NPORT-EX 2 FCTFT.htm
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
CAT-Q1PH
See
Notes
to
Schedule
of
Investments.
1
Schedule
of
Investments
(unaudited)
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
2
Notes
to
Schedule
of
Investments
18
Franklin
California
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
September
30,
2022
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
2
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
99.3%
California
97.9%
ABAG
Finance
Authority
for
Nonprofit
Corp.
,
Odd
Fellows
Home
of
California,
Revenue,
2012
A,
California
Mortgage
Insured,
5%,
4/01/23
........................................................
$
1,000,000
$
1,009,255
Odd
Fellows
Home
of
California,
Revenue,
2012
A,
California
Mortgage
Insured,
5%,
4/01/24
........................................................
1,000,000
1,008,708
Align
Affordable
Housing
Bond
Fund
LP
,
a
Breezewood
2019
LP,
Revenue,
144A,
2020-3
TR,
A,
2.625%,
8/01/25
..........
14,300,000
13,291,214
Parkwood
Apartments,
2021-1,
2.25%,
8/01/31
...........................
11,250,000
9,836,100
California
Affordable
Housing
Agency
,
Butte
County
Housing
Authority
,
Revenue
,
2020
A
,
2
%
,
10/01/35
...................................................
500,000
382,453
b
California
Community
Choice
Financing
Authority
,
Revenue,
2021
A,
Mandatory
Put,
4%,
12/01/27
...........................
13,200,000
13,069,807
Revenue,
2021
B-1,
Mandatory
Put,
4%,
8/01/31
..........................
9,150,000
8,752,574
Revenue,
2021
B-2,
Mandatory
Put,
2.91%,
8/01/31
........................
25,000,000
22,450,493
Revenue,
2022
A-1,
Mandatory
Put,
4%,
8/01/28
..........................
20,000,000
19,557,930
California
Community
College
Financing
Authority
,
NCCD-Orange
Coast
Properties
LLC,
Revenue,
2018,
5%,
5/01/32
............
1,750,000
1,745,980
NCCD-Orange
Coast
Properties
LLC,
Revenue,
2018,
5%,
5/01/33
............
600,000
594,190
NCCD-Orange
Coast
Properties
LLC,
Revenue,
2018,
5%,
5/01/35
............
3,040,000
2,968,045
NCCD-Orange
Coast
Properties
LLC,
Revenue,
2018,
5%,
5/01/37
............
1,600,000
1,542,304
NCCD-Orange
Coast
Properties
LLC,
Revenue,
2018,
5%,
5/01/38
............
1,320,000
1,264,913
a
California
Community
Housing
Agency
,
Aster
Apartments
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
2/01/43
..............................................
3,795,000
2,904,617
California
County
Tobacco
Securitization
Agency
,
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/34
.....................
340,000
316,691
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/35
.....................
400,000
368,592
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/36
.....................
615,000
561,656
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/37
.....................
660,000
596,125
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/38
.....................
615,000
549,694
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/39
.....................
600,000
530,511
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/40
.....................
615,000
538,751
Gold
Country
Settlement
Funding
Corp.,
Revenue,
2020
A,
Refunding,
5%,
6/01/29
250,000
261,827
Gold
Country
Settlement
Funding
Corp.,
Revenue,
2020
A,
Refunding,
5%,
6/01/31
1,065,000
1,109,711
Merced
County
Tobacco
Funding
Corp.,
Revenue,
Senior
Lien,
2020
A,
Refunding,
5%,
6/01/30
....................................................
315,000
329,413
Merced
County
Tobacco
Funding
Corp.,
Revenue,
Senior
Lien,
2020
A,
Refunding,
5%,
6/01/31
....................................................
300,000
312,496
Merced
County
Tobacco
Funding
Corp.,
Revenue,
Senior
Lien,
2020
A,
Refunding,
5%,
6/01/33
....................................................
245,000
252,502
Merced
County
Tobacco
Funding
Corp.,
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/34
....................................................
420,000
391,113
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
5%,
6/01/30
..
425,000
444,447
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
5%,
6/01/31
..
225,000
234,372
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
5%,
6/01/32
..
250,000
259,113
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
5%,
6/01/33
..
300,000
309,186
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
4%,
6/01/34
..
365,000
339,895
California
Educational
Facilities
Authority
,
Art
Center
College
of
Design,
Revenue,
2022
A,
5%,
12/01/32
................
275,000
279,314
Art
Center
College
of
Design,
Revenue,
2022
A,
5%,
12/01/33
................
545,000
551,381
Art
Center
College
of
Design,
Revenue,
2022
A,
5%,
12/01/34
................
995,000
1,001,422
Art
Center
College
of
Design,
Revenue,
2022
A,
5%,
12/01/35
................
1,045,000
1,045,835
Art
Center
College
of
Design,
Revenue,
2022
A,
5%,
12/01/36
................
595,000
594,184
Art
Center
College
of
Design,
Revenue,
2022
A,
4%,
12/01/37
................
1,150,000
1,008,597
Art
Center
College
of
Design,
Revenue,
2022
A,
4%,
12/01/38
................
1,195,000
1,037,508
Art
Center
College
of
Design,
Revenue,
2022
A,
4%,
12/01/39
................
1,245,000
1,070,967
Loma
Linda
University,
Revenue,
2017
A,
Refunding,
5%,
4/01/29
.............
1,020,000
1,081,313
Loma
Linda
University,
Revenue,
2017
A,
Refunding,
5%,
4/01/32
.............
1,235,000
1,298,443
Franklin
California
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
California
Educational
Facilities
Authority,
(continued)
Loma
Linda
University,
Revenue,
2017
A,
Refunding,
5%,
4/01/33
.............
$
1,000,000
$
1,048,811
Loma
Linda
University,
Revenue,
2017
A,
Refunding,
5%,
4/01/34
.............
1,750,000
1,828,751
Loma
Linda
University,
Revenue,
2017
A,
Refunding,
5%,
4/01/35
.............
1,500,000
1,564,230
Loma
Linda
University,
Revenue,
2017
A,
Refunding,
5%,
4/01/36
.............
2,000,000
2,084,328
Loma
Linda
University,
Revenue,
2017
A,
Refunding,
5%,
4/01/37
.............
2,000,000
2,079,782
University
of
San
Francisco,
Revenue,
2018
A,
5%,
10/01/37
.................
1,365,000
1,432,609
California
Enterprise
Development
Authority
,
Provident
Group-SDSU
Properties
LLC,
Revenue,
First
Tier,
2020
A,
5%,
8/01/24
..
230,000
233,389
Provident
Group-SDSU
Properties
LLC,
Revenue,
First
Tier,
2020
A,
5%,
8/01/26
..
540,000
550,688
Provident
Group-SDSU
Properties
LLC,
Revenue,
First
Tier,
2020
A,
5%,
8/01/28
..
615,000
625,520
Provident
Group-SDSU
Properties
LLC,
Revenue,
First
Tier,
2020
A,
5%,
8/01/30
..
250,000
253,213
Provident
Group-SDSU
Properties
LLC,
Revenue,
First
Tier,
2020
A,
5%,
8/01/35
..
450,000
442,859
California
Health
Facilities
Financing
Authority
,
California-Nevada
Methodist
Homes,
Revenue,
2015,
Refunding,
California
Mortgage
Insured,
5%,
7/01/30
..............................................
1,825,000
1,885,505
Casa
Milagro
LLC,
Revenue,
2011
A,
California
Mortgage
Insured,
6%,
2/01/24
...
2,000,000
2,004,292
Cedars-Sinai
Medical
Center
Obligated
Group,
Revenue,
2015,
Refunding,
5%,
11/15/30
.......................................................
3,000,000
3,142,707
Cedars-Sinai
Medical
Center
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
8/15/31
........................................................
3,500,000
3,676,465
Children's
Hospital
Los
Angeles
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
8/15/35
........................................................
1,650,000
1,666,156
Children's
Hospital
Los
Angeles
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
8/15/36
........................................................
2,045,000
2,056,752
Children's
Hospital
Los
Angeles
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
8/15/37
........................................................
1,330,000
1,331,606
El
Camino
Hospital,
Revenue,
2017,
5%,
2/01/28
..........................
2,100,000
2,224,593
El
Camino
Hospital,
Revenue,
2017,
5%,
2/01/29
..........................
2,460,000
2,602,858
El
Camino
Hospital,
Revenue,
2017,
5%,
2/01/30
..........................
1,250,000
1,319,796
El
Camino
Hospital,
Revenue,
2017,
5%,
2/01/31
..........................
1,200,000
1,261,695
Marshall
Medical
Center,
Revenue,
2015,
Refunding,
California
Mortgage
Insured,
5%,
11/01/33
...................................................
1,000,000
1,034,111
California
Housing
Finance
Agency
,
Revenue,
2019-2,
A,
4%,
3/20/33
......................................
5,261,388
5,007,489
Lakeside
Drive
Senior
Housing
LP,
Revenue,
2019
N,
FNMA
Insured,
2.35%,
12/01/35
.......................................................
9,463,100
7,851,791
California
Infrastructure
&
Economic
Development
Bank
,
Revenue,
2015
A,
Pre-Refunded,
5%,
10/01/32
...........................
2,915,000
3,070,921
Academy
of
Motion
Picture
Arts
and
Sciences
Obligated
Group,
Revenue,
2020
A,
5%,
11/01/30
...................................................
7,260,000
8,121,039
Academy
of
Motion
Picture
Arts
and
Sciences
Obligated
Group,
Revenue,
2020
B,
Refunding,
5%,
11/01/29
...........................................
2,000,000
2,219,020
California
Municipal
Finance
Authority
,
a,b
Revenue,
144A,
2009
A,
Mandatory
Put,
1.3%,
2/03/25
.....................
1,800,000
1,693,611
Revenue,
2022
A-1,
4.25%,
12/01/37
...................................
5,800,000
4,673,764
Revenue,
2022
A-2,
6.25%,
12/01/32
...................................
3,105,000
2,714,674
ACI
Royal
York,
Inc.,
Revenue,
2020
A,
3.125%,
2/15/33
....................
620,000
493,799
Biola
University,
Inc.,
Revenue,
2017,
Refunding,
5%,
10/01/29
...............
1,350,000
1,405,820
Biola
University,
Inc.,
Revenue,
2017,
Refunding,
5%,
10/01/31
...............
1,000,000
1,034,384
Biola
University,
Inc.,
Revenue,
2017,
Refunding,
5%,
10/01/33
...............
