-----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, RdNFEJy8MPZAyZ0kwIK6RhcJIG9fss06gOHP1zDBl+5RL1N6EMA2OyBo/OnSjHQz o4PLuXDsACnsml2/Hfs3pw== 0000773478-10-000006.txt : 20100527 0000773478-10-000006.hdr.sgml : 20100527 20100527164319 ACCESSION NUMBER: 0000773478-10-000006 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20100331 FILED AS OF DATE: 20100527 DATE AS OF CHANGE: 20100527 EFFECTIVENESS DATE: 20100527 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: 10863173 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 3/31/10 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: 3/31/10 -------- Item 1. Schedule of Investments. Franklin California Tax-Free Trust Franklin California Insured Tax-Free Income Fund STATEMENT OF INVESTMENTS, MARCH 31, 2010 (UNAUDITED)
PRINCIPAL AMOUNT VALUE ------------- -------------- MUNICIPAL BONDS 99.3% CALIFORNIA 99.3% ABAG Finance Authority for Nonprofit Corps. California Health Facilities Revenue, Institute on Aging, California Mortgage Insured, 5.65%, 8/15/38 $ 9,000,000 $ 8,467,650 ABAG Finance Authority for Nonprofit Corps. COP, Lincoln Child Center Inc., California Mortgage Insured, 6.125%, 11/01/24 1,950,000 1,950,176 Lytton Gardens Inc., Refunding, California Mortgage Insured, 6.00%, 2/15/30 3,500,000 3,500,140 Odd Fellows Home, California Mortgage Insured, 6.00%, 8/15/24 5,000,000 5,001,600 ABAG Finance Authority for Nonprofit Corps. Revenue, Casa De Las Campanas, California Mortgage Insured, 6.00%, 9/01/37 8,000,000 8,011,680 Poway Retirement Housing Foundation Housing Inc. Project, Series A, California Mortgage Insured, 5.375%, 11/15/25 5,145,000 5,104,457 Sansum-Santa Barbara, Refunding, Series A, California Mortgage Insured, 5.60%, 4/01/26 2,750,000 2,754,565 Acalanes UHSD, GO, Capital Appreciation, Election of 2002, Series A, FGIC Insured, zero cpn.,8/01/25 9,045,000 4,286,516 Alameda Corridor Transportation Authority Revenue, Capital Appreciation, sub. lien, Refunding, Series A, AMBAC Insured, zero cpn. to 10/01/12, 5.25% thereafter, 10/01/21 64,660,000 52,790,364 5.45% thereafter, 10/01/25 25,000,000 19,716,500 Alameda Power and Telecommunication Electric System Revenue COP, Refunding, Series A, NATL Insured, 5.75%, 7/01/30 3,305,000 3,344,991 Alhambra City Elementary School District GO, Capital Appreciation, Election of 1999, Series B, NATL Insured, zero cpn., 9/01/27 3,035,000 1,001,216 Alisal USD, GO, Capital Appreciation, Election of 2006, Series B, Assured Guaranty, zero cpn., 8/01/32 3,355,000 774,032 8/01/33 3,610,000 774,634 2/01/34 3,345,000 688,100 Alum Rock Union Elementary School District GO, Election of 2008, Series A, Assured Guaranty, 5.00%, 8/01/33 12,595,000 12,679,386 Alvord USD, GO, Election of 2007, Series A, FSA Insured, 5.00%, 8/01/32 9,070,000 9,093,854 Anaheim PFAR, Distribution System, second lien, NATL Insured, 5.00%,10/01/29 5,000,000 4,987,600 Antelope Valley UHSD, GO, Series A, NATL Insured, 5.00%, 2/01/27 5,000,000 5,025,450 Antioch USD, GO, Election of 2008, School Facilities Improvement No. 1-B, Assured Guaranty, 5.375%,8/01/36 3,130,000 3,190,659 Arcadia USD, GO, Capital Appreciation, Election of 2006, Series A, FSA Insured, zero cpn., 8/01/29 5,110,000 1,577,457 8/01/33 11,690,000 2,710,911 8/01/39 9,620,000 1,474,650 8/01/46 27,665,000 2,748,518 Atascadero CDA Tax Allocation, Redevelopment Project, XLCA Insured, 5.00%, 9/01/34 4,315,000 3,748,009 Auburn Public Financing Authority Wastewater Revenue, Assured Guaranty, 5.50%, 6/01/39 1,880,000 1,934,313 Auburn USD, COP, Refinancing Project, Assured Guaranty, 5.00%, 6/01/38 10,000,000 9,865,500 Bakersfield City School District GO, Series A, FSA Insured, 5.00%, 11/01/27 2,415,000 2,497,690 11/01/28 2,535,000 2,610,949 Bakersfield Wastewater Revenue, Series A, FSA Insured, 5.00%, 9/15/32 10,430,000 10,519,907 Baldwin Park RDA Tax Allocation, Refunding, FSA Insured, 5.70%, 9/01/25 4,000,000 4,094,880 Baldwin Park USD, GO, Capital Appreciation, Election of 2006, FSA Insured, zero cpn., 8/01/28 5,810,000 1,905,157 Election of 2006, FSA Insured, 5.00%, 8/01/31 5,440,000 5,472,749 Brea and Olinda USD, GO, Series A, NATL Insured, Pre-Refunded, 5.60%, 8/01/20 1,000,000 1,021,430 Brentwood Infrastructure Financing Authority Infrastructure Revenue, Refunding, Series A, FSA Insured, 5.00%, 9/02/32 3,790,000 3,891,875 Buckeye USD, GO, Election of 2006, FSA Insured, 5.00%, 8/01/32 10,705,000 10,874,032 Cabrillo Community College District GO, Capital Appreciation, Election of 2004, Series B, NATL Insured, zero cpn., 8/01/39 12,570,000 1,733,026 California Community College Financing Authority Lease Revenue, Grossmont Palomar and Shasta, Series A, NATL Insured, 5.125%, 4/01/31 3,030,000 2,982,156 California Educational Facilities Authority Revenue, Stanford University, Refunding, Series 0, 5.125%,1/01/31 24,705,000 24,709,200 California Health Facilities Financing Authority Revenue, Asian Community Center, Series A, California Mortgage Insured, 5.00%, 4/01/37 10,550,000 8,935,850 Catholic Healthcare West, Refunding, ACA Insured, 5.00%, 7/01/28 8,765,000 8,559,373
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, MARCH 31, 2010 (UNAUDITED) (CONTINUED) Catholic Healthcare West, Refunding, Series A, 5.00%, 7/01/28 $ 12,995,000 $ 12,694,426 Community Health Facilities, Series A, California Mortgage Insured, 5.80%, 8/01/25 1,020,000 1,023,244 Kaiser Permanente, Series A, ETM, 5.40%, 5/01/28 15,400,000 15,419,404 Kaiser Permanente, Series B, ETM, 5.00%, 10/01/18 5,000,000 5,025,000 Kaiser Permanente, Series B, ETM, 5.00%, 10/01/20 4,000,000 4,020,000 Marshall Hospital, Refunding, Series A, California Mortgage Insured, 5.30%, 11/01/28 3,005,000 3,005,451 Northern California Presbyterian, Refunding, 5.40%, 7/01/28 5,000,000 4,622,700 Senior Living, Aldersly, Series A, California Mortgage Insured, 5.25%, 3/01/32 2,000,000 1,787,140 Sutter Health, Refunding, Series A, NATL Insured, 5.00%, 8/15/19 1,585,000 1,599,170 Sutter Health, Refunding, Series A, NATL Insured, 5.00%, 8/15/38 3,735,000 3,477,061 Sutter Health, Series A, BHAC Insured, 5.00%, 11/15/42 15,000,000 14,809,050 The Help Group, Refunding, California Mortgage Insured, 5.40%, 8/01/22 4,755,000 4,760,706 True to Life Children's Services, Series A, California Mortgage Insured, 5.625%, 9/01/25 1,250,000 1,251,763 California HFAR, Home Mortgage, Series N, AMBAC Insured, 6.30%, 8/01/31 240,000 240,648 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 9,760,810 California Municipal Finance Authority Senior Living Revenue, Pilgrim Place Claremont, California Mortgage Insured, Series A, 5.875%, 5/15/29 2,895,000 2,924,268 6.125%, 5/15/39 5,830,000 5,912,786 California PCFA, PCR, Southern California Edison Co., Refunding, Series C, NATL Insured, 5.55%, 9/01/31 4,800,000 4,596,960 California Public School District Financing Authority Lease Revenue, Southern Kern USD, Series B, FSA Insured, ETM, 5.90%, 9/01/26 1,615,000 1,962,952 California School Facilities Financing Authority Revenue, Azusa USD, Series A, FSA Insured, 5.00%, 8/01/32 10,000,000 9,985,900 California State Department of Water Resources Water Revenue, Central Valley Project, Series AC, NATL Insured, Pre-Refunded, 5.00%,12/01/26 40,000 46,054 Central Valley Project, Series AD, FSA Insured, Pre-Refunded, 5.00%,12/01/26 25,000 28,880 FSA Insured, Pre-Refunded, 5.125%,12/01/29 115,000 123,604 Refunding, FSA Insured, 5.125%, 12/01/29 4,885,000 5,053,386 California State GO, FGIC Insured, 5.375%, 6/01/26 1,350,000 1,350,432 NATL Insured, 6.00%, 8/01/16 210,000 210,491 NATL Insured, 6.00%, 10/01/21 65,000 65,242 Pre-Refunded, 5.125%, 6/01/31 24,705,000 26,040,058 Refunding, 5.125%, 6/01/31 295,000 285,545 Refunding, NATL Insured, 5.00%, 8/01/29 730,000 703,662 Various Purpose, 5.00%,11/01/32 20,000,000 18,807,600 California State Local Government Finance Authority Revenue, Marin Valley Mobile, Senior Series A, FSA Insured, 5.80%, 10/01/20 3,770,000 3,783,421 California State Public Works Board Lease Revenue, Department of Mental Health Hospital, Series A, AMBAC Insured, 5.00%, 12/01/21 4,100,000 4,028,742 12/01/26 5,675,000 5,272,756 California State University Foundation Revenue, Monterey Bay, NATL Insured, Pre-Refunded, 5.35%, 6/01/31 2,000,000 2,113,260 California State University of Los Angeles Auxiliary Services Inc. Revenue, NATL Insured, Pre-Refunded, 5.125%, 6/01/33 3,200,000 3,371,040 California State University Revenue, Systemwide, Refunding, Series A, AMBAC Insured, 5.00%, 11/01/33 22,000,000 22,104,500 Series A, FSA Insured, 5.00%, 11/01/33 10,000,000 10,199,200 California Statewide CDA, COP, Children's Hospital, Los Angeles, 5.25%, 8/15/29 12,250,000 11,539,377 COP, NATL Insured, 5.00%, 4/01/18 3,000,000 2,840,760 COP, Refunding, FSA Insured, 5.50%, 8/15/31 7,000,000 7,018,550 COP, Refunding, California Mortgage Insured, 5.75%, 8/01/21 5,895,000 5,897,830 MFHR, 740 Olive Street, Series L, GNMA Secured, 4.90%, 7/20/39 13,475,000 13,186,770 MFHR, 740 Olive Street, Series L, GNMA Secured, 5.10%, 7/20/50 10,000,000 9,914,600 MFHR, Silver Ridge Apartments, Mandatory Put 8/01/21, Series H, FNMA Insured, 5.80%, 8/01/33 2,785,000 2,850,113 California Statewide CDA Revenue, Adventist, Series B, Assured Guaranty, 5.00%, 3/01/37 17,000,000 16,557,660 Catholic Healthcare West, Series K, Assured Guaranty, 5.50%, 7/01/41 17,000,000 17,333,540 Community Hospital of the Monterey Peninsula, Series B, FSA Insured, 5.25%, 6/01/23 2,000,000 2,076,260 COP, John Muir/Mt. Diablo Health System, NATL Insured, 5.125%, 8/15/22 5,000,000 5,001,050
