. 94-13, Daily VRDN and Put, 2.28%, 9/02/22........ 1,000,000 1,000,000 Irvine Ranch Water District Revenue, Nos. 140, 240, 105, and 250, Daily VRDN and Put, 1.51%, 4/01/33 .......................................................................... 1,200,000 1,200,000 Irvine USD Special Tax, CFD No. 03-1, Daily VRDN and Put, 2.28%, 9/01/39 ................... 400,000 400,000 Metropolitan Water District Southern California Waterworks Revenue, Refunding, Series B-1, Daily VRDN and Put, 2.28%, 7/01/35 ............................... 1,800,000 1,800,000 Series B, Weekly VRDN and Put, 2.23%, 7/01/27 ........................................... 1,300,000 1,300,000 Newport Beach Revenue, Hoag Memorial Presbyterian Hospital, Series A, Weekly VRDN and Put, 2.26%, 10/01/26 .......................................... 300,000 300,000 Series C, Daily VRDN and Put, 2.26%, 10/01/26 ........................................... 300,000 300,000 Orange County Sanitation Districts COP, Refunding, Series B, Daily VRDN and Put, 2.28%, 8/01/30 .......................................................................... 1,300,000 1,300,000 -------------- TOTAL SHORT TERM INVESTMENTS (COST $23,400,000)............................................. 23,400,000 -------------- TOTAL INVESTMENTS (COST $1,789,027,476) 98.9%............................................... $1,921,006,926 OTHER ASSETS, LESS LIABILITIES 1.1%......................................................... 20,680,006 -------------- NET ASSETS 100.0%........................................................................... $1,941,686,932 ==============
See Selected Portfolio Abbreviations on page 31. (a) Variable rate demand notes (VRDNs) are tax-exempt 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. The coupon rate shown represents the rate at period end. VRDNs are valued at cost. Quarterly Statements of Investments | See Notes to Statements of Investments. | 13 This page intentionally left blank. 14 | Quarterly Statements of Investments FRANKLIN CALIFORNIA TAX-FREE TRUST STATEMENT OF INVESTMENTS, MARCH 31, 2005 (UNAUDITED)
-------------------------------------------------------------------------------------------------------------------------------- FRANKLIN CALIFORNIA INTERMEDIATE-TERM TAX-FREE INCOME FUND PRINCIPAL AMOUNT VALUE -------------------------------------------------------------------------------------------------------------------------------- LONG TERM INVESTMENTS 98.0% BONDS 92.6% CALIFORNIA 89.9% ABAG Finance Authority for Nonprofit Corps. COP, Partner North County Health Project, 5.50%, 3/01/06 ..................................... $ 170,000 $ 173,580 Rhoda Haas Goldman Plaza, California Mortgage Insured, 5.125%, 5/15/15 .................. 3,000,000 3,149,370 ABAG Finance Authority for Nonprofit Corps. Revenue, San Diego Hospital Assn., Series C, 5.125%, 3/01/18 ......................................................................... 2,695,000 2,773,478 5.25%, 3/01/19 .......................................................................... 2,315,000 2,396,465 ABAG Revenue, Refunding, Series A-E, 5.00%, 9/15/06 .......................................................................... 595,000 609,399 5.05%, 9/15/07 .......................................................................... 610,000 626,897 5.40%, 9/15/14 .......................................................................... 2,455,000 2,509,329 ABAG Water and Wastewater Revenue, Pooled Financing Program, Series A, FSA Insured, 5.00%, 10/01/10 .......................................................................... 3,035,000 3,278,802 Alameda-Contra Costa Transportation District COP, Refunding, AMBAC Insured, 4.375%, 8/01/14 .......................................................................... 1,330,000 1,368,796 Anaheim UHSD, GO, Refunding, FSA Insured, 5.00%, 8/01/18 ................................... 4,740,000 5,075,213 Antelope Valley UHSD, GO, Series A, MBIA Insured, 4.50%, 8/01/13 .......................................................................... 1,230,000 1,301,684 4.625%, 8/01/14 ......................................................................... 1,250,000 1,322,925 Antioch PFA, Reassessment Revenue, sub. lien, Series B, 5.20%, 9/02/05 .......................................................................... 1,965,000 1,978,165 5.40%, 9/02/07 .......................................................................... 1,100,000 1,130,140 Brentwood Infrastructure Financing Authority Revenue, Refunding, Series A, FSA Insured, 4.00%, 9/02/17 ........................................................................... 1,485,000 1,456,458 Burbank Electric Revenue, MBIA Insured, 4.00%, 6/01/11 ................................................................................. 1,000,000 1,035,850 6/01/12 ................................................................................. 1,000,000 1,029,450 Burbank USD, GO, Election of 1997, Series C, FGIC Insured, 4.00%, 8/01/12 .................. 2,500,000 2,567,000 Burbank Water and Power Electric Revenue, MBIA Insured, 4.00%, 6/01/11 ..................... 5,045,000 5,052,113 California Educational Facilities Authority Revenue, Pooled College and University Projects, Series B, Pre-Refunded, 6.125%, 4/01/13 ......... 1,000,000 1,083,830 Stanford University, Refunding, Series R, 4.00%, 11/01/11 ............................... 1,000,000 1,041,040 California Health Facilities Financing Authority Revenue, Kaiser Permanente, Series B, ETM, 5.25%, 10/01/13 ....................................... 5,000,000 5,351,450 Kaiser Permanente, Series B, ETM, 5.25%, 10/01/14 ....................................... 2,000,000 2,127,660 Kaiser Permanente, Series B, ETM, 5.25%, 10/01/16 ....................................... 3,850,000 4,074,917 Paradise Valley Estates, California Mortgage Insured, 3.875%, 1/01/09 ................... 1,555,000 1,557,348 Paradise Valley Estates, California Mortgage Insured, 4.125%, 1/01/10 ................... 1,000,000 1,020,450 Paradise Valley Estates, California Mortgage Insured, 5.00%, 1/01/11 .................... 1,480,000 1,566,802 Paradise Valley Estates, California Mortgage Insured, 4.375%, 1/01/12 ................... 1,000,000 1,020,130 Paradise Valley Estates, California Mortgage Insured, 5.00%, 1/01/13 .................... 1,815,000 1,930,942 Paradise Valley Estates, California Mortgage Insured, 5.00%, 1/01/14 .................... 1,635,000 1,726,086 Sutter Health, Refunding, Series A, MBIA Insured, 5.875%, 8/15/16 ....................... 3,750,000 3,980,775 The Episcopal Home, California Mortgage Insured, 4.625%, 2/01/12 ........................ 1,350,000 1,393,362 The Episcopal Home, California Mortgage Insured, 4.75%, 2/01/13 ......................... 1,200,000 1,251,024 California HFAR, SFM Purchase, Class III, Series A-1, MBIA Insured, 5.70%, 8/01/11 ......... 735,000 752,434 California State Department of Water Resources Central Valley Project Revenue, Water System, Refunding, Series S, 5.00%, 12/01/19 ..................................................... 4,000,000 4,182,000
Quarterly Statements of Investments | 15 FRANKLIN CALIFORNIA TAX-FREE TRUST STATEMENT OF INVESTMENTS, MARCH 31, 2005 (UNAUDITED) (CONTINUED)
-------------------------------------------------------------------------------------------------------------------------------- FRANKLIN CALIFORNIA INTERMEDIATE-TERM TAX-FREE INCOME FUND PRINCIPAL AMOUNT VALUE -------------------------------------------------------------------------------------------------------------------------------- LONG TERM INVESTMENTS (CONT.) BONDS (CONT.) CALIFORNIA (CONT.) California State Department of Water Resources Power Supply Revenue, Series A, 5.50%, 5/01/12 .......................................................................... $ 2,000,000 $ 2,209,060 5.125%, 5/01/18 ......................................................................... 2,500,000 2,639,325 California State Department of Water Resources Water Revenue, Central Valley Project, Series Z, FGIC Insured, 3.50%, 12/01/12 .................................................. 5,000,000 4,973,250 California State Economic Recovery Revenue, Series A, 5.00%, 7/01/15 ....................... 10,670,000 11,444,108 California State GO, 5.00%, 11/01/12 ......................................................................... 665,000 711,005 5.25%, 2/01/14 .......................................................................... 4,000,000 4,359,600 5.25%, 6/01/16 .......................................................................... 630,000 652,699 Pre-Refunded, 5.00%, 11/01/12 ........................................................... 1,335,000 1,454,896 Pre-Refunded, 5.25%, 6/01/16 ............................................................ 1,370,000 1,424,307 Refunding, 5.00%, 12/01/05 .............................................................. 7,000,000 7,106,890 Refunding, 4.00%, 2/01/10 ............................................................... 6,900,000 7,076,226 Refunding, MBIA Insured, 5.00%, 2/01/18 ................................................. 1,175,000 1,226,759 Veterans, Series B, 5.00%, 12/01/12 ..................................................... 2,000,000 2,034,940 Veterans, Series B, 5.25%, 12/01/15 ..................................................... 2,310,000 2,338,436 Veterans, Series B, 5.375%, 12/01/16 .................................................... 605,000 615,364 California State Public Works Board Lease Revenue, Department of Forestry and Fire Protection, Series A, 4.875%, 10/01/18 .................. 1,325,000 1,355,382 Various Community College Projects, Refunding, Series C, 5.50%, 9/01/09 ................. 1,555,000 1,640,105 California Statewide CDA, COP, California Lutheran Homes, ETM, 5.375%, 11/15/06 ........................................ 