NPORT-EX 2 FCTFT.htm
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
CAT-Q3PH
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
15
Franklin
California
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
March
31,
2025
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
98.0%
Arizona
0.7%
a
Maricopa
County
Industrial
Development
Authority
,
Grand
Canyon
University
Obligated
Group
,
Revenue
,
144A,
2024
,
7.375
%
,
10/01/29
..........................
$
9,340,000
$
9,643,316
California
96.3%
Align
Affordable
Housing
Bond
Fund
LP
,
a
Breezewood
2019
LP
,
Revenue
,
144A,
2020-3
TR
,
A
,
2.625
%
,
8/01/25
..........
14,300,000
14,206,871
Parkwood
Apartments
,
2021-1
,
2.25
%
,
8/01/31
...........................
11,250,000
10,295,663
Beaumont
Unified
School
District
,
Community
Facilities
District
No.
2020-1
Improvement
Area
No.
2
,
Special
Tax
,
2023
,
5
%
,
9/01/38
....................................................
300,000
311,943
Community
Facilities
District
No.
2020-1
Improvement
Area
No.
2
,
Special
Tax
,
2023
,
5
%
,
9/01/43
....................................................
1,295,000
1,324,517
Community
Facilities
District
No.
2020-1
Improvement
Area
No.
2
,
Special
Tax
,
2023
,
5
%
,
9/01/48
....................................................
660,000
673,142
Community
Facilities
District
No.
2020-1
Improvement
Area
No.
2
,
Special
Tax
,
2023
,
5
%
,
9/01/53
....................................................
725,000
732,908
California
Affordable
Housing
Agency
,
Butte
County
Housing
Authority
,
Revenue
,
2020
A
,
2
%
,
10/01/35
...................................................
500,000
396,547
b
California
Community
Choice
Financing
Authority
,
Revenue
,
2021
A
,
Mandatory
Put
,
4
%
,
12/01/27
...........................
13,200,000
13,315,974
Revenue
,
2021
B-1
,
Mandatory
Put
,
4
%
,
8/01/31
..........................
9,150,000
9,149,779
Revenue
,
2022
A-1
,
Mandatory
Put
,
4
%
,
8/01/28
..........................
20,000,000
20,078,080
Revenue
,
2024
B
,
Mandatory
Put
,
5
%
,
12/01/32
...........................
16,850,000
17,685,270
Revenue
,
2024
C
,
Mandatory
Put
,
5
%
,
10/01/32
...........................
22,990,000
24,276,187
Revenue
,
2024
D
,
Mandatory
Put
,
5
%
,
9/01/32
...........................
15,000,000
16,165,504
California
Community
College
Financing
Authority
,
NCCD-Orange
Coast
Properties
LLC
,
Revenue
,
2018
,
5
%
,
5/01/32
............
1,750,000
1,825,494
NCCD-Orange
Coast
Properties
LLC
,
Revenue
,
2018
,
5
%
,
5/01/33
............
600,000
624,202
NCCD-Orange
Coast
Properties
LLC
,
Revenue
,
2018
,
5
%
,
5/01/35
............
3,040,000
3,146,734
NCCD-Orange
Coast
Properties
LLC
,
Revenue
,
2018
,
5
%
,
5/01/37
............
1,600,000
1,648,776
NCCD-Orange
Coast
Properties
LLC
,
Revenue
,
2018
,
5
%
,
5/01/38
............
1,320,000
1,357,101
a
California
Community
Housing
Agency
,
Aster
Apartments
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
2/01/43
..............................................
3,315,000
2,947,364
California
County
Tobacco
Securitization
Agency
,
Los
Angeles
County
Securitization
Corp.
,
Revenue,
Senior
Lien
,
2020
A
,
Refunding
,
4
%
,
6/01/35
....................................................
1,505,000
1,488,822
Los
Angeles
County
Securitization
Corp.
,
Revenue,
Senior
Lien
,
2020
A
,
Refunding
,
4
%
,
6/01/39
....................................................
1,300,000
1,250,861
California
Educational
Facilities
Authority
,
Art
Center
College
of
Design
,
Revenue
,
2022
A
,
5
%
,
12/01/32
................
275,000
292,362
Art
Center
College
of
Design
,
Revenue
,
2022
A
,
5
%
,
12/01/33
................
545,000
576,325
Art
Center
College
of
Design
,
Revenue
,
2022
A
,
5
%
,
12/01/36
................
595,000
619,888
Leland
Stanford
Junior
University
(The)
,
Revenue
,
U-6
,
5
%
,
5/01/45
............
1,135,000
1,300,952
Leland
Stanford
Junior
University
(The)
,
Revenue
,
V-1
,
5
%
,
5/01/49
............
9,915,000
11,210,064
Leland
Stanford
Junior
University
(The)
,
Revenue
,
V-2
,
Refunding
,
5
%
,
4/01/51
...
9,500,000
10,709,625
Loma
Linda
University
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
4/01/29
.............
1,020,000
1,049,861
Loma
Linda
University
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
4/01/32
.............
1,235,000
1,264,377
Loma
Linda
University
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
4/01/33
.............
1,000,000
1,021,765
Loma
Linda
University
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
4/01/34
.............
1,750,000
1,784,577
Loma
Linda
University
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
4/01/35
.............
1,500,000
1,527,822
Loma
Linda
University
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
4/01/36
.............
2,000,000
2,034,566
Loma
Linda
University
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
4/01/37
.............
2,000,000
2,031,868
St.
Mary's
College
of
California
,
Revenue
,
2023
A
,
Refunding
,
5
%
,
10/01/36
......
750,000
784,532
St.
Mary's
College
of
California
,
Revenue
,
2023
A
,
Refunding
,
5
%
,
10/01/37
......
725,000
754,640
St.
Mary's
College
of
California
,
Revenue
,
2023
A
,
Refunding
,
5
%
,
10/01/38
......
1,025,000
1,062,962
St.
Mary's
College
of
California
,
Revenue
,
2023
A
,
Refunding
,
5.25
%
,
10/01/44
...
4,450,000
4,562,348
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
Enterprise
Development
Authority
,
Provident
Group-SDSU
Properties
LLC
,
Revenue,
First
Tier
,
2020
A
,
5
%
,
8/01/26
..
$
540,000
$
549,536
Provident
Group-SDSU
Properties
LLC
,
Revenue,
First
Tier
,
2020
A
,
5
%
,
8/01/28
..
615,000
638,100
Provident
Group-SDSU
Properties
LLC
,
Revenue,
First
Tier
,
2020
A
,
5
%
,
8/01/30
..
250,000
261,978
Provident
Group-SDSU
Properties
LLC
,
Revenue,
First
Tier
,
2020
A
,
5
%
,
8/01/35
..
450,000
464,396
California
Health
Facilities
Financing
Authority
,
Cedars-Sinai
Medical
Center
Obligated
Group
,
Revenue
,
2015
,
Refunding
,
5
%
,
11/15/30
.......................................................
3,000,000
3,035,392
Cedars-Sinai
Medical
Center
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
8/15/31
........................................................
3,500,000
3,588,307
Children's
Hospital
Los
Angeles
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
8/15/36
........................................................
2,045,000
2,056,460
Children's
Hospital
Los
Angeles
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
8/15/37
........................................................
2,530,000
2,539,044
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2024
A
,
5
%
,
12/01/54
.........
7,835,000
8,071,507
El
Camino
Hospital
LP
,
Revenue
,
2017
,
5
%
,
2/01/28
.......................
2,100,000
2,183,145
El
Camino
Hospital
LP
,
Revenue
,
2017
,
5
%
,
2/01/29
.......................
2,460,000
2,552,366
El
Camino
Hospital
LP
,
Revenue
,
2017
,
5
%
,
2/01/30
.......................
1,250,000
1,293,999
El
Camino
Hospital
LP
,
Revenue
,
2017
,
5
%
,
2/01/31
.......................
1,200,000
1,240,473
Kaiser
Foundation
Hospitals
,
Revenue
,
2017
A-2
,
5
%
,
11/01/47
...............
7,000,000
7,703,832
Marshall
Medical
Center
,
Revenue
,
2015
,
Refunding
,
California
Mortgage
Insured
,
5
%
,
11/01/33
...................................................
1,000,000
1,000,941
California
Housing
Finance
Agency
,
Revenue
,
2019-2
,
A
,
4
%
,
3/20/33
......................................
4,775,036
4,778,526
Lakeside
Drive
Senior
Housing
LP
,
Revenue
,
2019
N
,
FNMA
Insured
,
2.35
%
,
12/01/35
.......................................................
9,030,452
7,446,165
California
Infrastructure
&
Economic
Development
Bank
,
Academy
of
Motion
Picture
Arts
and
Sciences
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
11/01/30
...................................................
7,260,000
8,056,266
Infrastructure
State
Revolving
Fund
(The)
,
Revenue
,
2015
A
,
Pre-Refunded
,
5
%
,
10/01/32
.......................................................