1,070,000
1,099,936
Biola
University,
Inc.,
Revenue,
2017,
Refunding,
5%,
10/01/35
...............
1,000,000
1,022,835
California
Home
for
the
Aged,
Inc.
(The),
Revenue,
2018,
California
Mortgage
Insured,
5%,
5/15/36
..............................................
1,000,000
1,075,123
California
Institute
of
the
Arts,
Revenue,
2021,
4%,
10/01/32
.................
120,000
111,595
California
Institute
of
the
Arts,
Revenue,
2021,
4%,
10/01/33
.................
120,000
110,041
California
Institute
of
the
Arts,
Revenue,
2021,
4%,
10/01/34
.................
155,000
140,154
Franklin
California
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
4
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
California
Municipal
Finance
Authority,
(continued)
California
Institute
of
the
Arts,
Revenue,
2021,
4%,
10/01/35
.................
$
160,000
$
143,369
California
Institute
of
the
Arts,
Revenue,
2021,
4%,
10/01/36
.................
185,000
164,352
California
Institute
of
the
Arts,
Revenue,
2021,
4%,
10/01/37
.................
170,000
149,583
California
Institute
of
the
Arts,
Revenue,
2021,
3%,
10/01/41
.................
960,000
671,781
Caritas
Corp.
(The),
Revenue,
2021
B,
Refunding,
3%,
8/15/31
...............
115,000
98,765
Caritas
Corp.
(The),
Revenue,
2021
B,
Refunding,
4%,
8/15/41
...............
590,000
498,907
Caritas
Corp.
(The),
Revenue,
2021
B,
Refunding,
4%,
8/15/56
...............
540,000
412,531
a
Century
CityView
LP,
Revenue,
144A,
2021
A,
4%,
11/01/36
..................
8,125,000
7,128,716
CHF-Davis
II
LLC,
Revenue,
2021,
BAM
Insured,
4%,
5/15/37
................
1,200,000
1,121,486
CHF-Davis
II
LLC,
Revenue,
2021,
BAM
Insured,
4%,
5/15/41
................
1,400,000
1,272,004
CHF-Riverside
II
LLC,
Revenue,
2019,
5%,
5/15/32
........................
1,000,000
1,017,307
CHF-Riverside
II
LLC,
Revenue,
2019,
5%,
5/15/34
........................
3,120,000
3,142,111
CHF-Riverside
II
LLC,
Revenue,
2019,
5%,
5/15/35
........................
1,430,000
1,435,017
CHF-Riverside
II
LLC,
Revenue,
2019,
5%,
5/15/37
........................
2,260,000
2,257,555
CHF-Riverside
II
LLC,
Revenue,
2019,
5%,
5/15/38
........................
1,000,000
994,589
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2015
A,
Pre-
Refunded,
5%,
2/01/26
............................................
2,010,000
2,090,273
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2015
A,
Pre-
Refunded,
5%,
2/01/28
............................................
1,500,000
1,559,905
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
2/01/25
............................................
2,000,000
2,055,881
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
2/01/26
............................................
2,010,000
2,086,519
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
2/01/27
............................................
1,750,000
1,826,150
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
2/01/28
............................................
2,250,000
2,324,132
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
2/01/29
............................................
2,140,000
2,201,072
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
2/01/30
............................................
2,000,000
2,051,166
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
2/01/31
............................................
2,700,000
2,762,865
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
2/01/32
............................................
2,200,000
2,245,494
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
2/01/33
............................................
3,500,000
3,564,221
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
2/01/34
............................................
5,000,000
5,079,526
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
2/01/35
............................................
5,000,000
5,070,372
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
2/01/36
............................................
2,295,000
2,324,920
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
2/01/37
............................................
2,000,000
2,022,300
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/23
....................
200,000
199,944
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/24
....................
300,000
299,332
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/25
....................
300,000
297,194
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/26
....................
250,000
246,418
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/27
....................
350,000
342,703
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/28
....................
250,000
243,326
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/29
....................
350,000
338,367
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/30
....................
400,000
383,457
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/31
....................
350,000
331,209
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/32
....................
250,000
233,023
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/33
....................
300,000
277,505
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/34
....................
300,000
273,597
Franklin
California
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
5
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
California
Municipal
Finance
Authority,
(continued)
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/35
....................
$
400,000
$
361,527
Congregational
Homes,
Inc.
Obligated
Group,
Revenue,
2022
A,
5%,
11/15/26
....
105,000
106,161
Congregational
Homes,
Inc.
Obligated
Group,
Revenue,
2022
A,
5%,
11/15/27
....
110,000
111,230
Congregational
Homes,
Inc.
Obligated
Group,
Revenue,
2022
A,
5%,
11/15/28
....
115,000
116,200
Congregational
Homes,
Inc.
Obligated
Group,
Revenue,
2022
A,
5%,
11/15/29
....
240,000
241,701
Congregational
Homes,
Inc.
Obligated
Group,
Revenue,
2022
A,
4%,
11/15/30
....
125,000
115,951
Congregational
Homes,
Inc.
Obligated
Group,
Revenue,
2022
A,
4%,
11/15/31
....
265,000
243,042
Congregational
Homes,
Inc.
Obligated
Group,
Revenue,
2022
A,
4%,
11/15/32
....
280,000
253,818
Congregational
Homes,
Inc.
Obligated
Group,
Revenue,
2022
B-1,
2.75%,
11/15/27
525,000
470,058
Del
Harbor
Foundation,
Revenue,
2015,
Refunding,
5%,
11/01/26
.............
1,085,000
1,140,040
a
IH
Lakes
Concord
LLC,
Revenue,
144A,
2022
A,
4.375%,
12/01/32
............
15,000,000
13,050,264
a
IH
Lakes
Concord
LLC,
Revenue,
144A,
2022
A-2,
6.75%,
12/01/32
............
930,000
835,971
Inland
Christian
Home,
Inc.,
Revenue,
2020,
California
Mortgage
Insured,
4%,
12/01/30
.......................................................
1,100,000
1,131,133
Inland
Christian
Home,
Inc.,
Revenue,
2020,
California
Mortgage
Insured,
4%,
12/01/39
.......................................................
1,245,000
1,147,116
Inland
Counties
Regional
Center,
Inc.,
Revenue,
2015,
Refunding,
5%,
6/15/23
...
1,580,000
1,600,355
Inland
Counties
Regional
Center,
Inc.,
Revenue,
2015,
Refunding,
5%,
6/15/24
...
1,000,000
1,029,350
Inland
Counties
Regional
Center,
Inc.,
Revenue,
2015,
Refunding,
5%,
6/15/32
...
6,625,000
6,897,693
LAX
Integrated
Express
Solutions
LLC,
Revenue,
Senior
Lien,
2018
A,
5%,
6/30/26
1,000,000
1,024,337
LAX
Integrated
Express
Solutions
LLC,
Revenue,
Senior
Lien,
2018
A,
5%,
12/31/34
3,000,000
3,017,144
LAX
Integrated
Express
Solutions
LLC,
Revenue,
Senior
Lien,
2018
A,
5%,
12/31/35
5,500,000
5,510,439
LAX
Integrated
Express
Solutions
LLC,
Revenue,
Senior
Lien,
2018
A,
5%,
12/31/36
10,570,000
10,563,089
LAX
Integrated
Express
Solutions
LLC,
Revenue,
Senior
Lien,
2018
A,
5%,
12/31/37
2,930,000
2,926,577
LAX
Integrated
Express
Solutions
LLC,
Revenue,
Senior
Lien,
2018
A,
5%,
12/31/38
7,600,000
7,593,887
Northbay
Healthcare
Group
Obligated
Group,
Revenue,
2017
A,
5%,
11/01/25
....
1,000,000
1,024,996
Northbay
Healthcare
Group
Obligated
Group,
Revenue,
2017
A,
5%,
11/01/26
....
900,000
928,647
Northbay
Healthcare
Group
Obligated
Group,
Revenue,
2017
A,
5%,
11/01/27
....
1,300,000
1,327,031
Northbay
Healthcare
Group
Obligated
Group,
Revenue,
2017
A,
5%,
11/01/28
....
1,400,000
1,426,993
Northbay
Healthcare
Group
Obligated
Group,
Revenue,
2017
A,
5.25%,
11/01/29
..
1,000,000
1,035,117
Northbay
Healthcare
Group
Obligated
Group,
Revenue,
2017
A,
5%,
11/01/30
....
1,350,000
1,369,630
Northbay
Healthcare
Group
Obligated
Group,
Revenue,
2017
A,
5.25%,
11/01/31
..
1,250,000
1,279,680
Northbay
Healthcare
Group
Obligated
Group,
Revenue,
2017
A,
5.25%,
11/01/36
..
4,620,000
4,673,754
Northern
California
Retired
Officers
Community,
Revenue,
2016,
Refunding,
California
Mortgage
Insured,
5%,
1/01/37
..............................
1,310,000
1,370,433
Pilgrim
Place
in
Claremont,
Revenue,
2016
A,
Refunding,
California
Mortgage
Insured,
5%,
5/15/31
..............................................
2,750,000
2,937,306
South
Central
Los
Angeles
Regional
Center
for
Developmentally
Disabled
Persons,
Revenue,
2013,
5.25%,
12/01/27
....................................
3,730,000
3,786,012
System
Management
Group,
Revenue,
2019
A,
5%,
4/01/35
.................
1,780,000
1,866,341
System
Management
Group,
Revenue,
2019
A,
5%,
4/01/37
.................
2,945,000
3,075,890
University
of
La
Verne,
Revenue,
2017
A,
Refunding,
5%,
6/01/31
.............
1,000,000
1,045,310
University
of
La
Verne,
Revenue,
2017
A,
Refunding,
5%,
6/01/32
.............
1,000,000
1,042,671
University
of
La
Verne,
Revenue,
2017
A,
Refunding,
5%,
6/01/33
.............
1,010,000
1,048,213
University
of
La
Verne,
Revenue,
2017
A,
Refunding,
5%,
6/01/35
.............
1,440,000
1,485,444
a
California
Pollution
Control
Financing
Authority
,
Poseidon
Resources
Channelside
LP
,
Revenue
,
144A,
2019
,
Refunding
,
5
%
,
7/01/29
............................
4,350,000
4,427,251
California
Public
Finance
Authority
,
Henry
Mayo
Newhall
Hospital
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
10/15/22
.......................................................
