N-Q 1 fctftnq0509.txt FR CA TAX-FREE TRUST N-Q PE 3/31/09 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) CRAIG S. TYLE, 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: 3/31/09 ------- Item 1. Schedule of Investments. Franklin California Tax-Free Trust QUARTERLY STATEMENTS OF INVESTMENTS MARCH 31, 2009 CONTENTS Franklin California Insured Tax-Free Income Fund............................ 3 Franklin California Intermediate-Term Tax-Free Income Fund.................. 15 Franklin California Tax-Exempt Money Fund................................... 23 Notes to Statements of Investments.......................................... 26
(FRANKLIN TEMPLETON INVESTMENTS(R) LOGO) FRANKLIN - Templeton - Mutual Series Quarterly Statements of Investments | 1 This page intentionally left blank. Franklin California Tax-Free Trust STATEMENT OF INVESTMENTS, MARCH 31, 2009 (UNAUDITED)
PRINCIPAL FRANKLIN CALIFORNIA INSURED TAX-FREE INCOME FUND AMOUNT VALUE ------------------------------------------------ --------------- --------------- MUNICIPAL BONDS 98.4% CALIFORNIA 98.4% ABAG Finance Authority for Nonprofit Corps. COP, Lincoln Child Center Inc., California Mortgage Insured, 6.125%, 11/01/24 ........ $ 1,950,000 $ 1,950,917 Lytton Gardens Inc., Refunding, California Mortgage Insured, 6.00%, 2/15/30 ..... 3,500,000 3,382,645 Odd Fellows Home, California Mortgage Insured, 6.00%, 8/15/24 ................... 5,000,000 4,964,900 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 4,923,199 Sansum-Santa Barbara, Refunding, Series A, California Mortgage Insured, 5.60%, 4/01/26 ............................................................... 2,750,000 2,754,483 ABAG Financial Authority for Nonprofit Corps. California Health Facilities Revenue, Institute on Aging, California Mortgage Insured, 5.65%, 8/15/38 ........ 9,000,000 8,104,410 Acalanes UHSD, GO, Capital Appreciation, Election of 2002, Series A, FGIC Insured, zero cpn., 8/01/25 ..................................................... 9,045,000 4,094,219 Alameda Corridor Transportation Authority Revenue, AMBAC Insured, zero cpn. to 10/01/12, 5.25% thereafter, 10/01/21 ...................................................... 64,660,000 51,464,834 5.45% thereafter, 10/01/25 ...................................................... 25,000,000 18,578,750 Alameda Power and Telecommunication Electric System Revenue COP, Refunding, Series A, MBIA Insured, 5.75%, 7/01/30 ............................... 3,305,000 3,313,362 Alhambra City Elementary School District GO, Capital Appreciation, Election of 1999, Series B, FGIC Insured, zero cpn., 9/01/27 ...................................................................... 3,035,000 959,940 Series A, FSA Insured, Pre-Refunded, 5.60%, 9/01/24 ............................. 2,065,000 2,129,490 Alisal USD, GO, Capital Appreciation, Election of 2006, Series B, Assured Guaranty, zero cpn., 8/01/32 ......................................................................... 3,355,000 692,472 8/01/33 ......................................................................... 3,610,000 693,084 2/01/34 ......................................................................... 3,345,000 619,293 Alum Rock Union Elementary School District GO, Election of 2008, Series A, Assured Guaranty, 5.00%, 8/01/33 ................................................ 12,595,000 11,378,323 Alvord USD, GO, Election of 2007, Series A, FSA Insured, 5.00%, 8/01/32 ............ 9,070,000 8,147,309 Anaheim PFAR, Distribution System, second lien, MBIA Insured, 5.00%, 10/01/29 ........................................................................ 5,000,000 4,771,750 Antelope Valley UHSD, GO, Series A, MBIA Insured, 5.00%, 2/01/27 ................... 5,000,000 4,918,550 Antioch USD, GO, Election of 2008, School Facilities Improvement No. 1-B, Assured Guaranty, 5.375%, 8/01/36 ............................................... 3,130,000 3,010,622 Arcadia USD, GO, Capital Appreciation, Election of 2006, Series A, FSA Insured, zero cpn., 8/01/29 ......................................................................... 5,110,000 1,470,249 8/01/33 ......................................................................... 11,690,000 2,517,909 8/01/39 ......................................................................... 9,620,000 1,487,925 8/01/46 ......................................................................... 27,665,000 2,692,081 Atascadero CDA Tax Allocation, Redevelopment Project, XLCA Insured, 5.00%, 9/01/34 ......................................................................... 4,315,000 3,639,875 Auburn USD, COP, Refinancing Project, Assured Guaranty, 5.00%, 6/01/38 ............. 10,000,000 8,791,900 Bakersfield City School District GO, Series A, FSA Insured, 5.00%, 11/01/27 ........................................................................ 2,415,000 2,388,990 11/01/28 ........................................................................ 2,535,000 2,476,112 Bakersfield Wastewater Revenue, Series A, FSA Insured, 5.00%, 9/15/32 .............. 10,430,000 9,918,513 Baldwin Park RDA Tax Allocation, Refunding, FSA Insured, 5.70%, 9/01/25 ............ 4,000,000 4,168,440 Baldwin Park USD, GO, Capital Appreciation, Election of 2006, FSA Insured, zero cpn., 8/01/28 ......... 5,810,000 1,745,382 Election of 2006, FSA Insured, 5.00%, 8/01/31 ................................... 5,440,000 4,965,360
Quarterly Statements of Investments | 3 Franklin California Tax-Free Trust STATEMENT OF INVESTMENTS, MARCH 31, 2009 (UNAUDITED) (CONTINUED)
PRINCIPAL FRANKLIN CALIFORNIA INSURED TAX-FREE INCOME FUND AMOUNT VALUE ------------------------------------------------ --------------- --------------- MUNICIPAL BONDS (CONTINUED) CALIFORNIA (CONTINUED) Brea and Olinda USD, GO, Series A, FGIC Insured, 5.60%, 8/01/20 .................... $ 1,000,000 $ 1,025,500 Brentwood Infrastructure Financing Authority Infrastructure Revenue, Refunding, Series A, FSA Insured, 5.00%, 9/02/32 ................................ 3,790,000 3,604,214 Buckeye USD, GO, Election of 2006, FSA Insured, 5.00%, 8/01/32 ..................... 10,705,000 9,827,511 Cabrillo Community College District GO, Capital Appreciation, Election of 2004, Series B, MBIA Insured, zero cpn., 8/01/39 ...................................................................... 12,570,000 1,891,408 Series C, AMBAC Insured, Pre-Refunded, 5.375%, 5/01/26 .......................... 5,400,000 5,799,222 California Community College Financing Authority Lease Revenue, Grossmont Palomar and Shasta, Series A, MBIA Insured, 5.125%, 4/01/31 ..................... 3,030,000 2,823,899 California Educational Facilities Authority Revenue, Pomona College, Series B, Pre-Refunded, 5.50%, 7/01/29 .......................... 4,455,000 4,556,396 Stanford University, Refunding, Series O, 5.125%, 1/01/31 ....................... 24,705,000 24,701,788 California Health Facilities Financing Authority Revenue, Asian Community Center, Series A, AMBAC Insured, 5.00%, 4/01/37 ................. 10,550,000 8,290,190 Catholic Healthcare West, Refunding, ACA Insured, 5.00%, 7/01/28 ................ 8,765,000 7,646,235 Catholic Healthcare West, Refunding, Series A, 5.00%, 7/01/28 ................... 12,995,000 11,152,569 Community Health Facilities, Series A, California Mortgage Insured, 5.80%, 8/01/25 ...................................................................... 1,060,000 1,053,269 Help Group, Refunding, California Mortgage Insured, 5.40%, 8/01/22 .............. 5,000,000 4,938,850 Kaiser Permanente, Series A, ETM, 5.40%, 5/01/28 ................................ 15,400,000 15,517,656 Kaiser Permanente, Series B, ETM, 5.00%, 10/01/18 ............................... 5,000,000 5,014,300 Kaiser Permanente, Series B, ETM, 5.00%, 10/01/20 ............................... 4,000,000 4,006,320 Marshall Hospital, Refunding, Series A, California Mortgage Insured, 5.30%, 11/01/28 .............................................................. 3,325,000 2,904,521 Northern California Presbyterian, Refunding, 5.40%, 7/01/28 ..................... 5,000,000 3,682,600 Orange County Health Facility, Series A, California Mortgage Insured, 6.20%, 11/01/24 .............................................................. 3,435,000 3,436,718 Senior Living, Aldersly, Series A, California Mortgage Insured, 5.25%, 3/01/32 ...................................................................... 2,000,000 1,687,100 Sutter Health, Refunding, Series A, MBIA Insured, 5.00%, 8/15/19 ................ 1,585,000 1,602,831 Sutter Health, Refunding, Series A, MBIA Insured, 5.00%, 8/15/38 ................ 3,735,000 3,167,616 Sutter Health, Series A, MBIA Insured, Pre-Refunded, 5.00%, 8/15/19 ............. 115,000 117,689 Sutter Health, Series A, MBIA Insured, Pre-Refunded, 5.00%, 8/15/38 ............. 265,000 271,196 True to Life Children's Services, Series A, California Mortgage Insured, 5.625%, 9/01/25 .............................................................. 1,250,000 1,243,975 California HFAR, Home Mortgage, Series N, AMBAC Insured, zero cpn. to 2/01/10, 6.30% thereafter, 8/01/31 .............................................. 240,000 228,626 California Infrastructure and Economic Development Bank Revenue, Bay Area Toll Bridges, first lien, Series A, AMBAC Insured, Pre-Refunded, 5.00%, 7/01/33 ......................................................................... 8,460,000 9,436,876 California PCFA, PCR, Southern California Edison Co., Refunding, Series C, MBIA Insured, 5.55%, 9/01/31 .................................................... 4,800,000 3,871,824 California Public School District Financing Authority Lease Revenue, Southern Kern USD, Series B, FSA Insured, ETM, 5.90%, 9/01/26 ................... 1,615,000 1,887,014 California State Department of Water Resources Central Valley Project Revenue, Water System, Refunding, Series Q, MBIA Insured, 5.375%, 12/01/27 ...... 365,000 365,018 California State Department of Water Resources Water Revenue, Central Valley Project, Series AC, MBIA Insured, Pre-Refunded, 5.00%, 12/01/26 ..................................................................... 40,000 46,299 Central Valley Project, Series AD, FSA Insured, Pre-Refunded, 5.00%, 12/01/26 ..................................................................... 25,000 29,059 FSA Insured, Pre-Refunded, 5.125%, 12/01/29 ..................................... 115,000 127,714 Refunding, FSA Insured, 5.125%, 12/01/29 ........................................ 4,885,000 4,921,491
4 | Quarterly Statements of Investments Franklin California Tax-Free Trust STATEMENT OF INVESTMENTS, MARCH 31, 2009 (UNAUDITED) (CONTINUED)
PRINCIPAL FRANKLIN CALIFORNIA INSURED TAX-FREE INCOME FUND AMOUNT VALUE ------------------------------------------------ --------------- --------------- MUNICIPAL BONDS (CONTINUED) CALIFORNIA (CONTINUED) California State GO, FGIC Insured, 5.375%, 6/01/26 ................................................... $ 1,350,000 $ 1,313,766 FSA Insured, Pre-Refunded, 5.50%, 9/01/29 ....................................... 34,500,000 35,519,475 MBIA Insured, 6.00%, 8/01/16 .................................................... 210,000 210,956 MBIA Insured, 6.00%, 10/01/21 ................................................... 65,000 65,034 MBIA Insured, Pre-Refunded, 5.00%, 8/01/29 ...................................... 19,520,000 20,013,856 Pre-Refunded, 5.125%, 6/01/31 ................................................... 24,705,000 26,983,789 Refunding, 5.125%, 6/01/31 ...................................................... 295,000 267,922 Refunding, MBIA Insured, 5.00%, 8/01/29 ......................................... 730,000 659,402 Various Purpose, 5.00%, 11/01/32 ................................................ 22,500,000 19,772,550 Various Purpose, Refunding, 5.00%, 3/01/32 ...................................... 3,000,000 2,639,850 California State Health Facilities Financing Authority Revenue, Sutter Health, Series A, BHAC Insured, 5.00%, 11/15/42 ......................................... 15,000,000 14,688,300 California State Local Government Finance Authority Revenue, Marin Valley Mobile, Senior Series A, FSA Insured, 5.80%, 10/01/20 ........................... 3,770,000 3,784,024 California State Public Works Board Lease Revenue, Department of Mental Health Hospital, Series A, AMBAC Insured, 5.00%, 12/01/21 ........................................................................ 4,100,000 3,949,161 12/01/26 ........................................................................ 5,675,000 4,959,383 California State University Foundation Revenue, Monterey Bay, MBIA Insured, Pre-Refunded, 5.35%, 6/01/31 .................................................... 2,000,000 2,194,100 California State University of Los Angeles Auxiliary Services Inc. ................. Revenue, MBIA Insured, Pre-Refunded, 5.125%, 6/01/33 ............................ 3,200,000 3,491,552 California State University Revenue, Systemwide, Series A, FSA Insured, 5.00%, 11/01/33 ................................................................. 10,000,000 9,381,200 California State University Revenue and Colleges Revenue, Systemwide, Refunding, Series A, AMBAC Insured, 5.00%, 11/01/33 ........................................ 22,000,000 20,358,800 California Statewide CDA, COP, Children's Hospital, Los Angeles, 5.25%, 8/15/29 ........................... 12,250,000 8,746,500 COP, Kaiser Permanente, ETM, 5.30%, 12/01/15 .................................... 9,700,000 9,822,608 COP, MBIA Insured, 5.00%, 4/01/18 ............................................... 3,000,000 2,616,000 COP, Refunding, California Mortgage Insured, 5.75%, 8/01/21 ..................... 6,400,000 6,400,192 COP, Refunding, FSA Insured, 5.50%, 8/15/31 ..................................... 7,000,000 7,038,780 MFHR, Silver Ridge Apartments, Mandatory Put 8/01/21, Series H, FNMA Insured, 5.80%, 8/01/33 ............................................................... 2,785,000 2,837,859 California Statewide CDA Revenue, Adventist, Series B, Assured Guaranty, 5.00%, 3/01/37 ........................... 17,000,000 13,935,240 Catholic Healthcare West, Series K, Assured Guaranty, 5.50%, 7/01/41 ............ 17,000,000 14,929,230 COP, John Muir/Mt. Diablo Health System, MBIA Insured, 5.125%, 8/15/22 .......... 5,000,000 4,935,450 Enloe Medical Center, California Mortgage Insured, 6.25%, 8/15/28 ............... 17,215,000 16,947,823 Henry Mayo Newhall Memorial, Series B, MBIA Insured, 5.05%, 10/01/28 ............ 7,825,000 6,617,211 Hospital Monterey Peninsula, Series B, FSA Insured, 5.25%, 6/01/23 .............. 2,000,000 2,050,880 Lodi Memorial Hospital, Series A, California Mortgage Insured, 5.00%, 12/01/27 .. 15,000,000 13,040,850 Methodist Hospital of Southern California Project, FHA Insured, 6.75%, 2/01/38 .. 20,000,000 20,673,400 Refunding, California Mortgage Insured, 5.00%, 8/01/21 .......................... 2,035,000 1,989,111 St. Ignatius College Preparatory, AMBAC Insured, 5.00%, 6/01/37 ................. 7,215,000 5,905,189 St. Joseph Health System, Series E, FSA Insured, 5.25%, 7/01/47 ................. 20,000,000 18,371,600 Sutter Health, Series C, FSA Insured, 5.05%, 8/15/38 ............................ 15,000,000 13,496,250
