-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KC614ATI63d4m/8AMnnCKnor2vZ7U7kBvx31X+JpgHc1TNmxPmoQoSGtp6bq2OUC 4w4juxigBCDfKTJ6Bctozg== 0000773478-09-000030.txt : 20091127 0000773478-09-000030.hdr.sgml : 20091126 20091127104629 ACCESSION NUMBER: 0000773478-09-000030 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090930 FILED AS OF DATE: 20091127 DATE AS OF CHANGE: 20091127 EFFECTIVENESS DATE: 20091127 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FRANKLIN CALIFORNIA TAX FREE TRUST CENTRAL INDEX KEY: 0000773478 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-04356 FILM NUMBER: 091209617 BUSINESS ADDRESS: STREET 1: ONE FRANKLIN PARKWAY CITY: SAN MATEO STATE: CA ZIP: 94403-1906 BUSINESS PHONE: 650-312-2000 MAIL ADDRESS: STREET 1: ONE FRANKLIN PARKWAY CITY: SAN MATEO STATE: CA ZIP: 94403-1906 0000773478 S000006718 FRANKLIN CALIFORNIA INSURED TAX-FREE INCOME C000018278 CLASS A FRCIX C000018279 CLASS B FRCBX C000018280 CLASS C FRCAX C000073518 Advisor 0000773478 S000006719 FRANKLIN CALIFORNIA INTERMEDIATE-TERM TAX-FREE C000018281 CLASS A FKCIX C000018282 CLASS C FCCIX C000073519 Advisor 0000773478 S000006721 FRANKLIN CALIFORNIA TAX-EXEMPT MONEY FUND C000018284 FRANKLIN CALIFORNIA TAX-EXEMPT MONEY FUND FCLXX N-Q 1 fctftnq.txt FCTFT N-Q PE 9/30/09 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: 9/30/09 ------- Item 1. Schedule of Investments. Franklin California Tax-Free Trust Franklin California Insured Tax-Free Income Fund Franklin California Intermediate-Term Tax-Free Income Fund QUARTERLY STATEMENTS OF INVESTMENTS SEPTEMBER 30, 2009 Franklin California Tax-Free Trust Franklin California Insured Tax-Free Income Fund STATEMENT OF INVESTMENTS, SEPTEMBER 30, 2009 (UNAUDITED)
PRINCIPAL AMOUNT VALUE ----------- -------------- MUNICIPAL BONDS 99.9% CALIFORNIA 99.9% ABAG Finance Authority for Nonprofit Corps. COP, Lincoln Child Center Inc., California Mortgage Insured, 6.125%, 11/01/24 $ 1,950,000 $ 1,950,020 Lytton Gardens Inc., Refunding, California Mortgage Insured, 6.00%, 2/15/30 3,500,000 3,510,010 Odd Fellows Home, California Mortgage Insured, 6.00%, 8/15/24 5,000,000 5,023,100 ABAG Finance Authority for Nonprofit Corps. Revenue, Poway Retirement Housing Foundation Housing Inc. Project, Series A, California Mortgage Insured, 5.375%, 11/15/25 5,145,000 5,175,819 Sansum-Santa Barbara, Refunding, Series A, California Mortgage Insured, 5.60%, 4/01/26 2,750,000 2,795,870 ABAG Financial Authority for Nonprofit Corps. California Health Facilities Revenue, Institute on Aging, California Mortgage Insured, 5.65%, 8/15/38 9,000,000 9,245,430 Acalanes UHSD GO, Capital Appreciation, Election of 2002, Series A, FGIC Insured, zero cpn., 8/01/25 9,045,000 4,184,127 Alameda Corridor Transportation Authority Revenue, AMBAC Insured, zero cpn to 10/01/12, 5.25% thereafter, 10/01/21 64,660,000 53,224,232 5.45% thereafter, 10/01/25 25,000,000 19,935,500 Alameda Power and Telecommunication Electric System Revenue COP, Refunding, Series A, NATL Insured, 5.75%, 7/01/30 3,305,000 3,372,488 Alhambra City Elementary School District GO, Capital Appreciation, Election of 1999, Series B, FGIC Insured, zero cpn., 9/01/27 3,035,000 1,142,799 Alisal USD, GO, Capital Appreciation, Election of 2006, Series B, Assured Guaranty, zero cpn., 8/01/32 3,355,000 862,772 8/01/33 3,610,000 862,682 2/01/34 3,345,000 766,574 Alum Rock Union Elementary School District GO, Election of 2008, Series A, Assured Guaranty, 5.00%, 8/01/33 12,595,000 13,095,147 Alvord USD, GO, Election of 2007, Series A, FSA Insured, 5.00%, 8/01/32 9,070,000 9,572,387 Anaheim PFAR, Distribution System, second lien, NATL Insured, 5.00%, 10/01/29 5,000,000 5,185,150 Antelope Valley UHSD, GO, Series A, NATL Insured, 5.00%, 2/01/27 5,000,000 5,173,500 Antioch USD, GO, Election of 2008, School Facilities Improvement No. 1-B, Assured Guaranty, 5.375%, 8/01/36 3,130,000 3,314,701 Arcadia USD, GO, Capital Appreciation, Election of 2006, Series A, FSA Insured, zero cpn., 8/01/29 5,110,000 1,673,270 8/01/33 11,690,000 2,900,289 8/01/39 9,620,000 1,607,694 8/01/46 27,665,000 3,205,267 Atascadero CDA Tax Allocation, Redevelopment Project, XLCA Insured, 5.00%, 9/01/34 4,315,000 3,895,064 Auburn Public Financing Authority Wastewater Revenue, Assured Guaranty, 5.50%, 6/01/39 1,880,000 1,997,030 Auburn USD, COP, Refinancing Project, Assured Guaranty, 5.00%, 6/01/38 10,000,000 10,134,900 Bakersfield City School District GO, Series A, FSA Insured, 5.00%, 11/01/27 2,415,000 2,610,687 11/01/28 2,535,000 2,726,570 Bakersfield Wastewater Revenue, Series A, FSA Insured, 5.00%, 9/15/32 10,430,000 10,959,635 Baldwin Park RDA Tax Allocation, Refunding, FSA Insured, 5.70%, 9/01/25 4,000,000 4,129,640 Baldwin Park USD, GO, Capital Appreciation, Election of 2006, FSA Insured, zero cpn., 8/01/28 5,810,000 1,983,708 Election of 2006, FSA Insured, 5.00%, 8/01/31 5,440,000 5,642,749 Brea and Olinda USD, GO, Series A, FGIC Insured, 5.60%, 8/01/20 1,000,000 1,021,140 Brentwood Infrastructure Financing Authority Infrastructure Revenue, Refunding, Series A, FSA Insured, 5.00%, 9/02/32 3,790,000 4,001,709 Buckeye USD, GO, Election of 2006, FSA Insured, 5.00%, 8/01/32 10,705,000 11,148,294 Cabrillo Community College District GO, Capital Appreciation, Election of 2004, Series B, NATL Insured, zero cpn., 8/01/39 12,570,000 2,284,723 Series C, AMBAC Insured, Pre-Refunded, 5.375%, 5/01/26 5,400,000 5,664,384 California Community College Financing Authority Lease Revenue, Grossmont Palomar and Shasta, Series A, NATL Insured, 5.125%, 4/01/31 3,030,000 3,054,240
Quarterly Statement of Investments See Notes to Statements of Investments Franklin California Tax-Free Trust Franklin California Insured Tax-Free Income Fund STATEMENT OF INVESTMENTS, SEPTEMBER 30, 2009 (UNAUDITED) (CONTINUED) California Educational Facilities Authority Revenue, Stanford University, Refunding, Series O, 5.125%, 1/01/31 $24,705,000 $ 24,708,459 California Health Facilities Financing Authority Revenue, Asian Community Center, Series A, California Mortgage Insured, 5.00%, 4/01/37 10,550,000 10,394,915 Catholic Healthcare West, Refunding, ACA Insured, 5.00%, 7/01/28 8,765,000 8,764,386 Catholic Healthcare West, Refunding, Series A, 5.00%, 7/01/28 12,995,000 12,994,480 Community Health Facilities, Series A, California Mortgage Insured, 5.80%, 8/01/25 1,020,000 1,027,640 Kaiser Permanente, Series A, ETM, 5.40%, 5/01/28 15,400,000 15,455,132 Kaiser Permanente, Series B, ETM, 5.00%, 10/01/18 5,000,000 5,033,500 Kaiser Permanente, Series B, ETM, 5.00%, 10/01/20 4,000,000 4,026,800 Marshall Hospital, Refunding, Series A, California Mortgage Insured, 5.30%, 11/01/28 3,055,000 3,055,306 Northern California Presbyterian, Refunding, 5.40%, 7/01/28 5,000,000 4,664,650 Orange County Health Facility, Series A, California Mortgage Insured, 6.20%, 11/01/24 3,435,000 3,435,034 Senior Living, Aldersly, Series A, California Mortgage Insured, 5.25%, 3/01/32 2,000,000 2,019,120 Sutter Health, Refunding, Series A, NATL Insured, 5.00%, 8/15/19 1,585,000 1,605,130 Sutter Health, Refunding, Series A, NATL Insured, 5.00%, 8/15/38 3,735,000 3,740,378 Sutter Health, Series A, BHAC Insured, 5.00%, 11/15/42 15,000,000 15,646,050 The Help Group, Refunding, California Mortgage Insured, 5.40%, 8/01/22 4,755,000 4,767,315 True to Life Children's Services, Series A, California Mortgage Insured, 5.625%, 9/01/25 1,250,000 1,257,313 California HFAR, Home Mortgage, Series N, AMBAC Insured, zero cpn. to 2/01/10, 6.30% thereafter, 8/01/31 240,000 236,434 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 10,173,150 California Municipal Finance Authority Senior Living Revenue, Pilgrim Place Claremont, California Mortgage Insured, Series A, 5.875%, 5/15/29 2,895,000 3,093,105 6.125%, 5/15/39 5,830,000 6,224,399 California PCFA, PCR, Southern California Edison Co., Refunding, Series C, NATL Insured, 5.55%, 9/01/31 4,800,000 4,634,640 California Public School District Financing Authority Lease Revenue, Southern Kern USD, Series B, FSA Insured, ETM, 5.90%, 9/01/26 1,615,000 2,041,457 California State Department of Water Resources Water Revenue, Central Valley Project, Series AC, NATL Insured, Pre-Refunded, 5.00%, 12/01/26 40,000 46,898 Central Valley Project, Series AD, FSA Insured, Pre-Refunded, 5.00%, 12/01/26 25,000 29,430 FSA Insured, Pre-Refunded, 5.125%, 12/01/29 115,000 126,154 Refunding, FSA Insured, 5.125%, 12/01/29 4,885,000 5,082,256 California State GO, FGIC Insured, 5.375%, 6/01/26 1,350,000 1,352,241 NATL Insured, 6.00%, 8/01/16 210,000 210,760 NATL Insured, 6.00%, 10/01/21 65,000 65,137 Pre-Refunded, 5.125%, 6/01/31 24,705,000 26,590,486 Refunding, 5.125%, 6/01/31 295,000 297,050 Refunding, NATL Insured, 5.00%, 8/01/29 730,000 731,876 Various Purpose, 5.00%, 11/01/32 20,000,000 20,157,800 California State Local Government Finance Authority Revenue, Marin Valley Mobile, Senior Series A, FSA Insured, 5.80%, 10/01/20 3,770,000 3,777,276 California State Public Works Board Lease Revenue, Department of Mental Health Hospital, Series A, AMBAC Insured, 5.00%, 12/01/21 4,100,000 4,175,112 12/01/26 5,675,000 5,629,430 California State University Foundation Revenue, Monterey Bay, NATL Insured, Pre-Refunded, 5.35%, 6/01/31 2,000,000 2,160,060 California State University of Los Angeles Auxiliary Services Inc. Revenue, NATL Insured, Pre-Refunded, 5.125%, 6/01/33 3,200,000 3,441,472 California State University Revenue, Systemwide, Refunding, Series A, AMBAC Insured, 5.00%, 11/01/33 22,000,000 22,629,420 Series A, FSA Insured, 5.00%, 11/01/33 10,000,000 10,533,800 California Statewide CDA, COP, Children's Hospital, Los Angeles, 5.25%, 8/15/29 12,250,000 11,257,627 COP, NATL Insured, 5.00%, 4/01/18 3,000,000 2,911,170 COP, Refunding, California Mortgage Insured, 5.75%, 8/01/21 5,895,000 5,901,484 COP, Refunding, FSA Insured, 5.50%, 8/15/31 7,000,000 7,131,740 MFHR, 740 Olive Street, Series L, GNMA Secured, 4.90%, 7/20/39 13,475,000 13,558,141 MFHR, 740 Olive Street, Series L, GNMA Secured, 5.10%, 7/20/50 10,000,000 10,060,900
