Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

CAT-Q1PH

See

Notes

to

Statement

of

Investments.

1

Statements

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

2

Notes

to

Financial

Statements

17

Franklin

California

Tax-Free

Trust

Statement

of

Investments

(unaudited),

March

31,

2021

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

2

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

97.8%

California

96.9%

ABAG

Finance

Authority

for

Nonprofit

Corp.

,

Covia

Communities

Obligated

Group,

Revenue,

2011,

Refunding,

5.25%,

7/01/22

.

$

2,400,000

$

2,429,404

Jackson

Laboratory

(The),

Revenue,

2012,

ETM,

5%,

7/01/21

................

1,000,000

1,011,699

Jackson

Laboratory

(The),

Revenue,

2012,

ETM,

5%,

7/01/22

................

820,000

869,522

Jackson

Laboratory

(The),

Revenue,

2012,

Pre-Refunded,

5%,

7/01/23

.........

460,000

487,781

Jackson

Laboratory

(The),

Revenue,

2012,

Pre-Refunded,

5%,

7/01/24

.........

1,000,000

1,060,393

Odd

Fellows

Home

of

California,

Revenue,

2012A,

California

Mortgage

Insured,

5%,

4/01/23

........................................................

1,000,000

1,090,543

Odd

Fellows

Home

of

California,

Revenue,

2012A,

California

Mortgage

Insured,

5%,

4/01/24

........................................................

1,000,000

1,089,564

a

Align

Affordable

Housing

Bond

Fund

LP

,

Breezewood

2019

LP

,

Revenue

,

144A,

2020-3

TR

,

A

,

2.625

%

,

8/01/25

.............................................

14,300,000

14,204,027

Antelope

Valley

Community

College

District

,

GO

,

2014A

,

Pre-Refunded

,

5

%

,

8/01/25

4,210,000

4,869,665

Bay

Area

Toll

Authority

,

Revenue

,

2012F-1

,

5

%

,

4/01/22

......................

15,000,000

15,726,291

California

Affordable

Housing

Agency

,

Butte

County

Housing

Authority

,

Revenue

,

2020

A

,

2

%

,

10/01/35

...................................................

500,000

483,629

California

Community

College

Financing

Authority

,

NCCD-Orange

Coast

Properties

LLC,

Revenue,

2018,

5%,

5/01/32

............

1,750,000

1,896,044

NCCD-Orange

Coast

Properties

LLC,

Revenue,

2018,

5%,

5/01/33

............

600,000

646,969

NCCD-Orange

Coast

Properties

LLC,

Revenue,

2018,

5%,

5/01/35

............

3,040,000

3,260,397

NCCD-Orange

Coast

Properties

LLC,

Revenue,

2018,

5%,

5/01/37

............

1,600,000

1,706,804

NCCD-Orange

Coast

Properties

LLC,

Revenue,

2018,

5%,

5/01/38

............

1,320,000

1,404,757

California

County

Tobacco

Securitization

Agency

,

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/34

.....................

340,000

410,667

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/35

.....................

400,000

481,650

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/36

.....................

615,000

737,046

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/37

.....................

660,000

787,995

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/38

.....................

615,000

731,950

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/39

.....................

600,000

712,021

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/40

.....................

615,000

727,984

Gold

Country

Settlement

Funding

Corp.,

Revenue,

2020

A,

Refunding,

5%,

6/01/29

250,000

325,121

Gold

Country

Settlement

Funding

Corp.,

Revenue,

2020

A,

Refunding,

5%,

6/01/31

1,065,000

1,418,638

Merced

County

Tobacco

Funding

Corp.,

Revenue,

Senior

Lien,

2020

A,

Refunding,

5%,

6/01/30

....................................................

315,000

416,049

Merced

County

Tobacco

Funding

Corp.,

Revenue,

Senior

Lien,

2020

A,

Refunding,

5%,

6/01/31

....................................................

300,000

398,976

Merced

County

Tobacco

Funding

Corp.,

Revenue,

Senior

Lien,

2020

A,

Refunding,

5%,

6/01/33

....................................................

245,000

322,254

Merced

County

Tobacco

Funding

Corp.,

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/34

....................................................

420,000

512,612

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

5%,

6/01/30

..

425,000

561,335

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

5%,

6/01/31

..

225,000

299,232

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

5%,

6/01/32

..

250,000

330,669

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

5%,

6/01/33

..

300,000

394,597

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

4%,

6/01/34

..

365,000

445,484

California

Educational

Facilities

Authority

,

Chapman

University,

Revenue,

2011,

5%,

4/01/25

.........................

5,000,000

5,016,774

Loma

Linda

University,

Revenue,

2017A,

Refunding,

5%,

4/01/29

..............

1,020,000

1,246,040

Loma

Linda

University,

Revenue,

2017A,

Refunding,

5%,

4/01/32

..............

1,235,000

1,482,414

Loma

Linda

University,

Revenue,

2017A,

Refunding,

5%,

4/01/33

..............

1,000,000

1,195,496

Loma

Linda

University,

Revenue,

2017A,

Refunding,

5%,

4/01/34

..............

1,750,000

2,087,312

Loma

Linda

University,

Revenue,

2017A,

Refunding,

5%,

4/01/35

..............

1,500,000

1,785,161

Loma

Linda

University,

Revenue,

2017A,

Refunding,

5%,

4/01/36

..............

2,000,000

2,376,819

Loma

Linda

University,

Revenue,

2017A,

Refunding,

5%,

4/01/37

..............

2,000,000

2,370,756

University

of

San

Francisco,

Revenue,

2011,

ETM,

5%,

10/01/21

..............

3,000,000

3,070,712

University

of

San

Francisco,

Revenue,

2018A,

5%,

10/01/37

.................

1,365,000

1,681,829

Franklin

California

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

3

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

Enterprise

Development

Authority

,

Provident

Group-SDSU

Properties

LLC,

Revenue,

First

Tier,

2020

A,

5%,

8/01/22

..

$

120,000

$

126,860

Provident

Group-SDSU

Properties

LLC,

Revenue,

First

Tier,

2020

A,

5%,

8/01/24

..

230,000

260,228

Provident

Group-SDSU

Properties

LLC,

Revenue,

First

Tier,

2020

A,

5%,

8/01/26

..

540,000

644,559

Provident

Group-SDSU

Properties

LLC,

Revenue,

First

Tier,

2020

A,

5%,

8/01/28

..

615,000

760,360

Provident

Group-SDSU

Properties

LLC,

Revenue,

First

Tier,

2020

A,

5%,

8/01/30

..

250,000

317,876

Provident

Group-SDSU

Properties

LLC,

Revenue,

First

Tier,

2020

A,

5%,

8/01/35

..

450,000

558,231

California

Health

Facilities

Financing

Authority

,

California-Nevada

Methodist

Homes,

Revenue,

2015,

Refunding,

California

Mortgage

Insured,

5%,

7/01/30

..............................................

1,825,000

2,127,171

Casa

Milagro

LLC,

Revenue,

2011A,

California

Mortgage

Insured,

6%,

2/01/24

....

2,000,000

2,008,355

Cedars-Sinai

Medical

Center

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

11/15/30

.......................................................

3,000,000

3,566,783

Cedars-Sinai

Medical

Center

Obligated

Group,

Revenue,

2016A,

Refunding,

5%,

8/15/31

........................................................

3,500,000

4,227,842

Children's

Hospital

Los

Angeles

Obligated

Group,

Revenue,

2017A,

Refunding,

5%,

8/15/35

........................................................

1,650,000

1,959,382

Children's

Hospital

Los

Angeles

Obligated

Group,

Revenue,

2017A,

Refunding,

5%,

8/15/36

........................................................

2,045,000

2,422,036

Children's

Hospital

Los

Angeles

Obligated

Group,

Revenue,

2017A,

Refunding,

5%,

8/15/37

........................................................

1,330,000

1,571,304

El

Camino

Hospital,

Revenue,

2017,

5%,

2/01/28

..........................

2,100,000

2,565,251

El

Camino

Hospital,

Revenue,

2017,

5%,

2/01/29

..........................

2,460,000

2,983,033

El

Camino

Hospital,

Revenue,

2017,

5%,

2/01/30

..........................

1,250,000

1,506,023

El

Camino

Hospital,

Revenue,

2017,

5%,

2/01/31

..........................

1,200,000

1,443,499

Marshall

Medical

Center,

Revenue,

2015,

Refunding,

California

Mortgage

Insured,

5%,

11/01/33

...................................................

1,000,000

1,138,558

California

Housing

Finance

,

Revenue,

2019-2,

A,

4%,

3/20/33

......................................

5,395,403

6,258,269

Lakeside

Drive

Senior

Housing

LP,

Revenue,

2019N,

FNMA

Insured,

2.35%,

12/01/35

.......................................................

9,705,420

9,989,708

Longshore

Cove

LP,

Revenue,

2020

E,

FNMA

Insured,

2.5%,

2/01/38

..........

3,726,246

3,903,003

California

Infrastructure

&

Economic

Development

Bank

,

Revenue,

2015A,

Pre-Refunded,

5%,

10/01/32

............................

2,915,000

3,506,624

Academy

of

Motion

Picture

Arts

and

Sciences

Obligated

Group,

Revenue,

2020B,

Refunding,

5%,

11/01/29

...........................................

2,000,000

2,598,155

Broad

Collection

LLC,

Revenue,

2011A,

5%,

6/01/21

.......................

5,000,000

5,037,852

California

Municipal

Finance

Authority

,

a,b

Revenue,

144A,

2009

A,

Mandatory

Put,

1.3%,

2/03/25

.....................

1,800,000

1,843,469

ACI

Royal

York,

Inc.,

Revenue,

2020

A,

3.125%,

2/15/33

....................

620,000

593,493

Biola

University,

Inc.,

Revenue,

2017,

Refunding,

5%,

10/01/29

...............

