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

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

CAT-Q1PH

See

Notes

to

Schedule

of

Investments.

1

Schedule

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

2

Notes

to

Schedule

of

Investments

18

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

September

30,

2022

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

2

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

99.3%

California

97.9%

ABAG

Finance

Authority

for

Nonprofit

Corp.

,

Odd

Fellows

Home

of

California,

Revenue,

2012

A,

California

Mortgage

Insured,

5%,

4/01/23

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

$

1,000,000

$

1,009,255

Odd

Fellows

Home

of

California,

Revenue,

2012

A,

California

Mortgage

Insured,

5%,

4/01/24

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

1,000,000

1,008,708

Align

Affordable

Housing

Bond

Fund

LP

,

a

Breezewood

2019

LP,

Revenue,

144A,

2020-3

TR,

A,

2.625%,

8/01/25

..........

14,300,000

13,291,214

Parkwood

Apartments,

2021-1,

2.25%,

8/01/31

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

11,250,000

9,836,100

California

Affordable

Housing

Agency

,

Butte

County

Housing

Authority

,

Revenue

,

2020

A

,

2

%

,

10/01/35

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

500,000

382,453

b

California

Community

Choice

Financing

Authority

,

Revenue,

2021

A,

Mandatory

Put,

4%,

12/01/27

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

13,200,000

13,069,807

Revenue,

2021

B-1,

Mandatory

Put,

4%,

8/01/31

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

9,150,000

8,752,574

Revenue,

2021

B-2,

Mandatory

Put,

2.91%,

8/01/31

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

25,000,000

22,450,493

Revenue,

2022

A-1,

Mandatory

Put,

4%,

8/01/28

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

20,000,000

19,557,930

California

Community

College

Financing

Authority

,

NCCD-Orange

Coast

Properties

LLC,

Revenue,

2018,

5%,

5/01/32

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

1,750,000

1,745,980

NCCD-Orange

Coast

Properties

LLC,

Revenue,

2018,

5%,

5/01/33

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

600,000

594,190

NCCD-Orange

Coast

Properties

LLC,

Revenue,

2018,

5%,

5/01/35

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

3,040,000

2,968,045

NCCD-Orange

Coast

Properties

LLC,

Revenue,

2018,

5%,

5/01/37

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

1,600,000

1,542,304

NCCD-Orange

Coast

Properties

LLC,

Revenue,

2018,

5%,

5/01/38

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

1,320,000

1,264,913

a

California

Community

Housing

Agency

,

Aster

Apartments

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

2/01/43

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

3,795,000

2,904,617

California

County

Tobacco

Securitization

Agency

,

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/34

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

340,000

316,691

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/35

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

400,000

368,592

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/36

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

615,000

561,656

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/37

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

660,000

596,125

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/38

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

615,000

549,694

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/39

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

600,000

530,511

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/40

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

615,000

538,751

Gold

Country

Settlement

Funding

Corp.,

Revenue,

2020

A,

Refunding,

5%,

6/01/29

250,000

261,827

Gold

Country

Settlement

Funding

Corp.,

Revenue,

2020

A,

Refunding,

5%,

6/01/31

1,065,000

1,109,711

Merced

County

Tobacco

Funding

Corp.,

Revenue,

Senior

Lien,

2020

A,

Refunding,

5%,

6/01/30

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

315,000

329,413

Merced

County

Tobacco

Funding

Corp.,

Revenue,

Senior

Lien,

2020

A,

Refunding,

5%,

6/01/31

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

300,000

312,496

Merced

County

Tobacco

Funding

Corp.,

Revenue,

Senior

Lien,

2020

A,

Refunding,

5%,

6/01/33

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

245,000

252,502

Merced

County

Tobacco

Funding

Corp.,

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/34

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

420,000

391,113

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

5%,

6/01/30

..

425,000

444,447

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

5%,

6/01/31

..

225,000

234,372

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

5%,

6/01/32

..

250,000

259,113

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

5%,

6/01/33

..

300,000

309,186

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

4%,

6/01/34

..