245,000
245,031
Henry
Mayo
Newhall
Hospital
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
10/15/23
.......................................................
285,000
285,897
Henry
Mayo
Newhall
Hospital
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
10/15/24
.......................................................
380,000
379,727
Henry
Mayo
Newhall
Hospital
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
10/15/25
.......................................................
400,000
398,256
Franklin
California
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
6
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
California
Public
Finance
Authority,
(continued)
Henry
Mayo
Newhall
Hospital
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
10/15/26
.......................................................
$
420,000
$
416,119
Henry
Mayo
Newhall
Hospital
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
10/15/27
.......................................................
400,000
391,636
Henry
Mayo
Newhall
Hospital
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
10/15/28
.......................................................
360,000
349,515
b
Henry
Mayo
Newhall
Hospital
Obligated
Group,
Revenue,
2021
B,
Mandatory
Put,
4%,
10/15/31
...................................................
690,000
624,544
a
California
School
Finance
Authority
,
Revenue,
144A,
2022
A,
Refunding,
4%,
10/01/27
.........................
570,000
558,759
Revenue,
144A,
2022
A,
Refunding,
5%,
10/01/32
.........................
755,000
761,732
Aspire
Public
Schools
Obligated
Group,
Revenue,
144A,
2022
A,
5%,
8/01/32
....
640,000
654,706
Green
Dot
Public
Schools
Obligated
Group,
Revenue,
144A,
2018
A,
5%,
8/01/26
.
300,000
305,113
Green
Dot
Public
Schools
Obligated
Group,
Revenue,
144A,
2018
A,
5%,
8/01/27
.
320,000
326,259
Kipp
SoCal
Public
Schools
Obligated
Group,
Revenue,
144A,
2020
A,
5%,
7/01/24
100,000
101,697
Kipp
SoCal
Public
Schools
Obligated
Group,
Revenue,
144A,
2020
A,
5%,
7/01/25
105,000
107,068
Kipp
SoCal
Public
Schools
Obligated
Group,
Revenue,
144A,
2020
A,
5%,
7/01/26
110,000
112,641
Kipp
SoCal
Public
Schools
Obligated
Group,
Revenue,
144A,
2020
A,
5%,
7/01/27
100,000
102,659
Kipp
SoCal
Public
Schools
Obligated
Group,
Revenue,
144A,
2020
A,
5%,
7/01/28
100,000
103,200
Kipp
SoCal
Public
Schools
Obligated
Group,
Revenue,
144A,
2020
A,
5%,
7/01/29
100,000
103,323
Kipp
SoCal
Public
Schools
Obligated
Group,
Revenue,
144A,
2020
A,
5%,
7/01/30
100,000
103,068
California
State
Public
Works
Board
,
State
of
California
Department
of
Corrections
&
Rehabilitation,
Revenue,
2014
A,
5%,
9/01/26
........................................................
10,000,000
10,290,436
State
of
California
Department
of
Corrections
&
Rehabilitation,
Revenue,
2014
D,
5%,
9/01/26
....................................................
6,835,000
7,033,513
State
of
California
Department
of
General
Services,
Revenue,
2021
D,
5%,
11/01/33
2,790,000
3,084,419
California
State
University
,
Revenue,
2016
A,
Refunding,
5%,
11/01/29
..............................
16,000,000
16,981,693
Revenue,
2016
A,
Refunding,
5%,
11/01/30
..............................
5,000,000
5,297,536
California
Statewide
Communities
Development
Authority
,
Revenue,
2019
A,
Refunding,
California
Mortgage
Insured,
5%,
11/15/34
........
750,000
809,026
Revenue,
2019
A,
Refunding,
California
Mortgage
Insured,
5%,
11/15/37
........
735,000
785,702
Aldersly
Obligated
Group,
Revenue,
2015
A,
Refunding,
4.5%,
5/15/25
.........
615,000
607,374
Community
Facilities
District
No.
2020-02
Improvement
Area
No.
2,
Special
Tax,
2022,
5.125%,
9/01/42
............................................
500,000
478,663
Front
Porch
Communities
&
Services
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
4/01/23
....................................................
400,000
403,448
Front
Porch
Communities
&
Services
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
4/01/24
....................................................
400,000
406,316
Front
Porch
Communities
&
Services
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
4/01/25
....................................................
615,000
630,256
Front
Porch
Communities
&
Services
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
4/01/26
....................................................
400,000
413,147
Front
Porch
Communities
&
Services
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
4/01/27
....................................................
670,000
696,515
Front
Porch
Communities
&
Services
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
4/01/28
....................................................
425,000
444,700
Front
Porch
Communities
&
Services
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
4/01/29
....................................................
725,000
762,254
Front
Porch
Communities
&
Services
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
4/01/30
....................................................
450,000
472,584
Front
Porch
Communities
&
Services
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
4/01/31
....................................................
450,000
472,434
Front
Porch
Communities
&
Services
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
4/01/32
....................................................
1,470,000
1,535,465
Franklin
California
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
7
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
California
Statewide
Communities
Development
Authority,
(continued)
Front
Porch
Communities
&
Services
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
4/01/33
....................................................
$
1,520,000
$
1,578,866
Front
Porch
Communities
&
Services
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
4/01/34
....................................................
1,565,000
1,623,288
Hebrew
Home
for
Aged
Disabled,
Revenue,
2016,
California
Mortgage
Insured,
5%,
11/01/36
.......................................................
9,000,000
9,428,072
Henry
Mayo
Newhall
Hospital
Obligated
Group,
Revenue,
2014,
Pre-Refunded,
AGMC
Insured,
5%,
10/01/26
.......................................
1,000,000
1,036,500
Henry
Mayo
Newhall
Hospital
Obligated
Group,
Revenue,
2014,
Pre-Refunded,
AGMC
Insured,
5%,
10/01/28
.......................................
1,250,000
1,295,625
Poway
RHF
Housing,
Inc.,
Revenue,
2013
A,
California
Mortgage
Insured,
5%,
11/15/28
.......................................................
500,000
510,269
Redwoods
(The),
A
Community
of
Seniors,
Revenue,
2013,
Pre-Refunded,
California
Mortgage
Insured,
5%,
11/15/28
.....................................
1,000,000
1,020,323
Campbell
Union
School
District
,
GO
,
2015
,
Refunding
,
5
%
,
8/01/28
..............
3,235,000
3,398,678
Carson
Public
Financing
Authority
,
City
of
Carson
Reassessment
District
No.
2001-1,
Revenue,
2019,
Refunding,
5%,
9/02/25
........................................................
1,000,000
1,030,735
City
of
Carson
Reassessment
District
No.
2001-1,
Revenue,
2019,
Refunding,
5%,
9/02/31
........................................................
1,000,000
1,058,684
Chino
Valley
Unified
School
District
,
GO,
2020
B,
5%,
8/01/35
............................................
100,000
108,336
GO,
2020
B,
5%,
8/01/36
............................................
125,000
134,858
GO,
2020
B,
5%,
8/01/37
............................................
250,000
268,373
GO,
2020
B,
5%,
8/01/38
............................................
350,000
373,866
GO,
2020
B,
5%,
8/01/39
............................................
400,000
425,935
c
City
of
Chino
,
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
9,
Special
Tax,
2022,
5%,
9/01/30
....................................................
1,280,000
1,324,826
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
9,
Special
Tax,
2022,
4.5%,
9/01/31
...................................................
725,000
716,271
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
9,
Special
Tax,
2022,
4.625%,
9/01/32
.................................................
755,000
749,164
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
9,
Special
Tax,
2022,
4.75%,
9/01/34
..................................................
1,620,000
1,601,969
City
of
Chula
Vista
,
Community
Facilities
District
No.
06-I
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/46
.......................................
2,000,000
1,627,808
City
of
Clovis
,
Sewer,
Revenue,
2013,
Refunding,
BAM
Insured,
5%,
8/01/28
................
1,200,000
1,217,439
Water,
Revenue,
2013,
Refunding,
BAM
Insured,
5%,
3/01/26
................
2,620,000
2,637,797
Water,
Revenue,
2013,
Refunding,
BAM
Insured,
5%,
3/01/27
................
1,000,000
1,006,793
City
of
Corona
,
Community
Facilities
District
No.
2018-1
Improvement
Area
No.
1
,
Special
Tax
,
2020
,
4
%
,
9/01/40
.......................................
350,000
296,568
c
City
of
Dublin
,
Community
Facilities
District
No.
2015-1
Improvement
Area
No.
4
,
Special
Tax
,
2015-1
,
5
%
,
9/01/37
......................................
955,000
938,209
City
of
Fontana
,
Community
Facilities
District
No.
85,
Special
Tax,
2020,
4%,
9/01/32
...........
250,000
235,120
Community
Facilities
District
No.
85,
Special
Tax,
2020,
4%,
9/01/36
...........
550,000
498,644
Community
Facilities
District
No.
85,
Special
Tax,
2020,
4%,
9/01/40
...........
625,000
545,739
Community
Facilities
District
No.
87,
Special
Tax,
2021,
4%,
9/01/41
...........
400,000
344,611
Community
Facilities
District
No.
87,
Special
Tax,
2021,
4%,
9/01/46
...........
650,000
536,641
Community
Facilities
District
No.
88,
Special
Tax,
2020,
4%,
9/01/40
...........
550,000
480,250
City
of
Irvine
,
Reassessment
District
No.
15-2
,
1915
Act,
Special
Assessment
,
Refunding
,
5
%
,
9/02/25
.............................................
1,000,000
1,027,959
City
of
Lake
Elsinore
,
Community
Facilities
District
No.
2006-1
Summerly,
Special
Tax,
2021,
4%,
9/01/46
400,000
313,567
Franklin
California
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
8
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
City
of
Lake
Elsinore,
(continued)
Community
Facilities
District
No.
2006-1
Summerly,
Special
Tax,
2021,
4%,
9/01/51
$
425,000
$
324,706
Community
Facilities
District
No.
2019-1,
Special
Tax,
2021,
4%,
9/01/41
........
350,000
293,630
Community
Facilities
District
No.
2019-1,
Special
Tax,
2021,
4%,
9/01/46
........
450,000
361,633
Community
Facilities
District
No.
2019-1,
Special
Tax,
2021,
4%,
9/01/51
........
700,000
547,211
City
of
Lincoln
,
Community
Facilities
District
No.
2006-1,
Special
Tax,
2021,
Refunding,
4%,
9/01/33
195,000
176,964
Community
Facilities
District
No.
