Franklin California Tax Free Trust NPORT-P Franklin California Intermediate-Term Tax-Free Income Fund (Sep 2021 report)

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

CAT-Q1PH

See

Notes

to

Statement

of

Investments.

1

Statements

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

2

Notes

to

Financial

Statements

19

Franklin

California

Tax-Free

Trust

Statement

of

Investments

(unaudited),

September

30,

2021

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

2

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

98.0%

California

97.1%

ABAG

Finance

Authority

for

Nonprofit

Corp.

,

Jackson

Laboratory

(The),

Revenue,

2012,

ETM,

5%,

7/01/22

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

$

820,000

$

849,467

Jackson

Laboratory

(The),

Revenue,

2012,

Pre-Refunded,

5%,

7/01/23

.........

460,000

476,530

Jackson

Laboratory

(The),

Revenue,

2012,

Pre-Refunded,

5%,

7/01/24

.........

1,000,000

1,035,935

Odd

Fellows

Home

of

California,

Revenue,

2012

A,

California

Mortgage

Insured,

5%,

4/01/23

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

1,000,000

1,068,805

Odd

Fellows

Home

of

California,

Revenue,

2012

A,

California

Mortgage

Insured,

5%,

4/01/24

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

1,000,000

1,069,174

Align

Affordable

Housing

Bond

Fund

LP

,

Revenue,

2021-1,

5.05%,

8/01/31

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

11,250,000

11,071,088

a

Breezewood

2019

LP,

Revenue,

144A,

2020-3

TR,

A,

2.625%,

8/01/25

..........

14,300,000

14,281,813

Antelope

Valley

Community

College

District

,

GO

,

2014

A

,

Pre-Refunded

,

5

%

,

8/01/25

4,210,000

4,773,852

Bay

Area

Toll

Authority

,

Revenue

,

2012

F-1

,

5

%

,

4/01/22

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

15,000,000

15,360,720

California

Affordable

Housing

Agency

,

Butte

County

Housing

Authority

,

Revenue

,

2020

A

,

2

%

,

10/01/35

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

500,000

492,738

b

California

Community

Choice

Financing

Authority

,

Revenue

,

2021

B-2

,

Mandatory

Put

,

0.47

%

,

(

SIFMA

Municipal

Swap

Index

+

0.45

%

),

8/01/31

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

25,000,000

25,022,380

California

Community

College

Financing

Authority

,

NCCD-Orange

Coast

Properties

LLC,

Revenue,

2018,

5%,

5/01/32

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

1,750,000

2,054,255

NCCD-Orange

Coast

Properties

LLC,

Revenue,

2018,

5%,

5/01/33

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

600,000

702,711

NCCD-Orange

Coast

Properties

LLC,

Revenue,

2018,

5%,

5/01/35

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

3,040,000

3,548,242

NCCD-Orange

Coast

Properties

LLC,

Revenue,

2018,

5%,

5/01/37

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

1,600,000

1,861,122

NCCD-Orange

Coast

Properties

LLC,

Revenue,

2018,

5%,

5/01/38

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

1,320,000

1,532,805

California

County

Tobacco

Securitization

Agency

,

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/34

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

340,000

407,981

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/35

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

400,000

478,882

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/36

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

615,000

733,762

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/37

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

660,000

785,069

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/38

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

615,000

729,722

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/39

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

600,000

710,069

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/40

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

615,000

726,205

Gold

Country

Settlement

Funding

Corp.,

Revenue,

2020

A,

Refunding,

5%,

6/01/29

250,000

320,016

Gold

Country

Settlement

Funding

Corp.,

Revenue,

2020

A,

Refunding,

5%,

6/01/31

1,065,000

1,396,733

Merced

County

Tobacco

Funding

Corp.,

Revenue,

Senior

Lien,

2020

A,

Refunding,

5%,

6/01/30

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

315,000

411,019

Merced

County

Tobacco

Funding

Corp.,

Revenue,

Senior

Lien,

2020

A,

Refunding,

5%,

6/01/31

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

300,000

393,528

Merced

County

Tobacco

Funding

Corp.,

Revenue,

Senior

Lien,

2020

A,

Refunding,

5%,

6/01/33

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

245,000

318,357

Merced

County

Tobacco

Funding

Corp.,

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/34

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

420,000

507,699

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

5%,

6/01/30

..

425,000

554,416

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

5%,

6/01/31

..

225,000

295,084

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

5%,

6/01/32

..

250,000

325,958

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

5%,

6/01/33

..

300,000

389,812

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

4%,

6/01/34

..

365,000

441,206

California

Educational

Facilities

Authority

,

Loma

Linda

University,

Revenue,

2017

A,

Refunding,

5%,

4/01/29

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

1,020,000

1,233,241

Loma

Linda

University,

Revenue,

2017

A,

Refunding,

5%,

4/01/32

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

1,235,000

1,474,614

Loma

Linda

University,

Revenue,

2017

A,

Refunding,

5%,

4/01/33

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

1,000,000

1,190,277

Loma

Linda

University,

Revenue,

2017

A,

Refunding,

5%,

4/01/34

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

1,750,000

2,078,365

Loma

Linda

University,

Revenue,

2017

A,

Refunding,

5%,

4/01/35

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

1,500,000

1,777,605

Loma

Linda

University,

Revenue,

2017

A,

Refunding,

5%,

4/01/36

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

2,000,000

2,366,712

Loma

Linda

University,

Revenue,

2017

A,

Refunding,

5%,

4/01/37

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

2,000,000

2,363,234

University

of

San

Francisco,

Revenue,

2011,

ETM,

5%,

10/01/21

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

3,000,000

3,000,000

University

of

San

Francisco,

Revenue,

2018

A,

5%,

10/01/37

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

1,365,000

1,667,960

Franklin

California

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

3

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

Enterprise

Development

Authority

,

Provident

Group-SDSU

Properties

LLC,

Revenue,

First

Tier,

2020

A,

5%,

8/01/22

..

$

120,000

$

124,592

Provident

Group-SDSU

Properties

LLC,

Revenue,

First

Tier,

2020

A,

5%,

8/01/24

..

230,000

257,753

Provident

Group-SDSU

Properties

LLC,

Revenue,

First

Tier,

2020

A,

5%,

8/01/26

..

540,000

643,176

Provident

Group-SDSU

Properties

LLC,

Revenue,

First

Tier,

2020

A,

5%,

8/01/28

..

615,000

763,595

Provident

Group-SDSU

Properties

LLC,

Revenue,

First

Tier,

2020

A,

5%,

8/01/30

..

250,000

321,116

Provident

Group-SDSU

Properties

LLC,

Revenue,

First

Tier,

2020

A,

5%,

8/01/35

..

450,000

564,916

California

Health

Facilities

Financing

Authority

,

California-Nevada

Methodist

Homes,

Revenue,

2015,

Refunding,

California

Mortgage

Insured,

5%,

7/01/30

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

1,825,000

2,084,020

Casa

Milagro

LLC,

Revenue,

2011

A,

California

Mortgage

Insured,

6%,

2/01/24

...

2,000,000

2,008,703

Cedars-Sinai

Medical

Center

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

11/15/30

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

3,000,000

3,543,879

Cedars-Sinai

Medical

Center

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

8/15/31

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

3,500,000

4,216,070

Children's

Hospital

Los

Angeles

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

8/15/35

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

1,650,000

1,975,288

Children's

Hospital

Los

Angeles

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

8/15/36

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

2,045,000

2,442,973

Children's

Hospital

Los

Angeles

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

8/15/37

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

1,330,000

1,585,530

El

Camino

Hospital,

Revenue,

2017,

5%,

2/01/28

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

2,100,000

2,562,263

El

Camino

Hospital,

Revenue,

2017,

5%,

2/01/29

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

2,460,000

2,998,796

El

Camino

Hospital,

Revenue,

2017,

5%,

2/01/30

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

1,250,000

1,522,295

El

Camino

Hospital,

Revenue,

2017,

5%,

2/01/31

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

1,200,000

1,459,212

Marshall

Medical

Center,

Revenue,

2015,

Refunding,

California

Mortgage

Insured,

5%,

11/01/33

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

1,000,000

1,120,637

California

Housing

Finance

,

Revenue,

2019-2,

A,

4%,

3/20/33

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

5,351,772

6,310,708

Lakeside

Drive

Senior

Housing

LP,

Revenue,

2019

N,

FNMA

Insured,

2.35%,

12/01/35

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

9,626,746

9,833,335

California

Infrastructure

&

Economic

Development

Bank

,

Revenue,

2015

A,

Pre-Refunded,

5%,

10/01/32

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

2,915,000

3,448,010

Academy

of

Motion

Picture

Arts

and

Sciences

Obligated

Group,

Revenue,

2020

B,

Refunding,

5%,

11/01/29

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

2,000,000

2,599,789

California

Municipal

Finance

Authority

,

a,b

Revenue,

144A,

2009

A,

Mandatory

Put,

1.3%,

2/03/25

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

1,800,000

1,840,883

ACI

Royal

York,

Inc.,

Revenue,

2020

A,

3.125%,

2/15/33

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

620,000

625,681

Biola

University,

Inc.,

Revenue,

2017,

Refunding,

5%,

10/01/29

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

1,350,000

1,626,992

Biola

University,

Inc.,

Revenue,

2017,

Refunding,

5%,

10/01/31

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

1,000,000

1,196,432

Biola

University,

Inc.,

Revenue,

2017,

Refunding,

5%,

10/01/33

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

1,070,000

1,272,890

Biola

University,

Inc.,

Revenue,

2017,

Refunding,

5%,

10/01/35

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

1,000,000

1,185,947

California

Home

for

the

Aged,

Inc.

