Franklin California Tax Free Trust NPORT-P Franklin California Intermediate-Term Tax-Free Income Fund (Mar 2022 report)

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

CAT-Q3PH

See

Notes

to

Schedule

of

Investments.

1

Schedule

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

2

Notes

to

Schedule

of

Investments

18

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

March

31,

2022

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

2

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

98.5%

California

96.9%

ABAG

Finance

Authority

for

Nonprofit

Corp.

,

Odd

Fellows

Home

of

California,

Revenue,

2012

A,

California

Mortgage

Insured,

5%,

4/01/23

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

$

1,000,000

$

1,031,632

Odd

Fellows

Home

of

California,

Revenue,

2012

A,

California

Mortgage

Insured,

5%,

4/01/24

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

1,000,000

1,030,176

Align

Affordable

Housing

Bond

Fund

LP

,

a

Breezewood

2019

LP,

Revenue,

144A,

2020-3

TR,

A,

2.625%,

8/01/25

..........

14,300,000

13,714,868

Parkwood

Apartments,

2021-1,

2.25%,

8/01/31

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

11,250,000

10,379,081

Antelope

Valley

Community

College

District

,

GO

,

2014

A

,

Pre-Refunded

,

5

%

,

8/01/25

4,210,000

4,507,848

Bay

Area

Toll

Authority

,

Revenue

,

2012

F-1

,

5

%

,

4/01/22

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

15,000,000

15,000,000

California

Affordable

Housing

Agency

,

Butte

County

Housing

Authority

,

Revenue

,

2020

A

,

2

%

,

10/01/35

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

500,000

438,233

b

California

Community

Choice

Financing

Authority

,

Revenue

,

2021

B-2

,

Mandatory

Put

,

0.96

%

,

(

SIFMA

Municipal

Swap

Index

+

0.45

%

),

8/01/31

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

25,000,000

24,229,485

California

Community

College

Financing

Authority

,

NCCD-Orange

Coast

Properties

LLC,

Revenue,

2018,

5%,

5/01/32

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

1,750,000

1,901,470

NCCD-Orange

Coast

Properties

LLC,

Revenue,

2018,

5%,

5/01/33

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

600,000

651,590

NCCD-Orange

Coast

Properties

LLC,

Revenue,

2018,

5%,

5/01/35

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

3,040,000

3,296,183

NCCD-Orange

Coast

Properties

LLC,

Revenue,

2018,

5%,

5/01/37

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

1,600,000

1,729,368

NCCD-Orange

Coast

Properties

LLC,

Revenue,

2018,

5%,

5/01/38

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

1,320,000

1,424,481

California

County

Tobacco

Securitization

Agency

,

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/34

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

340,000

360,261

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/35

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

400,000

423,099

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/36

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

615,000

649,880

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/37

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

660,000

695,443

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/38

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

615,000

646,839

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/39

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

600,000

629,805

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/40

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

615,000

644,652

Gold

Country

Settlement

Funding

Corp.,

Revenue,

2020

A,

Refunding,

5%,

6/01/29

250,000

284,325

Gold

Country

Settlement

Funding

Corp.,

Revenue,

2020

A,

Refunding,

5%,

6/01/31

1,065,000

1,226,917

Merced

County

Tobacco

Funding

Corp.,

Revenue,

Senior

Lien,

2020

A,

Refunding,

5%,

6/01/30

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

315,000

361,756

Merced

County

Tobacco

Funding

Corp.,

Revenue,

Senior

Lien,

2020

A,

Refunding,

5%,

6/01/31

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

300,000

345,611

Merced

County

Tobacco

Funding

Corp.,

Revenue,

Senior

Lien,

2020

A,

Refunding,

5%,

6/01/33

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

245,000

281,261

Merced

County

Tobacco

Funding

Corp.,

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/34

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

420,000

446,636

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

5%,

6/01/30

..

425,000

488,091

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

5%,

6/01/31

..

225,000

259,210

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

5%,

6/01/32

..

250,000

287,347

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

5%,

6/01/33

..

300,000

344,399

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

4%,

6/01/34

..

365,000

388,144

California

Educational

Facilities

Authority

,

Art

Center

College

of

Design,

Revenue,

2022

A,

5%,

12/01/32

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

275,000

322,075

Art

Center

College

of

Design,

Revenue,

2022

A,

5%,

12/01/33

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

545,000

635,259

Art

Center

College

of

Design,

Revenue,

2022

A,

5%,

12/01/34

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

995,000

1,153,717

Art

Center

College

of

Design,

Revenue,

2022

A,

5%,

12/01/35

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

1,045,000

1,210,378

Art

Center

College

of

Design,

Revenue,

2022

A,

5%,

12/01/36

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

595,000

688,905

Art

Center

College

of

Design,

Revenue,

2022

A,

4%,

12/01/37

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

1,150,000

1,215,913

Art

Center

College

of

Design,

Revenue,

2022

A,

4%,

12/01/38

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

1,195,000

1,261,268

Art

Center

College

of

Design,

Revenue,

2022

A,

4%,

12/01/39

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

1,245,000

1,310,695

Loma

Linda

University,

Revenue,

2017

A,

Refunding,

5%,

4/01/29

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

1,020,000

1,143,683

Loma

Linda

University,

Revenue,

2017

A,

Refunding,

5%,

4/01/32

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

1,235,000

1,375,839

Loma

Linda

University,

Revenue,

2017

A,

Refunding,

5%,

4/01/33

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

1,000,000

1,112,238

Loma

Linda

University,

Revenue,

2017

A,

Refunding,

5%,

4/01/34

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

1,750,000

1,943,977

Loma

Linda

University,

Revenue,

2017

A,

Refunding,

5%,

4/01/35

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

1,500,000

1,664,300

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

3

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

Educational

Facilities

Authority,

(continued)

Loma

Linda

University,

Revenue,

2017

A,

Refunding,

5%,

4/01/36

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

$

2,000,000

$

2,218,809

Loma

Linda

University,

Revenue,

2017

A,

Refunding,

5%,

4/01/37

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

2,000,000

2,216,261

University

of

San

Francisco,

Revenue,

2018

A,

5%,

10/01/37

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

1,365,000

1,568,169

California

Enterprise

Development

Authority

,

Provident

Group-SDSU

Properties

LLC,

Revenue,

First

Tier,

2020

A,

5%,

8/01/22

..

120,000

121,298

Provident

Group-SDSU

Properties

LLC,

Revenue,

First

Tier,

2020

A,

5%,

8/01/24

..

230,000

245,322

Provident

Group-SDSU

Properties

LLC,

Revenue,

First

Tier,

2020

A,

5%,

8/01/26

..

540,000

598,740

Provident

Group-SDSU

Properties

LLC,

Revenue,

First

Tier,

2020

A,

5%,

8/01/28

..

615,000

699,398

Provident

Group-SDSU

Properties

LLC,

Revenue,

First

Tier,

2020

A,

5%,

8/01/30

..

250,000

289,375

Provident

Group-SDSU

Properties

LLC,

Revenue,

First

Tier,

2020

A,

5%,

8/01/35

..

450,000

511,233

California

Health

Facilities

Financing

Authority

,

California-Nevada

Methodist

Homes,

Revenue,

2015,

Refunding,

California

Mortgage

Insured,

5%,

7/01/30

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

1,825,000

1,985,477

Casa

Milagro

LLC,

Revenue,

2011

A,

California

Mortgage

Insured,

6%,

2/01/24

...

2,000,000

2,006,331

Cedars-Sinai

Medical

Center

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

11/15/30

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

3,000,000

3,301,245

Cedars-Sinai

Medical

Center

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

8/15/31

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

3,500,000

3,897,653

Children's

Hospital

Los

Angeles

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

8/15/35

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

1,650,000

1,856,881

Children's

Hospital

Los

Angeles

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

8/15/36

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

2,045,000

2,299,895

Children's

Hospital

Los

Angeles

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

8/15/37

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

1,330,000

1,495,072

El

Camino

Hospital,

Revenue,

2017,

5%,

2/01/28

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

2,100,000

2,367,281

El

Camino

Hospital,

Revenue,

2017,

5%,

2/01/29

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

2,460,000

2,763,506

El

Camino

Hospital,

Revenue,

2017,

5%,

2/01/30

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

1,250,000

1,403,005

El

Camino

Hospital,

Revenue,

2017,

5%,

2/01/31

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

1,200,000

1,345,719

Marshall

Medical

Center,

Revenue,

2015,

Refunding,

California

Mortgage

Insured,

5%,

11/01/33

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

1,000,000

1,073,632

California

Housing

Finance

Agency

,

Revenue,

2019-2,

A,

4%,

3/20/33

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

5,307,109

5,625,004

Lakeside

Drive

Senior

Housing

LP,

Revenue,

2019

N,

FNMA

Insured,

2.35%,

12/01/35

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

9,544,342

8,821,103

California

Infrastructure

&

Economic

Development

Bank

,

Revenue,

2015

A,

Pre-Refunded,

5%,

10/01/32

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

2,915,000

3,216,275

Academy

of

Motion

Picture

Arts

and

Sciences

Obligated

Group,

Revenue,

2020

B,

Refunding,

5%,

11/01/29

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

2,000,000

2,373,929

California

Municipal

Finance

Authority

,

a,b

Revenue,

144A,

2009

A,

Mandatory

Put,

1.3%,

2/03/25

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

1,800,000

1,742,749

Revenue,

2022

A-1,

4.25%,

12/01/37

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

5,800,000

5,427,019

Revenue,

2022

A-2,

6.25%,

12/01/32

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

3,105,000

3,018,314

ACI

Royal

York,

Inc.,

Revenue,

2020

A,

3.125%,

2/15/33

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

620,000

552,290

Biola

University,

Inc.,

Revenue,

2017,

Refunding,

5%,

10/01/29

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

1,350,000

1,503,463

Biola

University,

Inc.,

Revenue,

2017,

Refunding,

5%,

10/01/31

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

1,000,000

1,109,590

Biola

University,

Inc.,

Revenue,

2017,

Refunding,

5%,

10/01/33

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

1,070,000

1,184,596

Biola

University,

Inc.,

Revenue,

2017,

Refunding,

5%,

10/01/35

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

1,000,000

1,105,392

California

Home

for

the

Aged,

Inc.