2006-1,
Special
Tax,
2021,
Refunding,
4%,
9/01/35
215,000
190,988
Community
Facilities
District
No.
2006-1,
Special
Tax,
2021,
Refunding,
4%,
9/01/37
250,000
218,114
City
of
Long
Beach
,
Harbor,
Revenue,
2019
A,
5%,
5/15/38
..................................
4,250,000
4,498,059
Marina
System,
Revenue,
2015,
5%,
5/15/27
.............................
1,285,000
1,310,471
Marina
System,
Revenue,
2015,
5%,
5/15/32
.............................
1,250,000
1,267,543
City
of
Los
Angeles
,
Revenue,
2018
C,
5%,
5/15/35
........................................
5,800,000
5,892,838
Department
of
Airports,
Revenue,
2018
B,
Refunding,
5%,
5/15/32
.............
3,325,000
3,442,601
Department
of
Airports,
Revenue,
2018
D,
Refunding,
5%,
5/15/31
.............
5,715,000
5,969,027
Department
of
Airports,
Revenue,
2019
D,
5%,
5/15/30
.....................
2,000,000
2,089,980
Department
of
Airports,
Revenue,
2019
D,
5%,
5/15/35
.....................
2,000,000
2,037,459
Department
of
Airports,
Revenue,
2019
D,
5%,
5/15/36
.....................
2,500,000
2,540,826
Department
of
Airports,
Revenue,
2019
F,
5%,
5/15/38
......................
7,500,000
7,602,170
Department
of
Airports,
Revenue,
2020
A,
Refunding,
5%,
5/15/32
.............
3,205,000
3,508,791
Department
of
Airports,
Revenue,
2020
A,
Refunding,
5%,
5/15/33
.............
3,000,000
3,242,751
Department
of
Airports,
Revenue,
2020
A,
Refunding,
5%,
5/15/37
.............
7,380,000
7,823,162
Department
of
Airports,
Revenue,
2020
A,
Refunding,
5%,
5/15/40
.............
5,485,000
5,784,243
Department
of
Airports,
Revenue,
2022
C,
Refunding,
5%,
5/15/28
.............
300,000
313,996
Department
of
Airports,
Revenue,
2022
C,
Refunding,
5%,
5/15/29
.............
250,000
262,584
Department
of
Airports,
Revenue,
Senior
Lien,
2022
G,
5.5%,
5/15/36
..........
1,325,000
1,437,671
Department
of
Airports,
Revenue,
Senior
Lien,
2022
G,
5.5%,
5/15/37
..........
9,960,000
10,774,550
Department
of
Airports,
Revenue,
Senior
Lien,
2022
G,
5.5%,
5/15/38
..........
1,080,000
1,165,272
Department
of
Airports,
Revenue,
Senior
Lien,
2022
G,
5.5%,
5/15/40
..........
580,000
623,072
Department
of
Airports,
Revenue,
Senior
Lien,
2022
G,
4%,
5/15/41
............
14,930,000
12,981,160
Wastewater
System,
Revenue,
2013
A,
Refunding,
5%,
6/01/27
...............
9,145,000
9,263,381
City
of
Moreno
Valley
,
Community
Facilities
District
No.
5,
Special
Tax,
2021,
Refunding,
4%,
9/01/31
....
250,000
230,636
Community
Facilities
District
No.
5,
Special
Tax,
2021,
Refunding,
4%,
9/01/37
....
750,000
663,816
City
of
Newport
Beach
,
Assessment
District
No.
113,
1915
Act,
Special
Assessment,
2021
A,
2%,
9/02/34
.
235,000
158,153
Assessment
District
No.
113,
1915
Act,
Special
Assessment,
2021
A,
2.125%,
9/02/35
........................................................
240,000
159,904
Assessment
District
No.
113,
1915
Act,
Special
Assessment,
2021
A,
2.125%,
9/02/36
........................................................
245,000
159,423
City
of
Ontario
,
Community
Facilities
District
No.
46,
Special
Tax,
2021,
4%,
9/01/45
...........
300,000
249,592
Community
Facilities
District
No.
46,
Special
Tax,
2021,
4%,
9/01/51
...........
500,000
399,087
City
of
Palm
Desert
,
Community
Facilities
District
No.
2005-1,
Special
Tax,
2021
A,
Refunding,
4%,
9/01/30
........................................................
195,000
186,395
Community
Facilities
District
No.
2005-1,
Special
Tax,
2021
A,
Refunding,
4%,
9/01/33
........................................................
220,000
204,038
Community
Facilities
District
No.
2005-1,
Special
Tax,
2021
A,
Refunding,
4%,
9/01/36
........................................................
250,000
225,719
Section
29
Assessment
District
No.
2004-02,
1915
Act,
Special
Assessment,
2021,
Refunding,
4%,
9/02/26
............................................
670,000
660,926
Section
29
Assessment
District
No.
2004-02,
1915
Act,
Special
Assessment,
2021,
Refunding,
4%,
9/02/31
............................................
800,000
757,175
Franklin
California
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
9
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
City
of
Palm
Desert,
(continued)
Section
29
Assessment
District
No.
2004-02,
1915
Act,
Special
Assessment,
2021,
Refunding,
4%,
9/02/37
............................................
$
1,200,000
$
1,073,674
City
of
Palo
Alto
,
University
Avenue
Off-Street
Parking
Assessment
District,
1915
Act,
Special
Assessment,
2012,
Refunding,
5%,
9/02/28
............................
895,000
903,679
University
Avenue
Off-Street
Parking
Assessment
District,
1915
Act,
Special
Assessment,
2012,
Refunding,
5%,
9/02/29
............................
1,155,000
1,165,911
City
of
Porterville
,
Water,
COP,
2021,
AGMC
Insured,
4%,
8/15/35
...........................
230,000
223,495
Water,
COP,
2021,
AGMC
Insured,
4%,
8/15/36
...........................
200,000
188,810
Water,
COP,
2021,
AGMC
Insured,
4%,
8/15/37
...........................
175,000
163,493
City
of
Riverside
,
Sewer,
Revenue,
2015
A,
Refunding,
5%,
8/01/28
.........................
3,870,000
4,065,807
Sewer,
Revenue,
2015
A,
Refunding,
5%,
8/01/29
.........................
4,670,000
4,911,375
City
of
Sacramento
,
North
Natomas
Community
Facilities
District
No.
4,
Special
Tax,
2015
F,
Refunding,
5%,
9/01/26
....................................................
615,000
634,099
North
Natomas
Community
Facilities
District
No.
4,
Special
Tax,
2015
F,
Refunding,
5%,
9/01/28
....................................................
1,220,000
1,256,707
North
Natomas
Community
Facilities
District
No.
4,
Special
Tax,
2015
F,
Refunding,
5%,
9/01/29
....................................................
1,555,000
1,599,603
North
Natomas
Community
Facilities
District
No.
4,
Special
Tax,
2015
F,
Refunding,
5%,
9/01/30
....................................................
1,045,000
1,071,557
North
Natomas
Community
Facilities
District
No.
4,
Special
Tax,
2015
F,
Refunding,
5%,
9/01/31
....................................................
1,800,000
1,841,309
Transient
Occupancy
Tax,
Revenue,
2018
A,
5%,
6/01/34
....................
1,485,000
1,564,265
Transient
Occupancy
Tax,
Revenue,
2018
A,
5%,
6/01/35
....................
2,000,000
2,098,741
Transient
Occupancy
Tax,
Revenue,
2018
A,
5%,
6/01/36
....................
2,220,000
2,322,183
City
of
San
Francisco
,
Public
Utilities
Commission
Water
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
11/01/28
.....................................................
5,000,000
5,232,480
City
of
Vernon
,
Electric
System,
Revenue,
2021
A,
5%,
4/01/26
...........................
1,265,000
1,294,975
Electric
System,
Revenue,
2021
A,
5%,
4/01/27
...........................
1,750,000
1,801,137
Electric
System,
Revenue,
2021
A,
5%,
10/01/27
..........................
2,000,000
2,063,664
Electric
System,
Revenue,
2022
A,
Refunding,
5%,
8/01/23
..................
580,000
583,945
Electric
System,
Revenue,
2022
A,
Refunding,
5%,
8/01/24
..................
700,000
709,323
Electric
System,
Revenue,
2022
A,
Refunding,
5%,
8/01/25
..................
500,000
509,846
Electric
System,
Revenue,
2022
A,
Refunding,
5%,
8/01/26
..................
605,000
620,439
Electric
System,
Revenue,
2022
A,
Refunding,
5%,
8/01/30
..................
1,105,000
1,147,014
City
of
Woodland
,
Community
Facilities
District
No.
2004-1
,
Special
Tax
,
2019
,
5
%
,
9/01/36
.........................................................
1,510,000
1,557,776
a
CMFA
Special
Finance
Agency
VIII
,
Elan
Huntington
Beach
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
8/01/47
.........................................
1,500,000
1,129,755
Compton
Community
Redevelopment
Agency
,
Successor
Agency,
Tax
Allocation,
2022
A,
Refunding,
AGMC
Insured,
5%,
8/01/37
4,090,000
4,198,256
Successor
Agency,
Tax
Allocation,
2022
A,
Refunding,
AGMC
Insured,
5%,
8/01/42
3,115,000
3,146,271
Contra
Costa
Water
District
,
Revenue
,
T
,
Refunding
,
5
%
,
10/01/26
..............
3,400,000
3,522,100
Corona-Norco
Unified
School
District
,
GO
,
2011
E
,
5.3
%
,
8/01/25
...............
4,645,000
4,910,050
County
of
Sacramento
,
Airport
System,
Revenue,
2016
B,
Refunding,
5%,
7/01/35
...................
1,000,000
1,030,961
Airport
System,
Revenue,
2016
B,
Refunding,
5%,
7/01/36
...................
2,000,000
2,060,212
County
of
San
Diego
,
Community
Facilities
District
No.
2008-01,
Special
Tax,
2020
A,
4%,
9/01/35
......
50,000
45,055
Community
Facilities
District
No.
2008-01,
Special
Tax,
2020
A,
4%,
9/01/37
......
765,000
677,826
Community
Facilities
District
No.
2008-01,
Special
Tax,
2020
A,
4%,
9/01/38
......
375,000
329,039
Community
Facilities
District
No.
2008-01,
Special
Tax,
2020
A,
4%,
9/01/39
......
920,000
800,071
Franklin
California
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
10
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%,
9/01/40
......
$
475,000
$
409,224
Community
Facilities
District
No.