(The),

Revenue,

2018,

California

Mortgage

Insured,

5%,

5/15/36

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

1,000,000

1,233,738

California

Institute

of

the

Arts,

Revenue,

2021,

4%,

10/01/32

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

120,000

145,074

California

Institute

of

the

Arts,

Revenue,

2021,

4%,

10/01/33

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

120,000

143,959

California

Institute

of

the

Arts,

Revenue,

2021,

4%,

10/01/34

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

155,000

184,672

California

Institute

of

the

Arts,

Revenue,

2021,

4%,

10/01/35

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

160,000

190,118

California

Institute

of

the

Arts,

Revenue,

2021,

4%,

10/01/36

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

185,000

219,330

California

Institute

of

the

Arts,

Revenue,

2021,

4%,

10/01/37

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

170,000

201,058

California

Institute

of

the

Arts,

Revenue,

2021,

3%,

10/01/41

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

960,000

1,011,911

CHF-Davis

II

LLC,

Revenue,

2021,

BAM

Insured,

4%,

5/15/38

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

1,300,000

1,543,692

CHF-Davis

II

LLC,

Revenue,

2021,

BAM

Insured,

4%,

5/15/39

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

2,395,000

2,835,996

CHF-Davis

II

LLC,

Revenue,

2021,

BAM

Insured,

4%,

5/15/40

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

1,500,000

1,767,657

CHF-Davis

II

LLC,

Revenue,

2021,

BAM

Insured,

4%,

5/15/41

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

1,050,000

1,233,752

CHF-Riverside

II

LLC,

Revenue,

2019,

5%,

5/15/32

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

1,000,000

1,249,108

CHF-Riverside

II

LLC,

Revenue,

2019,

5%,

5/15/34

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

3,120,000

3,865,204

Franklin

California

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

4

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

Municipal

Finance

Authority,

(continued)

CHF-Riverside

II

LLC,

Revenue,

2019,

5%,

5/15/35

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

$

1,430,000

$

1,765,480

CHF-Riverside

II

LLC,

Revenue,

2019,

5%,

5/15/37

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

2,260,000

2,773,025

CHF-Riverside

II

LLC,

Revenue,

2019,

5%,

5/15/38

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

1,000,000

1,223,642

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

2/01/26

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

2,010,000

2,310,738

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

2/01/28

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

1,500,000

1,722,284

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/25

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

2,000,000

2,300,675

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/26

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

2,010,000

2,386,324

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/27

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

1,750,000

2,135,726

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/28

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

2,250,000

2,729,558

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/29

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

2,140,000

2,591,289

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/30

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

2,000,000

2,417,098

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/31

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

2,700,000

3,256,639

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/32

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

2,200,000

2,647,843

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/33

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

3,500,000

4,205,720

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/34

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

5,000,000

5,995,163

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/35

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

5,000,000

5,984,332

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/36

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

2,295,000

2,742,426

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/37

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

2,000,000

2,387,627

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/22

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

200,000

201,798

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/23

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

200,000

208,962

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/24

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

300,000

323,270

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/25

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

300,000

332,105

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/26

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

250,000

282,898

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/27

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

250,000

288,126

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/28

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

250,000

292,262

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/29

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

350,000

414,521

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/30

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

400,000

479,897

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/31

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

350,000

423,633

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/32

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

250,000

300,766

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/33

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

300,000

359,117

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/34

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

300,000

357,268

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/35

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

400,000

474,492

Del

Harbor

Foundation,

Revenue,

2015,

Refunding,

5%,

11/01/26

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

1,085,000

1,276,782

Inland

Christian

Home,

Inc.,

Revenue,

2020,

California

Mortgage

Insured,

4%,

12/01/30

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

1,200,000

1,476,232

Inland

Christian

Home,

Inc.,

Revenue,

2020,

California

Mortgage

Insured,

4%,

12/01/39

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

1,245,000

1,475,785

Inland

Counties

Regional

Center,

Inc.,

Revenue,

2015,

Refunding,

5%,

6/15/23

...

1,580,000

1,706,743

Inland

Counties

Regional

Center,

Inc.,

Revenue,

2015,

Refunding,

5%,

6/15/24

...

1,000,000

1,124,296

Inland

Counties

Regional

Center,

Inc.,

Revenue,

2015,

Refunding,

5%,

6/15/32

...

6,625,000

7,647,960

LAX

Integrated

Express

Solutions

LLC,

Revenue,

Senior

Lien,

2018

A,

5%,

6/30/26

1,000,000

1,187,966

LAX

Integrated

Express

Solutions

LLC,

Revenue,

Senior

Lien,

2018

A,

5%,

12/31/37

5,500,000

6,635,934

Franklin

California

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

5

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

Municipal

Finance

Authority,

(continued)

LAX

Integrated

Express

Solutions

LLC,

Revenue,

Senior

Lien,

2018

A,

5%,

12/31/38

$

21,100,000

$

25,438,747

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5%,

11/01/25

....

1,000,000

1,152,300

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5%,

11/01/26

....

900,000

1,060,497

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5%,

11/01/27

....

1,300,000

1,522,787

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5%,

11/01/28

....

1,400,000

1,636,835

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5.25%,

11/01/29

..

1,000,000

1,179,094

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5%,

11/01/30

....

1,350,000

1,565,888

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5.25%,

11/01/31

..

1,250,000

1,467,702

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5.25%,

11/01/36

..

4,620,000

5,394,960

Northern

California

Retired

Officers

Community,

Revenue,

2016,

Refunding,

California

Mortgage

Insured,

5%,

1/01/37

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

1,310,000

1,535,325

Pilgrim

Place

in

Claremont,

Revenue,

2016

A,

Refunding,

California

Mortgage

Insured,

5%,

5/15/31

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

2,750,000

3,357,300

South

Central

Los

Angeles

Regional

Center

for

Developmentally

Disabled

Persons,

Revenue,

2013,

5.25%,

12/01/27

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

3,910,000

4,256,676

System

Management

Group,

Revenue,

2019

A,

5%,

4/01/35

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

1,780,000

2,197,351

System

Management

Group,

Revenue,

2019

A,

5%,

4/01/37

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

2,945,000

3,614,646

University

of

La

Verne,

Revenue,

2017

A,

Refunding,

5%,

6/01/31

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

1,000,000

1,210,710

University

of

La

Verne,

Revenue,

2017

A,

Refunding,

5%,

6/01/32

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

1,000,000

1,208,949

University

of

La

Verne,

Revenue,

2017

A,

Refunding,

5%,

6/01/33

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

1,010,000

1,218,915

University

of

La

Verne,

Revenue,

2017

A,

Refunding,

5%,

6/01/35

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

1,440,000

1,732,102

a

California

Pollution

Control

Financing

Authority

,

San

Diego

County

Water

Authority,

Revenue,

144A,

2019,

Refunding,

5%,

7/01/22

.

855,000

884,288

San

Diego

County

Water

Authority,

Revenue,

144A,

2019,

Refunding,

5%,

7/01/29

.

4,350,000

5,271,782

California

Public

Finance

Authority

,

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

10/15/21

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

215,000

215,225

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

10/15/22

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

245,000

253,547

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

10/15/23

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

285,000

304,187

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

10/15/24

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

380,000

416,983

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

10/15/25

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

400,000

449,037

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

10/15/26

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

420,000

480,865

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

10/15/27

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

400,000

465,559

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

10/15/28

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

360,000

425,147

b

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2021

B,

Mandatory

Put,

4%,

10/15/31

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

690,000

823,543

a

California

School

Finance

Authority

,

Green

Dot

Public

Schools

Obligated

Group,

Revenue,

144A,

2018

A,

5%,

8/01/26

.

300,000

352,866

Green

Dot

Public

Schools

Obligated

Group,

Revenue,

144A,

2018

A,

5%,

8/01/27

.

320,000

384,652

Kipp

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

7/01/24

100,000

111,284

Kipp

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

7/01/25

105,000

120,373

Kipp

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

7/01/26

110,000

129,457

Kipp

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

7/01/27

100,000

120,550

Kipp

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

7/01/28

100,000

122,768

Kipp

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

7/01/29

100,000

125,008

Kipp

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

7/01/30

100,000

126,736

California

State

Public

Works

Board

,

Revenue,

2012

D,

Pre-Refunded,

5%,

9/01/25

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

2,920,000

3,049,870

Revenue,

2012

D,

Pre-Refunded,

5%,

9/01/26

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

4,650,000

4,856,814

Franklin

California

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

6

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

State

Public

Works

Board,

(continued)

State

of

California

Department

of

Corrections

&

Rehabilitation,

Revenue,

2014

A,

5%,

9/01/26

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

$

16,835,000

$

19,086,271

California

State

University

,

Revenue,

2011

A,

Pre-Refunded,

5%,

11/01/25

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

10,000,000

10,036,705

Revenue,

2012

A,

Pre-Refunded,

5%,

11/01/26

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

11,000,000

11,577,732

Revenue,

2016

A,

Refunding,

5%,

11/01/29

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

16,000,000

19,202,597

Revenue,

2016

A,

Refunding,

5%,

11/01/30

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

5,000,000

5,998,304

California

Statewide

Communities

Development

Authority

,

Revenue,

2019

A,

Refunding,

California

Mortgage

Insured,

5%,

11/15/34

........

750,000

953,096

Revenue,

2019

A,

Refunding,

California

Mortgage

Insured,

5%,

11/15/37

........

735,000

927,722

Aldersly

Obligated

Group,

Revenue,

2015

A,

Refunding,

4.5%,

5/15/25

.........

805,000

862,533

Community

Church

Retirement

Center,

Revenue,

2013,

California

Mortgage

Insured,

5%,

11/15/28

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

1,000,000

1,084,596

Front

Porch

Communities

&

Services

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

4/01/23

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

400,000

427,958

Front

Porch

Communities

&

Services

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

4/01/24

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

400,000

445,715

Front

Porch

Communities

&

Services

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

4/01/25

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

615,000

710,088

Front

Porch

Communities

&

Services

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

4/01/26

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

400,000

475,329

Front

Porch

Communities

&

Services

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

4/01/27

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

670,000

818,031

Front

Porch

Communities

&

Services

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

4/01/28

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

425,000

530,299

Front

Porch

Communities

&

Services

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

4/01/29

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

725,000

923,016

Front

Porch

Communities

&

Services

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

4/01/30

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

450,000

586,421

Front

Porch

Communities

&

Services

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

4/01/31

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

450,000

594,773

Front

Porch

Communities

&

Services

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

4/01/32

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

1,470,000

1,933,445

Front

Porch

Communities

&

Services

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

4/01/33

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

1,520,000

1,979,756

Front

Porch

Communities

&

Services

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

4/01/34

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

1,565,000

2,032,702

Hebrew

Home

for

Aged

Disabled,

Revenue,

2016,

California

Mortgage

Insured,

5%,

11/01/36

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

9,000,000

10,733,513

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2014,

Pre-Refunded,

AGMC

Insured,

5%,

10/01/26

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

1,000,000

1,133,137

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2014,

Pre-Refunded,

AGMC

Insured,

5%,

10/01/28

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

1,250,000

1,416,422

Poway

RHF

Housing,

Inc.,

Revenue,

2013

A,

California

Mortgage

Insured,

5%,

11/15/28

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

500,000

542,298

Sutter

Health

Obligated

Group,

Revenue,

2012

A,

Pre-Refunded,

5%,

8/15/24

....