Quarterly Statements of Investments | 5 Franklin California Tax-Free Trust STATEMENT OF INVESTMENTS, MARCH 31, 2009 (UNAUDITED) (CONTINUED)
PRINCIPAL FRANKLIN CALIFORNIA INSURED TAX-FREE INCOME FUND AMOUNT VALUE ------------------------------------------------ --------------- --------------- MUNICIPAL BONDS (CONTINUED) CALIFORNIA (CONTINUED) California Statewide CDA Water and Wastewater Revenue, Pooled Financing Program, Refunding, Series A, FSA Insured, 5.00%, 10/01/32 ............................... $ 9,320,000 $ 9,044,221 Refunding, Series B, FSA Insured, 5.75%, 10/01/29 ............................... 1,465,000 1,462,890 Series B, FSA Insured, Pre-Refunded, 5.65%, 10/01/26 ............................ 3,420,000 3,578,278 Campbell USD, GO, FSA Insured, 5.00%, 8/01/27 ...................................... 7,150,000 7,158,866 Castaic Lake Water Agency Revenue COP, 1999 Project, Refunding, AMBAC Insured, 4.50%, 8/01/26 .......................... 7,700,000 6,901,895 Series A, MBIA Insured, 5.00%, 8/01/29 .......................................... 8,000,000 7,731,920 Central USD, GO, Election of 2008, Series A, Assured Guaranty, 5.50%, 8/01/29 .................................................................. 3,000,000 3,030,360 5.625%, 8/01/33 ................................................................. 3,500,000 3,503,780 Chabot-Las Positas Community College District GO, Capital Appreciation Bonds, Series C, AMBAC Insured, zero cpn., 8/01/35 ......................................................................... 10,000,000 1,902,300 8/01/36 ......................................................................... 10,000,000 1,789,200 8/01/37 ......................................................................... 15,045,000 2,603,086 Chaffey Community College District GO, Refunding, Series A, FSA Insured, 5.00%, 7/01/27 ................................ 270,000 272,651 Series A, FSA Insured, Pre-Refunded, 5.00%, 7/01/27 ............................. 5,480,000 6,208,347 Chico PFAR, Merged Redevelopment Project Area, MBIA Insured, 5.125%, 4/01/24 ....... 2,790,000 2,785,648 Chino Basin Regional Financing Authority Revenue, Municipal Water District, Sewer System Project, Refunding, AMBAC Insured, 6.00%, 8/01/16 ........................ 2,000,000 1,994,180 Chula Vista Elementary School District GO, Election of 1998, Series F, MBIA Insured, 5.00%, 8/01/28 .................................................................. 2,685,000 2,623,030 Clovis PFAR, 2001 Corp. Yard Project, AMBAC Insured, 5.00%, 3/01/27 ................ 3,265,000 3,300,948 College of the Sequoias Tulare Area Improvement District No. 3 GO, Election of 2008, Series A, Assured Guaranty, 5.50%, 8/01/33 ...................................... 5,000,000 4,992,900 College of the Sequoias Visalia Area Improvement District No. 2 GO, Election of 2008, Series A, Assured Guaranty, 5.50%, 8/01/33 ................................ 5,750,000 5,741,835 Compton USD, GO, Election of 2002, Series B, MBIA Insured, Pre-Refunded, 5.00%, 6/01/29 .................................................................. 2,000,000 2,299,140 Corona-Norco USD, COP, Refunding, FSA Insured, 5.125%, 4/15/25 .................................... 5,355,000 5,402,338 COP, Refunding, FSA Insured, 5.125%, 4/15/29 .................................... 2,540,000 2,551,481 GO, Capital Appreciation, Refunding, Series B, FSA Insured, zero cpn., 3/01/25 .. 1,400,000 581,406 GO, Capital Appreciation, Series B, FSA Insured, zero cpn., 9/01/23 ............. 2,320,000 1,111,790 GO, Capital Appreciation, Series B, FSA Insured, zero cpn., 9/01/24 ............. 2,620,000 1,156,049 GO, Capital Appreciation, Series C, FGIC Insured, zero cpn., 9/01/25 ............ 4,655,000 1,836,025 GO, Capital Appreciation, Series C, FGIC Insured, zero cpn., 9/01/26 ............ 6,080,000 2,231,664 GO, Election of 2006, Series B, Assured Guaranty, 5.375%, 2/01/34 ............... 12,000,000 11,749,440 Coronado CDA Tax Allocation, Community Development Project, MBIA Insured, 5.375%, 9/01/26 ................................................................. 2,700,000 2,592,243 Cucamonga County Water District COP, FGIC Insured, 5.00%, 9/01/29 .................. 5,070,000 4,686,302 Delano USD, COP, Refinancing Project, MBIA Insured, 5.125%, 1/01/22 ................ 1,620,000 1,675,890 Desert Sands USD, COP, Financing Project, FSA Insured, 5.75%, 3/01/24 .............. 10,000,000 10,540,900 East Bay MUD Water System Revenue, Refunding, MBIA Insured, Pre-Refunded, 5.00%, 6/01/26 .................................................................. 14,000,000 15,238,160
6 | Quarterly Statements of Investments Franklin California Tax-Free Trust STATEMENT OF INVESTMENTS, MARCH 31, 2009 (UNAUDITED) (CONTINUED)
PRINCIPAL FRANKLIN CALIFORNIA INSURED TAX-FREE INCOME FUND AMOUNT VALUE ------------------------------------------------ --------------- --------------- MUNICIPAL BONDS (CONTINUED) CALIFORNIA (CONTINUED) East Side UHSD Santa Clara County GO, Election of 2008, Series A, Assured Guaranty, 5.00%, 8/01/38 .................................................................. $ 4,255,000 $ 3,825,798 El Centro Financing Authority Wastewater Revenue, Series A, FSA Insured, 5.25%, 10/01/35 ................................................................. 6,200,000 5,627,988 El Monte City School District GO, Election of 2004, Series A, FGIC Insured, 5.00%, 5/01/30 .......................................... 4,500,000 4,036,410 Series B, FSA Insured, 5.00%, 8/01/32 ........................................... 5,535,000 5,007,957 El Monte Water Authority Revenue, Water System Project, AMBAC Insured, Pre-Refunded, 5.60%, 9/01/34 .................................................................. 1,800,000 1,960,614 Elsinore Valley Municipal Water District COP, Refunding, Series A, BHAC Insured, 5.00%, 7/01/29 ......................................................... 7,245,000 7,422,285 Escondido Joint Powers Financing Authority Lease Revenue, AMBAC Insured, 5.125%, 9/01/30 ................................................................. 3,770,000 3,791,451 Eureka USD, GO, FSA Insured, 5.00%, 8/01/25 ........................................ 4,145,000 4,178,367 Fairfield Suisun USD, GO, Election of 2002, MBIA Insured, 5.00%, 8/01/25 .................................. 4,185,000 4,166,209 MBIA Insured, 5.00%, 8/01/27 .................................................... 12,000,000 11,662,440 Florin Resource Conservation District COP, Elk Grove Water Service, Refunding, Series A, MBIA Insured, 5.00%, 3/01/33 .......................................... 5,000,000 4,048,700 Folsom COP, Central Business District Fire Station, MBIA Insured, 5.125%, 10/01/26 ........................................................................ 2,030,000 2,086,089 Foothill/Eastern Corridor Agency Toll Road Revenue, Capital Appreciation, Refunding, MBIA Insured, zero cpn., 1/15/17 ............... 20,000,000 10,812,600 Capital Appreciation, Refunding, MBIA Insured, zero cpn., 1/15/18 ............... 25,000,000 12,383,750 Capital Appreciation, Refunding, MBIA Insured, zero cpn., 1/15/19 ............... 5,970,000 2,704,410 senior lien, Refunding, Series A, MBIA Insured, 5.00%, 1/01/35 .................. 66,735,000 43,624,669 Franklin-McKinley School District GO, Election of 2004, Series A, FGIC Insured, Pre-Refunded, 5.00%, 8/01/29 .................................................... 5,280,000 6,141,907 Fresno USD, GO, Refunding, Series C, MBIA Insured, 5.90%, 2/01/20 ......................................................................... 2,065,000 2,193,918 8/01/22 ......................................................................... 3,000,000 3,230,910 Fullerton School District GO, Capital Appreciation, Series A, FGIC Insured, zero cpn., 8/01/23 .............................................................. 3,030,000 1,428,009 Fullerton University Foundation Auxiliary Organization Revenue, Series A, MBIA Insured, 5.75%, 7/01/25 ......................................................................... 1,250,000 1,278,300 7/01/30 ......................................................................... 1,000,000 1,010,790 Glendale USD, GO, Series C, FSA Insured, 5.50%, 9/01/24 ............................ 2,750,000 2,799,995 Glendora PFAR Tax Allocation, Project No. 1, Refunding, Series A, MBIA Insured, 5.00%, 9/01/24 .................................................................. 5,000,000 5,080,800 Grossmont UHSD, GO, Capital Appreciation, Election of 2004, FSA Insured, zero cpn., 8/01/24 .............................................................. 5,110,000 2,165,618 Hawthorne School District GO, Capital Appreciation, Election of 2004, Series C, Assured Guaranty, zero cpn., 8/01/38 ............................................ 10,000,000 1,468,200 Hollister RDA Tax Allocation, Community Development Project, Refunding, AMBAC Insured, 5.125%, 10/01/32 ....................................................... 19,815,000 19,043,404 Huntington Beach City and School District COP, MBIA Insured, Pre-Refunded, 5.25%, 7/01/29 .................................................................. 1,795,000 1,852,691
Quarterly Statements of Investments | 7 Franklin California Tax-Free Trust STATEMENT OF INVESTMENTS, MARCH 31, 2009 (UNAUDITED) (CONTINUED)
PRINCIPAL FRANKLIN CALIFORNIA INSURED TAX-FREE INCOME FUND AMOUNT VALUE ------------------------------------------------ --------------- --------------- MUNICIPAL BONDS (CONTINUED) CALIFORNIA (CONTINUED) Jefferson San Mateo County UHSD, GO, Refunding, Series A, MBIA Insured, 6.45%, 8/01/25 ......................................................................... $ 3,045,000 $ 3,266,646 8/01/29 ......................................................................... 3,075,000 3,201,905 Jurupa Community Services District Special Tax, CFD No. 2, Series A, AMBAC Insured, 5.00%, 9/01/32 ......................................................... 7,000,000 6,701,800 Jurupa USD, COP, FSA Insured, 5.625%, 9/01/24 ...................................... 1,600,000 1,641,936 Kern High School District GO, Election of 2004, Series C, FGIC Insured, 5.00%, 8/01/33 ........................ 7,535,000 6,918,562 FSA Insured, ETM, 6.625%, 8/01/14 ............................................... 1,535,000 1,888,541 FSA Insured, ETM, 6.625%, 8/01/15 ............................................... 1,400,000 1,757,434 Lake Tahoe USD, GO, Election of 2008, FSA Insured, 5.375%, 8/01/29 ................. 10,000,000 10,003,100 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 5,039,265 Lancaster School District GO, Capital Appreciation, Election of 1999, MBIA Insured, zero cpn., 8/01/25 ......................................................................... 5,495,000 2,076,451 7/01/26 ......................................................................... 5,965,000 2,102,305 Lodi Electric System Revenue COP, Series A, Assured Guaranty, 5.00%, 7/01/32 ....... 18,960,000 16,684,800 Lodi USD, GO, MBIA Insured, 5.00%, 8/01/23 ......................................... 2,150,000 2,157,697 Lodi USD School Facilities Improvement District No. 1 GO, Election of 2006, FSA Insured, 5.00%, 8/01/30 ......................................................................... 6,450,000 6,204,061 8/01/32 ......................................................................... 8,220,000 7,728,608 Long Beach Bond Finance Authority Lease Revenue, Aquarium of The South Pacific, Refunding, AMBAC Insured, 5.00%, 11/01/19 ........ 4,000,000 3,837,920 Aquarium of The South Pacific, Refunding, AMBAC Insured, 5.00%, 11/01/26 ........ 11,000,000 9,132,750 Aquarium of The South Pacific, Refunding, AMBAC Insured, 5.25%, 11/01/30 ........ 2,000,000 1,612,740 Public Safety Facilities Projects, AMBAC Insured, 5.00%, 11/01/26 ............... 6,780,000 5,886,667 Public Safety Facilities Projects, AMBAC Insured, 5.00%, 11/01/31 ............... 10,500,000 8,761,515 Long Beach Bond Finance Authority Tax Allocation Revenue, North Long Beach Redevelopment Projects, Series A, AMBAC Insured, 5.00%, 8/01/25 .................................................................. 7,015,000 6,129,005 5.00%, 8/01/31 .................................................................. 3,135,000 2,421,349 Pre-Refunded, 5.00%, 8/01/25 .................................................... 6,535,000 7,315,344 Pre-Refunded, 5.00%, 8/01/31 .................................................... 8,865,000 9,923,570 Long Beach University School District GO, Election of 1999, Series C, MBIA Insured, 5.125%, 8/01/31 ........................................................ 13,870,000 13,786,919 Los Angeles Community College District GO, Series A, MBIA Insured, Pre-Refunded, 5.00%, 6/01/26 ............................ 4,000,000 4,380,800 Series B, FSA Insured, 5.00%, 8/01/27 ........................................... 4,000,000 3,957,160 Los Angeles COP, Municipal Improvement Corp. of Los Angeles, Program AW Certificates, AMBAC Insured, 5.00%, 6/01/27 ......................................................... 5,895,000 5,918,757 Real Property Program, MBIA Insured, 5.00%, 2/01/27 ............................. 9,890,000 9,785,759 Los Angeles County COP, Antelope Valley Courthouse, Series A, AMBAC Insured, Pre-Refunded, 5.25%, 11/01/27 ........................................................................ 2,500,000 2,678,150 11/01/33 ........................................................................ 2,500,000 2,678,150