Franklin California Tax-Free Trust Franklin California Insured Tax-Free Income Fund STATEMENT OF INVESTMENTS, MARCH 31, 2010 (UNAUDITED) (CONTINUED) Enloe Medical Center, California Mortgage Insured, 6.25%, 8/15/28 $ 17,215,000 $ 18,128,256 Henry Mayo Newhall Memorial, Series B, AMBAC Insured, 5.05%, 10/01/28 7,825,000 7,310,819 Lodi Memorial Hospital, Series A, California Mortgage Insured, 5.00%, 12/01/27 15,000,000 14,064,750 Methodist Hospital of Southern California Project, FHA Insured, 6.75%, 2/01/38 20,000,000 22,564,200 Refunding, California Mortgage Insured, 5.00%, 8/01/21 2,035,000 2,019,249 St. Ignatius College Preparatory, AMBAC Insured, 5.00%, 6/01/37 7,215,000 6,198,984 St. Joseph Health System, Series E, FSA Insured, 5.25%, 7/01/47 20,000,000 19,965,800 Sutter Health, Series C, FSA Insured, 5.05%, 8/15/38 15,000,000 15,060,000 California Statewide CDA Water and Wastewater Revenue, Pooled Financing Program, Refunding, Series A, FSA Insured, 5.00%, 10/01/32 9,320,000 9,459,054 Series B, FSA Insured, 5.75%, 10/01/29 1,465,000 1,470,157 Carlsbad USD, COP, Series A, Assured Guaranty, 5.00%, 10/01/34 14,000,000 13,633,480 10/01/41 3,880,000 3,719,834 Castaic Lake Water Agency Revenue COP, Series A, NATL Insured, 5.00%, 8/01/29 8,000,000 8,072,800 Castaic USD, COP, Refunding, FSA Insured, 5.125%, 9/01/33 1,000,000 989,860 Central USD, GO, Election of 2008, Series A, Assured Guaranty, 5.50%,8/01/29 3,000,000 3,174,570 5.625%, 8/01/33 3,500,000 3,661,105 Chabot-Las Positas Community College District GO, Capital Appreciation Bonds, Series C, AMBAC Insured, zero cpn., 8/01/35 10,000,000 1,903,700 8/01/36 10,000,000 1,773,900 8/01/37 15,045,000 2,492,505 Chaffey Community College District GO, Refunding, Series A, FSA Insured, 5.00%, 7/01/27 270,000 277,031 Series A, FSA Insured, Pre-Refunded, 5.00%, 7/01/27 5,480,000 6,035,069 Chico PFAR, Merged Redevelopment Project Area, NATL Insured, 5.125%, 4/01/24 2,790,000 2,750,298 Chino Basin Regional Financing Authority Revenue, Municipal Water District, Sewer System Project, Refunding, AMBAC Insured, 6.00%, 8/01/16 2,000,000 2,004,680 Chula Vista Elementary School District GO, Election of 1998, Series F, NATL Insured, 5.00%, 8/01/28 2,685,000 2,715,985 Clovis PFAR, 2001 Corp. Yard Project, AMBAC Insured, 5.00%, 3/01/27 3,265,000 3,277,766 College of the Sequoias Tulare Area 10 No.3 GO, Election of 2008, Series A, Assured Guaranty, 5.50%, 8/01/33 5,000,000 5,229,550 College of the Sequoias Visalia Area 10 No.2 GO, Election of 2008, Series A, Assured Guaranty, 5.50%, 8/01/33 5,750,000 6,013,982 Colton Joint USD, GO, Election of 2008, Series A, Assured Guaranty, 5.375%, 8/01/34 10,665,000 10,769,197 Compton USD, GO, Election of 2002, Series B, NATL Insured, Pre-Refunded, 5.00%, 6/01/29 2,000,000 2,279,900 Corona-Norco USD, COP, Refunding, FSA Insured, 5.125%, 4/15/25 5,355,000 5,359,391 COP, Refunding, FSA Insured, 5.125%, 4/15/29 2,540,000 2,541,651 GO, Capital Appreciation, Refunding, Series B, FSA Insured, zero cpn., 3/01/25 1,400,000 592,844 GO, Capital Appreciation, Series B, FSA Insured, zero cpn., 9/01/23 2,320,000 1,096,594 GO, Capital Appreciation, Series B, FSA Insured, zero cpn., 9/01/24 2,620,000 1,153,141 GO, Capital Appreciation, Series C, NATL Insured, zero cpn., 9/01/25 4,655,000 1,900,916 GO, Capital Appreciation, Series C, NATL Insured, zero cpn., 9/01/26 6,080,000 2,316,602 GO, Election of 2006, Series B, Assured Guaranty, 5.375%, 2/01/34 12,000,000 12,188,040 GO, Election of 2006, Series C, FSA Insured, 5.50%, 8/01/39 7,500,000 7,636,200 Coronado CDA Tax Allocation, Community Development Project, NATL Insured, 5.375%, 9/01/26 2,700,000 2,675,187 Covina Public Financing Authority Wastewater Revenue, Assured Guaranty, 5.375%, 10/01/29 6,550,000 6,798,834 Cucamonga County Water District COP, NATL Insured, 5.00%, 9/01/29 5,070,000 5,073,143 Delano USD, COP, Refinancing Project, NATL Insured, 5.125%, 1/01/22 1,620,000 1,685,902 Desert Sands USD, COP, Financing Project, FSA Insured, 5.75%, 3/01/24 10,000,000 10,706,400 East Bay MUD Water System Revenue, Refunding, NATL Insured, Pre-Refunded, 5.00%, 6/01/26 14,000,000 14,728,140 East Side UHSD Santa Clara County GO, Election of 2008, Series A, Assured Guaranty, 5.00%, 8/01/38 4,255,000 4,197,600 Series F, FSA Insured, 5.00%, 8/01/35 19,000,000 18,917,540 EI Centro Financing Authority Wastewater Revenue, Series A, FSA Insured, 5.25%, 10/01/35 6,200,000 6,240,548 EI Monte UHSD, GO, Election of 2008, Series A, Assured Guaranty, 5.50%, 6/01/34 11,355,000 11,860,411 EI Monte Water Authority Revenue, Water System Project, AMBAC Insured, Pre-Refunded, 5.60%, 9/01/34 1,800,000 1,873,116
Franklin California Tax-Free Trust Franklin California Insured Tax-Free Income Fund STATEMENT OF INVESTMENTS, MARCH 31, 2010 (UNAUDITED) (CONTINUED) Elsinore Valley Municipal Water District COP, Refunding, Series A, BHAC Insured, 5.00%, 7/01/29 $ 7,245,000 $ 7,582,907 Escondido Joint Powers Financing Authority Lease Revenue, AMBAC Insured, 5.125%, 9/01/30 3,770,000 3,629,002 Eureka USD, GO, FSA Insured, 5.00%, 8/01/25 4,145,000 4,301,557 Fairfield Suisun USD, GO, Election of 2002, NATL Insured, 5.00%, 8/01/25 4,185,000 4,284,185 NATL Insured, 5.00%, 8/01/27 12,000,000 12,208,200 Florin Resource Conservation District COP, Elk Grove Water Service, Refunding, Series A, NATL Insured, 5.00%, 3/01/33 5,000,000 4,613,050 Folsom COP, Central Business District Fire Station, NATL Insured, 5.125%, 10/01/26 2,030,000 2,000,017 Foothill/Eastern Corridor Agency Toll Road Revenue, Capital Appreciation, Refunding, NATL Insured, zero cpn., 1/15/17 20,000,000 13,763,000 Capital Appreciation, Refunding, NATL Insured, zero cpn., 1/15/18 25,000,000 16,137,500 Capital Appreciation, Refunding, NATL Insured, zero cpn., 1/15/19 5,970,000 3,581,045 senior lien, Refunding, Series A, NATL Insured, 5.00%,1/01/35 66,735,000 57,952,007 (a) Fowler USD, GO, Election of 2004, Series C, FSA Insured, 5.25%, 8/01/39 3,555,000 3,611,382 Franklin-McKinley School District GO, Election of 2004, Series A, FGIC Insured, Pre-Refunded, 5.00%, 8/01/29 5,280,000 6,124,589 Fresno USD, GO, Refunding, Series C, NATL Insured, 5.90%, 2/01/20 2,065,000 2,246,101 8/01/22 3,000,000 3,282,750 Fullerton School District GO, Capital Appreciation, Series A, FGIC Insured, zero cpn., 8/01/23 3,030,000 1,429,584 Fullerton University Foundation Auxiliary Organization Revenue, Series A, NATL Insured, Pre- Refunded, 5.75%, 7/01/25 1,250,000 1,270,063 7/01/30 1,000,000 1,011,430 Glendora PFAR Tax Allocation, Project No.1, Refunding, Series A, NATL Insured, 5.00%, 9/01/24 5,000,000 4,825,550 Grossmont UHSD, GO, Capital Appreciation, Election of 2004, FSA Insured, zero cpn., 8/01/24 5,110,000 2,323,619 FSA Insured, 5.00%, 8/01/33 1,440,000 1,461,341 FSA Insured, 5.25%, 8/01/33 5,510,000 5,694,144 Hawthorne School District GO, Capital Appreciation, Election of 2004, Series C, Assured Guaranty, zero cpn., 8/01/38 10,000,000 1,484,700 Hawthorne School District, Assured Guaranty, 5.00%, 8/01/34 1,000,000 953,930 Hollister RDA Tax Allocation, Community Development Project, Refunding, AMBAC Insured, 5.125%, 10/01/32 19,815,000 17,029,407 (a) Huntington Beach UHSD, COP, Adult Education Project, FSA Insured, 5.25%, 9/01/39 2,000,000 1,982,140 Indian Wells Valley Water District COP, Assured Guaranty, 5.25%, 10/01/39 7,590,000 7,760,623 Refunding, Assured Guaranty, 5.125%, 10/01/32 1,690,000 1,723,699 Jefferson San Mateo County UHSD, GO, Refunding, Series A, NATL Insured, 6.45%, 8/01/25 3,045,000 3,467,250 8/01/29 3,075,000 3,497,905 Jurupa Community Services District Special Tax, CFD No.2, Series A, NATL Insured, 5.00%, 9/01/32 7,000,000 5,972,330 Jurupa USD, COP, FSA Insured, 5.625%, 9/01/24 1,600,000 1,631,632 Kern High School District GO, FSA Insured, ETM, 6.625%, 8/01/14 1,535,000 1,854,925 8/01/15 1,400,000 1,730,736 La Habra COP, Refunding, Series A, FSA Insured, 5.25%, 9/01/40 7,900,000 7,700,525 La Mirada RDA Tax Allocation, Merged Project Area, Refunding, Series A, FSA Insured, 5.00%, 8/15/28 1,855,000 1,854,889 Lake Tahoe USD, GO, Election of 2008, FSA Insured, 5.375%, 8/01/29 10,000,000 10,450,200 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 4,961,707 Lancaster School District GO, Capital Appreciation, Election of 1999, NATL Insured, zero cpn., 8/01/25 5,495,000 2,089,474 7/01/26 5,965,000 2,116,800 Lawndale RDA Tax Allocation, Economic Revitalization Project, Assured Guaranty, 5.50%, 8/01/44 6,085,000 6,010,398 Lemon Grove School District GO, Election of 2008, Series A, Assured Guaranty, 5.125%, 8/01/33 2,100,000 2,084,313 Live Oak School District COP, Assured Guaranty, 5.50%,8/01/29 1,245,000 1,288,949 5.875%, 8/01/34 2,270,000 2,366,520