Franklin California Tax-Free Trust Franklin California Insured Tax-Free Income Fund STATEMENT OF INVESTMENTS, SEPTEMBER 30, 2009 (UNAUDITED) (CONTINUED) MFHR, Silver Ridge Apartments, Mandatory Put 8/01/21, Series H, FNMA Insured, 5.80%, 8/01/33 $ 2,785,000 $ 2,872,226 California Statewide CDA Revenue, Adventist, Series B, Assured Guaranty, 5.00%, 3/01/37 17,000,000 17,409,360 Catholic Healthcare West, Series K, Assured Guaranty, 5.50%, 7/01/41 17,000,000 17,951,490 COP, John Muir/Mt. Diablo Health System, NATL Insured, 5.125%, 8/15/22 5,000,000 5,000,300 Enloe Medical Center, California Mortgage Insured, 6.25%, 8/15/28 17,215,000 19,142,736 Henry Mayo Newhall Memorial, Series B, AMBAC Insured, 5.05%, 10/01/28 7,825,000 8,029,624 Hospital Monterey Peninsula, Series B, FSA Insured, 5.25%, 6/01/23 2,000,000 2,113,400 Lodi Memorial Hospital, Series A, California Mortgage Insured, 5.00%, 12/01/27 15,000,000 15,341,850 Methodist Hospital of Southern California Project, FHA Insured, 6.75%, 2/01/38 20,000,000 22,838,800 Refunding, California Mortgage Insured, 5.00%, 8/01/21 2,035,000 2,091,085 St. Ignatius College Preparatory, AMBAC Insured, 5.00%, 6/01/37 7,215,000 7,055,837 St. Joseph Health System, Series E, FSA Insured, 5.25%, 7/01/47 20,000,000 20,969,400 Sutter Health, Series C, FSA Insured, 5.05%, 8/15/38 15,000,000 15,365,100 California Statewide CDA Water and Wastewater Revenue, Pooled Financing Program, Refunding, Series A, FSA Insured, 5.00%, 10/01/32 9,320,000 9,620,570 Refunding, Series B, FSA Insured, 5.75%, 10/01/29 1,465,000 1,468,721 Series B, FSA Insured, Pre-Refunded, 5.65%, 10/01/26 3,420,000 3,488,400 Castaic Lake Water Agency Revenue COP, 1999 Project, Refunding, AMBAC Insured, 4.50%, 8/01/26 6,700,000 6,786,028 Series A, NATL Insured, 5.00%, 8/01/29 8,000,000 8,162,800 Central USD, GO, Election of 2008, Series A, Assured Guaranty, 5.50%, 8/01/29 3,000,000 3,305,970 5.625%, 8/01/33 3,500,000 3,809,575 Chabot-Las Positas Community College District GO, Capital Appreciation Bonds, Series C, AMBAC Insured, zero cpn., 8/01/35 10,000,000 2,037,300 8/01/36 10,000,000 1,933,100 8/01/37 15,045,000 2,582,324 Chaffey Community College District GO, Refunding, Series A, FSA Insured, 5.00%, 7/01/27 270,000 282,498 Series A, FSA Insured, Pre-Refunded, 5.00%, 7/01/27 5,480,000 6,143,080 Chico PFAR, Merged Redevelopment Project Area, NATL Insured, 5.125%, 4/01/24 2,790,000 2,768,880 Chino Basin Regional Financing Authority Revenue, Municipal Water District, Sewer System Project, Refunding, AMBAC Insured, 6.00%, 8/01/16 2,000,000 2,007,240 Chula Vista Elementary School District GO, Election of 1998, Series F, NATL Insured, 5.00%, 8/01/28 2,685,000 2,826,741 Clovis PFAR, 2001 Corp. Yard Project, AMBAC Insured, 5.00%, 3/01/27 3,265,000 3,319,558 College of the Sequoias Tulare Area ID No. 3 GO, Election of 2008, Series A, Assured Guaranty, 5.50%, 8/01/33 5,000,000 5,442,800 College of the Sequoias Visalia Area ID No. 2 GO, Election of 2008, Series A, Assured Guaranty, 5.50%, 8/01/33 5,750,000 6,259,220 Compton USD, GO, Election of 2002, Series B, NATL Insured, Pre-Refunded, 5.00%, 6/01/29 2,000,000 2,317,500 Corona-Norco USD, COP, Refunding, FSA Insured, 5.125%, 4/15/25 5,355,000 5,418,296 COP, Refunding, FSA Insured, 5.125%, 4/15/29 2,540,000 2,565,095 GO, Capital Appreciation, Refunding, Series B, FSA Insured, zero cpn., 3/01/25 1,400,000 651,266 GO, Capital Appreciation, Series B, FSA Insured, zero cpn., 9/01/23 2,320,000 1,189,858 GO, Capital Appreciation, Series B, FSA Insured, zero cpn., 9/01/24 2,620,000 1,265,905 GO, Capital Appreciation, Series C, FGIC Insured, zero cpn., 9/01/25 4,655,000 2,112,299 GO, Capital Appreciation, Series C, FGIC Insured, zero cpn., 9/01/26 6,080,000 2,565,334 GO, Election of 2006, Series B, Assured Guaranty, 5.375%, 2/01/34 12,000,000 12,756,840 Coronado CDA Tax Allocation, Community Development Project, NATL Insured, 5.375%, 9/01/26 2,700,000 2,720,709 Covina Public Financing Authority Wastewater Revenue, Assured Guaranty, 5.375%, 10/01/29 6,550,000 7,023,368 Cucamonga County Water District COP, FGIC Insured, 5.00%, 9/01/29 5,070,000 5,128,457 Delano USD, COP, Refinancing Project, NATL Insured, 5.125%, 1/01/22 1,620,000 1,778,436 Desert Sands USD, COP, Financing Project, FSA Insured, 5.75%, 3/01/24 10,000,000 11,080,300 East Bay MUD Water System Revenue, Refunding, NATL Insured, Pre-Refunded, 5.00%, 6/01/26 14,000,000 15,027,600 East Side UHSD Santa Clara County GO, Election of 2008, Series A, Assured Guaranty, 5.00%, 8/01/38 4,255,000 4,405,116 El Centro Financing Authority Wastewater Revenue, Series A, FSA Insured, 5.25%, 10/01/35 6,200,000 6,352,892 El Monte City School District GO, Election of 2004, Series A, FGIC Insured, 5.00%, 5/01/30 4,500,000 4,598,550
Franklin California Tax-Free Trust Franklin California Insured Tax-Free Income Fund STATEMENT OF INVESTMENTS, SEPTEMBER 30, 2009 (UNAUDITED) (CONTINUED) El Monte UHSD, GO, Election of 2008, Series A, Assured Guaranty, 5.50%, 6/01/34 $11,355,000 $ 12,143,832 El Monte Water Authority Revenue, Water System Project, AMBAC Insured, Pre-Refunded, 5.60%, 9/01/34 1,800,000 1,918,674 Elsinore Valley Municipal Water District COP, Refunding, Series A, BHAC Insured, 5.00%, 7/01/29 7,245,000 7,987,902 Escondido Joint Powers Financing Authority Lease Revenue, AMBAC Insured, 5.125%, 9/01/30 3,770,000 3,775,580 Eureka USD, GO, FSA Insured, 5.00%, 8/01/25 4,145,000 4,381,389 Fairfield Suisun USD, GO, Election of 2002, NATL Insured, 5.00%, 8/01/25 4,185,000 4,432,543 NATL Insured, 5.00%, 8/01/27 12,000,000 12,518,760 Florin Resource Conservation District COP, Elk Grove Water Service, Refunding, Series A, NATL Insured, 5.00%, 3/01/33 5,000,000 4,898,400 Folsom COP, Central Business District Fire Station, NATL Insured, 5.125%, 10/01/26 2,030,000 2,058,826 Foothill/Eastern Corridor Agency Toll Road Revenue, Capital Appreciation, Refunding, NATL Insured, zero cpn., 1/15/17 20,000,000 12,207,200 Capital Appreciation, Refunding, NATL Insured, zero cpn., 1/15/18 25,000,000 14,258,250 Capital Appreciation, Refunding, NATL Insured, zero cpn., 1/15/19 5,970,000 3,181,592 senior lien, Refunding, Series A, NATL Insured, 5.00%, 1/01/35 66,735,000 59,456,214 Franklin-McKinley School District GO, Election of 2004, Series A, FGIC Insured, Pre-Refunded, 5.00%, 8/01/29 5,280,000 6,241,858 Fresno USD, GO, Refunding, Series C, NATL Insured, 5.90%, 2/01/20 2,065,000 2,358,313 8/01/22 3,000,000 3,475,800 Fullerton School District GO, Capital Appreciation, Series A, FGIC Insured, zero cpn., 8/01/23 3,030,000 1,560,238 Fullerton University Foundation Auxiliary Organization Revenue, Series A, NATL Insured, 5.75%, 7/01/25 1,250,000 1,289,438 7/01/30 1,000,000 1,027,590 Glendale USD, GO, Series C, FSA Insured, 5.50%, 9/01/24 2,750,000 2,806,458 Glendora PFAR Tax Allocation, Project No. 1, Refunding, Series A, NATL Insured, 5.00%, 9/01/24 5,000,000 4,958,300 Grossmont UHSD, GO, Capital Appreciation, Election of 2004, FSA Insured, zero cpn., 8/01/24 5,110,000 2,559,241 FSA Insured, 5.00%, 8/01/33 1,440,000 1,537,834 FSA Insured, 5.25%, 8/01/33 5,510,000 5,994,549 Hawthorne School District GO, Capital Appreciation, Election of 2004, Series C, Assured Guaranty, zero cpn., 8/01/38 10,000,000 1,962,600 Hawthorne School District, Assured Guaranty, 5.00%, 8/01/34 1,000,000 1,020,950 Hollister RDA Tax Allocation, Community Development Project, Refunding, AMBAC Insured, 5.125%, 10/01/32 19,815,000 17,244,994 Indian Wells Valley Water District COP, Assured Guaranty, 5.25%, 10/01/39 7,590,000 7,969,120 Refunding, Assured Guaranty, 5.125%, 10/01/32 1,690,000 1,775,615 Jefferson San Mateo County UHSD, GO, Refunding, Series A, NATL Insured, 6.45%, 8/01/25 3,045,000 3,659,298 8/01/29 3,075,000 3,724,717 Jurupa Community Services District Special Tax, CFD No. 2, Series A, NATL Insured, 5.00%, 9/01/32 7,000,000 6,283,550 Jurupa USD, COP, FSA Insured, 5.625%, 9/01/24 1,600,000 1,650,608 Kern High School District GO, Election of 2004, Series C, FGIC Insured, 5.00%, 8/01/33 7,535,000 7,733,397 FSA Insured, ETM, 6.625%, 8/01/14 1,535,000 1,894,773 FSA Insured, ETM, 6.625%, 8/01/15 1,400,000 1,771,756 Lake Tahoe USD, GO, Election of 2008, FSA Insured, 5.375%, 8/01/29 10,000,000 11,047,300 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 5,155,978 Lancaster School District GO, Capital Appreciation, Election of 1999, NATL Insured, zero cpn., 8/01/25 5,495,000 2,310,977 7/01/26 5,965,000 2,354,982 Lemon Grove School District GO, Election of 2008, Series A, Assured Guaranty, 5.125%, 8/01/33 2,100,000 2,198,049