8 | Quarterly Statements of Investments Franklin California Tax-Free Trust STATEMENT OF INVESTMENTS, MARCH 31, 2009 (UNAUDITED) (CONTINUED)
PRINCIPAL FRANKLIN CALIFORNIA INSURED TAX-FREE INCOME FUND AMOUNT VALUE ------------------------------------------------ --------------- --------------- MUNICIPAL BONDS (CONTINUED) CALIFORNIA (CONTINUED) Los Angeles County Public Works Financing Authority Lease Revenue, Master Refunding Project, Refunding, Series B, FGIC Insured, 5.00%, 9/01/31 ............ $ 7,600,000 $ 6,250,012 Los Angeles Department of Water and Power Revenue, Power System, Refunding, Series A, MBIA Insured, 5.00%, 7/01/24 ............................... 12,000,000 12,038,160 Series A, Sub Series A-1, FSA Insured, 5.00%, 7/01/35 ........................... 5,000,000 4,864,250 Series B, FSA Insured, 5.00%, 7/01/35 ........................................... 5,000,000 4,864,250 Los Angeles Department of Water and Power Waterworks Revenue, System, Series A, Sub Series A-2, AMBAC Insured, 5.00%, 7/01/44 ......................... 25,000,000 23,244,000 Los Angeles Mortgage Revenue, Refunding, Series I, MBIA Insured, 6.50%, 7/01/22 ......................................................................... 710,000 709,972 Los Angeles USD, GO, Election of 2004, Series H, FSA Insured, 5.00%, 7/01/27 ......................... 5,000,000 4,975,950 Election of 2004, Series H, FSA Insured, 5.00%, 7/01/28 ......................... 5,000,000 4,944,800 Election of 2005, Series E, FSA Insured, 5.00%, 7/01/27 ......................... 5,800,000 5,772,102 Los Angeles Wastewater System Revenue, Refunding, MBIA Insured, 5.00%, 6/01/26 ......................................................................... 10,000,000 10,003,000 Lynwood PFA Tax Allocation, Project Area A, Refunding, Series A, FSA Insured, 5.85%, 9/01/18 ......................................................... 1,765,000 1,787,716 Lynwood PFA Water Revenue, Water System Improvement Project, MBIA Insured, 5.85%, 6/01/22 .................................................................. 665,000 673,226 5.90%, 6/01/29 .................................................................. 3,105,000 3,138,379 Marin Municipal Water District COP, Financing Project, AMBAC Insured, 5.00%, 7/01/29 .................................................................. 1,200,000 1,090,848 Mendocino County COP, Public Facilities Corp., MBIA Insured, 5.25%, 6/01/30 ........ 2,680,000 2,714,090 Merced Irrigation District Electricity System Revenue, Refunding, XLCA Insured, 5.00%, 9/01/26 ......................................................... 10,000,000 7,340,200 Millbrae COP, Police Department Expansion, AMBAC Insured, 5.875%, 3/01/24 .......... 1,025,000 1,029,541 Modesto Irrigation District COP, Capital Improvements, Series A, FSA Insured, 5.00%, 7/01/26 ......................................................................... 5,000,000 4,755,450 7/01/31 ......................................................................... 8,285,000 7,356,997 Montebello COP, Capital Improvement Project, Refunding, FSA Insured, 5.375%, 11/01/26 ................................................................ 8,715,000 8,554,383 Montebello CRDA Tax Allocation, Montebello Hills Redevelopment Project, Refunding, MBIA Insured, 5.60%, 3/01/19 ......................................... 2,460,000 2,445,461 Montebello USD, GO, Election of 2004, FSA Insured, 5.00%, 8/01/33 .................. 8,375,000 7,510,784 Moorpark USD, GO, Election of 2008, Capital Appreciation Bonds, Series A, Assured Guaranty, zero cpn., 8/01/32 ............................................ 5,870,000 1,284,767 Moreno Valley USD, GO, Election of 2004, Series A, FSA Insured, Pre-Refunded, 5.00%, 8/01/26 .................................................... 4,000,000 4,616,600 Morgan Hill USD, GO, FGIC Insured, Pre-Refunded, 5.50%, 8/01/25 .................... 3,840,000 4,139,942 Mount Diablo USD, GO, Election of 2002, FGIC Insured, 5.00%, 7/01/25 ............... 6,025,000 6,026,808 Murrieta Valley USD, COP, MBIA Insured, 5.00%, 8/01/27 ............................. 2,380,000 2,408,441 Natomas USD, GO, FSA Insured, 5.00%, 9/01/26 ....................................... 2,535,000 2,494,364 Nevada Joint UHSD, GO, Series A, FSA Insured, 5.00%, 8/01/26 ....................... 1,295,000 1,295,298 Newark USD, GO, Capital Appreciation, Series B, FGIC Insured, zero cpn., 8/01/24 ...................................... 9,905,000 4,060,852 Series C, FSA Insured, zero cpn., 8/01/22 ....................................... 2,165,000 1,122,682 Series C, FSA Insured, zero cpn., 8/01/23 ....................................... 2,465,000 1,198,458 Series C, FSA Insured, zero cpn., 8/01/24 ....................................... 2,560,000 1,173,197 Series C, FSA Insured, zero cpn., 8/01/25 ....................................... 2,705,000 1,168,479
Quarterly Statements of Investments | 9 Franklin California Tax-Free Trust STATEMENT OF INVESTMENTS, MARCH 31, 2009 (UNAUDITED) (CONTINUED)
PRINCIPAL FRANKLIN CALIFORNIA INSURED TAX-FREE INCOME FUND AMOUNT VALUE ------------------------------------------------ --------------- --------------- MUNICIPAL BONDS (CONTINUED) CALIFORNIA (CONTINUED) Norco RDA Tax Allocation, Redevelopment Project Area No. 1, MBIA Insured, 5.625%, 3/01/30 ................................................................. $ 1,000,000 $ 955,590 Northern California Public Power Agency Revenue, AMBAC Insured, Pre-Refunded, 7.50%, 7/01/23 .................................................... 3,200,000 4,274,016 Oakland Revenue, 1800 Harrison Foundation, Series A, AMBAC Insured, Pre-Refunded, 6.00%, 1/01/29 .................................................... 10,000,000 10,404,200 Oceanside COP, AMBAC Insured, 5.20%, 4/01/23 ....................................... 2,500,000 2,563,325 Oceanside USD, GO, Refunding, Series A, Assured Guaranty, 5.25%, 8/01/33 ........... 5,000,000 4,892,100 Orange County Sanitation Districts COP, FGIC Insured, 5.00%, 2/01/33 ............... 8,000,000 7,878,960 Pacifica COP, AMBAC Insured, 5.375%, 1/01/37 ....................................... 6,600,000 6,120,642 Palm Springs Financing Authority Lease Revenue, Convention Center Project, Refunding, Series A, MBIA Insured, 5.00%, 11/01/25 ..................... 2,295,000 2,181,076 Pasadena Area Community College District GO, Election of 2002, Series A, FGIC Insured, Pre-Refunded, 5.00%, 6/01/28 ...................................... 4,000,000 4,545,280 Pasadena USD, GO, Series B, FGIC Insured, Pre-Refunded, 5.25%, 7/01/24 ............. 1,000,000 1,022,020 Patterson Joint USD, GO, Capital Appreciation, Series A, FGIC Insured, zero cpn., 8/01/22 ...................................... 1,900,000 972,344 Series A, FGIC Insured, zero cpn., 8/01/24 ...................................... 2,075,000 912,793 Series A, FGIC Insured, zero cpn., 8/01/25 ...................................... 2,170,000 873,707 Series A, FGIC Insured, zero cpn., 8/01/26 ...................................... 2,265,000 849,556 Series C, FGIC Insured, zero cpn., 8/01/23 ...................................... 1,985,000 948,671 Peralta Community College District GO, Election of 2000, Series B, MBIA Insured, 5.25%, 8/01/32 ........................ 8,450,000 8,205,964 Peralta Community College, FSA Insured, 5.00%, 8/01/24 .......................... 6,000,000 6,189,240 Perris CFD No. 93-1 Special Tax, Series A, AMBAC Insured, 5.125%, 8/15/23 .......... 4,000,000 3,341,080 Plumas County COP, Capital Improvement Program, Series A, AMBAC Insured, 5.00%, 6/01/33 .................................................................. 3,280,000 2,879,938 Pomona PFA Lease Revenue, Series AN, AMBAC Insured, 5.00%, 10/01/30 ................ 5,190,000 4,483,433 Porterville COP, Sewer System Refining Project, Refunding, AMBAC Insured, 5.25%, 10/01/23 ................................................................. 3,000,000 2,827,200 Poway RDA Tax Allocation, MBIA Insured, Pre-Refunded, 5.75%, 6/15/33 ...................................... 9,250,000 10,178,885 Paguay Redevelopment Project, AMBAC Insured, 5.00%, 12/15/25 .................... 9,195,000 7,853,541 Refunding, MBIA Insured, 5.75%, 6/15/33 ......................................... 2,225,000 1,915,903 Rancho Cucamonga RDA Tax Allocation, Rancho Redevelopment Project, Refunding, FSA Insured, 5.25%, 9/01/20 .......................................... 2,500,000 2,491,400 Redwood City School District GO, FGIC Insured, 5.00%, 7/15/27 ...................... 3,000,000 2,932,980 Ripon RDA Tax Allocation, Community Redevelopment Project, MBIA Insured, Pre-Refunded, 5.85%, 11/01/30 ................................................... 3,975,000 4,377,588 Riverside Electric Revenue, Issue D, FSA Insured, 5.00%, 10/01/38 .................. 5,310,000 5,096,591 Rohnert Park Community Development Commission Tax Allocation, Redevelopment Project, Series R, FGIC Insured, 5.00%, 8/01/37 ................... 5,000,000 4,212,000 Roseville Financing Authority Revenue, senior lien, Series A, AMBAC Insured, 5.00%, 9/01/25 ......................................................... 5,675,000 5,730,729 Rowland USD, GO, Series A, FSA Insured, Pre-Refunded, 5.25%, 9/01/25 ............... 5,685,000 6,108,021 Sacramento Area Flood Control Agency Revenue, Consolidated, Capital AD, Refunding, Series A, FGIC Insured, 5.00%, 10/01/32 .............................. 5,000,000 4,657,550
10 | Quarterly Statements of Investments Franklin California Tax-Free Trust STATEMENT OF INVESTMENTS, MARCH 31, 2009 (UNAUDITED) (CONTINUED)
PRINCIPAL FRANKLIN CALIFORNIA INSURED TAX-FREE INCOME FUND AMOUNT VALUE ------------------------------------------------ --------------- --------------- MUNICIPAL BONDS (CONTINUED) CALIFORNIA (CONTINUED) Sacramento Area Flood Control Agency Special Assessment, Consolidated Capital Assessment District, Refunding, Series A, Assured Guaranty, 5.00%, 10/01/32 ....................................................... $ 5,000,000 $ 4,786,800 Subordinated, Capital AD No. 2, FGIC Insured, 5.80%, 11/01/16 ................... 1,000,000 1,000,030 Sacramento City Financing Authority Revenue, Capital Improvement, Series A, AMBAC Insured, Pre-Refunded, 5.00%, 12/01/26 ..... 8,395,000 9,137,454 Capital Improvement, Series A, AMBAC Insured, Pre-Refunded, 5.00%, 12/01/32 ..... 21,500,000 23,401,460 City Hall and Redevelopment Projects, Series A, FSA Insured, Pre-Refunded, 5.00%, 12/01/28 .............................................................. 10,000,000 11,349,300 Salida Area Public Facilities Financing Agency CFD, Special Tax, No. 1988-1, FSA Insured, 5.75%, 9/01/30 ..................................................... 3,435,000 3,438,607 Salida USD, COP, Financing Project, AMBAC Insured, 5.375%, 5/01/26 ................. 1,645,000 1,644,868 Salinas UHSD, GO, Election of 2002, Series B, MBIA Insured, 5.00%, 6/01/31 ......... 5,000,000 4,597,700 San Bernardino City USD, GO, Election of 2004, Series B, FSA Insured, 5.00%, 8/01/28 .................................................................. 14,170,000 13,592,572 San Bernardino County COP, 1997 Public Improvement Financing Project, MBIA Insured, 5.25%, 10/01/25 ........................................................ 5,450,000 5,269,115 San Bernardino County SFMR, Capital Appreciation, Series A, GNMA Secured, ETM, zero cpn., 5/01/22 ......................................................... 28,405,000 14,462,122 San Carlos School District GO, MBIA Insured, Pre-Refunded, 5.50%, 10/01/24 ......... 2,110,000 2,206,089 San Diego Public Facilities Financing Authority Sewer Revenue, Series B, FGIC Insured, 5.25%, 5/15/27 .................................................... 2,950,000 2,839,729 San Francisco BART District Sales Tax Revenue, 5.00%, 7/01/28 .................................................................. 2,795,000 2,796,118 FGIC Insured, Pre-Refunded, 5.50%, 7/01/26 ...................................... 6,500,000 6,647,095 FGIC Insured, Pre-Refunded, 5.50%, 7/01/34 ...................................... 12,000,000 12,271,560 San Francisco City and County Airports Commission International Airport Revenue, Refunding, Second Series 28A, MBIA Insured, 5.125%, 5/01/24 ......................................................................... 9,745,000 8,425,430 5/01/27 ......................................................................... 16,575,000 13,805,483 San Francisco City and County Public Utilities Commission Water Revenue, Refunding, Series A, FSA Insured, 5.00%, 11/01/31 ............................... 3,885,000 3,722,568 San Francisco Community College District GO, Series A, FGIC Insured, 5.00%, 6/15/26 .................................................................. 6,000,000 5,972,160 San Gabriel USD, GO, Capital Appreciation, Election of 2002, Series C, FSA Insured, zero cpn., 8/01/30 ..................... 5,635,000 1,522,126 Election of 2002, Series C, FSA Insured, zero cpn., 8/01/31 ..................... 5,870,000 1,473,135 Election of 2002, Series C, FSA Insured, zero cpn., 7/01/32 ..................... 6,115,000 1,435,007 Series A, FSA Insured, zero cpn., 8/01/26 ....................................... 3,530,000 1,324,032 Series A, FSA Insured, zero cpn., 2/01/27 ....................................... 1,850,000 664,113 San Joaquin Delta Community College District GO, Election of 2004, Capital Appreciation, Series B, FSA Insured, zero cpn., 8/01/31 ................. 10,475,000 2,679,715 Capital Appreciation, Series B, FSA Insured, zero cpn., 8/01/32 ................. 15,185,000 3,621,623 Series A, FSA Insured, 5.00%, 8/01/29 ........................................... 520,000 518,648 Series A, FSA Insured, Pre-Refunded, 5.00%, 8/01/29 ............................. 4,530,000 5,284,019 San Joaquin Hills Transportation Corridor Agency Toll Road Revenue, Capital Appreciation, Refunding, Series A, MBIA Insured, zero cpn., 1/15/26 ..... 13,155,000 3,298,616 Refunding, Series A, MBIA Insured, 5.375%, 1/15/29 .............................. 18,075,000 12,356,070 Refunding, Series A, MBIA Insured, 5.25%, 1/15/30 ............................... 12,860,000 9,066,686 senior lien, MBIA Insured, 5.00%, 1/01/33 ....................................... 10,035,000 7,493,636