2008-01,
Special
Tax,
2020
A,
4%,
9/01/40
......
115,000
98,594
a
CSCDA
Community
Improvement
Authority
,
1818
Platinum
Triangle-Anaheim,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3.35%,
4/01/47
........................................................
10,000,000
7,476,771
Oceanaire
Apartments,
Revenue,
144A,
2021
A-1,
3.2%,
9/01/46
..............
7,500,000
5,283,134
Towne
at
Glendale
Apartments,
Revenue,
144A,
2022
B,
5%,
9/01/37
..........
13,200,000
11,778,864
Del
Mar
Race
Track
Authority
,
Revenue,
2015,
Refunding,
5%,
10/01/22
................................
1,435,000
1,435,000
Revenue,
2015,
Refunding,
5%,
10/01/23
................................
1,510,000
1,514,187
Revenue,
2015,
Refunding,
5%,
10/01/28
................................
1,925,000
1,932,587
Revenue,
2015,
Refunding,
5%,
10/01/30
................................
1,125,000
1,127,865
Dublin
Unified
School
District
,
GO
,
2016
,
Refunding
,
5
%
,
8/01/32
...............
3,220,000
3,420,369
East
Bay
Municipal
Utility
District
,
Wastewater
System,
Revenue,
2014
A,
Refunding,
5%,
6/01/25
...............
2,845,000
2,981,974
Wastewater
System,
Revenue,
2014
A,
Refunding,
5%,
6/01/26
...............
3,650,000
3,884,679
Wastewater
System,
Revenue,
2014
A,
Refunding,
5%,
6/01/27
...............
1,500,000
1,620,634
Wastewater
System,
Revenue,
2014
A,
Refunding,
5%,
6/01/29
...............
1,000,000
1,112,050
Water
System,
Revenue,
2015
A,
Refunding,
5%,
6/01/29
...................
5,000,000
5,237,504
El
Dorado
Irrigation
District
,
COP,
2020
A,
5%,
3/01/34
...........................................
375,000
403,973
COP,
2020
A,
5%,
3/01/37
...........................................
325,000
347,576
COP,
2020
A,
5%,
3/01/38
...........................................
750,000
800,296
COP,
2020
A,
5%,
3/01/39
...........................................
720,000
766,933
Revenue,
2016
C,
Pre-Refunded,
5%,
3/01/31
............................
2,500,000
2,649,885
Elk
Grove
Finance
Authority
,
Special
Tax
,
2015
,
Refunding
,
BAM
Insured
,
5
%
,
9/01/30
1,130,000
1,189,133
FHLMC,
Multi-family
ML
Pass-Through
Certificates
,
Revenue
,
2019-ML06
,
ACA
,
2.493
%
,
7/25/35
...................................................
24,047,280
19,440,956
Fontana
Public
Facilities
Financing
Authority
,
Special
Tax,
2021
A,
Refunding,
4%,
9/01/23
.............................
450,000
452,684
Special
Tax,
2021
A,
Refunding,
4%,
9/01/24
.............................
1,225,000
1,224,444
Foothill-De
Anza
Community
College
District
,
GO,
2015,
Refunding,
5%,
8/01/27
.....................................
1,250,000
1,315,012
GO,
2015,
Refunding,
5%,
8/01/28
.....................................
2,500,000
2,634,809
Foothill-Eastern
Transportation
Corridor
Agency
,
Revenue,
2013
A,
Refunding,
Zero
Cpn.,
1/15/25
..........................
2,500,000
2,398,427
Revenue,
2013
A,
Refunding,
Zero
Cpn.,
1/15/26
..........................
3,760,000
3,655,236
Revenue,
2013
A,
Refunding,
Zero
Cpn.,
1/15/27
..........................
6,395,000
6,299,457
Revenue,
2013
A,
Refunding,
AGMC
Insured,
Zero
Cpn.,
1/15/29
..............
19,895,000
20,175,997
Revenue,
2015
A,
Refunding,
AGMC
Insured,
Zero
Cpn.,
1/15/34
..............
3,000,000
1,794,795
Revenue,
Junior
Lien,
2021
C,
Refunding,
5%,
1/15/26
.....................
305,000
310,526
Revenue,
Junior
Lien,
2021
C,
Refunding,
5%,
1/15/27
.....................
350,000
357,746
Revenue,
Junior
Lien,
2021
C,
Refunding,
5%,
1/15/28
.....................
320,000
328,062
Revenue,
Junior
Lien,
2021
C,
Refunding,
5%,
1/15/29
.....................
360,000
369,959
Revenue,
Junior
Lien,
2021
C,
Refunding,
5%,
1/15/30
.....................
400,000
411,746
Revenue,
Junior
Lien,
2021
C,
Refunding,
5%,
1/15/31
.....................
470,000
482,197
Revenue,
Junior
Lien,
2021
C,
Refunding,
4%,
1/15/32
.....................
300,000
284,445
Revenue,
Junior
Lien,
2021
C,
Refunding,
4%,
1/15/33
.....................
445,000
416,570
Fullerton
School
District
Financing
Authority
,
Special
Tax,
Senior
Lien,
2013
A,
Pre-Refunded,
AGMC
Insured,
5%,
9/01/27
....
1,000,000
1,016,273
Special
Tax,
Senior
Lien,
2013
A,
Pre-Refunded,
AGMC
Insured,
5%,
9/01/28
....
1,040,000
1,056,923
Golden
State
Tobacco
Securitization
Corp.
,
Revenue,
2018
A-1,
Pre-Refunded,
5%,
6/01/31
...........................
1,000,000
1,096,144
Revenue,
2018
A-1,
Pre-Refunded,
5%,
6/01/32
...........................
8,135,000
8,917,134
Revenue,
2018
A-1,
Pre-Refunded,
5%,
6/01/33
...........................
10,000,000
10,961,443
Franklin
California
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
11
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Golden
State
Tobacco
Securitization
Corp.,
(continued)
Revenue,
2018
A-1,
Pre-Refunded,
5%,
6/01/35
...........................
$
9,000,000
$
9,865,299
Imperial
Irrigation
District
,
Electric
System,
Revenue,
2019,
Refunding,
5%,
11/01/33
...................
1,000,000
1,073,741
Electric
System,
Revenue,
2019,
Refunding,
5%,
11/01/34
...................
1,100,000
1,177,556
Electric
System,
Revenue,
2019,
Refunding,
5%,
11/01/35
...................
1,520,000
1,624,633
Electric
System,
Revenue,
2019,
Refunding,
5%,
11/01/38
...................
4,075,000
4,333,474
Independent
Cities
Finance
Authority
,
Augusta
Communities
LLC,
Revenue,
2022
A,
Refunding,
5.25%,
5/15/56
.......
2,010,000
2,027,438
Millennium
Housing
LLC,
Revenue,
2021,
Refunding,
3%,
5/15/41
.............
1,395,000
1,071,615
Millennium
Housing
LLC,
Revenue,
2022,
Refunding,
3.7%,
9/15/32
............
1,000,000
944,669
San
Juan
Mobile
Estates,
Revenue,
2015,
Refunding,
5%,
8/15/30
.............
1,575,000
1,601,310
Irvine
Unified
School
District
,
Special
Tax,
2020
A,
4%,
9/01/27
......................................
1,745,000
1,719,448
Special
Tax,
2020
A,
4%,
9/01/28
......................................
1,135,000
1,111,312
Special
Tax,
2020
A,
5%,
9/01/29
......................................
1,920,000
2,033,036
Special
Tax,
2020
A,
5%,
9/01/31
......................................
1,840,000
1,922,653
Special
Tax,
2020
A,
5%,
9/01/32
......................................
755,000
783,419
Special
Tax,
2020
A,
4%,
9/01/34
......................................
2,300,000
2,097,047
Special
Tax,
2020
A,
4%,
9/01/35
......................................
1,460,000
1,318,178
Special
Tax,
2020
A,
4%,
9/01/36
......................................
1,320,000
1,180,760
Special
Tax,
2020
A,
4%,
9/01/37
......................................
1,355,000
1,199,294
Special
Tax,
2020
A,
4%,
9/01/38
......................................
2,735,000
2,394,366
Special
Tax,
2020
A,
4%,
9/01/39
......................................
2,905,000
2,517,411
Community
Facilities
District
No.
09-1,
Special
Tax,
2019
A,
5%,
9/01/29
........
185,000
196,006
Community
Facilities
District
No.
09-1,
Special
Tax,
2019
A,
5%,
9/01/30
........
210,000
220,576
Community
Facilities
District
No.
09-1,
Special
Tax,
2019
A,
5%,
9/01/31
........
175,000
182,538
Community
Facilities
District
No.
09-1,
Special
Tax,
2019
A,
5%,
9/01/32
........
185,000
191,767
Community
Facilities
District
No.
09-1,
Special
Tax,
2019
A,
5%,
9/01/33
........
200,000
205,938
Community
Facilities
District
No.
09-1,
Special
Tax,
2019
A,
5%,
9/01/34
........
225,000
230,246
Community
Facilities
District
No.
09-1,
Special
Tax,
2019
A,
5%,
9/01/36
........
265,000
268,765
Community
Facilities
District
No.
09-1,
Special
Tax,
2019
A,
4%,
9/01/37
........
285,000
255,834
Community
Facilities
District
No.
09-1,
Special
Tax,
2019
A,
4%,
9/01/38
........
275,000
243,216
Community
Facilities
District
No.
09-1,
Special
Tax,
2019
A,
4%,
9/01/39
........
315,000
274,583
Community
Facilities
District
No.
09-1,
Special
Tax,
2019
A,
4%,
9/01/40
........
350,000
301,167
Jurupa
Public
Financing
Authority
,
Special
Tax,
2013
A,
AGMC
Insured,
5%,
9/01/30
..........................
2,750,000
2,794,502
Special
Tax,
2013
A,
AGMC
Insured,
5%,
9/01/33
..........................
5,000,000
5,079,562
Special
Tax,
2014
A,
Refunding,
5%,
9/01/27
.............................
1,000,000
1,030,539
Special
Tax,
2014
A,
Refunding,
5%,
9/01/28
.............................
1,275,000
1,313,937
Special
Tax,
2014
A,
Refunding,
5%,
9/01/29
.............................
530,000
545,789
Special
Tax,
2015
A,
Refunding,
5%,
9/01/26
.............................
1,855,000
1,934,926
Special
Tax,
2015
A,
Refunding,
5%,
9/01/27
.............................