Franklin California Tax-Free Trust Franklin California Insured Tax-Free Income Fund STATEMENT OF INVESTMENTS, SEPTEMBER 30, 2009 (UNAUDITED) (CONTINUED) Live Oak School District COP, Assured Guaranty, 5.50%, 8/01/29 $ 1,245,000 $ 1,331,652 5.875%, 8/01/34 2,270,000 2,431,601 5.875%, 8/01/39 2,750,000 2,930,345 Lodi Electric System Revenue COP, Series A, Assured Guaranty, 5.00%, 7/01/32 18,960,000 19,651,282 Lodi USD, GO, NATL Insured, 5.00%, 8/01/23 2,150,000 2,225,379 Lodi USD School Facilities ID No. 1 GO, Election of 2006, FSA Insured, 5.00%, 8/01/30 6,450,000 6,856,930 8/01/32 8,220,000 8,659,688 Long Beach Bond Finance Authority Lease Revenue, Aquarium of the Pacific Project, Refunding, AMBAC Insured, 5.00%, 11/01/19 4,000,000 4,031,520 Aquarium of the Pacific Project, Refunding, AMBAC Insured, 5.00%, 11/01/26 11,000,000 10,716,200 Aquarium of the Pacific Project, Refunding, AMBAC Insured, 5.25%, 11/01/30 2,000,000 1,937,980 Public Safety Facilities Projects, AMBAC Insured, 5.00%, 11/01/26 6,780,000 6,605,076 Public Safety Facilities Projects, AMBAC Insured, 5.00%, 11/01/31 10,500,000 9,733,920 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 6,284,247 5.00%, 8/01/31 3,135,000 2,609,511 Pre-Refunded, 5.00%, 8/01/25 6,535,000 7,245,093 Pre-Refunded, 5.00%, 8/01/31 8,865,000 9,828,271 Long Beach University School District GO, Election of 1999, Series C, NATL Insured, 5.125%, 8/01/31 13,870,000 13,974,025 Los Angeles Community College District GO, Series A, NATL Insured, Pre-Refunded, 5.00%, 6/01/26 4,000,000 4,323,040 Series B, FSA Insured, 5.00%, 8/01/27 4,000,000 4,203,960 Los Angeles COP, Municipal Improvement Corp. of Los Angeles, Program AW Certificates, AMBAC Insured, 5.00%, 6/01/27 5,895,000 6,111,582 Real Property Program, NATL Insured, 5.00%, 2/01/27 9,890,000 10,060,504 Los Angeles County COP, Antelope Valley Courthouse, Series A, AMBAC Insured, Pre-Refunded, 5.25%, 11/01/27 2,500,000 2,624,875 11/01/33 2,500,000 2,624,875 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 7,277,760 Los Angeles Department of Water and Power Revenue, Power System, Series A, Sub Series A-1, FSA Insured, 5.00%, 7/01/35 5,000,000 5,246,000 Series B, FSA Insured, 5.00%, 7/01/35 5,000,000 5,192,850 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 26,291,250 Los Angeles Mortgage Revenue, Refunding, Series I, NATL Insured Insured, 6.50%, 7/01/22 695,000 696,049 Los Angeles USD, GO, Election of 2004, Series H, FSA Insured, 5.00%, 7/01/27 5,000,000 5,395,250 Election of 2004, Series H, FSA Insured, 5.00%, 7/01/28 5,000,000 5,367,550 Election of 2005, Series E, FSA Insured, 5.00%, 7/01/27 5,800,000 6,258,490 Los Angeles Wastewater System Revenue, Refunding, NATL Insured, 5.00%, 6/01/26 10,000,000 10,429,800 Lynwood PFA Tax Allocation, Project Area A, Refunding, Series A, FSA Insured, 5.85%, 9/01/18 1,765,000 1,797,476 Marin Municipal Water District COP, Financing Project, AMBAC Insured, 5.00%, 7/01/29 1,200,000 1,160,448 Mendocino County COP, Public Facilities Corp., NATL Insured, 5.25%, 6/01/30 2,680,000 2,706,398 Merced Irrigation District Electricity System Revenue, Refunding, XLCA Insured, 5.00%, 9/01/26 10,000,000 9,151,500 Millbrae COP, Police Department Expansion, AMBAC Insured, 5.875%, 3/01/24 1,025,000 1,040,621 Modesto Irrigation District COP, Capital Improvements, Series A, FSA Insured, 5.00%, 7/01/26 5,000,000 5,107,900 7/01/31 8,285,000 8,401,653 Montebello COP, Capital Improvement Project, Refunding, FSA Insured, 5.375%, 11/01/26 8,715,000 9,026,910 Montebello CRDA Tax Allocation, Montebello Hills Redevelopment Project, Refunding, NATL Insured, 5.60%, 3/01/19 2,460,000 2,459,902 Montebello USD, GO, Election of 2004, FSA Insured, 5.00%, 8/01/33 2,700,000 2,837,376
Franklin California Tax-Free Trust Franklin California Insured Tax-Free Income Fund STATEMENT OF INVESTMENTS, SEPTEMBER 30, 2009 (UNAUDITED) (CONTINUED) Moorpark USD, COP, Refunding, Assured Guaranty, 5.625%, 11/01/28 $ 2,180,000 $ 2,315,073 GO, Election of 2008, Capital Appreciation Bonds, Series A, Assured Guaranty, zero cpn., 8/01/32 5,870,000 1,560,540 Moreno Valley USD, GO, Election of 2004, Series A, FSA Insured, Pre-Refunded, 5.00%, 8/01/26 4,000,000 4,656,960 Morgan Hill USD, GO, FGIC Insured, Pre-Refunded, 5.50%, 8/01/25 3,840,000 4,042,138 Mount Diablo USD, GO, Election of 2002, FGIC Insured, 5.00%, 7/01/25 6,025,000 6,285,099 Murrieta Valley USD, COP, NATL Insured, 5.00%, 8/01/27 2,380,000 2,458,326 Natomas USD, GO, FSA Insured, 5.00%, 9/01/26 2,535,000 2,638,479 Nevada Joint UHSD, GO, Series A, FSA Insured, 5.00%, 8/01/26 1,295,000 1,349,183 Newark USD, GO, Capital Appreciation, Series C, FSA Insured, zero cpn., 8/01/22 2,165,000 1,136,971 8/01/23 2,465,000 1,213,692 8/01/24 2,560,000 1,188,122 8/01/25 2,705,000 1,183,356 Norco RDA Tax Allocation, Redevelopment Project Area No. 1, NATL Insured, 5.625%, 3/01/30 1,000,000 1,010,110 Northern California Public Power Agency Revenue, AMBAC Insured, Pre-Refunded, 7.50%, 7/01/23 3,200,000 4,480,864 Oakland Revenue, 1800 Harrison Foundation, Series A, AMBAC Insured, Pre-Refunded, 6.00%, 1/01/29 10,000,000 10,129,800 Oceanside COP, AMBAC Insured, 5.20%, 4/01/23 2,500,000 2,553,475 Oceanside USD, GO, Refunding, Series A, Assured Guaranty, 5.25%, 8/01/33 5,000,000 5,288,900 Orange County Sanitation Districts COP, FGIC Insured, 5.00%, 2/01/33 8,000,000 8,280,480 Pacifica COP, AMBAC Insured, 5.375%, 1/01/37 6,600,000 6,946,962 Palm Springs Financing Authority Lease Revenue, Convention Center Project, Refunding, Series A, NATL Insured, 5.00%, 11/01/25 2,295,000 2,294,908 Pasadena Area Community College District GO, Election of 2002, Series A, FGIC Insured, Pre-Refunded, 5.00%, 6/01/28 4,000,000 4,540,440 Patterson Joint USD, GO, Capital Appreciation, Series A, FGIC Insured, zero cpn., 8/01/22 1,900,000 1,012,453 Series A, FGIC Insured, zero cpn., 8/01/24 2,075,000 980,811 Series A, FGIC Insured, zero cpn., 8/01/25 2,170,000 955,777 Series A, FGIC Insured, zero cpn., 8/01/26 2,265,000 937,982 Series C, FGIC Insured, zero cpn., 8/01/23 1,985,000 1,000,301 Peralta Community College District GO, Election of 2000, Series B, NATL Insured, 5.25%, 8/01/32 8,450,000 8,726,315 Peralta Community College, FSA Insured, 5.00%, 8/01/24 6,000,000 6,628,200 Perris CFD No. 93-1 Special Tax, Series A, AMBAC Insured, 5.125%, 8/15/23 3,885,000 3,725,637 Plumas County COP, Capital Improvement Program, Series A, AMBAC Insured, 5.00%, 6/01/33 3,280,000 3,279,770 Pomona PFA Lease Revenue, Series AN, AMBAC Insured, 5.00%, 10/01/30 5,190,000 4,994,181 Pomona USD, GO, Election of 2008, Series A, Assured Guaranty, 5.25%, 8/01/33 5,675,000 5,986,444 Porterville COP, Sewer System Refining Project, Refunding, AMBAC Insured, 5.25%, 10/01/23 3,000,000 3,000,390 Poway RDA Tax Allocation, NATL Insured, Pre-Refunded, 5.75%, 6/15/33 9,250,000 9,997,400 Paguay Redevelopment Project, AMBAC Insured, 5.00%, 12/15/25 9,195,000 9,053,949 Refunding, NATL Insured, 5.75%, 6/15/33 2,225,000 2,235,079 Rancho Cucamonga RDA Tax Allocation, Rancho Redevelopment Project, Refunding, FSA Insured, 5.25%, 9/01/20 2,500,000 2,535,450 Redwood City School District GO, FGIC Insured, 5.00%, 7/15/27 3,000,000 3,089,100 Ripon RDA Tax Allocation, Community Redevelopment Project, NATL Insured, Pre-Refunded, 5.85%, 11/01/30 3,975,000 4,289,303 Riverside Electric Revenue, Issue D, FSA Insured, 5.00%, 10/01/38 5,310,000 5,580,651 Rohnert Park Community Development Commission Tax Allocation, Redevelopment Project, Series R, FGIC Insured, 5.00%, 8/01/37 5,000,000 4,463,100 Roseville Financing Authority Revenue, senior lien, Series A, AMBAC Insured, 5.00%, 9/01/25 5,675,000 5,391,988 Rowland USD, GO, Series A, FSA Insured, Pre-Refunded, 5.25%, 9/01/25 5,685,000 5,998,641 Sacramento Area Flood Control Agency Special Assessment, Consolidated, Capital AD, Refunding, Series A, Assured Guaranty, 5.00%, 10/01/32 5,000,000 5,152,650 Consolidated, Capital AD, Refunding, Series A, FGIC Insured, 5.00%, 10/01/32 5,000,000 5,119,000 Subordinated, Capital AD No. 2, FGIC Insured, 5.80%, 11/01/16 1,000,000 1,020,000
Franklin California Tax-Free Trust Franklin California Insured Tax-Free Income Fund STATEMENT OF INVESTMENTS, SEPTEMBER 30, 2009 (UNAUDITED) (CONTINUED) Sacramento City Financing Authority Revenue, Capital Improvement, Series A, AMBAC Insured, Pre-Refunded, 5.00%, 12/01/26 $ 8,395,000 $ 9,011,193 Capital Improvement, Series A, AMBAC Insured, Pre-Refunded, 5.00%, 12/01/32 21,500,000 23,078,100 City Hall and Redevelopment Projects, Series A, FSA Insured, Pre-Refunded, 5.00%, 12/01/28 10,000,000 11,262,600 Sacramento County Airport System Revenue, Senior Series B, Assured Guaranty, 5.50%, 7/01/34 16,320,000 17,671,133 Salida Area Public Facilities Financing Agency CFD, Special Tax, No. 1988-1, FSA Insured, 5.75%, 9/01/30 3,435,000 3,459,388 Salida USD, COP, Financing Project, AMBAC Insured, 5.375%, 5/01/26 1,645,000 1,644,901 Salinas UHSD, GO, Election of 2002, Series B, NATL Insured, 5.00%, 6/01/31 5,000,000 5,133,450 San Bernardino City USD, GO, Election of 2004, Series B, FSA Insured, 5.00%, 8/01/28 10,000,000 10,466,700 San Bernardino County COP, 1997 Public Improvement Financing Project, NATL Insured, 5.25%, 10/01/25 5,450,000 5,455,123 San Bernardino County SFMR, Capital Appreciation, Series A, GNMA Secured, ETM, zero cpn., 5/01/22 28,405,000 15,487,258 San Carlos School District GO, NATL Insured, Pre-Refunded, 5.50%, 10/01/24 2,110,000 2,152,200 San Diego Public Facilities Financing Authority Sewer Revenue, Series B, FGIC Insured, 5.25%, 5/15/27 1,270,000 1,269,924 San Francisco BART District Sales Tax Revenue, AMBAC Insured, 5.00%, 7/01/28 2,795,000 2,819,121 San Francisco City and County Airports Commission International Airport Revenue, Refunding, Second Series 28A, NATL Insured, 5.125%, 5/01/24 9,745,000 9,710,015 5/01/27 16,575,000 16,319,745 San Francisco City and County Public Utilities Commission Water Revenue, Refunding, Series