1,000,000 1,042,190 Kaiser Permanente, ETM, 5.30%, 12/01/15 ................................................. 2,000,000 2,111,500 St. Joseph Health System, Refunding, 5.00%, 7/01/12 ..................................... 2,180,000 2,281,850 St. Joseph Health System Obligation Group, 5.25%, 7/01/11 ............................... 1,005,000 1,073,722 California Statewide CDA Revenue, Daughters of Charity Health, Series G, 5.25%, 7/01/13 ................................... 1,000,000 1,073,150 Daughters of Charity Health, Series G, 5.00%, 7/01/22 ................................... 5,000,000 5,128,600 Insured Health Facilities, Jewish Home, California Mortgage Insured, 5.00%, 11/15/18..... 3,000,000 3,116,820 Kaiser Permanente, Mandatory Put 5/01/11, Series I, 3.45%, 4/01/35 ...................... 5,000,000 4,834,600 Mission Community, California Mortgage Insured, 4.40%, 11/01/10 ......................... 1,100,000 1,141,228 Mission Community, California Mortgage Insured, 4.50%, 11/01/11 ......................... 1,145,000 1,191,201 Viewpoint School, ACA Insured, 4.50%, 10/01/17 .......................................... 460,000 453,946 Viewpoint School, ACA Insured, 4.75%, 10/01/18 .......................................... 480,000 482,184 Central Joint Powers Health Financing Authority COP, Community Hospitals of Central California, 5.125%, 2/01/13 ......................................................................... 1,375,000 1,415,961 5.25%, 2/01/14 .......................................................................... 1,435,000 1,484,751 5.75%, 2/01/16 .......................................................................... 1,585,000 1,683,381 Central Valley Financing Authority Cogeneration Project Revenue, Carson Ice General Project, Refunding, MBIA Insured, 5.00%, 7/01/17 .................................................. 2,000,000 2,093,820 Cerritos PFAR Tax Allocation, Redevelopment Project, Series A, AMBAC Insured, 3.00%, 11/01/11 .......................................................................... 2,585,000 2,490,777 Chaffey Community College District COP, Pre-Refunded, 5.10%, 9/01/13 ....................... 1,860,000 2,025,466 Clovis MFR, Mandatory Put 11/01/10, Refunding, FNMA Insured, 5.10%, 11/01/30 ............... 4,105,000 4,231,188 Coalinga COP, Custody Facility, Refunding, 4.25%, 4/01/10 .................................. 1,000,000 1,020,270 Colma 1915 Act Special Assessment, Local ID No. 1, Refunding, 5.40%, 9/02/05 ............... 570,000 573,505
16 | Quarterly Statements of Investments FRANKLIN CALIFORNIA TAX-FREE TRUST STATEMENT OF INVESTMENTS, MARCH 31, 2005 (UNAUDITED) (CONTINUED)
-------------------------------------------------------------------------------------------------------------------------------- FRANKLIN CALIFORNIA INTERMEDIATE-TERM TAX-FREE INCOME FUND PRINCIPAL AMOUNT VALUE -------------------------------------------------------------------------------------------------------------------------------- LONG TERM INVESTMENTS (CONT.) BONDS (CONT.) CALIFORNIA (CONT.) Compton Community College District GO, Series 2004-A, MBIA Insured, 4.25%, 7/01/16 ......... $ 1,025,000 $ 1,043,788 Compton COP, Civic Center and Capital Improvement, Refunding, Series A, 5.00%, 9/01/08 .......................................................................... 4,340,000 4,532,956 5.50%, 9/01/15 .......................................................................... 1,180,000 1,232,734 Conejo Valley USD, GO, Election of 1998, Series D, FGIC Insured, 4.50%, 8/01/18 ................................................................................. 3,850,000 3,938,127 8/01/19 ................................................................................. 4,000,000 4,091,560 Contra Costa Community College District GO, Election of 2002, FGIC Insured, 4.75%, 8/01/18 . 2,450,000 2,541,875 Contra Costa County Public Financing Lease Revenue, Refunding, Series B, MBIA Insured, 4.00%, 6/01/13 ........................................................................... 1,065,000 1,086,225 Corona PFA Lease Revenue, City Hall Project, Series B, MBIA Insured, 3.75%, 9/01/13 .......................................................................... 1,000,000 1,001,260 4.00%, 9/01/14 .......................................................................... 1,210,000 1,225,464 (a)Corona-Norco USD, PFA Special Tax Revenue, Series A, 5.25%, 9/01/25 ........................ 2,235,000 2,235,000 Duarte RDA Tax Allocation, Merged Redevelopment Project Area, Refunding, 5.125%, 10/01/16 ......................................................................... 4,200,000 4,452,462 Fairfax School District GO, Election of 2000, Series A, FGIC Insured, 5.00%, 11/01/17....... 895,000 964,935 Fairfield-Suisun Sewer District Sewer Revenue, Series A, Refunding, FGIC Insured, 5.00%, 5/01/12 ........................................................................... 600,000 647,094 Folsom PFA Lease Revenue, City Hall and Community Center, Refunding, FSA Insured, 5.00%, 10/01/17 .......................................................................... 1,275,000 1,352,801 Foothill/Eastern Corridor Agency Toll Road Revenue, Refunding, MBIA Insured, 5.00%, 1/15/16 1,000,000 1,050,870 Fremont UHSD Santa Clara County GO, Series C, FSA Insured, Pre-Refunded, 4.25%, 9/01/13..... 1,310,000 1,370,090 Galt Capital Improvements Authority Lease Revenue, Culture and Recreation Improvement Project, 5.00%, 4/01/12 .................................................................. 2,390,000 2,481,585 Galt Middle School Joint Powers Authority Special Tax, CFD No. 1, Refunding, 5.40%, 9/01/12 1,955,000 2,054,197 Garden Grove Agency Community Development Tax Allocation, Garden Grove Community Project, Refunding, AMBAC Insured, 4.25%, 10/01/13 ................................................ 2,025,000 2,101,019 Golden State Tobacco Securitization Corp. Tobacco Settlement Revenue, 5.00%, 6/01/12 ....... 1,500,000 1,590,540 Hi-Desert Memorial Health Care District Revenue, Refunding, 5.10%, 10/01/06 ......................................................................... 615,000 617,878 5.125%, 10/01/07 ........................................................................ 650,000 653,536 Hollister RDA Tax Allocation, Community Development Project, Series 1994, 5.55%, 10/01/05 .. 585,000 596,209 Huntington Beach City School District GO, Series A, FGIC Insured, 5.00%, 8/01/18 ........... 1,245,000 1,310,325 Huntington Beach PFAR, Lease Capital Improvement Refinancing Project, Series B, AMBAC Insured, 4.00%, 8/01/13 .......................................................................... 1,500,000 1,534,080 4.125%, 8/01/14 ......................................................................... 2,140,000 2,189,134 4.25%, 8/01/15 .......................................................................... 2,080,000 2,128,235 Inland Empire Solid Waste Financing Authority Revenue, Landfill Improvement Financing Project, Series B, FSA Insured, ETM, 6.25%, 8/01/11 ............................................... 1,000,000 1,099,700 Irvine 1915 Act GO, AD No. 03-19, Group 2, 4.875%, 9/02/16 ......................................................................... 1,000,000 989,190 5.00%, 9/02/18 .......................................................................... 1,000,000 987,460 5.125%, 9/02/19 ......................................................................... 1,000,000 989,420 Irvine 1915 Act Special Assessment, AD No. 00-18, Group 2, 4.375%, 9/02/10 .................................................................. 885,000 895,381 Group 2, 4.70%, 9/02/12 ................................................................... 1,475,000 1,496,137
Quarterly Statements of Investments | 17 FRANKLIN CALIFORNIA TAX-FREE TRUST STATEMENT OF INVESTMENTS, MARCH 31, 2005 (UNAUDITED) (CONTINUED)
-------------------------------------------------------------------------------------------------------------------------------- FRANKLIN CALIFORNIA INTERMEDIATE-TERM TAX-FREE INCOME FUND PRINCIPAL AMOUNT VALUE -------------------------------------------------------------------------------------------------------------------------------- LONG TERM INVESTMENTS (CONT.) BONDS (CONT.) CALIFORNIA (CONT.) Irvine 1915 Act Special Assessment, AD No. 00-18, (cont.) Group 2, 4.80%, 9/02/13 ................................................................. $ 1,175,000 $ 1,191,779 Group 2, 5.125%, 9/02/17 ................................................................ 1,705,000 1,721,129 Group 3, 4.75%, 9/02/15 ................................................................. 1,000,000 995,900 Group 3, 5.00%, 9/02/17 ................................................................. 1,000,000 1,002,000 Kings River Conservation District Pine Flat Power Revenue, Refunding, Series E, 5.125%, 1/01/18 .......................................................................... 1,735,000 1,826,296 La Palma Community Development Commission Tax Allocation, La Palma Community Development Project No. 1, Refunding, 5.80%, 6/01/05 ..................................... 160,000 160,826 La Quinta RDA Tax Allocation, Redevelopment Project Areas No. 1 and 2, MBIA Insured, Pre-Refunded, 5.40%, 9/01/07 ............................................................. 560,000 578,043 Lake Elsinore PFA Tax Allocation Revenue, Lake Elsinore Redevelopment Projects, Series A, FSA Insured, 5.40%, 9/01/08 ............. 1,230,000 1,239,914 Series A, 5.00%, 9/01/09 ................................................................ 1,500,000 1,555,080 Lake Elsinore School Financing Authority Revenue, Refunding, 6.00%, 9/01/11 ................ 1,000,000 1,071,150 Lancaster COP, School District Project, Refunding, FSA Insured, 5.125%, 4/01/14 ............ 2,000,000 2,148,260 Lancaster RDA Tax Allocation, Central Business District Redevelopment, Refunding, 5.70%, 8/01/05 ...................... 