1,350,000

1,631,758

Biola

University,

Inc.,

Revenue,

2017,

Refunding,

5%,

10/01/31

...............

1,000,000

1,199,710

Biola

University,

Inc.,

Revenue,

2017,

Refunding,

5%,

10/01/33

...............

1,070,000

1,274,901

Biola

University,

Inc.,

Revenue,

2017,

Refunding,

5%,

10/01/35

...............

1,000,000

1,186,638

California

Home

for

the

Aged,

Inc.

(The),

Revenue,

2018,

California

Mortgage

Insured,

5%,

5/15/36

..............................................

1,000,000

1,230,100

CHF-Riverside

II

LLC,

Revenue,

2019,

5%,

5/15/32

........................

1,000,000

1,237,101

CHF-Riverside

II

LLC,

Revenue,

2019,

5%,

5/15/34

........................

3,120,000

3,826,530

CHF-Riverside

II

LLC,

Revenue,

2019,

5%,

5/15/35

........................

1,000,000

1,222,046

CHF-Riverside

II

LLC,

Revenue,

2019,

5%,

5/15/37

........................

2,260,000

2,744,010

CHF-Riverside

II

LLC,

Revenue,

2019,

5%,

5/15/38

........................

1,000,000

1,210,679

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2015A,

Refunding,

5%,

2/01/26

............................................

2,010,000

2,307,303

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2015A,

Refunding,

5%,

2/01/28

............................................

1,500,000

1,703,733

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017A,

Refunding,

5%,

2/01/25

............................................

2,000,000

2,305,580

Franklin

California

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

4

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

Municipal

Finance

Authority,

(continued)

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017A,

Refunding,

5%,

2/01/26

............................................

$

2,010,000

$

2,382,693

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017A,

Refunding,

5%,

2/01/27

............................................

1,750,000

2,123,426

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017A,

Refunding,

5%,

2/01/28

............................................

2,250,000

2,693,652

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017A,

Refunding,

5%,

2/01/29

............................................

2,140,000

2,538,055

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017A,

Refunding,

5%,

2/01/30

............................................

2,000,000

2,364,108

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017A,

Refunding,

5%,

2/01/31

............................................

2,700,000

3,178,336

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017A,

Refunding,

5%,

2/01/32

............................................

2,200,000

2,581,919

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017A,

Refunding,

5%,

2/01/33

............................................

3,500,000

4,095,704

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017A,

Refunding,

5%,

2/01/34

............................................

5,000,000

5,834,775

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017A,

Refunding,

5%,

2/01/35

............................................

5,000,000

5,824,144

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017A,

Refunding,

5%,

2/01/36

............................................

2,295,000

2,667,173

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017A,

Refunding,

5%,

2/01/37

............................................

2,000,000

2,318,591

Del

Harbor

Foundation,

Revenue,

2015,

Refunding,

5%,

11/01/26

.............

1,085,000

1,296,596

Inland

Christian

Home,

Inc.,

Revenue,

2020,

California

Mortgage

Insured,

4%,

12/01/30

.......................................................

1,200,000

1,472,280

Inland

Christian

Home,

Inc.,

Revenue,

2020,

California

Mortgage

Insured,

4%,

12/01/39

.......................................................

1,245,000

1,470,287

Inland

Counties

Regional

Center,

Inc.,

Revenue,

2015,

Refunding,

5%,

6/15/21

...

1,435,000

1,448,294

Inland

Counties

Regional

Center,

Inc.,

Revenue,

2015,

Refunding,

5%,

6/15/23

...

1,580,000

1,744,137

Inland

Counties

Regional

Center,

Inc.,

Revenue,

2015,

Refunding,

5%,

6/15/24

...

1,000,000

1,145,486

Inland

Counties

Regional

Center,

Inc.,

Revenue,

2015,

Refunding,

5%,

6/15/32

...

6,625,000

7,759,503

LAX

Integrated

Express

Solutions

LLC,

Revenue,

Senior

Lien,

2018

A,

5%,

6/30/26

1,000,000

1,209,034

LAX

Integrated

Express

Solutions

LLC,

Revenue,

Senior

Lien,

2018

A,

5%,

12/31/37

5,500,000

6,607,423

LAX

Integrated

Express

Solutions

LLC,

Revenue,

Senior

Lien,

2018

A,

5%,

12/31/38

21,100,000

25,286,784

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5%,

11/01/25

....

1,000,000

1,151,580

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5%,

11/01/26

....

900,000

1,059,126

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5%,

11/01/27

....

1,300,000

1,523,954

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5%,

11/01/28

....

1,400,000

1,630,510

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5.25%,

11/01/29

..

1,000,000

1,173,369

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5%,

11/01/30

....

1,350,000

1,555,262

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5.25%,

11/01/31

..

1,250,000

1,455,489

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5.25%,

11/01/36

..

4,500,000

5,178,243

Northern

California

Retired

Officers

Community,

Revenue,

2016,

Refunding,

California

Mortgage

Insured,

5%,

1/01/37

..............................

1,310,000

1,553,565

Pilgrim

Place

in

Claremont,

Revenue,

2016A,

Refunding,

California

Mortgage

Insured,

5%,

5/15/31

..............................................

2,750,000

3,367,311

South

Central

Los

Angeles

Regional

Center

for

Developmentally

Disabled

Persons,

Revenue,

2013,

5.25%,

12/01/27

....................................

3,910,000

4,307,122

System

Management

Group,

Revenue,

2019A,

5%,

4/01/35

..................

1,780,000

2,218,138

System

Management

Group,

Revenue,

2019A,

5%,

4/01/37

..................

2,945,000

3,646,212

University

of

La

Verne,

Revenue,

2017A,

Refunding,

5%,

6/01/31

..............

1,000,000

1,227,887

University

of

La

Verne,

Revenue,

2017A,

Refunding,

5%,

6/01/32

..............

1,000,000

1,225,464

University

of

La

Verne,

Revenue,

2017A,

Refunding,

5%,

6/01/33

..............

1,010,000

1,234,633

University

of

La

Verne,

Revenue,

2017A,

Refunding,

5%,

6/01/35

..............

1,440,000

1,753,168

Franklin

California

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

5

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

a

California

Pollution

Control

Financing

Authority

,

San

Diego

County

Water

Authority,

Revenue,

144A,

2019,

Refunding,

5%,

7/01/21

.

$

845,000

$

854,700

San

Diego

County

Water

Authority,

Revenue,

144A,

2019,

Refunding,

5%,

7/01/22

.

855,000

905,312

San

Diego

County

Water

Authority,

Revenue,

144A,

2019,

Refunding,

5%,

7/01/29

.

4,350,000

5,326,305

California

Public

Finance

Authority

,

b

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2021

B,

Mandatory

Put,

4%,

10/15/31

...................................................

690,000

822,804

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2021A,

Refunding,

4%,

10/15/21

.......................................................

215,000

218,769

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2021A,

Refunding,

4%,

10/15/22

.......................................................

245,000

257,257

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2021A,

Refunding,

4%,

10/15/23

.......................................................

285,000

307,836

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2021A,

Refunding,

4%,

10/15/24

.......................................................

380,000

420,264

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2021A,

Refunding,

4%,

10/15/25

.......................................................

400,000

450,938

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2021A,

Refunding,

4%,

10/15/26

.......................................................

420,000

481,529

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2021A,

Refunding,

4%,

10/15/27

.......................................................

400,000

464,485

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2021A,

Refunding,

4%,

10/15/28

.......................................................

360,000

421,367

a

California

School

Finance

Authority

,

Green

Dot

Public

Schools

Obligated

Group,

Revenue,

144A,

2018

A,

5%,

8/01/26

.

300,000

353,283

Green

Dot

Public

Schools

Obligated

Group,

Revenue,

144A,

2018

A,

5%,

8/01/27

.

320,000

384,118

Kipp

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

7/01/24

100,000

113,343

Kipp

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

7/01/25

105,000

122,432

Kipp

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

7/01/26

110,000

131,696

Kipp

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

7/01/27

100,000

122,652

Kipp

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

7/01/28

100,000

124,776

Kipp

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

7/01/29

100,000

126,852

Kipp

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

7/01/30

100,000

128,492

California

State

Public

Works

Board

,

Revenue,

2012D,

Pre-Refunded,

5%,

9/01/25

............................

2,920,000

3,122,201

Revenue,

2012D,

Pre-Refunded,

5%,

9/01/26

............................

4,650,000

4,971,999

California

State

University,

Revenue,

2010B-1,

5.375%,

3/01/25

...............

2,500,000

2,509,413

State

of

California

Department

of

Corrections

&

Rehabilitation,

Revenue,

2014A,

5%,

9/01/26

........................................................

10,000,000

11,531,816

State

of

California

Department

of

Corrections

&

Rehabilitation,

Revenue,

2014D,

5%,

9/01/26

........................................................

6,835,000

7,881,996

California

State

University

,

Revenue,

Pre-Refunded,

5%,

11/01/25

..................................

10,000,000

10,281,790

Revenue,

2012

A,

Pre-Refunded,

5%,

11/01/26

...........................

11,000,000

11,850,175

Revenue,

2016A,

Refunding,

5%,

11/01/29

...............................

16,000,000

19,313,315

Revenue,

2016A,

Refunding,

5%,

11/01/30

...............................

5,000,000

6,021,605

California

Statewide

Communities

Development

Authority

,

Revenue,

2019A,

Refunding,

California

Mortgage

Insured,

5%,

11/15/34

........

750,000

941,946

Revenue,

2019A,

Refunding,

California

Mortgage

Insured,

5%,

11/15/37

........

735,000

914,374

Aldersly

Obligated

Group,

Revenue,

2015A,

Refunding,

4.5%,

5/15/25

..........

985,000

1,046,631

Community

Church

Retirement

Center,

Revenue,

2013,

California

Mortgage

Insured,

5%,

11/15/28

...................................................

1,000,000

1,104,206

Hebrew

Home

for

Aged

Disabled,

Revenue,

2016,

California

Mortgage

Insured,

5%,

11/01/36

.......................................................