A, FSA Insured, 5.00%, 11/01/31 3,885,000 4,001,977 San Francisco Community College District GO, Series A, FGIC Insured, 5.00%, 6/15/26 6,000,000 6,174,660 San Gabriel USD, GO, Capital Appreciation, Election of 2002, Series C, FSA Insured, zero cpn., 8/01/30 5,635,000 1,806,018 Election of 2002, Series C, FSA Insured, zero cpn., 8/01/31 5,870,000 1,766,224 Election of 2002, Series C, FSA Insured, zero cpn., 7/01/32 6,115,000 1,734,031 Series A, FSA Insured, zero cpn., 8/01/26 3,530,000 1,500,674 Series A, FSA Insured, zero cpn., 2/01/27 1,850,000 753,894 San Joaquin Delta Community College District GO, Election of 2004, Capital Appreciation, Series B, FSA Insured, zero cpn., 8/01/31 10,475,000 2,926,296 Capital Appreciation, Series B, FSA Insured, zero cpn., 8/01/32 15,185,000 3,974,826 Series A, FSA Insured, 5.00%, 8/01/29 520,000 550,342 Series A, FSA Insured, Pre-Refunded, 5.00%, 8/01/29 4,530,000 5,355,230 San Joaquin Hills Transportation Corridor Agency Toll Road Revenue, Capital Appreciation, Refunding, Series A, NATL Insured, zero cpn., 1/15/26 13,155,000 3,623,413 Refunding, Series A, NATL Insured, 5.375%, 1/15/29 18,075,000 16,465,963 Refunding, Series A, NATL Insured, 5.25%, 1/15/30 12,860,000 11,405,277 senior lien, NATL Insured, 5.00%, 1/01/33 10,035,000 8,304,565 San Jose Airport Revenue, Refunding, Series B, AMBAC Insured, 5.00%, 3/01/33 12,135,000 12,322,000 San Jose Financing Authority Lease Revenue, Civic Center Project, Series B, AMBAC Insured, 5.00%, 6/01/27 10,000,000 10,400,000 San Jose MFHR, Sixth and Martha Family Apartments, FNMA Insured, 5.875%, 3/01/33 3,500,000 3,544,660 San Jose RDA Tax Allocation, Merged Area Redevelopment Project, Series B, XLCA Insured, 5.00%, 8/01/31 15,470,000 14,911,533 San Juan USD, GO, Election of 1998, Series A, NATL Insured, 5.00%, 8/01/28 5,115,000 5,296,173 San Leandro COP, Library and Fire Stations Financing, AMBAC Insured, Pre-Refunded, 5.75%, 11/01/29 5,000,000 5,118,850 San Marcos Public Facilities Authority Revenue, Senior Tax Increment Project Area 3, Series A, NATL Insured, Pre-Refunded, 5.75%, 10/01/29 5,340,000 5,718,553 5.80%, 10/01/30 7,800,000 8,381,022 San Marino USD, GO, Series A, NATL Insured, zero cpn., 7/01/25 6,080,000 2,799,050 San Mateo GO, Library Improvement Project, Series A, AMBAC Insured, 5.25%, 8/01/30 5,790,000 6,209,138 Santa Ana USD, COP, Capital Appreciation Financing Project, FSA Insured, zero cpn., 4/01/24 14,245,000 6,186,461 Santa Clara COP, Refunding, AMBAC Insured, 5.00%, 2/01/27 5,555,000 5,865,747
Franklin California Tax-Free Trust Franklin California Insured Tax-Free Income Fund STATEMENT OF INVESTMENTS, SEPTEMBER 30, 2009 (UNAUDITED) (CONTINUED) Santa Clara County Financing Authority Revenue, El Camino, Series B, AMBAC Insured, 5.125%, 2/01/41 $11,545,000 $ 11,703,397 Santa Monica PFA Lease Revenue, Civic Center Parking Project, XLCA Insured, 5.00%, 7/01/33 11,050,000 11,449,568 Santa Rita USD, GO, Election of 2006, Series A, FSA Insured, 5.00%, 8/01/32 6,160,000 6,468,554 Santa Rosa Wastewater Revenue, Series B, FGIC Insured, Pre-Refunded, 5.125%, 9/01/31 4,000,000 4,234,240 Santa Rosa Wastewater Service Facilities District Revenue, Refunding and Improvement, AMBAC Insured, 6.00%, 7/02/15 2,000,000 2,250,300 Santee School District GO, Election of 2006, Series B, Assured Guaranty, 5.00%, 8/01/33 1,260,000 1,288,791 Election of 2006, Series B, Assured Guaranty, 5.00%, 8/01/38 1,000,000 1,014,900 Election of 2006, Series B, Assured Guaranty, 5.00%, 8/01/48 5,250,000 5,408,235 Series A, FSA Insured, 5.00%, 8/01/31 6,845,000 7,054,457 Snowline Joint USD, COP, Refinancing Project, Refunding, Assured Guaranty, 5.00%, 9/01/34 13,390,000 13,758,091 Sonoma CDA Tax Allocation, Redevelopment Project, NATL Insured, 5.70%, 12/01/30 3,455,000 3,060,785 South Gate COP, Series A, AMBAC Insured, 5.00%, 9/01/24 3,155,000 3,102,785 South San Francisco COP, Conference Center Financing, 5.00%, 4/01/29 2,000,000 2,021,100 Southern California Public Power Authority Power Project Revenue, Series A, AMBAC Insured, Pre-Refunded, 5.00%, 7/01/33 29,000,000 33,005,480 Southern Kern USD, COP, Capital Appreciation, Building Program, Series B, FSA Insured, 5.625%, 9/01/26 2,250,000 2,250,608 Southern Mono Health Care District GO, Series A, NATL Insured, 5.00%, 8/01/24 3,005,000 3,043,434 Southern Mono Health Care District Revenue, Capital Appreciation, Series A, NATL Insured, zero cpn., 8/01/28 2,340,000 733,403 8/01/29 2,440,000 702,647 8/01/30 2,550,000 685,466 8/01/31 2,660,000 665,665 Stanislaus County Board of Education COP, FSA Insured, 5.70%, 9/01/24 2,000,000 2,022,280 Stanislaus USD, GO, Election of 2008, Series A, Assured Guaranty, 5.625%, 8/01/33 4,140,000 4,495,916 Stockton Revenue COP, Wastewater System Project, Refunding, Series A, NATL Insured, 5.00%, 9/01/23 6,500,000 6,561,035 Susanville PFAR, NATL Insured, 5.70%, 6/01/30 3,000,000 3,047,670 Sweetwater UHSD, GO, Election of 2006, Series A, BHAC Insured, 5.00%, 8/01/38 14,980,000 15,730,947 Turlock PFA Sewer Revenue, FGIC Insured, 5.50%, 9/15/29 6,855,000 6,932,050 Union City CRDA Tax Allocation Revenue, Community Redevelopment Project, AMBAC Insured, Pre-Refunded, 5.75%, 10/01/32 14,100,000 14,241,000 Union Elementary School District GO, Capital Appreciation, Series A, FGIC Insured, zero cpn., 9/01/24 2,000,000 976,240 Series B, FGIC Insured, zero cpn., 9/01/25 5,500,000 2,499,640 Series B, FGIC Insured, zero cpn., 9/01/26 5,850,000 2,496,956 University of California Revenues, Limited Project, Series D, FGIC Insured, 5.00%, 5/15/37 6,460,000 6,771,953 Vacaville PFA Tax Allocation Revenue, Vacaville Redevelopment Projects, FSA Insured, 5.00%, 9/01/31 5,095,000 5,110,336 Val Verde USD, COP, Refunding, Series A, Assured Guaranty, 5.00%, 3/01/29 10,000,000 10,172,200 5.125%, 3/01/36 7,020,000 7,116,455 (a) Victor Valley Joint UHSD, GO, Election of 2008, Series A, Assured Guaranty, 5.00%, 8/01/34 20,000,000 20,898,800 Vista USD, GO, Capital Appreciation, Series A, FSA Insured, zero cpn., 8/01/26 7,150,000 2,922,348 Capital Appreciation, Series A, FSA Insured, zero cpn., 2/01/27 4,795,000 1,879,640 Series A, FSA Insured, 5.25%, 8/01/25 5,000,000 5,286,750 Washington Township Health Care District Revenue, Refunding, 5.00%, 7/01/18 2,000,000 2,019,740 5.125%, 7/01/23 450,000 450,225 Washington USD, GO, Yolo County, Election of 1999, Series A, FGIC Insured, 5.375%, 8/01/25 2,045,000 2,144,183 Weaver USD, GO, Election of 2006, Series C, AMBAC Insured, zero cpn., 8/01/47 18,685,000 1,932,403 West Basin Municipal Water District Revenue COP, Refunding, Series A, NATL Insured, 5.00%, 8/01/24 2,500,000 2,632,025 West Contra Costa USD, GO, Refunding, Assured Guaranty, 5.25%, 8/01/29 2,500,000 2,663,725 West Kern Community College District COP, AMBAC Insured, 5.375%, 11/01/28 5,615,000 6,066,221 Western Placer USD Financing Corp. COP, Pre-Refunded, 5.55%, 11/01/30 6,930,000 7,781,489 Western Riverside County Water and Wastewater Finance Authority Revenue, Western Municipal Water District Improvement, Assured Guaranty, 5.50%, 9/01/34 1,750,000 1,866,918
Franklin California Tax-Free Trust Franklin California Insured Tax-Free Income Fund STATEMENT OF INVESTMENTS, SEPTEMBER 30, 2009 (UNAUDITED) (CONTINUED) 5.625%, 9/01/39 $ 2,500,000 $ 2,677,250 Westlands Water District Revenue COP, NATL Insured, 5.00%, 9/01/29 11,775,000 12,080,797 Series A, NATL Insured, 5.00%, 9/01/35 1,460,000 1,478,542 Series A, NATL Insured, 5.00%, 9/01/37 4,340,000 4,403,060 (a) Westminster School District GO, Election of 2008, Series A-1, Assured Guaranty, 5.00%, 8/01/34 18,980,000 19,802,214 Woodland Finance Authority Lease Revenue, Capital Projects, Refunding, XLCA Insured, 5.00%, 3/01/32 6,340,000 6,539,456 Woodland Finance Authority Wastewater Revenue, second senior lien, NATL Insured, 5.00%, 3/01/33 3,870,000 3,952,470 3/01/35 2,590,000 2,635,247 Woodside Elementary School District GO, Election of 2005, NATL Insured, Pre-Refunded, 5.00%, 10/01/29 4,435,000 5,321,202 Yosemite Community College District GO, Election of 2004, Series C, FSA Insured, 5.00%, 8/01/32 5,000,000 5,314,800 ============== TOTAL MUNICIPAL BONDS BEFORE SHORT TERM INVESTMENTS (COST $2,098,096,398) 2,170,479,799 -------------- SHORT TERM INVESTMENTS 0.9% MUNICIPAL BONDS 0.9% CALIFORNIA 0.9% (b) California PCFA, PCR, Pacific Gas and Electric Co., Refunding, Series C, Daily VRDN and Put, 0.30%, 11/01/26 1,900,000 1,900,000 Series F, Daily VRDN and Put, 0.25%, 11/01/26 3,100,000 3,100,000 (b) California State Department of Water Resources Power Supply Revenue, Refunding, Series F, Sub Series F-4, Daily VRDN and Put, 0.27%, 5/01/22 5,200,000 5,200,000 (b) Los Angeles Department of Water and Power Waterworks Revenue, Refunding, Series B, Sub Series B-6, Daily VRDN and Put, 0.25%, 7/01/34 2,600,000 2,600,000 (b) Metropolitan Water District of Southern California Waterworks Revenue, Refunding, Series B-3, Daily VRDN and Put, 0.25%, 7/01/35 1,100,000 1,100,000 (b) Southern California Public Power Authority Revenue, Mead-Adelanto Project, Refunding, Series A, Daily VRDN and Put, 0.27%, 7/01/20 5,900,000 5,900,000 -------------- TOTAL SHORT TERM INVESTMENTS (COST $19,800,000) 19,800,000 -------------- TOTAL INVESTMENTS (COST $2,117,896,398) 100.8% 2,190,279,799 OTHER ASSETS, LESS LIABILITIES (0.8)% (17,091,976) -------------- NET ASSETS 100.0% $2,173,187,823 ==============