(The),

Revenue,

2018,

California

Mortgage

Insured,

5%,

5/15/36

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

1,000,000

1,141,174

California

Institute

of

the

Arts,

Revenue,

2021,

4%,

10/01/32

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

120,000

127,109

California

Institute

of

the

Arts,

Revenue,

2021,

4%,

10/01/33

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

120,000

126,799

California

Institute

of

the

Arts,

Revenue,

2021,

4%,

10/01/34

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

155,000

163,444

California

Institute

of

the

Arts,

Revenue,

2021,

4%,

10/01/35

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

160,000

168,658

California

Institute

of

the

Arts,

Revenue,

2021,

4%,

10/01/36

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

185,000

194,802

California

Institute

of

the

Arts,

Revenue,

2021,

4%,

10/01/37

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

170,000

178,765

California

Institute

of

the

Arts,

Revenue,

2021,

3%,

10/01/41

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

960,000

864,032

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

4

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

Municipal

Finance

Authority,

(continued)

Caritas

Corp.

(The),

Revenue,

2021

B,

Refunding,

3%,

8/15/31

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

$

120,000

$

108,956

Caritas

Corp.

(The),

Revenue,

2021

B,

Refunding,

4%,

8/15/41

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

590,000

552,402

Caritas

Corp.

(The),

Revenue,

2021

B,

Refunding,

4%,

8/15/56

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

540,000

468,617

a

Century

CityView

LP,

Revenue,

144A,

2021

A,

4%,

11/01/36

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

4,125,000

3,935,905

CHF-Davis

II

LLC,

Revenue,

2021,

BAM

Insured,

4%,

5/15/37

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

1,200,000

1,257,747

CHF-Davis

II

LLC,

Revenue,

2021,

BAM

Insured,

4%,

5/15/41

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

1,400,000

1,457,955

CHF-Riverside

II

LLC,

Revenue,

2019,

5%,

5/15/32

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

1,000,000

1,118,595

CHF-Riverside

II

LLC,

Revenue,

2019,

5%,

5/15/34

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

3,120,000

3,481,096

CHF-Riverside

II

LLC,

Revenue,

2019,

5%,

5/15/35

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

1,430,000

1,593,463

CHF-Riverside

II

LLC,

Revenue,

2019,

5%,

5/15/37

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

2,260,000

2,510,302

CHF-Riverside

II

LLC,

Revenue,

2019,

5%,

5/15/38

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

1,000,000

1,109,334

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2015

A,

Pre-

Refunded,

5%,

2/01/26

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

2,010,000

2,177,820

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2015

A,

Pre-

Refunded,

5%,

2/01/28

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

1,500,000

1,625,239

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/25

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

2,000,000

2,168,135

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/26

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

2,010,000

2,229,621

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/27

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

1,750,000

1,982,164

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/28

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

2,250,000

2,535,273

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/29

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

2,140,000

2,408,194

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/30

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

2,000,000

2,246,753

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/31

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

2,700,000

3,030,491

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/32

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

2,200,000

2,466,083

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/33

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

3,500,000

3,919,920

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/34

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

5,000,000

5,592,619

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/35

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

5,000,000

5,587,781

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/36

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

2,295,000

2,564,791

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/37

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

2,000,000

2,236,080

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/23

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

200,000

203,431

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/24

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

300,000

309,652

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/25

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

300,000

311,587

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/26

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

250,000

261,904

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/27

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

350,000

369,951

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/28

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

250,000

265,492

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/29

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

350,000

373,330

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/30

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

400,000

428,031

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/31

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

350,000

375,376

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/32

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

250,000

267,566

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/33

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

300,000

320,953

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/34

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

300,000

320,000

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/35

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

400,000

426,132

Congregational

Homes,

Inc.

Obligated

Group,

Revenue,

2022

A,

5%,

11/15/26

....

105,000

113,184

Congregational

Homes,

Inc.

Obligated

Group,

Revenue,

2022

A,

5%,

11/15/27

....

110,000

119,625

Congregational

Homes,

Inc.

Obligated

Group,

Revenue,

2022

A,

5%,

11/15/28

....

115,000

125,955

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

5

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

Municipal

Finance

Authority,

(continued)

Congregational

Homes,

Inc.

Obligated

Group,

Revenue,

2022

A,

5%,

11/15/29

....

$

240,000

$

264,208

Congregational

Homes,

Inc.

Obligated

Group,

Revenue,

2022

A,

4%,

11/15/30

....

125,000

128,578

Congregational

Homes,

Inc.

Obligated

Group,

Revenue,

2022

A,

4%,

11/15/31

....

265,000

271,374

Congregational

Homes,

Inc.

Obligated

Group,

Revenue,

2022

A,

4%,

11/15/32

....

280,000

286,074

Congregational

Homes,

Inc.

Obligated

Group,

Revenue,

2022

B-1,

2.75%,

11/15/27

525,000

500,942

Del

Harbor

Foundation,

Revenue,

2015,

Refunding,

5%,

11/01/26

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

1,085,000

1,194,854

a

IH

Lakes

Concord

LLC,

Revenue,

144A,

2022

A,

4.375%,

12/01/32

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

15,000,000

14,936,036

a

IH

Lakes

Concord

LLC,

Revenue,

144A,

2022

A-2,

6.75%,

12/01/32

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

930,000

928,646

Inland

Christian

Home,

Inc.,

Revenue,

2020,

California

Mortgage

Insured,

4%,

12/01/30

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

1,100,000

1,222,780

Inland

Christian

Home,

Inc.,

Revenue,

2020,

California

Mortgage

Insured,

4%,

12/01/39

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

1,245,000

1,366,620

Inland

Counties

Regional

Center,

Inc.,

Revenue,

2015,

Refunding,

5%,

6/15/23

...

1,580,000

1,642,005

Inland

Counties

Regional

Center,

Inc.,

Revenue,

2015,

Refunding,

5%,

6/15/24

...

1,000,000

1,065,777

Inland

Counties

Regional

Center,

Inc.,

Revenue,

2015,

Refunding,

5%,

6/15/32

...

6,625,000

7,184,854

LAX

Integrated

Express

Solutions

LLC,

Revenue,

Senior

Lien,

2018

A,

5%,

6/30/26

1,000,000

1,086,690

LAX

Integrated

Express

Solutions

LLC,

Revenue,

Senior

Lien,

2018

A,

5%,

12/31/37

5,500,000

6,032,259

LAX

Integrated

Express

Solutions

LLC,

Revenue,

Senior

Lien,

2018

A,

5%,

12/31/38

21,100,000

23,064,762

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5%,

11/01/25

....

1,000,000

1,081,835

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5%,

11/01/26

....

900,000

989,252

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5%,

11/01/27

....

1,300,000

1,425,537

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5%,

11/01/28

....

1,400,000

1,536,129

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5.25%,

11/01/29

..

1,000,000

1,108,584

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5%,

11/01/30

....

1,350,000

1,477,247

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5.25%,

11/01/31

..

1,250,000

1,384,985

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5.25%,

11/01/36

..

4,620,000

5,114,272

Northern

California

Retired

Officers

Community,

Revenue,

2016,

Refunding,

California

Mortgage

Insured,

5%,

1/01/37

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

1,310,000

1,456,050

Pilgrim

Place

in

Claremont,

Revenue,

2016

A,

Refunding,

California

Mortgage

Insured,

5%,

5/15/31

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

2,750,000

3,102,992

South

Central

Los

Angeles

Regional

Center

for

Developmentally

Disabled

Persons,

Revenue,

2013,

5.25%,

12/01/27

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

3,730,000

3,895,732

System

Management

Group,

Revenue,

2019

A,

5%,

4/01/35

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

1,780,000

2,042,522

System

Management

Group,

Revenue,

2019

A,

5%,

4/01/37

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

2,945,000

3,373,599

University

of

La

Verne,

Revenue,

2017

A,

Refunding,

5%,

6/01/31

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

1,000,000

1,133,518

University

of

La

Verne,

Revenue,

2017

A,

Refunding,

5%,

6/01/32

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

1,000,000

1,133,374

University

of

La

Verne,

Revenue,

2017

A,

Refunding,

5%,

6/01/33

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

1,010,000

1,143,919

University

of

La

Verne,

Revenue,

2017

A,

Refunding,

5%,

6/01/35

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

1,440,000

1,629,153

a

California

Pollution

Control

Financing

Authority

,

San

Diego

County

Water

Authority,

Revenue,

144A,

2019,

Refunding,

5%,

7/01/22

.

855,000

861,913

San

Diego

County

Water

Authority,

Revenue,

144A,

2019,

Refunding,

5%,

7/01/29

.

4,350,000

4,889,054

California

Public

Finance

Authority

,

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

10/15/22

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

245,000

248,136

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

10/15/23

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

285,000

293,149

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

10/15/24

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

380,000

396,093

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

10/15/25

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

400,000

422,560

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

10/15/26

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

420,000

449,251

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

10/15/27

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

400,000

432,187

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

10/15/28

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

360,000

392,300

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

6

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

Public

Finance

Authority,

(continued)

b

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2021

B,

Mandatory

Put,

4%,

10/15/31

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

$

690,000

$

762,644

a

California

School

Finance

Authority

,

Green

Dot

Public

Schools

Obligated

Group,

Revenue,

144A,

2018

A,

5%,

8/01/26

.