50,000 50,326 Fox Field Redevelopment Project Area, Refunding, 5.70%, 8/01/05 ......................... 75,000 75,573 Las Virgenes USD, GO, Series D, FGIC Insured, 3.30%, 9/01/13 ............................... 1,415,000 1,366,579 Lemon Grove CDA Tax Allocation, 1998, Refunding, 5.00%, 8/01/06 .......................................................................... 380,000 387,038 5.10%, 8/01/07 .......................................................................... 205,000 211,829 5.20%, 8/01/08 .......................................................................... 215,000 224,299 Los Angeles Convention and Exhibition Center Authority Lease Revenue, Refunding, Series A, AMBAC Insured, 3.00%, 8/15/12 .................................................. 4,525,000 4,323,276 Los Angeles County MTA Sales Tax Revenue, First Tier, Proposition A, Refunding, Series A, FSA Insured, 5.00%, 7/01/15 .................................................... 5,345,000 5,656,453 Los Angeles County Sanitation Districts Financing Authority Revenue, Capital Project, Series A, FSA Insured, 5.00%, 10/01/17 ................................................... 1,000,000 1,064,710 Los Angeles USD, COP, Refunding, Series A, AMBAC Insured, 4.00%, 10/01/13 ................................ 4,415,000 4,492,263 GO, Election of 2004, Series C, FGIC Insured, 5.00%, 7/01/19 ............................ 2,035,000 2,158,463 GO, Refunding, MBIA Insured, 5.25%, 7/01/13 ............................................. 3,500,000 3,887,275 Los Angeles Wastewater System Revenue, Series A, FGIC Insured, 5.00%, 6/01/14 .............. 1,075,000 1,135,673 Lynwood PFAR, Water System Improvement Project, 6.15%, 6/01/08 ............................. 565,000 578,718 M-S-R Public Power Agency San Juan Project Revenue, Refunding, Series I, MBIA Insured, 4.25%, 7/01/11 .......................................................................... 5,055,000 5,309,014 5.00%, 7/01/18 .......................................................................... 1,000,000 1,043,440 Metropolitan Water District Southern California GO, Waterworks, Series B, Pre-Refunded, 4.125%, 3/01/13 ......................................................................... 1,000,000 1,041,730 4.25%, 3/01/14 .......................................................................... 1,000,000 1,048,380 4.30%, 3/01/15 .......................................................................... 1,000,000 1,051,040 Moreno Valley USD, GO, Election of 2004, Series A, FSA Insured, 5.00%, 8/01/17 ................................................................................. 2,000,000 2,139,780 8/01/18 ................................................................................. 2,300,000 2,449,730 Morgan Hill USD, GO, FGIC Insured, 4.25%, 8/01/14 .......................................... 1,585,000 1,630,141
18 | Quarterly Statements of Investments FRANKLIN CALIFORNIA TAX-FREE TRUST STATEMENT OF INVESTMENTS, MARCH 31, 2005 (UNAUDITED) (CONTINUED)
-------------------------------------------------------------------------------------------------------------------------------- FRANKLIN CALIFORNIA INTERMEDIATE-TERM TAX-FREE INCOME FUND PRINCIPAL AMOUNT VALUE -------------------------------------------------------------------------------------------------------------------------------- LONG TERM INVESTMENTS (CONT.) BONDS (CONT.) CALIFORNIA (CONT.) Moulton-Niguel Water District GO, Consolidated, Refunding, AMBAC Insured, 5.00%, 9/01/16 .................................. $ 3,520,000 $ 3,790,688 Refunding, AMBAC Insured, 4.00%, 9/01/12 ................................................ 2,930,000 3,009,344 Murrieta COP, Road Improvement Project, 6.00%, 4/01/07 ................................................................................. 235,000 246,785 4/01/08 ................................................................................. 245,000 256,865 Nevada County COP, Refunding, MBIA Insured, 4.125%, 10/01/12 ............................... 1,040,000 1,072,562 Newport Mesa USD, GO, MBIA Insured, 4.00%, 8/01/12 ......................................... 1,000,000 1,026,800 North City West School Facilities Financing Authority Special Tax, Refunding, Series B, FSA Insured, 5.625%, 9/01/08 ............................................................. 500,000 530,015 Orange County CFD No. 86-2 Special Tax, Rancho Santa Margarita, Refunding, Series A, 5.375%, 8/15/12 .......................................................................... 1,500,000 1,596,720 Orange County CFD Special Tax, No. 02-1, Ladera Ranch, Series A, 4.60%, 8/15/14 ........................................ 1,000,000 1,012,410 No. 02-1, Ladera Ranch, Series A, 4.75%, 8/15/15 ........................................ 1,000,000 1,016,090 No. 02-1, Ladera Ranch, Series A, 4.90%, 8/15/16 ........................................ 1,285,000 1,307,166 No. 03-1, Ladera Ranch, Series A, 4.90%, 8/15/17 ........................................ 1,000,000 1,013,640 No. 03-1, Ladera Ranch, Series A, 5.10%, 8/15/18 ........................................ 1,000,000 1,020,400 No. 04-1, Ladera Ranch, Series A, 4.70%, 8/15/18 ........................................ 1,765,000 1,747,632 No. 04-1, Ladera Ranch, Series A, 4.80%, 8/15/19 ........................................ 1,945,000 1,925,005 No. 04-1, Ladera Ranch, Series A, 4.85%, 8/15/20 ........................................ 2,000,000 1,978,540 Orange County Local Transportation Authority Sales Tax Revenue, First Senior Measure M, 6.00%, 2/15/06 ........................................................................... 500,000 514,885 Orange County Recovery COP, Series A, MBIA Insured, 6.00%, 7/01/08 ......................... 1,500,000 1,642,680 Oroville Hospital Revenue, Oroville Hospital, Series A, California Mortgage Insured, 5.125%, 12/01/12 ......................................................................... 1,435,000 1,484,005 Oxnard Harbor District Revenue, Series A, 5.10%, 8/01/14 ................................... 1,000,000 1,013,810 Pajaro Valley USD, GO, Election of 2002, Series A, FSA Insured, 5.00%, 8/01/16 ............. 1,500,000 1,604,115 Palm Desert Financing Authority Lease Revenue, Blythe County Administrative Project, Pre-Refunded, 6.375%, 8/01/11 ............................................................ 855,000 912,593 Palm Desert Financing Authority Tax Allocation Revenue, MBIA Insured, 4.75%, 8/01/18 ....... 1,050,000 1,098,237 Pleasanton USD, GO, Refunding, Series C, MBIA Insured, 5.00%, 8/01/14 ...................... 3,535,000 3,865,204 Pomona RDA Tax Allocation, Mountain Meadows Redevelopment Project, Refunding, Series X, 5.35%, 12/01/16 ................................................................ 1,000,000 1,075,440 Poway RDA Tax Allocation, Paguay Redevelopment Project, Series A, MBIA Insured, 4.50%, 6/15/14 ........................................................................... 4,595,000 4,802,970 Redlands USD, GO, Election of 2002, FSA Insured, 5.00%, 7/01/19 ............................ 1,000,000 1,055,170 Richmond Joint Powers Financing Authority Revenue, Multiple Redevelopment Projects, Series B, ETM, 5.35%, 5/15/13 ............................................................ 2,000,000 2,156,500 Riverside County Housing Authority MFHR, Brandon Place Apartments, Mandatory Put 7/01/09, Series B, FNMA Insured, 5.625%, 7/01/29 .................................................. 995,000 1,046,959 Riverside USD, GO, Election, Series A, FGIC Insured, 4.00%, 2/01/13 ........................ 1,000,000 1,021,540 Sacramento City USD, GO, Election of 1999, Series D, FSA Insured, 5.00%, 7/01/19 ........... 1,465,000 1,545,824 San Bernardino City USD, GO, Refunding, FSA Insured, 5.00%, 8/01/17 ............................................................. 2,615,000 2,797,762 FSA Insured, 5.00%, 8/01/18 ............................................................. 1,140,000 1,214,214 Series A, FSA Insured, 5.00%, 8/01/19 ................................................... 1,680,000 1,782,698
Quarterly Statements of Investments | 19 FRANKLIN CALIFORNIA TAX-FREE TRUST STATEMENT OF INVESTMENTS, MARCH 31, 2005 (UNAUDITED) (CONTINUED)
-------------------------------------------------------------------------------------------------------------------------------- FRANKLIN CALIFORNIA INTERMEDIATE-TERM TAX-FREE INCOME FUND PRINCIPAL AMOUNT VALUE -------------------------------------------------------------------------------------------------------------------------------- LONG TERM INVESTMENTS (CONT.) BONDS (CONT.) CALIFORNIA (CONT.) San Bernardino County COP, Medical Center Financing Project, Refunding, 6.00%, 8/01/09...... $ 2,000,000 $ 2,192,100 San Francisco City and County Airports Commission International Airport Revenue, Issue 30, Refunding, Second Series, XLCA Insured, 4.00%, 5/01/14 ................................... 2,500,000 2,518,900 San Francisco City and County GO, Refunding, Series 1, FGIC Insured, 5.00%, 6/15/12 ........ 3,650,000 3,881,812 San Joaquin County COP, General Hospital Project, Refunding, MBIA Insured, 5.00%, 9/01/17 ....................... 1,000,000 1,044,680 Solid Waste System Facilities Projects, MBIA Insured, 4.00%, 4/01/12 .................... 2,925,000 3,009,474 Solid Waste System Facilities Projects, MBIA Insured, 5.00%, 4/01/17 .................... 1,340,000 1,417,707 San Jose MFHR, Countrybrook Project, Refunding, Series A, FNMA Insured, 4.95%, 4/01/12...... 4,665,000 4,825,149 San Marcos Public Facilities Authority Revenue, Senior Tax Increment Project Area 3, Series A, MBIA Insured, 4.70%, 10/01/05 ......................................................................... 595,000 601,670 5.10%, 10/01/09 ......................................................................... 515,000 558,301 5.30%, 10/01/11 ......................................................................... 