(a) Security purchased on a when-issued basis. (b) Variable rate demand notes (VRDNs) are tax-exempt obligations which contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the principal balance plus accrued interest at specified dates. The coupon rate shown represents the rate at period end. Franklin California Tax-Free Trust Franklin California Insured Tax-Free Income Fund STATEMENT OF INVESTMENTS, SEPTEMBER 30, 2009 (UNAUDITED) (CONTINUED) PORTFOLIO ABBREVIATIONS 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 HFAR Housing Finance Authority Revenue ID Improvement District MFHR Multi-Family Housing Revenue MUD Municipal Utility District NATL National Public Financial Guarantee Corp. PCFA Pollution Control Financing Authority PCR Pollution Control Revenue PFA Public Financing Authority PFAR Public Financing Authority Revenue RDA Redevelopment Agency/Authority SFMR Single Family Mortgage Revenue UHSD Unified/Union High School District USD Unified/Union School District XLCA XL Capital Assurance Franklin California Tax-Free Trust Franklin California Intermediate-Term Tax-Free Income Fund STATEMENT OF INVESTMENTS, SEPTEMBER 30, 2009 (UNAUDITED)
PRINCIPAL AMOUNT VALUE ----------- -------------- MUNICIPAL BONDS 98.0% CALIFORNIA 91.8% ABAG Finance Authority for Nonprofit Corps. COP, Rhoda Haas Goldman Plaza, California Mortgage Insured, 5.125%, 5/15/15 $ 2,655,000 $ 2,656,540 ABAG Finance Authority for Nonprofit Corps. Revenue, San Diego Hospital Assn., Series C, 5.125%, 3/01/18 2,515,000 2,539,898 5.25%, 3/01/19 2,315,000 2,338,428 ABAG Revenue, Refunding, Series A-E, 5.40%, 9/15/14 1,320,000 1,351,522 ABAG Water and Wastewater Revenue, Pooled Financing Program, Refunding, Series A, FSA Insured, 5.00%, 10/01/10 1,305,000 1,320,190 Alameda Corridor Transportation Authority Revenue, Capital Appreciation, sub. lien, Refunding, Series A, AMBAC Insured, zero cpn., 10/01/17 10,000,000 6,808,600 Alameda-Contra Costa Transportation District COP, Refunding, AMBAC Insured, 4.375%, 8/01/14 1,330,000 1,372,427 Antelope Valley UHSD, GO, Series A, NATL Insured, 4.50%, 8/01/13 1,230,000 1,337,637 4.625%, 8/01/14 1,250,000 1,350,675 Arcadia USD, GO, Capital Appreciation, Election of 2006, Series A, FSA Insured, zero cpn., 8/01/22 4,065,000 2,152,621 Bakersfield Hospital Revenue, Adventist Health System, Refunding, NATL Insured, 5.50%, 3/01/19 11,210,000 11,937,529 Baldwin Park USD, GO, Capital Appreciation, Election of 2006, FSA Insured, zero cpn., 8/01/24 5,265,000 2,409,948 Banning Utility Authority Water Enterprise Revenue, Refunding and Improvement Projects, FGIC Insured, 5.00%, 11/01/21 1,080,000 1,138,439 Bay Area Toll Authority Toll Bridge Revenue, San Francisco Bay Area, Refunding, Series F, 5.00%, 4/01/24 3,000,000 3,275,550 Burbank Electric Revenue, NATL Insured, 4.00%, 6/01/11 1,000,000 1,049,800 6/01/12 1,000,000 1,069,430 Burbank USD, GO, Capital Appreciation, Election of 1997, Series C, FGIC Insured, 4.00%, 8/01/12 2,500,000 2,632,500 zero cpn., 8/01/15 4,600,000 3,671,536 zero cpn., 8/01/16 4,670,000 3,519,312 Burbank Water and Power Electric Revenue, NATL Insured, 4.00%, 6/01/11 5,045,000 5,051,004 California Educational Facilities Authority Revenue, Stanford University, Refunding, Series R, 4.00%, 11/01/11 1,000,000 1,065,840 California Health Facilities Financing Authority Revenue, Catholic Healthcare West, Series K, 5.125%, 7/01/22 20,000,000 20,706,400 Cedars-Sinai Medical Center, Refunding, 5.00%, 11/15/19 2,000,000 2,077,720 Kaiser Permanente, Series B, ETM, 5.25%, 10/01/13 5,000,000 5,096,000 Kaiser Permanente, Series B, ETM, 5.25%, 10/01/14 2,000,000 2,034,960 Kaiser Permanente, Series B, ETM, 5.25%, 10/01/16 3,850,000 3,903,707 Paradise Valley Estates, Refunding, California Mortgage Insured, 4.125%, 1/01/10 1,000,000 1,005,480 Paradise Valley Estates, Refunding, California Mortgage Insured, 5.00%, 1/01/11 1,480,000 1,520,596 Paradise Valley Estates, Refunding, California Mortgage Insured, 4.375%, 1/01/12 1,000,000 1,039,880 Paradise Valley Estates, Refunding, California Mortgage Insured, 5.00%, 1/01/13 1,815,000 1,922,702 Paradise Valley Estates, Refunding, California Mortgage Insured, 5.00%, 1/01/14 1,635,000 1,734,097 Providence Health and Services, Series C, 5.75%, 10/01/19 1,440,000 1,653,307 Providence Health and Services, Series C, 6.00%, 10/01/20 1,500,000 1,734,450 Scripps Health, Series A, 5.00%, 10/01/22 4,600,000 4,751,294 The Episcopal Home, California Mortgage Insured, 4.625%, 2/01/12 1,350,000 1,405,593 The Episcopal Home, California Mortgage Insured, 4.75%, 2/01/13 1,200,000 1,245,084 California HFA, SFM Purchase Revenue, Class III, Series A-1, NATL Insured, 5.70%, 8/01/11 110,000 110,149 California Municipal Finance Authority COP, (a) 5.00%, 2/01/18 4,390,000 4,419,413 (a) 5.00%, 2/01/19 3,860,000 3,862,586 (a) 5.00%, 2/01/20 1,600,000 1,593,504 (a) 5.00%, 2/01/21 1,600,000 1,582,192 Community Hospitals of Central California, 5.00%, 2/01/18 2,185,000 2,194,155 Community Hospitals of Central California, 5.00%, 2/01/19 4,590,000 4,582,885 Community Hospitals of Central California, 5.00%, 2/01/20 2,325,000 2,269,921
Quarterly Statement of Investments See Notes to Statements of Investments Franklin California Tax-Free Trust Franklin California Intermediate-Term Tax-Free Income Fund STATEMENT OF INVESTMENTS, SEPTEMBER 30, 2009 (UNAUDITED) (CONTINUED) Community Hospitals of Central California, 5.00%, 2/01/21 $ 2,000,000 $ 1,974,360 Community Hospitals of Central California, Refunding, 5.00%, 2/01/14 1,765,000 1,834,329 Community Hospitals of Central California, Refunding, 5.00%, 2/01/17 4,025,000 4,091,332 California Municipal Finance Authority Revenue, Kern Regional Center Project, Series A, 6.00%, 5/01/19 1,500,000 1,640,400 6.875%, 5/01/25 1,500,000 1,628,565 California State Department of Water Resources Power Supply Revenue, Series A, 5.50%, 5/01/12 2,000,000 2,205,900 Pre-Refunded, 5.125%, 5/01/18 2,500,000 2,790,350 California State Department of Water Resources Water Revenue, Central Valley Project, Refunding, Series AE, 5.00%, 12/01/26 5,000,000 5,623,200 California State Economic Recovery Revenue, Series A, 5.00%, 7/01/15 10,670,000 11,920,524 California State GO, 5.25%, 6/01/16 515,000 517,760 Pre-Refunded, 5.00%, 11/01/12 1,335,000 1,456,071 Refunding, 4.00%, 2/01/10 6,900,000 6,958,443 Refunding, 5.00%, 11/01/12 665,000 707,946 Refunding, NATL Insured, 5.00%, 2/01/18 5,000 5,014 Veterans, Refunding, Series B, 5.25%, 12/01/15 2,310,000 2,378,515 California State Municipal Finance Authority Revenue, Loma Linda University, 5.00%, 4/01/24 1,180,000 1,258,859 California State Public Works Board Lease Revenue, Department of Corrections and Rehabilitation, Refunding, Series J, 5.00%, 1/01/21 3,000,000 3,087,180 Department of Forestry and Fire Protection, Series A, 4.875%, 10/01/18 1,325,000 1,325,172 Department of General Services, Buildings 8 and 9, Series A, 5.75%, 4/01/23 4,000,000 4,360,120 Department of General Services, Buildings 8 and 9, Series A, 6.00%, 4/01/24 6,605,000 7,272,171 California Statewide CDA, COP, St. Joseph Health System Obligation Group, 5.25%, 7/01/11 1,005,000 1,017,231 MFHR, 740 Olive Street, Series L, GNMA Secured, 4.25%, 7/20/24 3,540,000 3,556,142 MFHR, 740 Olive Street, Series L, GNMA Secured, 4.55%, 7/20/29 4,110,000 4,135,893 California Statewide CDA Revenue, CHF-Irvine LLC, UCI East Campus Apartments, Phase II, 6.00%, 5/15/23 10,000,000 10,627,400 Daughters of Charity Health, Refunding, Series A, 5.25%, 7/01/24 3,670,000 3,534,797 Daughters of Charity Health, Refunding, Series G, 5.25%, 7/01/13 1,000,000 1,036,270 Enloe Medical Center, Series A, California Mortgage Insured, 5.50%, 8/15/23 3,000,000 3,198,990 Health Facility, Los Angeles Jewish Home for the Aging, California Mortgage Insured, 5.00%, 11/15/18 3,000,000 3,119,490 Lodi Memorial Hospital, Series A, California Mortgage Insured, 5.00%, 12/01/22 8,000,000 8,270,080 Methodist Hospital of Southern California Project, FHA Insured, 5.50%, 8/01/18 3,260,000 3,721,812 Methodist Hospital of Southern California Project, FHA Insured, 5.50%, 2/01/19 3,405,000 3,855,618 Methodist Hospital of Southern California Project, FHA Insured, 5.50%, 8/01/19 3,450,000 3,926,859 Mission Community, California Mortgage Insured, 4.40%, 11/01/10 1,100,000 1,121,483 Mission Community, California Mortgage Insured, 4.50%, 11/01/11 1,145,000 1,169,389 Viewpoint School, Refunding, ACA Insured, 4.50%, 10/01/17 460,000 414,267 Viewpoint School, Refunding, ACA Insured, 4.75%, 10/01/18 480,000 435,662 Castaic Lake Water Agency Revenue COP, Water System Improvement Project, Capital Appreciation, AMBAC Insured, zero cpn., 8/01/22 10,445,000 5,531,150 Cathedral City 1915 Act Special Assessment, Limited Obligation, Cove ID No. 04-02, 5.00%, 9/02/24 975,000 863,041 Cerritos PFAR Tax Allocation, Redevelopment Project, Refunding, Series A, AMBAC Insured, 3.00%, 11/01/11 2,585,000 2,603,612 Clovis MFR, Mandatory Put 11/01/10, Refunding, FNMA Insured, 5.10%, 11/01/30 4,105,000 4,131,682 Clovis USD, GO, Capital Appreciation, Election of 2004, Series A, FGIC Insured, zero cpn., 8/01/17 5,235,000 3,881,805 Coalinga COP, Custody Facility, Refunding, 4.25%, 4/01/10 1,000,000 1,013,240 Compton Public Finance Authority Lease Revenue, Various Capital Projects, Refunding, AMBAC Insured, 5.00%, 9/01/22 15,190,000 15,798,208 Conejo Valley USD, GO, Election of 1998, Series C, FSA Insured, zero cpn., 8/01/17 2,500,000 1,818,575 Series D, FGIC Insured, 4.50%, 8/01/19 4,000,000 4,199,440 Contra Costa Community College District GO, Election of 2002, FGIC Insured, 4.75%, 8/01/18 2,450,000 2,552,263 Corona-Norco USD, PFA Special Tax Revenue, Series A, 5.25%, 9/01/25 2,235,000 2,079,757