2,000,000

2,084,601

Sutter

Health

Obligated

Group,

Revenue,

2012

A,

Pre-Refunded,

5%,

8/15/25

....

4,715,000

4,914,447

Sutter

Health

Obligated

Group,

Revenue,

2012

A,

Pre-Refunded,

5%,

8/15/27

....

7,005,000

7,301,315

Campbell

Union

School

District

,

GO

,

2015

,

Refunding

,

5

%

,

8/01/28

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

3,235,000

3,773,018

Carson

Public

Financing

Authority

,

City

of

Carson

Reassessment

District

No.

2001-1,

Revenue,

2019,

Refunding,

5%,

9/02/25

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

1,000,000

1,155,583

City

of

Carson

Reassessment

District

No.

2001-1,

Revenue,

2019,

Refunding,

5%,

9/02/31

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

1,000,000

1,295,677

Franklin

California

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

7

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Castaic

Lake

Water

Agency

,

Santa

Clarita

Valley

Water

Agency

,

COP

,

1999

A

,

AMBAC

Insured

,

Zero

Cpn.,

8/01/22

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

$

10,445,000

$

10,416,651

Chabot-Las

Positas

Community

College

District

,

GO

,

2013

,

Pre-Refunded

,

5

%

,

8/01/24

6,715,000

7,300,558

Chino

Valley

Unified

School

District

,

GO,

2020

B,

5%,

8/01/35

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

100,000

130,108

GO,

2020

B,

5%,

8/01/36

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

125,000

162,132

GO,

2020

B,

5%,

8/01/37

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

250,000

323,301

GO,

2020

B,

5%,

8/01/38

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

350,000

451,521

GO,

2020

B,

5%,

8/01/39

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

400,000

514,711

Chula

Vista

Community

Facilities

District

,

City

of

Chula

Vista

Community

Facilities

District

No.

16-1

Improvement

Area

No.

2,

Special

Tax,

2021,

4%,

9/01/46

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

855,000

949,804

City

of

Chula

Vista

Community

Facilities

District

No.

16-1

Improvement

Area

No.

2,

Special

Tax,

2021,

4%,

9/01/51

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

1,045,000

1,158,709

City

of

Clovis

,

Sewer,

Revenue,

2013,

Refunding,

BAM

Insured,

5%,

8/01/28

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

1,200,000

1,299,219

Water,

Revenue,

2013,

Refunding,

BAM

Insured,

5%,

3/01/26

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

2,620,000

2,788,061

Water,

Revenue,

2013,

Refunding,

BAM

Insured,

5%,

3/01/27

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

1,000,000

1,063,999

City

of

Fontana

,

Community

Facilities

District

No.

85,

Special

Tax,

2020,

4%,

9/01/32

...........

250,000

285,868

Community

Facilities

District

No.

85,

Special

Tax,

2020,

4%,

9/01/36

...........

550,000

623,734

Community

Facilities

District

No.

85,

Special

Tax,

2020,

4%,

9/01/40

...........

625,000

704,043

Community

Facilities

District

No.

87,

Special

Tax,

2021,

4%,

9/01/41

...........

400,000

454,256

Community

Facilities

District

No.

87,

Special

Tax,

2021,

4%,

9/01/46

...........

650,000

732,031

Community

Facilities

District

No.

88,

Special

Tax,

2020,

4%,

9/01/40

...........

550,000

621,535

City

of

Irvine

,

Reassessment

District

No.

15-2

,

1915

Act,

Special

Assessment

,

Refunding

,

5

%

,

9/02/25

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

1,000,000

1,174,539

City

of

Lake

Elsinore

,

Community

Facilities

District

No.

2006-1

Summerly,

Special

Tax,

2021,

4%,

9/01/42

475,000

534,273

Community

Facilities

District

No.

2006-1

Summerly,

Special

Tax,

2021,

4%,

9/01/51

425,000

474,133

Community

Facilities

District

No.

2019-1,

Special

Tax,

2021,

4%,

9/01/41

........

350,000

393,615

Community

Facilities

District

No.

2019-1,

Special

Tax,

2021,

4%,

9/01/46

........

450,000

501,571

Community

Facilities

District

No.

2019-1,

Special

Tax,

2021,

4%,

9/01/51

........

700,000

779,502

City

of

Lincoln

,

Community

Facilities

District

No.

2006-1,

Special

Tax,

2021,

Refunding,

4%,

9/01/33

195,000

222,678

Community

Facilities

District

No.

2006-1,

Special

Tax,

2021,

Refunding,

4%,

9/01/35

215,000

244,601

Community

Facilities

District

No.

2006-1,

Special

Tax,

2021,

Refunding,

4%,

9/01/37

250,000

283,213

City

of

Long

Beach

,

Harbor,

Revenue,

2019

A,

5%,

5/15/37

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

2,475,000

3,126,843

Harbor,

Revenue,

2019

A,

5%,

5/15/38

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

2,250,000

2,836,493

Marina

System,

Revenue,

2015,

5%,

5/15/27

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

1,285,000

1,450,914

Marina

System,

Revenue,

2015,

5%,

5/15/32

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

1,250,000

1,388,375

City

of

Los

Angeles

,

Department

of

Airports,

Revenue,

2018

D,

Refunding,

5%,

5/15/31

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

5,715,000

7,200,215

Department

of

Airports,

Revenue,

2019

A,

Refunding,

5%,

5/15/34

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

5,430,000

6,788,012

Department

of

Airports,

Revenue,

2019

D,

5%,

5/15/30

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

2,000,000

2,522,536

Department

of

Airports,

Revenue,

2019

D,

5%,

5/15/31

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

2,685,000

3,372,271

Department

of

Airports,

Revenue,

2019

D,

5%,

5/15/33

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

2,670,000

3,346,389

Department

of

Airports,

Revenue,

2019

D,

5%,

5/15/34

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

1,415,000

1,767,421

Department

of

Airports,

Revenue,

2019

F,

5%,

5/15/37

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

1,285,000

1,595,072

Department

of

Airports,

Revenue,

2019

F,

5%,

5/15/38

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

7,500,000

9,289,866

Department

of

Airports,

Revenue,

2020

A,

Refunding,

5%,

5/15/32

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

3,205,000

4,160,993

Department

of

Airports,

Revenue,

2020

A,

Refunding,

5%,

5/15/33

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

3,000,000

3,882,890

Department

of

Airports,

Revenue,

2020

A,

Refunding,

5%,

5/15/37

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

7,380,000

9,444,500

Department

of

Airports,

Revenue,

2021

B,

Refunding,

5%,

5/15/31

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

920,000

1,227,587

Department

of

Airports,

Revenue,

2021

B,

Refunding,

5%,

5/15/32

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

920,000

1,221,750

Wastewater

System,

Revenue,

2012

B,

Refunding,

5%,

6/01/28

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

11,700,000

12,062,762

Franklin

California

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

8

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

City

of

Los

Angeles,

(continued)

Wastewater

System,

Revenue,

2013

A,

Refunding,

5%,

6/01/27

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

$

9,145,000

$

9,873,267

City

of

Newport

Beach

,

Assessment

District

No.

113,

1915

Act,

Special

Assessment,

2021

A,

2%,

9/02/34

.

235,000

228,609

Assessment

District

No.

113,

1915

Act,

Special

Assessment,

2021

A,

2.125%,

9/02/35

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

240,000

235,904

Assessment

District

No.

113,

1915

Act,

Special

Assessment,

2021

A,

2.125%,

9/02/36

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

245,000

239,356

City

of

Ontario

,

Community

Facilities

District

No.

46,

Special

Tax,

2021,

4%,

9/01/45

...........

300,000

338,416

Community

Facilities

District

No.

46,

Special

Tax,

2021,

4%,

9/01/51

...........

500,000

562,237

City

of

Palm

Desert

,

Community

Facilities

District

No.

2005-1,

Special

Tax,

2021

A,

Refunding,

4%,

9/01/30

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

195,000

224,816

Community

Facilities

District

No.

2005-1,

Special

Tax,

2021

A,

Refunding,

4%,

9/01/33

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

220,000

251,256

Community

Facilities

District

No.

2005-1,

Special

Tax,

2021

A,

Refunding,

4%,

9/01/36

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

250,000

283,604

Section

29

Assessment

District

No.

2004-02,

1915

Act,

Special

Assessment,

2021,

Refunding,

2%,

9/02/22

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

235,000

237,589

Section

29

Assessment

District

No.

2004-02,

1915

Act,

Special

Assessment,

2021,

Refunding,

4%,

9/02/26

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

670,000

744,328

Section

29

Assessment

District

No.

2004-02,

1915

Act,

Special

Assessment,

2021,

Refunding,

4%,

9/02/31

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

800,000

910,854

Section

29

Assessment

District

No.

2004-02,

1915

Act,

Special

Assessment,

2021,

Refunding,

4%,

9/02/37

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

1,200,000

1,348,122

City

of

Palo

Alto

,

University

Avenue

Off-Street

Parking

Assessment

District,

1915

Act,

Special

Assessment,

2012,

Refunding,

5%,

9/02/28

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

1,000,000

1,040,904

University

Avenue

Off-Street

Parking

Assessment

District,

1915

Act,

Special

Assessment,

2012,

Refunding,

5%,

9/02/29

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

1,280,000

1,331,361

City

of

Porterville

,

Water,

COP,

2021,

AGMC

Insured,

4%,

8/15/35

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

230,000

275,497

Water,

COP,

2021,

AGMC

Insured,

4%,

8/15/36

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

200,000

238,635

Water,

COP,

2021,

AGMC

Insured,

4%,

8/15/37

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

175,000

208,169

City

of

Riverside

,

Sewer,

Revenue,

2015

A,

Refunding,

5%,

8/01/28

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

3,870,000

4,504,036

Sewer,

Revenue,

2015

A,

Refunding,

5%,

8/01/29

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

4,670,000

5,429,328

City

of

Sacramento

,

North

Natomas

Community

Facilities

District

No.