2,915,000
2,949,480
California
Municipal
Finance
Authority
,
Revenue
,
2024
,
Refunding
,
4
%
,
12/01/43
................................
2,000,000
1,906,121
ACI
Royal
York,
Inc.
,
Revenue
,
2020
A
,
3.125
%
,
2/15/33
....................
620,000
562,894
Aldersly
,
Revenue
,
2023
B-1
,
Refunding
,
California
Mortgage
Insured
,
4
%
,
11/15/28
595,000
595,258
California
Home
for
the
Aged,
Inc.
(The)
,
Revenue
,
2018
,
California
Mortgage
Insured
,
5
%
,
5/15/36
..............................................
1,000,000
1,045,943
California
Institute
of
the
Arts
,
Revenue
,
2021
,
4
%
,
10/01/32
.................
120,000
118,306
California
Institute
of
the
Arts
,
Revenue
,
2021
,
4
%
,
10/01/33
.................
120,000
117,328
California
Institute
of
the
Arts
,
Revenue
,
2021
,
4
%
,
10/01/34
.................
155,000
150,180
California
Institute
of
the
Arts
,
Revenue
,
2021
,
4
%
,
10/01/35
.................
160,000
153,839
California
Institute
of
the
Arts
,
Revenue
,
2021
,
4
%
,
10/01/36
.................
185,000
176,185
California
Institute
of
the
Arts
,
Revenue
,
2021
,
4
%
,
10/01/37
.................
170,000
159,801
Caritas
Corp.
CMFA
Mobile
Home
Park
Financing
,
Revenue
,
2021
B
,
Refunding
,
3
%
,
8/15/31
........................................................
95,000
89,835
Caritas
Corp.
CMFA
Mobile
Home
Park
Financing
,
Revenue
,
2021
B
,
Refunding
,
4
%
,
8/15/41
........................................................
590,000
537,680
Caritas
Corp.
CMFA
Mobile
Home
Park
Financing
,
Revenue
,
2021
B
,
Refunding
,
4
%
,
8/15/56
........................................................
540,000
443,483
a
Century
CityView
LP
,
Revenue
,
144A,
2021
A
,
4
%
,
11/01/36
..................
8,125,000
7,566,208
CHF-Riverside
II
LLC
,
Revenue
,
2019
,
5
%
,
5/15/30
........................
3,635,000
3,840,593
CHF-Riverside
II
LLC
,
Revenue
,
2019
,
5
%
,
5/15/32
........................
1,000,000
1,048,938
CHF-Riverside
II
LLC
,
Revenue
,
2019
,
5
%
,
5/15/35
........................
1,430,000
1,481,504
CHF-Riverside
II
LLC
,
Revenue
,
2019
,
5
%
,
5/15/36
........................
1,260,000
1,301,763
CHF-Riverside
II
LLC
,
Revenue
,
2019
,
5
%
,
5/15/38
........................
1,500,000
1,540,770
Community
Hospitals
of
Central
California
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
2/01/26
............................................
2,010,000
2,031,299
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)
Community
Hospitals
of
Central
California
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
2/01/29
............................................
$
6,270,000
$
6,439,567
Community
Hospitals
of
Central
California
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
2/01/30
............................................
4,680,000
4,798,799
Community
Hospitals
of
Central
California
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
2/01/32
............................................
3,300,000
3,371,468
Community
Hospitals
of
Central
California
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
2/01/33
............................................
7,440,000
7,583,757
Community
Hospitals
of
Central
California
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
2/01/34
............................................
5,000,000
5,086,356
Community
Hospitals
of
Central
California
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
2/01/36
............................................
2,295,000
2,325,786
Community
Hospitals
of
Central
California
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
2/01/37
............................................
2,000,000
2,017,063
Concordia
University
Irvine
,
Revenue
,
2021
,
4
%
,
1/01/28
....................
200,000
199,456
Concordia
University
Irvine
,
Revenue
,
2021
,
4
%
,
1/01/29
....................
300,000
297,903
Concordia
University
Irvine
,
Revenue
,
2021
,
4
%
,
1/01/30
....................
400,000
394,831
Concordia
University
Irvine
,
Revenue
,
2021
,
4
%
,
1/01/31
....................
350,000
343,079
Concordia
University
Irvine
,
Revenue
,
2021
,
4
%
,
1/01/32
....................
250,000
243,090
Concordia
University
Irvine
,
Revenue
,
2021
,
4
%
,
1/01/33
....................
155,000
149,180
Concordia
University
Irvine
,
Revenue
,
2021
,
4
%
,
1/01/34
....................
110,000
104,642
Concordia
University
Irvine
,
Revenue
,
2021
,
4
%
,
1/01/35
....................
250,000
235,026
Congregational
Homes,
Inc.
Obligated
Group
,
Revenue
,
2022
A
,
5
%
,
11/15/26
....
210,000
211,860
Congregational
Homes,
Inc.
Obligated
Group
,
Revenue
,
2022
A
,
5
%
,
11/15/27
....
110,000
111,847
Congregational
Homes,
Inc.
Obligated
Group
,
Revenue
,
2022
A
,
5
%
,
11/15/28
....
115,000
117,709
Congregational
Homes,
Inc.
Obligated
Group
,
Revenue
,
2022
A
,
5
%
,
11/15/29
....
240,000
246,566
Congregational
Homes,
Inc.
Obligated
Group
,
Revenue
,
2022
A
,
4
%
,
11/15/30
....
125,000
122,945
Congregational
Homes,
Inc.
Obligated
Group
,
Revenue
,
2022
A
,
4
%
,
11/15/31
....
265,000
259,610
Congregational
Homes,
Inc.
Obligated
Group
,
Revenue
,
2022
A
,
4
%
,
11/15/32
....
280,000
273,385
Del
Harbor
Foundation
,
Revenue
,
2015
,
Refunding
,
5
%
,
11/01/26
.............
1,085,000
1,095,398
a
IH
Lakes
Concord
LLC
,
Revenue
,
144A,
2022
A-1
,
4.375
%
,
12/01/32
...........
15,000,000
14,398,289
a
IH
Lakes
Concord
LLC
,
Revenue
,
144A,
2022
A-2
,
6.75
%
,
12/01/32
............
930,000
901,897
Inland
Christian
Home,
Inc.
,
Revenue
,
2020
,
California
Mortgage
Insured
,
4
%
,
12/01/30
.......................................................
775,000
793,760
Inland
Counties
Regional
Center,
Inc.
,
Revenue
,
2015
,
Refunding
,
5
%
,
6/15/32
...
6,625,000
6,643,045
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
........
5,800,000
5,029,207
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-2
,
6.25
%
,
12/01/32
........
3,105,000
2,852,764
LAX
Integrated
Express
Solutions
LLC
,
Revenue,
Senior
Lien
,
2018
A
,
5
%
,
6/30/25
1,250,000
1,253,353
LAX
Integrated
Express
Solutions
LLC
,
Revenue,
Senior
Lien
,
2018
A
,
5
%
,
12/31/34
3,000,000
3,063,293
LAX
Integrated
Express
Solutions
LLC
,
Revenue,
Senior
Lien
,
2018
A
,
5
%
,
12/31/35
5,500,000
5,604,767
LAX
Integrated
Express
Solutions
LLC
,
Revenue,
Senior
Lien
,
2018
A
,
5
%
,
12/31/36
10,570,000
10,750,006
LAX
Integrated
Express
Solutions
LLC
,
Revenue,
Senior
Lien
,
2018
A
,
5
%
,
12/31/37
2,930,000
2,973,505
LAX
Integrated
Express
Solutions
LLC
,
Revenue,
Senior
Lien
,
2018
A
,
5
%
,
12/31/38
7,600,000
7,697,039
a
NCCD-Claremont
Properties
LLC
,
Revenue
,
144A,
2023
A
,
Refunding
,
5
%
,
7/01/35
3,960,000
4,127,145
Northbay
Healthcare
Group
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
11/01/25
....
1,000,000
1,005,027
Northbay
Healthcare
Group
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
11/01/26
....
900,000
911,126
Northbay
Healthcare
Group
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
11/01/27
....
1,300,000
1,315,553
Northbay
Healthcare
Group
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
11/01/28
....
1,400,000
1,415,469
Northbay
Healthcare
Group
Obligated
Group
,
Revenue
,
2017
A
,
5.25
%
,
11/01/29
..
1,000,000
1,013,722
Northbay
Healthcare
Group
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
11/01/30
....
1,350,000
1,361,999
Northbay
Healthcare
Group
Obligated
Group
,
Revenue
,
2017
A
,
5.25
%
,
11/01/31
..
1,250,000
1,264,557
Northbay
Healthcare
Group
Obligated
Group
,
Revenue
,
2017
A
,
5.25
%
,
11/01/41
..
4,620,000
4,621,372
Northern
California
Retired
Officers
Community
,
Revenue
,
2016
,
Refunding
,
California
Mortgage
Insured
,
5
%
,
1/01/37
..............................