1,000,000
1,042,972
Special
Tax,
2015
A,
Refunding,
5%,
9/01/28
.............................
1,025,000
1,070,469
Special
Tax,
2015
A,
Refunding,
5%,
9/01/29
.............................
1,155,000
1,207,846
Special
Tax,
2015
A,
Refunding,
5%,
9/01/30
.............................
1,510,000
1,580,018
Special
Tax,
2015
A,
Refunding,
5%,
9/01/31
.............................
1,190,000
1,245,199
Special
Tax,
2015
A,
Refunding,
5%,
9/01/32
.............................
2,505,000
2,620,682
Special
Tax,
2015
A,
Refunding,
5%,
9/01/33
.............................
2,635,000
2,756,344
Special
Tax,
2020
A,
Refunding,
BAM
Insured,
4%,
9/01/32
..................
700,000
700,808
Special
Tax,
2020
A,
Refunding,
BAM
Insured,
4%,
9/01/36
..................
1,175,000
1,139,101
Franklin
California
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
12
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Lake
Elsinore
Public
Financing
Authority
,
Special
Tax
,
2015
,
Refunding
,
5
%
,
9/01/30
.
$
4,970,000
$
5,093,563
Lake
Elsinore
Unified
School
District
,
Community
Facilities
District
,
Special
Tax
,
2021
,
4
%
,
9/01/45
......................................................
760,000
612,379
Lammersville
Joint
Unified
School
District
,
Community
Facilities
District
No.
2002
,
Special
Tax
,
2017
,
Refunding
,
5
%
,
9/01/33
...............................
1,575,000
1,624,342
Lee
Lake
Public
Financing
Authority
,
Special
Tax,
Junior
Lien,
2013
B,
5%,
9/01/27
............................
1,400,000
1,412,270
Special
Tax,
Junior
Lien,
2013
B,
5.25%,
9/01/29
..........................
810,000
819,382
Los
Angeles
County
Metropolitan
Transportation
Authority
,
Sales
Tax,
Revenue,
2014
A,
Refunding,
5%,
7/01/26
.......................
6,315,000
6,532,067
Sales
Tax,
Revenue,
2014
A,
Refunding,
5%,
7/01/27
.......................
6,630,000
6,855,609
Sales
Tax,
Revenue,
2017
A,
5%,
7/01/39
...............................
7,520,000
7,869,540
Los
Angeles
Department
of
Water
,
Water
System,
Revenue,
2020
C,
Refunding,
5%,
7/01/40
...................
7,000,000
7,443,900
Water
System,
Revenue,
2020
C,
Refunding,
5%,
7/01/41
...................
3,535,000
3,750,094
Los
Angeles
Department
of
Water
&
Power
,
Power
System,
Revenue,
2013
A,
5%,
7/01/25
............................
5,135,000
5,159,100
Power
System,
Revenue,
2014
C,
5%,
7/01/27
............................
10,000,000
10,333,391
Power
System,
Revenue,
2014
D,
5%,
7/01/26
............................
2,600,000
2,687,130
Power
System,
Revenue,
2014
D,
5%,
7/01/27
............................
2,000,000
2,066,678
Power
System,
Revenue,
2014
D,
5%,
7/01/28
............................
2,550,000
2,634,576
Power
System,
Revenue,
2016
B,
5%,
7/01/30
............................
3,000,000
3,168,222
Power
System,
Revenue,
2016
B,
5%,
7/01/31
............................
6,700,000
7,061,697
Power
System,
Revenue,
2017
B,
Refunding,
5%,
7/01/34
...................
23,350,000
24,754,119
Water
System,
Revenue,
2016
A,
Refunding,
5%,
7/01/37
...................
10,450,000
10,867,206
Water
System,
Revenue,
2018
B,
Refunding,
5%,
7/01/34
...................
2,500,000
2,697,163
Water
System,
Revenue,
2020
C,
Refunding,
5%,
7/01/33
...................
1,410,000
1,549,894
Water
System,
Revenue,
2020
C,
Refunding,
5%,
7/01/36
...................
4,500,000
4,855,331
Los
Angeles
Unified
School
District
,
GO,
2011
A-1,
Refunding,
5%,
7/01/23
..................................
13,335,000
13,529,670
GO,
2016
A,
Refunding,
5%,
7/01/29
...................................
5,000,000
5,247,180
GO,
2016
B,
Refunding,
5%,
7/01/30
...................................
30,000,000
31,959,741
GO,
2020
RYQ,
4%,
7/01/38
.........................................
5,000,000
4,771,056
Manteca
Unified
School
District
,
Community
Facilities
District
No.
1989-2
,
Special
Tax
,
2013
F
,
AGMC
Insured
,
5
%
,
9/01/26
....................................
1,280,000
1,300,944
Martinez
Unified
School
District
,
GO
,
2011
,
Refunding
,
5.375
%
,
8/01/26
..........
5,000,000
5,187,401
Menifee
Union
School
District
,
Community
Facilities
District
No.
2011-1,
Special
Tax,
2021,
4%,
9/01/36
........
445,000
400,950
Community
Facilities
District
No.
2011-1,
Special
Tax,
2021,
4%,
9/01/41
........
660,000
563,609
Community
Facilities
District
No.
2011-1,
Special
Tax,
2021,
4%,
9/01/46
........
1,750,000
1,434,517
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
5,
Special
Tax,
2021,
4%,
9/01/36
....................................................
500,000
450,972
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
5,
Special
Tax,
2021,
4%,
9/01/41
....................................................
800,000
682,303
Menifee
Union
School
District
Public
Financing
Authority
,
Special
Tax,
2016
A,
Refunding,
5%,
9/01/25
.............................
1,200,000
1,228,883
Special
Tax,
2017
A,
5%,
9/01/25
......................................
1,405,000
1,440,755
Special
Tax,
2017
A,
5%,
9/01/28
......................................
1,250,000
1,312,096
Special
Tax,
2017
A,
5%,
9/01/30
......................................
1,550,000
1,625,909
Metropolitan
Water
District
of
Southern
California
,
Revenue,
2014
E,
Refunding,
5%,
7/01/24
...............................
1,110,000
1,147,198
Revenue,
2016
A,
Pre-Refunded,
5%,
7/01/28
............................
5,000,000
5,286,194
Revenue,
2020
C,
Refunding,
5%,
7/01/38
...............................
12,500,000
13,649,081
Moreno
Valley
Unified
School
District
,
GO,
2007,
Refunding,
NATL
Insured,
Zero
Cpn.,
8/01/24
....................
7,500,000
7,052,373
Community
Facilities
District
No.
2016-1,
Special
Tax,
2020,
4%,
9/01/31
........
120,000
111,552
Community
Facilities
District
No.
2016-1,
Special
Tax,
2020,
4%,
9/01/32
........
130,000
119,473
Franklin
California
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
13
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Moreno
Valley
Unified
School
District,
(continued)
Community
Facilities
District
No.
2016-1,
Special
Tax,
2020,
4%,
9/01/33
........
$
140,000
$
127,051
Community
Facilities
District
No.
2016-1,
Special
Tax,
2020,
4%,
9/01/34
........
150,000
134,484
Community
Facilities
District
No.
2016-1,
Special
Tax,
2020,
4%,
9/01/35
........
165,000
149,997
Community
Facilities
District
No.
2016-1,
Special
Tax,
2020,
2.5%,
9/01/36
.......
175,000
122,639
Community
Facilities
District
No.
2016-1,
Special
Tax,
2020,
2.5%,
9/01/37
.......
190,000
130,148
Community
Facilities
District
No.
2016-1,
Special
Tax,
2020,
2.625%,
9/01/38
.....
200,000
136,903
Community
Facilities
District
No.
2016-1,
Special
Tax,
2020,
2.625%,
9/01/39
.....
210,000
141,305
Community
Facilities
District
No.
2016-1,
Special
Tax,
2020,
2.75%,
9/01/40
......
225,000
150,328
Mount
San
Antonio
Community
College
District
,
GO
,
2013
A
,
Zero
Cpn.,
8/01/28
....
6,000,000
6,322,101
Mountain
House
Public
Financing
Authority
,
Mountain
House
Community
Services
District,
Revenue,
2020
A,
BAM
Insured,
4%,
12/01/32
.......................................................
400,000
409,526
Mountain
House
Community
Services
District,
Revenue,
2020
A,
BAM
Insured,
4%,
12/01/33
.......................................................
325,000
326,385
Mountain
House
Community
Services
District,
Revenue,
2020
A,
BAM
Insured,
4%,
12/01/34
.......................................................
300,000
293,008
Mountain
House
Community
Services
District,
Revenue,
2020
A,
BAM
Insured,
4%,
12/01/35
.......................................................
325,000
309,336
Mountain
House
Community
Services
District,
Revenue,
2020
A,
BAM
Insured,
4%,
12/01/36
.......................................................
310,000
291,726
Mountain
House
Community
Services
District,
Revenue,
2020
A,
BAM
Insured,
4%,
12/01/37
.......................................................
300,000
279,410
Mountain
House
Community
Services
District,
Revenue,
2020
A,
BAM
Insured,
4%,
12/01/38
.......................................................
300,000
276,650
Mountain
House
Community
Services
District,
Revenue,
2020
A,
BAM
Insured,
4%,
12/01/39
.......................................................
275,000
251,928
Mountain
House
Community
Services
District,
Revenue,
2020
B,
BAM
Insured,
4%,
12/01/35
.......................................................
1,000,000
951,802
New
Haven
Unified
School
District
,
GO
,
2012
,
Refunding
,
AGMC
Insured
,
Zero
Cpn.,
8/01/23
.........................................................
3,200,000
3,111,072
Oro
Grande
Elementary
School
District
,
COP,
2020,
Refunding,
4%,
9/15/29
....................................
2,595,000
2,432,528
COP,
2020,
Refunding,
4%,
9/15/30
....................................
2,700,000
2,478,693
COP,
2020,
Refunding,
4%,
9/15/31
....................................
2,805,000
2,525,619
COP,
2020,
Refunding,
4%,
9/15/32
....................................
1,600,000
1,430,383
Port
of
Oakland
,
Revenue,
2017
D,
Refunding,
5%,
11/01/28
..............................
2,250,000
2,363,299
Revenue,
2021
H,
Refunding,
5%,
11/01/29
..............................
2,000,000
2,132,230
Poway
Unified
School
District
,
Community
Facilities
District
No.