4,

Special

Tax,

2015

F,

Refunding,

5%,

9/01/26

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

615,000

711,137

North

Natomas

Community

Facilities

District

No.

4,

Special

Tax,

2015

F,

Refunding,

5%,

9/01/28

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

1,220,000

1,397,297

North

Natomas

Community

Facilities

District

No.

4,

Special

Tax,

2015

F,

Refunding,

5%,

9/01/29

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

1,555,000

1,770,555

North

Natomas

Community

Facilities

District

No.

4,

Special

Tax,

2015

F,

Refunding,

5%,

9/01/30

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

1,045,000

1,184,437

North

Natomas

Community

Facilities

District

No.

4,

Special

Tax,

2015

F,

Refunding,

5%,

9/01/31

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

1,800,000

2,033,953

Transient

Occupancy

Tax,

Revenue,

2018

A,

5%,

6/01/34

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

1,485,000

1,789,937

Transient

Occupancy

Tax,

Revenue,

2018

A,

5%,

6/01/35

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

2,000,000

2,406,428

Transient

Occupancy

Tax,

Revenue,

2018

A,

5%,

6/01/36

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

2,220,000

2,664,077

Franklin

California

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

9

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

City

of

San

Francisco

,

Public

Utilities

Commission

Water

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

11/01/28

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

$

5,000,000

$

5,804,358

City

of

Santa

Rosa

,

Wastewater

,

Revenue

,

2020

A

,

5

%

,

9/01/33

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

4,260,000

5,574,176

City

of

Woodland

,

Community

Facilities

District

No.

2004-1

,

Special

Tax

,

2019

,

5

%

,

9/01/36

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

1,510,000

1,728,906

Compton

Community

Redevelopment

Agency

,

Tax

Allocation,

Second

Lien

,

2010

A

,

5

%

,

8/01/25

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

6,760,000

6,781,581

Contra

Costa

Water

District

,

Revenue

,

T

,

Refunding

,

5

%

,

10/01/26

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

3,400,000

3,878,859

Corona

Community

Facilities

District

,

Community

Facilities

District

No.

2018-1

Improvement

Area

No.

1

,

Special

Tax

,

2020

,

4

%

,

9/01/40

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

350,000

393,637

Corona-Norco

Unified

School

District

,

GO

,

2011

E

,

5.3

%

,

8/01/25

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

4,645,000

5,487,557

Corona-Norco

Unified

School

District

Public

Financing

Authority

,

Special

Tax,

Senior

Lien,

2013

A,

Pre-Refunded,

5%,

9/01/24

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

1,565,000

1,707,691

Special

Tax,

Senior

Lien,

2013

A,

Pre-Refunded,

5%,

9/01/25

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

1,000,000

1,091,177

County

of

Sacramento

,

Airport

System,

Revenue,

2016

B,

Refunding,

5%,

7/01/35

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

1,000,000

1,182,499

Airport

System,

Revenue,

2016

B,

Refunding,

5%,

7/01/36

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

2,000,000

2,363,600

County

of

San

Diego

,

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020

A,

4%,

9/01/26

......

105,000

118,926

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020

A,

4%,

9/01/27

......

435,000

498,385

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020

A,

4%,

9/01/28

......

495,000

566,026

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020

A,

4%,

9/01/29

......

75,000

85,634

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020

A,

4%,

9/01/30

......

200,000

226,749

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020

A,

4%,

9/01/31

......

220,000

248,136

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020

A,

4%,

9/01/33

......

345,000

387,736

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020

A,

4%,

9/01/34

......

100,000

112,159

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020

A,

4%,

9/01/35

......

420,000

470,326

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020

A,

4%,

9/01/37

......

765,000

853,980

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020

A,

4%,

9/01/38

......

375,000

418,001

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020

A,

4%,

9/01/39

......

920,000

1,022,997

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020

A,

4%,

9/01/40

......

590,000

655,194

a

CSCDA

Community

Improvement

Authority

,

Oceanaire

Apartments

,

Revenue

,

144A,

2021

A-1

,

3.2

%

,

9/01/46

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

5,300,000

5,399,308

Cupertino

Union

School

District

,

GO,

B,

Pre-Refunded,

5%,

8/01/26

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

1,285,000

1,457,102

GO,

B,

Pre-Refunded,

5%,

8/01/27

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

1,500,000

1,700,897

GO,

B,

Pre-Refunded,

5%,

8/01/28

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

1,000,000

1,133,932

Del

Mar

Race

Track

Authority

,

Revenue,

2015,

Refunding,

5%,

10/01/22

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

1,435,000

1,465,236

Revenue,

2015,

Refunding,

5%,

10/01/23

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

1,510,000

1,569,744

Revenue,

2015,

Refunding,

5%,

10/01/28

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

1,925,000

2,028,840

Revenue,

2015,

Refunding,

5%,

10/01/30

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

1,125,000

1,178,877

Dublin

Unified

School

District

,

GO

,

2016

,

Refunding

,

5

%

,

8/01/32

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

3,220,000

3,864,386

East

Bay

Municipal

Utility

District

,

Wastewater

System,

Revenue,

2014

A,

Refunding,

5%,

6/01/25

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

2,845,000

3,323,136

Wastewater

System,

Revenue,

2014

A,

Refunding,

5%,

6/01/26

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

3,650,000

4,406,500

Wastewater

System,

Revenue,

2014

A,

Refunding,

5%,

6/01/27

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

1,500,000

1,863,362

Wastewater

System,

Revenue,

2014

A,

Refunding,

5%,

6/01/29

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

1,000,000

1,304,578

Water

System,

Revenue,

2015

A,

Refunding,

5%,

6/01/29

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

5,000,000

5,826,400

El

Dorado

Irrigation

District

,

COP,

2020

A,

5%,

3/01/34

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

375,000

485,143

COP,

2020

A,

5%,

3/01/37

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

325,000

416,654

COP,

2020

A,

5%,

3/01/38

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

750,000

959,267

COP,

2020

A,

5%,

3/01/39

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

720,000

918,648

Revenue,

2016

C,

Pre-Refunded,

5%,

3/01/31

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

2,500,000

2,992,313

Franklin

California

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

10

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Elk

Grove

Finance

Authority

,

Special

Tax

,

2015

,

Refunding

,

BAM

Insured

,

5

%

,

9/01/30

$

1,130,000

$

1,323,295

FHLMC,

Multi-family

ML

Pass-Through

Certificates

,

Revenue

,

2019-ML06

,

ACA

,

2.493

%

,

7/25/35

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

24,428,949

25,253,394

Folsom

Public

Financing

Authority

,

Community

Facilities

District

No.

7,

Special

Tax,

2011

A,

Refunding,

AGMC

Insured,

5%,

9/01/23

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

1,005,000

1,023,841

Community

Facilities

District

No.

7,

Special

Tax,

2011

A,

Refunding,

AGMC

Insured,

5%,

9/01/24

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

1,055,000

1,074,715

Fontana

Public

Financing

Authority

,

Special

Tax,

2021

A,

Refunding,

4%,

9/01/22

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

300,000

309,967

Special

Tax,

2021

A,

Refunding,

4%,

9/01/23

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

450,000

480,592

Special

Tax,

2021

A,

Refunding,

4%,

9/01/24

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

1,225,000

1,346,293

Special

Tax,

2021

A,

Refunding,

4%,

9/01/26

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

950,000

1,090,660

Special

Tax,

2021

A,

Refunding,

4%,

9/01/28

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

1,100,000

1,300,104

Special

Tax,

2021

A,

Refunding,

4%,

9/01/30

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

740,000

882,955

Special

Tax,

2021

A,

Refunding,

4%,

9/01/31

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

165,000

195,608

Special

Tax,

2021

A,

Refunding,

4%,

9/01/33

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

180,000

211,054

Special

Tax,

2021

A,

Refunding,

4%,

9/01/34

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

185,000

216,316

Special

Tax,

2021

A,

Refunding,

4%,

9/01/35

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

190,000

221,685

Special

Tax,

2021

B,

Refunding,

BAM

Insured,

4%,

9/01/34

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

255,000

293,996

Special

Tax,

2021

B,

Refunding,

BAM

Insured,

4%,

9/01/43

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

500,000

567,976

Foothill-De

Anza

Community

College

District

,

GO,

2015,

Refunding,

5%,

8/01/27

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

1,250,000

1,464,627

GO,

2015,

Refunding,

5%,

8/01/28

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

2,500,000

2,921,989

Foothill-Eastern

Transportation

Corridor

Agency

,

Revenue,

2013

A,

Refunding,

Zero

Cpn.,

1/15/25

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

2,500,000

2,517,911

Revenue,

2013

A,

Refunding,

Zero

Cpn.,

1/15/26

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

3,760,000

3,919,272

Revenue,

2013

A,

Refunding,

Zero

Cpn.,

1/15/27

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

6,395,000

6,880,715

Revenue,

2013

A,

Refunding,

AGMC

Insured,

Zero

Cpn.,

1/15/29

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

19,895,000

22,542,637

Revenue,

2015

A,

Refunding,

AGMC

Insured,

Zero

Cpn.,

1/15/34

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

3,000,000

2,311,268

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

1/15/26

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

305,000

354,443

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

1/15/27

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

350,000

416,439

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

1/15/28

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

320,000

388,228

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

1/15/29

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

360,000

444,451

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

1/15/30

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

400,000

500,949

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

1/15/31

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

470,000

598,448

Revenue,

Junior

Lien,

2021

C,

Refunding,

4%,

1/15/32

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

300,000

354,589

Revenue,

Junior

Lien,

2021

C,

Refunding,

4%,

1/15/33

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

445,000

523,754

Fullerton

School

District

Financing

Authority

,

Special

Tax,

Senior

Lien,

2013

A,

Refunding,

AGMC

Insured,

5%,

9/01/27

.......