1,310,000
1,346,965
Palomar
Health
Obligated
Group
,
COP
,
2022
A
,
Refunding
,
AGMC
Insured
,
5
%
,
11/01/27
.......................................................
100,000
103,525
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)
Palomar
Health
Obligated
Group
,
COP
,
2022
A
,
Refunding
,
AGMC
Insured
,
5
%
,
11/01/28
.......................................................
$
250,000
$
260,648
Palomar
Health
Obligated
Group
,
COP
,
2022
A
,
Refunding
,
AGMC
Insured
,
5
%
,
11/01/29
.......................................................
250,000
262,596
Palomar
Health
Obligated
Group
,
COP
,
2022
A
,
Refunding
,
AGMC
Insured
,
5
%
,
11/01/30
.......................................................
210,000
221,913
Palomar
Health
Obligated
Group
,
COP
,
2022
A
,
Refunding
,
AGMC
Insured
,
5
%
,
11/01/31
.......................................................
435,000
459,501
Palomar
Health
Obligated
Group
,
COP
,
2022
A
,
Refunding
,
AGMC
Insured
,
5
%
,
11/01/33
.......................................................
1,200,000
1,260,015
Palomar
Health
Obligated
Group
,
COP
,
2022
A
,
Refunding
,
AGMC
Insured
,
5.25
%
,
11/01/34
.......................................................
1,430,000
1,511,285
Palomar
Health
Obligated
Group
,
COP
,
2022
A
,
Refunding
,
AGMC
Insured
,
5.25
%
,
11/01/35
.......................................................
1,200,000
1,265,940
Palomar
Health
Obligated
Group
,
COP
,
2022
A
,
Refunding
,
AGMC
Insured
,
5.25
%
,
11/01/36
.......................................................
1,550,000
1,629,639
Pilgrim
Place
in
Claremont
,
Revenue
,
2016
A
,
Refunding
,
California
Mortgage
Insured
,
5
%
,
5/15/31
..............................................
2,750,000
2,861,176
System
Management
Group
,
Revenue
,
2019
A
,
5
%
,
4/01/35
.................
1,780,000
1,888,723
System
Management
Group
,
Revenue
,
2019
A
,
5
%
,
4/01/37
.................
2,945,000
3,109,523
University
of
La
Verne
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
6/01/31
.............
1,000,000
1,030,142
University
of
La
Verne
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
6/01/32
.............
1,000,000
1,027,478
University
of
La
Verne
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
6/01/33
.............
1,010,000
1,035,117
University
of
La
Verne
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
6/01/35
.............
1,440,000
1,468,083
a
California
Pollution
Control
Financing
Authority
,
Channelside
Water
Resources
LP
,
Revenue
,
144A,
2019
,
Refunding
,
5
%
,
7/01/29
.
4,350,000
4,480,423
Channelside
Water
Resources
LP
,
Revenue
,
144A,
2023
,
5
%
,
7/01/26
..........
2,680,000
2,724,708
Channelside
Water
Resources
LP
,
Revenue
,
144A,
2023
,
5
%
,
7/01/27
..........
4,170,000
4,287,918
b
California
Public
Finance
Authority
,
Henry
Mayo
Newhall
Hospital
Obligated
Group
,
Revenue
,
2021
B
,
Mandatory
Put
,
4
%
,
10/15/31
...........................
690,000
660,769
a
California
School
Finance
Authority
,
Aspire
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2022
A
,
5
%
,
8/01/32
....
640,000
656,353
Camino
Nuevo
Charter
Academy
Obligated
Group
,
Revenue
,
144A,
2023
A
,
Refunding
,
5
%
,
6/01/33
............................................
1,655,000
1,703,326
Classical
Academy
Obligated
Group
,
Revenue
,
144A,
2022
A
,
Refunding
,
4
%
,
10/01/27
.......................................................
390,000
390,477
Classical
Academy
Obligated
Group
,
Revenue
,
144A,
2022
A
,
Refunding
,
5
%
,
10/01/32
.......................................................
1,455,000
1,508,680
Green
Dot
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2018
A
,
5
%
,
8/01/26
.
300,000
304,671
Green
Dot
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2018
A
,
5
%
,
8/01/27
.
320,000
329,844
Green
Dot
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2022
A
,
Refunding
,
5
%
,
8/01/32
........................................................
690,000
715,013
Green
Dot
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2022
A
,
Refunding
,
5.375
%
,
8/01/42
.................................................
1,500,000
1,563,057
STEM
Preparatory
Schools
-
Obligated
Group
,
Revenue
,
144A,
2023
A
,
5
%
,
6/01/33
300,000
310,906
California
State
University
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
11/01/30
...........
5,000,000
5,095,358
California
Statewide
Communities
Development
Authority
,
Special
Tax
,
2023
A
,
5
%
,
9/01/36
......................................
460,000
478,826
Special
Tax
,
2023
A
,
5
%
,
9/01/43
......................................
215,000
219,542
Aldersly
Obligated
Group
,
Revenue
,
2015
A
,
ETM,
4.5
%
,
5/15/25
..............
215,000
215,403
Community
Facilities
District
No.
2020-02
Improvement
Area
No.
2
,
Special
Tax
,
2022
,
5.125
%
,
9/01/42
............................................
500,000
517,278
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2023
,
4.75
%
,
9/01/38
......
500,000
511,995
Community
Facilities
District
No.
2022-10
,
Special
Tax
,
2023
,
5.25
%
,
9/01/43
.....
650,000
676,298
Hebrew
Home
for
Aged
Disabled
,
Revenue
,
2016
,
California
Mortgage
Insured
,
5
%
,
11/01/36
.......................................................
9,000,000
9,219,595
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)
Carlsbad
Unified
School
District
,
GO
,
2018
C
,
4
%
,
8/01/50
....................
$
5,000,000
$
4,791,464
Carson
Public
Financing
Authority
,
City
of
Carson
Reassessment
District
No.
2001-1
,
Revenue
,
2019
,
Refunding
,
5
%
,
9/02/31
.................................
1,000,000
1,066,188
c
Cerritos
Community
College
District
,
GO
,
2012
D
,
3.84
%,
8/01/36
...............
6,130,000
3,984,314
Chino
Community
Facilities
District
,
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
9
,
Special
Tax
,
2022
,
5
%
,
9/01/30
......................................
1,280,000
1,370,142
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
9
,
Special
Tax
,
2022
,
4.5
%
,
9/01/31
....................................
725,000
744,224
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
9
,
Special
Tax
,
2022
,
4.625
%
,
9/01/32
...................................
755,000
780,821
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
9
,
Special
Tax
,
2022
,
4.75
%
,
9/01/34
...................................
1,620,000
1,676,519
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2023
,
5
%
,
9/01/38
........
1,090,000
1,134,362
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2023
,
5.375
%
,
9/01/43
.....
1,000,000
1,051,209
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2023
,
5.5
%
,
9/01/48
.......
1,200,000
1,264,470
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2023
,
5.625
%
,
9/01/53
.....
375,000
395,596
City
&
County
of
San
Francisco
,
GO
,
2021
B-1
,
4
%
,
6/15/37
..........................................
2,000,000
2,035,511
GO
,
2021
C-1
,
4
%
,
6/15/36
..........................................
1,140,000
1,164,303
a
District
No.
2020-1
Development
,
Special
Tax
,
144A,
2023
A
,
5.25
%
,
9/01/38
.....
875,000
920,821
a
District
No.
2020-1
Office
,
Special
Tax
,
144A,
2023
B
,
5
%
,
9/01/33
.............
955,000
991,228
a
District
No.
2020-1
Office
,
Special
Tax
,
144A,
2023
B
,
5.5
%
,
9/01/43
...........
1,060,000
1,112,128
a
District
No.
2020-1
Shoreline
Tax
Zone
1
,
Special
Tax
,
144A,
2023
C
,
5
%
,
9/01/33
.
525,000
545,004
a
District
No.
2020-1
Shoreline
Tax
Zone
1
,
Special
Tax
,
144A,
2023
C
,
5.25
%
,
9/01/38
880,000
926,083
a
District
No.
2020-1
Shoreline
Tax
Zone
1
,
Special
Tax
,
144A,
2023
C
,
5.5
%
,
9/01/43
1,005,000
1,054,424
City
of
Chula
Vista
,
Community
Facilities
District
No.
16-1
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/46
.................................................
1,500,000
1,345,047
City
of
Clovis
,
Sewer
,
Revenue
,
2013
,
Refunding
,
BAM
Insured
,
5
%
,
8/01/28
.......
1,200,000
1,202,065
City
of
Dublin
,
Community
Facilities
District
No.
2015-1
Improvement
Area
No.
4
,
Special
Tax
,
2022
,
5
%
,
9/01/37
....................................................
955,000
996,410
Community
Facilities
District
No.
2015-1
Improvement
Area
No.
5
,
Special
Tax
,
2023
,
5
%
,
9/01/38
....................................................
785,000
817,262
City
of
Fontana
,
Community
Facilities
District
No.