9,000,000

10,673,460

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2014,

Pre-Refunded,

AGMC

Insured,

5%,

10/01/26

.......................................

1,000,000

1,154,317

Franklin

California

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

6

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

Statewide

Communities

Development

Authority,

(continued)

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2014,

Pre-Refunded,

AGMC

Insured,

5%,

10/01/28

.......................................

$

1,250,000

$

1,442,896

b

Kaiser

Foundation

Hospitals,

Revenue,

2004

L,

Mandatory

Put,

5%,

11/01/29

.....

10,000,000

13,171,380

Poway

RHF

Housing,

Inc.,

Revenue,

2013A,

California

Mortgage

Insured,

5%,

11/15/28

.......................................................

500,000

552,103

Sutter

Health

Obligated

Group,

Revenue,

2012

A,

Pre-Refunded,

5%,

8/15/24

....

2,000,000

2,134,116

Sutter

Health

Obligated

Group,

Revenue,

2012

A,

Pre-Refunded,

5%,

8/15/25

....

4,715,000

5,031,179

Sutter

Health

Obligated

Group,

Revenue,

2012

A,

Pre-Refunded,

5%,

8/15/27

....

7,005,000

7,474,743

Campbell

Union

School

District

,

GO

,

2015

,

Refunding

,

5

%

,

8/01/28

..............

3,235,000

3,835,530

Carson

Public

Financing

Authority

,

City

of

Carson

Reassessment

District

No.

2001-1,

Revenue,

2019,

Refunding,

5%,

9/02/25

........................................................

1,000,000

1,179,319

City

of

Carson

Reassessment

District

No.

2001-1,

Revenue,

2019,

Refunding,

5%,

9/02/31

........................................................

1,000,000

1,296,056

Castaic

Lake

Water

Agency

,

Santa

Clarita

Valley

Water

Agency

,

COP

,

1999

A

,

AMBAC

Insured

,

Zero

Cpn.,

8/01/22

..........................................

10,445,000

10,396,514

Ceres

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation

,

2020

,

Refunding

,

BAM

Insured

,

4

%

,

12/15/35

..........................................

1,000,000

1,182,833

Chabot-Las

Positas

Community

College

District

,

GO

,

2013

,

Refunding

,

5

%

,

8/01/24

.

6,715,000

7,452,114

Chino

Valley

Unified

School

District

,

GO,

2020

B,

5%,

8/01/35

............................................

100,000

131,169

GO,

2020

B,

5%,

8/01/36

............................................

125,000

163,103

GO,

2020

B,

5%,

8/01/37

............................................

250,000

325,066

GO,

2020

B,

5%,

8/01/38

............................................

350,000

453,020

GO,

2020

B,

5%,

8/01/39

............................................

400,000

516,289

c,d

Chula

Vista

Community

Facilities

District

,

City

of

Chula

Vista

Community

Facilities

District

No.

16-1

Improvement

Area

No.

2,

Special

Tax,

2021,

4%,

9/01/46

......................................

855,000

933,486

City

of

Chula

Vista

Community

Facilities

District

No.

16-1

Improvement

Area

No.

2,

Special

Tax,

2021,

4%,

9/01/51

......................................

1,045,000

1,137,990

City

of

Clovis

,

Sewer,

Revenue,

2013,

Refunding,

BAM

Insured,

5%,

8/01/28

................

1,200,000

1,325,520

Water,

Revenue,

2013,

Refunding,

BAM

Insured,

5%,

3/01/26

................

2,620,000

2,847,006

Water,

Revenue,

2013,

Refunding,

BAM

Insured,

5%,

3/01/27

................

1,000,000

1,086,643

City

of

Fontana

,

Community

Facilities

District

No.

85,

Special

Tax,

2020,

4%,

9/01/32

...........

250,000

284,491

Community

Facilities

District

No.

85,

Special

Tax,

2020,

4%,

9/01/36

...........

550,000

618,927

Community

Facilities

District

No.

85,

Special

Tax,

2020,

4%,

9/01/40

...........

625,000

696,857

Community

Facilities

District

No.

88,

Special

Tax,

2020,

4%,

9/01/40

...........

550,000

614,983

City

of

Irvine

,

Reassessment

District

No.

15-2

,

1915

Act,

Special

Assessment

,

Refunding

,

5

%

,

9/02/25

.............................................

1,000,000

1,194,651

City

of

Lincoln

,

Community

Facilities

District

No.

2006-1,

Special

Tax,

2021,

Refunding,

4%,

9/01/33

195,000

221,330

Community

Facilities

District

No.

2006-1,

Special

Tax,

2021,

Refunding,

4%,

9/01/35

215,000

241,498

Community

Facilities

District

No.

2006-1,

Special

Tax,

2021,

Refunding,

4%,

9/01/37

250,000

279,186

City

of

Long

Beach

,

Harbor,

Revenue,

2019A,

5%,

5/15/37

..................................

2,475,000

3,155,225

Harbor,

Revenue,

2019A,

5%,

5/15/38

..................................

2,250,000

2,856,801

Marina

System,

Revenue,

2015,

5%,

5/15/27

.............................

1,285,000

1,470,189

Marina

System,

Revenue,

2015,

5%,

5/15/32

.............................

1,250,000

1,403,163

City

of

Los

Angeles

,

Department

of

Airports,

Revenue,

2018

D,

Refunding,

5%,

5/15/31

.............

5,715,000

7,211,528

Department

of

Airports,

Revenue,

2019

A,

Refunding,

5%,

5/15/34

.............

5,430,000

6,766,023

Department

of

Airports,

Revenue,

2019

D,

5%,

5/15/30

.....................

2,000,000

2,509,649

Department

of

Airports,

Revenue,

2019

D,

5%,

5/15/31

.....................

2,685,000

3,353,807

Department

of

Airports,

Revenue,

2019

D,

5%,

5/15/33

.....................

2,670,000

3,310,719

Franklin

California

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

7

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

City

of

Los

Angeles,

(continued)

Department

of

Airports,

Revenue,

2019

D,

5%,

5/15/34

.....................

$

1,415,000

$

1,748,754

Department

of

Airports,

Revenue,

2019

F,

5%,

5/15/37

......................

1,285,000

1,587,123

Department

of

Airports,

Revenue,

2019

F,

5%,

5/15/38

......................

7,500,000

9,238,819

Department

of

Airports,

Revenue,

2020

A,

Refunding,

5%,

5/15/32

.............

3,205,000

4,177,833

Department

of

Airports,

Revenue,

2020

A,

Refunding,

5%,

5/15/33

.............

3,000,000

3,894,688

Department

of

Airports,

Revenue,

2020

A,

Refunding,

5%,

5/15/37

.............

7,380,000

9,443,364

Department

of

Airports,

Revenue,

2021B,

Refunding,

5%,

5/15/31

.............

920,000

1,244,487

Department

of

Airports,

Revenue,

2021B,

Refunding,

5%,

5/15/32

.............

920,000

1,234,534

Wastewater

System,

Revenue,

2012

B,

Refunding,

5%,

6/01/28

...............

11,700,000

12,340,211

Wastewater

System,

Revenue,

2013-A,

Refunding,

5%,

6/01/27

...............

9,145,000

10,064,721

City

of

Palo

Alto

,

1915

Act,

Special

Assessment,

2012,

Refunding,

5%,

9/02/28

................

1,000,000

1,062,442

1915

Act,

Special

Assessment,

2012,

Refunding,

5%,

9/02/29

................

1,280,000

1,356,970

City

of

Porterville

,

Water,

COP,

2021,

AGMC

Insured,

4%,

8/15/35

...........................

230,000

276,913

Water,

COP,

2021,

AGMC

Insured,

4%,

8/15/36

...........................

200,000

239,690

Water,

COP,

2021,

AGMC

Insured,

4%,

8/15/37

...........................

175,000

208,981

City

of

Riverside

,

Sewer,

Revenue,

2015A,

Refunding,

5%,

8/01/28

..........................

3,870,000

4,577,505

Sewer,

Revenue,

2015A,

Refunding,

5%,

8/01/29

..........................

4,670,000

5,517,194

City

of

Sacramento

,

North

Natomas

Community

Facilities

District

No.

4,

Special

Tax,

2015

F,

Refunding,

5%,

9/01/26

....................................................

615,000

718,623

North

Natomas

Community

Facilities

District

No.

4,

Special

Tax,

2015

F,

Refunding,

5%,

9/01/28

....................................................

1,220,000

1,411,968

North

Natomas

Community

Facilities

District

No.

4,

Special

Tax,

2015

F,

Refunding,

5%,

9/01/29

....................................................

1,555,000

1,786,127

North

Natomas

Community

Facilities

District

No.

4,

Special

Tax,

2015

F,

Refunding,

5%,

9/01/30

....................................................

1,045,000

1,193,990

North

Natomas

Community

Facilities

District

No.

4,

Special

Tax,

2015

F,

Refunding,

5%,

9/01/31

....................................................

1,800,000

2,051,240

Transient

Occupancy

Tax,

Revenue,

2018

A,

5%,

6/01/34

....................

1,485,000

1,795,337

Transient

Occupancy

Tax,

Revenue,

2018

A,

5%,

6/01/35

....................

2,000,000

2,412,828

Transient

Occupancy

Tax,

Revenue,

2018

A,

5%,

6/01/36

....................

2,220,000

2,670,456

City

of

San

Francisco

,

Public

Utilities

Commission

Water

,

Revenue

,

2015A

,

Refunding

,

5

%

,

11/01/28

............................................

5,000,000

5,876,104

City

of

Santa

Rosa

,

Wastewater

,

Revenue

,

2020

A

,

5

%

,

9/01/33

................

4,260,000

5,629,213

City

of

Tustin

,

Community

Facilities

District

No.

06-1,

Special

Tax,

2015A,

Refunding,

5%,

9/01/30

1,000,000

1,175,159

Community

Facilities

District

No.