1,000,000

1,084,358

Special

Tax,

Senior

Lien,

2013

A,

Refunding,

AGMC

Insured,

5%,

9/01/28

.......

1,040,000

1,128,069

Golden

State

Tobacco

Securitization

Corp.

,

Revenue,

2018

A-1,

Refunding,

5%,

6/01/31

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

1,000,000

1,224,321

Revenue,

2018

A-1,

Refunding,

5%,

6/01/32

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

8,135,000

9,925,950

Revenue,

2018

A-1,

Refunding,

5%,

6/01/33

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

10,000,000

12,170,071

Revenue,

2018

A-1,

Refunding,

5%,

6/01/35

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

9,000,000

10,848,393

Imperial

Community

College

District

,

GO,

2012,

Refunding,

AGMC

Insured,

5%,

8/01/22

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

1,170,000

1,215,474

GO,

2012,

Pre-Refunded,

AGMC

Insured,

5%,

8/01/23

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

1,350,000

1,403,960

Imperial

Irrigation

District

,

Electric

System,

Revenue,

2019,

Refunding,

5%,

11/01/37

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

3,885,000

4,935,278

Electric

System,

Revenue,

2019,

Refunding,

5%,

11/01/38

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

4,075,000

5,168,951

Independent

Cities

Finance

Authority

,

Millennium

Housing

LLC,

Revenue,

2021,

Refunding,

3%,

5/15/41

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

1,395,000

1,464,008

San

Juan

Mobile

Estates,

Revenue,

2015,

Refunding,

5%,

8/15/30

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

1,575,000

1,774,892

Irvine

Unified

School

District

,

Special

Tax,

2020

A,

4%,

9/01/27

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

1,745,000

2,026,115

Franklin

California

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

11

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Irvine

Unified

School

District,

(continued)

Special

Tax,

2020

A,

4%,

9/01/28

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

$

1,135,000

$

1,337,357

Special

Tax,

2020

A,

5%,

9/01/29

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

1,920,000

2,454,421

Special

Tax,

2020

A,

5%,

9/01/30

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

1,910,000

2,488,852

Special

Tax,

2020

A,

5%,

9/01/32

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

755,000

975,813

Special

Tax,

2020

A,

4%,

9/01/34

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

2,300,000

2,716,082

Special

Tax,

2020

A,

4%,

9/01/35

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

1,460,000

1,720,826

Special

Tax,

2020

A,

4%,

9/01/36

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

1,320,000

1,552,270

Special

Tax,

2020

A,

4%,

9/01/37

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

1,355,000

1,588,564

Special

Tax,

2020

A,

4%,

9/01/38

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

2,735,000

3,198,415

Special

Tax,

2020

A,

4%,

9/01/39

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

2,905,000

3,390,906

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

5%,

9/01/29

........

185,000

238,583

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

5%,

9/01/30

........

210,000

268,871

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

5%,

9/01/31

........

175,000

222,925

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

5%,

9/01/32

........

185,000

234,962

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

5%,

9/01/33

........

200,000

252,726

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

5%,

9/01/34

........

225,000

283,259

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

5%,

9/01/36

........

265,000

331,936

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

4%,

9/01/37

........

285,000

331,285

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

4%,

9/01/38

........

275,000

318,719

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

4%,

9/01/39

........

315,000

363,965

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

4%,

9/01/40

........

350,000

403,594

Jurupa

Public

Financing

Authority

,

Special

Tax,

2013

A,

AGMC

Insured,

5%,

9/01/30

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

2,750,000

2,976,286

Special

Tax,

2013

A,

AGMC

Insured,

5%,

9/01/33

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

5,000,000

5,407,999

Special

Tax,

2014

A,

Refunding,

5%,

9/01/27

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

1,000,000

1,122,651

Special

Tax,

2014

A,

Refunding,

5%,

9/01/28

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

1,275,000

1,430,446

Special

Tax,

2014

A,

Refunding,

5%,

9/01/29

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

530,000

594,240

Special

Tax,

2015

A,

Refunding,

5%,

9/01/26

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

1,855,000

2,154,288

Special

Tax,

2015

A,

Refunding,

5%,

9/01/27

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

1,000,000

1,160,031

Special

Tax,

2015

A,

Refunding,

5%,

9/01/28

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

1,025,000

1,188,012

Special

Tax,

2015

A,

Refunding,

5%,

9/01/29

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

1,155,000

1,337,572

Special

Tax,

2015

A,

Refunding,

5%,

9/01/30

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

1,510,000

1,747,616

Special

Tax,

2015

A,

Refunding,

5%,

9/01/31

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

1,190,000

1,376,016

Special

Tax,

2015

A,

Refunding,

5%,

9/01/32

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

2,505,000

2,895,090

Special

Tax,

2015

A,

Refunding,

5%,

9/01/33

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

2,635,000

3,042,564

Special

Tax,

2020

A,

Refunding,

BAM

Insured,

4%,

9/01/32

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

700,000

838,767

Special

Tax,

2020

A,

Refunding,

BAM

Insured,

4%,

9/01/36

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

1,175,000

1,380,701

Lake

Elsinore

Public

Financing

Authority

,

Special

Tax

,

2015

,

Refunding

,

5

%

,

9/01/30

.

4,970,000

5,647,358

Lake

Elsinore

Unified

School

District

,

Community

Facilities

District

,

Special

Tax

,

2021

,

4

%

,

9/01/45

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

760,000

850,558

Lammersville

Joint

Unified

School

District

,

Community

Facilities

District

No.

200

,

Special

Tax

,

2017

,

Refunding

,

5

%

,

9/01/33

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

1,575,000

1,858,377

Lee

Lake

Public

Financing

Authority

,

Special

Tax,

Junior

Lien,

2013

B,

5%,

9/01/27

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

1,400,000

1,497,858

Special

Tax,

Junior

Lien,

2013

B,

5.25%,

9/01/29

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

810,000

867,131

Los

Angeles

Community

College

District

,

GO

,

2015

A

,

Pre-Refunded

,

5

%

,

8/01/26

..

15,000,000

17,008,976

Los

Angeles

County

Metropolitan

Transportation

Authority

,

Revenue,

2014

A,

Refunding,

5%,

7/01/26

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

6,315,000

7,134,381

Revenue,

2014

A,

Refunding,

5%,

7/01/27

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

6,630,000

7,488,303

Revenue,

2017

A,

5%,

7/01/38

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

1,755,000

2,144,498

Revenue,

Senior

Lien,

2012

B,

Refunding,

5%,

7/01/23

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

5,000,000

5,178,841

Los

Angeles

County

Sanitation

Districts

Financing

Authority

,

Revenue

,

2011

A

,

Pre-

Refunded

,

5

%

,

10/01/22

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

2,750,000

2,750,000

Los

Angeles

Department

of

Water

&

Power

,

Power

System,

Revenue,

2013

A,

5%,

7/01/25

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

5,135,000

5,438,587

Power

System,

Revenue,

2014

C,

5%,

7/01/27

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

12,000,000

13,539,379

Franklin

California

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

12

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Los

Angeles

Department

of

Water

&

Power,

(continued)

Power

System,

Revenue,

2014

D,

5%,

7/01/26

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

$

2,600,000

$

2,935,060

Power

System,

Revenue,

2014

D,

5%,

7/01/28

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

2,550,000

2,876,369

Power

System,

Revenue,

2016

B,

5%,

7/01/30

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

3,000,000

3,548,450

Power

System,

Revenue,

2016

B,

5%,

7/01/31

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

6,700,000

7,918,695

Power

System,

Revenue,

2017

B,

Refunding,

5%,

7/01/34

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

23,350,000

28,299,282

Water

System,

Revenue,

2016

A,

Refunding,

5%,

7/01/37

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

10,450,000

12,317,153

Water

System,

Revenue,

2018

B,

Refunding,

5%,

7/01/34

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

2,500,000

3,136,261

Water

System,

Revenue,

2020

A,

Refunding,

5%,

7/01/35

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

1,670,000

2,191,130

Water

System,

Revenue,

2020

A,

Refunding,

5%,

7/01/36

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

5,225,000

6,823,333

Water

System,

Revenue,

2020

A,

Refunding,

5%,

7/01/37

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

950,000

1,236,950

Water

System,

Revenue,

2020

A,

Refunding,

5%,

7/01/40

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

10,000,000

12,862,086

Water

System,

Revenue,

2020

C,

Refunding,

5%,

7/01/32

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

1,750,000

2,319,738

Water

System,

Revenue,

2020

C,

Refunding,

5%,

7/01/33

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

2,500,000

3,302,973

Water

System,

Revenue,

2020

C,

Refunding,

5%,

7/01/34

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

2,750,000

3,621,137

Los

Angeles

Unified

School

District

,

GO,

2011

A-1,

Refunding,

5%,

7/01/23

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

13,335,000

14,451,720

GO,

2016

A,

Refunding,

5%,

7/01/29

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

5,000,000

5,822,239

GO,

2016

B,

Refunding,

5%,

7/01/30

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

30,000,000

36,043,929

GO,

2020

RYQ,

4%,

7/01/36

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

5,000,000

6,003,018

Manteca

Unified

School

District

,

Community

Facilities

District

No.

1989-2,

Special

Tax,

2013

F,

AGMC

Insured,

5%,

9/01/22

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

1,000,000

1,042,942

Community

Facilities

District

No.

1989-2,

Special

Tax,

2013

F,

AGMC

Insured,

5%,

9/01/26

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

1,280,000

1,390,827

Martinez

Unified

School

District

,

GO

,

2011

,

Refunding

,

5.375

%

,

8/01/26

..........

5,000,000

5,697,215

Menifee

Union

School

District

,

Community

Facilities

District

No.

2011-1,

Special

Tax,

2021,

4%,

9/01/36

........

445,000

511,018

Community

Facilities

District

No.

2011-1,

Special

Tax,

2021,

4%,

9/01/41

........

660,000

752,272

Community

Facilities

District

No.

2011-1,

Special

Tax,

2021,

4%,

9/01/46

........

875,000

988,434

Community

Facilities

District

No.

2011-1,

Special

Tax,

2021,

4%,

9/01/50

........