85
,
Special
Tax
,
2020
,
4
%
,
9/01/32
...........
250,000
249,432
Community
Facilities
District
No.
85
,
Special
Tax
,
2020
,
4
%
,
9/01/36
...........
550,000
534,794
Community
Facilities
District
No.
87
,
Special
Tax
,
2021
,
4
%
,
9/01/41
...........
400,000
374,867
City
of
Irvine
,
Reassessment
District
No.
15-2
,
1915
Act,
Special
Assessment
,
Refunding
,
5
%
,
9/02/25
.............................................
1,000,000
1,007,211
City
of
Lake
Elsinore
,
Community
Facilities
District
No.
2006-1
Improvement
Area
KK
,
Special
Tax
,
2021
,
4
%
,
9/01/46
.......................................
400,000
355,721
City
of
Lincoln
,
Community
Facilities
District
No.
2019-1
,
Special
Tax
,
2022
,
5
%
,
9/01/37
.........................................................
1,215,000
1,267,684
City
of
Long
Beach
,
Harbor
,
Revenue
,
2019
A
,
5
%
,
5/15/38
..................................
2,000,000
2,122,461
Marina
System
,
Revenue
,
2015
,
5
%
,
5/15/27
.............................
1,285,000
1,286,804
Marina
System
,
Revenue
,
2015
,
5
%
,
5/15/32
.............................
1,250,000
1,251,276
City
of
Los
Angeles
,
Department
of
Airports
,
Revenue
,
2017
A
,
5
%
,
5/15/31
......................
2,815,000
2,884,439
Department
of
Airports
,
Revenue
,
2018
B
,
Refunding
,
5
%
,
5/15/32
.............
3,325,000
3,439,947
Department
of
Airports
,
Revenue
,
2018
C
,
5
%
,
5/15/35
.....................
5,800,000
5,921,776
Department
of
Airports
,
Revenue
,
2019
D
,
5
%
,
5/15/31
.....................
2,685,000
2,795,049
Department
of
Airports
,
Revenue
,
2019
D
,
5
%
,
5/15/36
.....................
2,500,000
2,566,237
Department
of
Airports
,
Revenue
,
2019
F
,
5
%
,
5/15/37
......................
5,715,000
5,872,433
Department
of
Airports
,
Revenue
,
2019
F
,
5
%
,
5/15/38
......................
4,500,000
4,615,321
Department
of
Airports
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
5/15/32
.............
3,205,000
3,487,787
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)
City
of
Los
Angeles,
(continued)
Department
of
Airports
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
5/15/33
.............
$
3,000,000
$
3,254,654
Department
of
Airports
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
5/15/35
.............
2,115,000
2,279,667
Department
of
Airports
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
5/15/37
.............
7,380,000
7,909,272
Department
of
Airports
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
5/15/40
.............
5,485,000
5,795,084
Department
of
Airports
,
Revenue
,
2022
C
,
Refunding
,
4
%
,
5/15/39
.............
2,800,000
2,717,481
Department
of
Airports
,
Revenue,
Senior
Lien
,
2022
G
,
5.5
%
,
5/15/36
..........
1,325,000
1,437,768
Department
of
Airports
,
Revenue,
Senior
Lien
,
2022
G
,
5.5
%
,
5/15/37
..........
9,960,000
10,753,279
Department
of
Airports
,
Revenue,
Senior
Lien
,
2022
G
,
5.5
%
,
5/15/38
..........
1,080,000
1,161,449
Department
of
Airports
,
Revenue,
Senior
Lien
,
2022
G
,
5.5
%
,
5/15/40
..........
580,000
621,142
City
of
Menifee
,
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2023
A
,
5
%
,
9/01/43
......
240,000
245,925
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2023
A
,
5
%
,
9/01/48
......
325,000
330,249
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2023
A
,
5
%
,
9/01/53
......
750,000
757,249
City
of
Newport
Beach
,
Assessment
District
No.
113
,
1915
Act,
Special
Assessment
,
2021
A
,
2
%
,
9/02/34
.
230,000
176,856
Assessment
District
No.
113
,
1915
Act,
Special
Assessment
,
2021
A
,
2.125
%
,
9/02/35
........................................................
235,000
178,078
Assessment
District
No.
113
,
1915
Act,
Special
Assessment
,
2021
A
,
2.125
%
,
9/02/36
........................................................
240,000
177,139
Assessment
District
No.
124
,
1915
Act,
Special
Assessment
,
2023
A
,
4
%
,
9/02/25
.
150,000
150,857
Assessment
District
No.
124
,
1915
Act,
Special
Assessment
,
2023
A
,
4
%
,
9/02/26
.
220,000
223,616
Assessment
District
No.
124
,
1915
Act,
Special
Assessment
,
2023
A
,
4
%
,
9/02/27
.
250,000
255,354
Assessment
District
No.
124
,
1915
Act,
Special
Assessment
,
2023
A
,
4
%
,
9/02/28
.
250,000
255,322
Assessment
District
No.
124
,
1915
Act,
Special
Assessment
,
2023
A
,
4
%
,
9/02/29
.
275,000
280,235
Assessment
District
No.
124
,
1915
Act,
Special
Assessment
,
2023
A
,
4
%
,
9/02/30
.
225,000
228,848
Assessment
District
No.
124
,
1915
Act,
Special
Assessment
,
2023
A
,
4
%
,
9/02/31
.
260,000
263,275
Assessment
District
No.
124
,
1915
Act,
Special
Assessment
,
2023
A
,
4
%
,
9/02/32
.
280,000
282,397
Assessment
District
No.
124
,
1915
Act,
Special
Assessment
,
2023
A
,
4
%
,
9/02/33
.
225,000
224,676
Assessment
District
No.
124
,
1915
Act,
Special
Assessment
,
2023
A
,
4.125
%
,
9/02/38
........................................................
625,000
609,827
Assessment
District
No.
124
,
1915
Act,
Special
Assessment
,
2023
A
,
5
%
,
9/02/43
.
720,000
741,780
City
of
Ontario
,
Community
Facilities
District
No.
55
,
Special
Tax
,
2022
,
5
%
,
9/01/37
.
350,000
365,402
City
of
Palo
Alto
,
University
Avenue
Off-Street
Parking
Assessment
District
,
1915
Act,
Special
Assessment
,
2012
,
Refunding
,
5
%
,
9/02/28
............................
895,000
902,575
University
Avenue
Off-Street
Parking
Assessment
District
,
1915
Act,
Special
Assessment
,
2012
,
Refunding
,
5
%
,
9/02/29
............................
1,155,000
1,164,315
City
of
Pasadena
,
Water
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
6/01/38
.............
1,480,000
1,597,945
City
of
Rancho
Cordova
,
Arista
Del
Sol
Community
Facilities
District
No.
2022-1
Improvement
Area
No.
1
,
Special
Tax
,
2023
,
5
%
,
9/01/38
....................
250,000
260,597
City
of
Rialto
,
Community
Facilities
District
No.
2020-1
,
Special
Tax
,
2023
,
5
%
,
9/01/38
1,445,000
1,510,011
City
of
Riverside
,
Sewer
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
8/01/28
.........................
3,870,000
3,895,549
Sewer
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
8/01/29
.........................
4,670,000
4,699,169
Water
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
10/01/37
.........................
7,295,000
7,784,959
City
of
Sacramento
,
North
Natomas
Community
Facilities
District
No.
4
,
Special
Tax
,
2015
F
,
Refunding
,
5
%
,
9/01/26
....................................................
615,000
618,932
North
Natomas
Community
Facilities
District
No.
4
,
Special
Tax
,
2015
F
,
Refunding
,
5
%
,
9/01/28
....................................................
1,220,000
1,227,164
North
Natomas
Community
Facilities
District
No.
4
,
Special
Tax
,
2015
F
,
Refunding
,
5
%
,
9/01/29
....................................................
1,555,000
1,563,518
North
Natomas
Community
Facilities
District
No.
4
,
Special
Tax
,
2015
F
,
Refunding
,
5
%
,
9/01/30
....................................................
1,045,000
1,050,818
North
Natomas
Community
Facilities
District
No.
4
,
Special
Tax
,
2015
F
,
Refunding
,
5
%
,
9/01/31
....................................................
1,800,000
1,808,695
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
Sacramento,
(continued)
Transient
Occupancy
Tax
,
Revenue
,
2018
A
,
5
%
,
6/01/34
....................
$
1,485,000
$
1,559,423
Transient
Occupancy
Tax
,
Revenue
,
2018
A
,
5
%
,
6/01/35
....................
2,000,000
2,095,941
Transient
Occupancy
Tax
,
Revenue
,
2018
A
,
5
%
,
6/01/37
....................
2,250,000
2,348,265
City
of
Vernon
,
Electric
System
,
Revenue
,
2021
A
,
5
%
,
10/01/26
................
1,670,000
1,716,134
City
of
Woodland
,
Community
Facilities
District
No.
2004-1
,
Special
Tax
,
2019
,
5
%
,
9/01/36
.........................................................