300,000

327,347

Green

Dot

Public

Schools

Obligated

Group,

Revenue,

144A,

2018

A,

5%,

8/01/27

.

320,000

354,268

Kipp

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

7/01/24

100,000

105,459

Kipp

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

7/01/25

105,000

112,861

Kipp

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

7/01/26

110,000

120,140

Kipp

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

7/01/27

100,000

111,050

Kipp

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

7/01/28

100,000

112,172

Kipp

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

7/01/29

100,000

113,545

Kipp

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

7/01/30

100,000

114,387

California

State

Public

Works

Board

,

State

of

California

Department

of

Corrections

&

Rehabilitation,

Revenue,

2014

A,

5%,

9/01/26

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

16,835,000

17,999,898

State

of

California

Department

of

General

Services,

Revenue,

2021

D,

5%,

11/01/33

2,790,000

3,354,511

California

State

University

,

Revenue,

2016

A,

Refunding,

5%,

11/01/29

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

16,000,000

17,771,962

Revenue,

2016

A,

Refunding,

5%,

11/01/30

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

5,000,000

5,551,673

California

Statewide

Communities

Development

Authority

,

Revenue,

2019

A,

Refunding,

California

Mortgage

Insured,

5%,

11/15/34

........

750,000

881,116

Revenue,

2019

A,

Refunding,

California

Mortgage

Insured,

5%,

11/15/37

........

735,000

861,567

Aldersly

Obligated

Group,

Revenue,

2015

A,

Refunding,

4.5%,

5/15/25

.........

805,000

831,899

Front

Porch

Communities

&

Services

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

4/01/23

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

400,000

413,054

Front

Porch

Communities

&

Services

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

4/01/24

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

400,000

422,725

Front

Porch

Communities

&

Services

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

4/01/25

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

615,000

664,449

Front

Porch

Communities

&

Services

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

4/01/26

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

400,000

441,407

Front

Porch

Communities

&

Services

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

4/01/27

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

670,000

752,741

Front

Porch

Communities

&

Services

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

4/01/28

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

425,000

485,240

Front

Porch

Communities

&

Services

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

4/01/29

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

725,000

839,733

Front

Porch

Communities

&

Services

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

4/01/30

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

450,000

525,955

Front

Porch

Communities

&

Services

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

4/01/31

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

450,000

533,712

Front

Porch

Communities

&

Services

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

4/01/32

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

1,470,000

1,736,749

Front

Porch

Communities

&

Services

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

4/01/33

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

1,520,000

1,788,348

Front

Porch

Communities

&

Services

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

4/01/34

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

1,565,000

1,837,459

Hebrew

Home

for

Aged

Disabled,

Revenue,

2016,

California

Mortgage

Insured,

5%,

11/01/36

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

9,000,000

10,143,141

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2014,

Pre-Refunded,

AGMC

Insured,

5%,

10/01/26

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

1,000,000

1,072,926

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2014,

Pre-Refunded,

AGMC

Insured,

5%,

10/01/28

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

1,250,000

1,341,158

Poway

RHF

Housing,

Inc.,

Revenue,

2013

A,

California

Mortgage

Insured,

5%,

11/15/28

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

500,000

526,011

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

7

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

Statewide

Communities

Development

Authority,

(continued)

Redwoods

(The),

A

Community

of

Seniors,

Revenue,

2013,

Pre-Refunded,

California

Mortgage

Insured,

5%,

11/15/28

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

$

1,000,000

$

1,050,279

Campbell

Union

School

District

,

GO

,

2015

,

Refunding

,

5

%

,

8/01/28

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

3,235,000

3,538,026

Carson

Public

Financing

Authority

,

City

of

Carson

Reassessment

District

No.

2001-1,

Revenue,

2019,

Refunding,

5%,

9/02/25

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

1,000,000

1,078,771

City

of

Carson

Reassessment

District

No.

2001-1,

Revenue,

2019,

Refunding,

5%,

9/02/31

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

1,000,000

1,162,953

Castaic

Lake

Water

Agency

,

Santa

Clarita

Valley

Water

Agency

,

COP

,

1999

A

,

AMBAC

Insured

,

Zero

Cpn.,

8/01/22

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

10,445,000

10,399,004

Chabot-Las

Positas

Community

College

District

,

GO

,

2013

,

Pre-Refunded

,

5

%

,

8/01/24

6,715,000

7,003,362

Chino

Valley

Unified

School

District

,

GO,

2020

B,

5%,

8/01/35

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

100,000

119,699

GO,

2020

B,

5%,

8/01/36

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

125,000

149,481

GO,

2020

B,

5%,

8/01/37

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

250,000

298,743

GO,

2020

B,

5%,

8/01/38

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

350,000

417,600

GO,

2020

B,

5%,

8/01/39

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

400,000

476,533

City

of

Chula

Vista

,

Community

Facilities

District

No.

06-I

Improvement

Area

No.

2,

Special

Tax,

2021,

4%,

9/01/46

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

855,000

868,256

Community

Facilities

District

No.

06-I

Improvement

Area

No.

2,

Special

Tax,

2021,

4%,

9/01/51

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

1,045,000

1,056,920

City

of

Clovis

,

Sewer,

Revenue,

2013,

Refunding,

BAM

Insured,

5%,

8/01/28

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

1,200,000

1,250,725

Water,

Revenue,

2013,

Refunding,

BAM

Insured,

5%,

3/01/26

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

2,620,000

2,698,499

Water,

Revenue,

2013,

Refunding,

BAM

Insured,

5%,

3/01/27

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

1,000,000

1,029,962

City

of

Corona

,

Community

Facilities

District

No.

2018-1

Improvement

Area

No.

1

,

Special

Tax

,

2020

,

4

%

,

9/01/40

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

350,000

359,641

City

of

Fontana

,

Community

Facilities

District

No.

85,

Special

Tax,

2020,

4%,

9/01/32

...........

250,000

261,757

Community

Facilities

District

No.

85,

Special

Tax,

2020,

4%,

9/01/36

...........

550,000

572,618

Community

Facilities

District

No.

85,

Special

Tax,

2020,

4%,

9/01/40

...........

625,000

641,303

Community

Facilities

District

No.

87,

Special

Tax,

2021,

4%,

9/01/41

...........

400,000

409,259

Community

Facilities

District

No.

87,

Special

Tax,

2021,

4%,

9/01/46

...........

650,000

657,994

Community

Facilities

District

No.

88,

Special

Tax,

2020,

4%,

9/01/40

...........

550,000

564,346

City

of

Irvine

,

Reassessment

District

No.

15-2

,

1915

Act,

Special

Assessment

,

Refunding

,

5

%

,

9/02/25

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

1,000,000

1,091,084

City

of

Lake

Elsinore

,

Community

Facilities

District

No.

2006-1

Summerly,

Special

Tax,

2021,

4%,

9/01/42

475,000

486,148

Community

Facilities

District

No.

2006-1

Summerly,

Special

Tax,

2021,

4%,

9/01/51

425,000

429,324

Community

Facilities

District

No.

2019-1,

Special

Tax,

2021,

4%,

9/01/41

........

350,000

357,822

Community

Facilities

District

No.

2019-1,

Special

Tax,

2021,

4%,

9/01/46

........

450,000

455,180

Community

Facilities

District

No.

2019-1,

Special

Tax,

2021,

4%,

9/01/51

........

700,000

705,472

City

of

Lincoln

,

Community

Facilities

District

No.

2006-1,

Special

Tax,

2021,

Refunding,

4%,

9/01/33

195,000

203,401

Community

Facilities

District

No.

2006-1,

Special

Tax,

2021,

Refunding,

4%,

9/01/35

215,000

223,745

Community

Facilities

District

No.

2006-1,

Special

Tax,

2021,

Refunding,

4%,

9/01/37

250,000

259,740

City

of

Long

Beach

,

Harbor,

Revenue,

2019

A,

5%,

5/15/37

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

2,475,000

2,910,872

Harbor,

Revenue,

2019

A,

5%,

5/15/38

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

2,250,000

2,642,704

Marina

System,

Revenue,

2015,

5%,

5/15/27

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

1,285,000

1,372,167

Marina

System,

Revenue,

2015,

5%,

5/15/32

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

1,250,000

1,324,310

City

of

Los

Angeles

,

Department

of

Airports,

Revenue,

2018

D,

Refunding,

5%,

5/15/31

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

5,715,000

6,499,840

Department

of

Airports,

Revenue,

2019

A,

Refunding,

5%,

5/15/34

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

5,430,000

6,136,190

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

8

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

City

of

Los

Angeles,

(continued)

Department

of

Airports,

Revenue,

2019

A,

Refunding,

5%,

5/15/37

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

$

4,800,000

$

5,393,828

Department

of

Airports,

Revenue,

2019

D,

5%,

5/15/30

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

2,000,000

2,269,220

Department

of

Airports,

Revenue,

2019

D,

5%,

5/15/31

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

2,685,000

3,040,542

Department

of

Airports,

Revenue,

2019

D,

5%,

5/15/33

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

2,670,000

3,003,317

Department

of

Airports,

Revenue,

2019

D,

5%,

5/15/34

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

1,415,000

1,590,019

Department

of

Airports,

Revenue,

2019

F,

5%,

5/15/37

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

1,285,000

1,443,973

Department

of

Airports,

Revenue,

2019

F,

5%,

5/15/38

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

3,000,000

3,366,665

Department

of

Airports,

Revenue,

2020

A,

Refunding,

5%,

5/15/32

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

3,205,000

3,758,403

Department

of

Airports,

Revenue,

2020

A,

Refunding,

5%,

5/15/33

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

3,000,000

3,507,733

Department

of

Airports,

Revenue,

2020

A,

Refunding,

5%,

5/15/37

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

7,380,000

8,556,539

Department

of

Airports,

Revenue,

2021

B,

Refunding,

5%,

5/15/31

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

920,000

1,102,837

Department

of

Airports,

Revenue,

2021

B,

Refunding,

5%,

5/15/32

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

920,000

1,096,847

Department

of

Airports,

Revenue,

2022

C,

Refunding,

5%,

5/15/28

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

300,000

339,012

Department

of

Airports,

Revenue,

2022

C,

Refunding,

5%,

5/15/29

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

250,000

285,693

Wastewater

System,

Revenue,

2012

B,

Refunding,

5%,

6/01/28

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

11,700,000

11,775,033

Wastewater

System,

Revenue,

2013

A,

Refunding,

5%,

6/01/27

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

9,145,000

9,481,734

City

of

Moreno

Valley

,

Community

Facilities

District

No.