Franklin California Tax-Free Trust Franklin California Intermediate-Term Tax-Free Income Fund STATEMENT OF INVESTMENTS, SEPTEMBER 30, 2009 (UNAUDITED) (CONTINUED) Desert Sands USD, COP, Financing Project, FSA Insured, 5.00%, 3/01/19 $ 2,090,000 $ 2,258,015 GO, Election of 2001, 5.25%, 8/01/21 2,015,000 2,303,588 Fairfax School District GO, Election of 2000, Series A, FGIC Insured, 5.00%, 11/01/17 800,000 885,016 Fairfield-Suisun Sewer District Sewer Revenue, Refunding, Series A, FGIC Insured, 5.00%, 5/01/12 600,000 617,232 Folsom PFA Lease Revenue, City Hall and Community Center, Refunding, FSA Insured, 5.00%, 10/01/17 1,275,000 1,364,097 Foothill/Eastern Corridor Agency Toll Road Revenue, Refunding, NATL Insured, 5.00%, 1/15/16 1,000,000 1,006,770 Fresno Joint Powers Financing Authority Lease Revenue, Master Lease Projects, Series A, 5.25%, 4/01/22 1,055,000 1,123,944 5.50%, 4/01/23 1,070,000 1,153,610 5.625%, 4/01/24 1,110,000 1,200,232 5.75%, 4/01/25 1,125,000 1,219,072 Galt Capital Improvements Authority Lease Revenue, Culture and Recreation Improvement Project, 5.00%, 4/01/12 1,500,000 1,517,370 Galt Middle School Joint Powers Authority Special Tax, CFD No. 1, Refunding, 5.40%, 9/01/12 1,235,000 1,260,268 Garden Grove Agency Community Development Tax Allocation, Garden Grove Community Project, Refunding, AMBAC Insured, 4.25%, 10/01/13 2,025,000 2,110,961 Golden State Tobacco Securitization Corp. Tobacco Settlement Revenue, Asset-Backed, ETM, 5.00%, 6/01/12 1,500,000 1,643,145 Hayward USD, GO, Election of 2008, 5.00%, 8/01/26 4,770,000 5,087,300 Huntington Beach PFAR, Lease Capital Improvement Refinancing Project, Refunding, Series B, AMBAC Insured, 4.125%, 8/01/14 2,140,000 2,265,383 4.25%, 8/01/15 2,080,000 2,192,986 Inland Empire Solid Waste Financing Authority Revenue, Landfill Improvement Financing Project, Series B, FSA Insured, ETM, 6.25%, 8/01/11 375,000 392,408 Inland Empire Tobacco Asset Securitization Corp. Revenue, Series A, 5.00%, 6/01/21 11,395,000 10,852,142 Irvine 1915 Act Special Assessment, Limited Obligation, AD No. 00-18, Group 2, 4.375%, 9/02/10 885,000 904,213 AD No. 00-18, Group 2, 4.70%, 9/02/12 1,475,000 1,528,808 AD No. 00-18, Group 2, 4.80%, 9/02/13 1,175,000 1,216,278 AD No. 00-18, Group 2, 5.125%, 9/02/17 1,705,000 1,729,040 AD No. 00-18, Group 3, 4.75%, 9/02/15 1,000,000 1,023,220 AD No. 00-18, Group 3, 5.00%, 9/02/17 1,000,000 1,014,120 AD No. 03-19, Group 2, Refunding, 4.875%, 9/02/16 1,000,000 1,023,830 AD No. 03-19, Group 2, Refunding, 5.00%, 9/02/18 1,000,000 1,011,220 AD No. 03-19, Group 2, Refunding, 5.125%, 9/02/19 1,000,000 1,005,770 Irvine USD Financing Authority Special Tax, Series A, 4.70%, 9/01/15 1,040,000 1,073,530 4.80%, 9/01/17 1,325,000 1,345,961 4.875%, 9/01/18 1,490,000 1,501,667 5.00%, 9/01/20 1,095,000 1,079,571 Kings River Conservation District Pine Flat Power Revenue, Refunding, Series E, 5.125%, 1/01/18 1,735,000 1,757,087 Lake Elsinore School Financing Authority Revenue, Refunding, 6.00%, 9/01/11 530,000 532,173 Lancaster RDA Tax Allocation, Combine Redevelopment Project Areas, 6.00%, 8/01/24 1,300,000 1,367,847 Loma Linda Hospital Revenue, Loma Linda University Medical Center, Series A, 5.00%, 12/01/19 5,000,000 4,699,500 Long Beach Bond Finance Authority Natural Gas Purchase Revenue, Series A, 5.00%, 11/15/17 3,950,000 4,069,250 Los Angeles Convention and Exhibition Center Authority Lease Revenue, Refunding, Series A, 5.00%, 8/15/20 20,000,000 21,264,000 AMBAC Insured, 3.00%, 8/15/12 4,525,000 4,740,299 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 5,414,538 Los Angeles USD, GO, Election of 2004, Series F, FGIC Insured, 5.00%, 7/01/21 5,975,000 6,542,386 Refunding, NATL Insured, 5.25%, 7/01/13 3,500,000 3,967,215 Refunding, Series A-1, FGIC Insured, 5.00%, 7/01/25 6,265,000 6,682,312 Refunding, Series A-2, FGIC Insured, 5.00%, 7/01/22 5,000,000 5,381,200
Franklin California Tax-Free Trust Franklin California Intermediate-Term Tax-Free Income Fund STATEMENT OF INVESTMENTS, SEPTEMBER 30, 2009 (UNAUDITED) (CONTINUED) M-S-R Public Power Agency San Juan Project Revenue, Refunding, Series I, NATL Insured, 4.25%, 7/01/11 $ 5,055,000 $ 5,331,155 5.00%, 7/01/18 1,000,000 1,033,770 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 3,583,070 3.95%, 11/15/36 1,420,000 1,468,195 Montebello USD, GO, Capital Appreciation, FGIC Insured, zero cpn., 8/01/18 1,455,000 945,997 8/01/19 1,480,000 905,079 Moreno Valley USD, GO, Capital Appreciation, Refunding, NATL Insured, zero cpn., 8/01/24 7,500,000 3,446,325 Election of 2004, Series A, FSA Insured, Pre-Refunded, 5.00%, 8/01/17 2,000,000 2,328,480 Election of 2004, Series A, FSA Insured, Pre-Refunded, 5.00%, 8/01/18 2,300,000 2,677,752 Nevada County COP, Refunding, NATL Insured, 4.125%, 10/01/12 1,040,000 1,053,780 Northern California Power Agency Revenue, Geothermal Project No. 3, Series A, 5.00%, 7/01/23 2,000,000 2,180,120 5.25%, 7/01/24 2,000,000 2,206,680 Oakland USD Alameda County GO, 6.50%, 8/01/23 2,200,000 2,475,308 Orange County CFD No. 2002-1 Special Tax, Ladera Ranch, Series A, 4.60%, 8/15/14 1,000,000 996,070 4.75%, 8/15/15 1,000,000 992,880 4.90%, 8/15/16 1,285,000 1,270,929 Orange County CFD No. 2003-1 Special Tax, Ladera Ranch, Series A, 4.90%, 8/15/17 1,000,000 990,940 5.10%, 8/15/18 1,000,000 999,940 Orange County CFD No. 2004-1 Special Tax, Ladera Ranch, Series A, 4.70%, 8/15/18 1,765,000 1,622,635 4.80%, 8/15/19 1,945,000 1,781,153 4.85%, 8/15/20 2,000,000 1,822,700 Orange County CFD No. 86-2 Special Tax, Rancho Santa Margarita, Refunding, Series A, 5.375%, 8/15/12 1,500,000 1,509,180 Oroville Hospital Revenue, Oroville Hospital, Series A, California Mortgage Insured, 5.125%, 12/01/12 1,435,000 1,435,230 Oxnard Harbor District Revenue, Series A, 5.10%, 8/01/14 1,000,000 999,080 Pacifica COP, AMBAC Insured, 5.00%, 1/01/22 1,275,000 1,383,082 Palm Desert Financing Authority Tax Allocation Revenue, Project Area No. 1, As Amended, Series A, NATL Insured, 5.00%, 4/01/23 7,690,000 7,740,754 Refunding, NATL Insured, 4.75%, 8/01/18 1,050,000 1,045,443 Palo Verde Community College District COP, AMBAC Insured, 5.00%, 1/01/22 1,015,000 1,092,201 1/01/23 1,065,000 1,147,229 1/01/24 1,070,000 1,151,384 Pomona RDA Tax Allocation, Mountain Meadows Redevelopment Project, Refunding, Series X, 5.35%, 12/01/16 1,000,000 1,071,020 Rancho Mirage Joint Powers Financing Authority Revenue, Eisenhower Medical Center, Series A, 5.00%, 7/01/16 1,420,000 1,507,373 7/01/21 1,695,000 1,708,933 Redlands USD, GO, Election of 2002, FSA Insured, 5.00%, 7/01/19 1,000,000 1,076,800 Richmond Joint Powers Financing Authority Revenue, Multiple Redevelopment Projects, Series B, ETM, 5.35%, 5/15/13 1,410,000 1,503,257 Riverside County COP, Capital Improvement, Family Law, Refunding, Series A, FGIC Insured, 5.00%, 11/01/18 1,540,000 1,618,863 Riverside USD, GO, Election of 2001, Series A, FGIC Insured, 4.00%, 2/01/13 1,000,000 1,062,690
Franklin California Tax-Free Trust Franklin California Intermediate-Term Tax-Free Income Fund STATEMENT OF INVESTMENTS, SEPTEMBER 30, 2009 (UNAUDITED) (CONTINUED) San Francisco City and County Airports Commission International Airport Revenue, Issue 34D, Refunding, Second Series, 5.25%, 5/01/26 $ 5,425,000 $ 5,880,103 Mandatory Put 5/01/19, Refunding, Second Series, 6.50%, 5/01/19 2,000,000 2,132,080 San Francisco City and County COP, Multiple Capital Improvement Project, Series A, 5.00%, 4/01/24 8,400,000 8,880,984 San Francisco City and County Redevelopment Financing Authority Tax Allocation Revenue, Mission Bay North Redevelopment, Series C, 5.875%, 8/01/25 1,000,000 1,070,380 Mission Bay South Redevelopment, Series D, 5.50%, 8/01/19 1,030,000 1,097,496 Mission Bay South Redevelopment, Series D, 6.25%, 8/01/21 1,000,000 1,109,940 Mission Bay South Redevelopment, Series D, 6.25%, 8/01/23 1,000,000 1,096,000 Mission Bay South Redevelopment, Series D, 6.00%, 8/01/25 1,465,000 1,554,131 Mission Bay South Redevelopment, Series D, 6.125%, 8/01/26 1,550,000 1,648,022 San Joaquin County COP, General Hospital Project, Refunding, NATL Insured, 5.00%, 9/01/17 1,000,000 1,017,140 Solid Waste System Facilities Projects, NATL Insured, 5.00%, 4/01/17 1,340,000 1,386,753 San Joaquin Hills Transportation Corridor Agency Toll Road Revenue, Capital Appreciation, Refunding, Series A, 5.60%, 1/15/16 3,000,000 3,072,990 NATL Insured, zerocpn., 1/15/26 19,000,000 5,233,360 San Jose MFHR, Countrybrook Project, Refunding, Series A, FNMA Insured, 4.95%, 4/01/12 3,910,000 3,929,824 San Jose RDA Tax Allocation, Merged Area Redevelopment Project, Series B, XLCA Insured, 5.00%, 8/01/26 8,000,000 7,927,600 San Marcos Public Facilities Authority Revenue, Senior Tax Increment Project Area 3, Series A, NATL Insured, ETM, 5.10%, 10/01/09 515,000 515,000 Pre-Refunded, 5.30%, 10/01/11 350,000 373,261 Sanger USD, GO, Election of 2006, Series A, FSA Insured, 5.00%, 8/01/19 1,325,000 1,463,833 8/01/20 1,510,000 1,661,438 Santa Ana USD, GO, Election of 1999, Series B, FGIC Insured, zerocpn., 8/01/14 3,125,000 2,654,844 Election of 2008, Series A, 5.25%, 8/01/25 2,000,000 2,191,980 Santa Clara 1915 Act, Reassessment District 187, Refunding, Series 1, 5.25%, 9/02/11 740,000 750,212 Santa Monica-Malibu USD, COP, Series C, NATL Insured, 4.00%, 5/01/12 525,000 545,900 4.25%, 5/01/14 840,000 870,820 4.25%, 5/01/15 875,000 902,283 4.25%, 11/01/15 670,000 690,891 South Bayside Waste Management Authority Solid Waste Enterprise Revenue, Shoreway Environmental, Series A, 5.25%, 9/01/24 3,500,000 3,676,365 South County Regional Wastewater Authority Revenue, Regional Wastewater Facilities Project, Refunding, FSA Insured, 3.25%, 8/01/11 1,000,000 1,037,010 South Gate PFA Tax Allocation Revenue, South Gate Redevelopment Project No. 1, XLCA Insured, 5.00%, 9/01/16 1,490,000 1,508,014 Southern California Public Power Authority Natural Gas Project Revenue, Project No. 1, Series A, 5.25%, 11/01/19 1,500,000 1,558,215 Stockton Revenue, O'Connor Woods Housing Corp., Series A, 5.375%, 11/01/11 645,000 646,000 Tobacco Securitization Authority Northern California Tobacco Settlement Revenue, Asset-Backed Bonds, Series B, ETM, 4.50%, 6/01/11 1,540,000 1,639,053 Pre-Refunded, 4.60%, 6/01/12 1,760,000 1,876,090 Pre-Refunded, 4.70%, 6/01/13 1,500,000 1,601,415 Pre-Refunded, 4.80%, 6/01/14 725,000 775,206 Torrance Hospital Revenue, Torrance Memorial Medical Center, Series A, 5.10%, 6/01/12 1,000,000 1,042,980 Tuolumne Wind Project Authority Revenue, Tuolumne Co. Project, Series A, 5.25%, 1/01/24 5,000,000 5,296,050 West Contra Costa USD, GO, Series B, FSA Insured, 4.00%, 8/01/12 1,875,000 1,979,606 West Kern Community College District COP, AMBAC Insured, 5.00%, 11/01/20 1,015,000 1,096,880 5.00%, 11/01/21 1,065,000 1,153,672 5.00%, 11/01/22 1,115,000 1,202,628 5.125%, 11/01/23 1,170,000 1,258,218 5.125%, 11/01/24 1,230,000 1,333,861