1,510,000
1,549,048
a
CMFA
Special
Finance
Agency
VIII
,
Elan
Huntington
Beach
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
8/01/47
.........................................
2,200,000
1,862,300
Compton
Community
Redevelopment
Agency
,
Successor
Agency
,
Tax
Allocation
,
2022
A
,
Refunding
,
AGMC
Insured
,
5
%
,
8/01/37
4,090,000
4,449,824
Successor
Agency
,
Tax
Allocation
,
2022
A
,
Refunding
,
AGMC
Insured
,
5
%
,
8/01/42
3,115,000
3,265,842
Corona-Norco
Unified
School
District
,
GO
,
2011
E
,
5.3
%
,
8/01/25
...............
4,645,000
4,684,415
County
of
El
Dorado
,
Community
Facilities
District
No.
2014-1
,
Special
Tax
,
2023
,
5
%
,
9/01/38
........
500,000
520,349
Community
Facilities
District
No.
2014-1
,
Special
Tax
,
2023
,
5
%
,
9/01/43
........
1,000,000
1,019,731
County
of
Sacramento
,
Airport
System
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
7/01/35
...................
1,000,000
1,020,916
Airport
System
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
7/01/36
...................
2,000,000
2,040,367
County
of
San
Diego
,
Community
Facilities
District
No.
2008-01
Area
No.
1
,
Special
Tax
,
2020
A
,
4
%
,
9/01/37
........................................................
175,000
168,838
Community
Facilities
District
No.
2008-01
Area
No.
1
,
Special
Tax
,
2020
A
,
4
%
,
9/01/38
........................................................
375,000
356,793
Community
Facilities
District
No.
2008-01
Area
No.
1
,
Special
Tax
,
2020
A
,
4
%
,
9/01/40
........................................................
115,000
107,334
Community
Facilities
District
No.
2008-01
Area
No.
2
,
Special
Tax
,
2020
A
,
4
%
,
9/01/35
........................................................
50,000
48,639
a
CSCDA
Community
Improvement
Authority
,
1818
Platinum
Triangle-Anaheim
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3.35
%
,
4/01/47
........................................................
9,800,000
8,010,296
Oceanaire
Apartments
,
Revenue
,
144A,
2021
A-1
,
3.2
%
,
9/01/46
..............
7,500,000
5,528,887
Towne
at
Glendale
Apartments
,
Revenue
,
144A,
2022
B
,
5
%
,
9/01/37
..........
10,500,000
10,409,239
Del
Mar
Race
Track
Authority
,
Revenue
,
2015
,
Refunding
,
5
%
,
10/01/28
................................
1,925,000
1,931,162
Revenue
,
2015
,
Refunding
,
5
%
,
10/01/30
................................
1,125,000
1,128,469
Desert
Sands
Unified
School
District
,
GO
,
2025
,
4
%
,
8/01/50
..................
8,000,000
7,606,847
Dublin
Unified
School
District
,
GO
,
2016
,
Refunding
,
5
%
,
8/01/32
...............
3,220,000
3,317,199
East
Bay
Municipal
Utility
District
,
Wastewater
System
,
Revenue
,
2014
A
,
Refunding
,
5
%
,
6/01/29
......................................................
1,000,000
1,098,587
d
East
Whittier
City
School
District
,
GO
,
2024
A
,
4.125
%
,
8/01/54
.................
2,500,000
2,396,945
Eastern
Municipal
Water
District
,
Community
Facilities
District
No.
2019-86
,
Special
Tax
,
2023
,
5
%
,
9/01/43
.............................................
1,085,000
1,107,920
El
Dorado
Irrigation
District
,
Revenue
,
2016
C
,
Pre-Refunded
,
5
%
,
3/01/31
........
2,500,000
2,557,377
Elk
Grove
Finance
Authority
,
Special
Tax
,
2015
,
Refunding
,
BAM
Insured
,
5
%
,
9/01/30
1,130,000
1,136,775
c
Escondido
Union
High
School
District
,
GO
,
2009
,
AGMC
Insured
,
3.84
%,
8/01/36
...
4,225,000
2,755,299
Foothill-Eastern
Transportation
Corridor
Agency
,
Revenue
,
2013
A
,
Refunding
,
5.8
%
,
1/15/26
..............................
3,760,000
3,842,885
Revenue
,
2013
A
,
Refunding
,
5.9
%
,
1/15/27
..............................
6,395,000
6,722,559
Revenue
,
2013
A
,
Refunding
,
AGMC
Insured
,
5.3
%
,
1/15/29
.................
19,895,000
21,532,365
Revenue,
Junior
Lien
,
2021
C
,
Refunding
,
4
%
,
1/15/32
.....................
300,000
309,045
Revenue,
Junior
Lien
,
2021
C
,
Refunding
,
4
%
,
1/15/33
.....................
445,000
456,710
Golden
State
Tobacco
Securitization
Corp.
,
Revenue
,
2018
A-1
,
Pre-Refunded
,
5
%
,
6/01/35
.........................................................
9,000,000
9,622,562
Imperial
Irrigation
District
,
Electric
System
,
Revenue
,
2019
,
Refunding
,
5
%
,
11/01/33
...................
1,000,000
1,077,024
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)
Imperial
Irrigation
District,
(continued)
Electric
System
,
Revenue
,
2019
,
Refunding
,
5
%
,
11/01/34
...................
$
1,100,000
$
1,179,075
Electric
System
,
Revenue
,
2019
,
Refunding
,
5
%
,
11/01/37
...................
3,885,000
4,128,306
Independent
Cities
Finance
Authority
,
Augusta
Communities
LLC
,
Revenue
,
2022
A
,
Refunding
,
5.25
%
,
5/15/56
.......
2,010,000
2,066,943
Millennium
Housing
LLC
,
Revenue
,
2021
,
Refunding
,
3
%
,
5/15/41
.............
1,395,000
1,137,659
Millennium
Housing
LLC
,
Revenue
,
2022
,
Refunding
,
3.7
%
,
9/15/32
............
790,000
788,539
San
Juan
Mobile
Estates
,
Revenue
,
2015
,
Refunding
,
5
%
,
8/15/30
.............
1,460,000
1,469,310
Irvine
Unified
School
District
,
Special
Tax
,
2020
A
,
4
%
,
9/01/28
......................................
1,130,000
1,143,839
Special
Tax
,
2020
A
,
5
%
,
9/01/30
......................................
1,900,000
2,029,943
Special
Tax
,
2020
A
,
5
%
,
9/01/31
......................................
1,830,000
1,935,032
Special
Tax
,
2020
A
,
5
%
,
9/01/32
......................................
750,000
788,214
Special
Tax
,
2020
A
,
4
%
,
9/01/33
......................................
2,095,000
2,078,751
Special
Tax
,
2020
A
,
4
%
,
9/01/35
......................................
1,450,000
1,423,652
Special
Tax
,
2020
A
,
4
%
,
9/01/36
......................................
2,625,000
2,554,737
Special
Tax
,
2020
A
,
4
%
,
9/01/37
......................................
2,695,000
2,597,605
Special
Tax
,
2020
A
,
4
%
,
9/01/39
......................................
2,890,000
2,695,252
Community
Facilities
District
No.
09-1
,
Special
Tax
,
2019
A
,
5
%
,
9/01/29
........
185,000
197,273
Community
Facilities
District
No.
09-1
,
Special
Tax
,
2019
A
,
5
%
,
9/01/32
........
185,000
195,597
Community
Facilities
District
No.
09-1
,
Special
Tax
,
2019
A
,
5
%
,
9/01/33
........
195,000
205,565
Community
Facilities
District
No.
09-1
,
Special
Tax
,
2019
A
,
5
%
,
9/01/34
........
225,000
236,463
Community
Facilities
District
No.
09-1
,
Special
Tax
,
2019
A
,
5
%
,
9/01/36
........
265,000
276,726
Community
Facilities
District
No.
09-1
,
Special
Tax
,
2019
A
,
4
%
,
9/01/37
........
280,000
274,348
Community
Facilities
District
No.
09-1
,
Special
Tax
,
2019
A
,
4
%
,
9/01/38
........
270,000
260,590
Community
Facilities
District
No.
09-1
,
Special
Tax
,
2019
A
,
4
%
,
9/01/39
........
315,000
299,502
Community
Facilities
District
No.
09-1
,
Special
Tax
,
2019
A
,
4
%
,
9/01/40
........
350,000
328,882
Jurupa
Public
Financing
Authority
,
Special
Tax
,
2015
A
,
Refunding
,
5
%
,
9/01/26
.............................
1,855,000
1,871,880
Special
Tax
,
2015
A
,
Refunding
,
5
%
,
9/01/27
.............................
1,000,000
1,009,271
Special
Tax
,
2015
A
,
Refunding
,
5
%
,
9/01/28
.............................
1,025,000
1,034,231
Special
Tax
,
2015
A
,
Refunding
,
5
%
,
9/01/29
.............................