350,000 390,586 Santa Ana COP, Refunding, Series A, AMBAC Insured, 4.25%, 6/01/13 .......................... 1,405,000 1,460,919 Santa Clara 1915 Act, Reassessment District 187, Refunding, Series 1, 5.25%, 9/02/11 ....... 1,720,000 1,776,261 Santa Clara County Financing Authority Lease Revenue, Multiple Facilities Projects, Refunding,Series A, AMBAC Insured, 4.50%, 5/15/12 ....................................... 2,900,000 3,003,762 Santa Monica-Malibu USD, COP, Series C, MBIA Insured, 4.00%, 5/01/12 .......................................................................... 525,000 536,928 4.25%, 5/01/14 .......................................................................... 840,000 860,303 4.25%, 5/01/15 .......................................................................... 875,000 890,444 4.25%, 11/01/15 ......................................................................... 670,000 681,826 Shafter Joint Powers Financing Authority Lease Revenue, Community Correctional Facility Project, Series A, 5.50%, 1/01/06 ....................................................... 330,000 336,237 South County Regional Wastewater Authority Revenue, Regional Wastewater Facilities Project, Refunding, FSA Insured, 3.25%, 8/01/11 ................................................... 1,000,000 994,310 South Gate PFA Tax Allocation Revenue, South Gate Redevelopment Project No. 1, XLCA Insured, 5.00%, 9/01/16 ........................................................................... 2,000,000 2,129,580 South Gate PFA Water Revenue, Refunding, Series A, FGIC Insured, 5.35%, 10/01/07 ......................................................................... 995,000 1,058,302 5.45%, 10/01/08 ......................................................................... 1,040,000 1,129,190 Southwestern Community College District GO, Refunding, MBIA Insured, 5.00%, 8/01/18 ........ 2,295,000 2,477,246 Stockton Health Facilities Revenue, Dameron Hospital Assn., Refunding, Series A, 5.35%, 12/01/09 .......................................................................... 385,000 409,813 Stockton Port District Port Facilities Revenue, Refunding and Improvement, Series A, FSA Insured, 5.75%, 7/01/11 .......................................................................... 1,295,000 1,407,548 Stockton Revenue, O'Connor Woods Housing Corp., Series A, 5.375%, 11/01/11 ................. 1,365,000 1,401,009 Sunline Transport Agency COP, Transport Finance Corp., Series B, 5.75%, 7/01/06 ............ 445,000 448,124 Sweetwater UHSD, COP, FSA Insured, 4.15%, 9/01/12 .......................................... 1,000,000 1,036,760 Temecula Valley USD, GO, Series E, FSA Insured, Pre-Refunded, 5.65%, 9/01/07 ............... 370,000 382,373 Tobacco Securitization Authority Northern California Tobacco Settlement Revenue, Asset Backed Bonds, Series B, 4.25%, 6/01/09 .......................................................................... 880,000 891,669 4.375%, 6/01/10 ......................................................................... 1,665,000 1,678,303 4.50%, 6/01/11 .......................................................................... 1,540,000 1,544,019 4.60%, 6/01/12 .......................................................................... 1,760,000 1,752,485
20 | Quarterly Statements of Investments FRANKLIN CALIFORNIA TAX-FREE TRUST STATEMENT OF INVESTMENTS, MARCH 31, 2005 (UNAUDITED) (CONTINUED)
-------------------------------------------------------------------------------------------------------------------------------- FRANKLIN CALIFORNIA INTERMEDIATE-TERM TAX-FREE INCOME FUND PRINCIPAL AMOUNT VALUE -------------------------------------------------------------------------------------------------------------------------------- LONG TERM INVESTMENTS (CONT.) BONDS (CONT.) CALIFORNIA (CONT.) Tobacco Securitization Authority Northern California Tobacco Settlement Revenue, Asset Backed Bonds, Series B, (cont.) 4.70%, 6/01/13 .......................................................................... $ 1,500,000 $ 1,480,935 4.80%, 6/01/14 .......................................................................... 725,000 709,717 Torrance Hospital Revenue, Torrance Memorial Medical Center, Series A, 5.10%, 6/01/12....... 1,000,000 1,072,370 University of California Revenues, Multiple Purpose Projects N, FGIC Insured, 4.00%, 9/01/12 ............................... 1,380,000 1,412,872 Research Facilities, Series E, AMBAC Insured, 5.00%, 9/01/15 ............................ 3,645,000 3,879,155 West Contra Costa USD, GO, Series B, FSA Insured, 4.00%, 8/01/12 ........................... 1,875,000 1,931,344 Whittier Health Facility Revenue, Presbyterian Intercommunity Hospital, 5.00%, 6/01/11 ................................................................................. 1,060,000 1,117,865 6/01/12 ................................................................................. 2,225,000 2,352,226 6/01/13 ................................................................................. 2,335,000 2,462,748 Yucaipa Valley Water District Water System Revenue COP, Series A, MBIA Insured, 5.00%, 9/01/15 .......................................................................... 1,080,000 1,170,979 5.25%, 9/01/20 .......................................................................... 1,325,000 1,437,493 ------------- 399,345,962 ------------- U.S. TERRITORIES 2.7% Puerto Rico Commonwealth GO, Public Improvement, FSA Insured, 5.25%, 7/01/16 ............... 2,500,000 2,811,875 Virgin Islands PFAR, senior lien, Fund Loan Notes, Refunding, Series A, 5.40%, 10/01/12 ................................... 4,150,000 4,416,845 Refunding, Series A, 5.30%, 10/01/11 .................................................... 1,000,000 1,062,070 Virgin Islands Water and Power Authority Water System Revenue, Refunding, 4.875%, 7/01/06 ......................................................................... 1,500,000 1,521,435 5.00%, 7/01/09 .......................................................................... 2,000,000 2,074,780 ------------- 11,887,005 ------------- TOTAL BONDS (COST $400,379,793)............................................................. 411,232,967 ------------- ZERO COUPON/STEP-UP BONDS 5.4% CALIFORNIA 5.4% Alameda Corridor Transportation Authority Revenue, Capital Appreciation, sub. lien, Refunding, Series A, AMBAC Insured, 10/01/17 ........................................................ 10,000,000 5,591,100 Burbank USD, GO, Capital Appreciation, Election of 1997, Series C, FGIC Insured, 8/01/15 ................................................................................. 4,600,000 2,894,090 8/01/16 ................................................................................. 4,670,000 2,787,476 Clovis USD, GO, Capital Appreciation, Election of 2004, Series A, FGIC Insured, 8/01/17..... 5,235,000 2,932,019 Conejo Valley USD, GO, Election of 1998, Series C, FSA Insured, 8/01/17 .................... 2,500,000 1,408,675 Montebello USD, GO, Capital Appreciation, FGIC Insured, 8/01/18 ................................................................................. 1,455,000 772,430 8/01/19 ................................................................................. 1,480,000 740,903 San Francisco City and County Redevelopment Financing Authority Tax Allocation, Redevelopment Projects, Series A, 8/01/17 ................................................ 3,825,000 2,006,366
Quarterly Statements of Investments | 21 FRANKLIN CALIFORNIA TAX-FREE TRUST STATEMENT OF INVESTMENTS, MARCH 31, 2005 (UNAUDITED) (CONTINUED)
-------------------------------------------------------------------------------------------------------------------------------- FRANKLIN CALIFORNIA INTERMEDIATE-TERM TAX-FREE INCOME FUND PRINCIPAL AMOUNT VALUE -------------------------------------------------------------------------------------------------------------------------------- LONG TERM INVESTMENTS (CONT.) BONDS (CONT.) CALIFORNIA (CONT.) San Joaquin Hills Transportation Corridor Agency Toll Road Revenue, Capital Appreciation, Refunding, Series A, zero cpn. to 1/15/07, 5.60% thereafter, 1/15/16 ..................... $ 3,000,000 $ 2,674,800 Santa Ana USD, GO, Election of 1999, Series B, FGIC Insured, 8/01/14 ....................... 3,125,000 2,094,219 ------------- TOTAL ZERO COUPON/STEP-UP BONDS (COST $23,242,701).......................................... 23,902,078 ------------- TOTAL LONG TERM INVESTMENTS (COST $423,622,494)............................................. 435,135,045 ------------- SHORT TERM INVESTMENTS 1.6% BONDS 1.6% (b)CALIFORNIA 1.6% California State Department of Water Resources Power Supply Revenue, Series B-3, Daily VRDN and Put, 2.25%, 5/01/22 .......................................... 700,000 700,000 Series B-6, Daily VRDN and Put, 2.28%, 5/01/22 .......................................... 800,000 800,000 Series C-7, FSA Insured, Weekly VRDN and Put, 2.31%, 5/01/22 ............................ 1,500,000 1,500,000 Irvine 1915 Act Special Assessment, AD No. 94-13, Daily VRDN and Put, 2.28%, 9/02/22 ....... 600,000 600,000 Irvine USD Special Tax, CFD No. 01-1, Daily VRDN and Put, 2.28%, 9/01/38 ................... 300,000 300,000 Los Angeles Department of Water and Power Waterworks Revenue, Sub Series B-2, Daily VRDN and Put, 2.28%, 7/01/35 ....................................................... 200,000 200,000 Metropolitan Water District Southern California Waterworks Revenue, Refunding, Series B-1, Daily VRDN and Put, 2.28%, 7/01/35 ....................................................... 2,300,000 2,300,000 Orange County Sanitation Districts COP, Nos. 1-3, 5-7 and 11, Refunding, AMBAC Insured, Daily VRDN and Put, 2.28%, 8/01/16....... 100,000 100,000 Refunding, Series A, Daily VRDN and Put, 2.28%, 8/01/29 ................................. 800,000 800,000 ------------- TOTAL SHORT TERM INVESTMENTS (COST $7,300,000).............................................. 7,300,000 ------------- TOTAL INVESTMENTS (COST $430,922,494) 99.6%................................................. 442,435,045 OTHER ASSETS, LESS LIABILITIES 0.4%......................................................... 1,843,378 ------------- NET ASSETS 100.0%........................................................................... $ 444,278,423 =============