1,035,000

1,165,910

Menifee

Union

School

District

Public

Financing

Authority

,

Special

Tax,

2016

A,

Refunding,

5%,

9/01/25

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

1,200,000

1,363,332

Special

Tax,

2017

A,

5%,

9/01/25

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

1,405,000

1,599,109

Special

Tax,

2017

A,

5%,

9/01/28

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

1,250,000

1,475,499

Special

Tax,

2017

A,

5%,

9/01/30

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

1,550,000

1,820,717

Metropolitan

Water

District

of

Southern

California

,

Revenue,

2011

C,

Refunding,

5%,

10/01/26

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

8,010,000

8,010,000

Revenue,

2014

E,

Refunding,

5%,

7/01/23

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

20,000,000

21,685,874

Revenue,

2014

E,

Refunding,

5%,

7/01/24

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

1,110,000

1,255,331

Revenue,

2016

A,

Refunding,

5%,

7/01/28

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

5,000,000

5,904,869

Revenue,

2020

C,

Refunding,

5%,

7/01/38

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

18,000,000

23,449,338

Revenue,

2021

A,

5%,

10/01/31

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

1,175,000

1,590,236

Revenue,

2021

A,

5%,

10/01/32

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

1,000,000

1,348,822

Revenue,

2021

A,

5%,

10/01/33

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

1,750,000

2,351,957

Revenue,

2021

A,

5%,

10/01/34

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

1,435,000

1,923,237

Revenue,

2021

A,

5%,

10/01/35

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

1,100,000

1,471,542

Revenue,

2021

A,

5%,

10/01/36

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

1,175,000

1,568,409

Miracosta

Community

College

District

,

GO,

B,

4%,

8/01/33

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

1,030,000

1,267,469

GO,

B,

4%,

8/01/34

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

1,725,000

2,108,941

Moreno

Valley

Unified

School

District

,

GO,

2007,

Refunding,

NATL

Insured,

Zero

Cpn.,

8/01/24

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

7,500,000

7,346,069

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

4%,

9/01/31

........

120,000

138,569

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

4%,

9/01/32

........

130,000

149,684

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

4%,

9/01/33

........

140,000

160,725

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

4%,

9/01/34

........

150,000

171,152

Franklin

California

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

13

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Moreno

Valley

Unified

School

District,

(continued)

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

4%,

9/01/35

........

$

165,000

$

187,717

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

2.5%,

9/01/36

.......

175,000

176,417

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

2.5%,

9/01/37

.......

190,000

190,777

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

2.625%,

9/01/38

.....

200,000

202,282

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

2.625%,

9/01/39

.....

210,000

211,819

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

2.75%,

9/01/40

......

225,000

229,016

Mount

Diablo

Unified

School

District

,

GO

,

B-2

,

Refunding

,

5

%

,

7/01/27

...........

3,200,000

3,314,992

Mount

San

Antonio

Community

College

District

,

GO

,

2013

A

,

Zero

Cpn.,

8/01/28

....

6,000,000

7,066,849

Mountain

House

Public

Financing

Authority

,

Mountain

House

Community

Services

District,

Revenue,

2020

A,

BAM

Insured,

4%,

12/01/32

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

400,000

484,349

Mountain

House

Community

Services

District,

Revenue,

2020

A,

BAM

Insured,

4%,

12/01/33

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

325,000

390,904

Mountain

House

Community

Services

District,

Revenue,

2020

A,

BAM

Insured,

4%,

12/01/34

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

300,000

358,817

Mountain

House

Community

Services

District,

Revenue,

2020

A,

BAM

Insured,

4%,

12/01/35

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

1,325,000

1,581,577

Mountain

House

Community

Services

District,

Revenue,

2020

A,

BAM

Insured,

4%,

12/01/36

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

310,000

368,538

Mountain

House

Community

Services

District,

Revenue,

2020

A,

BAM

Insured,

4%,

12/01/37

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

300,000

355,533

Mountain

House

Community

Services

District,

Revenue,

2020

A,

BAM

Insured,

4%,

12/01/38

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

300,000

354,067

Mountain

House

Community

Services

District,

Revenue,

2020

A,

BAM

Insured,

4%,

12/01/39

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

275,000

323,690

Murrieta

Financing

Authority

,

Special

Tax,

2012,

Refunding,

5%,

9/01/22

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

1,495,000

1,553,467

Special

Tax,

2012,

Refunding,

5%,

9/01/24

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

1,810,000

1,885,873

Special

Tax,

2012,

Refunding,

5%,

9/01/25

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

1,000,000

1,040,744

New

Haven

Unified

School

District

,

GO,

2012,

Refunding,

AGMC

Insured,

Zero

Cpn.,

8/01/22

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

11,750,000

11,713,285

GO,

2012,

Refunding,

AGMC

Insured,

Zero

Cpn.,

8/01/23

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

3,200,000

3,169,490

Ontario

International

Airport

Authority

,

Revenue

,

2021

A

,

AGMC

Insured

,

4

%

,

5/15/51

6,000,000

6,884,761

Oro

Grande

Elementary

School

District

,

COP,

2020,

Refunding,

4%,

9/15/29

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

2,595,000

2,850,105

COP,

2020,

Refunding,

4%,

9/15/30

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

2,700,000

2,943,834

COP,

2020,

Refunding,

4%,

9/15/31

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

2,805,000

3,032,643

COP,

2020,

Refunding,

4%,

9/15/32

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

1,600,000

1,725,900

Oxnard

Financing

Authority

,

Special

Tax,

Senior

Lien

,

2012

A

,

5

%

,

9/02/26

........

1,020,000

1,061,769

Port

of

Oakland

,

Revenue,

2021

H,

Refunding,

5%,

5/01/29

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

1,900,000

2,407,228

Revenue,

2021

H,

Refunding,

5%,

11/01/29

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

2,000,000

2,557,563

Poway

Unified

School

District

,

Community

Facilities

District

No.

16,

Special

Tax,

2020,

AGMC

Insured,

5%,

9/01/32

100,000

128,573

Community

Facilities

District

No.

16,

Special

Tax,

2020,

AGMC

Insured,

4%,

9/01/34

500,000

594,984

Community

Facilities

District

No.

16,

Special

Tax,

2020,

AGMC

Insured,

4%,

9/01/36

715,000

846,613

Community

Facilities

District

No.

16,

Special

Tax,

2020,

AGMC

Insured,

4%,

9/01/38

835,000

982,462

Community

Facilities

District

No.

16,

Special

Tax,

2020,

AGMC

Insured,

4%,

9/01/40

965,000

1,129,924

Poway

Unified

School

District

Public

Financing

Authority

,

Special

Tax,

2014,

BAM

Insured,

5%,

10/01/31

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

1,700,000

1,854,141

Special

Tax,

2014,

BAM

Insured,

5%,

10/01/32

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

1,845,000

2,011,516

Special

Tax,

2017

A,

Refunding,

5%,

9/01/27

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

1,375,000

1,664,316

Special

Tax,

2017

A,

Refunding,

5%,

9/01/30

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

2,245,000

2,696,893

Franklin

California

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

14

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Rancho

Mirage

Community

Facilities

District

,

City

of

Rancho

Mirage

Community

Facilities

District

No.

4B,

Special

Tax,

2021,

4%,

9/01/46

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

$

385,000

$

425,881

City

of

Rancho

Mirage

Community

Facilities

District

No.

4B,

Special

Tax,

2021,

4%,

9/01/51

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

320,000

353,507

River

Islands

Public

Financing

Authority

,

Lathrop

Irrigation

District

Electric,

Revenue,

2020,

AGMC

Insured,

4%,

9/01/35

...

625,000

737,218

Lathrop

Irrigation

District

Electric,

Revenue,

2020,

AGMC

Insured,

4%,

9/01/40

...

1,665,000

1,937,699

Riverside

Community

College

District

,

GO

,

2014

A

,

Pre-Refunded

,

5

%

,

8/01/27

.....

3,550,000

4,025,458

Riverside

County

Redevelopment

Successor

Agency

,

Tax

Allocation,

2011

B,

6.5%,

10/01/25

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

1,225,000

1,225,000

Tax

Allocation,

Second

Lien,

2011

D,

ETM,

6.5%,

12/01/21

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

160,000

161,592

Tax

Allocation,

Second

Lien,

2011

D,

Pre-Refunded,

6.75%,

12/01/26

...........

1,025,000

1,035,602

Riverside

County

Transportation

Commission

,

Revenue,

2013

A,

Pre-Refunded,

5.25%,

6/01/25

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

3,500,000

3,794,915

Revenue,

2013

A,

Pre-Refunded,

5.25%,

6/01/27

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

4,000,000

4,337,046

Revenue,

2017

B,

Refunding,

5%,

6/01/38

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

7,805,000

9,653,824

Riverside

Unified

School

District

,

Community

Facilities

District

No.

33,

Special

Tax,

2021,

4%,

9/01/45

...........

375,000

415,192

Community

Facilities

District

No.

33,

Special

Tax,

2021,

4%,

9/01/50

...........

600,000

663,504

RNR

School

Financing

Authority

,

Community

Facilities

District

No.

92-1

,

Special

Tax

,

2017

A

,

BAM

Insured

,

5

%

,

9/01/27

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

1,035,000

1,243,264

Romoland

School

District

,

Community

Facilities

District

No.

2004-1,

Special

Tax,

2015,

Refunding,

5%,

9/01/27

1,000,000

1,143,831

Community

Facilities

District

No.

2004-1,

Special

Tax,

2015,

Refunding,

5%,

9/01/28

1,960,000

2,231,140

Community

Facilities

District

No.

2004-1,

Special

Tax,

2015,

Refunding,

5%,

9/01/29

2,130,000

2,418,293

Community

Facilities

District

No.

2004-1,

Special

Tax,

2015,

Refunding,

5%,

9/01/30

2,310,000

2,618,230

Community

Facilities

District

No.

2004-1,

Special

Tax,

2015,

Refunding,

5%,

9/01/31

2,495,000

2,821,312

Community

Facilities

District

No.

2004-1,

Special

Tax,

2015,

Refunding,

5%,

9/01/32

2,690,000

3,036,989

Community

Facilities

District

No.

91-1,

Special

Tax,

2017,

Refunding,

5%,

9/01/36

.