1,155,000
1,164,936
Special
Tax
,
2015
A
,
Refunding
,
5
%
,
9/01/30
.............................
1,510,000
1,522,748
Special
Tax
,
2015
A
,
Refunding
,
5
%
,
9/01/31
.............................
1,190,000
1,199,800
Special
Tax
,
2015
A
,
Refunding
,
5
%
,
9/01/32
.............................
2,505,000
2,524,763
Special
Tax
,
2015
A
,
Refunding
,
5
%
,
9/01/33
.............................
2,635,000
2,654,801
Jurupa
Unified
School
District
,
GO
,
2019
C
,
5.25
%
,
8/01/43
...................
14,675,000
15,398,473
Lake
Elsinore
Public
Financing
Authority
,
Special
Tax
,
2015
,
Refunding
,
5
%
,
9/01/30
.
4,970,000
4,991,705
Lake
Elsinore
Unified
School
District
,
Community
Facilities
District
No.
2007-2
,
Special
Tax
,
2021
,
4
%
,
9/01/45
.............................................
760,000
680,868
Lammersville
Joint
Unified
School
District
,
Community
Facilities
District
No.
2002
,
Special
Tax
,
2017
,
Refunding
,
5
%
,
9/01/33
...............................
1,575,000
1,615,285
Los
Angeles
County
Metropolitan
Transportation
Authority
,
Sales
Tax
,
Revenue
,
2017
A
,
5
%
,
7/01/39
...............................
7,520,000
7,758,945
Sales
Tax
,
Revenue
,
2021
A
,
4
%
,
6/01/35
...............................
1,485,000
1,547,308
Sales
Tax
,
Revenue,
Senior
Lien
,
2021
A
,
5
%
,
7/01/38
......................
1,910,000
2,084,847
Los
Angeles
Department
of
Water
,
Water
System
,
Revenue
,
2020
C
,
Refunding
,
5
%
,
7/01/40
...................
7,000,000
7,315,122
Water
System
,
Revenue
,
2020
C
,
Refunding
,
5
%
,
7/01/41
...................
3,535,000
3,679,101
Los
Angeles
Department
of
Water
&
Power
,
Power
System
,
Revenue
,
2016
B
,
5
%
,
7/01/30
............................
3,000,000
3,028,266
Power
System
,
Revenue
,
2016
B
,
5
%
,
7/01/31
............................
6,700,000
6,756,743
Power
System
,
Revenue
,
2017
B
,
Refunding
,
5
%
,
7/01/34
...................
23,350,000
23,833,280
Power
System
,
Revenue
,
2020
B
,
Refunding
,
5
%
,
7/01/39
...................
2,860,000
2,995,264
Power
System
,
Revenue
,
2024
C
,
Refunding
,
5
%
,
7/01/45
...................
2,300,000
2,395,889
Power
System
,
Revenue
,
2024
D
,
5
%
,
7/01/47
............................
2,900,000
2,997,544
Water
System
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/37
...................
10,450,000
10,501,604
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)
Los
Angeles
Department
of
Water
&
Power,
(continued)
Water
System
,
Revenue
,
2018
B
,
Refunding
,
5
%
,
7/01/34
...................
$
2,500,000
$
2,601,371
Water
System
,
Revenue
,
2018
B
,
Refunding
,
5
%
,
7/01/38
...................
4,500,000
4,639,357
Water
System
,
Revenue
,
2020
C
,
Refunding
,
5
%
,
7/01/33
...................
1,410,000
1,512,149
Los
Angeles
Unified
School
District
,
GO
,
2016
A
,
Refunding
,
5
%
,
7/01/29
...................................
5,000,000
5,019,916
GO
,
2016
B
,
Refunding
,
5
%
,
7/01/30
...................................
30,000,000
30,727,215
GO
,
2020
RYQ
,
4
%
,
7/01/38
.........................................
5,000,000
5,070,073
GO
,
2024
A
,
Refunding
,
5
%
,
7/01/26
...................................
13,000,000
13,384,713
Menifee
Union
School
District
,
d
GO
,
2025
A
,
4.125
%
,
8/01/54
.........................................
2,500,000
2,416,998
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
5
,
Special
Tax
,
2021
,
4
%
,
9/01/36
....................................................
500,000
483,547
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
5
,
Special
Tax
,
2021
,
4
%
,
9/01/41
....................................................
800,000
751,500
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
6
,
Special
Tax
,
2021
,
4
%
,
9/01/36
....................................................
445,000
438,218
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
6
,
Special
Tax
,
2021
,
4
%
,
9/01/46
....................................................
875,000
787,873
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
7
,
Special
Tax
,
2022
,
5
%
,
9/01/37
....................................................
1,100,000
1,154,820
Menifee
Union
School
District
Public
Financing
Authority
,
Special
Tax
,
2016
A
,
Refunding
,
5
%
,
9/01/25
.............................
1,200,000
1,210,090
Special
Tax
,
2017
A
,
5
%
,
9/01/25
......................................
1,405,000
1,417,399
Special
Tax
,
2017
A
,
5
%
,
9/01/28
......................................
1,250,000
1,285,940
Special
Tax
,
2017
A
,
5
%
,
9/01/30
......................................
1,550,000
1,592,931
Metropolitan
Water
District
of
Southern
California
,
Revenue
,
2020
C
,
Refunding
,
5
%
,
7/01/38
.........................................................
12,500,000
13,569,154
e
Mid-Peninsula
Water
District
,
COP
,
2025
,
4.125
%
,
12/01/50
........................................
5,965,000
5,775,690
COP
,
2025
,
4.25
%
,
12/01/54
.........................................
7,060,000
6,890,134
Moreno
Valley
Unified
School
District
,
Community
Facilities
District
No.
2016-1
,
Special
Tax
,
2020
,
4
%
,
9/01/31
........
120,000
119,350
Community
Facilities
District
No.
2016-1
,
Special
Tax
,
2020
,
4
%
,
9/01/32
........
130,000
128,637
Community
Facilities
District
No.
2016-1
,
Special
Tax
,
2020
,
4
%
,
9/01/33
........
140,000
137,643
Community
Facilities
District
No.
2016-1
,
Special
Tax
,
2020
,
2.625
%
,
9/01/38
.....
200,000
155,550
Mount
San
Antonio
Community
College
District
,
GO
,
2013
A
,
5.875
%
,
8/01/28
......
6,000,000
6,504,354
Orange
County
Community
Facilities
District
,
Community
Facilities
District
No.
2023-1
,
Special
Tax
,
2023
A
,
5
%
,
8/15/38
......
1,360,000
1,439,803
Community
Facilities
District
No.
2023-1
,
Special
Tax
,
2023
A
,
5.25
%
,
8/15/43
....
1,350,000
1,419,648
Orange
Unified
School
District
,
GO
,
2022
,
5
%
,
8/01/41
.......................
2,130,000
2,332,513
Oro
Grande
Elementary
School
District
,
COP
,
2020
,
Refunding
,
4
%
,
9/15/29
....................................
2,595,000
2,592,560
COP
,
2020
,
Refunding
,
4
%
,
9/15/30
....................................
2,700,000
2,684,092
COP
,
2020
,
Refunding
,
4
%
,
9/15/31
....................................
2,805,000
2,770,536
COP
,
2020
,
Refunding
,
4
%
,
9/15/32
....................................
1,600,000
1,560,796
Port
of
Oakland
,
Revenue
,
2017
D
,
5
%
,
11/01/28
.......................................
2,195,000
2,273,283
Revenue
,
2017
D
,
Pre-Refunded
,
5
%
,
11/01/28
...........................
55,000
57,954
Poway
Unified
School
District
,
Community
Facilities
District
No.
16
Area
A
,
Special
Tax
,
2020
,
AGMC
Insured
,
5
%
,
9/01/32
........................................................
100,000
108,236
Community
Facilities
District
No.
16
Area
A
,
Special
Tax
,
2020
,
AGMC
Insured
,
4
%
,
9/01/34
........................................................
500,000
508,588
Community
Facilities
District
No.
16
Area
A
,
Special
Tax
,
2020
,
AGMC
Insured
,
4
%
,
9/01/36
........................................................
715,000
722,663
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)
Poway
Unified
School
District,
(continued)
Community
Facilities
District
No.
16
Area
A
,
Special
Tax
,
2020
,
AGMC
Insured
,
4
%
,
9/01/40
........................................................
$
965,000
$
954,190
Poway
Unified
School
District
Public
Financing
Authority
,
Special
Tax
,
2017
A
,
Refunding
,
5
%
,
9/01/27
.............................
1,375,000
1,413,231
Special
Tax
,
2017
A
,
Refunding
,
5
%
,
9/01/30
.............................
2,225,000
2,280,629
Riverside
County
Transportation
Commission
,
Sales
Tax
,
Revenue
,
2017
B
,
Refunding
,
4
%
,
6/01/36
.......................
9,750,000
9,866,203
Sales
Tax
,
Revenue
,
2017
B
,
Refunding
,
5
%
,
6/01/39
.......................