See Selected Portfolio Abbreviations on page 31. (a) Security purchased on a when-issued or delayed delivery basis. (b) Variable rate demand notes (VRDNs) are tax-exempt 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. The coupon rate shown represents the rate at period end. VRDNs are valued at cost. 22 | See Notes to Statements of Investments. | Quarterly Statements of Investments FRANKLIN CALIFORNIA TAX-FREE TRUST STATEMENT OF INVESTMENTS, MARCH 31, 2005 (UNAUDITED)
-------------------------------------------------------------------------------------------------------------------------------- FRANKLIN CALIFORNIA LIMITED-TERM TAX-FREE INCOME FUND PRINCIPAL AMOUNT VALUE -------------------------------------------------------------------------------------------------------------------------------- LONG TERM INVESTMENTS 62.8% BONDS 62.8% CALIFORNIA 59.1% Azusa Redevelopment Agency Tax Allocation, Refunding, West End Redevelopment Project Area A, AMBAC Insured, 2.00%, 8/01/06 .................................................. $ 375,000 $ 370,747 Brea Olinda USD, GO, Election of 1999, Series A, FGIC Insured, 2.60%, 8/01/09 .............. 120,000 117,689 Cajon Valley Unified Elementary School District COP, MBIA Insured, 2.50%, 5/01/08 .......... 250,000 246,765 California Educational Facilities Authority Revenue, Santa Clara University, Series A, FSA Insured, 2.625%, 9/01/09 ................................................................ 100,000 97,869 California Health Facilities Financing Authority Revenue, AMBAC Insured, 3.75%, 7/01/05..... 300,000 301,032 California State Department of Water Resources Central Valley Project Revenue, Water Systems, Refunding, Series Y, FGIC Insured, 5.00%, 12/01/08 ....................................... 200,000 214,820 California State Department of Water Resources Power Supply Revenue, Series A, MBIA Insured, 3.50%, 5/01/07 ........................................................................... 555,000 562,426 California State Economic Recovery Revenue, Series A, 5.00%, 7/01/06 ....................... 500,000 514,950 California State University at Channel Islands Financing Authority Revenue, Rental Housing and Town Center, Mandatory Put 8/01/07, Series A, 2.50%, 8/01/44 ................. 750,000 741,135 California Statewide CDA Revenue, Kaiser Permanente, Mandatory Put 5/01/07, Series G, 2.30%, 4/01/34 ...................... 400,000 391,732 Viewpoint School, ACA Insured, 3.50%, 10/01/08 .......................................... 320,000 318,752 California Statewide CDA Water and Wastewater Revenue, Pooled Financing Program, Series B, FSA Insured, 2.00%, 10/01/05 ............................................................. 270,000 269,241 Chaffey Joint UHSD, COP, Refunding, 3.00%, 5/01/08 ......................................... 250,000 251,825 Costa Mesa RDA Tax Allocation Revenue, Downtown Redevelopment Project, FSA Insured, 2.50%, 10/01/08 .......................................................................... 265,000 261,152 Evergreen School District GO, Refunding, Series D, FGIC Insured, 2.75%, 9/01/08 ............ 150,000 149,514 Fontana USD, COP, Facility Bridge Funding Program, Mandatory Put 9/01/05, FSA Insured, 3.00%, 9/01/15 ........................................................................... 500,000 501,110 Foothill-De Anza Community College District GO, Election of 1999, Series B, 2.60%, 8/01/08 . 100,000 98,613 Glendale USD, GO, Series F, MBIA Insured, 2.50%, 9/01/08 ................................... 200,000 196,688 Glendora PFAR Tax Allocation, Project No. 1, Refunding, Series A, MBIA Insured, 2.00%, 9/01/07 .......................................................................... 100,000 97,456 2.125%, 9/01/08 ......................................................................... 105,000 101,440 Goleta Water District Revenue COP, 1991 Project and 2003 Project, Refunding, MBIA Insured, 2.00%, 12/01/05 .......................................................................... 300,000 298,635 Industry Urban Development Agency Tax Allocation, Civic Recreation Industrial, Series 1-B, MBIA Insured, 2.50%, 5/01/05 ............................................................. 500,000 500,105 Inglewood USD, GO, Election of 1998, Series C, FSA Insured, 2.50%, 10/01/08 ................ 265,000 260,516 Lodi USD, COP, Capital Projects, Refunding, FSA Insured, 3.00%, 2/01/08 .................... 110,000 110,591 Los Angeles Convention and Exhibition Center Authority Lease Revenue, Series A, AMBAC Insured, 3.25%, 8/15/09 ........................................................................... 250,000 252,225 Los Angeles County MTA Sales Tax Revenue, Proposition A, First Tier, Refunding, Senior Series A, FSA Insured, 2.50%, 7/01/07 .............................................................. 100,000 99,696 Los Angeles USD, GO, Election of 1997, Series F, FSA Insured, 3.00%, 7/01/06 ............... 150,000 150,796 Los Angeles Water and Power Revenue, Power System, Series A, Sub Series A-1, 4.00%, 7/01/06 ........................................................................... 500,000 508,280 Lynwood USD, GO, Election of 2002, Series A, FSA Insured, 4.00%, 8/01/10 ................... 100,000 104,132 Manteca USD Special Tax, CFD No. 89-1, AMBAC Insured, 2.50%, 9/01/08 ....................... 250,000 248,380 Modesto High School District Stanislaus County GO, Refunding, FSA Insured, 2.50%, 8/01/05 .. 100,000 100,051 North Orange County Community College District GO, Election of 2002, Series B, FGIC Insured, ETM, 2.125%, 8/01/08 ..................................................................... 500,000 484,940
Quarterly Statements of Investments | 23 FRANKLIN CALIFORNIA TAX-FREE TRUST STATEMENT OF INVESTMENTS, MARCH 31, 2005 (UNAUDITED) (CONTINUED)
-------------------------------------------------------------------------------------------------------------------------------- FRANKLIN CALIFORNIA LIMITED-TERM TAX-FREE INCOME FUND PRINCIPAL AMOUNT VALUE -------------------------------------------------------------------------------------------------------------------------------- LONG TERM INVESTMENTS (CONT.) BONDS (CONT.) CALIFORNIA (CONT.) Placer County Water Agency Water Revenue COP, Refunding, MBIA Insured, 2.375%, 7/01/07...... $ 105,000 $ 104,129 Poway RDA Tax Allocation, Paguay Redevelopment Project, Series A, MBIA Insured, 3.00%, 6/15/09 ........................................................................... 100,000 99,880 Rio Linda Unified Elementary School District, Election of 2002, Series A, FSA Insured, 4.00%, 8/01/10 ........................................................................... 100,000 104,132 Riverside County Asset Leasing Corp. Leasehold Revenue, Hospital Project, Refunding, Series A, MBIA Insured, 3.00%, 6/01/08 ............................................................. 115,000 115,342 San Diego Community College District GO, Election of 2002, Refunding, Series A, FSA Insured, 2.50%, 5/01/07 ................................................... 300,000 298,797 Series B, FSA Insured, 4.00%, 5/01/05 ................................................... 150,000 150,194 San Diego Regional Building Authority Lease Revenue, San Miguel Conservation Fire District, Refunding, AMBAC Insured, 3.00%, 1/01/08 ................................................. 240,000 241,250 San Francisco City and County Airports Commission International Airport Revenue, Issue 29B, Refunding, Second Series, FGIC Insured, 3.00%, 5/01/07 ................................... 500,000 501,995 San Francisco City and County Public Utility Commission Warrant Revenue, Refunding, Series A, MBIA Insured, 3.00%, 10/01/08 ............................................................ 100,000 100,495 San Jose Financing Authority Lease Revenue, Central Service Yard Project, Refunding, AMBAC Insured, 3.00%, 10/15/06 ........................................................... 245,000 246,458 San Mateo Foster City School District GO, Refunding, FSA Insured, 2.50%, 9/01/08 ........... 200,000 196,688 Santa Clara Electric Revenue, Sub Series A, MBIA Insured, 3.00%, 7/01/09 ................... 225,000 225,171 Santa Clara Valley Transportation Authority Sales Tax Revenue, Measure A, Mandatory Put 10/02/06, AMBAC Insured, 3.00%, 4/01/36 .................................... 500,000 502,690 Sonoma County COP, Series A, Refunding, MBIA Insured, 3.00%, 11/15/08 ...................... 250,000 251,273 University of California Revenues, University and College Improvements, Refunding, Series A, 3.00%, 5/15/05 ........................................................................... 120,000 120,106 ------------- 12,181,903 ------------- U.S. TERRITORIES 3.7% Guam International Airport Authority Revenue, Series A, MBIA Insured, 2.375%, 10/01/08...... 250,000 240,685 Puerto Rico Commonwealth GO, Public Improvement, Mandatory Put 7/01/08, Refunding, Series C, MBIA Insured, 5.00%, 7/01/28 ................................................... 200,000 212,250 Puerto Rico Commonwealth Highway and Transportation Authority Revenue, Series AA, FGIC Insured, 2.625%, 7/01/08 ............................................................ 300,000 295,218 ------------- 748,153 ------------- TOTAL LONG TERM INVESTMENTS (COST $13,136,219).............................................. 12,930,056 ------------- SHORT TERM INVESTMENTS 36.4% BONDS 36.4% CALIFORNIA 35.0% (a)Bay Area Toll Authority Toll Bridge Revenue, San Francisco Bay Area, Series C, AMBAC Insured, Weekly VRDN and Put, 2.27%, 4/01/37 ..................................................... 400,000 400,000 (a)California State Department of Water Resources Power Supply Revenue, Series C-7, FSA Insured, Weekly VRDN and Put, 2.31%, 5/01/22 ..................................................... 300,000 300,000 California State RAN, Series A, 3.00%, 6/30/05 ............................................. 500,000 500,870 California Statewide CDA Water and Wastewater Revenue, Pooled Financing Program 2004, Series C, FSA Insured, 2.00%, 10/01/05 .................................................. 460,000 458,707