Franklin California Tax-Free Trust Franklin California Insured Tax-Free Income Fund STATEMENT OF INVESTMENTS, MARCH 31, 2010 (UNAUDITED) (CONTINUED) 5.875%, 8/01/39 $ 2,750,000 $ 2,844,435 Lodi Electric System Revenue COP, Series A, Assured Guaranty, 5.00%, 7/01/32 18,960,000 18,933,266 Lodi USD, GO, NATL Insured, 5.00%, 8/01/23 2,150,000 2,203,793 Lodi USD School Facilities 10 No.1 GO, Election of 2006, FSA Insured, 5.00%, 8/01/30 6,450,000 6,576,226 8/01/32 8,220,000 8,289,623 Long Beach Bond Finance Authority Lease Revenue, Aquarium of the Pacific Project, Refunding, AMBAC Insured, 5.00%, 11/01/19 4,000,000 3,843,920 Aquarium of the Pacific Project, Refunding, AMBAC Insured, 5.00%, 11/01/26 11,000,000 9,793,190 Aquarium of the Pacific Project, Refunding, AMBAC Insured, 5.25%, 11/01/30 2,000,000 1,776,080 Public Safety Facilities Projects, AMBAC Insured, 5.00%, 11/01/26 6,780,000 6,079,829 Public Safety Facilities Projects, AMBAC Insured, 5.00%, 11/01/31 10,500,000 9,054,360 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 6,253,241 5.00%, 8/01/31 3,135,000 2,583,710 Pre-Refunded, 5.00%, 8/01/25 6,535,000 7,123,281 Pre-Refunded, 5.00%, 8/01/31 8,865,000 9,663,027 Long Beach USD, GO, Election of 1999, Series C, NATL Insured, 5.125%, 8/01/31 13,870,000 13,886,644 Los Angeles Community College District GO, Series A, NATL Insured, Pre-Refunded, 5.00%, 6/01/26 4,000,000 4,238,040 Series B, FSA Insured, 5.00%, 8/01/27 4,000,000 4,088,000 Los Angeles COP, Municipal Improvement Corp. of Los Angeles, Program AW Certificates, AMBAC Insured, 5.00%, 6/01/27 5,895,000 5,898,006 Real Property Program, NATL Insured, 5.00%, 2/01/27 9,890,000 9,901,176 Los Angeles County COP, Antelope Valley Courthouse, Series A, AMBAC Insured, Pre-Refunded, 5.25%, 11/01/27 2,500,000 2,569,625 11/01/33 2,500,000 2,569,625 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 7,117,172 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 5,131,550 Series B, Sub Series B-2, FSA Insured, 5.00%, 7/01/35 5,000,000 5,084,700 Los Angeles Wastewater System Revenue, Subordinated, Refunding, Series A, NATL Insured, 5.00%, 7/01/44 10,000,000 10,199,900 Los Angeles Mortgage Revenue, Refunding, Series I, NATL Insured, 6.50%, 7/01/22 675,000 675,655 Los Angeles USD, GO, Election of 2004, Series H, FSA Insured, 5.00%, 7/01/27 5,000,000 5,205,900 Election of 2004, Series H, FSA Insured, 5.00%, 7/01/28 5,000,000 5,183,850 Election of 2005, Series E, FSA Insured, 5.00%, 7/01/27 5,800,000 6,038,844 Los Angeles Wastewater System Revenue, Refunding, NATL Insured, 5.00%, 6/01/26 10,000,000 10,186,100 Lynwood PFA Tax Allocation, Project Area A, Refunding, Series A, FSA Insured, 5.85%, 9/01/18 1,765,000 1,786,251 Marin Municipal Water District COP, Financing Project, AMBAC Insured, 5.00%, 7/01/29 1,200,000 1,087,248 Mendocino County COP, Public Facilities Corp., NATL Insured, 5.25%, 6/01/30 2,680,000 2,653,522 Merced Irrigation District Electricity System Revenue, Refunding, XLCA Insured, 5.00%, 9/01/26 10,000,000 8,795,500 Millbrae COP, Police Department Expansion, AMBAC Insured, 5.875%, 3/01/24 1,025,000 1,034,112 Modesto Irrigation District COP, Capital Improvements, Series A, FSA Insured, 5.00%, 7/01/26 5,000,000 5,060,950 7/01/31 8,285,000 8,311,678 Montebello COP, Capital Improvement Project, Refunding, FSA Insured, 5.375%, 11/01/26 8,715,000 8,936,448 Montebello CRDA Tax Allocation, Montebello Hills Redevelopment Project, Refunding, NATL Insured, 5.60%, 3/01/19 2,460,000 2,460,049 Montebello USD, GO, Election of 2004, FSA Insured, 5.00%, 8/01/33 2,700,000 2,708,937 Moorpark USD, COP, Refunding, Assured Guaranty, 5.625%, 11/01/28 2,180,000 2,240,778 GO, Election of 2008, Capital Appreciation Bonds, Series A, Assured Guaranty, zero cpn., 8/01/32 5,870,000 1,414,083 Moreno Valley USD, GO, Election of 2004, Series A, FSA Insured, Pre-Refunded, 5.00%, 8/01/26 4,000,000 4,581,560 Morgan Hill USD, GO, FGIC Insured, Pre-Refunded, 5.50%, 8/01/25 3,840,000 3,942,566 Mount Diablo USD, GO, Election of 2002, FGIC Insured, 5.00%, 7/01/25 6,025,000 6,098,083
Franklin California Tax-Free Trust Franklin California Insured Tax-Free Income Fund STATEMENT OF INVESTMENTS, MARCH 31, 2010 (UNAUDITED) (CONTINUED) Murrieta Valley USD, COP, NATL Insured, 5.00%, 8/01/27 $ 2,380,000 $ 2,410,297 Natomas USD, GO, FSA Insured, 5.00%, 9/01/26 2,535,000 2,538,017 Nevada Joint UHSD, GO, Series A, FSA Insured, 5.00%, 8/01/26 1,295,000 1,323,050 Newark USD, GO, Capital Appreciation, Series C, FSA Insured, zero cpn., 8/01/22 2,165,000 1,143,964 8/01/23 2,465,000 1,221,161 8/01/24 2,560,000 1,195,443 8/01/25 2,705,000 1,190,633 Norco RDA Tax Allocation, Redevelopment Project Area No.1, NATL Insured, 5.625%, 3/01/30 1,000,000 1,000,030 Northern California Public Power Agency Revenue, AMBAC Insured, Pre-Refunded, 7.50%, 7/01/23 3,200,000 4,300,160 Oceanside COP, AMBAC Insured, 5.20%, 4/01/23 2,500,000 2,513,700 Oceanside USD, GO, Refunding, Series A, Assured Guaranty, 5.25%, 8/01/33 5,000,000 5,066,850 Orange County Sanitation Districts COP, FGIC Insured, 5.00%, 2/01/33 8,000,000 8,109,280 Pacifica COP, AMBAC Insured, 5.375%,1/01/37 6,600,000 6,722,694 Palm Springs Financing Authority Lease Revenue, Convention Center Project, Refunding, Series A, NATL Insured, 5.00%, 11/01/25 2,295,000 2,170,932 Pasadena Area Community College District GO, Election of 2002, Series A, FGIC Insured, Pre-Refunded, 5.00%, 6/01/28 4,000,000 4,466,200 Patterson Joint USD, GO, Capital Appreciation, Series A, FGIC Insured, zero cpn., 8/01/22 1,900,000 912,266 Series A, FGIC Insured, zero cpn., 8/01/24 2,075,000 860,482 Series A, FGIC Insured, zero cpn., 8/01/25 2,170,000 837,251 Series A, FGIC Insured, zero cpn., 8/01/26 2,265,000 812,070 Series C, FGIC Insured, zero cpn., 8/01/23 1,985,000 882,035 Peralta Community College District GO, Election of 2000, Series B, NATL Insured, 5.25%, 8/01/32 8,450,000 8,539,316 Election of 2006, Series B, FSA Insured, 5.00%, 8/01/24 6,000,000 6,311,040 Perris CFD No. 93-1 Special Tax, Series A, AMBAC Insured, 5.125%, 8/15/23 3,885,000 3,536,438 Plumas County COP, Capital Improvement Program, Series A, AMBAC Insured, 5.00%, 6/01/33 3,280,000 3,107,570 Pomona USD, GO, Election of 2008, Series A, Assured Guaranty, 5.25%, 8/01/33 5,675,000 5,695,316 Porterville COP, Sewer System Refinancing Project, Refunding, AMBAC Insured, 5.25%, 10/01/23 3,000,000 3,000,510 Poway RDA Tax Allocation, NATL Insured, Pre-Refunded, 5.75%, 6/15/33 9,250,000 9,765,780 Paguay Redevelopment Project, AMBAC Insured, 5.00%, 12/15/25 9,195,000 8,728,262 Refunding, NATL Insured, 5.75%, 6/15/33 2,225,000 2,193,961 Rancho Cucamonga RDA Tax Allocation, Rancho Redevelopment Project, Refunding, FSA Insured, 5.25%, 9/01/20 2,500,000 2,516,900 Redwood City School District GO, FGIC Insured, 5.00%, 7/15/27 3,000,000 3,007,440 Richmond Joint Powers Financing Authority Revenue, Lease, Civic Center Project, Refunding, Assured Guaranty, 5.875%, 8/01/37 24,000,000 25,309,440 Ripon RDA Tax Allocation, Community Redevelopment Project, NATL Insured, Pre-Refunded, 5.85%, 11/01/30 3,975,000 4,180,985 Riverside Electric Revenue, Issue D, FSA Insured, 5.00%, 10/01/38 5,310,000 5,386,995 Rohnert Park Community Development Commission Tax Allocation, Redevelopment Project, Series R, FGIC Insured, 5.00%, 8/01/37 5,000,000 4,302,100 Roseville Financing Authority Revenue, senior lien, Series A, AMBAC Insured, 5.00%, 9/01/25 5,675,000 5,144,785 Sacramento Area Flood Control Agency Special Assessment, Consolidated, Capital AD, Refunding, Series A, Assured Guaranty, 5.00%, 10/01/32 5,000,000 5,012,350 Subordinated, Capital AD No.2, FGIC Insured, 5.80%, 11/01/16 900,000 901,134 Sacramento City Financing Authority Revenue, Capital Improvement, Series A, AMBAC Insured, Pre-Refunded, 5.00%,12/01/26 8,395,000 8,831,624 Capital Improvement, Series A, AMBAC Insured, Pre-Refunded, 5.00%,12/01/32 21,500,000 22,618,215 City Hall and Redevelopment Projects, Series A, FSA Insured, Pre-Refunded, 5.00%, 12/01/28 10,000,000 11,041,700 Sacremento County Airport System Revenue, Senior Series B, Assured Guaranty, 5.50%, 7/01/34 16,320,000 17,156,400 Salida Area Public Facilities Financing Agency CFD No.1988-1 Special Tax, FSA Insured, 5.75%, 9/01/30 3,435,000 3,444,858 Salida USD, COP, Financing Project, AMBAC Insured, 5.375%, 5/01/26 1,645,000 1,645,148 San Bernardino City USD, GO, Election of 2004, Series B, FSA Insured, 5.00%, 8/01/28 10,000,000 10,115,600 San Bernardino County COP, 1997 Public Improvement Financing Project, NATL Insured, 5.25%, 10/01/25 5,450,000 5,314,676
Franklin California Tax-free Trust Franklin California Insured Tax-free Income Fund STATEMENT OF INVESTMENTS, MARCH 31, 2010 (UNAUDITED) (CONTINUED) San Bernardino County SFMR, Capital Appreciation, Series A, GNMA Secured, ETM, zero cpn., 5/01/22 $ 28,405,000 $ 15,288,991 San Diego Public Facilities Financing Authority Sewer Revenue, Series B, FGIC Insured, 5.25%, 5/15/27 1,270,000 1,270,191 San Francisco BART District Sales Tax Revenue, AMBAC Insured, 5.00%, 7/01/28 2,795,000 2,811,379 San Francisco City and County Airports Commission International Airport Revenue, Refunding, Second Series 28A, NATL Insured, 5.125%, 5/01/24 9,745,000 9,764,490 5/01/27 16,575,000 16,196,593 San Francisco City and County Public Utilities Commission Water Revenue, Refunding, Series A, FSA Insured, 5.00%, 11/01/31 3,885,000 3,949,336 San Francisco Community College District GO, Series A, FGIC Insured, 5.00%, 6/15/26 6,000,000 6,130,860 San Gabriel USD, GO, Capital Appreciation, Election of 2002, Series C, FSA Insured, zero cpn., 8/01/30 5,635,000 1,517,562 Election of 2002, Series C, FSA Insured, zero cpn., 8/01/31 5,870,000 1,459,165 Election of 2002, Series C, FSA Insured, zero cpn., 7/01/32 6,115,000 1,415,194 Series A, FSA Insured, zero cpn., 8/01/26 3,530,000 1,319,867 Series A, FSA Insured, zero cpn., 2/01/27 1,850,000 663,558 San Jacinto USD, COP, Refunding, FSA Insured, 5.125%, 9/01/30 4,375,000 4,383,531 San Joaquin Delta Community College District GO, Election