1,130,000

1,333,993

Root

Creek

Water

District

,

Community

Facilities

District

No.

2016-1

Improvement

Area

No.

1,

Special

Tax,

2021,

4%,

9/01/41

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

430,000

488,623

Community

Facilities

District

No.

2016-1

Improvement

Area

No.

1,

Special

Tax,

2021,

4%,

9/01/46

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

650,000

731,585

Community

Facilities

District

No.

2016-1

Improvement

Area

No.

1,

Special

Tax,

2021,

4%,

9/01/50

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

570,000

640,142

Sacramento

County

Sanitation

Districts

Financing

Authority

,

Revenue

,

2014

A

,

Refunding

,

5

%

,

12/01/29

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

2,000,000

2,237,866

Sacramento

Municipal

Utility

District

,

Revenue

,

2020

H

,

5

%

,

8/15/36

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

7,465,000

9,778,730

San

Bernardino

County

Transportation

Authority

,

Revenue,

2014

A,

5%,

3/01/30

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

2,685,000

2,984,193

Revenue,

2014

A,

5%,

3/01/31

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

5,090,000

5,653,281

San

Diego

County

Regional

Airport

Authority

,

Revenue,

2019

A,

Refunding,

5%,

7/01/34

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

3,600,000

4,536,827

Revenue,

2019

A,

Refunding,

5%,

7/01/35

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

3,750,000

4,716,882

Revenue,

2019

A,

Refunding,

5%,

7/01/36

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

5,000,000

6,270,979

Revenue,

2019

A,

Refunding,

5%,

7/01/39

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

5,500,000

6,849,291

San

Diego

County

Regional

Transportation

Commission

,

Revenue,

2021

B,

Refunding,

5%,

4/01/45

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

4,500,000

5,796,311

Revenue,

2021

B,

Refunding,

5%,

4/01/48

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

6,000,000

7,704,263

San

Diego

Public

Facilities

Financing

Authority

,

City

of

San

Diego

Water

Utility,

Revenue,

2020

A,

5%,

8/01/34

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

850,000

1,116,391

City

of

San

Diego

Water

Utility,

Revenue,

2020

A,

5%,

8/01/35

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

850,000

1,114,163

San

Francisco

Bay

Area

Rapid

Transit

District

,

GO,

2013

C,

5%,

8/01/27

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

2,640,000

2,865,868

Franklin

California

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

15

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

San

Francisco

Bay

Area

Rapid

Transit

District,

(continued)

GO,

2013

C,

5%,

8/01/28

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

$

3,500,000

$

3,798,104

GO,

2020

C-1,

4%,

8/01/33

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

2,250,000

2,752,181

GO,

2020

C-1,

4%,

8/01/34

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

4,000,000

4,877,547

GO,

2020

C-1,

3%,

8/01/50

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

1,000,000

1,058,422

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

,

Revenue,

Second

Series,

2019

E,

5%,

5/01/37

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

5,000,000

6,192,696

Revenue,

Second

Series,

2019

H,

Refunding,

5%,

5/01/24

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

15,040,000

16,813,084

SFO

Fuel

Co.

LLC,

Revenue,

2019

A,

Refunding,

5%,

1/01/33

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

1,000,000

1,237,920

SFO

Fuel

Co.

LLC,

Revenue,

2019

A,

Refunding,

5%,

1/01/34

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

1,335,000

1,647,944

SFO

Fuel

Co.

LLC,

Revenue,

2019

A,

Refunding,

5%,

1/01/35

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

1,000,000

1,230,590

SFO

Fuel

Co.

LLC,

Revenue,

2019

A,

Refunding,

5%,

1/01/36

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

1,000,000

1,226,345

San

Francisco

City

&

County

Redevelopment

Agency

Successor

Agency

,

Hotel

Tax,

Revenue,

2011,

Refunding,

AGMC

Insured,

5%,

6/01/24

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

10,275,000

10,310,602

Mission

Bay

South

Redevelopment

Area

Tax

Increment

Financing

District,

Tax

Allocation,

2014

A,

5%,

8/01/30

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

1,080,000

1,210,805

Mission

Bay

South

Redevelopment

Area

Tax

Increment

Financing

District,

Tax

Allocation,

2014

A,

5%,

8/01/34

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

1,110,000

1,240,295

San

Jacinto

Unified

School

District

Financing

Authority

,

Community

Facilities

District

No.

2003-2

,

Special

Tax

,

2019

,

5

%

,

9/01/36

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

1,200,000

1,404,572

San

Joaquin

Hills

Transportation

Corridor

Agency

,

Revenue,

1997

A,

Refunding,

NATL

Insured,

Zero

Cpn.,

1/15/26

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

19,000,000

18,065,888

Revenue,

Senior

Lien,

2014

A,

Refunding,

5%,

1/15/29

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

10,000,000

11,361,834

San

Luis

&

Delta

Mendota

Water

Authority

,

Revenue

,

2013

A

,

Pre-Refunded

,

BAM

Insured

,

5

%

,

3/01/29

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

1,000,000

1,066,587

San

Mateo

County

Transit

District

,

Revenue,

2015

A,

Refunding,

5%,

6/01/28

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

3,000,000

3,494,649

Revenue,

2015

A,

Refunding,

5%,

6/01/29

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

4,300,000

5,007,292

San

Mateo

Foster

City

Public

Financing

Authority

,

City

of

San

Mateo

Sewer,

Revenue,

2019,

5%,

8/01/34

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

1,000,000

1,289,919

City

of

San

Mateo

Sewer,

Revenue,

2019,

5%,

8/01/38

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

1,500,000

1,917,881

San

Ysidro

School

District

,

COP,

2015,

Refunding,

BAM

Insured,

5%,

9/01/29

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

1,100,000

1,266,546

COP,

2015,

Refunding,

BAM

Insured,

5%,

9/01/31

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

1,000,000

1,149,663

COP,

2015,

Refunding,

BAM

Insured,

5%,

9/01/33

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

1,050,000

1,204,565

Sanger

Public

Financing

Authority

,

Revenue

,

2014

,

Refunding

,

AGMC

Insured

,

5

%

,

6/15/34

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

7,000,000

7,939,231

Santa

Cruz

County

Redevelopment

Successor

Agency

,

Tax

Allocation

,

2015

A

,

Refunding

,

AGMC

Insured

,

5

%

,

9/01/29

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

4,475,000

5,202,991

Sierra

View

Local

Health

Care

District

,

Revenue,

2020,

Refunding,

4%,

7/01/24

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

240,000

261,548

Revenue,

2020,

Refunding,

4%,

7/01/26

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

100,000

114,031

Revenue,

2020,

Refunding,

5%,

7/01/28

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

660,000

820,333

Revenue,

2020,

Refunding,

5%,

7/01/30

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

520,000

670,742

Sonoma

Community

Development

Agency

Successor

Agency

,

Tax

Allocation,

2015,

Refunding,

NATL

Insured,

5%,

6/01/29

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

1,000,000

1,183,671

Tax

Allocation,

2015,

Refunding,

NATL

Insured,

5%,

6/01/33

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

1,200,000

1,403,784

Sonoma-Marin

Area

Rail

Transit

District

,

Revenue,

2011

A,

Pre-Refunded,

5%,

3/01/25

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

15,410,000

15,718,174

Revenue,

2011

A,

Pre-Refunded,

5%,

3/01/27

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

11,945,000

12,183,879

Southern

California

Public

Power

Authority

,

Revenue

,

2015

C

,

Refunding

,

5

%

,

7/01/26

5,000,000

5,743,907

State

of

California

,

GO,

Refunding,

5.25%,

9/01/22

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

16,330,000

17,088,218

GO,

Refunding,

5%,

10/01/22

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

15,785,000

16,545,401

GO,

Refunding,

5%,

9/01/29

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

1,000,000

1,210,411

GO,

Refunding,

5%,

10/01/29

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

7,500,000

9,774,489

Franklin

California

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

16

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

State

of

California,

(continued)

GO,

5%,

10/01/29

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

$

16,500,000

$

21,503,876

GO,

Refunding,

5%,

4/01/30

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

10,000,000

12,839,163

GO,

Refunding,

5%,

11/01/31

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

15,000,000

19,815,367

GO,

2012,

Refunding,

5%,

2/01/22

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

15,000,000

15,239,777

GO,

2014,

5%,

12/01/27

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

5,000,000

5,507,708

GO,

2014,

5%,

12/01/28

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

5,000,000

5,505,422

State

of

California

Department

of

Water

Resources

,

Revenue,

AM,

Pre-Refunded,

5%,

12/01/23

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

10,000,000

10,801,228

Revenue,

AM,

Pre-Refunded,

5%,

12/01/24

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

8,495,000

9,175,643

Revenue,

AM,

Pre-Refunded,

5%,

12/01/25

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

5,000,000

5,400,614

Revenue,

AS,

ETM,

5%,

12/01/24

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

35,000

40,095

Revenue,

AS,

5%,

12/01/24

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

11,090,000

12,740,383

Revenue,

AS,

Pre-Refunded,

5%,

12/01/25

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

5,000

5,737

Revenue,

AS,

5%,

12/01/25

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

6,125,000

7,030,232

Revenue,

AS,

Pre-Refunded,

5%,

12/01/26

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

45,000

51,551

Revenue,

AS,

Pre-Refunded,

5%,

12/01/26

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

22,455,000

25,800,618

Revenue,

BA,

Pre-Refunded,

5%,

12/01/35

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

12,180,000

15,856,967

Revenue,

BB,

Refunding,

5%,

12/01/34

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

5,000,000

6,642,587

Tobacco

Securitization

Authority

of

Northern

California

,

Sacramento

County

Tobacco

Securitization

Corp.,

Revenue,

Senior

Lien,

2021

A,

1,

Refunding,

4%,

6/01/37

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

1,000,000

1,197,766

Sacramento

County

Tobacco

Securitization

Corp.,

Revenue,

Senior

Lien,

2021

A,

1,

Refunding,

4%,

6/01/39

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

1,150,000

1,369,004

Tobacco

Securitization

Authority

of

Southern

California

,

San

Diego

County

Tobacco

Asset

Securitization

Corp.,

Revenue,

2019

A,

1,

Refunding,

5%,

6/01/35

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

1,500,000

1,909,839

San

Diego

County

Tobacco

Asset

Securitization

Corp.,

Revenue,

2019

A,

1,

Refunding,

5%,

6/01/37

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

1,000,000

1,267,328

San

Diego

County

Tobacco

Asset

Securitization

Corp.,

Revenue,

2019

A,

1,

Refunding,

5%,

6/01/38

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

500,000

632,047

Transbay

Joint

Powers

Authority

,

Transbay

Redevelopment

Project

Tax

Increment

Re-Development

Project,

Tax

Allocation,

Senior

Lien,

2020

A,

5%,

10/01/30

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

500,000

647,232

Transbay

Redevelopment

Project

Tax

Increment

Re-Development

Project,

Tax

Allocation,

Senior

Lien,

2020

A,

5%,

10/01/32

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

1,500,000

1,927,247

Transbay

Redevelopment

Project

Tax

Increment

Re-Development

Project,

Tax

Allocation,

Senior

Lien,

2020

A,

5%,

10/01/34

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

1,050,000

1,340,332

Tulare

County

Board

of

Education

,

COP

,

Pre-Refunded

,

BAM

Insured

,

5

%

,

5/01/28

..