24 | Quarterly Statements of Investments FRANKLIN CALIFORNIA TAX-FREE TRUST STATEMENT OF INVESTMENTS, MARCH 31, 2005 (UNAUDITED) (CONTINUED)
-------------------------------------------------------------------------------------------------------------------------------- FRANKLIN CALIFORNIA LIMITED-TERM TAX-FREE INCOME FUND PRINCIPAL AMOUNT VALUE -------------------------------------------------------------------------------------------------------------------------------- SHORT TERM INVESTMENTS (CONT.) BONDS (CONT.) CALIFORNIA (CONT.) (a)Daly City HFA, MFR, Refunding, Weekly VRDN and Put, 2.26%, 10/15/29 ........................ $ 100,000 $ 100,000 (a)Irvine 1915 Act Special Assessment, AD No. 00-18, Series A, Daily VRDN and Put, 2.28%, 9/02/26 ............................... 200,000 200,000 AD No. 97-13, Daily VRDN and Put, 2.28%, 9/02/23 ......................................... 100,000 100,000 (a)Irvine Ranch Water District Revenue, Construction Bonds, Daily VRDN and Put, 2.28%, 10/01/05 ......................................................................... 145,000 145,000 (a)Irvine USD Special Tax, CFD No. 01-1, Daily VRDN and Put, 2.28%, 9/01/38 ................... 500,000 500,000 (a)Livermore COP, Capital Projects, Weekly VRDN and Put, 2.27%, 10/01/30 ...................... 200,000 200,000 (a)Los Angeles Department of Water and Power Waterworks Revenue, Sub Series B-2, Daily VRDN and Put, 2.28%, 7/01/35 ...................................................... 800,000 800,000 (a)Metropolitan Water District Southern California Waterworks Revenue, Refunding, Series B-1, Daily VRDN and Put, 2.28%, 7/01/35 ............................... 200,000 200,000 Refunding, Series B-2, Weekly VRDN and Put, 2.23%, 7/01/35 .............................. 200,000 200,000 Refunding, Series B-3, Daily VRDN and Put, 1.70%, 7/01/35 ............................... 200,000 200,000 Series B, Weekly VRDN and Put, 2.23%, 7/01/27 ........................................... 200,000 200,000 (a)Newport Beach Revenue, Hoag Memorial Presbyterian Hospital, Series A, Weekly VRDN and Put, 2.26%, 10/01/26 ......................................................................... 400,000 400,000 (a)Orange County Sanitation Districts COP, Nos. 1-3, 5-7 and 11, Refunding, AMBAC Insured, Daily VRDN and Put, 2.28%, 8/01/16 ...................................................... 1,000,000 1,000,000 (a)Rancho Water District Financing Authority Revenue, Series B, FGIC Insured, Weekly VRDN and Put, 2.23%, 8/01/31 .......................................................................... 200,000 200,000 (a)San Bernardino County COP, County Center Refinancing Project, Refunding, Weekly VRDN and Put, 2.28%, 7/01/15 .......................................................................... 500,000 500,000 South Coast Local Education Agencies Note Participations, Pooled TRAN, 3.00%, 6/30/05 ................................................................................. 500,000 500,775 (a)Westminster COP, Civic Center Refunding Project, Series B, AMBAC Insured, Weekly VRDN and Put, 2.27%, 6/01/24 .......................................................................... 100,000 100,000 ------------- 7,205,352 ------------- U.S. TERRITORIES 1.4% (a)Puerto Rico Commonwealth Government Development Bank Revenue, Refunding, MBIA Insured, Weekly VRDN and Put, 2.19%, 12/01/15 .................................................... 100,000 100,000 (a)Puerto Rico Commonwealth Highway and Transportation Authority Transportation Revenue, Series A, AMBAC Insured, Weekly VRDN and Put, 2.23%, 7/01/28 ............................ 200,000 200,000 ------------- 300,000 ------------- TOTAL SHORT TERM INVESTMENTS (COST $7,508,485).............................................. 7,505,352 ------------- TOTAL INVESTMENTS (COST $20,644,704) 99.2%.................................................. 20,435,408 OTHER ASSETS, LESS LIABILITIES 0.8%......................................................... 164,302 ------------- NET ASSETS 100.0%........................................................................... $ 20,599,710 =============
See Selected Portfolio Abbreviations on page 31. (a) Variable rate demand notes (VRDNs) are tax-exempt 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. The coupon rate shown represents the rate at period end. VRDNs are valued at cost. Quarterly Statements of Investments | 25 This page intentionally left blank. 26 | Quarterly Statements of Investments FRANKLIN CALIFORNIA TAX-FREE TRUST STATEMENT OF INVESTMENTS, MARCH 31, 2005 (UNAUDITED)
-------------------------------------------------------------------------------------------------------------------------------- FRANKLIN CALIFORNIA TAX-EXEMPT MONEY FUND PRINCIPAL AMOUNT VALUE -------------------------------------------------------------------------------------------------------------------------------- BONDS 99.6% CALIFORNIA 99.6% (a)Alameda County IDAR, United Manufacturing Project, Series A, Weekly VRDN and Put, 2.29%, 6/01/30 .......................................................................... $ 1,000,000 $ 1,000,000 (a)Bay Area Toll Authority Toll Bridge Revenue, San Francisco Bay Area, Series A, AMBAC Insured, Weekly VRDN and Put, 2.22%, 4/01/36 ..................................................... 2,500,000 2,500,000 (a)Butte County Housing Authority MFR, Pine Tree Apartment Project, Weekly VRDN and Put, 2.28%, 12/01/10 ......................................................................... 1,532,000 1,532,000 California Community College Financing Authority TRAN, Series A, FSA Insured, 3.00%, 6/30/05 ................................................................................. 21,540,000 21,612,311 (a)California Health Facilities Financing Authority Revenue, Catholic Healthcare West, MBIA Insured, Weekly VRDN and Put, 2.26%, 7/01/16 ............. 3,955,000 3,955,000 Pooled Loan Program, Series B, FGIC Insured, Weekly VRDN and Put, 2.27%, 10/01/10 ....... 2,500,000 2,500,000 Scripps Health, Series A, MBIA Insured, Weekly VRDN and Put, 2.18%, 10/01/22 ............ 3,300,000 3,300,000 (a)California Infrastructure and Economic Development Bank Revenue, Independent System Operating Corp. Project, Refunding, Series B, MBIA Insured, Weekly VRDN and Put, 2.29%, 4/01/08 .................................................... 6,500,000 6,500,000 J. Paul Getty Trust, Series B, Annual VRDN and Put, 2.25%, 4/01/33 ...................... 6,000,000 6,000,000 J. Paul Getty Trust, Series C, Annual VRDN and Put, 2.25%, 4/01/33 ...................... 3,000,000 3,000,000 California School Cash Reserves Program Authority Revenue, Pool, Series A, AMBAC Insured, 3.00%, 7/06/05 .......................................................................... 24,870,000 24,955,700 (a)California State Department of Water Resources Power Supply Revenue, Series B-3, Daily VRDN and Put, 2.25%, 5/01/22 .......................................... 12,620,000 12,620,000 Series B-5, Daily VRDN and Put, 2.24%, 5/01/22 .......................................... 800,000 800,000 Series B-6, Daily VRDN and Put, 2.28%, 5/01/22 .......................................... 8,000,000 8,000,000 Series C-7, FSA Insured, Weekly VRDN and Put, 2.31%, 5/01/22 ............................ 5,300,000 5,300,000 Series C-8, Weekly VRDN and Put, 2.27%, 5/01/22 ......................................... 6,000,000 6,000,000 Series C-12, Weekly VRDN and Put, 2.23%, 5/01/22 ........................................ 6,700,000 6,700,000 (a)California State Economic Development Financing Authority Revenue, Calco Project, Weekly VRDN and Put, 2.28%, 4/01/27 ...................................... 1,500,000 1,500,000 KQED Inc. Project, Refunding, Weekly VRDN and Put, 2.28%, 4/01/20 ....................... 1,080,000 1,080,000 (a)California State Economic Recovery GO, Series C-2, Daily VRDN and Put, 2.20%, 7/01/23 .......................................... 1,000,000 1,000,000 Series C-4, Daily VRDN and Put, 2.33%, 7/01/23 .......................................... 4,900,000 4,900,000 Series C-6, Daily VRDN and Put, 2.28%, 7/01/23 .......................................... 8,000,000 8,000,000 (a)California State Economic Recovery Revenue, Series C-11, Weekly VRDN and Put, 2.24%, 7/01/23 .......................................... 900,000 900,000 Series C-15, FSA Insured, Weekly VRDN and Put, 2.29%, 7/01/23 ............................. 3,000,000 3,000,000 (a)California State GO, Kindergarten University, Series B-3, Daily VRDN and Put, 2.25%, 5/01/34 ................. 14,500,000 14,500,000 Series A-3, Daily VRDN and Put, 2.20%, 5/01/33 .......................................... 1,100,000 1,100,000 California State RAN, Series A, 3.00%, 6/30/05 ............................................. 15,000,000 15,046,213 California Statewide CDA Revenue, TRAN, Series A-1, FSA Insured, 3.00%, 6/30/05 ............ 13,385,000 13,430,803 (a)Carlsbad USD, COP, School Facility Bridge Funding Program, FSA Insured, Weekly VRDN and Put, 2.23%, 9/01/14 .......................................................................... 500,000 500,000 (a)Chico MFMR, Webb Homes Project, Weekly VRDN and Put, 1.80%, 1/01/10 ........................ 1,345,000 1,345,000 (a)Chino Basin Regional Financing Authority Revenue, Inland Empire Utilities, Series A, AMBAC Insured, Weekly VRDN and Put, 2.26%, 6/01/32 ...................................... 5,485,000 5,485,000 (a)Commerce Joint Powers Financing Authority IDR, Weekly VRDN and Put, 2.29%, 11/01/14......... 1,620,000 1,620,000