5,

Special

Tax,

2021,

Refunding,

4%,

9/01/31

....

250,000

259,751

Community

Facilities

District

No.

5,

Special

Tax,

2021,

Refunding,

4%,

9/01/37

....

750,000

771,830

City

of

Newport

Beach

,

Assessment

District

No.

113,

1915

Act,

Special

Assessment,

2021

A,

2%,

9/02/34

.

235,000

189,776

Assessment

District

No.

113,

1915

Act,

Special

Assessment,

2021

A,

2.125%,

9/02/35

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

240,000

194,181

Assessment

District

No.

113,

1915

Act,

Special

Assessment,

2021

A,

2.125%,

9/02/36

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

245,000

195,827

City

of

Ontario

,

Community

Facilities

District

No.

46,

Special

Tax,

2021,

4%,

9/01/45

...........

300,000

302,658

Community

Facilities

District

No.

46,

Special

Tax,

2021,

4%,

9/01/51

...........

500,000

501,560

City

of

Palm

Desert

,

Community

Facilities

District

No.

2005-1,

Special

Tax,

2021

A,

Refunding,

4%,

9/01/30

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

195,000

204,031

Community

Facilities

District

No.

2005-1,

Special

Tax,

2021

A,

Refunding,

4%,

9/01/33

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

220,000

229,536

Community

Facilities

District

No.

2005-1,

Special

Tax,

2021

A,

Refunding,

4%,

9/01/36

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

250,000

259,687

Section

29

Assessment

District

No.

2004-02,

1915

Act,

Special

Assessment,

2021,

Refunding,

2%,

9/02/22

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

235,000

235,079

Section

29

Assessment

District

No.

2004-02,

1915

Act,

Special

Assessment,

2021,

Refunding,

4%,

9/02/26

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

670,000

696,249

Section

29

Assessment

District

No.

2004-02,

1915

Act,

Special

Assessment,

2021,

Refunding,

4%,

9/02/31

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

800,000

837,086

Section

29

Assessment

District

No.

2004-02,

1915

Act,

Special

Assessment,

2021,

Refunding,

4%,

9/02/37

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

1,200,000

1,245,613

City

of

Palo

Alto

,

University

Avenue

Off-Street

Parking

Assessment

District,

1915

Act,

Special

Assessment,

2012,

Refunding,

5%,

9/02/28

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

1,000,000

1,013,252

University

Avenue

Off-Street

Parking

Assessment

District,

1915

Act,

Special

Assessment,

2012,

Refunding,

5%,

9/02/29

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

1,280,000

1,296,669

City

of

Porterville

,

Water,

COP,

2021,

AGMC

Insured,

4%,

8/15/35

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

230,000

253,733

Water,

COP,

2021,

AGMC

Insured,

4%,

8/15/36

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

200,000

219,788

Water,

COP,

2021,

AGMC

Insured,

4%,

8/15/37

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

175,000

191,903

City

of

Riverside

,

Sewer,

Revenue,

2015

A,

Refunding,

5%,

8/01/28

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

3,870,000

4,227,287

Sewer,

Revenue,

2015

A,

Refunding,

5%,

8/01/29

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

4,670,000

5,099,572

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

9

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

City

of

Sacramento

,

North

Natomas

Community

Facilities

District

No.

4,

Special

Tax,

2015

F,

Refunding,

5%,

9/01/26

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

$

615,000

$

666,737

North

Natomas

Community

Facilities

District

No.

4,

Special

Tax,

2015

F,

Refunding,

5%,

9/01/28

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

1,220,000

1,316,731

North

Natomas

Community

Facilities

District

No.

4,

Special

Tax,

2015

F,

Refunding,

5%,

9/01/29

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

1,555,000

1,672,748

North

Natomas

Community

Facilities

District

No.

4,

Special

Tax,

2015

F,

Refunding,

5%,

9/01/30

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

1,045,000

1,121,582

North

Natomas

Community

Facilities

District

No.

4,

Special

Tax,

2015

F,

Refunding,

5%,

9/01/31

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

1,800,000

1,928,479

Transient

Occupancy

Tax,

Revenue,

2018

A,

5%,

6/01/34

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

1,485,000

1,676,685

Transient

Occupancy

Tax,

Revenue,

2018

A,

5%,

6/01/35

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

2,000,000

2,256,241

Transient

Occupancy

Tax,

Revenue,

2018

A,

5%,

6/01/36

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

2,220,000

2,502,664

City

of

San

Francisco

,

Public

Utilities

Commission

Water

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

11/01/28

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

5,000,000

5,443,452

City

of

Vernon

,

Electric

System,

Revenue,

2021

A,

5%,

4/01/26

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

1,265,000

1,380,281

Electric

System,

Revenue,

2021

A,

5%,

4/01/27

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

1,750,000

1,940,871

Electric

System,

Revenue,

2021

A,

5%,

10/01/27

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

2,000,000

2,237,363

c

Electric

System,

Revenue,

2022

A,

Refunding,

5%,

8/01/23

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

580,000

597,511

c

Electric

System,

Revenue,

2022

A,

Refunding,

5%,

8/01/24

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

700,000

734,334

c

Electric

System,

Revenue,

2022

A,

Refunding,

5%,

8/01/25

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

500,000

533,663

c

Electric

System,

Revenue,

2022

A,

Refunding,

5%,

8/01/26

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

605,000

654,574

c

Electric

System,

Revenue,

2022

A,

Refunding,

5%,

8/01/30

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

1,105,000

1,241,289

City

of

Woodland

,

Community

Facilities

District

No.

2004-1

,

Special

Tax

,

2019

,

5

%

,

9/01/36

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

1,510,000

1,649,468

Compton

Community

Redevelopment

Agency

,

Tax

Allocation,

Second

Lien

,

2010

A

,

5

%

,

8/01/25

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

6,760,000

6,773,007

Contra

Costa

Water

District

,

Revenue

,

T

,

Refunding

,

5

%

,

10/01/26

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

3,400,000

3,660,000

Corona-Norco

Unified

School

District

,

GO

,

2011

E

,

5.3

%

,

8/01/25

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

4,645,000

5,145,181

Corona-Norco

Unified

School

District

Public

Financing

Authority

,

Special

Tax,

Senior

Lien,

2013

A,

Pre-Refunded,

5%,

9/01/24

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

1,565,000

1,635,901

Special

Tax,

Senior

Lien,

2013

A,

Pre-Refunded,

5%,

9/01/25

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

1,000,000

1,045,305

County

of

Sacramento

,

Airport

System,

Revenue,

2016

B,

Refunding,

5%,

7/01/35

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

1,000,000

1,096,333

Airport

System,

Revenue,

2016

B,

Refunding,

5%,

7/01/36

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

2,000,000

2,193,222

County

of

San

Diego

,

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020

A,

4%,

9/01/35

......

345,000

358,482

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020

A,

4%,

9/01/37

......

765,000

793,211

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020

A,

4%,

9/01/38

......

375,000

388,035

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020

A,

4%,

9/01/39

......

920,000

950,654

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020

A,

4%,

9/01/40

......

590,000

604,950

a

CSCDA

Community

Improvement

Authority

,

1818

Platinum

Triangle-Anaheim,

Revenue,

Senior

Lien,

144A,

2021

A-1,

3.35%,

4/01/47

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

10,000,000

8,650,424

Oceanaire

Apartments,

Revenue,

144A,

2021

A-1,

3.2%,

9/01/46

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

7,500,000

6,371,779

Towne

at

Glendale

Apartments,

Revenue,

144A,

2022

B,

5%,

9/01/37

..........