365,000

339,895

California

Educational

Facilities

Authority

,

Art

Center

College

of

Design,

Revenue,

2022

A,

5%,

12/01/32

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

275,000

279,314

Art

Center

College

of

Design,

Revenue,

2022

A,

5%,

12/01/33

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

545,000

551,381

Art

Center

College

of

Design,

Revenue,

2022

A,

5%,

12/01/34

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

995,000

1,001,422

Art

Center

College

of

Design,

Revenue,

2022

A,

5%,

12/01/35

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

1,045,000

1,045,835

Art

Center

College

of

Design,

Revenue,

2022

A,

5%,

12/01/36

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

595,000

594,184

Art

Center

College

of

Design,

Revenue,

2022

A,

4%,

12/01/37

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

1,150,000

1,008,597

Art

Center

College

of

Design,

Revenue,

2022

A,

4%,

12/01/38

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

1,195,000

1,037,508

Art

Center

College

of

Design,

Revenue,

2022

A,

4%,

12/01/39

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

1,245,000

1,070,967

Loma

Linda

University,

Revenue,

2017

A,

Refunding,

5%,

4/01/29

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

1,020,000

1,081,313

Loma

Linda

University,

Revenue,

2017

A,

Refunding,

5%,

4/01/32

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

1,235,000

1,298,443

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

3

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

Educational

Facilities

Authority,

(continued)

Loma

Linda

University,

Revenue,

2017

A,

Refunding,

5%,

4/01/33

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

$

1,000,000

$

1,048,811

Loma

Linda

University,

Revenue,

2017

A,

Refunding,

5%,

4/01/34

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

1,750,000

1,828,751

Loma

Linda

University,

Revenue,

2017

A,

Refunding,

5%,

4/01/35

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

1,500,000

1,564,230

Loma

Linda

University,

Revenue,

2017

A,

Refunding,

5%,

4/01/36

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

2,000,000

2,084,328

Loma

Linda

University,

Revenue,

2017

A,

Refunding,

5%,

4/01/37

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

2,000,000

2,079,782

University

of

San

Francisco,

Revenue,

2018

A,

5%,

10/01/37

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

1,365,000

1,432,609

California

Enterprise

Development

Authority

,

Provident

Group-SDSU

Properties

LLC,

Revenue,

First

Tier,

2020

A,

5%,

8/01/24

..

230,000

233,389

Provident

Group-SDSU

Properties

LLC,

Revenue,

First

Tier,

2020

A,

5%,

8/01/26

..

540,000

550,688

Provident

Group-SDSU

Properties

LLC,

Revenue,

First

Tier,

2020

A,

5%,

8/01/28

..

615,000

625,520

Provident

Group-SDSU

Properties

LLC,

Revenue,

First

Tier,

2020

A,

5%,

8/01/30

..

250,000

253,213

Provident

Group-SDSU

Properties

LLC,

Revenue,

First

Tier,

2020

A,

5%,

8/01/35

..

450,000

442,859

California

Health

Facilities

Financing

Authority

,

California-Nevada

Methodist

Homes,

Revenue,

2015,

Refunding,

California

Mortgage

Insured,

5%,

7/01/30

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

1,825,000

1,885,505

Casa

Milagro

LLC,

Revenue,

2011

A,

California

Mortgage

Insured,

6%,

2/01/24

...