of 2004, Capital Appreciation, Series B, FSA Insured, zero cpn., 8/01/31 10,475,000 2,757,125 Capital Appreciation, Series B, FSA Insured, zero cpn., 8/01/32 15,185,000 3,730,043 Series A, FSA Insured, 5.00%, 8/01/29 520,000 535,366 Series A, FSA Insured, Pre-Refunded, 5.00%, 8/01/29 4,530,000 5,254,619 San Joaquin Hills Transportation Corridor Agency Toll Road Revenue, Capital Appreciation, Refunding, Series A, NATL Insured, zero cpn., 1/15/26 13,155,000 3,805,084 Refunding, Series A, NATL Insured, 5.375%, 1/15/29 18,075,000 15,939,619 Refunding, Series A, NATL Insured, 5.25%, 1/15/30 12,860,000 11,032,594 senior lien, NATL Insured, 5.00%, 1/01/33 10,035,000 8,259,106 San Jose Airport Revenue, Refunding, Series B, AMBAC Insured, 5.00%, 3/01/33 12,135,000 11,732,846 San Jose Financing Authority Lease Revenue, Civic Center Project, Series B, AMBAC Insured, 5.00%, 6/01/27 10,000,000 10,176,900 San Jose MFHR, Sixth and Martha Family Apartments, FNMA Insured, 5.875%, 3/01/33 3,500,000 3,542,070 San Jose RDA Tax Allocation, Merged Area Redevelopment Project, Series B, XLCA Insured, 5.00%, 8/01/31 15,470,000 13,926,867 San Juan USD, GO, Election of 1998, Series A, NATL Insured, 5.00%, 8/01/28 5,115,000 5,130,140 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 5,582,489 5.80%, 10/01/30 7,800,000 8,172,216 San Marino USD, GO, Series A, NATL Insured, zero cpn., 7/01/25 6,080,000 2,544,358 San Mateo GO, Library Improvement Project, Series A, AMBAC Insured, 5.25%, 8/01/30 5,790,000 6,102,370 Santa Ana USD, COP, Capital Appreciation Financing Project, FSA Insured, zero cpn., 4/01/24 14,245,000 5,854,410 Santa Clara COP, Refunding, AMBAC Insured, 5.00%, 2/01/27 5,555,000 5,704,374 Santa Clara County Financing Authority Revenue, EI Camino, Series B, AMBAC Insured, 5.125%, 2/01/41 11,545,000 11,477,577 Santa Monica PFA Lease Revenue, Civic Center Parking Project, XLCA Insured, 5.00%, 7/01/33 11,050,000 11,238,844 Santa Rita USD, GO, Election of 2006, Series A, FSA Insured, 5.00%, 8/01/32 6,160,000 6,174,538 Santa Rosa Wastewater Revenue, Series B, FGIC Insured, Pre-Refunded, 5.125%, 9/01/31 4,000,000 4,138,200 Santa Rosa Wastewater Service Facilities District Revenue, Refunding and Improvement, AMBAC Insured, 6.00%, 7/02/15 2,000,000 2,203,820 Santee School District GO, Election of 2006, Series B, Assured Guaranty, 5.00%, 8/01/33 1,260,000 1,241,150 Election of 2006, Series B, Assured Guaranty, 5.00%, 8/01/38 1,000,000 964,710 Election of 2006, Series B, Assured Guaranty, 5.00%, 8/01/48 5,250,000 4,984,245 Series A, FSA Insured, 5.00%, 8/01/31 6,845,000 6,756,152 Snowline Joint USD, COP, Refinancing Project, Refunding, Assured Guaranty, 5.00%, 9/01/34 13,390,000 13,399,373 Sonoma CDA Tax Allocation, Redevelopment Project, NATL Insured, 5.70%, 12/01/30 3,455,000 3,025,785 South Gate COP, Series A, AMBAC Insured, 5.00%, 9/01/24 3,155,000 3,116,604 South San Francisco COP, Conference Center Financing, 5.00%, 4/01/29 2,000,000 2,013,440 Southern California Public Power Authority Power Project Revenue, Series A, AMBAC Insured, Pre-Refunded, 5.00%, 7/01/33 29,000,000 32,467,530 Southern Kern USD, COP, Capital Appreciation, Building Program, Series B, FSA Insured, 5.625%, 9/01/26 2,250,000 2,250,968 Southern Mono Health Care District GO, Series A, NATL Insured, 5.00%, 8/01/24 3,005,000 2,968,489
Franklin California Tax-free Trust Franklin California Insured Tax-free Income Fund STATEMENT OF INVESTMENTS, MARCH 31, 2010 (UNAUDITED) (CONTINUED) Southern Mono Health Care District Revenue, Capital Appreciation, Series A, NATL Insured, zero cpn., 8/01/28 $ 2,340,000 $ 664,513 8/01/29 2,440,000 636,132 8/01/30 2,550,000 618,554 8/01/31 2,660,000 601,479 Stanislaus County Board of Education COP, FSA Insured, 5.70%, 9/01/24 2,000,000 2,022,600 Stanislaus USD, GO, Election of 2008, Series A, Assured Guaranty, 5.625%, 8/01/33 4,140,000 4,321,166 Stockton Revenue COP, Wastewater System Project, Refunding, Series A, NATL Insured, 5.00%, 9/01/23 6,500,000 6,514,885 Susanville PFAR, NATL Insured, 5.70%, 6/01/30 3,000,000 3,009,960 Sweetwater UHSD, GO, Election of 2006, Series A, BHAC Insured, 5.00%, 8/01/38 14,980,000 15,090,552 Truckee PFA Tax Allocation Revenue, Truckee Redevelopment Project Loan, Series A, FSA Insured, 5.00%, 9/01/30 1,255,000 1,242,274 5.375%, 9/01/37 5,000,000 5,019,500 Turlock PFA Sewer Revenue, FGIC Insured, 5.50%, 9/15/29 6,855,000 6,886,944 Tustin CRDA Tax Allocation, Housing, FSA Insured, 5.00%, 9/01/30 2,125,000 2,092,849 5.25%, 9/01/39 3,250,000 3,197,220 Union Elementary School District GO, Capital Appreciation, Series A, FGIC Insured, zero cpn., 9/01/24 2,000,000 898,960 Series B, FGIC Insured, zero cpn., 9/01/25 5,500,000 2,296,965 Series B, FGIC Insured, zero cpn., 9/01/26 5,850,000 2,282,846 University of California Revenues, Limited Project, Series D, FGIC Insured, 5.00%, 5/15/37 6,460,000 6,467,300 Vacaville PFA Tax Allocation Revenue, Vacaville Redevelopment Projects, FSA Insured, 5.00%, 9/01/31 5,095,000 4,964,109 Val Verde USD, COP, Refunding, Series A, Assured Guaranty, 5.00%, 3/01/29 10,000,000 9,915,000 COP, Refunding, Series A, Assured Guaranty, 5.125%, 3/01/36 7,020,000 6,742,570 GO, Election of 2008, Refunding, Series B, FSA Insured, zero cpn., 8/01/34 1,000,000 478,800 Vista USD, GO, Capital Appreciation, Series A, FSA Insured, zero cpn., 8/01/26 7,150,000 2,759,400 Capital Appreciation, Series A, FSA Insured, zero cpn., 2/01/27 4,795,000 1,776,931 Series A, FSA Insured, 5.25%, 8/01/25 5,000,000 5,170,450 Washington Township Health Care District Revenue, Refunding, 5.00%, 7/01/18 2,000,000 2,009,360 5.125%, 7/01/23 450,000 443,799 Washington USD, GO, Yolo County, Election of 1999, Series A, FGIC Insured, 5.375%, 8/01/25 2,045,000 2,104,346 Weaver USD, GO, Election of 2006, Series C, AMBAC Insured, zero cpn., 8/01/47 18,685,000 1,387,548 West Basin Municipal Water District Revenue COP, Refunding, Series A, NATL Insured, 5.00%, 8/01/24 2,500,000 2,583,125 West Contra Costa USD, GO, Refunding, Assured Guaranty, 5.25%, 8/01/29 2,500,000 2,542,200 Series A, FSA Insured, 5.00%, 8/01/35 20,000,000 19,494,000 West Kern Community College District COP, AMBAC Insured, 5.375%, 11/01/28 5,615,000 5,899,849 Western Placer USD Financing Corp. COP, FSA Insured, Pre-Refunded, 5.55%, 11/01/30 6,930,000 7,605,814 Western Riverside County Water and Wastewater Finance Authority Revenue, Western Municipal Water District Improvement, Assured Guaranty, 5.50%, 9/01/34 1,750,000 1,816,238 5.625%, 9/01/39 2,500,000 2,596,925 Westlands Water District Revenue COP, NATL Insured, 5.00%, 9/01/29 11,775,000 11,895,458 Series A, NATL Insured, 5.00%, 9/01/37 4,340,000 4,195,304 Woodland Finance Authority Lease Revenue, Capital Projects, Refunding, XLCA Insured, 5.00%, 3/01/32 6,340,000 6,405,556 Woodland Finance Authority Wastewater Revenue, second senior lien, NATL Insured, 5.00%, 3/01/33 1,370,000 1,342,477 3/01/35 2,590,000 2,507,457 Woodside Elementary School District GO, Election of 2005, NATL Insured, Pre-Refunded, 5.00%, 10/01/29 4,435,000 5,132,448 Yosemite Community College District GO, Election of 2004, Series C, FSA Insured, 5.00%, 8/01/32 5,000,000 5,098,500 -------------- TOTAL MUNICIPAL BONDS BEFORE SHORT TERM INVESTMENTS (COST $2,112,499,413) 2,119,296,472 --------------
Franklin California Tax-free Trust Franklin California Insured Tax-free Income Fund STATEMENT OF INVESTMENTS, MARCH 31, 2010 (UNAUDITED) (CONTINUED) SHORT TERM INVESTMENTS 0.2% MUNICIPAL BONDS 0.2% CALIFORNIA 0.2% (b) California Infrastructure and Economic Development Bank Revenue, Contemporary Jewish Museum, Daily VRDN and Put, 0.28%, 12/01/36 $ 270,000 $ 270,000 (b) California PCFA, PCR, Pacific Gas and Electric Co., Refunding, Series C, Daily VRDN and Put, 0.30%, 11/01/26 100,000 100,000 (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 2,000,000 2,000,000 (b) California State Economic Recovery GO, Series C-4, Daily VRDN and Put, 0.27%, 7/01/23 2,000,000 2,000,000 (b) Irvine 1915 Act Special Assessment, Limited Obligation, AD No. 93-14, Daily VRDN and Put, 0.26%, 9/02/25 300,000 300,000 -------------- TOTAL SHORT TERM INVESTMENTS (COST $4,670,000) 4,670,000 -------------- TOTAL INVESTMENTS (COST $2,117,169,413) 99.5% 2,123,966,472 OTHER ASSETS, LESS LIABILITIES 0.5% 11,337,337 -------------- NET ASSETS 100.0% $2,135,303,809 ==============
(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, MARCH 31, 2010 (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 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, MARCH 31, 2010 (UNAUDITED)