06-1,

Special

Tax,

2015A,

Refunding,

5%,

9/01/32

1,565,000

1,830,120

City

of

Woodland

,

Community

Facilities

District

No.

2004-1

,

Special

Tax

,

2019

,

5

%

,

9/01/36

.........................................................

1,600,000

1,830,678

Compton

Community

Redevelopment

Agency

,

Tax

Allocation,

Second

Lien

,

2010A

,

5

%

,

8/01/25

.........................................................

8,275,000

8,299,871

Contra

Costa

Water

District

,

Revenue

,

T

,

Refunding

,

5

%

,

10/01/26

..............

3,400,000

3,944,745

Corona

Community

Facilities

District

,

Community

Facilities

District

No.

2018-1

Improvement

Area

No.

1

,

Special

Tax

,

2020

,

4

%

,

9/01/40

....................

350,000

387,363

Corona-Norco

Unified

School

District

,

GO

,

2011

E

,

Zero

Cpn.,

8/01/25

...........

4,645,000

5,474,356

Corona-Norco

Unified

School

District

Public

Financing

Authority

,

Special

Tax,

Senior

Lien,

2013A,

Refunding,

5%,

9/01/24

....................

1,565,000

1,723,605

Special

Tax,

Senior

Lien,

2013A,

Refunding,

5%,

9/01/25

....................

1,000,000

1,098,437

County

of

Sacramento

,

Airport

System,

Revenue,

2016B,

Refunding,

5%,

7/01/35

...................

1,000,000

1,194,921

Airport

System,

Revenue,

2016B,

Refunding,

5%,

7/01/36

...................

2,000,000

2,384,520

County

of

San

Diego

,

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020

A,

4%,

9/01/26

......

105,000

120,795

Franklin

California

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

8

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

County

of

San

Diego,

(continued)

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020

A,

4%,

9/01/27

......

$

120,000

$

139,368

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020

A,

4%,

9/01/28

......

140,000

162,123

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020

A,

4%,

9/01/29

......

75,000

86,262

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020

A,

4%,

9/01/31

......

100,000

113,180

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020

A,

4%,

9/01/33

......

245,000

275,506

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020

A,

4%,

9/01/35

......

295,000

329,419

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020

A,

4%,

9/01/37

......

175,000

194,446

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020

A,

4%,

9/01/38

......

375,000

415,673

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020

A,

4%,

9/01/40

......

115,000

126,610

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020A,

4%,

9/01/27

......

315,000

365,842

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020A,

4%,

9/01/28

......

355,000

411,097

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020A,

4%,

9/01/30

......

200,000

227,983

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020A,

4%,

9/01/31

......

120,000

135,816

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020A,

4%,

9/01/33

......

100,000

112,452

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020A,

4%,

9/01/34

......

100,000

112,206

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020A,

4%,

9/01/35

......

125,000

139,584

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020A,

4%,

9/01/37

......

590,000

655,559

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020A,

4%,

9/01/39

......

920,000

1,017,027

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020A,

4%,

9/01/40

......

475,000

522,954

a

CSCDA

Community

Improvement

Authority

,

Oceanaire

Apartments

,

Revenue

,

144A,

2021A-1

,

3.2

%

,

9/01/46

.............................................

5,000,000

4,991,262

Cupertino

Union

School

District

,

GO,

B,

Pre-Refunded,

5%,

8/01/26

.....................................

1,285,000

1,486,347

GO,

B,

Pre-Refunded,

5%,

8/01/27

.....................................

1,500,000

1,735,035

GO,

B,

Pre-Refunded,

5%,

8/01/28

.....................................

1,000,000

1,156,690

Del

Mar

Race

Track

Authority

,

Revenue,

2015,

Refunding,

5%,

10/01/22

................................

1,435,000

1,476,270

Revenue,

2015,

Refunding,

5%,

10/01/23

................................

1,510,000

1,577,470

Revenue,

2015,

Refunding,

5%,

10/01/28

................................

1,925,000

2,029,424

Revenue,

2015,

Refunding,

5%,

10/01/30

................................

1,125,000

1,178,346

Dublin

Unified

School

District

,

GO

,

2016

,

Refunding

,

5

%

,

8/01/32

...............

3,220,000

3,911,338

East

Bay

Municipal

Utility

District

,

Wastewater

System,

Revenue,

2014A,

Refunding,

5%,

6/01/25

...............

2,845,000

3,383,477

Wastewater

System,

Revenue,

2014A,

Refunding,

5%,

6/01/26

...............

3,650,000

4,484,256

Wastewater

System,

Revenue,

2014A,

Refunding,

5%,

6/01/27

...............

1,500,000

1,895,441

Wastewater

System,

Revenue,

2014A,

Refunding,

5%,

6/01/29

...............

1,000,000

1,322,649

Water

System,

Revenue,

2015A,

Refunding,

5%,

6/01/29

....................

5,000,000

5,928,163

El

Dorado

Irrigation

District

,

COP,

2020

A,

5%,

3/01/34

...........................................

375,000

489,982

COP,

2020

A,

5%,

3/01/37

...........................................

325,000

420,611

COP,

2020

A,

5%,

3/01/38

...........................................

750,000

967,792

COP,

2020

A,

5%,

3/01/39

...........................................

720,000

924,972

Revenue,

2016C,

Pre-Refunded,

5%,

3/01/31

............................

2,500,000

3,041,766

Elk

Grove

Finance

Authority

,

Special

Tax

,

2015

,

Refunding

,

BAM

Insured

,

5

%

,

9/01/30

1,130,000

1,331,997

FHLMC,

Multi-family

ML

Pass-Through

Certificates

,

Revenue

,

2019-ML06

,

ACA

,

2.493

%

,

7/25/35

...................................................

24,595,229

25,768,894

Folsom

Public

Financing

Authority

,

Special

Tax,

2011A,

Refunding,

AGMC

Insured,

5%,

9/01/23

.................

1,005,000

1,023,890

Special

Tax,

2011A,

Refunding,

AGMC

Insured,

5%,

9/01/24

.................

1,055,000

1,074,698

Foothill-De

Anza

Community

College

District

,

GO,

2015,

Refunding,

5%,

8/01/27

.....................................

1,250,000

1,489,117

GO,

2015,

Refunding,

5%,

8/01/28

.....................................

2,500,000

2,972,330

Foothill-Eastern

Transportation

Corridor

Agency

,

Revenue,

2013

A,

Refunding,

Zero

Cpn.,

1/15/25

..........................

2,500,000

2,497,407

Revenue,

2013

A,

Refunding,

Zero

Cpn.,

1/15/26

..........................

3,760,000

3,891,127

Revenue,

2013

A,

Refunding,

Zero

Cpn.,

1/15/27

..........................

6,395,000

6,836,466

Franklin

California

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

9

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Foothill-Eastern

Transportation

Corridor

Agency,

(continued)

Revenue,

2013

A,

Refunding,

AGMC

Insured,

Zero

Cpn.,

1/15/29

..............

$

19,895,000

$

22,353,799

Revenue,

2015A,

Refunding,

AGMC

Insured,

Zero

Cpn.,

1/15/34

..............

3,000,000

2,225,827

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

1/15/26

.....................

305,000

362,992

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

1/15/27

.....................

350,000

427,092

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

1/15/28

.....................

320,000

397,521

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

1/15/29

.....................

360,000

453,931

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

1/15/30

.....................

400,000

511,079

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

1/15/31

.....................

470,000

609,193

Revenue,

Junior

Lien,

2021

C,

Refunding,

4%,

1/15/32

.....................

300,000

358,953

Revenue,

Junior

Lien,

2021

C,

Refunding,

4%,

1/15/33

.....................

445,000

529,529

Fullerton

School

District

Financing

Authority

,

Special

Tax,

Senior

Lien,

2013

A,

Refunding,

AGMC

Insured,

5%,

9/01/27

.......

1,000,000

1,106,441

Special

Tax,

Senior

Lien,

2013

A,

Refunding,

AGMC

Insured,

5%,

9/01/28

.......

1,040,000

1,150,912

Golden

State

Tobacco

Securitization

Corp.

,

Revenue,

2018A-1,

Refunding,

5%,

6/01/31

..............................

1,000,000

1,226,682

Revenue,

2018A-1,

Refunding,

5%,

6/01/32

..............................

8,135,000

9,930,202

Revenue,

2018A-1,

Refunding,

5%,

6/01/33

..............................

10,000,000

12,144,088

Revenue,

2018A-1,

Refunding,

5%,

6/01/35

..............................

9,000,000

10,738,610

Imperial

Community

College

District

,

GO,

2012,

Refunding,

AGMC

Insured,

5%,

8/01/21

.........................

1,010,000

1,025,439

GO,

2012,

Refunding,

AGMC

Insured,

5%,

8/01/22

.........................

1,170,000

1,242,667

GO,

2012,

Pre-Refunded,

AGMC

Insured,

5%,

8/01/23

......................

1,350,000

1,437,010

Imperial

Irrigation

District

,

Electric

System,

Revenue,

2019,

Refunding,

5%,

11/01/36

...................

2,500,000

3,137,343

Electric

System,

Revenue,

2019,

Refunding,

5%,

11/01/37

...................

3,885,000

4,861,205

Electric

System,

Revenue,

2019,

Refunding,

5%,

11/01/38

...................

4,075,000

5,085,313

Independent

Cities

Finance

Authority

,

San

Juan

Mobile

Estates

,

Revenue

,

2015

,

Refunding

,

5

%

,

8/15/30

.............................................

1,575,000

1,770,699

Irvine

Unified

School

District

,

c,d

GO,

2021

C,

2.25%,

9/01/50

.........................................

2,500,000

2,409,425

Special

Tax,

2020

A,

4%,

9/01/27

......................................

1,745,000

2,066,618

Special

Tax,

2020

A,

4%,

9/01/28

......................................