Quarterly Statements of Investments | 11 Franklin California Tax-Free Trust STATEMENT OF INVESTMENTS, MARCH 31, 2009 (UNAUDITED) (CONTINUED)
PRINCIPAL FRANKLIN CALIFORNIA INSURED TAX-FREE INCOME FUND AMOUNT VALUE ------------------------------------------------ --------------- --------------- MUNICIPAL BONDS (CONTINUED) CALIFORNIA (CONTINUED) San Jose Airport Revenue, Refunding, Series B, AMBAC Insured, 5.00%, 3/01/33 ......................................................................... $ 12,135,000 $ 10,372,998 San Jose Financing Authority Lease Revenue, Civic Center Project, Series B, AMBAC Insured, 5.00%, 6/01/27 ................................................ 10,000,000 10,031,200 San Jose MFHR, Sixth and Martha Family Apartments, FNMA Insured, 5.875%, 3/01/33 ......................................................................... 3,500,000 3,503,010 San Jose RDA Tax Allocation, Merged Area Redevelopment Project, Series B, XLCA Insured, 5.00%, 8/01/31 .................................................... 15,470,000 12,472,533 San Juan USD, GO, Election of 1998, Series A, MBIA Insured, 5.00%, 8/01/28 ......... 5,115,000 4,906,564 San Leandro COP, Library and Fire Stations Financing, AMBAC Insured, Pre-Refunded, 5.75%, 11/01/29 ................................................... 5,000,000 5,256,400 San Marcos Public Facilities Authority Revenue, Senior Tax Increment Project Area 3, Series A, MBIA Insured, Pre-Refunded, 5.75%, 10/01/29 ................................................................. 5,340,000 5,828,984 5.80%, 10/01/30 ................................................................. 7,800,000 8,551,296 San Marino USD, GO, Series A, MBIA Insured, zero cpn., 7/01/25 ..................... 6,080,000 2,518,397 San Mateo GO, Library Improvement Project, Series A, AMBAC Insured, 5.25%, 8/01/30 ......................................................................... 5,790,000 5,883,624 Santa Ana USD, COP, Capital Appreciation Financing Project, FSA Insured, zero cpn., 4/01/24 .............................................................. 14,245,000 6,332,900 Santa Clara COP, Refunding, AMBAC Insured, 5.00%, 2/01/27 .......................... 5,555,000 5,614,327 Santa Clara County Financing Authority Revenue, El Camino, Series B, AMBAC Insured, 5.125%, 2/01/41 ........................................................ 11,545,000 9,524,048 Santa Monica PFA Lease Revenue, Civic Center Parking Project, XLCA Insured, 5.00%, 7/01/33 ......................................................... 11,050,000 10,731,760 Santa Rita USD, GO, Election of 2006, Series A, FSA Insured, 5.00%, 8/01/32 ........ 6,160,000 5,614,039 Santa Rosa Wastewater Revenue, Series B, FGIC Insured, Pre-Refunded, 5.125%, 9/01/31 ................................................................. 4,000,000 4,307,480 Santa Rosa Wastewater Service Facilities District Revenue, Refunding and Improvement, AMBAC Insured, 6.00%, 7/02/15 ...................................... 2,000,000 2,252,240 Santee School District GO, Election of 2006, Series B, Assured Guaranty, 5.00%, 8/01/33 .................... 1,260,000 1,132,148 Election of 2006, Series B, Assured Guaranty, 5.00%, 8/01/38 .................... 1,000,000 893,070 Election of 2006, Series B, Assured Guaranty, 5.00%, 8/01/48 .................... 5,250,000 4,584,825 Series A, FSA Insured, 5.00%, 8/01/31 ........................................... 6,845,000 6,115,802 Sonoma CDA Tax Allocation, Redevelopment Project, MBIA Insured, 5.70%, 12/01/30 ........................................................................ 3,455,000 2,914,949 South Gate COP, Series A, AMBAC Insured, 5.00%, 9/01/24 ............................ 3,155,000 3,128,119 South San Francisco COP, Conference Center Financing, 5.00%, 4/01/29 ............... 2,000,000 1,994,980 Southern California Public Power Authority Power Project Revenue, Series A, AMBAC Insured, Pre-Refunded, 5.00%, 7/01/33 .................................. 29,000,000 32,965,750 Southern Kern USD, COP, Capital Appreciation, Building Program, Series B, FSA Insured, 5.625%, 9/01/26 .................................................... 2,250,000 2,249,933 Southern Mono Health Care District GO, Series A, MBIA Insured, 5.00%, 8/01/24 ......................................................................... 3,005,000 3,033,187 Southern Mono Health Care District Revenue, Capital Appreciation, Series A, MBIA Insured, zero cpn., 8/01/28 ......................................................................... 2,340,000 709,582 8/01/29 ......................................................................... 2,440,000 680,687 8/01/30 ......................................................................... 2,550,000 658,461 8/01/31 ......................................................................... 2,660,000 643,241 Stanislaus County Board of Education COP, FSA Insured, 5.70%, 9/01/24 .............. 2,000,000 2,031,700
12 | Quarterly Statements of Investments Franklin California Tax-Free Trust STATEMENT OF INVESTMENTS, MARCH 31, 2009 (UNAUDITED) (CONTINUED)
PRINCIPAL FRANKLIN CALIFORNIA INSURED TAX-FREE INCOME FUND AMOUNT VALUE ------------------------------------------------ --------------- --------------- MUNICIPAL BONDS (CONTINUED) CALIFORNIA (CONTINUED) Stockton Revenue COP, Wastewater System Project, Refunding, Series A, MBIA Insured, 5.00%, 9/01/23 ......................................................... $ 6,500,000 $ 6,349,655 Susanville PFAR, MBIA Insured, 5.70%, 6/01/30 ...................................... 3,000,000 2,981,520 Tahoe-Truckee USD, GO, ID No. 2, Series A, FGIC Insured, Pre-Refunded, 5.75%, 8/01/20 .................................................................. 4,340,000 4,460,478 Turlock PFA Sewer Revenue, FGIC Insured, 5.50%, 9/15/29 ............................ 6,855,000 6,895,513 Union City CRDA Tax Allocation Revenue, Community Redevelopment Project, AMBAC Insured, Pre-Refunded, 5.75%, 10/01/32 .................................... 14,100,000 14,582,784 Union Elementary School District GO, Capital Appreciation, Series A, FGIC Insured, zero cpn., 9/01/24 ...................................... 2,000,000 895,840 Series B, FGIC Insured, zero cpn., 9/01/25 ...................................... 5,500,000 2,257,640 Series B, FGIC Insured, zero cpn., 9/01/26 ...................................... 5,850,000 2,240,082 University of California Revenues, Limited Project, Series D, FGIC Insured, 5.00%, 5/15/37 ......................................................... 6,460,000 6,132,801 Vacaville PFA Tax Allocation Revenue, Vacaville Redevelopment Projects, FSA Insured, 5.00%, 9/01/31 ..................................................... 5,095,000 4,026,222 Vista USD, GO, Capital Appreciation, Series A, FSA Insured, zero cpn., 8/01/26 ................. 7,150,000 2,704,559 Capital Appreciation, Series A, FSA Insured, zero cpn., 2/01/27 ................. 4,795,000 1,736,270 Series A, FSA Insured, 5.25%, 8/01/25 ........................................... 5,000,000 5,069,650 Washington Township Health Care District Revenue, Refunding, 5.00%, 7/01/18 .................................................................. 2,000,000 1,945,040 5.125%, 7/01/23 ................................................................. 450,000 401,805 Washington USD, GO, Yolo County, Election of 1999, Series A, FGIC Insured, 5.375%, 8/01/25 ................................................................. 2,045,000 2,074,980 Weaver USD, GO, Election of 2006, Series C, AMBAC Insured, zero cpn., 8/01/47 ......................................................................... 18,685,000 1,867,566 West Basin Municipal Water District Revenue COP, Refunding, Series A, MBIA Insured, 5.00%, 8/01/24 ......................................................... 2,500,000 2,515,275 West Kern Community College District COP, AMBAC Insured, 5.375%, 11/01/28 .......... 5,615,000 5,504,890 Western Placer USD Financing Corp. COP, Pre-Refunded, 5.55%, 11/01/30 .............. 6,930,000 7,892,369 Westlands Water District Revenue COP, MBIA Insured, 5.00%, 9/01/29 .................................................... 11,775,000 10,861,378 Series A, MBIA Insured, 5.00%, 9/01/35 .......................................... 1,460,000 1,270,915 Series A, MBIA Insured, 5.00%, 9/01/37 .......................................... 4,340,000 3,760,480 Woodland Finance Authority Lease Revenue, Capital Projects, Refunding, XLCA Insured, 5.00%, 3/01/32 .................................................... 6,340,000 5,832,293 Woodland Finance Authority Wastewater Revenue, second senior lien, MBIA Insured, 5.00%, 3/01/33 ......................................................................... 3,870,000 3,529,324 3/01/35 ......................................................................... 2,590,000 2,327,737 Woodside Elementary School District GO, Election of 2005, MBIA Insured, Pre-Refunded, 5.00%, 10/01/29 ................................................... 4,435,000 5,208,331 Yosemite Community College District GO, Election of 2004, Series C, FSA Insured, 5.00%, 8/01/32 ......................................................... 5,000,000 4,755,200 --------------- TOTAL MUNICIPAL BONDS BEFORE SHORT TERM INVESTMENTS (COST $2,039,643,993) ........................................................... 1,959,045,482 ---------------
Quarterly Statements of Investments | 13 Franklin California Tax-Free Trust STATEMENT OF INVESTMENTS, MARCH 31, 2009 (UNAUDITED) (CONTINUED)
PRINCIPAL FRANKLIN CALIFORNIA INSURED TAX-FREE INCOME FUND AMOUNT VALUE ------------------------------------------------ --------------- --------------- SHORT TERM INVESTMENTS 0.4% MUNICIPAL BONDS 0.4% CALIFORNIA 0.4% (a) California State Department of Water Resources Power Supply Revenue, Series B-1, Daily VRDN and Put, 0.25%, 5/01/22 .................................. $ 2,600,000 $ 2,600,000 (a) California State Economic Recovery Revenue, Series C-4, Daily VRDN and Put, 0.25%, 7/01/23 ............................................................. 1,600,000 1,600,000 (a) Southern California Public Power Authority Power Project Revenue, Mead-Adelanto, Refunding, Series A, Daily VRDN and Put, 0.25%, 7/01/20 .......... 2,900,000 2,900,000 --------------- TOTAL SHORT TERM INVESTMENTS (COST $7,100,000) ..................................... 7,100,000 --------------- TOTAL INVESTMENTS (COST $2,046,743,993) 98.8% ...................................... 1,966,145,482 OTHER ASSETS, LESS LIABILITIES 1.2% ................................................ 24,655,500 --------------- NET ASSETS 100.0% .................................................................. $ 1,990,800,982 ===============
See Abbreviations on page 29. (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. See Notes to Statements of Investments 14 | Quarterly Statements of Investments Franklin California Tax-Free Trust STATEMENT OF INVESTMENTS, MARCH 31, 2009 (UNAUDITED)