13,500,000

13,608,439

Cupertino

Union

School

District

,

GO,

B,

Pre-Refunded,

5%,

8/01/26

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

1,285,000

1,375,911

GO,

B,

Pre-Refunded,

5%,

8/01/27

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

1,500,000

1,606,121

GO,

B,

Pre-Refunded,

5%,

8/01/28

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

1,000,000

1,070,748

Del

Mar

Race

Track

Authority

,

Revenue,

2015,

Refunding,

5%,

10/01/22

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

1,435,000

1,441,421

Revenue,

2015,

Refunding,

5%,

10/01/23

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

1,510,000

1,527,720

Revenue,

2015,

Refunding,

5%,

10/01/28

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

1,925,000

1,946,821

Revenue,

2015,

Refunding,

5%,

10/01/30

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

1,125,000

1,131,818

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

10

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Dublin

Unified

School

District

,

GO

,

2016

,

Refunding

,

5

%

,

8/01/32

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

$

3,220,000

$

3,598,510

East

Bay

Municipal

Utility

District

,

Wastewater

System,

Revenue,

2014

A,

Refunding,

5%,

6/01/25

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

2,845,000

3,114,636

Wastewater

System,

Revenue,

2014

A,

Refunding,

5%,

6/01/26

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

3,650,000

4,098,575

Wastewater

System,

Revenue,

2014

A,

Refunding,

5%,

6/01/27

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

1,500,000

1,722,171

Wastewater

System,

Revenue,

2014

A,

Refunding,

5%,

6/01/29

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

1,000,000

1,192,031

Water

System,

Revenue,

2015

A,

Refunding,

5%,

6/01/29

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

5,000,000

5,449,765

El

Dorado

Irrigation

District

,

COP,

2020

A,

5%,

3/01/34

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

375,000

446,771

COP,

2020

A,

5%,

3/01/37

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

325,000

386,003

COP,

2020

A,

5%,

3/01/38

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

750,000

889,470

COP,

2020

A,

5%,

3/01/39

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

720,000

852,652

Revenue,

2016

C,

Pre-Refunded,

5%,

3/01/31

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

2,500,000

2,786,596

Elk

Grove

Finance

Authority

,

Special

Tax

,

2015

,

Refunding

,

BAM

Insured

,

5

%

,

9/01/30

1,130,000

1,239,873

FHLMC,

Multi-family

ML

Pass-Through

Certificates

,

Revenue

,

2019-ML06

,

ACA

,

Revenue

,

2.493

%

,

7/25/35

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

24,239,947

22,634,720

Folsom

Public

Financing

Authority

,

Community

Facilities

District

No.

7,

Special

Tax,

2011

A,

Refunding,

AGMC

Insured,

5%,

9/01/23

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

1,005,000

1,017,759

Community

Facilities

District

No.

7,

Special

Tax,

2011

A,

Refunding,

AGMC

Insured,

5%,

9/01/24

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

1,055,000

1,071,535

Fontana

Public

Facilities

Financing

Authority

,

Special

Tax,

2021

A,

Refunding,

4%,

9/01/23

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

450,000

463,009

Special

Tax,

2021

A,

Refunding,

4%,

9/01/24

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

1,225,000

1,268,241

Special

Tax,

2021

A,

Refunding,

4%,

9/01/30

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

740,000

790,489

Special

Tax,

2021

A,

Refunding,

4%,

9/01/31

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

165,000

176,349

Foothill-De

Anza

Community

College

District

,

GO,

2015,

Refunding,

5%,

8/01/27

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

1,250,000

1,372,585

GO,

2015,

Refunding,

5%,

8/01/28

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

2,500,000

2,739,245

Foothill-Eastern

Transportation

Corridor

Agency

,

Revenue,

2013

A,

Refunding,

Zero

Cpn.,

1/15/25

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

2,500,000

2,470,023

Revenue,

2013

A,

Refunding,

Zero

Cpn.,

1/15/26

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

3,760,000

3,823,952

Revenue,

2013

A,

Refunding,

Zero

Cpn.,

1/15/27

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

6,395,000

6,684,955

Revenue,

2013

A,

Refunding,

AGMC

Insured,

Zero

Cpn.,

1/15/29

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

19,895,000

21,081,488

Revenue,

2015

A,

Refunding,

AGMC

Insured,

Zero

Cpn.,

1/15/34

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

3,000,000

2,022,996

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

1/15/26

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

305,000

332,157

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

1/15/27

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

350,000

387,983

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

1/15/28

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

320,000

359,756

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

1/15/29

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

360,000

409,880

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

1/15/30

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

400,000

460,780

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

1/15/31

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

470,000

547,181

Revenue,

Junior

Lien,

2021

C,

Refunding,

4%,

1/15/32

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

300,000

319,949

Revenue,

Junior

Lien,

2021

C,

Refunding,

4%,

1/15/33

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

445,000

472,992

Fullerton

School

District

Financing

Authority

,

Special

Tax,

Senior

Lien,

2013

A,

Pre-Refunded,

AGMC

Insured,

5%,

9/01/27

....

1,000,000

1,044,590

Special

Tax,

Senior

Lien,

2013

A,

Pre-Refunded,

AGMC

Insured,

5%,

9/01/28

....

1,040,000

1,086,374

Golden

State

Tobacco

Securitization

Corp.

,

Revenue,

2018

A-1,

Pre-Refunded,

5%,

6/01/31

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

1,000,000

1,159,680

Revenue,

2018

A-1,

Pre-Refunded,

5%,

6/01/32

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

8,135,000

9,433,994

Revenue,

2018

A-1,

Pre-Refunded,

5%,

6/01/33

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

10,000,000

11,596,796

Revenue,

2018

A-1,

Pre-Refunded,

5%,

6/01/35

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

9,000,000

10,437,116

Imperial

Community

College

District

,

GO

,

2012

,

Refunding

,

AGMC

Insured

,

5

%

,

8/01/22

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

1,170,000

1,184,621

Imperial

Irrigation

District

,

Electric

System,

Revenue,

2019,

Refunding,

5%,

11/01/37

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

3,885,000

4,593,586

Electric

System,

Revenue,

2019,

Refunding,

5%,

11/01/38

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

4,075,000

4,814,739

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

11

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Independent

Cities

Finance

Authority

,

Millennium

Housing

LLC,

Revenue,

2021,

Refunding,

3%,

5/15/41

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

$

1,395,000

$

1,281,841

San

Juan

Mobile

Estates,

Revenue,

2015,

Refunding,

5%,

8/15/30

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

1,575,000

1,681,231

Irvine

Unified

School

District

,

Special

Tax,

2020

A,

4%,

9/01/27

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

1,745,000

1,865,120

Special

Tax,

2020

A,

4%,

9/01/28

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

1,135,000

1,221,592

Special

Tax,

2020

A,

5%,

9/01/29

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

1,920,000

2,221,567

Special

Tax,

2020

A,

5%,

9/01/30

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

1,910,000

2,234,871

Special

Tax,

2020

A,

5%,

9/01/32

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

755,000

879,688

Special

Tax,

2020

A,

4%,

9/01/34

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

2,300,000

2,418,427

Special

Tax,

2020

A,

4%,

9/01/35

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

1,460,000

1,533,545

Special

Tax,

2020

A,

4%,

9/01/36

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

1,320,000

1,386,100

Special

Tax,

2020

A,

4%,

9/01/37

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

1,355,000

1,420,903

Special

Tax,

2020

A,

4%,

9/01/38

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

2,735,000

2,863,530

Special

Tax,

2020

A,

4%,

9/01/39

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

2,905,000

3,038,964

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

5%,

9/01/29

........

185,000

215,681

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

5%,

9/01/30

........

210,000

242,951

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

5%,

9/01/31

........

175,000

201,866

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

5%,

9/01/32

........

185,000

213,082

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

5%,

9/01/33

........

200,000

229,882

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

5%,

9/01/34

........

225,000

258,171

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

5%,

9/01/36

........

265,000

303,327

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

4%,

9/01/37

........

285,000

298,552

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

4%,

9/01/38

........

275,000

287,487

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

4%,

9/01/39

........

315,000

328,634

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

4%,

9/01/40

........

350,000

364,183

Jurupa

Public

Financing

Authority

,

Special

Tax,

2013

A,

AGMC

Insured,

5%,

9/01/30

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

2,750,000

2,873,408

Special

Tax,

2013

A,

AGMC

Insured,

5%,

9/01/33

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

5,000,000

5,222,950

Special

Tax,

2014

A,

Refunding,

5%,

9/01/27

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

1,000,000

1,066,517

Special

Tax,

2014

A,

Refunding,

5%,

9/01/28

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

1,275,000

1,359,499

Special

Tax,

2014

A,

Refunding,

5%,

9/01/29

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

530,000

564,868

Special

Tax,

2015

A,

Refunding,

5%,

9/01/26

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

1,855,000

2,023,201

Special

Tax,

2015

A,

Refunding,

5%,

9/01/27

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

1,000,000

1,090,331

Special

Tax,

2015

A,

Refunding,

5%,

9/01/28

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

1,025,000

1,117,236

Special

Tax,

2015

A,

Refunding,

5%,

9/01/29

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

1,155,000

1,258,141

Special

Tax,

2015

A,

Refunding,

5%,

9/01/30

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

1,510,000

1,645,361

Special

Tax,

2015

A,

Refunding,

5%,

9/01/31

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

1,190,000

1,295,858

Special

Tax,

2015

A,

Refunding,

5%,

9/01/32

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

2,505,000

2,727,836

Special

Tax,

2015

A,

Refunding,

5%,

9/01/33

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

2,635,000

2,869,400

Special

Tax,

2020

A,

Refunding,

BAM

Insured,

4%,

9/01/32

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

700,000

769,513

Special

Tax,

2020

A,

Refunding,

BAM

Insured,

4%,

9/01/36

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

1,175,000

1,276,065

Lake

Elsinore

Public

Financing

Authority

,

Special

Tax

,

2015

,

Refunding

,

5

%

,

9/01/30

.

4,970,000

5,334,223

Lake

Elsinore

Unified

School

District

,

Community

Facilities

District

,

Special

Tax

,

2021

,

4

%

,

9/01/45

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

760,000

773,335

Lammersville

Joint

Unified

School

District

,

Community

Facilities

District

No.

200

,

Special

Tax

,

2017

,

Refunding

,

5

%

,

9/01/33

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

1,575,000

1,736,423

Lee

Lake

Public

Financing

Authority

,

Special

Tax,

Junior

Lien,

2013

B,

5%,

9/01/27

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

1,400,000

1,445,429

Special

Tax,

Junior

Lien,

2013

B,

5.25%,

9/01/29

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

810,000

837,986

Los

Angeles

Community

College

District

,

GO

,

2015

A

,

Pre-Refunded

,

5

%

,

8/01/26

..