Quarterly Statements of Investments | 27 FRANKLIN CALIFORNIA TAX-FREE TRUST STATEMENT OF INVESTMENTS, MARCH 31, 2005 (UNAUDITED) (CONTINUED)
-------------------------------------------------------------------------------------------------------------------------------- FRANKLIN CALIFORNIA TAX-EXEMPT MONEY FUND PRINCIPAL AMOUNT VALUE -------------------------------------------------------------------------------------------------------------------------------- BONDS (CONT.) CALIFORNIA (CONT.) East Bay MUD Water System Revenue, TECP, 2.04%, 5/05/05 .................................... $ 5,000,000 $ 5,000,000 (a)Elsinore Valley Municipal Water District COP, Series A, FGIC Insured, Weekly VRDN and Put, 2.23%, 7/01/29 .......................................................................... 15,000,000 15,000,000 (a)Fremont PFA, COP, Weekly VRDN and Put, 2.27%, 8/01/30 ...................................... 5,900,000 5,900,000 (a)Grant Joint UHSD, COP, School Facilities Bridge Funding Program, FSA Insured, Weekly VRDN and Put, 2.23%, 9/01/34 .................................................................. ....... 4,900,000 4,900,000 Various Bridge Funding Program, FSA Insured, Weekly VRDN and Put, 2.23%, 7/01/37 ........ 10,000,000 10,000,000 (a)Hillsborough COP, Water and Sewer System Project, Refunding, Series B, Weekly VRDN and Put, 2.28%, 6/01/30 .......................................................................... 4,300,000 4,300,000 (a)Irvine 1915 Act Revenue, AD No. 94-15, Daily VRDN and Put, 2.28%, 9/02/20 .................. 3,400,000 3,400,000 (a)Irvine 1915 Act Special Assessment, AD No. 00-18, Series A, Daily VRDN and Put, 2.28%, 9/02/26 .............................. 2,595,000 2,595,000 AD No. 03-19, Series A, Daily VRDN and Put, 2.28%, 9/02/29 .............................. 2,800,000 2,800,000 AD No. 93-14, Daily VRDN and Put, 2.24%, 9/02/25 ........................................ 6,657,000 6,657,000 AD No. 97-13, Daily VRDN and Put, 2.28%, 9/02/23 ........................................ 8,595,000 8,595,000 AD No. 97-16, Daily VRDN and Put, 2.28%, 9/02/22 ........................................ 6,290,000 6,290,000 (a)Irvine Ranch Water District GO, Nos. 105, 140, 240 and 250, Daily VRDN and Put, 2.24%, 1/01/21 .......................................................................... 7,500,000 7,500,000 (a)Irvine Ranch Water District Revenue, Consolidated Bonds, Daily VRDN and Put, 2.28%, 10/01/10 ................................. 2,500,000 2,500,000 Consolidated Bonds, Refunding, Series B, Daily VRDN and Put, 2.30%, 10/01/09 ............ 2,300,000 2,300,000 Consolidated, Daily VRDN and Put, 2.28%, 8/01/16 ........................................ 400,000 400,000 Construction Bonds, Daily VRDN and Put, 2.28%, 10/01/05 ................................. 1,500,000 1,500,000 (a)Irvine USD Special Tax, CFD No. 01-1, Daily VRDN and Put, 2.28%, 9/01/38 ........................................ 17,900,000 17,900,000 CFD No. 03-1, Daily VRDN and Put, 2.28%, 9/01/39 ........................................ 2,400,000 2,400,000 (a)Kern County COP, Kern Public Facilities Project, Series A, Weekly VRDN and Put, 2.23%, 8/01/06 .......................................................................... 400,000 400,000 Los Angeles County MTA Sales Tax Revenue, TECP, 1.90%, 4/07/05 .......................... 2,000,000 2,000,000 (a)Los Angeles County Pension Obligation Revenue, Refunding, Series A, AMBAC Insured, Weekly VRDN and Put, 2.26%, 6/30/07 ............................ 1,400,000 1,400,000 Series B, AMBAC Insured, Weekly VRDN and Put, 2.26%, 6/30/07 ............................ 3,200,000 3,200,000 Los Angeles County Schools Pooled Financing Program COP, GO, Transport, Series A, FSA Insured, 3.50%, 6/30/05 ............................................................. 8,000,000 8,036,673 (a)Los Angeles Department of Water and Power Waterworks Revenue, Sub Series B-2, Daily VRDN and Put, 2.28%, 7/01/35 ...................................................... 3,875,000 3,875,000 (a)Los Angeles MFR, Casden Project, Series K, Weekly VRDN and Put, 2.23%, 7/01/10 ............. 145,507 145,507 (a)Los Angeles Wastewater System Revenue, Refunding, Sub Series A, FGIC Insured, Annual VRDN and Put, 2.15%, 12/01/31 .................................................... 5,000,000 5,000,000 (a)Los Angeles Water and Power Revenue, Sub Series B-5, Refunding, Weekly VRDN and Put, 2.28%, 7/01/34 .......................................................................... 3,700,000 3,700,000 (a)Metropolitan Water District Southern California Waterworks Revenue, Refunding, Series A, AMBAC Insured, Weekly VRDN and Put, 2.23%, 6/01/23 ................. 6,575,000 6,575,000 Refunding, Series B-1, Daily VRDN and Put, 2.28%, 7/01/35 ............................... 300,000 300,000 Refunding, Series B-3, Daily VRDN and Put, 2.24%, 7/01/35 ............................... 1,000,000 1,000,000 Refunding, Series C-1, Weekly VRDN and Put, 2.20%, 7/01/30 .............................. 3,000,000 3,000,000 Series B-4, Weekly VRDN and Put, 2.26%, 7/01/35 ......................................... 5,000,000 5,000,000 Series C, Weekly VRDN and Put, 2.27%, 7/01/28 ............................................ 13,200,000 13,200,000
28 | Quarterly Statements of Investments FRANKLIN CALIFORNIA TAX-FREE TRUST STATEMENT OF INVESTMENTS, MARCH 31, 2005 (UNAUDITED) (CONTINUED)
-------------------------------------------------------------------------------------------------------------------------------- FRANKLIN CALIFORNIA TAX-EXEMPT MONEY FUND PRINCIPAL AMOUNT VALUE -------------------------------------------------------------------------------------------------------------------------------- BONDS (CONT.) CALIFORNIA (CONT.) (a)Northern California Public Power Agency Revenue, Hydroelectric No. 1, Refunding, Series A, MBIA Insured, Weekly VRDN and Put, 2.26%, 7/01/23 ....................................... $ 8,700,000 $ 8,700,000 (a)Oakland COP, Capital Equipment Project, Weekly VRDN and Put, 2.28%, 12/01/15 ...... ....... 6,100,000 6,100,000 (a)Orange County Sanitation Districts COP, Nos. 1-3, 5-7 and 11, Refunding, AMBAC Insured, Daily VRDN and Put, 2.28%, 8/01/16....... 1,250,000 1,250,000 Refunding, Series B, Daily VRDN and Put, 2.28%, 8/01/30 ................................ 1,400,000 1,400,000 (a)Pajaro Valley USD, COP, School Facility Bridge Funding Program, FSA Insured, Weekly VRDN and Put, 2.23%, 9/01/31 ..................................................... 700,000 700,000 (a)Rancho Water District Financing Authority Revenue, Refunding, Series A, FGIC Insured, Weekly VRDN and Put, 2.23%, 8/01/29 .................. 6,000,000 6,000,000 Series B, FGIC Insured, Weekly VRDN and Put, 2.23%, 8/01/31 ............................. 3,880,000 3,880,000 (a)Riverside County Asset Leasing Corp. Leasehold Revenue, Southwest Justice Center, Series B, MBIA Insured, Weekly VRDN and Daily Put, 2.26%, 11/01/32 ................................ 5,000,000 5,000,000 (a)Riverside County COP, Riverside County Public Facilities, ACES, Series B, Weekly VRDN and Put, 2.22%, 12/01/15 ......................................................................... 1,800,000 1,800,000 (a)Sacramento County COP, Administration Center and Courthouse Project, Weekly VRDN and Put, 2.27%, 6/01/20 .......................................................................... 11,300,000 11,300,000 (a)Sacramento County Sanitation District Financing Authority Revenue, Series C, Weekly VRDN and Put, 2.28%, 12/01/30 ......................................................................... 28,600,000 28,600,000 Sacramento County TRAN, Series A, 3.00%, 7/11/05 ........................................... 10,000,000 10,036,737 (a)San Francisco City and County RDA, MFR, Derek Silva Community, Series D, Weekly VRDN and Put, 2.34%, 12/01/19 ................... 4,550,000 4,550,000 Fillmore Center, Refunding, Series B-2, Weekly VRDN and Put, 2.30%, 12/01/17 ............ 1,000,000 1,000,000 San Joaquin County Transportation Authority Sales Tax Revenue, TECP, 1.83%, 4/07/05 ........ 29,200,000 29,200,000 (a)San Jose MFHR, Pollard Plaza Apartments, Series D, Weekly VRDN and Put, 2.28%, 8/01/35...... 1,800,000 1,800,000 (a)San Jose RDAR, Merged Area Redevelopment Project, Series A, Weekly VRDN and Put, 2.26%, 7/01/26 .......................................................................... 3,300,000 3,300,000 (a)San Jose-Santa Clara Water Financing Authority Sewer Revenue, Series B, FGIC Insured, Weekly VRDN and Put, 2.26%, 11/15/11 .................................................... 1,200,000 1,200,000 (a)San Mateo County MFHR, Pacific Oaks Apartment Project, Series A, Weekly VRDN and Put, 2.36%, 7/01/17 .......................................................................... 2,950,000 2,950,000 (a)Santa Ana Housing Authority MFHR, Vintage Apartments, Refunding, Series A, Weekly VRDN and Put, 2.33%, 12/15/22 .................................................... 4,650,000 4,650,000 (a)Santa Clara County Housing Authority MFHR, Benton Park Central Apartments, Refunding, Series A, FNMA Insured, Weekly VRDN and Put, 2.30%, 12/15/25 ............................ 5,000,000 5,000,000 (a)South San Francisco MFHR, Magnolia Plaza Apartments, Series A, Weekly VRDN and Put, 2.36%, 5/01/17 .......................................................................... 500,000 500,000 (a)Southern California Public Power Authority Transmission Project Revenue, Southern Transmission, Refunding, AMBAC Insured, Weekly VRDN and Put, 2.26%, 7/01/19 ...................................... 27,715,000 27,715,000 Series A, FSA Insured, Weekly VRDN and Put, 2.23%, 7/01/23 .............................. 1,000,000 1,000,000 Series B, FSA Insured, Weekly VRDN and Put, 2.23%, 7/01/23 .............................. 6,600,000 6,600,000 (a)Stanislaus Waste to Energy Financing Agency Revenue, Solid Waste Facility, Ogden Martin Systems Project, Refunding, MBIA Insured, Weekly VRDN and Put, 2.27%, 1/01/10 ........... 3,600,000 3,600,000 (a)Suisun City Housing Authority MFR, Village Green, Series A, FNMA Insured, Weekly VRDN and Put, 2.23%, 6/15/18 .......................................................................... 7,200,000 7,200,000 (a)Turlock Irrigation District COP, Capital Improvement and Refunding Project, Daily VRDN and Put, 2.28%, 1/01/31 .......................................................................... 1,900,000 1,900,000