PRINCIPAL FRANKLIN CALIFORNIA INTERMEDIATE-TERM TAX-FREE INCOME FUND AMOUNT VALUE ---------------------------------------------------------- --------------- --------------- MUNICIPAL BONDS 97.2% CALIFORNIA 91.3% ABAG Finance Authority for Nonprofit Corps. COP, Rhoda Haas Goldman Plaza, California Mortgage Insured, 5.125%, 5/15/15 .................................... $ 3,000,000 $ 3,000,120 ABAG Finance Authority for Nonprofit Corps. Revenue, San Diego Hospital Assn., Series C, 5.125%, 3/01/18 ................................................................. 2,515,000 2,483,990 5.25%, 3/01/19 .................................................................. 2,315,000 2,150,728 ABAG Revenue, Refunding, Series A-E, 5.40%, 9/15/14 ................................ 1,900,000 1,809,465 ABAG Water and Wastewater Revenue, Pooled Financing Program, Refunding, Series A, FSA Insured, 5.00%, 10/01/10 .......................................... 1,305,000 1,325,397 Alameda Corridor Transportation Authority Revenue, Capital Appreciation, sub. lien, Refunding, Series A, AMBAC Insured, zero cpn., 10/01/17 .............. 10,000,000 6,568,300 Alameda-Contra Costa Transportation District COP, Refunding, AMBAC Insured, 4.375%, 8/01/14 ................................................................. 1,330,000 1,364,128 Antelope Valley UHSD, GO, Series A, MBIA Insured, 4.50%, 8/01/13 .................................................................. 1,230,000 1,309,200 4.625%, 8/01/14 ................................................................. 1,250,000 1,322,288 Arcadia USD, GO, Capital Appreciation, Election of 2006, Series A, FSA Insured, zero cpn., 8/01/22 ..................................................... 4,065,000 2,007,256 Bakersfield Hospital Revenue, Adventist Health System, Refunding, MBIA Insured, 5.50%, 3/01/19 ......................................................... 11,210,000 10,999,812 Baldwin Park USD, GO, Capital Appreciation, Election of 2006, FSA Insured, zero cpn., 8/01/24 .............................................................. 5,265,000 2,191,767 Banning Utility Authority Water Enterprise Revenue, Refunding and Improvement Projects, FGIC Insured, 5.00%, 11/01/21 ............................. 1,080,000 1,079,957 Bay Area Toll Authority Toll Bridge Revenue, San Francisco Bay Area, Refunding, Series F, 5.00%, 4/01/24 ............................................. 3,000,000 3,054,900 Burbank Electric Revenue, MBIA Insured, 4.00%, 6/01/11 ......................................................................... 1,000,000 1,052,070 6/01/12 ......................................................................... 1,000,000 1,064,430 Burbank USD, GO, Capital Appreciation, Election of 1997, Series C, FGIC Insured, 4.00%, 8/01/12 ......................................................... 2,500,000 2,625,275 zero cpn., 8/01/15 .............................................................. 4,600,000 3,643,062 zero cpn., 8/01/16 .............................................................. 4,670,000 3,498,671 Burbank Water and Power Electric Revenue, MBIA Insured, 4.00%, 6/01/11 ............. 5,045,000 5,064,877 California Educational Facilities Authority Revenue, Stanford University, Refunding, Series R, 4.00%, 11/01/11 ............................................ 1,000,000 1,071,380 California Health Facilities Financing Authority Revenue, Catholic Healthcare West, Series K, 5.125%, 7/01/22 ............................. 20,000,000 19,540,200 Cedars-Sinai Medical Center, Refunding, 5.00%, 11/15/19 ......................... 2,000,000 1,929,700 Kaiser Permanente, Series B, ETM, 5.25%, 10/01/13 ............................... 5,000,000 5,091,850 Kaiser Permanente, Series B, ETM, 5.25%, 10/01/14 ............................... 2,000,000 2,033,260 Kaiser Permanente, Series B, ETM, 5.25%, 10/01/16 ............................... 3,850,000 3,900,319 Paradise Valley Estates, Refunding, California Mortgage Insured, 4.125%, 1/01/10 ...................................................................... 1,000,000 1,015,150 Paradise Valley Estates, Refunding, California Mortgage Insured, 5.00%, 1/01/11 ...................................................................... 1,480,000 1,528,085 Paradise Valley Estates, Refunding, California Mortgage Insured, 4.375%, 1/01/12 ...................................................................... 1,000,000 1,025,300 Paradise Valley Estates, Refunding, California Mortgage Insured, 5.00%, 1/01/13 ...................................................................... 1,815,000 1,881,901 Paradise Valley Estates, Refunding, California Mortgage Insured, 5.00%, 1/01/14 ...................................................................... 1,635,000 1,678,638 Providence Health and Services, Series C, 5.75%, 10/01/19 ....................... 1,440,000 1,553,587 Providence Health and Services, Series C, 6.00%, 10/01/20 ....................... 1,500,000 1,626,450 Scripps Health, Series A, 5.00%, 10/01/22 ....................................... 4,600,000 4,370,276
Quarterly Statements of Investments | 15 Franklin California Tax-Free Trust STATEMENT OF INVESTMENTS, MARCH 31, 2009 (UNAUDITED) (CONTINUED)
PRINCIPAL FRANKLIN CALIFORNIA INTERMEDIATE-TERM TAX-FREE INCOME FUND AMOUNT VALUE ---------------------------------------------------------- --------------- --------------- MUNICIPAL BONDS (CONTINUED) CALIFORNIA (CONTINUED) California Health Facilities Financing Authority Revenue, (continued) Sutter Health, Series A, 5.25%, 8/15/22 ......................................... $ 6,000,000 $ 5,971,140 The Episcopal Home, California Mortgage Insured, 4.625%, 2/01/12 ................ 1,350,000 1,370,480 The Episcopal Home, California Mortgage Insured, 4.75%, 2/01/13 ................. 1,200,000 1,212,576 California HFA, SFM Purchase Revenue, Class III, Series A-1, MBIA Insured, 5.70%, 8/01/11 .................................................................. 140,000 140,214 California Municipal Finance Authority COP, Community Hospitals of Central California, 5.00%, 2/01/18 .................................................................. 2,185,000 1,839,180 5.00%, 2/01/19 .................................................................. 4,590,000 3,779,222 5.00%, 2/01/20 .................................................................. 2,325,000 1,872,183 5.00%, 2/01/21 .................................................................. 2,000,000 1,581,460 Refunding, 5.00%, 2/01/14 ....................................................... 1,765,000 1,637,302 Refunding, 5.00%, 2/01/17 ....................................................... 4,025,000 3,462,627 California State Department of Water Resources Power Supply Revenue, Series A, 5.50%, 5/01/12 .................................................................. 2,000,000 2,182,220 Pre-Refunded, 5.125%, 5/01/18 ................................................... 2,500,000 2,822,150 California State Department of Water Resources Water Revenue, Central Valley Project, Refunding, Series AE, 5.00%, 12/01/26 .................................. 5,000,000 5,132,800 California State Economic Recovery Revenue, Series A, 5.00%, 7/01/15 ............... 10,670,000 11,372,299 California State GO, 5.25%, 6/01/16 .................................................................. 515,000 516,349 Pre-Refunded, 5.00%, 11/01/12 ................................................... 1,335,000 1,473,787 Refunding, 4.00%, 2/01/10 ....................................................... 6,900,000 7,013,712 Refunding, 5.00%, 11/01/12 ...................................................... 665,000 701,808 Refunding, MBIA Insured, 5.00%, 2/01/18 ......................................... 5,000 5,003 Veterans, Refunding, Series B, 5.25%, 12/01/15 .................................. 2,310,000 2,325,269 California State Municipal Finance Authority Revenue, Loma Linda University, 5.00%, 4/01/24 .................................................................. 1,180,000 1,150,830 California State Public Works Board Lease Revenue, Department of Corrections and Rehabilitation, Refunding, Series J, 5.00%, 1/01/21 ...................................................................... 3,000,000 2,903,610 Department of Forestry and Fire Protection, Series A, 4.875%, 10/01/18 .......... 1,325,000 1,326,431 Various California Community College Projects, Refunding, Series C, 5.50%, 9/01/09 ...................................................................... 1,555,000 1,557,488 California Statewide CDA, COP, Kaiser Permanente, ETM, 5.30%, 12/01/15 ......................................... 2,000,000 2,025,280 St. Joseph Health System Obligation Group, 5.25%, 7/01/11 ....................... 1,005,000 1,013,754 California Statewide CDA Revenue, CHF-Irvine LLC, UCI East Campus Apartments, Phase II, 6.00%, 5/15/23 ............ 10,000,000 8,897,700 Daughters of Charity Health, Refunding, Series A, 5.25%, 7/01/24 ................ 3,670,000 2,708,717 Daughters of Charity Health, Refunding, Series G, 5.25%, 7/01/13 ................ 1,000,000 940,760 Enloe Medical Center, Series A, California Mortgage Insured, 5.50%, 8/15/23 ..... 3,000,000 2,918,550 Insured Health Facility, Jewish Home, California Mortgage Insured, 5.00%, 11/15/18 ..................................................................... 3,000,000 3,023,190 Lodi Memorial Hospital, Series A, California Mortgage Insured, 5.00%, 12/01/22 ..................................................................... 8,000,000 7,621,680 Methodist Hospital of Southern California Project, FHA Insured, 5.50%, 8/01/18 ...................................................................... 3,260,000 3,452,373 Methodist Hospital of Southern California Project, FHA Insured, 5.50%, 2/01/19 ...................................................................... 3,405,000 3,562,583 Methodist Hospital of Southern California Project, FHA Insured, 5.50%, 8/01/19 ...................................................................... 3,450,000 3,615,945 Mission Community, California Mortgage Insured, 4.40%, 11/01/10 ................. 1,100,000 1,123,023 Mission Community, California Mortgage Insured, 4.50%, 11/01/11 ................. 1,145,000 1,177,049 Viewpoint School, Refunding, ACA Insured, 4.50%, 10/01/17 ....................... 460,000 378,497 Viewpoint School, Refunding, ACA Insured, 4.75%, 10/01/18 ....................... 480,000 395,765
16 | Quarterly Statements of Investments Franklin California Tax-Free Trust STATEMENT OF INVESTMENTS, MARCH 31, 2009 (UNAUDITED) (CONTINUED)
PRINCIPAL FRANKLIN CALIFORNIA INTERMEDIATE-TERM TAX-FREE INCOME FUND AMOUNT VALUE ---------------------------------------------------------- --------------- --------------- MUNICIPAL BONDS (CONTINUED) CALIFORNIA (CONTINUED) Castaic Lake Water Agency Revenue COP, Water System Improvement Project, Capital Appreciation, AMBAC Insured, zero cpn., 8/01/22 ......................... $ 10,445,000 $ 5,450,619 Cathedral City 1915 Act Special Assessment, Limited Obligation, Cove ID No. 04-02, 5.00%, 9/02/24 ........................................................... 975,000 734,692 Central Valley Financing Authority Cogeneration Project Revenue, Carson Ice General Project, Refunding, MBIA Insured, 5.00%, 7/01/17 ........................ 2,000,000 1,988,240 Cerritos PFAR Tax Allocation, Redevelopment Project, Refunding, Series A, AMBAC Insured, 3.00%, 11/01/11 .................................................. 2,585,000 2,586,241 Clovis MFR, Mandatory Put 11/01/10, Refunding, FNMA Insured, 5.10%, 11/01/30 ....... 4,105,000 4,131,436 Clovis USD, GO, Capital Appreciation, Election of 2004, Series A, FGIC Insured, zero cpn., 8/01/17 ..................................................... 5,235,000 3,691,251 Coalinga COP, Custody Facility, Refunding, 4.25%, 4/01/10 .......................... 1,000,000 1,023,140 Compton Public Finance Authority Lease Revenue, Various Capital Projects, Refunding, AMBAC Insured, 5.00%, 9/01/22 ........................................ 15,190,000 15,463,268 Conejo Valley USD, GO, Election of 1998, Series C, FSA Insured, zero cpn., 8/01/17 ....................................... 2,500,000 1,813,850 Series D, FGIC Insured, 4.50%, 8/01/19 .......................................... 4,000,000 4,083,360 Contra Costa Community College District GO, Election of 2002, FGIC Insured, 4.75%, 8/01/18 .................................................................. 2,450,000 2,525,093 Corona-Norco USD, PFA Special Tax Revenue, Series A, 5.25%, 9/01/25 ................ 2,235,000 1,623,370 Desert Sands USD, COP, Financing Project, FSA Insured, 5.00%, 3/01/19 ............................. 2,090,000 2,179,975 GO, Election of 2001, 5.25%, 8/01/21 ............................................ 2,015,000 2,184,865 Fairfax School District GO, Election of 2000, Series A, FGIC Insured, 5.00%, 11/01/17 ........................................................................ 800,000 874,312 Fairfield-Suisun Sewer District Sewer Revenue, Refunding, Series A, FGIC Insured, 5.00%, 5/01/12 ......................................................... 600,000 622,338 Folsom PFA Lease Revenue, City Hall and Community Center, Refunding, FSA Insured, 5.00%, 10/01/17 ........................................................ 1,275,000 1,348,415 Foothill/Eastern Corridor Agency Toll Road Revenue, Refunding, MBIA Insured, 5.00%, 1/15/16 .................................................................. 1,000,000 893,340 Galt Capital Improvements Authority Lease Revenue, Culture and Recreation Improvement Project, 5.00%, 4/01/12 ............................................. 1,955,000 1,980,767 Galt Middle School Joint Powers Authority Special Tax, CFD No. 1, Refunding, 5.40%, 9/01/12 .................................................................. 1,605,000 1,626,122 Garden Grove Agency Community Development Tax Allocation, Garden Grove Community Project, Refunding, AMBAC Insured, 4.25%, 10/01/13 .................... 2,025,000 1,985,168 Glendale Hospital Revenue, Adventist Health, Refunding, Series A, MBIA Insured, 6.00%, 3/01/14 ......................................................... 4,000,000 3,999,600 Golden State Tobacco Securitization Corp. Tobacco Settlement Revenue, Asset-Backed, ETM, 5.00%, 6/01/12 ............................................... 1,500,000 1,645,845 Huntington Beach PFAR, Lease Capital Improvement Refinancing Project, Refunding, Series B, AMBAC Insured, 4.125%, 8/01/14 ................................................................. 2,140,000 2,247,492 4.25%, 8/01/15 .................................................................. 2,080,000 2,176,782 Inland Empire Solid Waste Financing Authority Revenue, Landfill Improvement Financing Project, Series B, FSA Insured, ETM, 6.25%, 8/01/11 ................... 505,000 524,705 Inland Empire Tobacco Asset Securitization Corp. Revenue, Series A, 5.00%, 6/01/21 ......................................................................... 11,995,000 9,635,583
Quarterly Statements of Investments | 17 Franklin California Tax-Free Trust STATEMENT OF INVESTMENTS, MARCH 31, 2009 (UNAUDITED) (CONTINUED)