PRINCIPAL AMOUNT VALUE ------------- -------------- MUNICIPAL BONDS 96.0% CALIFORNIA 90.2% ABAG Finance Authority for Nonprofit Corps. COP, Rhoda Haas Goldman Plaza, California Mortgage Insured, 5.125%, 5/15/15 $ 2,655,000 $ 2,656,805 ABAG Finance Authority for Nonprofit Corps. Revenue, San Diego Hospital Assn., Series C, 5.125%, 3/01/18 2,490,000 2,512,335 5.25%, 3/01/19 2,315,000 2,337,618 ABAG Revenue, Refunding, Series A-E, 5.40%, 9/15/14 1,320,000 1,350,901 ABAG Water and Wastewater Revenue, Pooled Financing Program, Refunding, Series A, FSA Insured, 5.00%,10/01/10 670,000 677,638 Alameda Corridor Transportation Authority Revenue, Capital Appreciation, sub. lien, Refunding, Series A, AMBAC Insured, zero cpn., 10/01/17 10,000,000 6,552,600 Alameda-Contra Costa Transit District COP, Refunding, AMBAC Insured, 4.375%, 8/01/14 1,330,000 1,356,214 Antelope Valley UHSD, GO, Series A, NATL Insured, 4.50%, 8/01/13 1,230,000 1,314,267 4.625%, 8/01/14 1,250,000 1,328,850 Arcadia USD, GO, Capital Appreciation, Election of 2006, Series A, FSA Insured, zero cpn., 8/01/22 4,065,000 2,033,516 Bakersfield Hospital Revenue, Adventist Health System, Refunding, NATL Insured, 5.50%, 3/01/19 11,210,000 11,567,599 Baldwin Park USD, GO, Capital Appreciation, Election of 2006, FSA Insured, zero cpn., 8/01/24 5,265,000 2,312,177 Banning Utility Authority Water Enterprise Revenue, Refunding and Improvement Projects, NATL Insured, 5.00%,11/01/21 1,080,000 1,101,762 Bay Area Toll Authority Toll Bridge Revenue, San Francisco Bay Area, Refunding, Series F, 5.00%,4/01/24 3,000,000 3,179,580 Burbank Electric Revenue, NATL Insured, 4.00%, 6/01/11 1,000,000 1,035,230 6/01/12 1,000,000 1,056,030 Burbank USD, GO, Capital Appreciation, Election of 1997, Series C, NATL Insured, 4.00%, 8/01/12 2,500,000 2,614,250 zero cpn., 8/01/15 4,600,000 3,794,862 zero cpn., 8/01/16 4,670,000 3,582,357 Burbank Water and Power Electric Revenue, NATL Insured, 4.00%, 6/01/11 5,045,000 5,051,558 California Educational Facilities Authority Revenue, Stanford University, Refunding, Series R, 4.00%, 11/01/11 1,000,000 1,049,800 California Health Facilities Financing Authority Revenue, Catholic Healthcare West, Series K, 5.125%, 7/01/22 20,000,000 20,765,000 Cedars-Sinai Medical Center, Refunding, 5.00%, 11/15/19 2,000,000 2,085,220 Kaiser Permanente, Series B, ETM, 5.25%, 10/01/13 5,000,000 5,025,000 Kaiser Permanente, Series B, ETM, 5.25%, 10/01/14 2,000,000 2,010,000 Kaiser Permanente, Series B, ETM, 5.25%, 10/01/16 3,850,000 3,869,250 Paradise Valley Estates, Refunding, California Mortgage Insured, 5.00%, 1/01/11 1,480,000 1,506,551 Paradise Valley Estates, Refunding, California Mortgage Insured, 4.375%,1/01/12 1,000,000 1,028,190 Paradise Valley Estates, Refunding, California Mortgage Insured, 5.00%,1/01/13 1,815,000 1,902,773 Paradise Valley Estates, Refunding, California Mortgage Insured, 5.00%,1/01/14 1,635,000 1,703,147 Providence Health and Services, Series C, 5.75%,10/01/19 1,440,000 1,625,342 Providence Health and Services, Series C, 6.00%, 10/01/20 1,500,000 1,701,375 Scripps Health, Series A, 5.00%, 10/01/22 4,600,000 4,777,146 The Episcopal Home, California Mortgage Insured, 4.625%, 2/01/12 1,350,000 1,395,792 The Episcopal Home, California Mortgage Insured, 4.75%, 2/01/13 1,200,000 1,233,852 California HFA, SFM Purchase Revenue, Class III, Series A-1, NATL Insured, 5.70%, 8/01/11 75,000 75,101 California Municipal Finance Authority COP, Community Hospitals of Central California, 5.00%, 2/01/18 4,390,000 4,281,567 5.00%, 2/01/19 3,860,000 3,705,407 5.00%,2/01/20 1,600,000 1,513,072 5.00%,2/01/21 1,600,000 1,494,400 Refunding, 5.00%, 2/01/14 1,765,000 1,808,613 Refunding, 5.00%, 2/01/17 4,025,000 3,981,248 Refunding, 5.00%, 2/01/19 2,590,000 2,512,559 California Municipal Finance Authority Revenue, Kern Regional Center Project, Series A, 6.00%, 5/01/19 1,500,000 1,637,955 Kern Regional Center Project, Series A, 6.875%, 5/01/25 1,500,000 1,613,490 Loma Linda University, 5.00%, 4/01/24 1,180,000 1,202,975
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, MARCH 31, 2010 (UNAUDITED) (CONTINUED) California State Department of Water Resources Power Supply Revenue, Power Supply, Refunding, Series H, FSA Insured, 5.00%, 5/01/22 $ 5,000,000 $ 5,493,650 Power Supply, Refunding, Series H, 5.00%, 5/01/22 7,400,000 8,076,434 Power Supply, Series H, FSA Insured, 5.00%, 5/01/17 10,420,000 11,880,884 Series A, 5.50%, 5/01/12 2,000,000 2,187,760 Series A, Pre-Refunded, 5.125%, 5/01/18 2,500,000 2,742,775 California State Department of Water Resources Water Revenue, Central Valley Project, Refunding, Series AE, 5.00%, 12/01/26 5,000,000 5,431,650 California State Economic Recovery GO, Series A, 5.00%,7/01/15 6,115,000 6,723,076 Pre-Refunded, 5.00%, 7/01/15 4,555,000 5,204,862 California State GO, 5.25%, 6/01/16 515,000 517,209 Pre-Refunded, 5.00%, 11/01/12 1,320,000 1,410,156 Refunding, 5.00%, 11/01/12 590,000 622,757 Refunding, NATL Insured, 5.00%, 2/01/18 5,000 5,009 California State Public Works Board Lease Revenue, Department of Corrections and Rehabilitation, Refunding, Series J, 5.00%, 1/01/21 3,000,000 2,963,010 Department of Forestry and Fire Protection, Series A, 4.875%, 10/01/18 1,325,000 1,328,697 Department of General Services, Buildings 8 and 9, Series A, 5.75%, 4/01/23 4,000,000 4,167,960 Department of General Services, Buildings 8 and 9, Series A, 6.00%, 4/01/24 6,605,000 6,917,681 Trustees of California State University, Series J, 5.50%,11/01/25 4,725,000 4,812,790 Trustees of California State University, Series J, 5.50%,11/01/26 1,000,000 1,013,320 (a) Various Capital Projects, Series A, Sub Series A-1, 5.25%, 3/01/22 7,475,000 7,454,892 Various Capital Projects, Series G, Sub Series G-1, 5.25%, 10/01/18 5,605,000 5,790,918 Various Capital Projects, Series G, Sub Series G-1, 5.00%, 10/01/20 6,405,000 6,368,812 Various Capital Projects, Series G, Sub Series G-1, 5.125%, 10/01/22 14,555,000 14,350,502 California Statewide CDA, COP, Sl. Joseph Health System Obligation Group, 5.25%, 7/01/11 1,005,000 1,012,779 MFHR, 740 Olive Street, Series L, GNMA Secured, 4.25%, 7/20/24 3,540,000 3,487,608 MFHR, 740 Olive Street, Series L, GNMA Secured, 4.55%, 7/20/29 4,110,000 3,971,370 California Statewide CDA Revenue, CHF-Irvine LLC, UCI East Campus Apartments, Phase II, 6.00%, 5/15/23 10,000,000 10,804,600 Daughters of Charity Health, Refunding, Series A, 5.25%, 7/01/24 3,670,000 3,455,488 Daughters of Charity Health, Refunding, Series G, 5.25%, 7/01/13 1,000,000 1,040,300 Enloe Medical Center, Series A, California Mortgage Insured, 5.50%, 8/15/23 3,000,000 3,050,010 Health Facility, Los Angeles Jewish Home for the Aging, California Mortgage Insured, 5.00%, 11/15/18 3,000,000 3,026,430 Lodi Memorial Hospital, Series A, California Mortgage Insured, 5.00%, 12/01/22 8,000,000 7,874,320 Methodist Hospital of Southern California Project, FHA Insured, 5.50%, 8/01/18 3,260,000 3,701,697 Methodist Hospital of Southern California Project, FHA Insured, 5.50%, 2/01/19 3,405,000 3,837,844 Methodist Hospital of Southern California Project, FHA Insured, 5.50%, 8/01/19 3,450,000 3,909,367 Mission Community, California Mortgage Insured, 4.40%, 11/01/10 1,100,000 1,112,166 Mission Community, California Mortgage Insured, 4.50%, 11/01/11 1,145,000 1,169,492 Viewpoint School, Refunding, ACA Insured, 4.50%,10/01/17 460,000 461,665 Viewpoint School, Refunding, ACA Insured, 4.75%, 10/01/18 480,000 482,304 Castaic Lake Water Agency Revenue COP, Water System Improvement Project, Capital Appreciation, AMBAC Insured, zero cpn., 8/01/22 10,445,000 5,257,909 Cathedral City 1915 Act Special Assessment, Limited Obligation, Cove 10 No. 04-02, 5.00%, 9/02/24 975,000 902,177 Cerritos PFAR Tax Allocation, Redevelopment Project, Refunding, Series A, AMBAC Insured, 3.00%, 11/01/11 2,585,000 2,600,768 Clovis MFR, Mandatory Put 11/01/10, Refunding, FNMA Insured, 5.10%, 11/01/30 4,105,000 4,160,541 Clovis USD, GO, Capital Appreciation, Election of 2004, Series A, NATL Insured, zero cpn., 8/01/17 5,235,000 3,787,837 Coalinga COP, Custody Facility, Refunding, 4.25%, 4/01/10 1,000,000 1,000,000 Compton Public Finance Authority Lease Revenue, Various Capital Projects, Refunding, AMBAC Insured, 5.00%, 9/01/22 15,190,000 15,272,026 Conejo Valley USD, GO, Election of 1998, Series C, FSA Insured, zero cpn., 8/01/17 2,500,000 1,808,900 Series 0, NATL Insured, 4.50%, 8/01/19 4,000,000 4,081,600 Contra Costa Community College District GO, Election of 2002, NATL Insured, 4.75%, 8/01/18 2,450,000 2,549,200 Corona-Norco USD, PFA Special Tax Revenue, Series A, 5.25%, 9/01/25 2,235,000 2,080,629 (a) Cupertino USD, GO, Refunding, 5.00%, 8/01/22 1,690,000 1,856,854 8/01/23 2,000,000 2,176,140
Franklin California Tax-Free Trust Franklin California Intermediate-Term Tax-Free Income Fund STATEMENT OF INVESTMENTS, MARCH 31, 2010 (UNAUDITED) (CONTINUED) Desert Sands USD, COP, Financing Project, FSA Insured, 5.00%, 3/01/19 $ 2,090,000 $ 2,175,690 GO, Election of 2001,5.25%,8/01/21 2,015,000 2,208,077 Fairfax School District GO, Election of 2000, Series A, FGIC Insured, 5.00%, 11/01/17 760,000 823,445 Fairfield-Suisun Sewer District Sewer Revenue, Refunding, Series A, FGIC Insured, 5.00%, 5/01/12 600,000 607,974 Folsom PFA Lease Revenue, City Hall and Community Center, Refunding, FSA Insured, 5.00%,10/01/17 1,275,000 1,340,777 Foothill/Eastern Corridor Agency Toll Road Revenue, Refunding, NATL Insured, 5.00%, 1/15/16 1,000,000 1,000,090 Fresno Joint Powers Financing Authority Lease Revenue, Master Lease Projects, Series A, 5.25%,4/01/22 1,055,000 1,076,195 5.50%,4/01/23 1,070,000 1,104,433 5.625%, 4/01/24 1,110,000 1,149,960 5.75%,4/01/25 1,125,000 1,169,775 Galt Capital Improvements Authority Lease Revenue, Culture and Recreation Improvement Project, 5.00%, 4/01/12 1,500,000 1,510,170 Galt Middle School Joint Powers Authority Special Tax, CFD No.1, Refunding, 5.40%, 9/01/12 1,235,000 1,253,574 Garden Grove Agency Community Development Tax Allocation, Garden Grove Community Project, Refunding, AMBAC Insured, 4.25%, 10/01/13 2,025,000 2,083,138 Golden State Tobacco Securitization Corp. Tobacco Settlement Revenue, Asset-Backed, ETM, 5.00%, 6/01/12 1,500,000 1,622,085 Hayward USD, GO, Election of 2008, 5.00%, 8/01/26 4,770,000 4,738,136 