2,000,000

2,004,292

Cedars-Sinai

Medical

Center

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

11/15/30

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

3,000,000

3,142,707

Cedars-Sinai

Medical

Center

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

8/15/31

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

3,500,000

3,676,465

Children's

Hospital

Los

Angeles

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

8/15/35

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

1,650,000

1,666,156

Children's

Hospital

Los

Angeles

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

8/15/36

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

2,045,000

2,056,752

Children's

Hospital

Los

Angeles

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

8/15/37

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

1,330,000

1,331,606

El

Camino

Hospital,

Revenue,

2017,

5%,

2/01/28

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

2,100,000

2,224,593

El

Camino

Hospital,

Revenue,

2017,

5%,

2/01/29

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

2,460,000

2,602,858

El

Camino

Hospital,

Revenue,

2017,

5%,

2/01/30

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

1,250,000

1,319,796

El

Camino

Hospital,

Revenue,

2017,

5%,

2/01/31

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

1,200,000

1,261,695

Marshall

Medical

Center,

Revenue,

2015,

Refunding,

California

Mortgage

Insured,

5%,

11/01/33

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

1,000,000

1,034,111

California

Housing

Finance

Agency

,

Revenue,

2019-2,

A,

4%,

3/20/33

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

5,261,388

5,007,489

Lakeside

Drive

Senior

Housing

LP,

Revenue,

2019

N,

FNMA

Insured,

2.35%,

12/01/35

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

9,463,100

7,851,791

California

Infrastructure

&

Economic

Development

Bank

,

Revenue,

2015

A,

Pre-Refunded,

5%,

10/01/32

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

2,915,000

3,070,921

Academy

of

Motion

Picture

Arts

and

Sciences

Obligated

Group,

Revenue,

2020

A,

5%,

11/01/30

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

7,260,000

8,121,039

Academy

of

Motion

Picture

Arts

and

Sciences

Obligated

Group,

Revenue,

2020

B,

Refunding,

5%,

11/01/29

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

2,000,000

2,219,020

California

Municipal

Finance

Authority

,

a,b

Revenue,

144A,

2009

A,

Mandatory

Put,

1.3%,

2/03/25

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

1,800,000

1,693,611

Revenue,

2022

A-1,

4.25%,

12/01/37

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

5,800,000

4,673,764

Revenue,

2022

A-2,

6.25%,

12/01/32

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

3,105,000

2,714,674

ACI

Royal

York,

Inc.,

Revenue,

2020

A,

3.125%,

2/15/33

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

620,000

493,799

Biola

University,

Inc.,

Revenue,

2017,

Refunding,

5%,

10/01/29

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

1,350,000

1,405,820

Biola

University,

Inc.,

Revenue,

2017,

Refunding,

5%,

10/01/31

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

1,000,000

1,034,384

Biola

University,

Inc.,

Revenue,

2017,

Refunding,

5%,

10/01/33

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

1,070,000

1,099,936

Biola

University,

Inc.,

Revenue,

2017,

Refunding,

5%,

10/01/35

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

1,000,000

1,022,835

California

Home

for

the

Aged,

Inc.

(The),

Revenue,

2018,

California

Mortgage

Insured,

5%,

5/15/36

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

1,000,000

1,075,123

California

Institute

of

the

Arts,

Revenue,

2021,

4%,

10/01/32

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

120,000

111,595

California

Institute

of

the

Arts,

Revenue,

2021,

4%,

10/01/33

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

120,000

110,041

California

Institute

of

the

Arts,

Revenue,

2021,

4%,

10/01/34

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

155,000

140,154

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

4

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

Municipal

Finance

Authority,

(continued)

California

Institute

of

the

Arts,

Revenue,

2021,

4%,

10/01/35

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

$

160,000

$

143,369

California

Institute

of

the

Arts,

Revenue,

2021,

4%,

10/01/36

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

185,000

164,352

California

Institute

of

the

Arts,

Revenue,

2021,

4%,

10/01/37

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

170,000

149,583

California

Institute

of

the

Arts,

Revenue,

2021,

3%,

10/01/41

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

960,000

671,781

Caritas

Corp.

(The),

Revenue,

2021

B,

Refunding,

3%,

8/15/31

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

115,000

98,765

Caritas

Corp.

(The),

Revenue,

2021

B,

Refunding,

4%,

8/15/41

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

590,000

498,907

Caritas

Corp.