PRINCIPAL FRANKLIN CALIFORNIA INTERMEDIATE-TERM TAX-FREE INCOME FUND AMOUNT VALUE ---------------------------------------------------------- --------------- --------------- MUNICIPAL BONDS (CONTINUED) CALIFORNIA (CONTINUED) Irvine 1915 Act Special Assessment, Limited Obligation, AD No. 00-18, Group 2, 4.375%, 9/02/10 .......................................... $ 885,000 $ 876,433 AD No. 00-18, Group 2, 4.70%, 9/02/12 ........................................... 1,475,000 1,443,583 AD No. 00-18, Group 2, 4.80%, 9/02/13 ........................................... 1,175,000 1,143,545 AD No. 00-18, Group 2, 5.125%, 9/02/17 .......................................... 1,705,000 1,623,689 AD No. 00-18, Group 3, 4.75%, 9/02/15 ........................................... 1,000,000 954,680 AD No. 00-18, Group 3, 5.00%, 9/02/17 ........................................... 1,000,000 944,100 AD No. 03-19, Group 2, Refunding, 4.875%, 9/02/16 ............................... 1,000,000 940,830 AD No. 03-19, Group 2, Refunding, 5.00%, 9/02/18 ................................ 1,000,000 912,660 AD No. 03-19, Group 2, Refunding, 5.125%, 9/02/19 ............................... 1,000,000 901,280 Irvine USD Financing Authority Special Tax, Series A, 4.70%, 9/01/15 .................................................................. 1,095,000 1,014,594 4.80%, 9/01/17 .................................................................. 1,400,000 1,263,570 4.875%, 9/01/18 ................................................................. 1,570,000 1,406,689 5.00%, 9/01/20 .................................................................. 1,150,000 1,002,352 Kings River Conservation District Pine Flat Power Revenue, Refunding, Series E, 5.125%, 1/01/18 .............................................................. 1,735,000 1,761,615 Lake Elsinore PFA Tax Allocation Revenue, Series A, 5.00%, 9/01/09 ................. 330,000 333,600 Lake Elsinore School Financing Authority Revenue, Refunding, 6.00%, 9/01/11 ........ 770,000 760,976 Loma Linda Hospital Revenue, Loma Linda University Medical Center, Series A, 5.00%, 12/01/19 ................................................................. 5,000,000 3,958,350 Long Beach Bond Finance Authority Natural Gas Purchase Revenue, Series A, 5.00%, 11/15/17 ................................................................. 3,950,000 3,054,417 Los Angeles Convention and Exhibition Center Authority Lease Revenue, Refunding, Series A, 5.00%, 8/15/20 ........................................................ 20,000,000 21,243,400 AMBAC Insured, 3.00%, 8/15/12 ................................................... 4,525,000 4,692,515 Los Angeles County MTA Sales Tax Revenue, Proposition A, first tier senior, Refunding, Series A, FSA Insured, 5.00%, 7/01/15 ................................ 5,345,000 5,426,832 Los Angeles USD, GO, Election of 2004, Series F, FGIC Insured, 5.00%, 7/01/21 ........................ 5,975,000 6,176,178 Refunding, MBIA Insured, 5.25%, 7/01/13 ......................................... 3,500,000 3,852,555 Refunding, Series A-1, FGIC Insured, 5.00%, 7/01/25 ............................. 6,265,000 6,267,819 Refunding, Series A-2, FGIC Insured, 5.00%, 7/01/22 ............................. 5,000,000 5,089,550 M-S-R Public Power Agency San Juan Project Revenue, Refunding, Series I, MBIA Insured, 4.25%, 7/01/11 .................................................................. 5,055,000 5,337,574 5.00%, 7/01/18 .................................................................. 1,000,000 1,026,390 Marina Joint Powers Financing Authority MFHR, Abrams B Apartments Financing, Mandatory Put 11/15/16, FNMA Insured, 3.90%, 11/15/36 ................................................................. 3,440,000 3,489,777 3.95%, 11/15/36 ................................................................. 1,435,000 1,444,543 Montebello USD, GO, Capital Appreciation, FGIC Insured, zero cpn., 8/01/18 ......................................................................... 1,455,000 951,977 8/01/19 ......................................................................... 1,480,000 901,335 Moreno Valley USD, GO, Capital Appreciation, Refunding, MBIA Insured, zero cpn., 8/01/24 ............... 7,500,000 3,107,775 Election of 2004, Series A, FSA Insured, Pre-Refunded, 5.00%, 8/01/17 ........... 2,000,000 2,308,300 Election of 2004, Series A, FSA Insured, Pre-Refunded, 5.00%, 8/01/18 ........... 2,300,000 2,654,545 Nevada County COP, Refunding, MBIA Insured, 4.125%, 10/01/12 ....................... 1,040,000 1,081,902
18 | Quarterly Statements of Investments Franklin California Tax-Free Trust STATEMENT OF INVESTMENTS, MARCH 31, 2009 (UNAUDITED) (CONTINUED)
PRINCIPAL FRANKLIN CALIFORNIA INTERMEDIATE-TERM TAX-FREE INCOME FUND AMOUNT VALUE ---------------------------------------------------------- --------------- --------------- MUNICIPAL BONDS (CONTINUED) CALIFORNIA (CONTINUED) Northern California Power Agency Revenue, Geothermal Project No. 3, Series A, 5.00%, 7/01/23 .................................................................. $ 2,000,000 $ 1,934,540 5.25%, 7/01/24 .................................................................. 2,000,000 1,960,800 Orange County CFD No. 2002-1 Special Tax, Ladera Ranch, Series A, 4.60%, 8/15/14 .................................................................. 1,000,000 875,310 4.75%, 8/15/15 .................................................................. 1,000,000 861,790 4.90%, 8/15/16 .................................................................. 1,285,000 1,091,248 Orange County CFD No. 2003-1 Special Tax, Ladera Ranch, Series A, 4.90%, 8/15/17 .................................................................. 1,000,000 918,500 5.10%, 8/15/18 .................................................................. 1,000,000 920,640 Orange County CFD No. 2004-1 Special Tax, Ladera Ranch, Series A, 4.70%, 8/15/18 .................................................................. 1,765,000 1,477,552 4.80%, 8/15/19 .................................................................. 1,945,000 1,600,463 4.85%, 8/15/20 .................................................................. 2,000,000 1,540,180 Orange County CFD No. 86-2 Special Tax, Rancho Santa Margarita, Refunding, Series A, 5.375%, 8/15/12 ....................................................... 1,500,000 1,502,760 Oroville Hospital Revenue, Oroville Hospital, Series A, California Mortgage Insured, 5.125%, 12/01/12 ....................................................... 1,435,000 1,435,172 Oxnard Harbor District Revenue, Series A, 5.10%, 8/01/14 ........................... 1,000,000 935,670 Pacifica COP, AMBAC Insured, 5.00%, 1/01/22 ........................................ 1,275,000 1,287,495 Palm Desert Financing Authority Tax Allocation Revenue, Project Area No. 1, As Amended, Series A, MBIA Insured, 5.00%, 4/01/23 .......... 7,690,000 6,700,374 Refunding, MBIA Insured, 4.75%, 8/01/18 ......................................... 1,050,000 945,798 Palo Verde Community College District COP, AMBAC Insured, 5.00%, 1/01/22 ......................................................................... 1,015,000 1,017,771 1/01/23 ......................................................................... 1,065,000 1,061,773 1/01/24 ......................................................................... 1,070,000 1,055,651 Pomona RDA Tax Allocation, Mountain Meadows Redevelopment Project, Refunding, Series X, 5.35%, 12/01/16 ............................................ 1,000,000 1,027,100 Rancho Mirage Joint Powers Financing Authority Revenue, Eisenhower Medical Center, Series A, 5.00%, 7/01/16 ......................................................................... 1,420,000 1,407,149 7/01/21 ......................................................................... 1,695,000 1,527,653 Redlands USD, GO, Election of 2002, FSA Insured, 5.00%, 7/01/19 .................... 1,000,000 1,040,210 Richmond Joint Powers Financing Authority Revenue, Multiple Redevelopment Projects, Series B, ETM, 5.35%, 5/15/13 ......................................... 1,720,000 1,855,226 Riverside County COP, Capital Improvement, Family Law, Refunding, Series A, FGIC Insured, 5.00%, 11/01/18 ................................................... 1,540,000 1,609,223 Riverside USD, GO, Election of 2001, Series A, FGIC Insured, 4.00%, 2/01/13 ........ 1,000,000 1,044,400 Sacramento MUD Financing Authority Revenue, Cosumnes Project, MBIA Insured, 5.00%, 7/01/21 .................................................................. 3,305,000 3,026,884 San Bernardino County COP, Medical Center Financing Project, Refunding, 6.00%, 8/01/09 .................................................................. 725,000 734,128 San Francisco City and County Airports Commission International Airport Revenue, Issue 34D, Refunding, Second Series, 5.25%, 5/01/26 ............................. 5,425,000 5,281,617 Mandatory Put 5/01/19, Refunding, Second Series, 6.50%, 5/01/19 ................. 2,000,000 2,107,800 San Joaquin County COP, General Hospital Project, Refunding, MBIA Insured, 5.00%, 9/01/17 ............... 1,000,000 1,003,330 Solid Waste System Facilities Projects, MBIA Insured, 5.00%, 4/01/17 ............ 1,340,000 1,344,797
Quarterly Statements of Investments | 19 Franklin California Tax-Free Trust STATEMENT OF INVESTMENTS, MARCH 31, 2009 (UNAUDITED) (CONTINUED)
PRINCIPAL FRANKLIN CALIFORNIA INTERMEDIATE-TERM TAX-FREE INCOME FUND AMOUNT VALUE ---------------------------------------------------------- --------------- --------------- MUNICIPAL BONDS (CONTINUED) CALIFORNIA (CONTINUED) San Joaquin Hills Transportation Corridor Agency Toll Road Revenue, Capital Appreciation, Refunding, Series A, 5.60%, 1/15/16 .................................................................. $ 3,000,000 $ 2,670,060 MBIA Insured, zero cpn., 1/15/26 ................................................ 19,000,000 4,764,250 San Jose Airport Revenue, Refunding, Series B, AMBAC Insured, 5.00%, 3/01/24 ......................................................................... 3,490,000 3,407,427 3/01/25 ......................................................................... 3,665,000 3,486,624 3/01/26 ......................................................................... 3,850,000 3,586,929 San Jose MFHR, Countrybrook Project, Refunding, Series A, FNMA Insured, 4.95%, 4/01/12 .................................................................. 4,005,000 4,019,298 San Jose RDA Tax Allocation, Merged Area Redevelopment Project, Series B, XLCA Insured, 5.00%, 8/01/26 .................................................... 8,000,000 6,772,720 San Marcos Public Facilities Authority Revenue, Senior Tax Increment Project Area 3, Series A, MBIA Insured, ETM, 5.10%, 10/01/09 ............................................................ 515,000 526,500 Pre-Refunded, 5.30%, 10/01/11 ................................................... 350,000 379,715 Sanger USD, GO, Election of 2006, Series A, FSA Insured, 5.00%, 8/01/19 ......................................................................... 1,325,000 1,389,342 8/01/20 ......................................................................... 1,510,000 1,556,448 Santa Ana USD, GO, Election of 1999, Series B, FGIC Insured, zero cpn., 8/01/14 .................... 3,125,000 2,586,719 Election of 2008, Series A, 5.25%, 8/01/25 ...................................... 2,000,000 2,001,300 Santa Clara 1915 Act, Reassessment District 187, Refunding, Series 1, 5.25%, 9/02/11 ......................................................................... 1,085,000 1,073,119 Santa Monica-Malibu USD, COP, Series C, MBIA Insured, 4.00%, 5/01/12 .................................................................. 525,000 546,257 4.25%, 5/01/14 .................................................................. 840,000 866,636 4.25%, 5/01/15 .................................................................. 875,000 897,741 4.25%, 11/01/15 ................................................................. 670,000 687,413 South County Regional Wastewater Authority Revenue, Regional Wastewater Facilities Project, Refunding, FSA Insured, 3.25%, 8/01/11 ...................... 1,000,000 1,045,500 South Gate PFA Tax Allocation Revenue, South Gate Redevelopment Project No. 1, XLCA Insured, 5.00%, 9/01/16 ................................................. 1,690,000 1,618,344 Southern California Public Power Authority Natural Gas Project Revenue, Project No. 1, Series A, 5.25%, 11/01/19 ........................................ 1,500,000 1,204,350 Stockton Revenue, O'Connor Woods Housing Corp., Series A, 5.375%, 11/01/11 ......... 645,000 626,953 Tobacco Securitization Authority Northern California Tobacco Settlement Revenue, Asset-Backed Bonds, Series B, ETM, 4.25%, 6/01/09 ............................................................. 880,000 885,491 ETM, 4.50%, 6/01/11 ............................................................. 1,540,000 1,658,026 Pre-Refunded, 4.60%, 6/01/12 .................................................... 1,760,000 1,898,653 Pre-Refunded, 4.70%, 6/01/13 .................................................... 1,500,000 1,621,365 Pre-Refunded, 4.80%, 6/01/14 .................................................... 725,000 785,211 Torrance Hospital Revenue, Torrance Memorial Medical Center, Series A, 5.10%, 6/01/12 .................................................................. 1,000,000 1,030,210 University of California Revenues, Multiple Purpose Projects, Series N, FGIC Insured, 4.00%, 9/01/12 ......................................................... 1,380,000 1,402,039 West Contra Costa USD, GO, Series B, FSA Insured, 4.00%, 8/01/12 ................... 1,875,000 1,968,956 West Kern Community College District COP, AMBAC Insured, 5.00%, 11/01/20 ................................................................. 1,015,000 1,031,961 5.00%, 11/01/21 ................................................................. 1,065,000 1,082,796
20 | Quarterly Statements of Investments Franklin California Tax-Free Trust STATEMENT OF INVESTMENTS, MARCH 31, 2009 (UNAUDITED) (CONTINUED)