Huntington Beach PFAR, Lease Capital Improvement Refinancing Project, Refunding, Series B, AMBAC Insured, 4.125%,8/01/14 2,140,000 2,233,668 4.25%, 8/01/15 2,080,000 2,162,701 Inland Empire Solid Waste Financing Authority Revenue, Landfill Improvement Financing Project, Series B, FSA Insured, ETM, 6.25%, 8/01/11 300,000 307,707 Inland Empire Tobacco Asset Securitization Corp. Revenue, Series A, 5.00%, 6/01/21 6,395,000 5,109,285 Irvine 1915 Act Special Assessment, Limited Obligation, AD No. 00-18, Group 2, 4.375%, 9/02/10 885,000 889,691 AD No. 00-18, Group 2,4.70%,9/02/12 1,475,000 1,513,866 AD No. 00-18, Group 2, 4.80%, 9/02/13 1,175,000 1,206,196 AD No. 00-18, Group 2, 5.125%, 9/02/17 1,705,000 1,705,102 AD No. 00-18, Group 3,4.75%,9/02/15 1,000,000 1,017,560 AD No. 00-18, Group 3, 5.00%, 9/02/17 1,000,000 992,630 AD No. 03-19, Group 2, Refunding, 4.875%, 9/02/16 1,000,000 1,004,080 AD No. 03-19, Group 2, Refunding, 5.00%, 9/02/18 1,000,000 981,800 AD No. 03-19, Group 2, Refunding, 5.125%, 9/02/19 1,000,000 976,280 Irvine USD Financing Authority Special Tax, Series A, 4.70%,9/01/15 1,040,000 1,053,322 4.80%, 9/01/17 1,325,000 1,303,085 4.875%, 9/01/18 1,490,000 1,450,381 5.00%,9/01/20 1,095,000 1,042,834 Lake Elsinore School Financing Authority Revenue, Refunding, 6.00%, 9/01/11 530,000 531,945 Lancaster RDA Tax Allocation, Combine Redevelopment Project Areas, 6.00%, 8/01/24 1,300,000 1,358,357 Loma Linda Hospital Revenue, Loma Linda University Medical Center, Series A, 5.00%, 12/01/19 5,000,000 4,839,750 Long Beach Bond Finance Authority Natural Gas Purchase Revenue, Series A, 5.00%, 11/15/17 3,950,000 4,127,631 Los Angeles Convention and Exhibition Center Authority Lease Revenue, Refunding, Series A, 5.00%, 8/15/20 20,000,000 21,145,800 AMBAC Insured, 3.00%, 8/15/12 4,525,000 4,675,230 Los Angeles County MTA Sales Tax Revenue, Proposition C, Refunding, Senior Series A, 5.25%,7/01/23 15,000,000 16,829,400 (a) Los Angeles Department of Airports Airport Revenue, Senior, Los Angeles International Airport, Refunding, Series A, 5.00%, 5/15/25 10,000,000 10,619,100 Los Angeles USD, GO, Election of 2004, Series F, FGIC Insured, 5.00%, 7/01/21 5,975,000 6,321,789 Refunding, NATL Insured, 5.25%, 7/01/13 3,500,000 3,908,275 Refunding, Series A-1, FGIC Insured, 5.00%, 7/01/25 6,265,000 6,486,092 Refunding, Series A-2, FGIC Insured, 5.00%, 7/01/22 5,000,000 5,248,400 M-S-R Public Power Agency San Juan Project Revenue, Refunding, Series I, NATL Insured, 4.25%,7/01/11 5,055,000 5,254,369 5.00%,7/01/18 1,000,000 1,020,010
Franklin California Tax-Free Trust Franklin California Intermediate-Term Tax-Free Income Fund STATEMENT OF INVESTMENTS, MARCH 31, 2010 (UNAUDITED) (CONTINUED) 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 $ 3,520,462 3.95%,11/15/36 1,405,000 1,428,028 Montebello USD, GO, Capital Appreciation, FGIC Insured, zero cpn., 8/01/18 1,455,000 960,882 8/01/19 1,480,000 905,656 Moreno Valley USD, GO, Capital Appreciation, Refunding, NATL Insured, zero cpn., 8/01/24 7,500,000 3,155,100 Election of 2004, Series A, FSA Insured, Pre-Refunded, 5.00%, 8/01/17 2,000,000 2,290,780 Election of 2004, Series A, FSA Insured, Pre-Refunded, 5.00%, 8/01/18 2,300,000 2,634,397 Nevada County COP, Refunding, NATL Insured, 4.125%, 10/01/12 1,040,000 1,048,580 Northern California Power Agency Revenue, Geothermal Project No.3, Series A, 5.00%,7/01/23 2,000,000 2,121,320 5.25%,7/01/24 2,000,000 2,148,160 Oakland USD Alameda County GO, 6.50%, 8/01/23 2,200,000 2,400,420 Orange County CFD No. 2002-1 Special Tax, Ladera Ranch, Series A, 4.60%, 8/15/14 1,000,000 1,003,490 4.75%, 8/15/15 1,000,000 1,001,270 4.90%, 8/15/16 1,285,000 1,269,747 Orange County CFD No. 2003-1 Special Tax, Ladera Ranch, Series A, 4.90%, 8/15/17 1,000,000 989,600 5.10%, 8/15/18 1,000,000 997,920 Orange County CFD No. 2004-1 Special Tax, Ladera Ranch, Series A, 4.70%, 8/15/18 1,765,000 1,652,164 4.80%, 8/15/19 1,945,000 1,803,248 4.85%, 8/15/20 2,000,000 1,843,200 Orange County CFD No. 86-2 Special Tax, Rancho Santa Margarita, Refunding, Series A, 5.375%,8/15/12 1,500,000 1,509,105 Oroville Hospital Revenue, Oroville Hospital, Series A, California Mortgage Insured, 5.125%, 12/01/12 1,435,000 1,435,387 Oxnard Harbor District Revenue, Series A, 5.10%, 8/01/14 1,000,000 984,580 Pacifica COP, AMBAC Insured, 5.00%, 1/01/22 1,275,000 1,335,690 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 7,345,027 Refunding, NATL Insured, 4.75%, 8/01/18 1,050,000 1,039,280 Palo Verde Community College District COP, AMBAC Insured, 5.00%, 1/01/22 1,015,000 1,059,914 1/01/23 1,065,000 1,106,450 1/01/24 1,070,000 1,106,669 Pomona RDA Tax Allocation, Mountain Meadows Redevelopment Project, Refunding, Series X, 5.35%,12/01/16 1,000,000 1,061,320 Rancho Mirage Joint Powers Financing Authority Revenue, Eisenhower Medical Center, Series A, 5.00%, 7/01/16 1,420,000 1,482,466 7/01/21 1,695,000 1,683,372 Redlands USD, GO, Election of 2002, FSA Insured, 5.00%, 7/01/19 1,000,000 1,052,350 Richmond Joint Powers Financing Authority Revenue, Lease, Civic Center Project, Refunding, Assured Guaranty, 5.00%, 8/01/19 2,010,000 2,176,368 Lease, Civic Center Project, Refunding, Assured Guaranty, 5.00%, 8/01/20 2,315,000 2,478,601 Lease, Civic Center Project, Refunding, Assured Guaranty, 5.00%, 8/01/21 2,050,000 2,176,915 Multiple Redevelopment Projects, Series B, ETM, 5.35%, 5/15/13 1,410,000 1,476,862 Riverside County COP, Capital Improvement, Family Law, Refunding, Series A, FGIC Insured, 5.00%,11/01/18 1,540,000 1,625,609 Riverside USD, GO, Election of 2001, Series A, FGIC Insured, 4.00%, 2/01/13 1,000,000 1,049,970 Sacramento County COP, Refunding, 5.125%, 2/01/21 3,460,000 3,385,299 5.375%, 2/01/23 3,400,000 3,345,634 5.50%,2/01/25 3,770,000 3,717,145 San Bernardino County COP, Arrowhead Project, Refunding, Series A, 5.25%, 8/01/26 15,000,000 14,661,300 San Francisco City and County Airports Commission International Airport Revenue, Issue 340, Refunding, Second Series, 5.25%, 5/01/26 5,425,000 5,712,579 Mandatory Put 5/01/19, Refunding, Second Series, 6.50%, 5/01/19 2,000,000 2,170,880 San Francisco City and County COP, Multiple Capital Improvement Project, Series A, 5.00%, 4/01/24 8,400,000 8,695,008 San Francisco City and County GO, Clean and Safe Parks, Series B, 4.75%, 6/15/19 2,610,000 2,934,266
Franklin California Tax-Free Trust Franklin California Intermediate-Term Tax-Free Income Fund STATEMENT OF INVESTMENTS, MARCH 31, 2010 (UNAUDITED) (CONTINUED) 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 $ 1,047,010 Mission Bay South Redevelopment, Series D, 5.50%, 8/01/19 1,030,000 1,071,025 Mission Bay South Redevelopment, Series D, 6.25%, 8/01/21 1,000,000 1,063,770 Mission Bay South Redevelopment, Series D, 6.25%, 8/01/23 1,000,000 1,071,340 Mission Bay South Redevelopment, Series D, 6.00%, 8/01/25 1,465,000 1,542,821 Mission Bay South Redevelopment, Series D, 6.125%, 8/01/26 1,550,000 1,623,207 San Joaquin County COP, General Hospital Project, Refunding, NATL Insured, 5.00%, 9/01/17 1,000,000 1,006,550 Solid Waste System Facilities Projects, NATL Insured, 5.00%, 4/01/17 1,340,000 1,365,634 San Joaquin Hills Transportation Corridor Agency Toll Road Revenue, Capital Appreciation, Refunding, Series A, 5.60%, 1/15/16 3,000,000 3,075,480 NATL Insured, zero cpn., 1/15/26 19,000,000 5,495,750 San Jose RDA Tax Allocation, Merged Area Redevelopment Project, Series B, XLCA Insured, 5.00%,8/01/26 8,000,000 7,620,160 San Marcos Public Facilities Authority Revenue, Senior Tax Increment Project Area 3, Series A, NATL Insured, Pre-Refunded, 5.30%, 10/01/11 350,000 365,131 Sanger USD, GO, Election of 2006, Series A, FSA Insured, 5.00%, 8/01/19 1,325,000 1,391,104 8/01/20 1,510,000 1,579,958 Santa Ana USD, GO, Election of 1999, Series B, FGIC Insured, zero cpn., 8/01/14 3,125,000 2,721,094 Election of 2008, Series A, 5.25%, 8/01/25 2,000,000 2,097,340 Santa Clara 1915 Act, Reassessment District 187, Refunding, Series 1, 5.25%, 9/02/11 740,000 747,592 Santa Monica-Malibu USD, COP, Series C, NATL Insured, 4.00%, 5/01/12 525,000 539,149 4.25%, 5/01/14 840,000 858,631 4.25%, 5/01/15 875,000 890,488 4.25%, 11/01/15 670,000 681,504 South Bayside Waste Management Authority Solid Waste Enterprise Revenue, Shoreway Environmental, Series A, 5.25%, 9/01/24 3,500,000 3,546,480 South County Regional Wastewater Authority Revenue, Regional Wastewater Facilities Project, Refunding, FSA Insured, 3.25%, 8/01/11 1,000,000 1,026,740 South Gate PFA Tax Allocation Revenue, South Gate Redevelopment Project No.1, XLCA Insured, 5.00%, 9/01/16 1,490,000 1,501,041 Southern California Public Power Authority Natural Gas Project Revenue, Project No.1, Series A, 5.25%, 11/01/19 1,500,000 1,579,485 Stockton Revenue, O'Connor Woods Housing Corp., Series A, 5.375%, 11/01/11 440,000 449,772 Tobacco Securitization Authority Northern California Tobacco Settlement Revenue, Asset-Backed Bonds, Series B, ETM, 4.50%, 6/01/11 1,540,000 1,610,347 Pre-Refunded, 4.60%, 6/01/12 1,760,000 1,842,421 Pre-Refunded, 4.70%, 6/01/13 1,500,000 1,571,955 Pre-Refunded, 4.80%, 6/01/14 725,000 760,612 Torrance Hospital Revenue, Torrance Memorial Medical Center, Series A, 5.10%, 6/01/12 1,000,000 1,033,470 Tuolumne Wind Project Authority Revenue, Tuolumne Co. Project, Series A, 5.25%, 1/01/24 5,000,000 5,297,700 Tustin CRDA Tax Allocation, Housing, FSA Insured, 5.00%, 9/01/24 1,000,000 1,022,760 9/01/25 1,000,000 1,017,000 West Contra Costa USD, GO, Series B, FSA Insured, 4.00%, 8/01/12 1,875,000 1,949,325 West Kern Community College District COP, AMBAC Insured, 5.00%,11/01/20 1,015,000 1,056,585 5.00%, 11/01/21 1,065,000 1,116,376 5.00%,11/01/22 1,115,000 1,164,729 5.125%,11/01/23 1,170,000 1,218,099 5.125%,11/01/24 1,230,000 1,293,050 Whittier Health Facility Revenue, Presbyterian Intercommunity Hospital, ETM, 5.00%, 6/01/11 1,060,000 1,112,608 ETM, 5.00%, 6/01/12 2,225,000 2,408,585 Pre-Refunded, 5.00%, 6/01/13 2,335,000 2,550,450 Whittier UHSD, GO, Capital Appreciation Bonds, Refunding, zero cpn., 8/01/24 7,755,000 3,353,960 8/01/26 10,045,000 3,779,632