15,000,000

16,061,217

Los

Angeles

County

Metropolitan

Transportation

Authority

,

Sales

Tax,

Revenue,

2014

A,

Refunding,

5%,

7/01/26

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

6,315,000

6,742,526

Sales

Tax,

Revenue,

2014

A,

Refunding,

5%,

7/01/27

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

6,630,000

7,077,342

Sales

Tax,

Revenue,

2017

A,

5%,

7/01/38

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

1,755,000

1,967,154

Sales

Tax,

Revenue,

Senior

Lien,

2012

B,

Refunding,

5%,

7/01/23

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

5,000,000

5,041,236

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

12

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Los

Angeles

Department

of

Water

&

Power

,

Power

System,

Revenue,

2013

A,

5%,

7/01/25

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

$

5,135,000

$

5,266,170

Power

System,

Revenue,

2014

C,

5%,

7/01/27

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

12,000,000

12,796,016

Power

System,

Revenue,

2014

D,

5%,

7/01/26

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

2,600,000

2,773,061

Power

System,

Revenue,

2014

D,

5%,

7/01/28

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

2,550,000

2,718,574

Power

System,

Revenue,

2016

B,

5%,

7/01/30

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

3,000,000

3,306,413

Power

System,

Revenue,

2016

B,

5%,

7/01/31

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

6,700,000

7,381,783

Power

System,

Revenue,

2017

B,

Refunding,

5%,

7/01/34

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

23,350,000

26,188,286

Water

System,

Revenue,

2016

A,

Refunding,

5%,

7/01/37

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

10,450,000

11,505,463

Water

System,

Revenue,

2018

B,

Refunding,

5%,

7/01/34

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

2,500,000

2,882,309

Water

System,

Revenue,

2020

A,

Refunding,

5%,

7/01/35

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

335,000

397,939

Water

System,

Revenue,

2020

A,

Refunding,

5%,

7/01/36

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

5,225,000

6,200,906

Water

System,

Revenue,

2020

A,

Refunding,

5%,

7/01/41

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

5,000,000

5,894,616

Water

System,

Revenue,

2020

C,

Refunding,

5%,

7/01/32

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

1,750,000

2,097,198

Water

System,

Revenue,

2020

C,

Refunding,

5%,

7/01/39

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

10,535,000

12,446,209

Los

Angeles

Unified

School

District

,

GO,

2011

A-1,

Refunding,

5%,

7/01/23

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

13,335,000

13,884,085

GO,

2016

A,

Refunding,

5%,

7/01/29

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

5,000,000

5,454,174

GO,

2016

B,

Refunding,

5%,

7/01/30

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

30,000,000

33,453,930

GO,

2020

RYQ,

4%,

7/01/36

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

5,000,000

5,404,333

Manteca

Unified

School

District

,

Community

Facilities

District

No.

1989-2,

Special

Tax,

2013

F,

AGMC

Insured,

5%,

9/01/22

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

1,000,000

1,016,005

Community

Facilities

District

No.

1989-2,

Special

Tax,

2013

F,

AGMC

Insured,

5%,

9/01/26

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

1,280,000

1,337,989

Martinez

Unified

School

District

,

GO

,

2011

,

Refunding

,

5.375

%

,

8/01/26

..........

5,000,000

5,385,510

Menifee

Union

School

District

,

Community

Facilities

District

No.

2011-1,

Special

Tax,

2021,

4%,

9/01/36

........

445,000

462,968

Community

Facilities

District

No.

2011-1,

Special

Tax,

2021,

4%,

9/01/41

........

660,000

676,333

Community

Facilities

District

No.

2011-1,

Special

Tax,

2021,

4%,

9/01/46

........

875,000

886,452

Community

Facilities

District

No.

2011-1,

Special

Tax,

2021,

4%,

9/01/50

........

1,035,000

1,046,112

Community

Facilities

District

No.

2011-1

Improvement

Area

No.

5,

Special

Tax,

2021,

4%,

9/01/36

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

500,000

518,341

Community

Facilities

District

No.

2011-1

Improvement

Area

No.

5,

Special

Tax,

2021,

4%,

9/01/41

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

800,000

817,999

Menifee

Union

School

District

Public

Financing

Authority

,

Special

Tax,

2016

A,

Refunding,

5%,

9/01/25

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

1,200,000

1,282,309

Special

Tax,

2017

A,

5%,

9/01/25

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

1,405,000

1,503,729

Special

Tax,

2017

A,

5%,

9/01/28

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

1,250,000

1,377,814

Special

Tax,

2017

A,

5%,

9/01/30

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

1,550,000

1,703,055

Metropolitan

Water

District

of

Southern

California

,

Revenue,

2014

E,

Refunding,

5%,

7/01/23

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

20,000,000

20,831,094

Revenue,

2014

E,

Refunding,

5%,

7/01/24

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

1,110,000

1,187,172

Revenue,

2016

A,

Refunding,

5%,

7/01/28

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

5,000,000

5,520,175

Revenue,

2020

C,

Refunding,

5%,

7/01/38

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

18,000,000

21,445,041

Moreno

Valley

Unified

School

District

,

GO,

2007,

Refunding,

NATL

Insured,

Zero

Cpn.,

8/01/24

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

7,500,000

7,094,524

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

4%,

9/01/31

........

120,000

126,127

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

4%,

9/01/32

........

130,000

136,405

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

4%,

9/01/33

........

140,000

146,553

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

4%,

9/01/34

........

150,000

156,490

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

4%,

9/01/35

........

165,000

171,957

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

2.5%,

9/01/36

.......

175,000

152,558

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

2.5%,

9/01/37

.......

190,000

163,775

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

2.625%,

9/01/38

.....

200,000

173,648

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

2.625%,

9/01/39

.....

210,000

180,591

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

2.75%,

9/01/40

......

225,000

194,003

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

13

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Mount

Diablo

Unified

School

District

,

GO

,

B-2

,

Refunding

,

5

%

,

7/01/27

...........

$

3,200,000

$

3,230,172

Mount

San

Antonio

Community

College

District

,

GO

,

2013

A

,

Zero

Cpn.,

8/01/28

....

6,000,000

6,666,760

Mountain

House

Public

Financing

Authority

,

Mountain

House

Community

Services

District,

Revenue,

2020

A,

BAM

Insured,

4%,

12/01/32

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

400,000

443,491

Mountain

House

Community

Services

District,

Revenue,

2020

A,

BAM

Insured,

4%,

12/01/33

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

325,000

358,720

Mountain

House

Community

Services

District,

Revenue,

2020

A,

BAM

Insured,

4%,

12/01/34

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

300,000

329,978

Mountain

House

Community

Services

District,

Revenue,

2020

A,

BAM

Insured,

4%,

12/01/35

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

1,325,000

1,455,913

Mountain

House

Community

Services

District,

Revenue,

2020

A,

BAM

Insured,

4%,

12/01/36

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

310,000

339,756

Mountain

House

Community

Services

District,

Revenue,

2020

A,

BAM

Insured,

4%,

12/01/37

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

300,000

328,669

Mountain

House

Community

Services

District,

Revenue,

2020

A,

BAM

Insured,

4%,

12/01/38

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

300,000

327,655

Mountain

House

Community

Services

District,

Revenue,

2020

A,

BAM

Insured,

4%,

12/01/39

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

275,000

299,869

Murrieta

Financing

Authority

,

Special

Tax,

2012,

Refunding,

5%,

9/01/22

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

1,495,000

1,515,647

Special

Tax,

2012,

Refunding,

5%,

9/01/24

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

1,810,000

1,832,371

Special

Tax,

2012,

Refunding,

5%,

9/01/25

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

1,000,000

1,012,146

New

Haven

Unified

School

District

,

GO,

2012,

Refunding,

AGMC

Insured,

Zero

Cpn.,

8/01/22

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

11,750,000

11,697,880

GO,

2012,

Refunding,

AGMC

Insured,

Zero

Cpn.,

8/01/23

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

3,200,000

3,113,186

Oro

Grande

Elementary

School

District

,

COP,

2020,

Refunding,

4%,

9/15/29

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

2,595,000

2,629,540

COP,

2020,

Refunding,

4%,

9/15/30

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

2,700,000

2,726,884

COP,

2020,

Refunding,

4%,

9/15/31

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

2,805,000

2,815,676

COP,

2020,

Refunding,

4%,

9/15/32

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

1,600,000

1,604,650

Oxnard

Financing

Authority

,

Special

Tax,

Senior

Lien

,

2012

A

,

5

%

,

9/02/26

........

1,020,000

1,035,180

Port

of

Oakland

,

Revenue,

2021

H,

Refunding,

5%,

5/01/29

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

1,900,000

2,174,169

Revenue,

2021

H,

Refunding,

5%,

11/01/29

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

2,000,000

2,302,849

Poway

Unified

School

District

,

Community

Facilities

District

No.

16,

Special

Tax,

2020,

AGMC

Insured,

5%,

9/01/32

100,000

117,828

Community

Facilities

District

No.

16,

Special

Tax,

2020,

AGMC

Insured,

4%,

9/01/34

500,000

548,057

Community

Facilities

District

No.

16,

Special

Tax,

2020,

AGMC

Insured,

4%,

9/01/36

715,000

782,097

Community

Facilities

District

No.

16,

Special

Tax,

2020,

AGMC

Insured,

4%,

9/01/38

835,000

910,660

Community

Facilities

District

No.