1,040,000

1,118,288

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

1,158,616

City

of

Tustin

Community

Facilities

District

No.

06-1,

Special

Tax,

2015

A,

Refunding,

5%,

9/01/32

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

1,565,000

1,807,404

Twin

Rivers

Unified

School

District

,

GO

,

2020

A

,

Refunding

,

AGMC

Insured

,

4

%

,

8/01/35

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

5,000,000

5,890,824

University

of

California

,

Revenue,

2014

AM,

5%,

5/15/27

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

3,000,000

3,366,221

Revenue,

2014

AM,

5%,

5/15/28

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

1,835,000

2,057,981

Revenue,

2016

K,

5%,

5/15/37

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

1,000,000

1,186,984

Revenue,

2020

BE,

Refunding,

5%,

5/15/34

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

7,000,000

9,123,814

Revenue,

2021

Q,

Refunding,

4%,

5/15/41

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

7,000,000

8,332,917

Vacaville

Unified

School

District

,

GO,

D,

4%,

8/01/35

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

250,000

296,698

GO,

D,

4%,

8/01/36

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

300,000

355,134

GO,

D,

4%,

8/01/37

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

300,000

354,270

GO,

D,

4%,

8/01/38

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

545,000

642,307

Franklin

California

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

17

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Vacaville

Unified

School

District,

(continued)

GO,

D,

4%,

8/01/39

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

$

750,000

$

882,064

GO,

D,

4%,

8/01/40

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

735,000

862,891

Washington

Township

Health

Care

District

,

Revenue,

2020

A,

Refunding,

5%,

7/01/22

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

200,000

206,674

Revenue,

2020

A,

Refunding,

5%,

7/01/23

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

200,000

215,470

Revenue,

2020

A,

Refunding,

5%,

7/01/24

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

200,000

223,786

Revenue,

2020

A,

Refunding,

5%,

7/01/25

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

215,000

248,623

Revenue,

2020

A,

Refunding,

5%,

7/01/26

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

275,000

327,284

Revenue,

2020

A,

Refunding,

5%,

7/01/27

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

400,000

488,148

Revenue,

2020

A,

Refunding,

5%,

7/01/28

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

400,000

499,225

Revenue,

2020

A,

Refunding,

5%,

7/01/29

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

350,000

445,722

Revenue,

2020

A,

Refunding,

5%,

7/01/30

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

325,000

421,378

Revenue,

2020

A,

Refunding,

5%,

7/01/31

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

350,000

433,230

Revenue,

2020

A,

Refunding,

3%,

7/01/32

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

800,000

840,479

Revenue,

2020

A,

Refunding,

4%,

7/01/33

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

275,000

317,695

Revenue,

2020

A,

Refunding,

3%,

7/01/34

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

870,000

893,878

Revenue,

2020

A,

Refunding,

4%,

7/01/35

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

300,000

344,661

Revenue,

2020

A,

Refunding,

3%,

7/01/36

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

1,400,000

1,429,360

Revenue,

2020

A,

Refunding,

3%,

7/01/37

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

725,000

737,936

Revenue,

2020

A,

Refunding,

3%,

7/01/38

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

750,000

761,465

West

Basin

Municipal

Water

District

,

Revenue,

2016

A,

Refunding,

5%,

8/01/32

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

1,975,000

2,320,720

Revenue,

2016

A,

Refunding,

5%,

8/01/33

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

2,630,000

3,087,928

Western

Municipal

Water

District

Facilities

Authority

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

10/01/38

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

2,750,000

3,596,872

1,832,850,371

U.S.

Territories

0.9%

Guam

0.2%

Guam

Power

Authority

,

Revenue,

2012

A,

Refunding,

AGMC

Insured,

5%,

10/01/21

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

2,000,000

2,000,000

Revenue,

2012

A,

Refunding,

AGMC

Insured,

5%,

10/01/22

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

2,000,000

2,090,812

4,090,812

Puerto

Rico

0.7%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

UU,

Refunding,

AGMC

Insured,

5%,

7/01/23

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

5,000,000

5,034,910

c

Revenue,

WW-RSA-1,

5.375%,

7/01/23

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

5,000,000

4,925,000

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue

,

2007

N

,

Refunding

,

AGMC

Insured

,

5.25

%

,

7/01/36

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

2,200,000

2,400,949

12,360,859

Total

U.S.

Territories

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

16,451,671

Total

Municipal

Bonds

(Cost

$1,742,686,089)

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

1,849,302,042

a

a

a

a

Short

Term

Investments

1.1%

Municipal

Bonds

1.1%

California

1.1%

d

University

of

California

,

Revenue,

2013

AL-1,

Daily

VRDN

and

Put,

0.04%,

5/15/48

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

6,000,000

6,000,000

Revenue,

2013

AL-3,

Refunding,

Daily

VRDN

and

Put,

0.04%,

5/15/48

..........

7,000,000

7,000,000

Franklin

California

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

18

See

Abbreviations

on

page

20

.

Short

Term

Investments

(continued)

a

a

Principal

Amount

a

Value

Municipal

Bonds

(continued)

California

(continued)

d

University

of

California,

(continued)

Revenue,

2013

AL-4,

Refunding,

Daily

VRDN

and

Put,

0.03%,

5/15/48

..........

$

8,050,000

$

8,050,000

21,050,000

Total

Municipal

Bonds

(Cost

$21,050,000)

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

21,050,000

Total

Short

Term

Investments

(Cost

$21,050,000

)

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

21,050,000

a

Total

Investments

(Cost

$1,763,736,089)

99.1%

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

$1,870,352,042

Other

Assets,

less

Liabilities

0.9%

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

16,502,102

Net

Assets

100.0%

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

$1,886,854,144

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,

2021,

the

aggregate

value

of

these

securities

was

$29,271,768,

representing

1.6%

of

net

assets.

b

The

maturity

date

shown

represents

the

mandatory

put

date.

c

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

d

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

19

Quarterly

Statement

of

Investments

Notes

to

Statements

of

Investments

(unaudited)

1.

Organization

Franklin

California

Tax-Free

Trust (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of

one

fund,

Franklin

California

Intermediate

Term

Tax

Free

Income

Fund

(Fund)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP). 

2. Financial

Instrument

Valuation

The

Fund's investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates the

net

asset

value

(NAV)

per

share

each

business

day

as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier. Under

compliance

policies

and

procedures

approved

by

the

Trust

Board

of

Trustees

(the

Board),

the

Fund’s

administrator

has

responsibility

for

oversight

of

valuation,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Debt

securities

generally

trade

in

the

over-the-counter

market

rather

than

on

a

securities

exchange.

The Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

The

Fund

has procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Fund

primarily employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

book

values,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed. 

3.

Concentration

of

Risk 

The

Fund

invests

a

large

percentage

of

its

total

assets

in

obligations

of

issuers

within

New

York.

Such

concentration

may

subject

the

Fund

to

risks

associated

with

industrial

or

regional

matters,

and

economic,

political

or

legal

developments

occurring

within

New

York.

In

addition,

investments

in

these

securities

are

sensitive

to

interest

rate

changes

and

credit

risk

of

the

issuer

and

may

subject

the

Fund to

increased

market

volatility.

The

market

for

these

investments

may

be

limited,

which

may

make

them

difficult

to

buy

or

sell. 

4.

Novel

Coronavirus

Pandemic 

The

global

outbreak

of

the

novel

coronavirus

disease,

known

as

COVID-19, has

caused

adverse

effects

on

many

companies,

sectors,

nations,

regions

and

the

markets

in

general, and

may

continue for

an unpredictable duration.

The

effects

of

this

pandemic

may

materially

impact

the

value

and

performance

of

the Fund, its ability

to

buy

and

sell

fund

investments

at

appropriate

valuations

and its ability

to

achieve its investment

objectives.

Franklin

California

Tax-Free

Trust

Notes

to

Statements

of

Investments

(unaudited)

20

Quarterly

Statement

of

Investments

5. Fair

Value

Measurements 

The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the

Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's

financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

•

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

•

Level 2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

•

Level 3

–

significant

unobservable

inputs

(including

the

Fund's own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

At September

30,

2021,

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

Statement

of

Investments.

6.

Subsequent

Events

The Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

Statement

of

Investments

and

determined

that

no

events

have

occurred

that

require

disclosure.

Abbreviations

Selected

Portfolio

1915

Act

Improvement

Bond

Act

of

1915

ABAG

Association

of

Bay

Area

Governments

AGMC

Assured

Guaranty

Municipal

Corp.

AMBAC

American

Municipal

Bond

Assurance

Corp.

BAM

Build

America

Mutual

Assurance

Co.

COP

Certificate

of

Participation

ETM

Escrowed

to

Maturity

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GO

General

Obligation

NATL

National

Reinsurance

Corp.

SIFMA

Securities

Industry

and

Financial

Markets

Association

For

additional

information

on

the

Fund's

significant

accounting

policies,

please

refer

to

the Fund's

most

recent

semiannual

or

annual

shareholder

report.