Franklin California Tax-Free Trust Franklin California Intermediate-Term Tax-Free Income Fund STATEMENT OF INVESTMENTS, MARCH 31, 2010 (UNAUDITED) (CONTINUED) Yucaipa Valley Water District Water System Revenue COP, Series A, NATL Insured, 5.00%, 9/01/15 $1,080,000 $ 1,165,655 5.25%,9/01/20 1,325,000 1,373,336 -------------- 674,137,035 -------------- U.S. TERRITORIES 5.8% GUAM 0.3% Guam Government Limited Obligation Revenue, Section 30, Series A, 5.25%, 12/01/17 2,305,000 2,486,911 -------------- PUERTO RICO 5.5% Puerto Rico Commonwealth GO, Public Improvement, FSA Insured, 5.25%, 7/01/16 2,500,000 2,718,250 Puerto Rico Electric Power Authority Power Revenue, Refunding, Series UU, FSA Insured, 5.00%, 7/01/23 5,000,000 5,269,400 Series RR, FGIC Insured, 5.00%, 7/01/21 5,000,000 5,145,700 Series WW, 5.375%, 7/01/23 5,000,000 5,273,300 Puerto Rico PBA Guaranteed Revenue, Government Facilities, Refunding, Series M-3, NATL Insured, 6.00%, 7/01/23 11,645,000 12,515,813 Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, first sub., Series A, 5.00%, 8/01/24 10,000,000 10,254,000 -------------- 41,176,463 -------------- TOTAL U.S. TERRITORIES 43,663,374 -------------- TOTAL MUNICIPAL BONDS BEFORE SHORT TERM INVESTMENTS (COST $707,549,337) 717,800,409 -------------- SHORT TERM INVESTMENTS 5.8% MUNICIPAL BONDS 5.8% CALIFORNIA 5.8% (b) California Infrastructure and Economic Development Bank Revenue, Contemporary Jewish Museum, Daily VRDN and Put, 0.28%, 12/01/36 6,800,000 6,800,000 (b) California PCFA, PCR, Pacific Gas and Electric Co., Refunding, Series C, Daily VRDN and Put, 0.30%, 11/01/26 1,475,000 1,475,000 Series F, Daily VRDN and Put, 0.27%, 11/01/26 7,500,000 7,500,000 (b) California State Department of Water Resources Power Supply Revenue, Series B, Sub Series B-1, Daily VRDN and Put, 0.27%, 5/01/22 5,500,000 5,500,000 (b) California State Economic Recovery GO, Series C-4, Daily VRDN and Put, 0.27%, 7/01/23 11,200,000 11,200,000 (b) California Statewide CDA Revenue, Los Angeles County Museum Art Project, Refunding, Series D, Daily VRDN and Put, 0.27%,12/01/34 4,800,000 4,800,000 (b) lrvine 1915 Act Special Assessment, Limited Obligation, AD No. 93-14, Daily VRDN and Put, 0.26%, 9/02/25 1,200,000 1,200,000 (b) Southern California Public Power Authority Power Project Revenue, Mead-Adelanto Project, Refunding, Series A, Daily VRDN and Put, 0.27%, 7/01/20 4,515,000 4,515,000 -------------- TOTAL SHORT TERM INVESTMENTS (COST $42,990,000) 42,990,000 -------------- Total Investments (COST $750,539,337) 101.8% 760,790,409 OTHER ASSETS, LESS LIABILITIES (1.8)% (13,650,732) -------------- NET ASSETS 100.0% $ 747,139,677 ==============
(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, MARCH 31, 2010 (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. 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 10 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, MARCH 31, 2010 (UNAUDITED)
PRINCIPAL AMOUNT VALUE ------------- -------------- INVESTMENTS 99.9% MUNICIPAL BONDS 99.9% CALIFORNIA 99.9% (a) Berkeley Revenue, Berkeley-Albany YMCA, Refunding, Weekly VRDN and Put, 0.23%, 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 12,400,000 12,400,000 Stanford University, Refunding, Series L, Weekly VRDN and Put, 0.28%, 10/01/22 500,000 500,000 Stanford University, Refunding, Series L-2, Weekly VRDN and Put, 0.28%, 10/01/14 1,800,000 1,800,000 Stanford University, Refunding, Series L-3, Weekly VRDN and Put, 0.28%, 10/01/15 4,640,000 4,640,000 Stanford University, Refunding, Series L-4, Weekly VRDN and Put, 0.28%, 10/01/16 1,000,000 1,000,000 Stanford University, Refunding, Series L-5, Weekly VRDN and Put, 0.28%, 10/01/17 8,900,000 8,900,000 (a) California Health Facilities Financing Authority Revenue, Adventist Health System West, Series A, Weekly VRDN and Put, 0.23%, 8/01/21 7,200,000 7,200,000 Series B, Daily VRDN and Put, 0.27%, 9/01/38 2,000,000 2,000,000 (a) California HFAR, MFH, Refunding, Series B, Weekly VRDN and Put, 0.29%, 2/01/35 2,600,000 2,600,000 MFH, Series B, Daily VRDN and Put, 0.29%, 2/01/31 1,900,000 1,900,000 MFH III, Refunding, Series F, Weekly VRDN and Put, 0.27%, 2/01/32 4,590,000 4,590,000 MFH III, Series D, Weekly VRDN and Put, 0.29%, 2/01/31 9,900,000 9,900,000 (a) California Infrastructure and Economic Development Bank Revenue, American National Red Cross, Refunding, Weekly VRDN and Put, 0.25%, 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 14,050,000 14,050,000 J. Paul Getty Trust, Refunding, Series B, Daily VRDN and Put, 0.27%,10/01/23 8,000,000 8,000,000 J. Paul Getty Trust, Refunding, Series D, Daily VRDN and Put, 0.27%, 4/01/33 15,125,000 15,125,000 Orange County Performing Arts Center, Series B, Weekly VRDN and Put, 0.23%, 7/01/34 9,700,000 9,700,000 Pacific Gas and Electric Co., Refunding, Series A, Daily VRDN and Put, 0.28%, 11/01/26 3,100,000 3,100,000 (a) California Municipal Finance Authority Revenue, Gideon Hausner Jewish Day, Weekly VRDN and Put, 0.28%, 7/01/38 2,000,000 2,000,000 Westmont College, Series A, Weekly VRDN and Put, 0.28%,1/01/40 5,000,000 5,000,000 (a) California PCFA, PCR, Pacific Gas and Electric Co., Refunding, Series C, Daily VRDN and Put, 0.30%,11/01/26 22,590,000 22,590,000 California School Cash Reserve Program Authority COP, Series A, 2.50%, 7/01/10 10,500,000 10,549,821 (a) California State Department of Water Resources Power Supply Revenue, Refunding, Series F, Sub Series F-1, Daily VRDN and Put, 0.33%, 5/01/19 10,900,000 10,900,000 Refunding, Series F, Sub Series F-4, Daily VRDN and Put, 0.27%, 5/01/22 1,500,000 1,500,000 Refunding, Series G, Sub Series G-3, FSA Insured, Weekly VRDN and Put, 0.32%, 5/01/16 6,255,000 6,255,000 Series B, Sub Series B-2, Daily VRDN and Put, 0.29%, 5/01/22 11,000,000 11,000,000 Series B, Sub Series B-3, Daily VRDN and Put, 0.27%, 5/01/22 8,450,000 8,450,000 Series C, Sub Series C-12, Weekly VRDN and Put, 0.29%, 5/01/22 2,000,000 2,000,000 Series C, Sub Series C-15, Weekly VRDN and Put, 0.24%, 5/01/22 6,600,000 6,600,000 (a) California State Economic Recovery GO, Series C-2, Daily VRDN and Put, 0.29%, 7/01/23 3,900,000 3,900,000 Series C-3, Daily VRDN and Put, 0.29%, 7/01/23 5,900,000 5,900,000 (a) California State Educational Facilities Authority Revenue, California Institute of Technology, Series B, Weekly VRDN and Put, 0.26%,10/01/36 18,600,000 18,600,000 (a) California State GO, Kindergarten, Series A3, Daily VRDN and Put, 0.28%, 5/01/34 17,200,000 17,200,000 Kindergarten, Series A5, Daily VRDN and Put, 0.28%, 5/01/34 13,600,000 13,600,000 Kindergarten, Series B1, Daily VRDN and Put, 0.30%, 5/01/34 6,300,000 6,300,000 Kindergarten, Series B3, Daily VRDN and Put, 0.25%, 5/01/34 7,820,000 7,820,000 Series B-3, Weekly VRDN and Put, 0.26%, 5/01/33 20,000,000 20,000,000 Series C, Weekly VRDN and Put, 0.29%, 5/01/33 6,000,000 6,000,000 (a) California Statewide CDA Revenue, Goodwill of Santa Cruz, Weekly VRDN and Daily Put, 0.33%, 2/01/38 1,000,000 1,000,000 John Muir Health, Refunding, Series C, Daily VRDN and Put, 0.28%, 8/15/27 10,400,000 10,400,000 Los Angeles County Museum Art Project, Refunding, Series B, Weekly VRDN and Put, 0.26%, 12/01/37 5,000,000 5,000,000 Los Angeles County Museum Art Project, Refunding, Series C, Weekly VRDN and Put, 0.26%, 12/01/34 5,000,000 5,000,000 Motion Picture and Television Fund, Series A, Weekly VRDN and Put, 0.29%, 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, 0.29%, 9/01/29 4,570,000 4,570,000 (a) Calleguas-Las Virgenes PFAR, Municipal Water District Project, Refunding, Series A, Weekly VRDN and Put, 0.23%, 7/01/37 8,825,000 8,825,000