(The),

Revenue,

2021

B,

Refunding,

4%,

8/15/56

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

540,000

412,531

a

Century

CityView

LP,

Revenue,

144A,

2021

A,

4%,

11/01/36

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

8,125,000

7,128,716

CHF-Davis

II

LLC,

Revenue,

2021,

BAM

Insured,

4%,

5/15/37

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

1,200,000

1,121,486

CHF-Davis

II

LLC,

Revenue,

2021,

BAM

Insured,

4%,

5/15/41

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

1,400,000

1,272,004

CHF-Riverside

II

LLC,

Revenue,

2019,

5%,

5/15/32

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

1,000,000

1,017,307

CHF-Riverside

II

LLC,

Revenue,

2019,

5%,

5/15/34

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

3,120,000

3,142,111

CHF-Riverside

II

LLC,

Revenue,

2019,

5%,

5/15/35

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

1,430,000

1,435,017

CHF-Riverside

II

LLC,

Revenue,

2019,

5%,

5/15/37

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

2,260,000

2,257,555

CHF-Riverside

II

LLC,

Revenue,

2019,

5%,

5/15/38

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

1,000,000

994,589

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2015

A,

Pre-

Refunded,

5%,

2/01/26

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

2,010,000

2,090,273

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2015

A,

Pre-

Refunded,

5%,

2/01/28

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

1,500,000

1,559,905

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/25

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

2,000,000

2,055,881

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/26

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

2,010,000

2,086,519

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/27

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

1,750,000

1,826,150

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/28

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

2,250,000

2,324,132

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/29

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

2,140,000

2,201,072

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/30

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

2,000,000

2,051,166

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/31

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

2,700,000

2,762,865

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/32

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

2,200,000

2,245,494

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/33

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

3,500,000

3,564,221

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/34

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

5,000,000

5,079,526

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/35

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

5,000,000

5,070,372

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/36

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

2,295,000

2,324,920

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/37

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

2,000,000

2,022,300

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/23

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

200,000

199,944

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/24

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

300,000

299,332

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/25

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

300,000

297,194

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/26

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

250,000

246,418

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/27

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

350,000

342,703

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/28

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

250,000

243,326

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/29

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

350,000

338,367

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/30

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

400,000

383,457

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/31

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

350,000

331,209

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/32

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

250,000

233,023

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/33

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

300,000

277,505

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/34

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

300,000

273,597

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

5

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

Municipal

Finance

Authority,

(continued)

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/35

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

$

400,000

$

361,527

Congregational

Homes,

Inc.

Obligated

Group,

Revenue,

2022

A,

5%,

11/15/26

....

105,000

106,161

Congregational

Homes,

Inc.

Obligated

Group,

Revenue,

2022

A,

5%,

11/15/27

....

110,000

111,230

Congregational

Homes,

Inc.

Obligated

Group,

Revenue,

2022

A,

5%,

11/15/28

....

115,000

116,200

Congregational

Homes,

Inc.

Obligated

Group,

Revenue,

2022

A,

5%,

11/15/29

....

240,000

241,701

Congregational

Homes,

Inc.

Obligated

Group,

Revenue,

2022

A,

4%,

11/15/30

....

125,000

115,951

Congregational

Homes,

Inc.

Obligated

Group,

Revenue,

2022

A,

4%,

11/15/31

....

265,000

243,042

Congregational

Homes,

Inc.

Obligated

Group,

Revenue,

2022

A,

4%,

11/15/32

....

280,000

253,818

Congregational

Homes,

Inc.

Obligated

Group,

Revenue,

2022

B-1,

2.75%,

11/15/27

525,000

470,058

Del

Harbor

Foundation,

Revenue,

2015,

Refunding,

5%,

11/01/26

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

1,085,000

1,140,040

a

IH

Lakes

Concord

LLC,

Revenue,

144A,

2022

A,

4.375%,

12/01/32

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

15,000,000

13,050,264

a

IH

Lakes

Concord

LLC,

Revenue,

144A,

2022

A-2,

6.75%,

12/01/32

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

930,000

835,971

Inland

Christian

Home,

Inc.,

Revenue,

2020,

California

Mortgage

Insured,

4%,

12/01/30

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

1,100,000

1,131,133

Inland

Christian

Home,

Inc.,

Revenue,

2020,

California

Mortgage

Insured,

4%,

12/01/39

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

1,245,000

1,147,116

Inland

Counties

Regional

Center,

Inc.,

Revenue,

2015,

Refunding,

5%,

6/15/23

...

1,580,000

1,600,355

Inland

Counties

Regional

Center,

Inc.,

Revenue,

2015,

Refunding,

5%,

6/15/24

...

1,000,000

1,029,350

Inland

Counties

Regional

Center,

Inc.,

Revenue,

2015,

Refunding,

5%,

6/15/32

...

6,625,000

6,897,693

LAX

Integrated

Express

Solutions

LLC,

Revenue,

Senior

Lien,

2018

A,

5%,

6/30/26

1,000,000

1,024,337

LAX

Integrated

Express

Solutions

LLC,

Revenue,

Senior

Lien,

2018

A,

5%,

12/31/34

3,000,000

3,017,144

LAX

Integrated

Express

Solutions

LLC,

Revenue,

Senior

Lien,

2018

A,

5%,

12/31/35

5,500,000

5,510,439

LAX

Integrated

Express

Solutions

LLC,

Revenue,

Senior

Lien,

2018

A,

5%,

12/31/36

10,570,000

10,563,089

LAX

Integrated

Express

Solutions

LLC,

Revenue,

Senior

Lien,

2018

A,

5%,

12/31/37

2,930,000

2,926,577

LAX

Integrated

Express

Solutions

LLC,

Revenue,

Senior

Lien,

2018

A,

5%,

12/31/38

7,600,000

7,593,887

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5%,

11/01/25

....

1,000,000

1,024,996

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5%,

11/01/26

....

900,000

928,647

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5%,

11/01/27

....

1,300,000

1,327,031

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5%,

11/01/28

....

1,400,000

1,426,993

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5.25%,

11/01/29

..

1,000,000

1,035,117

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5%,

11/01/30

....