Quarterly Statements of Investments | 29 FRANKLIN CALIFORNIA TAX-FREE TRUST STATEMENT OF INVESTMENTS, MARCH 31, 2005 (UNAUDITED) (CONTINUED)
-------------------------------------------------------------------------------------------------------------------------------- FRANKLIN CALIFORNIA TAX-EXEMPT MONEY FUND PRINCIPAL AMOUNT VALUE -------------------------------------------------------------------------------------------------------------------------------- BONDS (CONT.) CALIFORNIA (CONT.) (a)Tustin 1915 Act Special Assessment, Reassessment District, No. 95-2, Series A, Daily VRDN and Put, 2.28%, 9/02/13 ...................................................... $16,169,000 $ 16,169,000 (a)Union City MFR, Housing Mission Sierra, Refunding, Series A, FNMA Insured, Weekly VRDN and Put, 2.30%, 7/15/29 .......................................................................... 2,000,000 2,000,000 (a)Upland CRDA, MFHR, FNMA Insured, Weekly VRDN and Put, 2.28%, 2/15/30 ....................... 1,000,000 1,000,000 (a)Val Verde USD, COP, Land Bank Program, Series A, Weekly VRDN and Put, 2.28%, 9/01/24 ....... 2,600,000 2,600,000 a)Vallecitos Water District Revenue COP, Twin Oaks Reservoir Project, Weekly VRDN and Put, 2.23%, 7/01/30 .......................................................................... 2,400,000 2,400,000 (a)Vallejo Housing Authority MFR, FNMA Insured, Weekly VRDN and Put, 2.23%, 5/15/22 ........... 1,985,000 1,985,000 (a)Watereuse Finance Authority Revenue, FSA Insured, Weekly VRDN and Put, 2.27%, 5/01/28....... 20,900,000 20,900,000 (a)Western Placer Union School COP, Facilities Project B, Weekly VRDN and Put, 2.28%, 8/01/23 ................................................................................. 5,000,000 5,000,000 (a)Western Riverside County Regional Wastewater Authority Revenue, Regional Wastewater Treatment, Daily VRDN and Put, 2.28%, 4/01/28 ....................... 1,450,000 1,450,000 ------------- TOTAL BONDS (COST $596,886,944) 99.6%....................................................... 596,886,944 OTHER ASSETS, LESS LIABILITIES 0.4%......................................................... 2,376,922 ------------- NET ASSETS 100.0%........................................................................... $ 599,263,866 =============
See Selected Portfolio Abbreviations on page 31. (a) Variable rate demand notes (VRDNs) are tax-exempt 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. The coupon rate shown represents the rate at period end. VRDNs are valued at cost. 30 | See Notes to Statements of Investments. | Quarterly Statements of Investments FRANKLIN CALIFORNIA TAX-FREE TRUST STATEMENT OF INVESTMENTS, MARCH 31, 2005 (UNAUDITED) (CONTINUED) SELECTED PORTFOLIO ABBREVIATIONS 1915 ACT - Improvement Bond Act of 1915 ABAG - The Association of Bay Area Governments ACA - American Capital Access Holdings Inc. ACES - Adjustable Convertible Exempt Securities AD - Assessment District AMBAC - American Municipal Bond Assurance Corp. BART - Bay Area Rapid Transit CDA - Community Development Authority/Agency CFD - Community Facilities District COP - Certificate of Participation CRDA - Community Redevelopment Authority/Agency ETM - Escrow to Maturity FGIC - Financial Guaranty Insurance Co. FNMA - Federal National Mortgage Association FSA - Financial Security Assistance GNMA - Government National Mortgage Association GO - General Obligation HFA - Housing Finance Authority/Agency HFAR - Housing Finance Authority/Agency Revenue ID - Improvement District IDAR - Industrial Development Authority/Agency Revenue IDR - Industrial Development Revenue MBIA - Municipal Bond Investors Assurance Corp. MFHR - Multi-Family Housing Revenue MFMR - Multi-Family Mortgage Revenue MFR - Multi-Family Revenue MTA - Metropolitan Transit Authority MUD - Municipal Utility District PCFA - Pollution Control Financing Authority PCR - Pollution Control Revenue PFA - Public Financing Authority PFAR - Public Financing Authority Revenue RAN - Revenue Anticipation Notes RDA - Redevelopment Agency/Authority RDAR - Redevelopment Agency Revenue SFM - Single Family Mortgage SFMR - Single Family Mortgage Revenue TECP - Tax-Exempt Commercial Paper TRAN - Tax and Revenue Anticipation Notes UHSD - Unified/Union High School District USD - Unified/Union School District XLCA - XL Capital Assurance Quarterly Statements of Investments | See Notes to Statements of Investments. | 31 FRANKLIN CALIFORNIA TAX-FREE TRUST NOTES TO STATEMENTS OF INVESTMENTS (UNAUDITED) Franklin California Tax-Free Trust is registered under the Investment Company Act of 1940 as an open-end investment company, consisting of four series (the Funds). All Funds are diversified except the Franklin California Intermediate-Term Tax-Free Income Fund. 1. INCOME TAXES At March 31, 2005, the net unrealized appreciation (depreciation) based on the cost of investments for income tax purposes were as follows:
----------------------------------------------- FRANKLIN FRANKLIN CA INSURED CA INTERMEDIATE-TERM TAX-FREE INCOME FUND TAX-FREE INCOME FUND ----------------------------------------------- Cost of investments................................... $ 1,788,415,750 $ 430,898,457 =============================================== Unrealized appreciation............................... $ 132,605,385 $ 12,739,318 Unrealized depreciation............................... (14,209) (1,202,730) ----------------------------------------------- Net unrealized appreciation (depreciation)............ $ 132,591,176 $ 11,536,588 =============================================== ----------------------------------------------- FRANKLIN FRANKLIN CA LIMITED-TERM CA TAX-EXEMPT TAX-FREE INCOME FUND MONEY FUND ----------------------------------------------- Cost of investments................................... $ 20,644,704 $ 596,886,944 =============================================== Unrealized appreciation............................... $ -- $ -- Unrealized depreciation............................... (209,296) -- ----------------------------------------------- Net unrealized appreciation (depreciation)............ $ (209,296) $ -- ===============================================
For information on the Funds' policy regarding valuation of investments and other significant accounting policies, please refer to the Funds' most recent semiannual or annual shareholder report. 32 | Quarterly Statements of Investments Item 2. Controls and Procedures. (a) EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES. The Registrant maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in the Registrant's filings under the Securities Exchange Act of 1934 and the Investment Company Act of 1940 is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the Registrant's management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Registrant's management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. Within 90 days prior to the filing date of this Quarterly Schedule of Portfolio Holdings on Form N-Q, the Registrant had carried out an evaluation, under the supervision and with the participation of the Registrant's management, including the Registrant's principal executive officer and the Registrant's principal financial officer, of the effectiveness of the design and operation of the Registrant's disclosure controls and procedures. Based on such evaluation, the Registrant's principal executive officer and principal financial officer concluded that the Registrant's disclosure controls and procedures are effective. (b) CHANGES IN INTERNAL CONTROLS. There have been no significant changes in the Registrant's internal controls or in other factors that could significantly affect the internal controls subsequent to the date of their evaluation in connection with the preparation of this Quarterly Schedule of Portfolio Holdings on Form N-Q. Item 3. Exhibits. (A) Certification pursuant to Section 30a-2 under the Investment Company Act of 1940 of Jimmy D. Gambill, Chief Executive Officer - Finance and Administration, and Galen G. Vetter, Chief Financial Officer. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) FRANKLIN CALIFORNIA TAX-FREE TRUST By /s/ Jimmy D. Gambill --------------------- Chief Executive Officer - Finance and Administration Date May 20, 2005 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By /s/ Jimmy D. Gambill --------------------- Chief Executive Officer - Finance and Administration Date May 20, 2005 By /s/ Galen G. Vetter -------------------- Chief Financial Officer Date May 20, 2005 Exhibit (A) I, Jimmy D. Gambill, certify that: 1. I have reviewed this report on Form N-Q of Franklin California Tax-Free Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. May 20, 2005 /s/JIMMY D. GAMBILL Chief Executive Officer - Finance and Administration I, Galen G. Vetter, certify that: 1. I have reviewed this report on Form N-Q of Franklin California Tax-Free Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. May 20, 2005 /s/GALEN G. VETTER Chief Financial Officer