PRINCIPAL FRANKLIN CALIFORNIA INTERMEDIATE-TERM TAX-FREE INCOME FUND AMOUNT VALUE ---------------------------------------------------------- --------------- --------------- MUNICIPAL BONDS (CONTINUED) CALIFORNIA (CONTINUED) West Kern Community College District COP, AMBAC Insured, (continued) 5.00%, 11/01/22 ................................................................. $ 1,115,000 $ 1,121,701 5.125%, 11/01/23 ................................................................ 1,170,000 1,164,606 5.125%, 11/01/24 ................................................................ 1,230,000 1,230,406 Whittier Health Facility Revenue, Presbyterian Intercommunity Hospital, ETM, 5.00%, 6/01/11 ............................................................. 1,060,000 1,152,559 ETM, 5.00%, 6/01/12 ............................................................. 2,225,000 2,484,991 Pre-Refunded, 5.00%, 6/01/13 .................................................... 2,335,000 2,630,307 Yucaipa Valley Water District Water System Revenue COP, Series A, MBIA Insured, 5.00%, 9/01/15 .................................................................. 1,080,000 1,134,184 5.25%, 9/01/20 .................................................................. 1,325,000 1,353,686 --------------- 513,940,391 --------------- U.S. TERRITORIES 5.9% PUERTO RICO 4.8% Puerto Rico Commonwealth GO, Public Improvement, FSA Insured, 5.25%, 7/01/16 ....... 2,500,000 2,558,750 Puerto Rico Electric Power Authority Power Revenue, Refunding, Series UU, FSA Insured, 5.00%, 7/01/23 ............................... 5,000,000 4,914,650 Series RR, FGIC Insured, 5.00%, 7/01/21 ......................................... 5,000,000 4,393,300 Series WW, 5.375%, 7/01/23 ...................................................... 5,000,000 4,470,850 Puerto Rico PBA Guaranteed Revenue, Government Facilities, Refunding, Series M-3, MBIA Insured, 6.00%, 7/01/23 ............................................... 11,645,000 10,843,125 --------------- 27,180,675 --------------- VIRGIN ISLANDS 1.1% Virgin Islands PFAR, Virgin Islands Matching Fund Loan Notes, senior lien, Refunding, Series A, 5.30%, 10/01/11 ................................................................. 1,000,000 1,002,540 5.40%, 10/01/12 ................................................................. 4,150,000 4,153,901 Virgin Islands Water and Power Authority Water System Revenue, Refunding, 5.00%, 7/01/09 .................................................................. 1,100,000 1,091,728 --------------- 6,248,169 --------------- TOTAL U.S. TERRITORIES ............................................................. 33,428,844 --------------- TOTAL MUNICIPAL BONDS BEFORE SHORT TERM INVESTMENTS (COST $563,747,219) ............ 547,369,235 --------------- SHORT TERM INVESTMENTS 1.7% MUNICIPAL BONDS 1.7% CALIFORNIA 1.7% (a) California State Department of Water Resources Power Supply Revenue, Refunding, Series F, Sub Series F-4, Daily VRDN and Put, 0.25%, 5/01/22 ......... 375,000 375,000 (a) California State Economic Recovery Revenue, Series C-4, Daily VRDN and Put, 0.25%, 7/01/23 ............................................................. 800,000 800,000 (a) California State GO, Kindergarten-University, Refunding, Series B-3, Daily VRDN and Put, 0.20%, 5/01/34 .............................................. 3,700,000 3,700,000 (a) Southern California Public Power Authority Power Project Revenue, Mead-Adelanto, Refunding, Series A, Daily VRDN and Put, 0.25%, 7/01/20 .......... 3,100,000 3,100,000 Mead-Phoenix, Refunding, Series A, Daily VRDN and Put, 0.25%, 7/01/20 ........... 1,400,000 1,400,000 --------------- TOTAL SHORT TERM INVESTMENTS (COST $9,375,000) ..................................... 9,375,000 ---------------
Quarterly Statements of Investments | 21 Franklin California Tax-Free Trust STATEMENT OF INVESTMENTS, MARCH 31, 2009 (UNAUDITED) (CONTINUED)
FRANKLIN CALIFORNIA INTERMEDIATE-TERM TAX-FREE INCOME FUND VALUE ---------------------------------------------------------- --------------- TOTAL INVESTMENTS (COST $573,122,219) 98.9% ........................................ $ 556,744,235 OTHER ASSETS, LESS LIABILITIES 1.1% ................................................ 6,201,233 --------------- NET ASSETS 100.0% .................................................................. $ 562,945,468 ===============
See Abbreviations on page 29. (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. See Notes to Statements of Investments. 22 | Quarterly Statements of Investments Franklin California Tax-Free Trust STATEMENT OF INVESTMENTS, MARCH 31, 2009 (UNAUDITED)
PRINCIPAL FRANKLIN CALIFORNIA TAX-EXEMPT MONEY FUND AMOUNT VALUE ----------------------------------------- --------------- --------------- INVESTMENTS 99.9% MUNICIPAL BONDS 99.9% CALIFORNIA 99.4% (a) Antelope Valley-East Kern Water Agency COP, Series A-2, Weekly VRDN and Put, 0.22%, 6/01/37 ............................................................. $ 7,000,000 $ 7,000,000 (a) Bay Area Toll Authority Toll Bridge Revenue, Bay Area, Series C, Weekly VRDN and Put, 0.27%, 4/01/37 ......................... 1,500,000 1,500,000 Bay Area, Series C, Weekly VRDN and Put, 0.20%, 4/01/45 ......................... 25,000,000 25,000,000 Bay Area, Series C-2, Weekly VRDN and Put, 0.22%, 4/01/47 ....................... 8,235,000 8,235,000 San Francisco Bay Area, Refunding, Series C-1, Weekly VRDN and Put, 0.22%, 4/01/45 ...................................................................... 2,150,000 2,150,000 (a) Berkeley Revenue, Berkeley-Albany YMCA, Refunding, Weekly VRDN and Put, 0.32%, 7/01/38 .................................................................. 2,000,000 2,000,000 (a) California Educational Facilities Authority Revenue, Stanford University, Refunding, Series L-3, Weekly VRDN and Put, 0.16%, 10/01/15 ..................... 2,800,000 2,800,000 Series S-4, Daily VRDN and Put, 0.20%, 11/01/50 ................................. 4,100,000 4,100,000 (a) California HFAR, MFH III, Series D, Daily VRDN and Put, 3.25%, 2/01/31 .............................................. 10,310,000 10,310,000 Weekly VRDN and Put, 0.35%, 8/01/22 ............................................. 920,000 920,000 (a) California Infrastructure and Economic Development Bank Revenue, American National Red Cross, Refunding, Weekly VRDN and Put, 0.20%, 9/01/34 ..... 5,000,000 5,000,000 California Academy of Sciences, Refunding, Series A, Daily VRDN and Put, 0.25%, 9/01/38 ............................................................... 1,000,000 1,000,000 California Academy of Sciences, Refunding, Series F, Daily VRDN and Put, 0.25%, 9/01/38 ............................................................... 7,400,000 7,400,000 Orange County Performing Arts Center, Series B, Weekly VRDN and Put, 0.22%, 7/01/34 ...................................................................... 10,000,000 10,000,000 (a) California Municipal Finance Authority Revenue, Gideon Hausner Jewish Day, Weekly VRDN and Put, 0.32%, 7/01/38 ........................................ 1,500,000 1,500,000 California School Cash Reserve Program Authority COP, Series A, 3.00%, 7/06/09 ......................................................................... 8,000,000 8,028,042 (a) California State Department of Water Resources Power Supply Revenue, Refunding, Series F, Sub Series F-1, Daily VRDN and Put, 0.40%, 5/01/19 ......... 8,300,000 8,300,000 Refunding, Series F, Sub Series F-4, Daily VRDN and Put, 0.25%, 5/01/22 ......... 28,700,000 28,700,000 Refunding, Series G, Sub Series G-3, FSA Insured, Weekly VRDN and Put, 2.00%, 5/01/16 ............................................................... 6,255,000 6,255,000 Series B-3, Daily VRDN and Put, 0.25%, 5/01/22 .................................. 1,100,000 1,100,000 Series C-4, Weekly VRDN and Put, 0.25%, 5/01/22 ................................. 5,300,000 5,300,000 Series C-12, Weekly VRDN and Put, 0.20%, 5/01/22 ................................ 19,000,000 19,000,000 Series C-15, Weekly VRDN and Put, 0.20%, 5/01/22 ................................ 5,200,000 5,200,000 (a) California State Economic Recovery Revenue, Series C-2, Daily VRDN and Put, 0.35%, 7/01/23 .................................. 9,600,000 9,600,000 Series C-3, Daily VRDN and Put, 0.35%, 7/01/23 .................................. 8,950,000 8,950,000 Series C-5, Daily VRDN and Put, 0.40%, 7/01/23 .................................. 9,500,000 9,500,000 Series C-11, Weekly VRDN and Put, 0.23%, 7/01/23 ................................ 1,735,000 1,735,000 (a) California State GO, Kindergarten-University, Refunding, Series A-3, Daily VRDN and Put, 0.25%, 5/01/34 ...................................................................... 4,800,000 4,800,000 Kindergarten-University, Series A-4, Daily VRDN and Put, 0.40%, 5/01/34 ......... 9,705,000 9,705,000 Kindergarten-University, Series A-10, Weekly VRDN and Put, 0.30%, 5/01/34 ....... 2,450,000 2,450,000 Kindergarten-University Public Education Facilities, Refunding, Series A-6, Weekly VRDN and Put, 0.30%, 5/01/34 .......................................... 11,445,000 11,445,000 Kindergarten-University Public Education Facilities, Refunding, Series A-8, Weekly VRDN and Put, 0.32%, 5/01/34 .......................................... 1,105,000 1,105,000 Series B-1, Weekly VRDN and Put, 0.20%, 5/01/33 ................................. 52,100,000 52,100,000 Series B-3, Weekly VRDN and Put, 0.20%, 5/01/33 ................................. 28,000,000 28,000,000 Series C-2, Weekly VRDN and Put, 0.40%, 5/01/33 ................................. 6,700,000 6,700,000 (a) California Statewide CDA Revenue, Goodwill of Santa Cruz, Weekly VRDN and Put, 0.32%, 2/01/38 ..................... 1,000,000 1,000,000 John Muir Health, Refunding, Series C, Daily VRDN and Put, 0.15%, 8/15/27 ....... 4,100,000 4,100,000
Quarterly Statements of Investments | 23 Franklin California Tax-Free Trust STATEMENT OF INVESTMENTS, MARCH 31, 2009 (UNAUDITED) (CONTINUED)
PRINCIPAL FRANKLIN CALIFORNIA INSURED TAX-FREE INCOME FUND AMOUNT VALUE ------------------------------------------------ --------------- --------------- INVESTMENTS (CONTINUED) MUNICIPAL BONDS (CONTINUED) CALIFORNIA (CONTINUED) (a) California Statewide CDA Revenue, (continued) Los Angeles County Museum Art Project, Refunding, Series C, Weekly VRDN and Put, 0.22%, 12/01/34 .......................................................... $ 5,000,000 $ 5,000,000 Los Angeles County Museum Art Project, Refunding, Series D, Daily VRDN and Put, 0.25%, 12/01/34 .......................................................... 1,300,000 1,300,000 Motion Picture and Television Fund, Series A, Weekly VRDN and Put, 0.25%, 3/01/31 ....................................................................... 2,300,000 2,300,000 Series A, Assured Guaranty, Weekly VRDN and Daily Put, 0.34%, 3/01/37 ............ 6,000,000 6,000,000 Sweep Loan Program, Refunding, Series A, Weekly VRDN and Put, 0.26%, 8/01/35 ..... 41,435,000 41,435,000 Touro University Project, Refunding, Weekly VRDN and Put, 0.20%, 9/01/29 ......... 4,665,000 4,665,000 University Retirement Community Project, Daily VRDN and Put, 0.25%, 11/15/38 ..... 2,870,000 2,870,000 (a) Calleguas-Las Virgines PFAR, Municipal Water District Project, Refunding, Series A, Weekly VRDN and Put, 0.22%, 7/01/37 .................................... 8,825,000 8,825,000 (a) East Bay MUD Wastewater System Revenue, Refunding, Series A, Weekly VRDN and Put, 0.22%, 6/01/33 .......................................................... 3,000,000 3,000,000 (a) Fremont PFA, COP, Weekly VRDN and Put, 0.30%, 8/01/30 ............................... 8,000,000 8,000,000 (a) Hillsborough COP, Refunding, Series A, Weekly VRDN and Put, 0.20%, 6/01/30 .......... 1,500,000 1,500,000 (a) Irvine 1915 Act Special Assessment, Limited Obligation, AD No. 03-19, Series A, Daily VRDN and Put, 0.30%, 9/02/29 ....................... 300,000 300,000 AD No. 93-14, Daily VRDN and Put, 0.20%, 9/02/25 ................................. 2,500,000 2,500,000 AD No. 97-13, Daily VRDN and Put, 0.30%, 9/02/23 ................................. 7,350,000 7,350,000 AD No. 97-16, Daily VRDN and Put, 0.30%, 9/02/22 ................................. 1,700,000 1,700,000 (a) Los Angeles County Housing Authority MFHR, Malibu Meadows Project, Refunding, Series B, Weekly VRDN and Put, 0.35%, 4/15/28 ......................... 3,125,000 3,125,000 (a) Los Angeles County MFMR, Series A, Weekly VRDN and Put,, 0.40%, 7/01/14 ............. 4,500,000 4,500,000 (a) Los Angeles Department of Water and Power Revenue, Refunding, Series B, Sub Series B-1, Weekly VRDN and Put, 0.23%, 7/01/34 .............................. 4,050,000 4,050,000 Sub Series B-2, Weekly VRDN and Put, 0.23%, 7/01/34 .............................. 1,500,000 1,500,000 Sub Series B-3, Daily VRDN and Put, 0.25%, 7/01/34 ............................... 13,900,000 13,900,000 Sub Series B-6, Daily VRDN and Put, 0.15%, 7/01/34 ............................... 3,400,000 3,400,000 Sub Series B-7, Weekly VRDN and Put, 0.20%, 7/01/34 .............................. 8,100,000 8,100,000 (a) Los Angeles Department of Water and Power Waterworks Revenue, Refunding, Series B, Sub Series B-4, Weekly VRDN and Put, 0.23%, 7/01/35 .................... 6,750,000 6,750,000 Los Angeles GO, TRAN, 3.00%, 6/30/09 ................................................ 15,000,000 15,053,152 (a) Los Angeles USD, COP, Administration Building Project, Refunding, Weekly VRDN and Put, 0.35%, 10/01/24 ...................................................................... 1,500,000 1,500,000 Belmont Learning Complex, Series A, Weekly VRDN and Put, 0.15%, 12/01/17 ......... 1,800,000 1,800,000 (a) Manhattan Beach COP, Refunding, Weekly VRDN and Put, 0.30%, 8/01/32 ................. 2,400,000 2,400,000 (a) Metropolitan Water District of Southern California Waterworks Revenue, Refunding, Series B-3, Daily VRDN and Put, 0.20%, 7/01/35 ........................ 3,500,000 3,500,000 Series C, Weekly VRDN and Put, 0.40%, 7/01/28 .................................... 13,200,000 13,200,000 Series C-2, Daily VRDN and Put, 0.15%, 7/01/36 ................................... 5,500,000 5,500,000 (a) Monterey Peninsula Water Management District COP, Wastewater Reclamation Project, Weekly VRDN and Put, 0.37%, 7/01/22 ..................................... 3,500,000 3,500,000 (a) Oakland COP, Capital Equipment Project, Weekly VRDN and Put, 0.20%, 12/01/15 ......................................................................... 4,300,000 4,300,000 (a) Oceanside MFHR, Shadow Way Apartments Project, Weekly VRDN and Put, 0.30%, 3/01/49 .......................................................................... 3,750,000 3,750,000 (a) Orange County Apartment Development Revenue, Harbor Pointe, Refunding, Issue D, Weekly VRDN and Put, 0.35%, 12/01/22 .......... 2,500,000 2,500,000 Park Ridge Villas, Refunding, Issue I, Weekly VRDN and Put, 0.35%, 11/15/28 ...... 4,100,000 4,100,000