16,
Special
Tax,
2020,
AGMC
Insured,
5%,
9/01/32
100,000
106,162
Community
Facilities
District
No.
16,
Special
Tax,
2020,
AGMC
Insured,
4%,
9/01/34
500,000
481,085
Community
Facilities
District
No.
16,
Special
Tax,
2020,
AGMC
Insured,
4%,
9/01/36
715,000
679,343
Community
Facilities
District
No.
16,
Special
Tax,
2020,
AGMC
Insured,
4%,
9/01/38
835,000
783,686
Community
Facilities
District
No.
16,
Special
Tax,
2020,
AGMC
Insured,
4%,
9/01/40
965,000
896,283
Poway
Unified
School
District
Public
Financing
Authority
,
Special
Tax,
2014,
BAM
Insured,
5%,
10/01/31
............................
1,700,000
1,729,907
Special
Tax,
2014,
BAM
Insured,
5%,
10/01/32
............................
1,845,000
1,877,276
Special
Tax,
2017
A,
Refunding,
5%,
9/01/27
.............................
1,375,000
1,454,650
Special
Tax,
2017
A,
Refunding,
5%,
9/01/30
.............................
2,240,000
2,355,539
Rancho
Mirage
Community
Facilities
District
,
City
of
Rancho
Mirage
Community
Facilities
District
No.
4B,
Special
Tax,
2021,
4%,
9/01/46
........................................................
385,000
308,432
City
of
Rancho
Mirage
Community
Facilities
District
No.
4B,
Special
Tax,
2021,
4%,
9/01/51
........................................................
320,000
249,331
Franklin
California
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
14
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Regents
of
the
University
of
California
,
Medical
Center
,
Revenue
,
2022
P
,
4
%
,
5/15/53
$
7,500,000
$
6,461,608
River
Islands
Public
Financing
Authority
,
Lathrop
Irrigation
District
Electric
,
Revenue
,
2020
,
AGMC
Insured
,
4
%
,
9/01/40
.....................................
1,665,000
1,529,049
Riverside
Community
College
District
,
GO
,
2014
A
,
Pre-Refunded
,
5
%
,
8/01/27
.....
3,550,000
3,669,233
Riverside
County
Transportation
Commission
,
Revenue,
Senior
Lien,
2021
B-1,
Refunding,
4%,
6/01/46
....................
1,000,000
844,412
Sales
Tax,
Revenue,
2017
B,
Refunding,
5%,
6/01/38
.......................
7,805,000
8,282,180
Riverside
Unified
School
District
,
Community
Facilities
District
No.
33,
Special
Tax,
2021,
4%,
9/01/45
...........
375,000
301,524
Community
Facilities
District
No.
33,
Special
Tax,
2021,
4%,
9/01/50
...........
600,000
465,235
a
RMA
Capital
Series
Trust
,
Revenue
,
144A,
2022-1
,
A
,
5.67
%
,
8/01/58
............
5,000,000
4,792,950
RNR
School
Financing
Authority
,
Community
Facilities
District
No.
92-1
,
Special
Tax
,
2017
A
,
BAM
Insured
,
5
%
,
9/01/27
.....................................
1,035,000
1,098,459
Romoland
School
District
,
Community
Facilities
District
No.
2004-1,
Special
Tax,
2015,
Refunding,
5%,
9/01/27
1,000,000
1,027,615
Community
Facilities
District
No.
2004-1,
Special
Tax,
2015,
Refunding,
5%,
9/01/28
1,960,000
2,012,458
Community
Facilities
District
No.
2004-1,
Special
Tax,
2015,
Refunding,
5%,
9/01/29
2,130,000
2,187,559
Community
Facilities
District
No.
2004-1,
Special
Tax,
2015,
Refunding,
5%,
9/01/30
2,310,000
2,364,247
Community
Facilities
District
No.
2004-1,
Special
Tax,
2015,
Refunding,
5%,
9/01/31
2,495,000
2,548,144
Community
Facilities
District
No.
2004-1,
Special
Tax,
2015,
Refunding,
5%,
9/01/32
2,690,000
2,742,334
Community
Facilities
District
No.
91-1,
Special
Tax,
2017,
Refunding,
5%,
9/01/36
.
1,130,000
1,160,320
Root
Creek
Water
District
,
Community
Facilities
District
No.
2016-1
Improvement
Area
No.
1,
Special
Tax,
2021,
4%,
9/01/41
....................................................
430,000
365,816
Community
Facilities
District
No.
2016-1
Improvement
Area
No.
1,
Special
Tax,
2021,
4%,
9/01/46
....................................................
1,300,000
1,058,075
Sacramento
County
Sanitation
Districts
Financing
Authority
,
Sacramento
Regional
County
Sanitation
District
,
Revenue
,
2014
A
,
Refunding
,
5
%
,
12/01/29
..........
2,000,000
2,055,155
Sacramento
Municipal
Utility
District
,
Revenue,
2020
H,
5%,
8/15/36
........................................
7,465,000
8,071,572
Revenue,
2020
H,
5%,
8/15/38
........................................
5,025,000
5,393,699
San
Bernardino
County
Transportation
Authority
,
Revenue,
2014
A,
5%,
3/01/30
........................................
2,685,000
2,751,444
Revenue,
2014
A,
5%,
3/01/31
........................................
5,090,000
5,215,251
San
Diego
County
Regional
Airport
Authority
,
Revenue,
2019
A,
Refunding,
5%,
7/01/34
...............................
3,600,000
3,797,160
Revenue,
2019
A,
Refunding,
5%,
7/01/35
...............................
3,750,000
3,947,439
Revenue,
2019
A,
Refunding,
5%,
7/01/36
...............................
1,250,000
1,313,975
Revenue,
2019
A,
Refunding,
5%,
7/01/39
...............................
5,250,000
5,454,981
Revenue,
2019
A,
Refunding,
5%,
7/01/44
...............................
4,000,000
4,056,914
San
Diego
Public
Facilities
Financing
Authority
,
City
of
San
Diego
Water
Utility
,
Revenue
,
2020
A
,
5
%
,
8/01/34
........................................
850,000
919,829
San
Francisco
Bay
Area
Rapid
Transit
District
,
GO,
2013
C,
5%,
8/01/27
............................................
2,640,000
2,680,962
GO,
2013
C,
5%,
8/01/28
............................................
3,500,000
3,554,019
GO,
2020
C-1,
4%,
8/01/33
..........................................
2,250,000
2,297,223
GO,
2020
C-1,
4%,
8/01/34
..........................................
3,475,000
3,527,417
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
,
Revenue,
2019
A,
Refunding,
5%,
5/01/36
...............................
4,000,000
4,069,819
Revenue,
Second
Series,
2019
E,
5%,
5/01/35
............................
2,000,000
2,040,044
Revenue,
Second
Series,
2019
E,
5%,
5/01/37
............................
1,000,000
1,016,180
Revenue,
Second
Series,
2019
H,
ETM,
5%,
5/01/24
.......................
10,040,000
10,263,530
SFO
Fuel
Co.
LLC,
Revenue,
2019
A,
Refunding,
5%,
1/01/35
................
1,000,000
1,017,450
SFO
Fuel
Co.
LLC,
Revenue,
2019
A,
Refunding,
5%,
1/01/36
................
1,000,000
1,015,992
Franklin
California
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
15
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
San
Francisco
City
&
County
Public
Utilities
Commission
,
Wastewater
,
Revenue
,
2018
A
,
4
%
,
10/01/43
...................................................
$
9,220,000
$
8,488,474
San
Francisco
City
&
County
Redevelopment
Agency
Successor
Agency
,
Hotel
Tax,
Revenue,
2011,
Refunding,
AGMC
Insured,
5%,
6/01/24
............
7,055,000
7,064,061
Mission
Bay
South
Redevelopment
Area
Tax
Increment
Financing
District,
Tax
Allocation,
2014
A,
5%,
8/01/30
......................................
1,080,000
1,112,423
Mission
Bay
South
Redevelopment
Area
Tax
Increment
Financing
District,
Tax
Allocation,
2014
A,
5%,
8/01/34
......................................
1,110,000
1,141,380
San
Jacinto
Unified
School
District
Financing
Authority
,
Community
Facilities
District
No.
2003-2
,
Special
Tax
,
2019
,
5
%
,
9/01/36
..............................
1,200,000
1,192,332
San
Joaquin
Hills
Transportation
Corridor
Agency
,
Revenue,
1997
A,
Refunding,
NATL
Insured,
Zero
Cpn.,
1/15/26
...............
19,000,000
16,493,858
Revenue,
Senior
Lien,
2014
A,
Pre-Refunded,
5%,
1/15/29
...................
10,000,000
10,392,291
San
Mateo
County
Transit
District
,
Sales
Tax,
Revenue,
2015
A,
Refunding,
5%,
6/01/28
.......................
3,000,000
3,143,332
Sales
Tax,
Revenue,
2015
A,
Refunding,
5%,
6/01/29
.......................
4,300,000
4,504,253
San
Mateo
Foster
City
Public
Financing
Authority
,
City
of
San
Mateo
Sewer,
Revenue,
2019,
5%,
8/01/34
.....................
1,000,000
1,086,095
City
of
San
Mateo
Sewer,
Revenue,
2019,
5%,
8/01/38
.....................
1,500,000
1,596,423
San
Ysidro
School
District
,
COP,
2015,
Refunding,
BAM
Insured,
5%,
9/01/29
.........................
1,100,000
1,150,330
COP,
2015,
Refunding,
BAM
Insured,
5%,
9/01/31
.........................
1,000,000
1,045,538
COP,
2015,
Refunding,
BAM
Insured,
5%,
9/01/33
.........................
1,050,000
1,094,206
Santa
Cruz
County
Redevelopment
Successor
Agency
,
Tax
Allocation
,
2015
A
,
Refunding
,
AGMC
Insured
,
5
%
,
9/01/29
.................................
4,475,000
4,683,548
Sierra
View
Local
Health
Care
District
,
Revenue,
2020,
Refunding,
4%,
7/01/24
.................................
240,000
240,719
Revenue,
2020,
Refunding,
4%,
7/01/26
.................................
100,000
99,972
Revenue,
2020,
Refunding,
5%,
7/01/28
.................................
660,000
692,392
Revenue,
2020,
Refunding,
5%,
7/01/30
.................................
520,000
544,951
Sonoma
Community
Development
Agency
Successor
Agency
,
Tax
Allocation,
2015,
Refunding,
NATL
Insured,
5%,
6/01/29
..................