1,135,000

1,363,804

Special

Tax,

2020

A,

5%,

9/01/29

......................................

1,920,000

2,487,363

Special

Tax,

2020

A,

5%,

9/01/30

......................................

1,910,000

2,515,442

Special

Tax,

2020

A,

5%,

9/01/32

......................................

755,000

981,040

Special

Tax,

2020

A,

4%,

9/01/34

......................................

2,300,000

2,724,153

Special

Tax,

2020

A,

4%,

9/01/35

......................................

1,460,000

1,723,958

Special

Tax,

2020

A,

4%,

9/01/36

......................................

1,320,000

1,551,484

Special

Tax,

2020

A,

4%,

9/01/37

......................................

1,355,000

1,585,730

Special

Tax,

2020

A,

4%,

9/01/38

......................................

2,735,000

3,188,237

Special

Tax,

2020

A,

4%,

9/01/39

......................................

2,905,000

3,374,185

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

5%,

9/01/29

........

185,000

242,938

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

5%,

9/01/30

........

210,000

273,573

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

5%,

9/01/31

........

175,000

226,591

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

5%,

9/01/32

........

185,000

238,580

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

5%,

9/01/33

........

200,000

256,364

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

5%,

9/01/34

........

225,000

287,293

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

5%,

9/01/36

........

265,000

334,879

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

4%,

9/01/37

........

285,000

331,425

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

4%,

9/01/38

........

275,000

318,662

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

4%,

9/01/39

........

315,000

363,816

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

4%,

9/01/40

........

350,000

402,964

Jurupa

Public

Financing

Authority

,

Special

Tax,

2013

A,

AGMC

Insured,

5%,

9/01/30

..........................

2,750,000

3,046,053

Special

Tax,

2013

A,

AGMC

Insured,

5%,

9/01/33

..........................

5,000,000

5,533,549

Special

Tax,

2014A,

Refunding,

5%,

9/01/27

.............................

1,000,000

1,146,266

Franklin

California

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

10

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Jurupa

Public

Financing

Authority,

(continued)

Special

Tax,

2014A,

Refunding,

5%,

9/01/28

.............................

$

1,275,000

$

1,461,399

Special

Tax,

2014A,

Refunding,

5%,

9/01/29

.............................

530,000

607,322

Special

Tax,

2015A,

Refunding,

5%,

9/01/26

.............................

1,855,000

2,208,106

Special

Tax,

2015A,

Refunding,

5%,

9/01/27

.............................

1,000,000

1,186,211

Special

Tax,

2015A,

Refunding,

5%,

9/01/28

.............................

1,025,000

1,213,322

Special

Tax,

2015A,

Refunding,

5%,

9/01/29

.............................

1,155,000

1,366,196

Special

Tax,

2015A,

Refunding,

5%,

9/01/30

.............................

1,510,000

1,785,967

Special

Tax,

2015A,

Refunding,

5%,

9/01/31

.............................

1,190,000

1,407,169

Special

Tax,

2015A,

Refunding,

5%,

9/01/32

.............................

2,505,000

2,960,196

Special

Tax,

2015A,

Refunding,

5%,

9/01/33

.............................

2,635,000

3,110,651

Special

Tax,

2020A,

Refunding,

BAM

Insured,

4%,

9/01/32

...................

700,000

826,428

Special

Tax,

2020A,

Refunding,

BAM

Insured,

4%,

9/01/36

...................

1,175,000

1,358,106

Lake

Elsinore

Public

Financing

Authority

,

Special

Tax

,

2015

,

Refunding

,

5

%

,

9/01/30

.

4,970,000

5,694,548

Lammersville

Joint

Unified

School

District

,

Community

Facilities

District

No.

200

,

Special

Tax

,

2017

,

Refunding

,

5

%

,

9/01/33

...............................

1,575,000

1,856,727

Lee

Lake

Public

Financing

Authority

,

Special

Tax,

Junior

Lien,

2013B,

5%,

9/01/27

.............................

1,400,000

1,522,962

Special

Tax,

Junior

Lien,

2013B,

5.25%,

9/01/29

...........................

810,000

879,073

Los

Angeles

Community

College

District

,

GO

,

2015A

,

Pre-Refunded

,

5

%

,

8/01/26

...

15,000,000

17,350,352

Los

Angeles

County

Metropolitan

Transportation

Authority

,

Revenue,

2014-A,

Refunding,

5%,

7/01/26

...............................

6,315,000

7,262,756

Revenue,

2014-A,

Refunding,

5%,

7/01/27

...............................

6,630,000

7,615,757

Revenue,

2017A,

5%,

7/01/38

........................................

1,755,000

2,166,966

Revenue,

Senior

Lien,

2012-B,

Refunding,

5%,

7/01/23

.....................

5,000,000

5,303,365

Los

Angeles

County

Sanitation

Districts

Financing

Authority

,

Revenue

,

2011A

,

Pre-

Refunded

,

5

%

,

10/01/22

.............................................

2,750,000

2,816,534

Los

Angeles

Department

of

Water

,

Revenue,

2016

A,

Refunding,

5%,

7/01/37

...............................

10,450,000

12,396,497

Revenue,

2018

B,

Refunding,

5%,

7/01/34

...............................

2,500,000

3,174,836

Revenue,

2020

C,

Refunding,

5%,

7/01/32

...............................

1,750,000

2,334,395

Revenue,

2020

C,

Refunding,

5%,

7/01/33

...............................

2,500,000

3,320,506

Revenue,

2020

C,

Refunding,

5%,

7/01/34

...............................

2,750,000

3,638,992

Revenue,

2020

C,

Refunding,

5%,

7/01/35

...............................

1,335,000

1,761,690

Revenue,

2020

C,

Refunding,

5%,

7/01/36

...............................

4,500,000

5,916,592

Revenue,

2020A,

Refunding,

5%,

7/01/35

...............................

335,000

442,072

Revenue,

2020A,

Refunding,

5%,

7/01/36

...............................

725,000

953,229

Revenue,

2020A,

Refunding,

5%,

7/01/37

...............................

950,000

1,244,639

Revenue,

2020A,

Refunding,

5%,

7/01/40

...............................

10,000,000

12,953,116

Los

Angeles

Department

of

Water

&

Power

,

Power

System,

Revenue,

2013A,

5%,

7/01/25

............................

5,135,000

5,559,657

Power

System,

Revenue,

2014

C,

5%,

7/01/27

............................

10,000,000

11,476,334

Power

System,

Revenue,

2014

D,

5%,

7/01/26

............................

2,600,000

2,986,571

Power

System,

Revenue,

2014

D,

5%,

7/01/27

............................

2,000,000

2,295,267

Power

System,

Revenue,

2014

D,

5%,

7/01/28

............................

2,550,000

2,922,907

Power

System,

Revenue,

2016B,

5%,

7/01/30

............................

3,000,000

3,592,682

Power

System,

Revenue,

2016B,

5%,

7/01/31

............................

6,700,000

8,006,386

Power

System,

Revenue,

2017B,

Refunding,

5%,

7/01/34

...................

23,350,000

28,664,995

Los

Angeles

Unified

School

District

,

GO,

2011A-1,

Refunding,

5%,

7/01/23

..................................

13,335,000

14,759,283

GO,

2011A-2,

Refunding,

5%,

7/01/21

..................................

5,000,000

5,058,498

GO,

2016

A,

Refunding,

5%,

7/01/29

...................................

5,000,000

5,921,589

GO,

2016B,

Refunding,

5%,

7/01/30

....................................

30,000,000

36,480,159

GO,

2020

RYQ,

4%,

7/01/36

.........................................

5,000,000

6,002,003

Manteca

Unified

School

District

,

Community

Facilities

District

No.

1989-2,

Special

Tax,

2013

F,

AGMC

Insured,

5%,

9/01/22

........................................................

1,000,000

1,066,310

Franklin

California

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

11

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Manteca

Unified

School

District,

(continued)

Community

Facilities

District

No.

1989-2,

Special

Tax,

2013

F,

AGMC

Insured,

5%,

9/01/26

........................................................

$

1,280,000

$

1,419,385

Martinez

Unified

School

District

,

GO

,

2011

,

Refunding

,

5.375

%

,

8/01/26

..........

5,000,000

5,809,434

Menifee

Union

School

District

Public

Financing

Authority

,

Special

Tax,

2016A,

Refunding,

5%,

9/01/25

.............................

1,200,000

1,381,348

Special

Tax,

2017A,

5%,

9/01/25

......................................

1,405,000

1,620,578

Special

Tax,

2017A,

5%,

9/01/28

......................................

1,250,000

1,464,125

Special

Tax,

2017A,

5%,

9/01/30

......................................

1,550,000

1,805,026

Metropolitan

Water

District

of

Southern

California

,

Revenue,

2011

C,

Refunding,

5%,

10/01/26

..............................

8,010,000

8,201,912

Revenue,

2014E,

Refunding,

5%,

7/01/23

...............................

20,000,000

22,169,508

Revenue,

2014E,

Refunding,

5%,

7/01/24

...............................

1,110,000

1,278,922

Revenue,

2016A,

Refunding,

5%,

7/01/28

...............................

5,000,000

6,039,681

Revenue,

2020

C,

Refunding,

5%,

7/01/38

...............................

18,000,000

23,639,485

Revenue,

2021

A,

5%,

10/01/31

.......................................

1,175,000

1,609,669

Revenue,

2021

A,

5%,

10/01/32

.......................................

1,000,000

1,363,554

Revenue,

2021

A,

5%,

10/01/33

.......................................

1,750,000

2,375,390

Revenue,

2021

A,

5%,

10/01/34

.......................................

1,435,000

1,940,956

Revenue,

2021

A,

5%,

10/01/35

.......................................

1,100,000

1,482,991

Revenue,

2021

A,

5%,

10/01/36

.......................................

1,175,000

1,577,876

Miracosta

Community

College

District

,

GO,

B,

4%,

8/01/33

................................................