24 | Quarterly Statements of Investments Franklin California Tax-Free Trust STATEMENT OF INVESTMENTS, MARCH 31, 2009 (UNAUDITED) (CONTINUED)
PRINCIPAL FRANKLIN CALIFORNIA INSURED TAX-FREE INCOME FUND AMOUNT VALUE ------------------------------------------------ --------------- --------------- INVESTMENTS (CONTINUED) MUNICIPAL BONDS (CONTINUED) CALIFORNIA (CONTINUED) (a) Orange County Housing Authority MF Apartment Development Revenue, Lantern Pines Project, Series CC, FNMA Insurred, Weekly VRDN and Put, 0.35%, 12/01/27 ... $ 2,345,000 $ 2,345,000 (a) Sacramento County Housing Authority MFHR, Stonebridge Apartments, Refunding, Series D, Weekly VRDN and Put, 0.34%, 5/15/31 ........................ 2,500,000 2,500,000 (a) Sacramento County Sanitation District Financing Authority Revenue, sub. lien, Sanitation District, Refunding, Series C, Daily VRDN and Put, 0.30%, 12/01/38 ................................... 15,100,000 15,100,000 Series E, Weekly VRDN and Put, 0.25%, 12/01/40 .................................. 3,000,000 3,000,000 (a) Sacramento MUD Electric Revenue, Refunding, sub. bond, Series K, Weekly VRDN and Put, 0.25%, 8/15/28 .................................................... 1,000,000 1,000,000 (a) San Bernardino County MFHR, Housing Mortgage, Parkview, Refunding, Series A, Weekly VRDN and Put, 0.35%, 2/15/27 .......................................... 1,200,000 1,200,000 (a) San Diego County COP, San Diego Foundation, Weekly VRDN and Put, 0.20%, 8/01/36 ....................... 3,650,000 3,650,000 Weekly VRDN and Put, 0.30%, 11/01/30 ............................................ 1,400,000 1,400,000 (a) San Jose Financing Authority Lease Revenue, Civic Center Project, Refunding, Series A, Weekly VRDN and Put, 0.23%, 6/01/39 .. 3,000,000 3,000,000 Hayes Mansion, Refunding, Series C, Weekly VRDN and Put, 0.23%, 6/01/27 ......... 5,900,000 5,900,000 (a) San Jose RDAR, Merged Area Redevelopment Project, Series A, Weekly VRDN and Put, 0.23%, 7/01/26 ................................... 6,200,000 6,200,000 Series B, Weekly VRDN and Put, 0.15%, 7/01/26 ................................... 12,920,000 12,920,000 (a) Santa Ana Housing Authority MFHR, Harbor Pointe Apartments, Refunding, Seires A, Weekly VRDN and Put, 0.35%, 12/01/15 .................................. 1,200,000 1,200,000 (a) Santa Ana USD, COP, Weekly VRDN and Put, 0.20%, 7/01/15 ............................ 1,100,000 1,100,000 (a) Santa Clara County Financing Authority Lease Revenue, Valley Medical Center Facilities Replacement Project, Series B, Weekly VRDN and Put, 0.25%, 11/15/25 ..................................................................... 4,900,000 4,900,000 (a) Santa Clara County Housing Authority MFHR, Benton Park Central Apartments, Refunding, Series A, Weekly VRDN and Put, 0.35%, 12/15/25 ....................... 5,000,000 5,000,000 (a) Southern California Public Power Authority Power Project Revenue, Mead-Adelanto, Refunding, Series A, Daily VRDN and Put, 0.25%, 7/01/20 .......... 6,100,000 6,100,000 Mead-Phoenix, Refunding, Series A, Daily VRDN and Put, 0.25%, 7/01/20 ........... 15,650,000 15,650,000 (a) Union City MFR, Housing Mission Sierra, Refunding, Series A, Weekly VRDN and Put, 0.35%, 7/15/29 ......................................................... 6,100,000 6,100,000 (a) Val Verde USD, COP, Refunding, Series A, Weekly VRDN and Put, 0.30%, 3/01/36 ......................................................................... 7,200,000 7,200,000 (a) Walnut Creek MFHR, Creekside Drive, Weekly VRDN and Put, 0.30%, 4/01/27 ............ 2,675,000 2,675,000 --------------- 633,301,194 --------------- U.S. TERRITORIES 0.5% PUERTO RICO 0.5% Puerto Rico Commonwealth TRAN, Series A, Sub Series 2, 3.00%, 7/30/09 .............. 3,000,000 3,013,228 --------------- TOTAL INVESTMENTS (COST $636,314,422) 99.9% ........................................ 636,314,422 OTHER ASSETS, LESS LIABILITIES 0.1% ................................................ 942,634 --------------- NET ASSETS 100.0% .................................................................. $ 637,257,056 ===============
See Abbreviations on page 29. (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. See Notes to Statements of Investments. Quarterly Statements of Investments | 25 Franklin California Tax-Free Trust NOTES TO STATEMENTS OF INVESTMENTS (UNAUDITED) 1. ORGANIZATION Franklin California Tax-Free Trust (Trust) is registered under the Investment Company Act of 1940, as amended, (1940 Act) as an open-end investment company, consisting of three funds (Funds). 2. SECURITY VALUATION Municipal securities generally trade in the over-the-counter market rather than on a securities exchange. The Trust may utilize independent pricing services, quotations from bond dealers, and information with respect to bond and note transactions, to assist in determining a current market value for each security. The Trust's pricing services use valuation models or matrix pricing, which considers information with respect to comparable bond and note transactions, quotations from bond dealers or by reference to other securities that are considered comparable in such characteristics as rating, interest rate and maturity date, to determine current value. Securities in the Franklin California Tax-Exempt Money Fund are valued at amortized cost which approximates market value. This method involves valuing an instrument at its cost and thereafter assuming a constant amortization to maturity of any discount or premium. The Trust has procedures to determine the fair value of individual securities and other assets for which market prices are not readily available or which may not be reliably priced. Methods for valuing these securities may include: fundamental analysis, matrix pricing, discounts from market prices of similar securities, or discounts applied due to the nature and duration of restrictions on the disposition of the securities. Due to the inherent uncertainty of valuations of such securities, the fair values may differ significantly from the values that would have been used had a ready market for such investments existed. Occasionally, events occur between the time at which trading in a security is completed and the close of the NYSE that might call into question the availability (including the reliability) of the value of a portfolio security held by the fund. If such an event occurs, the securities may be valued using fair value procedures, which may include the use of independent pricing services. All security valuation procedures are approved by the Trust's Board of Trustees. 26 | Quarterly Statements of Investments Franklin California Tax-Free Trust NOTES TO STATEMENTS OF INVESTMENTS (UNAUDITED) (CONTINUED) 3. INCOME TAXES At March 31, 2009, the cost of investments and net unrealized appreciation (depreciation) for income tax purposes were as follows:
FRANKLIN CALIFORNIA FRANKLIN CALIFORNIA INSURED INTERMEDIATE-TERM TAX-FREE INCOME FUND TAX-FREE INCOME FUND -------------------- -------------------- Cost of investments ........ $2,046,027,644 $573,048,872 -------------- ------------ Unrealized appreciation .... $ 54,005,162 $ 10,870,433 Unrealized depreciation .... (133,887,324) (27,175,070) -------------- ------------ Net unrealized appreciation (depreciation) .......... $ (79,882,162) $(16,304,637) -------------- ------------
At March 31, 2009, the cost of investments for book and income tax purposes was the same for the Franklin California Tax-Exempt Money Fund. 4. TEMPORARY GUARANTEE PROGRAM FOR MONEY MARKET FUNDS On October 6, 2008, the Franklin California Tax-Exempt Money Fund's Board of Trustees approved the participation in the U.S. Department of the Treasury's Temporary Guarantee Program for Money Market Funds ("Program") through December 18, 2008, which was subsequently extended through April 30, 2009. Under the Program, shares held by the fund as of the close of business on September 19, 2008 ("Program Date") were insured against loss in the event the fund liquidated its holdings during the term of the Program and the per share value at the time of liquidation dropped below $0.995. For participation in the initial three months of the Program, the fund paid 0.01% of its net assets as of the Program Date, and paid an additional 0.015% of its net assets as of the Program Date to participate in the extension. This expense was borne by the fund. The fees are amortized over the term of the Program. Although the U.S. Department of the Treasury extended the Program with a third and final installment, through September 18, 2009, the fund has elected not to participate in this extension. Thus, the fund's participation in the Program ended on April 30, 2009. 5. FAIR VALUE MEASUREMENTS The Funds adopted Financial Accounting Standards Board (FASB) Statement No. 157, "Fair Value Measurement" (SFAS 157), on July 1, 2008. SFAS 157 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The Funds have determined that the implementation of SFAS 157 did not have a material impact on the Funds' financial statements. Quarterly Statements of Investments | 27 Franklin California Tax-Free Trust NOTES TO STATEMENTS OF INVESTMENTS (UNAUDITED) (CONTINUED) 5. FAIR VALUE MEASUREMENTS (CONTINUED) SFAS 157 establishes a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Trust's own market assumptions (unobservable inputs). These inputs are used in determining the value of the Funds' investments and are summarized in the following fair value hierarchy: - Level 1 - quoted prices in active markets for identical securities - Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speed, credit risk, etc.) - Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. Money market securities may be valued using amortized cost, in accordance with the 1940 Act. Generally, amortized cost reflects the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as a Level 2. At March 31, 2009, all of the Funds' investments in securities carried at fair value were in Level 2 inputs. 6. NEW ACCOUNTING PRONOUNCEMENTS In April 2009, FASB issued FASB Staff Position FSP FAS 157-4, "Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly" (FSP FAS 157-4), which provides additional guidance when the volume and level of activity for the asset or liability measured at fair value have significantly decreased. Additionally, FSP FAS 157-4 amends FASB Statement No. 157, Fair Value Measurements, expanding disclosure requirements by reporting entities surrounding the major categories of assets and liabilities carried at fair value. FSP FAS 157-4 is effective for interim and annual periods ending after June 15, 2009. The Trust is currently evaluating the impact, if any, of applying FSP FAS 157-4. 28 | Quarterly Statements of Investments Franklin California Tax-Free Trust NOTES TO STATEMENTS OF INVESTMENTS (UNAUDITED) (CONTINUED) ABBREVIATIONS SELECTED PORTFOLIO 1915 ACT - Improvement Bond Act of 1915 ABAG - The Association of Bay Area Governments ACA - American Capital Access Holdings Inc. AD - Assessment District AMBAC - American Municipal Bond Assurance Corp. BART - Bay Area Rapid Transit BHAC - Berkshire Hathaway Assurance Corp. 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. FHA - Federal Housing Authority/Agency FNMA - Federal National Mortgage Association FSA - Financial Security Assurance Inc. GNMA - Government National Mortgage Association GO - General Obligation HFA - Housing Finance Authority/Agency HFAR - Housing Finance Authority Revenue ID - Improvement District MBIA - Municipal Bond Investors Assurance Corp. MF - Multi-Family MFH - Multi-Family Housing MFHR - Multi-Family Housing Revenue MFMR - Multi-Family Mortgage Revenue MFR - Multi-Family Revenue MTA - Metropolitan Transit Authority MUD - Municipal Utility District PBA - Public Building Authority PCFA - Pollution Control Financing Authority PCR - Pollution Control Revenue PFA - Public Financing Authority PFAR - Public Financing Authority Revenue RDA - Redevelopment Agency/Authority RDAR - Redevelopment Agency Revenue SFM - Single Family Mortgage SFMR - Single Family Mortgage Revenue TRAN - Tax and Revenue Anticipation Note UHSD - Unified/Union High School District USD - Unified/Union School District XLCA - XL Capital Assurance For information on the Funds' policy regarding other significant accounting policies, please refer to the Funds' most recent semiannual or annual shareholder report. Quarterly Statements of Investments | 29 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 Laura F. Fergerson, Chief Executive Officer - Finance and Administration, and Gaston Gardey, Chief Financial Officer and Chief Accounting 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. FRANKLIN CALIFORNIA TAX-FREE TRUST By /S/LAURA F. FERGERSON ------------------------- Laura F. Fergerson Chief Executive Officer - Finance and Administration Date May 27, 2009 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/LAURA F. FERGERSON ------------------------- Laura F. Fergerson Chief Executive Officer - Finance and Administration Date May 27, 2009 By /S/GASTON GARDEY ---------------------- Gaston Gardey Chief Financial Officer and Chief Accounting Officer Date May 27, 2009