16,

Special

Tax,

2020,

AGMC

Insured,

4%,

9/01/40

965,000

1,049,182

Poway

Unified

School

District

Public

Financing

Authority

,

Special

Tax,

2014,

BAM

Insured,

5%,

10/01/31

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

1,700,000

1,781,229

Special

Tax,

2014,

BAM

Insured,

5%,

10/01/32

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

1,845,000

1,932,879

Special

Tax,

2017

A,

Refunding,

5%,

9/01/27

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

1,375,000

1,547,997

Special

Tax,

2017

A,

Refunding,

5%,

9/01/30

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

2,245,000

2,510,345

Rancho

Mirage

Community

Facilities

District

,

City

of

Rancho

Mirage

Community

Facilities

District

No.

4B,

Special

Tax,

2021,

4%,

9/01/46

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

385,000

389,861

City

of

Rancho

Mirage

Community

Facilities

District

No.

4B,

Special

Tax,

2021,

4%,

9/01/51

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

320,000

323,191

River

Islands

Public

Financing

Authority

,

Lathrop

Irrigation

District

Electric,

Revenue,

2020,

AGMC

Insured,

4%,

9/01/35

...

625,000

679,927

Lathrop

Irrigation

District

Electric,

Revenue,

2020,

AGMC

Insured,

4%,

9/01/40

...

1,665,000

1,799,882

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

14

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Riverside

Community

College

District

,

GO

,

2014

A

,

Pre-Refunded

,

5

%

,

8/01/27

.....

$

3,550,000

$

3,801,155

Riverside

County

Transportation

Commission

,

Sales

Tax

,

Revenue

,

2017

B

,

Refunding

,

5

%

,

6/01/38

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

7,805,000

8,958,832

Riverside

Unified

School

District

,

Community

Facilities

District

No.

33,

Special

Tax,

2021,

4%,

9/01/45

...........

375,000

380,443

Community

Facilities

District

No.

33,

Special

Tax,

2021,

4%,

9/01/50

...........

600,000

606,721

RNR

School

Financing

Authority

,

Community

Facilities

District

No.

92-1

,

Special

Tax

,

2017

A

,

BAM

Insured

,

5

%

,

9/01/27

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

1,035,000

1,158,255

Romoland

School

District

,

Community

Facilities

District

No.

2004-1,

Special

Tax,

2015,

Refunding,

5%,

9/01/27

1,000,000

1,078,249

Community

Facilities

District

No.

2004-1,

Special

Tax,

2015,

Refunding,

5%,

9/01/28

1,960,000

2,108,097

Community

Facilities

District

No.

2004-1,

Special

Tax,

2015,

Refunding,

5%,

9/01/29

2,130,000

2,289,128

Community

Facilities

District

No.

2004-1,

Special

Tax,

2015,

Refunding,

5%,

9/01/30

2,310,000

2,479,287

Community

Facilities

District

No.

2004-1,

Special

Tax,

2015,

Refunding,

5%,

9/01/31

2,495,000

2,674,766

Community

Facilities

District

No.

2004-1,

Special

Tax,

2015,

Refunding,

5%,

9/01/32

2,690,000

2,881,655

Community

Facilities

District

No.

91-1,

Special

Tax,

2017,

Refunding,

5%,

9/01/36

.

1,130,000

1,248,413

Root

Creek

Water

District

,

Community

Facilities

District

No.

2016-1

Improvement

Area

No.

1,

Special

Tax,

2021,

4%,

9/01/41

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

430,000

438,924

Community

Facilities

District

No.

2016-1

Improvement

Area

No.

1,

Special

Tax,

2021,

4%,

9/01/46

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

650,000

656,458

Community

Facilities

District

No.

2016-1

Improvement

Area

No.

1,

Special

Tax,

2021,

4%,

9/01/50

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

570,000

572,987

Sacramento

County

Sanitation

Districts

Financing

Authority

,

Revenue

,

2014

A

,

Refunding

,

5

%

,

12/01/29

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

2,000,000

2,123,710

Sacramento

Municipal

Utility

District

,

Revenue

,

2020

H

,

5

%

,

8/15/36

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

7,465,000

8,808,793

San

Bernardino

County

Transportation

Authority

,

Revenue,

2014

A,

5%,

3/01/30

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

2,685,000

2,836,499

Revenue,

2014

A,

5%,

3/01/31

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

5,090,000

5,375,232

San

Diego

County

Regional

Airport

Authority

,

Revenue,

2019

A,

Refunding,

5%,

7/01/34

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

3,600,000

4,105,383

Revenue,

2019

A,

Refunding,

5%,

7/01/35

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

3,750,000

4,272,349

Revenue,

2019

A,

Refunding,

5%,

7/01/36

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

5,000,000

5,691,760

Revenue,

2019

A,

Refunding,

5%,

7/01/39

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

5,500,000

6,239,546

San

Diego

Public

Facilities

Financing

Authority

,

City

of

San

Diego

Water

Utility,

Revenue,

2020

A,

5%,

8/01/34

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

850,000

1,025,654

City

of

San

Diego

Water

Utility,

Revenue,

2020

A,

5%,

8/01/35

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

850,000

1,024,566

San

Francisco

Bay

Area

Rapid

Transit

District

,

GO,

2013

C,

5%,

8/01/27

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

2,640,000

2,754,079

GO,

2013

C,

5%,

8/01/28

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

3,500,000

3,651,242

GO,

2020

C-1,

4%,

8/01/34

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

5,725,000

6,335,895

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

,

Revenue,

Second

Series,

2019

E,

5%,

5/01/37

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

5,000,000

5,598,700

Revenue,

Second

Series,

2019

H,

Refunding,

5%,

5/01/24

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

15,040,000

15,874,043

SFO

Fuel

Co.

LLC,

Revenue,

2019

A,

Refunding,

5%,

1/01/33

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

1,000,000

1,122,378

SFO

Fuel

Co.

LLC,

Revenue,

2019

A,

Refunding,

5%,

1/01/34

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

1,335,000

1,496,625

SFO

Fuel

Co.

LLC,

Revenue,

2019

A,

Refunding,

5%,

1/01/35

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

1,000,000

1,118,676

SFO

Fuel

Co.

LLC,

Revenue,

2019

A,

Refunding,

5%,

1/01/36

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

1,000,000

1,117,153

San

Francisco

City

&

County

Redevelopment

Agency

Successor

Agency

,

Hotel

Tax,

Revenue,

2011,

Refunding,

AGMC

Insured,

5%,

6/01/24

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

10,275,000

10,298,276

Mission

Bay

South

Redevelopment

Area

Tax

Increment

Financing

District,

Tax

Allocation,

2014

A,

5%,

8/01/30

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

1,080,000

1,158,608

Mission

Bay

South

Redevelopment

Area

Tax

Increment

Financing

District,

Tax

Allocation,

2014

A,

5%,

8/01/34

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

1,110,000

1,190,176

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

15

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

San

Jacinto

Unified

School

District

Financing

Authority

,

Community

Facilities

District

No.