1,030,000

1,269,825

GO,

B,

4%,

8/01/34

................................................

1,725,000

2,115,410

Moreno

Valley

Unified

School

District

,

GO,

2007,

Refunding,

NATL

Insured,

Zero

Cpn.,

8/01/24

....................

7,500,000

7,294,239

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

4%,

9/01/31

........

120,000

139,129

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

4%,

9/01/32

........

130,000

149,979

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

4%,

9/01/33

........

140,000

160,914

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

4%,

9/01/34

........

150,000

171,576

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

4%,

9/01/35

........

165,000

187,249

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

2.5%,

9/01/36

.......

175,000

172,130

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

2.5%,

9/01/37

.......

190,000

185,374

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

2.625%,

9/01/38

.....

200,000

197,287

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

2.625%,

9/01/39

.....

210,000

205,968

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

2.75%,

9/01/40

......

225,000

224,250

Mount

Diablo

Unified

School

District

,

GO

,

B-2

,

Refunding

,

5

%

,

7/01/27

...........

3,200,000

3,391,261

Mount

San

Antonio

Community

College

District

,

GO

,

2013

A

,

Zero

Cpn.,

8/01/28

....

6,000,000

7,032,095

Mountain

House

Public

Financing

Authority

,

Mountain

House

Community

Services

District,

Revenue,

2020

A,

BAM

Insured,

4%,

12/01/32

.......................................................

400,000

479,688

Mountain

House

Community

Services

District,

Revenue,

2020

A,

BAM

Insured,

4%,

12/01/33

.......................................................

325,000

388,009

Mountain

House

Community

Services

District,

Revenue,

2020

A,

BAM

Insured,

4%,

12/01/34

.......................................................

300,000

355,850

Mountain

House

Community

Services

District,

Revenue,

2020

A,

BAM

Insured,

4%,

12/01/35

.......................................................

325,000

384,181

Mountain

House

Community

Services

District,

Revenue,

2020

A,

BAM

Insured,

4%,

12/01/36

.......................................................

310,000

365,016

Mountain

House

Community

Services

District,

Revenue,

2020

A,

BAM

Insured,

4%,

12/01/37

.......................................................

300,000

352,037

Mountain

House

Community

Services

District,

Revenue,

2020

A,

BAM

Insured,

4%,

12/01/38

.......................................................

300,000

349,484

Mountain

House

Community

Services

District,

Revenue,

2020

A,

BAM

Insured,

4%,

12/01/39

.......................................................

275,000

319,503

Mountain

House

Community

Services

District,

Revenue,

2020

B,

BAM

Insured,

4%,

12/01/35

.......................................................

1,000,000

1,177,276

Franklin

California

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

12

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Murrieta

Financing

Authority

,

Special

Tax,

2012,

Refunding,

5%,

9/01/22

...............................

$

1,495,000

$

1,585,182

Special

Tax,

2012,

Refunding,

5%,

9/01/24

...............................

1,810,000

1,923,897

Special

Tax,

2012,

Refunding,

5%,

9/01/25

...............................

1,000,000

1,060,664

New

Haven

Unified

School

District

,

GO,

2012,

Refunding,

AGMC

Insured,

Zero

Cpn.,

8/01/22

...................

11,750,000

11,687,742

GO,

2012,

Refunding,

AGMC

Insured,

Zero

Cpn.,

8/01/23

...................

3,200,000

3,157,559

Oro

Grande

Elementary

School

District

,

COP,

2020,

Refunding,

4%,

9/15/29

....................................

2,595,000

2,861,448

COP,

2020,

Refunding,

4%,

9/15/30

....................................

2,700,000

2,955,851

COP,

2020,

Refunding,

4%,

9/15/31

....................................

2,805,000

3,043,277

COP,

2020,

Refunding,

4%,

9/15/32

....................................

1,600,000

1,730,127

Oxnard

Financing

Authority

,

Special

Tax,

Senior

Lien

,

2012A

,

5

%

,

9/02/26

.........

1,020,000

1,083,072

Port

of

Oakland

,

Revenue,

2021

H,

Refunding,

5%,

5/01/29

...............................

1,900,000

2,402,241

Revenue,

2021

H,

Refunding,

5%,

11/01/29

..............................

2,000,000

2,547,974

Poway

Unified

School

District

,

Community

Facilities

District

No.

16,

Special

Tax,

2020,

AGMC

Insured,

5%,

9/01/32

100,000

129,838

Community

Facilities

District

No.

16,

Special

Tax,

2020,

AGMC

Insured,

4%,

9/01/34

500,000

598,404

Community

Facilities

District

No.

16,

Special

Tax,

2020,

AGMC

Insured,

4%,

9/01/36

715,000

849,849

Community

Facilities

District

No.

16,

Special

Tax,

2020,

AGMC

Insured,

4%,

9/01/38

835,000

978,047

Community

Facilities

District

No.

16,

Special

Tax,

2020,

AGMC

Insured,

4%,

9/01/40

965,000

1,124,115

Poway

Unified

School

District

Public

Financing

Authority

,

Special

Tax,

2014,

BAM

Insured,

5%,

10/01/31

............................

1,700,000

1,891,814

Special

Tax,

2014,

BAM

Insured,

5%,

10/01/32

............................

1,845,000

2,052,200

Special

Tax,

2017A,

Refunding,

5%,

9/01/27

.............................

1,375,000

1,691,058

Special

Tax,

2017A,

Refunding,

5%,

9/01/30

.............................

2,255,000

2,750,540

River

Islands

Public

Financing

Authority

,

Lathrop

Irrigation

District

Electric,

Revenue,

2020,

AGMC

Insured,

4%,

9/01/35

...

625,000

735,639

Lathrop

Irrigation

District

Electric,

Revenue,

2020,

AGMC

Insured,

4%,

9/01/40

...

1,665,000

1,924,132

Riverside

Community

College

District

,

GO

,

2014

A

,

Refunding

,

5

%

,

8/01/27

.......

3,550,000

4,087,218

Riverside

County

Redevelopment

Successor

Agency

,

Tax

Allocation,

2011B,

6.5%,

10/01/25

..................................

1,225,000

1,263,125

Tax

Allocation,

Second

Lien,

2011D,

ETM,

6.5%,

12/01/21

...................

160,000

166,567

Tax

Allocation,

Second

Lien,

2011D,

Pre-Refunded,

6.75%,

12/01/26

...........

1,025,000

1,068,748

Riverside

County

Transportation

Commission

,

Revenue,

2013

A,

Pre-Refunded,

5.25%,

6/01/25

..........................

3,500,000

3,881,582

Revenue,

2013

A,

Pre-Refunded,

5.25%,

6/01/27

..........................

4,000,000

4,436,094

Revenue,

2017B,

Refunding,

5%,

6/01/38

...............................

7,805,000

9,768,371

Riverside

Unified

School

District

,

Community

Facilities

District

No.

33,

Special

Tax,

2021,

4%,

9/01/45

...........

375,000

407,798

Community

Facilities

District

No.

33,

Special

Tax,

2021,

4%,

9/01/50

...........

600,000

651,252

RNR

School

Financing

Authority

,

Community

Facilities

District

No.

92-1

,

Special

Tax

,

2017

A

,

BAM

Insured

,

5

%

,

9/01/27

.....................................

1,035,000

1,255,946

Romoland

School

District

,

Community

Facilities

District

No.

2004-1,

Special

Tax,

2015,

Refunding,

5%,

9/01/27

1,000,000

1,166,783

Community

Facilities

District

No.

2004-1,

Special

Tax,

2015,

Refunding,

5%,

9/01/28

1,960,000

2,273,882

Community

Facilities

District

No.

2004-1,

Special

Tax,

2015,

Refunding,

5%,

9/01/29

2,130,000

2,457,415

Community

Facilities

District

No.

2004-1,

Special

Tax,

2015,

Refunding,

5%,

9/01/30

2,310,000

2,646,762

Community

Facilities

District

No.

2004-1,

Special

Tax,

2015,

Refunding,

5%,

9/01/31

2,495,000

2,846,665

Community

Facilities

District

No.

2004-1,

Special

Tax,

2015,

Refunding,

5%,

9/01/32

2,690,000

3,061,002

Community

Facilities

District

No.

91-1,

Special

Tax,

2017,

Refunding,

5%,

9/01/36

.

1,130,000

1,329,865

Franklin

California

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

13

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Sacramento

City

Financing

Authority

,

Special

Tax

,

2013

A

,

Refunding

,

AGMC

Insured

,

5

%

,

9/01/21

......................................................

$

1,305,000

$

1,330,920

Sacramento

County

Sanitation

Districts

Financing

Authority

,

Revenue

,

2014A

,

Refunding

,

5

%

,

12/01/29

............................................

2,000,000

2,279,059

Sacramento

Municipal

Utility

District

,

Revenue,

2011

X,

5%,

8/15/25

........................................

7,445,000

7,576,200

Electric

System,

Revenue,

2020

H,

5%,

8/15/36

...........................

7,465,000

9,831,882

San

Bernardino

County

Transportation

Authority

,

Revenue,

2014A,

5%,

3/01/30

........................................

2,685,000

3,027,279

Revenue,

2014A,

5%,

3/01/31

........................................

5,090,000

5,737,288

San

Diego

County

Regional

Airport

Authority

,

Revenue,

2019

A,

Refunding,

5%,

7/01/34

...............................

3,600,000

4,535,231

Revenue,

2019

A,

Refunding,

5%,

7/01/35

...............................

3,750,000

4,712,427

Revenue,

2019

A,

Refunding,

5%,

7/01/36

...............................

5,000,000

6,262,512

Revenue,

2019

A,

Refunding,

5%,

7/01/39

...............................

5,500,000

6,830,625

San

Diego

County

Regional

Transportation

Commission

,

Revenue,

2021

B,

Refunding,

5%,

4/01/45

...............................