Franklin California Tax-Free Trust Franklin California Intermediate-Term Tax-Free Income Fund STATEMENT OF INVESTMENTS, SEPTEMBER 30, 2009 (UNAUDITED) (CONTINUED) Whittier Health Facility Revenue, Presbyterian Intercommunity Hospital, ETM, 5.00%, 6/01/11 $ 1,060,000 $ 1,134,158 ETM, 5.00%, 6/01/12 2,225,000 2,449,614 Pre-Refunded, 5.00%, 6/01/13 2,335,000 2,593,368 (a) Whittier UHSD, GO, Capital Appreciation Bonds, Refunding, zero cpn., 8/01/24 7,755,000 3,366,290 8/01/26 10,045,000 3,783,650 Yucaipa Valley Water District Water System Revenue COP, Series A, NATL Insured, 5.00%, 9/01/15 1,080,000 1,184,533 5.25%, 9/01/20 1,325,000 1,413,868 -------------- 586,903,928 -------------- U.S. TERRITORIES 6.2% GUAM 0.4% Guam Government Limited Obligation Revenue, Section 30, Series A, 5.25%, 12/01/17 2,305,000 2,498,689 -------------- PUERTO RICO 5.0% Puerto Rico Commonwealth GO, Public Improvement, FSA Insured, 5.25%, 7/01/16 2,500,000 2,771,550 Puerto Rico Electric Power Authority Power Revenue, Refunding, Series UU, FSA Insured, 5.00%, 7/01/23 5,000,000 5,402,200 Series RR, FGIC Insured, 5.00%, 7/01/21 5,000,000 5,264,300 Series WW, 5.375%, 7/01/23 5,000,000 5,456,250 Puerto Rico PBA Guaranteed Revenue, Government Facilities, Refunding, Series M-3, NATL Insured, 6.00%, 7/01/23 11,645,000 12,827,899 -------------- 31,722,199 -------------- VIRGIN ISLANDS 0.8% Virgin Islands PFAR, Virgin Islands Matching Fund Loan Notes, senior lien, Refunding, Series A, 5.30%, 10/01/11 1,000,000 1,013,360 5.40%, 10/01/12 4,150,000 4,214,740 -------------- 5,228,100 -------------- TOTAL U.S. TERRITORIES 39,448,988 -------------- TOTAL MUNICIPAL BONDS BEFORE SHORT TERM INVESTMENTS (COST $604,686,230) 626,352,916 -------------- SHORT TERM INVESTMENTS 3.8% MUNICIPAL BONDS 3.8% CALIFORNIA 3.8% (b) California PCFA, PCR, Pacific Gas and Electric Co., Refunding, Series C, Daily VRDN and Put, 0.30%, 11/01/26 3,800,000 3,800,000 Series F, Daily VRDN and Put, 0.25%, 11/01/26 2,700,000 2,700,000 (b) Irvine 1915 Act Special Assessment, Limited Obligation, AD No. 93-14, Daily VRDN and Put, 0.28%, 9/02/25 4,300,000 4,300,000 (b) Irvine Ranch Water District Revenue, Improvement Districts, Consolidated, Series B, Daily VRDN and Put, 0.27%, 10/01/41 6,400,000 6,400,000 (b) Metropolitan Water District of Southern California Waterworks Revenue, Refunding, Series B-3, Daily VRDN and Put, 0.25%, 7/01/35 4,500,000 4,500,000 (b) Sacramento County Sanitation District Financing Authority Revenue, sub lien, Sanitation District, Refunding, Series C, Daily VRDN and Put, 0.28%, 12/01/38 1,400,000 1,400,000 (b) Southern California Public Power Authority Revenue, Mead-Adelanto Project, Refunding, Series A, Daily VRDN and Put, 0.27%, 7/01/20 1,300,000 1,300,000 -------------- TOTAL SHORT TERM INVESTMENTS (COST $24,400,000) 24,400,000 -------------- TOTAL INVESTMENTS (COST $629,086,230) 101.8% 650,752,916 OTHER ASSETS, LESS LIABILITIES (1.8)% (11,296,664) -------------- NET ASSETS 100.0% $ 639,456,252 ==============
(a) Security purchased on a when-issued basis. (b) Variable rate demand notes (VRDNs) are tax-exempt obligations which contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the principal balance plus accrued interest at specified dates. The coupon rate shown represents the rate at period end. Franklin California Tax-Free Trust Franklin California Intermediate-Term Tax-Free Income Fund STATEMENT OF INVESTMENTS, SEPTEMBER 30, 2009 (UNAUDITED) (CONTINUED) PORTFOLIO ABBREVIATIONS 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. CDA Community Development Authority/Agency CFD Community Facilities District COP Certificate of Participation 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 ID Improvement District MFHR Multi-Family Housing Revenue MFR Multi-Family Revenue MTA Metropolitan Transit Authority NATL National Public Financial Guarantee Corp. 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 SFM Single Family Mortgage UHSD Unified/Union High School District USD Unified/Union School District XLCA XL Capital Assurance Franklin California Tax-Free Trust Franklin California Tax-Exempt Money Fund STATEMENT OF INVESTMENTS, SEPTEMBER 30, 2009 (UNAUDITED)
PRINCIPAL AMOUNT VALUE ----------- -------------- INVESTMENTS 100.0% MUNICIPAL BONDS 100.0% CALIFORNIA 100.0% (a) Berkeley Revenue, Berkeley-Albany YMCA, Refunding, Weekly VRDN and Put, 0.34%, 7/01/38 $ 2,000,000 $ 2,000,000 (a) California Educational Facilities Authority Revenue, Chapman University, Refunding, Series A, Daily VRDN and Put, 0.28%, 10/01/36 16,400,000 16,600,000 Stanford University, Refunding, Series L-3, Weekly VRDN and Put, 0.25%, 10/01/15 4,640,000 4,640,000 Stanford University, Refunding, Series L-5, Weekly VRDN and Put, 0.25%, 10/01/17 8,500,000 8,500,000 (a) California Health Facilities Financing Authority Revenue, Adventist Health System West, Series B, Daily VRDN and Put, 0.25%, 9/01/38 2,400,000 2,400,000 (a) California HFAR, MFH III, Series D, Daily VRDN and Put, 1.30%, 2/01/31 10,045,000 10,045,000 Weekly VRDN and Put, 0.25%, 8/01/22 920,000 920,000 (a) California Infrastructure and Economic Development Bank Revenue, American National Red Cross, Refunding, Weekly VRDN and Put, 0.21%, 9/01/34 5,000,000 5,000,000 California Academy of Sciences, Refunding, Series A, Daily VRDN and Put, 0.27%, 9/01/38 3,200,000 3,200,000 California Academy of Sciences, Refunding, Series F, Daily VRDN and Put, 0.27%, 9/01/38 1,100,000 1,100,000 J. Paul Getty Trust, Refunding, Series B, Daily VRDN and Put, 0.25%, 10/01/23 2,945,000 3,050,000 J. Paul Getty Trust, Refunding, Series D, Daily VRDN and Put, 0.25%, 4/01/33 12,125,000 12,125,000 Orange County Performing Arts Center, Series B, Weekly VRDN and Put, 0.24%, 7/01/34 9,700,000 9,700,000 (a) California Municipal Finance Authority Revenue, Gideon Hausner Jewish Day, Weekly VRDN and Put, 0.33%, 7/01/38 2,000,000 2,000,000 California School Cash Reserve Program Authority COP, Series A, 2.50%, 7/01/10 10,000,000 10,141,202 (a) California State Department of Water Resources Power Supply Revenue, Refunding, Series F, Sub Series F-1, Daily VRDN and Put, 0.30%, 5/01/19 7,600,000 7,600,000 Refunding, Series F, Sub Series F-4, Daily VRDN and Put, 0.27%, 5/01/22 3,000,000 3,000,000 Refunding, Series G, Sub Series G-3, FSA Insured, Weekly VRDN and Put, 0.45%, 5/01/16 6,255,000 6,255,000 Series C, Sub Series C-12, Weekly VRDN and Put, 0.28%, 5/01/22 16,100,000 16,100,000 Series C, Sub Series C-15, Weekly VRDN and Put, 0.25%, 5/01/22 6,600,000 6,600,000 (a) California State Educational Facilities Authority Revenue, California Institute of Technology, Series B, Weekly VRDN and Put, 0.35%, 10/01/36 18,300,000 18,300,000 (a) California State GO, Kindergarten-University Public Education Facilities, Refunding, Series A8, Weekly VRDN and Put, 0.25%, 5/01/34 6,100,000 6,100,000 Kindergarten-University Public Education Facilities, Series A4, Daily VRDN and Put, 0.33%, 5/01/34 5,105,000 5,105,000 Kindergarten-University Public Education Facilities, Series A10, Weekly VRDN and Put, 0.37%, 5/01/34 2,450,000 2,450,000 Series B-1, Weekly VRDN and Put, 0.23%, 5/01/33 35,000,000 35,000,000 Series B-3, Weekly VRDN and Put, 0.28%, 5/01/33 40,800,000 40,800,000 (a) California Statewide CDA Revenue, Goodwill of Santa Cruz, Weekly VRDN and Daily Put, 0.34%, 2/01/38 1,000,000 1,000,000 John Muir Health, Refunding, Series C, Daily VRDN and Put, 0.24%, 8/15/27 1,000,000 1,000,000 Los Angeles County Museum Art Project, Refunding, Series B, Weekly VRDN and Put, 0.21%, 12/01/37 9,000,000 9,000,000 Los Angeles County Museum Art Project, Refunding, Series C, Weekly VRDN and Put, 0.32%, 12/01/34 5,000,000 5,000,000 Motion Picture and Television Fund, Series A, Weekly VRDN and Put, 0.28%, 3/01/31 2,300,000 2,300,000 Sweep Loan Program, Refunding, Series A, Weekly VRDN and Put, 0.27%, 8/01/35 6,000,000 6,000,000 Touro University Project, Refunding, Weekly VRDN and Put, 0.35%, 9/01/29 4,570,000 4,570,000 (a) Calleguas-Las Virgines PFAR, Municipal Water District Project, Refunding, Series A, Weekly VRDN and Put, 0.24%, 7/01/37 8,825,000 8,825,000 (a) East Bay MUD Wastewater System Revenue, Refunding, Series A, Weekly VRDN and Put, 0.24%, 6/01/33 3,000,000 3,000,000 Foothill/Eastern Corridor Agency Toll Road Revenue, Convertible Capital Appreciation, senior lien, Series A, ETM, 7.05%, 1/01/10 2,000,000 2,033,307 (a) Fremont PFA, COP, Weekly VRDN and Put, 0.33%, 8/01/30 7,600,000 7,600,000 (a) Hillsborough COP, Refunding, Series A, Weekly VRDN and Put, 0.35%, 6/01/30 1,900,000 1,900,000