5,000,000
5,183,487
Riverside
Unified
School
District
,
Community
Facilities
District
No.
33
,
Special
Tax
,
2021
,
4
%
,
9/01/45
.................................................
375,000
334,000
a
RMA
Capital
Series
Trust
,
Revenue
,
144A,
2022-1
,
A
,
5.67
%
,
8/01/58
............
5,000,000
4,647,300
RNR
School
Financing
Authority
,
Community
Facilities
District
No.
92-1
,
Special
Tax
,
2017
A
,
BAM
Insured
,
5
%
,
9/01/27
.....................................
1,035,000
1,066,827
Romoland
School
District
,
Community
Facilities
District
No.
2004-1
,
Special
Tax
,
2015
,
Refunding
,
5
%
,
9/01/27
1,000,000
1,005,878
Community
Facilities
District
No.
2004-1
,
Special
Tax
,
2015
,
Refunding
,
5
%
,
9/01/28
1,960,000
1,969,967
Community
Facilities
District
No.
2004-1
,
Special
Tax
,
2015
,
Refunding
,
5
%
,
9/01/29
2,130,000
2,140,169
Community
Facilities
District
No.
2004-1
,
Special
Tax
,
2015
,
Refunding
,
5
%
,
9/01/30
2,310,000
2,320,279
Community
Facilities
District
No.
2004-1
,
Special
Tax
,
2015
,
Refunding
,
5
%
,
9/01/31
2,495,000
2,505,504
Community
Facilities
District
No.
2004-1
,
Special
Tax
,
2015
,
Refunding
,
5
%
,
9/01/32
2,690,000
2,701,337
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
2
,
Special
Tax
,
2023
,
5
%
,
9/01/38
....................................................
250,000
262,506
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
2
,
Special
Tax
,
2023
,
5
%
,
9/01/43
....................................................
440,000
452,996
Community
Facilities
District
No.
91-1
,
Special
Tax
,
2017
,
Refunding
,
5
%
,
9/01/36
.
1,130,000
1,153,948
Root
Creek
Water
District
,
Community
Facilities
District
No.
2016-1
Improvement
Area
No.
1
,
Special
Tax
,
2021
,
4
%
,
9/01/41
....................................................
430,000
400,150
Community
Facilities
District
No.
2016-1
Improvement
Area
No.
1
,
Special
Tax
,
2021
,
4
%
,
9/01/46
....................................................
1,300,000
1,162,491
Sacramento
Municipal
Utility
District
,
Revenue
,
2019
G
,
5
%
,
8/15/38
.......................................
2,695,000
2,870,737
Revenue
,
2023
K
,
5
%
,
8/15/39
........................................
1,000,000
1,127,933
San
Diego
Community
College
District
,
GO
,
2024
A-1
,
5
%
,
8/01/55
..............
22,975,000
24,630,958
San
Diego
County
Regional
Airport
Authority
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/01/35
...............................
7,500,000
8,036,918
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/01/39
...............................
6,500,000
6,865,479
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/01/44
...............................
4,000,000
4,160,458
Revenue
,
2021
B
,
5
%
,
7/01/30
........................................
2,260,000
2,405,918
Revenue,
Senior
Lien
,
2023
B
,
5.25
%
,
7/01/38
............................
2,500,000
2,718,908
Revenue,
Senior
Lien
,
2023
B
,
5
%
,
7/01/39
..............................
5,000,000
5,254,355
Revenue,
Senior
Lien
,
2023
B
,
5
%
,
7/01/40
..............................
7,000,000
7,322,745
San
Diego
Unified
School
District
,
GO
,
2019
L
,
4
%
,
7/01/38
...................
605,000
609,139
San
Francisco
Bay
Area
Rapid
Transit
District
,
GO
,
2013
C
,
5
%
,
8/01/27
............................................
2,640,000
2,645,193
GO
,
2013
C
,
5
%
,
8/01/28
............................................
3,500,000
3,506,290
GO
,
2020
C-1
,
4
%
,
8/01/33
..........................................
2,250,000
2,327,437
Sales
Tax
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
7/01/28
.......................
2,510,000
2,522,577
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
5/01/36
...............................
4,000,000
4,129,590
Revenue,
Second
Series
,
2019
E
,
5
%
,
5/01/35
............................
2,000,000
2,069,884
Revenue,
Second
Series
,
2019
H
,
Refunding
,
5
%
,
5/01/30
...................
2,895,000
3,041,366
Revenue,
Second
Series
,
2024
A
,
Refunding
,
5.25
%
,
5/01/44
.................
5,000,000
5,207,397
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)
San
Francisco
City
&
County
Public
Utilities
Commission
,
Wastewater
,
Revenue
,
2018
A
,
4
%
,
10/01/43
...................................................
$
9,220,000
$
8,777,034
San
Francisco
City
&
County
Redevelopment
Agency
Successor
Agency
,
Mission
Bay
South
Redevelopment
Area
Tax
Increment
Financing
District
,
Tax
Allocation
,
2014
A
,
5
%
,
8/01/30
......................................
1,080,000
1,080,961
Mission
Bay
South
Redevelopment
Area
Tax
Increment
Financing
District
,
Tax
Allocation
,
2014
A
,
5
%
,
8/01/34
......................................
1,110,000
1,110,628
San
Jacinto
Unified
School
District
,
Community
Facilities
District
No.
2022-1
Improvement
Area
No.
1
,
Special
Tax
,
2023
,
5.25
%
,
9/01/48
.................
350,000
361,556
San
Jacinto
Unified
School
District
Financing
Authority
,
Community
Facilities
District
No.
2003-2
,
Special
Tax
,
2019
,
5
%
,
9/01/36
..............................
1,200,000
1,224,284
c
San
Joaquin
Hills
Transportation
Corridor
Agency
,
Revenue
,
1997
A
,
Refunding
,
NATL
Insured
,
3.38
%,
1/15/26
.............................................
19,000,000
18,501,911
San
Juan
Unified
School
District
,
GO
,
2020
,
4
%
,
8/01/34
......................
2,765,000
2,815,865
c
San
Mateo
County
Community
College
District
,
GO
,
2005
A
,
NATL
Insured
,
3.27
%,
9/01/30
.........................................................
5,000,000
4,194,947
San
Rafael
City
Elementary
School
District
,
GO
,
2022
B
,
4
%
,
8/01/54
............
10,000,000
9,477,197
San
Ysidro
School
District
,
COP
,
2015
,
Refunding
,
BAM
Insured
,
5
%
,
9/01/29
.........................
1,100,000
1,110,415
COP
,
2015
,
Refunding
,
BAM
Insured
,
5
%
,
9/01/31
.........................
1,000,000
1,008,475
COP
,
2015
,
Refunding
,
BAM
Insured
,
5
%
,
9/01/33
.........................
1,050,000
1,058,003
Santa
Cruz
County
Redevelopment
Successor
Agency
,
Tax
Allocation
,
2015
A
,
Refunding
,
AGMC
Insured
,
5
%
,
9/01/29
.................................
4,475,000
4,510,836
Sierra
View
Local
Health
Care
District
,
Revenue
,
2020
,
Refunding
,
4
%
,
7/01/26
.................................
100,000
100,571
Revenue
,
2020
,
Refunding
,
5
%
,
7/01/28
.................................
660,000
690,304
Revenue
,
2020
,
Refunding
,
5
%
,
7/01/30
.................................
520,000
553,574
Sonoma
Community
Development
Agency
Successor
Agency
,
Tax
Allocation
,
2015
,
Refunding
,
NATL
Insured
,
5
%
,
6/01/29
..................
1,000,000
1,026,708
Tax
Allocation
,
2015
,
Refunding
,
NATL
Insured
,
5
%
,
6/01/33
..................
1,200,000
1,227,667
State
of
California
,
GO
,
Refunding
,
5
%
,
4/01/29
.........................................
3,190,000
3,433,524
GO
,
Refunding
,
5
%
,
9/01/29
.........................................
1,000,000
1,025,982
GO
,
Refunding
,
5
%
,
11/01/29
.........................................
5,000,000
5,424,842
GO
,
5
%
,
4/01/30
..................................................
3,725,000
4,012,708
GO
,
Refunding
,
5
%
,
11/01/30
.........................................
15,540,000
17,101,168
GO
,
5.75
%
,
10/01/31
...............................................
15,000,000
16,045,980
GO
,
Refunding
,
5
%
,
10/01/32
.........................................
5,780,000
6,235,062
GO
,
2017
,
5
%
,
11/01/28
.............................................
7,230,000
7,603,544
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
1,268,216
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
1,663,784
San
Diego
County
Tobacco
Asset
Securitization
Corp.
,
Revenue
,
2019
A
,
1
,
Refunding
,
5
%
,
6/01/38
............................................
1,500,000
1,551,845
Tracy
Community
Facilities
District
,
City
of
Tracy
Community
Facilities
District
No.
2016-01
Improvement
Area
No.