4,500,000

5,823,053

Revenue,

2021

B,

Refunding,

5%,

4/01/48

...............................

6,000,000

7,737,426

San

Diego

Public

Facilities

Financing

Authority

,

City

of

San

Diego

Water

Utility,

Revenue,

2020

A,

5%,

8/01/34

................

850,000

1,127,759

City

of

San

Diego

Water

Utility,

Revenue,

2020

A,

5%,

8/01/35

................

850,000

1,124,513

San

Francisco

Bay

Area

Rapid

Transit

District

,

GO,

2013C,

5%,

8/01/27

............................................

2,640,000

2,927,189

GO,

2013C,

5%,

8/01/28

............................................

3,500,000

3,879,017

GO,

2020

C-1,

4%,

8/01/33

..........................................

2,250,000

2,732,598

GO,

2020

C-1,

4%,

8/01/34

..........................................

4,000,000

4,834,672

GO,

2020

C-1,

4%,

8/01/35

..........................................

1,600,000

1,928,693

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

,

Revenue,

Second

Series,

2019E,

5%,

5/01/37

............................

5,000,000

6,166,821

Revenue,

Second

Series,

2019H,

Refunding,

5%,

5/01/24

...................

15,040,000

17,124,269

SFO

Fuel

Co.

LLC,

Revenue,

2019

A,

Refunding,

5%,

1/01/33

................

1,000,000

1,241,340

SFO

Fuel

Co.

LLC,

Revenue,

2019

A,

Refunding,

5%,

1/01/34

................

1,335,000

1,651,254

SFO

Fuel

Co.

LLC,

Revenue,

2019

A,

Refunding,

5%,

1/01/35

................

1,000,000

1,233,852

SFO

Fuel

Co.

LLC,

Revenue,

2019

A,

Refunding,

5%,

1/01/36

................

1,000,000

1,230,330

San

Francisco

City

&

County

Redevelopment

Agency

Successor

Agency

,

Hotel

Tax,

Revenue,

2011,

Refunding,

AGMC

Insured,

5%,

6/01/24

............

10,275,000

10,348,126

Mission

Bay

South

Redevelopment

Area

Tax

Increment

Financing

District,

Tax

Allocation,

2014A,

5%,

8/01/30

......................................

1,080,000

1,211,508

Mission

Bay

South

Redevelopment

Area

Tax

Increment

Financing

District,

Tax

Allocation,

2014A,

5%,

8/01/34

......................................

1,110,000

1,236,513

San

Jacinto

Unified

School

District

Financing

Authority

,

Community

Facilities

District

No.

2003-2

,

Special

Tax

,

2019

,

5

%

,

9/01/36

..............................

1,200,000

1,402,991

San

Joaquin

Hills

Transportation

Corridor

Agency

,

Revenue,

1997

A,

Refunding,

NATL

Insured,

Zero

Cpn.,

1/15/26

...............

19,000,000

17,496,821

Revenue,

Senior

Lien,

2014A,

Refunding,

5%,

1/15/29

......................

10,000,000

11,430,546

San

Luis

&

Delta

Mendota

Water

Authority

,

Revenue

,

2013

A

,

Pre-Refunded

,

BAM

Insured

,

5

%

,

3/01/29

...............................................

1,000,000

1,091,044

San

Mateo

County

Transit

District

,

Revenue,

2015A,

Refunding,

5%,

6/01/28

...............................

3,000,000

3,544,663

Revenue,

2015A,

Refunding,

5%,

6/01/29

...............................

4,300,000

5,076,797

San

Mateo

Foster

City

Public

Financing

Authority

,

City

of

San

Mateo

Sewer,

Revenue,

2019,

5%,

8/01/34

.....................

1,000,000

1,299,038

City

of

San

Mateo

Sewer,

Revenue,

2019,

5%,

8/01/36

.....................

1,135,000

1,465,625

City

of

San

Mateo

Sewer,

Revenue,

2019,

5%,

8/01/38

.....................

1,500,000

1,925,498

San

Ysidro

School

District

,

COP,

2015,

Refunding,

BAM

Insured,

5%,

9/01/29

.........................

1,100,000

1,275,730

Franklin

California

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

14

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

San

Ysidro

School

District,

(continued)

COP,

2015,

Refunding,

BAM

Insured,

5%,

9/01/31

.........................

$

1,000,000

$

1,157,078

COP,

2015,

Refunding,

BAM

Insured,

5%,

9/01/33

.........................

1,050,000

1,213,878

Sanger

Public

Financing

Authority

,

Revenue

,

2014

,

Refunding

,

AGMC

Insured

,

5

%

,

6/15/34

.........................................................

7,000,000

8,068,890

Santa

Cruz

County

Redevelopment

Successor

Agency

,

Tax

Allocation

,

2015A

,

Refunding

,

AGMC

Insured

,

5

%

,

9/01/29

.................................

4,475,000

5,229,698

Sierra

View

Local

Health

Care

District

,

Revenue,

2020,

Refunding,

4%,

7/01/24

.................................

240,000

262,831

Revenue,

2020,

Refunding,

4%,

7/01/26

.................................

100,000

113,720

Revenue,

2020,

Refunding,

5%,

7/01/28

.................................

660,000

820,436

Revenue,

2020,

Refunding,

5%,

7/01/30

.................................

520,000

666,621

Sonoma

Community

Development

Agency

Successor

Agency

,

Tax

Allocation,

2015,

Refunding,

NATL

Insured,

5%,

6/01/29

..................

1,000,000

1,189,980

Tax

Allocation,

2015,

Refunding,

NATL

Insured,

5%,

6/01/33

..................

1,200,000

1,408,498

Sonoma-Marin

Area

Rail

Transit

District

,

Revenue,

2011

A,

Pre-Refunded,

5%,

3/01/25

............................

15,410,000

16,099,058

Revenue,

2011

A,

Pre-Refunded,

5%,

3/01/27

............................

11,945,000

12,479,121

Southern

California

Public

Power

Authority

,

Revenue

,

2015C

,

Refunding

,

5

%

,

7/01/26

5,000,000

5,834,396

State

of

California

,

GO,

Refunding,

5.25%,

9/01/22

.......................................

16,330,000

17,503,704

GO,

Refunding,

5%,

10/01/22

.........................................

15,785,000

16,928,072

GO,

Refunding,

5%,

9/01/29

.........................................

1,000,000

1,226,281

GO,

Refunding,

5%,

4/01/30

.........................................

10,000,000

12,981,635

GO,

Refunding,

5%,

11/01/31

.........................................

15,000,000

20,063,894

GO,

2012,

Refunding,

5%,

2/01/22

.....................................

15,000,000

15,603,912

GO,

2014,

5%,

12/01/27

.............................................

5,000,000

5,611,440

GO,

2014,

5%,

12/01/28

.............................................

5,000,000

5,610,023

State

of

California

Department

of

Water

Resources

,

Revenue,

AM,

5%,

12/01/23

..........................................

10,000,000

11,039,993

Revenue,

AM,

5%,

12/01/24

..........................................

8,495,000

9,376,529

Revenue,

AM,

Pre-Refunded,

5%,

12/01/25

..............................

5,000,000

5,523,965

Revenue,

AS,

ETM,

5%,

12/01/24

.....................................

35,000

40,864

Revenue,

AS,

5%,

12/01/24

..........................................

11,090,000

12,962,397

Revenue,

AS,

Pre-Refunded,

5%,

12/01/25

..............................

5,000

5,848

Revenue,

AS,

5%,

12/01/25

..........................................

6,125,000

7,156,686

Revenue,

AS,

Pre-Refunded,

5%,

12/01/26

..............................

45,000

52,540

Revenue,

AS,

5%,

12/01/26

..........................................

22,455,000

26,192,664

Revenue,

BA,

5%,

12/01/35

..........................................

12,180,000

15,782,788

Revenue,

BB,

Refunding,

5%,

12/01/34

.................................

5,000,000

6,742,368

Tobacco

Securitization

Authority

of

Northern

California

,

Sacramento

County

Tobacco

Securitization

Corp.,

Revenue,

Senior

Lien,

2021A,

1,

Refunding,

4%,

6/01/37

............................................

1,000,000

1,194,357

Sacramento

County

Tobacco

Securitization

Corp.,

Revenue,

Senior

Lien,

2021A,

1,

Refunding,

4%,

6/01/39

............................................

1,150,000

1,360,473

Tobacco

Securitization

Authority

of

Southern

California

,

San

Diego

County

Tobacco

Asset

Securitization

Corp.,

Revenue,

2019

A,

1,

Refunding,

5%,

6/01/35

............................................

1,500,000

1,916,937

San

Diego

County

Tobacco

Asset

Securitization

Corp.,

Revenue,

2019

A,

1,

Refunding,

5%,

6/01/37

............................................

1,000,000

1,267,933

San

Diego

County

Tobacco

Asset

Securitization

Corp.,

Revenue,

2019

A,

1,

Refunding,

5%,

6/01/38

............................................

500,000

632,112

Transbay

Joint

Powers

Authority

,

Transbay

Redevelopment

Project

Tax

Increment

Re-Development

Project,

Tax

Allocation,

Senior

Lien,

2020

A,

5%,

10/01/30

...........................

500,000

641,395

Transbay

Redevelopment

Project

Tax

Increment

Re-Development

Project,

Tax

Allocation,

Senior

Lien,

2020

A,

5%,

10/01/32

...........................

1,500,000

1,906,839

Franklin

California

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

15

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Transbay

Joint

Powers

Authority,

(continued)

Transbay

Redevelopment

Project

Tax

Increment

Re-Development

Project,

Tax

Allocation,

Senior

Lien,

2020

A,

5%,

10/01/34

...........................

$

1,050,000

$

1,325,041

Tulare

County

Board

of

Education

,

COP

,

Pre-Refunded

,

BAM

Insured

,

5

%

,

5/01/28

..