Quarterly Statement of Investments See Notes to Statements of Investments. Franklin California Tax-Free Trust Franklin California Tax-Exempt Money Fund STATEMENT OF INVESTMENTS, MARCH 31, 2010 (UNAUDITED) (CONTINUED) (a) East Bay MUD Wastewater System Revenue, Refunding, Series A, Weekly VRDN and Put, 0.23%, 6/01/33 $ 3,000,000 $ 3,000,000 (a) Fremont PFA, COP, Weekly VRDN and Put, 0.29%, 8/01/30 7,600,000 7,600,000 (a) Hilisborough COP, Refunding, Series A, Weekly VRDN and Put, 0.33%, 6/01/30 1,900,000 1,900,000 (a) Irvine 1915 Act Special Assessment, Limited Obligation, AD No. 03-19, Series A, Daily VRDN and Put, 0.27%, 9/02/29 5,094,000 5,094,000 AD No. 03-19, Series B, Daily VRDN and Put, 0.27%, 9/02/29 7,022,000 7,022,000 AD No. 05-21, Series A, Daily VRDN and Put, 0.29%, 9/02/31 7,100,000 7,100,000 AD No. 93-14, Daily VRDN and Put, 0.26%, 9/02/25 4,700,000 4,700,000 AD No. 94-13, Daily VRDN and Put, 0.27%, 9/02/22 1,550,000 1,550,000 AD No. 94-15, Refunding, Daily VRDN and Put, 0.27%, 9/02/20 2,773,000 2,773,000 AD No. 97-13, Daily VRDN and Put, 0.27%, 9/02/23 8,700,000 8,700,000 AD No. 97-16, Daily VRDN and Put, 0.27%, 9/02/22 15,075,000 15,075,000 (a) Irvine Ranch Water District GO, District Nos. 105, 140, 240 and 250, Daily VRDN and Put, 0.25%, 1/01/21 14,900,000 14,900,000 Improvement Districts, Consolidated, Series A, Weekly VRDN and Put, 0.23%, 10/01/41 5,000,000 5,000,000 (a) Los Angeles County Housing Authority MFHR, Malibu Meadows Project, Refunding, Series B, FNMA Insured, Weekly VRDN and Put, 0.27%, 4/15/28 6,425,000 6,425,000 (a) Los Angeles County MFMR, Series A, FHLMC Insured, Weekly VRDN and Put, 0.26%, 7/01/14 4,500,000 4,500,000 (a) Los Angeles County MTA Sales Tax Revenue, Proposition A 1st Tier Senior, Refunding, Series A1, Weekly VRDN and Put, 0.27%, 7/01/31 2,000,000 2,000,000 (a) Los Angeles Department of Water and Power Revenue, Refunding, Series B-1, Weekly VRDN and Put, 0.27%, 7/01/34 5,450,000 5,450,000 Series B-3, Daily VRDN and Put, 0.32%, 7/01/34 3,800,000 3,800,000 (a) Los Angeles Department of Water and Power Waterworks Revenue, Refunding, Series B, Sub Series B-4, Weekly VRDN and Put, 0.27%, 7/01/35 8,750,000 8,750,000 Series B, Sub Series B-2, Daily VRDN and Put, 0.30%, 7/01/35 8,900,000 8,900,000 Los Angeles USD, GO, TRAN, 2.00%, 8/12/10 10,000,000 10,049,948 (a) Los Angeles Wastewater System Revenue, Refunding, Series B, Weekly VRDN and Put, 0.25%, 6/01/28 7,300,000 7,300,000 Sub Series A, Weekly VRDN and Put, 0.29%, 6/01/28 18,100,000 18,100,000 (a) Metropolitan Water District of Southern California Waterworks Revenue, Refunding, Series B-3, Daily VRDN and Put, 0.24%, 7/01/35 9,700,000 9,700,000 Series C, Weekly VRDN and Put, 0.27%, 7/01/28 13,200,000 13,200,000 Series C-2, Daily VRDN and Put, 0.33%, 7/01/36 4,300,000 4,300,000 (a) Oceanside MFHR, Shadow Way Apartments Project, Weekly VRDN and Put, 0.29%, 3/01/49 4,750,000 4,750,000 (a) Orange County Apartment Development Revenue, Park Ridge Villas, Issue 1, Refunding, FNMA Insured, Weekly VRDN and Put, 0.28%, 11/15/28 5,100,000 5,100,000 Trabuco Woods, Refunding, Series J, FNMA Insured, Weekly VRDN and Put, 0.31 %, 11/15/28 2,670,000 2,670,000 (a) Orange County Housing Authority MF Apartment Development Revenue, Lantern Pines Project, Series CC, FNMA Insured, Weekly VRDN and Put, 0.28%, 12/01/27 2,595,000 2,595,000 Orange County Revenue, TRAN, Series A, 2.00%, 6/30/10 9,000,000 9,035,360 Roseville Joint UHSD GO, TRAN, 3.00%, 9/08/10 10,000,000 10,064,747 (a) Sacramento County Sanitation District Financing Authority Revenue, sub. lien, Sanitation District, Refunding, Series A, Daily VRDN and Put, 0.28%, 12/01/36 1,600,000 1,600,000 Series C, Daily VRDN and Put, 0.28%, 12/01/38 13,500,000 13,500,000 Series E, Weekly VRDN and Put, 0.26%, 12/01/40 3,000,000 3,000,000 (a) San Bernardino County MFHR, Housing Mortgage, Parkview, Refunding, Series A, FNMA Insured, Weekly VRDN and Put, 0.29%, 2/15/27 1,200,000 1,200,000 (a) San Diego County COP, San Diego Foundation, Weekly VRDN and Put, 0.27%, 8/01/36 4,535,000 4,535,000 (a) San Francisco City and County Finance Corp. Lease Revenue, Moscone Center, Refunding, Series 1, Weekly VRDN and Put, 0.29%, 4/01/30 6,365,000 6,365,000 as an Jose Financing Authority Lease Revenue, Civic Center Project, Refunding, Series A, Weekly VRDN and Put, 0.27%, 6/01/39 24,220,000 24,220,000 Hayes Mansion, Refunding, Series C, Weekly VRDN and Put, 0.26%, 6/01/27 5,900,000 5,900,000 (a) San Jose ROAR, Merged Area Redevelopment Project, Series B, Weekly VRDN and Put, 0.21 %,7/01/26 19,320,000 19,320,000 San Mateo UHSD, GO, BAN, 2.00%, 2/28/11 5,000,000 5,064,386 (a) Santa Ana Housing Authority MFHR, Harbor Pointe Apartments, Refunding, Series A, FNMA Insured, Weekly VRDN and Put, 0.35%, 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, 0.36%, 11/15/25 4,900,000 4,900,000
Franklin California Tax-Free Trust Franklin California Tax-Exempt Money Fund STATEMENT OF INVESTMENTS, MARCH 31, 2010 (UNAUDITED) (CONTINUED) (a) Santa Clara County Housing Authority MFHR, Benton Park Central Apartments, Refunding, Series A, FNMA Insured, Weekly VRDN and Put, 0.28%, 12/15/25 $ 5,000,000 $ 5,000,000 (a) Simi Valley MFHR, Lincoln Wood Ranch, FHLMC Insured, Weekly VRDN and Put, 0.27%, 6/01/10 2,050,000 2,050,000 Refunding, Series A, Weekly VRDN and Put, 0.27%, 7/01/23 1,275,000 1,275,000 (a) Southern California Public Power Authority Power Project Revenue, Mead-Adelanto Project, Refunding, Series A, Daily VRDN and Put, 0.27%, 7/01/20 14,305,000 14,305,500 Mead-Phoenix Project, Refunding, Series A, Daily VRDN and Put, 0.27%, 7/01/20 11,900,000 11,900,000 (a) Union City MFR, Housing Mission Sierra, Refunding, Series A, FNMA Insured, Weekly VRDN and Put, 0.29%, 7/15/29 9,400,000 9,400,000 (a) Walnut Creek MFHR, Creekside Drive, FHLMC Insured, Weekly VRDN and Put, 0.27%, 4/01/27 3,730,000 3,730,000 -------------- TOTAL INVESTMENTS (COST $703,233,262) 703,233,262 OTHER ASSETS, LESS LIABILITIES 0.1 % 550,155 -------------- NET ASSETS 100.0% $ 703,783,417 ==============
(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. Franklin California Tax-Free Trust Franklin California Tax-Exempt Money Fund STATEMENT OF INVESTMENTS, MARCH 31, 2010 (UNAUDITED) (CONTINUED) ABBREVIATIONS SELECTED PORTFOLIO 1915 Act Improvement Bond Act of 1915 AD Assessment District BAN Bond Anticipation Note CDA Community Development Authority/Agency COP Certificate of Participation FHLMC Federal Home Loan Mortgage Corp. 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 PCFA Pollution Control Financing Authority PCR Pollution Control Revenue PFA Public Financing Authority PFAR Public Financing Authority Revenue RDAR Redevelopment Agency Revenue TRAN Tax and Revenue Anticipation Note UHSD Unified/Union High School District 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. FINANCIAL INSTRUMENT VALUATION The Funds value their investments in securities and other assets and liabilities carried at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Under procedures approved by the Funds' Board of Trustees, the Funds may utilize independent pricing services, quotations from securities and financial instrument dealers, and other market sources to determine fair value. Municipal securities generally trade in the over-the-counter market rather than on a securities exchange. The Funds' pricing services use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services utilize a market-based approach through which quotes from market makers are used to determine fair value. In other instances, the pricing services utilize proprietary valuation models to develop an income-based valuation which may consider characteristics such as credit risk and spreads, benchmark yield curves, coupon rates, maturity and other unique security features in order to estimate the relevant cash flows which are then used to calculate the fair value. Securities in the Franklin California Tax-Exempt Money Fund are valued daily at amortized cost, which approximates market value. Amortized cost is an income-based approach which 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 investments for which market prices are not readily available or which may not be reliably priced. Under these procedures, the Funds primarily employ a market-based approach, which may use prices of recent transactions, various market multiples, book values, and other relevant information for the investment, related assets or liabilities or other comparable assets or liabilities to determine the fair value of the investment. In developing this fair value, the Funds may also give consideration to an income-based approach valuation, which considers anticipated future cash flows of the investment and converts those amounts into a net present value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had a ready market existed. 3. INCOME TAXES At March 31, 2010, 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 Tax-Free Income Fund Income Fund --------------------------- -------------------------- Cost of investments $2,116,517,950 $750,413,438 ============== ============ Unrealized appreciation $ 61,227,298 $ 19,405,418 Unrealized depreciation (53,778,776) (9,028,447) -------------- ------------ Net unrealized appreciation (depreciation) $ 7,448,522 $ 10,376,971 ============== ============
At March 31, 2010, 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 Funds' 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, 2010, all of the Funds' investments in securities carried at fair value were in Level 2 inputs. 5. NEW ACCOUNTING PRONOUNCEMENTS In January 2010, the Financial Accounting Standards Board issued an Accounting Standards Update which enhances and clarifies existing fair value measurement disclosure requirements and is effective for interim and annual periods beginning after December 15, 2009. The Funds believe the adoption of this Accounting Standards Update will not have a material impact on their financial statements. 6. SUBSEQUENT EVENTS The Funds have evaluated subsequent events through the issuance 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 May 27, 2010 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, 2010 By /s/GASTON GARDEY ---------------------- Gaston Gardey Chief Financial Officer and Chief Accounting Officer Date May 27, 2010 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. 5/27/2010 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. 5/27/2010 S\GASTON GARDEY Gaston Gardey Chief Financial Officer and Chief Accounting Officer -----END PRIVACY-ENHANCED MESSAGE-----