2003-2

,

Special

Tax

,

2019

,

5

%

,

9/01/36

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

$

1,200,000

$

1,328,236

San

Joaquin

Hills

Transportation

Corridor

Agency

,

Revenue,

1997

A,

Refunding,

NATL

Insured,

Zero

Cpn.,

1/15/26

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

19,000,000

17,267,460

Revenue,

Senior

Lien,

2014

A,

Pre-Refunded,

5%,

1/15/29

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

10,000,000

10,809,503

San

Luis

&

Delta

Mendota

Water

Authority

,

Revenue

,

2013

A

,

Pre-Refunded

,

BAM

Insured

,

5

%

,

3/01/29

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

1,000,000

1,030,514

San

Mateo

County

Transit

District

,

Sales

Tax,

Revenue,

2015

A,

Refunding,

5%,

6/01/28

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

3,000,000

3,271,784

Sales

Tax,

Revenue,

2015

A,

Refunding,

5%,

6/01/29

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

4,300,000

4,689,556

San

Mateo

Foster

City

Public

Financing

Authority

,

City

of

San

Mateo

Sewer,

Revenue,

2019,

5%,

8/01/34

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

1,000,000

1,185,305

City

of

San

Mateo

Sewer,

Revenue,

2019,

5%,

8/01/38

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

1,500,000

1,771,138

San

Ysidro

School

District

,

COP,

2015,

Refunding,

BAM

Insured,

5%,

9/01/29

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

1,100,000

1,192,204

COP,

2015,

Refunding,

BAM

Insured,

5%,

9/01/31

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

1,000,000

1,083,480

COP,

2015,

Refunding,

BAM

Insured,

5%,

9/01/33

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

1,050,000

1,136,938

Sanger

Public

Financing

Authority

,

Revenue

,

2014

,

Pre-Refunded

,

AGMC

Insured

,

5

%

,

6/15/34

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

7,000,000

7,582,378

Santa

Cruz

County

Redevelopment

Successor

Agency

,

Tax

Allocation

,

2015

A

,

Refunding

,

AGMC

Insured

,

5

%

,

9/01/29

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

4,475,000

4,890,269

Sierra

View

Local

Health

Care

District

,

Revenue,

2020,

Refunding,

4%,

7/01/24

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

240,000

249,128

Revenue,

2020,

Refunding,

4%,

7/01/26

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

100,000

106,600

Revenue,

2020,

Refunding,

5%,

7/01/28

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

660,000

755,346

Revenue,

2020,

Refunding,

5%,

7/01/30

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

520,000

612,242

Sonoma

Community

Development

Agency

Successor

Agency

,

Tax

Allocation,

2015,

Refunding,

NATL

Insured,

5%,

6/01/29

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

1,000,000

1,112,904

Tax

Allocation,

2015,

Refunding,

NATL

Insured,

5%,

6/01/33

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

1,200,000

1,328,176

Southern

California

Public

Power

Authority

,

Revenue

,

2015

C

,

Refunding

,

5

%

,

7/01/26

5,000,000

5,390,895

State

of

California

,

GO,

Refunding,

5.25%,

9/01/22

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

16,330,000

16,609,979

GO,

Refunding,

5%,

10/01/22

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

15,785,000

16,084,647

GO,

Refunding,

5%,

9/01/28

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

15,030,000

17,625,087

GO,

Refunding,

5%,

9/01/29

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

1,000,000

1,123,119

GO,

Refunding,

5%,

10/01/29

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

7,500,000

8,968,747

GO,

5%,

10/01/29

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

1,470,000

1,757,875

GO,

Refunding,

5%,

4/01/30

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

10,000,000

11,788,950

GO,

Refunding,

5%,

9/01/30

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

5,540,000

6,699,800

GO,

Refunding,

5%,

10/01/30

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

9,965,000

12,066,770

GO,

2014,

5%,

12/01/27

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

5,000,000

5,252,128

GO,

2014,

5%,

12/01/28

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

5,000,000

5,252,129

State

of

California

Department

of

Water

Resources

,

Revenue,

AS,

ETM,

5%,

12/01/24

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

35,000

37,708

Revenue,

AS,

5%,

12/01/24

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

11,090,000

11,980,918

Revenue,

AS,

Pre-Refunded,

5%,

12/01/25

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

5,000

5,393

Revenue,

AS,

5%,

12/01/25

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

6,125,000

6,610,426

Revenue,

AS,

Pre-Refunded,

5%,

12/01/26

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

45,000

48,481

Revenue,

AS,

Pre-Refunded,

5%,

12/01/26

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

22,455,000

24,252,851

Revenue,

BA,

Pre-Refunded,

5%,

12/01/35

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

12,180,000

14,501,094

Revenue,

BB,

Refunding,

5%,

12/01/33

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

3,290,000

3,989,244

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

1,052,747

Sacramento

County

Tobacco

Securitization

Corp.,

Revenue,

Senior

Lien,

2021

A,

1,

Refunding,

4%,

6/01/39

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

1,150,000

1,205,590

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

16

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Tobacco

Securitization

Authority

of

Southern

California

,

San

Diego

County

Tobacco

Asset

Securitization

Corp.,

Revenue,

2019

A,

1,

Refunding,

5%,

6/01/35

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

$

1,500,000

$

1,690,942

San

Diego

County

Tobacco

Asset

Securitization

Corp.,

Revenue,

2019

A,

1,

Refunding,

5%,

6/01/37

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

1,000,000

1,123,806

San

Diego

County

Tobacco

Asset

Securitization

Corp.,

Revenue,

2019

A,

1,

Refunding,

5%,

6/01/38

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

500,000

560,909

Transbay

Joint

Powers

Authority

,

Transbay

Redevelopment

Project

Tax

Increment

Re-Development

Project,

Tax

Allocation,

Senior

Lien,

2020

A,

5%,

10/01/30

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

500,000

592,560

Transbay

Redevelopment

Project

Tax

Increment

Re-Development

Project,

Tax

Allocation,

Senior

Lien,

2020

A,

5%,

10/01/32

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

1,500,000

1,770,673

Transbay

Redevelopment

Project

Tax

Increment

Re-Development

Project,

Tax

Allocation,

Senior

Lien,

2020

A,

5%,

10/01/34

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

1,050,000

1,236,175

Tulare

County

Board

of

Education

,

COP

,

Pre-Refunded

,

BAM

Insured

,

5

%

,

5/01/28

..

1,040,000

1,077,070

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

1,094,793

City

of

Tustin

Community

Facilities

District

No.

06-1,

Special

Tax,

2015

A,

Refunding,

5%,

9/01/32

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

1,565,000

1,712,247

Twin

Rivers

Unified

School

District

,

GO

,

2020

A

,

Refunding

,

AGMC

Insured

,

4

%

,

8/01/35

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

5,000,000

5,351,512

University

of

California

,

Revenue,

2014

AM,

5%,

5/15/27

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

3,000,000

3,191,012

Revenue,

2014

AM,

5%,

5/15/28

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

1,835,000

1,951,048

Revenue,

2016

K,

5%,

5/15/37

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

1,000,000

1,104,192

Revenue,

2020

BE,

Refunding,

5%,

5/15/34

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

7,000,000

8,318,093

Revenue,

2021

Q,

Refunding,

4%,

5/15/40

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

7,750,000

8,417,421

Vacaville

Unified

School

District

,

GO,

D,

4%,

8/01/35

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

250,000

271,845

GO,

D,

4%,

8/01/36

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

300,000

325,232

GO,

D,

4%,

8/01/37

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

300,000

324,676

GO,

D,

4%,

8/01/38

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

545,000

587,781

GO,

D,

4%,

8/01/39

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

750,000

806,076

GO,

D,

4%,

8/01/40

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

735,000

788,124

Washington

Township

Health

Care

District

,

Revenue,

2020

A,

Refunding,

5%,

7/01/22

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

200,000

201,809

Revenue,

2020

A,

Refunding,

5%,

7/01/23

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

200,000

207,556

Revenue,

2020

A,

Refunding,

5%,

7/01/24

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

200,000

212,405

Revenue,

2020

A,

Refunding,

5%,

7/01/25

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

215,000

233,683

Revenue,

2020

A,

Refunding,

5%,

7/01/26

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

275,000

305,363

Revenue,

2020

A,

Refunding,

5%,

7/01/27

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

400,000

452,763

Revenue,

2020

A,

Refunding,

5%,

7/01/28

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

400,000

460,281

Revenue,

2020

A,

Refunding,

5%,

7/01/29

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

350,000

409,102

Revenue,

2020

A,

Refunding,

5%,

7/01/30

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

325,000

385,301

Revenue,

2020

A,

Refunding,

5%,

7/01/31

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

350,000

398,142

Revenue,

2020

A,

Refunding,

3%,

7/01/32

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

800,000

762,664

Revenue,

2020

A,

Refunding,

4%,

7/01/33

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

275,000

293,218

Revenue,

2020

A,

Refunding,

3%,

7/01/34

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

870,000

798,384

Revenue,

2020

A,

Refunding,

4%,

7/01/35

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

300,000

319,125

Revenue,

2020

A,

Refunding,

3%,

7/01/36

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

1,400,000

1,265,827

Revenue,

2020

A,

Refunding,

3%,

7/01/37

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

725,000

651,399

Revenue,

2020

A,

Refunding,

3%,

7/01/38

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

750,000

668,640

West

Basin

Municipal

Water

District

,

Revenue,

2016

A,

Refunding,

5%,

8/01/32

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

1,975,000

2,170,136

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

17

See

Abbreviations

on

page

19

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

West

Basin

Municipal

Water

District,

(continued)

Revenue,

2016

A,

Refunding,

5%,

8/01/33

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

$

2,630,000

$

2,887,827

1,604,339,687

Wisconsin

0.7%

a

Public

Finance

Authority

,

Affordable

Housing

Preservation

Corp.

(The)

,

Revenue

,

144A,

2021

,

5.25

%

,

12/01/22

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

12,200,000

12,119,259

U.S.

Territories

0.9%

Guam

0.1%

Guam

Power

Authority

,

Revenue

,

2012

A

,

Refunding

,

AGMC

Insured

,

5

%

,

10/01/22

.

2,000,000

2,033,589

Puerto

Rico

0.8%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

UU,

Refunding,

AGMC

Insured,

5%,

7/01/23

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

5,000,000

5,089,449

d

Revenue,

WW-RSA-1,

5.375%,

7/01/23

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

5,000,000

4,818,750

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue

,

2007

N

,

Refunding

,

AGMC

Insured

,

5.25

%

,

7/01/36

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

2,200,000

2,312,836

12,221,035

Total

U.S.

Territories

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

14,254,624

Total

Municipal

Bonds

(Cost

$1,625,479,474)

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

1,630,713,570

a

a

a

a

Short

Term

Investments

1.0%

Municipal

Bonds

1.0%

California

1.0%

e

University

of

California

,

Revenue

,

2013

AL-1

,

Daily

VRDN

and

Put

,

0.3

%

,

5/15/48

...

16,000,000

16,000,000

Total

Municipal

Bonds

(Cost

$16,000,000)

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

16,000,000

Total

Short

Term

Investments

(Cost

$16,000,000

)

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

16,000,000

a

Total

Investments

(Cost

$1,641,479,474)

99.5%

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

$1,646,713,570

Other

Assets,

less

Liabilities

0.5%

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

8,468,548

Net

Assets

100.0%

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

$1,655,182,118

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

March

31,

2022,

the

aggregate

value

of

these

securities

was

$83,230,301,

representing

5.0%

of

net

assets.

b

The

maturity

date

shown

represents

the

mandatory

put

date.

c

Security

purchased

on

a

when-issued

basis.

d

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

e

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

California

Tax-Free

Trust

Notes

to

Schedules

of

Investments

(unaudited)

18

Quarterly

Schedule

of

Investments

1.

Organization

Franklin

California

Tax-Free

Trust (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of

one

fund,

Franklin

California

Intermediate

Term

Tax

Free

Income

Fund

(Fund)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP). 

2. Financial

Instrument

Valuation

The

Fund's investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates the

net

asset

value

(NAV)

per

share

each

business

day

as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the

Trust

Board

of

Trustees

(the

Board),

the

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

Schedules

of

Investments

(unaudited)

19

Quarterly

Schedule

of

Investments

5. Fair

Value

Measurements 

The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the

Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's

financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

•

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

•

Level 2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

•

Level 3

–

significant

unobservable

inputs

(including

the

Fund's own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

At March

31,

2022,

all

of

the

Fund's investments

in

financial

instruments

carried

at

fair

value

were

valued

using

Level

2

inputs.

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

6.

Subsequent

Events

The Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

Schedule

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.