1,040,000

1,143,635

Twin

Rivers

Unified

School

District

,

GO

,

2020

A

,

Refunding

,

AGMC

Insured

,

4

%

,

8/01/35

.........................................................

5,000,000

5,917,196

University

of

California

,

Revenue,

2014AM,

5%,

5/15/27

.......................................

3,000,000

3,428,400

Revenue,

2014AM,

5%,

5/15/28

.......................................

1,835,000

2,094,582

Revenue,

2016K,

5%,

5/15/37

........................................

1,000,000

1,196,169

Revenue,

2020

BE,

Refunding,

5%,

5/15/34

..............................

7,000,000

9,236,263

Revenue,

2021

Q,

Refunding,

4%,

5/15/41

...............................

7,000,000

8,374,802

Upper

Santa

Clara

Valley

Joint

Powers

Authority

,

Santa

Clarita

Valley

Water

Agency

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

8/01/35

...............................

700,000

882,082

Vacaville

Unified

School

District

,

GO,

D,

4%,

8/01/35

................................................

250,000

293,779

GO,

D,

4%,

8/01/36

................................................

300,000

351,456

GO,

D,

4%,

8/01/37

................................................

300,000

350,434

GO,

D,

4%,

8/01/38

................................................

545,000

635,028

GO,

D,

4%,

8/01/39

................................................

750,000

871,857

GO,

D,

4%,

8/01/40

................................................

735,000

852,065

Washington

Township

Health

Care

District

,

Revenue,

2020

A,

Refunding,

5%,

7/01/21

...............................

375,000

378,895

Revenue,

2020

A,

Refunding,

5%,

7/01/22

...............................

200,000

210,592

Revenue,

2020

A,

Refunding,

5%,

7/01/23

...............................

200,000

218,529

Revenue,

2020

A,

Refunding,

5%,

7/01/24

...............................

200,000

225,383

Revenue,

2020

A,

Refunding,

5%,

7/01/25

...............................

215,000

248,562

Revenue,

2020

A,

Refunding,

5%,

7/01/26

...............................

275,000

325,547

Revenue,

2020

A,

Refunding,

5%,

7/01/27

...............................

400,000

483,389

Revenue,

2020

A,

Refunding,

5%,

7/01/28

...............................

400,000

490,452

Revenue,

2020

A,

Refunding,

5%,

7/01/29

...............................

350,000

434,791

Revenue,

2020

A,

Refunding,

5%,

7/01/30

...............................

325,000

408,099

Revenue,

2020

A,

Refunding,

5%,

7/01/31

...............................

350,000

436,536

Revenue,

2020

A,

Refunding,

3%,

7/01/32

...............................

800,000

839,886

Revenue,

2020

A,

Refunding,

4%,

7/01/33

...............................

275,000

313,441

Revenue,

2020

A,

Refunding,

3%,

7/01/34

...............................

870,000

891,278

Revenue,

2020

A,

Refunding,

4%,

7/01/35

...............................

300,000

337,578

Revenue,

2020

A,

Refunding,

3%,

7/01/36

...............................

1,400,000

1,420,107

Revenue,

2020

A,

Refunding,

3%,

7/01/37

...............................

725,000

732,704

Revenue,

2020

A,

Refunding,

3%,

7/01/38

...............................

750,000

755,612

West

Basin

Municipal

Water

District

,

Revenue,

2016A,

Refunding,

5%,

8/01/32

...............................

1,975,000

2,355,576

Revenue,

2016A,

Refunding,

5%,

8/01/33

...............................

2,630,000

3,134,049

Western

Municipal

Water

District

Facilities

Authority

,

Revenue

,

2020A

,

Refunding

,

5

%

,

10/01/38

........................................................

2,750,000

3,619,207

1,782,542,610

U.S.

Territories

0.9%

Guam

0.2%

Guam

Power

Authority

,

Revenue,

2012A,

Refunding,

AGMC

Insured,

5%,

10/01/22

..................

2,000,000

2,135,195

Revenue,

2012A,

Refunding,

AGMC

Insured,

5%,

10/01/21

..................

2,000,000

2,045,018

4,180,213

Puerto

Rico

0.7%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

UU,

Refunding,

AGMC

Insured,

5%,

7/01/23

......................

5,000,000

5,161,998

Franklin

California

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

16

See

Abbreviations

on

page

18

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

Puerto

Rico

Electric

Power

Authority,

(continued)

e

Revenue,

WW-RSA-1,

5.375%,

7/01/23

.................................

$

5,000,000

$

4,556,250

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue

,

2007

N

,

Refunding

,

AGMC

Insured

,

5.25

%

,

7/01/36

.............................................

2,200,000

2,740,094

12,458,342

Total

U.S.

Territories

....................................................................

16,638,555

Total

Municipal

Bonds

(Cost

$1,687,926,452)

...................................

1,799,181,165

a

a

a

a

Short

Term

Investments

1.6%

Municipal

Bonds

1.6%

California

1.6%

f

California

Statewide

Communities

Development

Authority

,

Rady

Children's

Hospital

Obligated

Group

,

Revenue

,

2008B

,

LOC

Wells

Fargo

Bank

NA

,

Daily

VRDN

and

Put

,

0.04

%

,

8/15/47

...................................................

7,300,000

7,300,000

f

State

of

California

,

GO,

2003A-2,

Refunding,

LOC

Bank

of

Montreal,

Daily

VRDN

and

Put,

0.01%,

5/01/33

........................................................

5,200,000

5,200,000

GO,

2003A-3,

Refunding,

LOC

Bank

of

Montreal,

Daily

VRDN

and

Put,

0.02%,

5/01/33

........................................................

9,130,000

9,130,000

GO,

2004

A1,

Refunding,

LOC

Citibank

NA,

Daily

VRDN

and

Put,

0.01%,

5/01/34

.

7,115,000

7,115,000

f

University

of

California

,

Revenue

,

2013

AL-4

,

Refunding

,

Daily

VRDN

and

Put

,

0.03

%

,

5/15/48

.........................................................

500,000

500,000

29,245,000

Total

Municipal

Bonds

(Cost

$29,245,000)

......................................

29,245,000

Total

Short

Term

Investments

(Cost

$29,245,000

)

................................

29,245,000

a

Total

Investments

(Cost

$1,717,171,452)

99.4%

..................................

$1,828,426,165

Other

Assets,

less

Liabilities

0.6%

.............................................

10,552,212

Net

Assets

100.0%

...........................................................

$1,838,978,377

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

March

31,

2021,

the

aggregate

value

of

these

securities

was

$29,732,719,

representing

1.6%

of

net

assets.

b

The

maturity

date

shown

represents

the

mandatory

put

date.

c

Security

purchased

on

a

when-issued

basis.

d

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

e

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

f

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

California

Tax-Free

Trust

17

Quarterly

Statement

of

Investments

Notes

to

Statements

of

Investments

(unaudited)

1.

Organization

Franklin

California

Tax-Free

Trust (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of

one

fund,

Franklin

California

Intermediate

Term

Tax

Free

Income

Fund

(Fund)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP). 

2. Financial

Instrument

Valuation

The

Fund's investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates the

net

asset

value

(NAV)

per

share

each

business

day

as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier. Under

compliance

policies

and

procedures

approved

by

the

Trust’s

Board

of

Trustees

(the

Board),

the

Fund’s

administrator

has

responsibility

for

oversight

of

valuation,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Debt

securities

generally

trade

in

the

over-the-counter

market

rather

than

on

a

securities

exchange.

The Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

The

Fund

has procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Fund

primarily employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

book

values,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed. 

3.

Concentration

of

Risk 

The

Fund

invests

a

large

percentage

of

its

total

assets

in

obligations

of

issuers

within

New

York.

Such

concentration

may

subject

the

Fund

to

risks

associated

with

industrial

or

regional

matters,

and

economic,

political

or

legal

developments

occurring

within

New

York.

In

addition,

investments

in

these

securities

are

sensitive

to

interest

rate

changes

and

credit

risk

of

the

issuer

and

may

subject

the

Fund to

increased

market

volatility.

The

market

for

these

investments

may

be

limited,

which

may

make

them

difficult

to

buy

or

sell. 

4.

Novel

Coronavirus

Pandemic 

The

global

outbreak

of

the

novel

coronavirus

disease,

known

as

COVID-19, has

caused

adverse

effects

on

many

companies,

sectors,

nations,

regions

and

the

markets

in

general, and

may

continue for

an unpredictable duration.

The

effects

of

this

pandemic

may

materially

impact

the

value

and

performance

of

the Fund, its ability

to

buy

and

sell

fund

investments

at

appropriate

valuations

and its ability

to

achieve its investment

objectives.

Franklin

California

Tax-Free

Trust

Notes

to

Statements

of

Investments

(unaudited)

18

Quarterly

Statement

of

Investments

5. Fair

Value

Measurements 

The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the

Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's

financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

•

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

•

Level 2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

•

Level 3

–

significant

unobservable

inputs

(including

the

Fund's own

assumptions

in

determining

the

fair

value

of

financial

instruments

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

At March

31,

2021,

all

of

the

Fund's investments

in

financial

instruments

carried

at

fair

value

were

valued

using

Level

2

inputs.

6.

Subsequent

Events

The Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

Statement

of

Investments

and

determined

that

no

events

have

o

ccurred

that

require

disclosure

.

Abbreviations

Selected

Portfolio

1915

Act

Improvement

Bond

Act

of

1915

ABAG

Association

of

Bay

Area

Governments

AGMC

Assured

Guaranty

Municipal

Corp.

AMBAC

American

Municipal

Bond

Assurance

Corp.

BAM

Build

America

Mutual

Assurance

Co.

COP

Certificate

of

Participation

ETM

Escrow

to

Maturity

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GO

General

Obligation

LOC

Letter

of

Credit

NATL

National

Reinsurance

Corp.

For

additional

information

on

the

Fund's

significant

accounting

policies,

please

refer

to

the Fund's

most

recent

semiannual

or

annual

shareholder

report.