Quarterly Statement of Investments See Notes to Statements of Investments Franklin California Tax-Free Trust Franklin California Tax-Exempt Money Fund STATEMENT OF INVESTMENTS, SEPTEMBER 30, 2009 (UNAUDITED) (CONTINUED) (a) Irvine 1915 Act Special Assessment, Limited Obligation, AD No. 03-19, Series A, Daily VRDN and Put, 0.27%, 9/02/29 $ 1,000,000 $ 1,000,000 AD No. 05-21, Series A, Daily VRDN and Put, 0.33%, 9/02/31 7,400,000 7,400,000 AD No. 93-14, Daily VRDN and Put, 0.28%, 9/02/25 3,563,000 3,563,000 AD No. 94-13, Daily VRDN and Put, 0.27%, 9/02/22 750,000 750,000 AD No. 94-15, Refunding, Daily VRDN and Put, 0.27%, 9/02/20 600,000 600,000 AD No. 97-13, Daily VRDN and Put, 0.27%, 9/02/23 7,350,000 7,350,000 AD No. 97-16, Daily VRDN and Put, 0.27%, 9/02/22 1,700,000 1,700,000 (a) Irvine Ranch Water District GO, District Nos. 105 140 240 and 250, Daily VRDN and Put, 0.25%, 1/01/21 2,300,000 2,300,000 (a) Irvine Ranch Water District Revenue, Improvement Districts, Consolidated, Series A, Weekly VRDN and Put, 0.28%, 10/01/41 5,000,000 5,000,000 Series B, Daily VRDN and Put, 0.27%, 10/01/41 2,900,000 2,900,000 (a) Los Angeles County Housing Authority MFHR, Malibu Meadows Project, Refunding, Series B, Weekly VRDN and Put, 0.30%, 4/15/28 3,125,000 3,125,000 (a) Los Angeles County MFMR, Series A, Weekly VRDN and Put, 0.25%, 7/01/14 4,500,000 4,500,000 (a) Los Angeles County MTA Sales Tax Revenue, Proposition C, second senior, Refunding, Series A1, Daily VRDN and Put, 0.25%, 7/01/23 9,400,000 9,400,000 (a) Los Angeles Department of Water and Power Revenue, Refunding, Series B, Sub Series B-1, Weekly VRDN and Put, 0.30%, 7/01/34 4,050,000 4,050,000 Sub Series B-3, Daily VRDN and Put, 0.30%, 7/01/34 10,400,000 10,400,000 Sub Series B-7, Weekly VRDN and Put, 0.35%, 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, 0.30%, 7/01/35 8,750,000 8,750,000 Los Angeles GO, TRAN, 2.50%, 2/26/10 8,000,000 8,067,041 Los Angeles USD, (a) COP, Belmont Learning Complex, Series A, Weekly VRDN and Put, 0.21%, 12/01/17 1,800,000 1,800,000 GO, TRAN, 2.00%, 8/12/10 10,000,000 10,118,298 (a) Los Angeles Wastewater System Revenue, Refunding, Sub Series A, Weekly VRDN and Put, 0.30%, 6/01/28 6,100,000 6,100,000 (a) Metropolitan Water District of Southern California Waterworks Revenue, Series C, Weekly VRDN and Put, 0.25%, 7/01/28 11,200,000 11,200,000 Series C-2, Daily VRDN and Put, 0.21%, 7/01/36 8,100,000 8,100,000 (a) Oceanside MFHR, Shadow Way Apartments Project, Weekly VRDN and Put, 0.33%, 3/01/49 4,750,000 4,750,000 (a) Orange County Apartment Development Revenue, Harbor Pointe, Refunding, Issue D, Weekly VRDN and Put, 0.32%, 12/01/22 3,500,000 3,500,000 Park Ridge Villas, Refunding, Issue I, Weekly VRDN and Put, 0.32%, 11/15/28 5,100,000 5,100,000 (a) Orange County Housing Authority MF Apartment Development Revenue, Lantern Pines Project, Series CC, FNMA Insured, Weekly VRDN and Put, 0.34%, 12/01/27 2,595,000 2,595,000 Orange County Revenue, TRAN, Series A, 2.00%, 6/30/10 9,000,000 9,106,865 Roseville Joint Union High School District GO, TRAN, 3.00%, 9/08/10 10,000,000 10,138,397 (a) Sacramento County Housing Authority MFHR, Stonebridge Apartments, Refunding, Series D, Weekly VRDN and Put, 0.28%, 5/15/31 2,900,000 2,900,000 (a) Sacramento County Sanitation District Financing Authority Revenue, sub. lien, Sanitation District, Refunding, Series A, Daily VRDN and Put, 0.28%, 12/01/36 1,700,000 1,700,000 Series C, Daily VRDN and Put, 0.28%, 12/01/38 12,200,000 12,200,000 Series E, Weekly VRDN and Put, 0.23%, 12/01/40 3,000,000 3,000,000 (a) San Bernardino County MFHR, Housing Mortgage, Parkview, Refunding, Series A, Weekly VRDN and Put, 0.33%, 2/15/27 1,200,000 1,200,000 (a) San Diego County COP, San Diego Foundation, Weekly VRDN and Put, 0.17%, 8/01/36 4,535,000 4,535,000 (a) San Jose Financing Authority Lease Revenue, Civic Center Project, Refunding, Series A, Weekly VRDN and Put, 0.25%, 6/01/39 3,000,000 3,000,000 Hayes Mansion, Refunding, Series C, Weekly VRDN and Put, 0.21%, 6/01/27 5,900,000 5,900,000 (a) San Jose RDAR, Merged Area Redevelopment Project, Series B, Weekly VRDN and Put, 0.24%, 7/01/26 19,320,000 19,320,000 (a) Santa Ana Housing Authority MFHR, Harbor Pointe Apartments, Refunding, Series A, Weekly VRDN and Put, 0.27%, 12/01/15 1,200,000 1,200,000 (a) Santa Clara County Financing Authority Lease Revenue, Valley Medical Center Facilities Replacement Project, Series B, Weekly VRDN and Put, 0.30%, 11/15/25 4,900,000 4,900,000
Franklin California Tax-Free Trust Franklin California Tax-Exempt Money Fund STATEMENT OF INVESTMENTS, SEPTEMBER 30, 2009 (UNAUDITED) (CONTINUED) (a) Santa Clara County Housing Authority MFHR, Benton Park Central Apartments, Refunding, Series A, Weekly VRDN and Put, 0.32%, 12/15/25 5,000,000 $ 5,000,000 (a) Santa Clara Electric Revenue, sub. bond, Refunding, Series A, Daily VRDN and Put, 0.28%, 7/01/34 3,600,000 3,600,000 (a) Southern California Public Power Authority Revenue, Mead-Adelanto Project, Refunding, Series A, Daily VRDN and Put, 0.27%, 7/01/20 14,855,000 14,855,000 Mead-Phoenix Project, Refunding, Series A, Daily VRDN and Put, 0.27%, 7/01/20 2,900,000 2,900,000 (a) Tahoe Forest Hospital District Revenue, Health Facility, Daily VRDN and Put, 0.35%, 7/01/33 2,000,000 2,000,000 (a) Union City MFR, Housing Mission Sierra, Refunding, Series A, Weekly VRDN and Put, 0.33%, 7/15/29 6,100,000 6,100,000 (a) University of California Regents Medical Center Pooled Revenue, Refunding, Series B-1, Daily VRDN and Put, 0.30%, 5/15/32 10,700,000 10,700,000 -------------- TOTAL INVESTMENTS (COST $557,433,110) 557,433,110 OTHER ASSETS, LESS LIABILITIES (0.0)%(b) (211,756) -------------- NET ASSETS 100.0% $ 557,221,354 ==============
(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. (b) Rounds to less than 0.1% of net assets. Franklin California Tax-Free Trust Franklin California Tax-Exempt Money Fund STATEMENT OF INVESTMENTS, SEPTEMBER 30, 2009 (UNAUDITED) (CONTINUED) PORTFOLIO ABBREVIATIONS 1915 Act Improvement Bond Act of 1915 AD Assessment District CDA Community Development Authority/Agency COP Certificate of Participation ETM Escrow to Maturity FNMA Federal National Mortgage Association FSA Financial Security Assurance Inc. GO General Obligation HFAR Housing Finance Authority Revenue 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 PFA Public Financing Authority PFAR Public Financing Authority Revenue RDAR Redevelopment Agency Revenue TRAN Tax and Revenue Anticipation Note USD Unified/Union School District 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 Funds 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 Funds' 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 Funds have 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 Funds' Board of Trustees. 3. INCOME TAXES At September 30, 2009, the cost of investments and net unrealized appreciation (depreciation) for income tax purposes were as follows:
FRANKLIN FRANKLIN CALIFORNIA CALIFORNIA INSURED INTERMEDIATE-TERM TAX-FREE TAX-FREE INCOME FUND INCOME FUND -------------- ----------------- Cost of investments $2,117,329,040 $628,989,752 -------------- ------------ Unrealized appreciation $ 102,903,021 $ 26,470,348 Unrealized depreciation (29,952,262) (4,707,184) -------------- ------------ Net unrealized appreciation (depreciation) $ 72,950,759 $ 21,763,164 ============== ============
At September 30, 2009, the cost of investments for book and income tax purposes was the same for the Franklin California Tax-Exempt Money Fund. 4. FAIR VALUE MEASUREMENTS The Funds follow a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Funds' 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 September 30, 2009, all of the Funds' investments in securities carried at fair value were in Level 2 inputs. 5. SUBSEQUENT EVENTS The Funds have evaluated subsequent events through November 20, 2009, the issuance date of the financial statements and determined that no events have occurred that require disclosure. For information on the Funds' policy regarding other significant accounting policies, please refer to the Funds' most recent semiannual or annual shareholder report. 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 November 25, 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 November 25, 2009 By /S/GASTON GARDEY ---------------------- Gaston Gardey Chief Financial Officer and Chief Accounting Officer Date November 25, 2009 EX-99.CERT 2 fctft302cert.txt SECTION 302 CERTIFICATION Exhibit 3(a) I, Laura F. Fergerson, certify that: 1. I have reviewed this report on Form N-Q of FRANKLIN CALIFORNIA TAX-FREE TRUST; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. 11/25/2009 S\ LAURA F. FERGERSON Laura F. Fergerson Chief Executive Officer - Finance and Administration Exhibit 3(a) I, Gaston Gardey, certify that: 1. I have reviewed this report on Form N-Q of FRANKLIN CALIFORNIA TAX-FREE TRUST; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. 11/25/2009 S\ GASTON GARDEY Gaston Gardey Chief Financial Officer and Chief Accounting Officer -----END PRIVACY-ENHANCED MESSAGE-----