1,000,000
1,058,359
Tax
Allocation,
2015,
Refunding,
NATL
Insured,
5%,
6/01/33
..................
1,200,000
1,261,325
Southern
California
Public
Power
Authority
,
Revenue
,
2015
C
,
Refunding
,
5
%
,
7/01/26
5,000,000
5,208,745
State
of
California
,
GO,
Refunding,
5%,
10/01/22
.........................................
15,785,000
15,785,000
GO,
Refunding,
5%,
12/01/27
.........................................
10,000,000
10,855,918
GO,
Refunding,
5%,
9/01/28
.........................................
5,030,000
5,512,504
GO,
Refunding,
5%,
4/01/29
.........................................
3,190,000
3,518,154
GO,
Refunding,
5%,
9/01/29
.........................................
1,000,000
1,066,552
GO,
Refunding,
5%,
11/01/29
.........................................
5,780,000
6,418,317
GO,
5%,
4/01/30
..................................................
3,725,000
4,101,037
GO,
Refunding,
5%,
4/01/30
.........................................
10,000,000
11,009,494
GO,
Refunding,
5%,
3/01/32
.........................................
5,540,000
6,092,437
GO,
2014,
5%,
12/01/27
.............................................
5,000,000
5,105,409
GO,
2014,
5%,
12/01/28
.............................................
5,000,000
5,104,262
State
of
California
Department
of
Water
Resources
,
Revenue,
AS,
ETM,
5%,
12/01/24
.....................................
35,000
36,303
Revenue,
AS,
5%,
12/01/24
..........................................
11,090,000
11,550,032
Revenue,
AS,
5%,
12/01/25
..........................................
6,125,000
6,390,832
Revenue,
AS,
Pre-Refunded,
5%,
12/01/25
..............................
5,000
5,197
Revenue,
AS,
Pre-Refunded,
5%,
12/01/26
..............................
45,000
46,675
Revenue,
BA,
Pre-Refunded,
5%,
12/01/35
..............................
12,180,000
13,459,961
Revenue,
BB,
Refunding,
5%,
12/01/33
.................................
3,290,000
3,689,702
Tobacco
Securitization
Authority
of
Northern
California
,
Sacramento
County
Tobacco
Securitization
Corp.,
Revenue,
Senior
Lien,
2021
A,
1,
Refunding,
4%,
6/01/38
............................................
1,300,000
1,179,929
Franklin
California
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
16
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Tobacco
Securitization
Authority
of
Northern
California,
(continued)
Sacramento
County
Tobacco
Securitization
Corp.,
Revenue,
Senior
Lien,
2021
A,
1,
Refunding,
4%,
6/01/39
............................................
$
1,150,000
$
1,034,227
Tobacco
Securitization
Authority
of
Southern
California
,
San
Diego
County
Tobacco
Asset
Securitization
Corp.,
Revenue,
2019
A,
1,
Refunding,
5%,
6/01/36
............................................
1,600,000
1,630,845
San
Diego
County
Tobacco
Asset
Securitization
Corp.,
Revenue,
2019
A,
1,
Refunding,
5%,
6/01/37
............................................
1,000,000
1,016,689
San
Diego
County
Tobacco
Asset
Securitization
Corp.,
Revenue,
2019
A,
1,
Refunding,
5%,
6/01/38
............................................
500,000
507,176
Transbay
Joint
Powers
Authority
,
Transbay
Redevelopment
Project
Tax
Increment
Re-Development
Project,
Tax
Allocation,
Senior
Lien,
2020
A,
5%,
10/01/30
...........................
500,000
546,373
Transbay
Redevelopment
Project
Tax
Increment
Re-Development
Project,
Tax
Allocation,
Senior
Lien,
2020
A,
5%,
10/01/32
...........................
500,000
540,332
Transbay
Redevelopment
Project
Tax
Increment
Re-Development
Project,
Tax
Allocation,
Senior
Lien,
2020
A,
5%,
10/01/33
...........................
1,000,000
1,076,247
Transbay
Redevelopment
Project
Tax
Increment
Re-Development
Project,
Tax
Allocation,
Senior
Lien,
2020
A,
5%,
10/01/34
...........................
1,050,000
1,122,575
Tustin
Community
Facilities
District
,
City
of
Tustin
Community
Facilities
District
No.
06-1,
Special
Tax,
2015
A,
Refunding,
5%,
9/01/30
....................................................
1,000,000
1,033,455
City
of
Tustin
Community
Facilities
District
No.
06-1,
Special
Tax,
2015
A,
Refunding,
5%,
9/01/32
....................................................
1,565,000
1,609,243
Twin
Rivers
Unified
School
District
,
GO
,
2020
A
,
Refunding
,
AGMC
Insured
,
4
%
,
8/01/35
.........................................................
5,000,000
4,785,062
University
of
California
,
Revenue,
2014
AM,
5%,
5/15/27
......................................
3,000,000
3,090,211
Revenue,
2014
AM,
5%,
5/15/28
......................................
1,835,000
1,889,887
Revenue,
2016
K,
5%,
5/15/37
........................................
1,000,000
1,040,113
Vacaville
Unified
School
District
,
GO,
D,
4%,
8/01/35
................................................
250,000
247,230
GO,
D,
4%,
8/01/36
................................................
300,000
291,098
GO,
D,
4%,
8/01/37
................................................
300,000
284,416
GO,
D,
4%,
8/01/38
................................................
545,000
507,699
GO,
D,
4%,
8/01/39
................................................
750,000
698,971
GO,
D,
4%,
8/01/40
................................................
735,000
680,414
Washington
Township
Health
Care
District
,
Revenue,
2020
A,
Refunding,
5%,
7/01/23
...............................
200,000
202,110
Revenue,
2020
A,
Refunding,
5%,
7/01/24
...............................
200,000
203,699
Revenue,
2020
A,
Refunding,
5%,
7/01/25
...............................
215,000
220,635
Revenue,
2020
A,
Refunding,
5%,
7/01/26
...............................
275,000
284,194
Revenue,
2020
A,
Refunding,
5%,
7/01/27
...............................
400,000
413,927
Revenue,
2020
A,
Refunding,
5%,
7/01/28
...............................
400,000
415,268
Revenue,
2020
A,
Refunding,
5%,
7/01/29
...............................
350,000
364,116
Revenue,
2020
A,
Refunding,
5%,
7/01/30
...............................
325,000
338,853
Revenue,
2020
A,
Refunding,
5%,
7/01/31
...............................
350,000
361,058
Revenue,
2020
A,
Refunding,
3%,
7/01/32
...............................
800,000
649,530
Revenue,
2020
A,
Refunding,
4%,
7/01/33
...............................
275,000
253,074
Revenue,
2020
A,
Refunding,
3%,
7/01/34
...............................
870,000
660,510
Revenue,
2020
A,
Refunding,
4%,
7/01/35
...............................
300,000
264,053
Revenue,
2020
A,
Refunding,
3%,
7/01/36
...............................
1,400,000
1,022,268
Revenue,
2020
A,
Refunding,
3%,
7/01/37
...............................
725,000
519,562
Revenue,
2020
A,
Refunding,
3%,
7/01/38
...............................
750,000
525,944
West
Basin
Municipal
Water
District
,
Revenue,
2016
A,
Refunding,
5%,
8/01/32
...............................
1,975,000
2,083,308
Franklin
California
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
17
See
Abbreviations
on
page
19
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
West
Basin
Municipal
Water
District,
(continued)
Revenue,
2016
A,
Refunding,
5%,
8/01/33
...............................
$
2,630,000
$
2,768,811
1,417,839,073
Wisconsin
0.6%
a
Public
Finance
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2021
,
5.25
%
,
12/01/22
...................................................
9,000,000
8,955,561
U.S.
Territories
0.8%
Puerto
Rico
0.8%
Puerto
Rico
Electric
Power
Authority
,
Revenue,
UU,
Refunding,
AGMC
Insured,
5%,
7/01/23
......................
5,000,000
5,068,496
d
Revenue,
WW,
5.375%,
7/01/23
.......................................
5,000,000
3,731,250
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue
,
2007
N
,
Refunding
,
AGMC
Insured
,
5.25
%
,
7/01/36
.............................................
2,200,000
2,154,304
10,954,050
Total
U.S.
Territories
....................................................................
10,954,050
Total
Municipal
Bonds
(Cost
$1,514,546,408)
...................................
1,437,748,684
a
a
a
a
Short
Term
Investments
0.1%
Municipal
Bonds
0.1%
California
0.1%
e
Irvine
Ranch
Water
District
,
Special
Assessment
,
2009
B
,
LOC
Bank
of
America
NA
,
Daily
VRDN
and
Put
,
2.37
%
,
10/01/41
..................................
1,000,000
1,000,000
Total
Municipal
Bonds
(Cost
$1,000,000)
.......................................
1,000,000
Total
Short
Term
Investments
(Cost
$1,000,000
)
.................................
1,000,000
a
Total
Investments
(Cost
$1,515,546,408)
99.4%
..................................
$1,438,748,684
Other
Assets,
less
Liabilities
0.6%
.............................................
8,680,117
Net
Assets
100.0%
...........................................................
$1,447,428,801
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
September
30,
2022,
the
aggregate
value
of
these
securities
was
$86,088,904,
representing
5.9%
of
net
assets.
b
The
maturity
date
shown
represents
the
mandatory
put
date.
c
Security
purchased
on
a
when-issued
basis.
d
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
e
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
Notes
to
Schedule
of
Investments
(unaudited)
18
Quarterly
Schedule
of
Investments
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
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund's
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund's
administrator
in
performing
this
responsibility,
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. 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.
Franklin
California
Tax-Free
Trust
Notes
to
Schedule
of
Investments
(unaudited)
19
Quarterly
Schedule
of
Investments
At September
30,
2022,
all
of
the
Fund's investments
in
financial
instruments
carried
at
fair
value
were
valued
using
Level
2
inputs.
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
Abbreviations
Selected
Portfolio
1915
Act
Improvement
Bond
Act
of
1915
ABAG
Association
of
Bay
Area
Governments
AGMC
Assured
Guaranty
Municipal
Corp.
BAM
Build
America
Mutual
Assurance
Co.
COP
Certificate
of
Participation
ETM
Escrowed
to
Maturity
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
GO
General
Obligation
LOC
Letter
of
Credit
NATL
National
R
einsurance
Corp.
3. Fair
Value
Measurements 
(continued)
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.