2
,
Special
Tax
,
2023
,
5.25
%
,
9/01/38
...................................
600,000
631,749
City
of
Tracy
Community
Facilities
District
No.
2016-01
Improvement
Area
No.
2
,
Special
Tax
,
2023
,
5.625
%
,
9/01/43
...................................
1,350,000
1,426,278
Transbay
Joint
Powers
Authority
,
Transbay
Redevelopment
Project
Tax
Increment
Re-Development
Project
,
Tax
Allocation,
Senior
Lien
,
2020
A
,
5
%
,
10/01/32
...........................
500,000
516,698
Transbay
Redevelopment
Project
Tax
Increment
Re-Development
Project
,
Tax
Allocation,
Senior
Lien
,
2020
A
,
5
%
,
10/01/33
...........................
1,735,000
1,789,460
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)
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
$
1,080,656
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
1,006,314
City
of
Tustin
Community
Facilities
District
No.
06-1
,
Special
Tax
,
2015
A
,
Refunding
,
5
%
,
9/01/32
....................................................
1,565,000
1,573,799
University
of
California
,
Revenue
,
2016
K
,
5
%
,
5/15/37
........................................
1,000,000
1,016,403
Revenue
,
2024
BS
,
Refunding
,
5
%
,
5/15/44
..............................
2,000,000
2,146,218
Revenue
,
2025
CC
,
4
%
,
5/15/55
......................................
5,000,000
4,695,471
Val
Verde
Unified
School
District
,
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
2
,
Special
Tax
,
2023
,
5
%
,
9/01/43
....................................................
555,000
569,051
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
2
,
Special
Tax
,
2023
,
5
%
,
9/01/48
....................................................
625,000
637,445
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
2
,
Special
Tax
,
2023
,
5
%
,
9/01/54
....................................................
1,000,000
1,011,344
Washington
Township
Health
Care
District
,
Revenue
,
2020
A
,
Refunding
,
3
%
,
7/01/32
...............................
800,000
739,413
Revenue
,
2020
A
,
Refunding
,
4
%
,
7/01/33
...............................
275,000
273,130
Revenue
,
2020
A
,
Refunding
,
3
%
,
7/01/34
...............................
870,000
780,478
Revenue
,
2020
A
,
Refunding
,
4
%
,
7/01/35
...............................
300,000
289,352
Revenue
,
2020
A
,
Refunding
,
3
%
,
7/01/36
...............................
1,400,000
1,205,616
Revenue
,
2020
A
,
Refunding
,
3
%
,
7/01/37
...............................
725,000
613,313
Revenue
,
2020
A
,
Refunding
,
3
%
,
7/01/38
...............................
750,000
622,462
Revenue
,
2023
A
,
5
%
,
7/01/40
........................................
400,000
404,322
Revenue
,
2023
A
,
5
%
,
7/01/41
........................................
375,000
376,807
Revenue
,
2023
A
,
5
%
,
7/01/42
........................................
325,000
325,197
Revenue
,
2023
A
,
5
%
,
7/01/43
........................................
275,000
273,913
West
Basin
Municipal
Water
District
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
8/01/32
...............................
1,975,000
2,008,813
Revenue
,
2016
A
,
Refunding
,
5
%
,
8/01/33
...............................
2,630,000
2,674,154
Revenue
,
2021
A
,
Refunding
,
5
%
,
8/01/34
...............................
1,635,000
1,825,245
1,260,718,151
Florida
0.8%
a
,c
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.25
%,
3/01/29
...........................................
11,900,000
9,714,693
U.S.
Territories
0.2%
Guam
0.2%
Guam
Government
Waterworks
Authority
,
Revenue
,
2020
A
,
5
%
,
1/01/50
.........
2,810,000
2,858,411
Total
Municipal
Bonds
(Cost
$
1,294,910,144
)
...................................
1,282,934,571
Shares
Escrows
and
Litigation
Trusts
0.0%
†
f
,g
Puerto
Rico
Electric
Power
Authority,
Escrow
Account
........................
254,001
203,201
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
...................................
203,201
Total
Long
Term
Investments
(Cost
$
1,294,910,144
)
.............................
1,283,137,772
a
a
a
a
a
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
See
Abbreviations
on
page
17
.
Short
Term
Investments
2.4%
a
a
Principal
Amount
a
Value
Municipal
Bonds
2.4%
California
2.4%
h
Los
Angeles
Department
of
Water
&
Power
,
Power
System
,
Revenue
,
2002
A-6
,
Refunding
,
SPA
Bank
of
America
NA
,
Daily
VRDN
and
Put
,
3.82
%
,
7/01/35
......................................
$
3,735,000
$
3,735,000
Power
System
,
Revenue
,
2023
C-1
,
SPA
TD
Bank
NA
,
Daily
VRDN
and
Put
,
3.85
%
,
7/01/57
........................................................
5,100,000
5,100,000
Power
System
,
Revenue
,
2023
F-1
,
Refunding
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
3.85
%
,
7/01/48
.................................
19,000,000
19,000,000
Power
System
,
Revenue
,
2023
F-2
,
Refunding
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
3.85
%
,
7/01/47
.................................
3,400,000
3,400,000
31,235,000
Total
Municipal
Bonds
(Cost
$
31,235,000
)
......................................
31,235,000
Total
Short
Term
Investments
(Cost
$
31,235,000
)
................................
31,235,000
a
Total
Investments
(Cost
$
1,326,145,144
)
100.4
%
................................
$1,314,372,772
Other
Assets,
less
Liabilities
(
0.4
)
%
...........................................
(5,010,770)
Net
Assets
100.0%
...........................................................
$1,309,362,002
†
Rounds
to
less
than
0.1%
of
net
assets.
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,
2025,
the
aggregate
value
of
these
securities
was
$118,488,869,
representing
9.0%
of
net
assets.
b
The
maturity
date
shown
represents
the
mandatory
put
date.
c
The
rate
shown
represents
the
yield
at
period
end.
d
Security
purchased
on
a
when-issued
basis.
e
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
f
Non-income
producing.
g
Fair
valued
using
significant
unobservable
inputs.
See
Note
4
regarding
fair
value
measurements.
h
Variable
rate
demand
notes
(VRDN)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
pay-
ment
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
15
Quarterly
Schedule
of
Investments
Notes
to
Schedule
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).
The
Fund
follows the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
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
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.
Equity
securities
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m. Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Debt
securities
generally
trade
in
the
OTC 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,
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. Securities
Purchased
on
a Forward
Commitment
Basis
The
Fund may
purchase
securities
on
a
forward
commitment
basis,
with
payment
and
delivery
scheduled
for
a
future
date.
These
transactions
are
subject
to
market
fluctuations
and
are
subject
to
the
risk
that
the
value
at
delivery
may
be
more
or
less
than
the
trade
date
purchase
price.
Although
the
Fund
will
generally
purchase
these
securities
with
the
intention
of
holding
the
Franklin
California
Tax-Free
Trust
Notes
to
Schedule
of
Investments
(unaudited)
16
Quarterly
Schedule
of
Investments
securities, it
may
sell
the
securities
before
the
settlement
date. These
types
of
securities
may
be
considered
unfunded
and
the
Fund
may
be
obligated
to
perform
on
such
agreements
at
a
future
date.
At
March
31,
2025,
unfunded
commitments
were
as
follows:
4. 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.
A
summary
of
inputs
used
as
of
March
31,
2025,
in
valuing
the Fund's
assets
carried
at
fair
value,
is
as
follows:  
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the period.
Borrower
Unfunded
Commitment
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
Puerto
Rico
Electric
Power
Authority,
Restructured
Power
Revenue
,
B-1,
6%,
7/01/41
$
562,159
B-2,
7.125%,
7/01/59
2,730,152
$3,292,311
Level
1
Level
2
Level
3
Total
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
$
—
$
1,282,934,571
$
—
$
1,282,934,571
Escrows
and
Litigation
Trusts
...............
—
—
203,201
203,201
Short
Term
Investments
...................
—
31,235,000
—
31,235,000
Total
Investments
in
Securities
...........
$—
$1,314,169,571
$203,201
$1,314,372,772
Other
Financial
Instruments:
Unfunded
Commitments
..................
$—
$—
$134,219
$134,219
Total
Other
Financial
Instruments
.........
$—
$—
$134,219
$134,219
3. Securities
Purchased
on
a Forward
Commitment
Basis
(continued)
Franklin
California
Tax-Free
Trust
Notes
to
Schedule
of
Investments
(unaudited)
17
Quarterly
Schedule
of
Investments
Abbreviations
Selected
Portfolio
1915
Act
Improvement
Bond
Act
of
1915
AGMC
Assured
Guaranty
Municipal
Corp.
BAM
Build
America
Mutual
Assurance
Co.
COP
Certificate
of
Participation
ETM
Escrowed
to
Maturity
FNMA
Federal
National
Mortgage
Association
GO
General
Obligation
NATL
National
Reinsurance
Corp.
SPA
Standby
Purchase
Agreement
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.