1,350,000

1,369,630

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5.25%,

11/01/31

..

1,250,000

1,279,680

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5.25%,

11/01/36

..

4,620,000

4,673,754

Northern

California

Retired

Officers

Community,

Revenue,

2016,

Refunding,

California

Mortgage

Insured,

5%,

1/01/37

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

1,310,000

1,370,433

Pilgrim

Place

in

Claremont,

Revenue,

2016

A,

Refunding,

California

Mortgage

Insured,

5%,

5/15/31

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

2,750,000

2,937,306

South

Central

Los

Angeles

Regional

Center

for

Developmentally

Disabled

Persons,

Revenue,

2013,

5.25%,

12/01/27

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

3,730,000

3,786,012

System

Management

Group,

Revenue,

2019

A,

5%,

4/01/35

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

1,780,000

1,866,341

System

Management

Group,

Revenue,

2019

A,

5%,

4/01/37

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

2,945,000

3,075,890

University

of

La

Verne,

Revenue,

2017

A,

Refunding,

5%,

6/01/31

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

1,000,000

1,045,310

University

of

La

Verne,

Revenue,

2017

A,

Refunding,

5%,

6/01/32

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

1,000,000

1,042,671

University

of

La

Verne,

Revenue,

2017

A,

Refunding,

5%,

6/01/33

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

1,010,000

1,048,213

University

of

La

Verne,

Revenue,

2017

A,

Refunding,

5%,

6/01/35

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

1,440,000

1,485,444

a

California

Pollution

Control

Financing

Authority

,

Poseidon

Resources

Channelside

LP

,

Revenue

,

144A,

2019

,

Refunding

,

5

%

,

7/01/29

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

4,350,000

4,427,251

California

Public

Finance

Authority

,

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

10/15/22

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

245,000

245,031

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

10/15/23

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

285,000

285,897

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

10/15/24

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

380,000

379,727

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

10/15/25

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

400,000

398,256

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

6

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

Public

Finance

Authority,

(continued)

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

10/15/26

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

$

420,000

$

416,119

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

10/15/27

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

400,000

391,636

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

10/15/28

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

360,000

349,515

b

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2021

B,

Mandatory

Put,

4%,

10/15/31

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

690,000

624,544

a

California

School

Finance

Authority

,

Revenue,

144A,

2022

A,

Refunding,

4%,

10/01/27

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

570,000

558,759

Revenue,

144A,

2022

A,

Refunding,

5%,

10/01/32

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

755,000

761,732

Aspire

Public

Schools

Obligated

Group,

Revenue,

144A,

2022

A,

5%,

8/01/32

....

640,000

654,706

Green

Dot

Public

Schools

Obligated

Group,

Revenue,

144A,

2018

A,

5%,

8/01/26

.

300,000

305,113

Green

Dot

Public

Schools

Obligated

Group,

Revenue,

144A,

2018

A,

5%,

8/01/27

.

320,000

326,259

Kipp

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

7/01/24

100,000

101,697

Kipp

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

7/01/25

105,000

107,068

Kipp

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

7/01/26

110,000

112,641

Kipp

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

7/01/27

100,000

102,659

Kipp

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

7/01/28

100,000

103,200

Kipp

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

7/01/29

100,000

103,323

Kipp

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

7/01/30

100,000

103,068

California

State

Public

Works

Board

,

State

of

California

Department

of

Corrections

&

Rehabilitation,

Revenue,

2014

A,

5%,

9/01/26

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

10,000,000

10,290,436

State

of

California

Department

of

Corrections

&

Rehabilitation,

Revenue,

2014

D,

5%,

9/01/26

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

6,835,000

7,033,513

State

of

California

Department

of

General

Services,

Revenue,

2021

D,

5%,

11/01/33

2,790,000

3,084,419

California

State

University

,

Revenue,

2016

A,

Refunding,

5%,

11/01/29

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

16,000,000

16,981,693

Revenue,

2016

A,

Refunding,

5%,

11/01/30

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

5,000,000

5,297,536

California

Statewide

Communities

Development

Authority

,

Revenue,

2019

A,

Refunding,

California

Mortgage

Insured,

5%,

11/15/34

........

750,000

809,026

Revenue,

2019

A,

Refunding,

California

Mortgage

Insured,

5%,

11/15/37

........

735,000

785,702

Aldersly

Obligated

Group,

Revenue,

2015

A,

Refunding,

4.5%,

5/15/25

.........

615,000

607,374

Community

Facilities

District

No.

2020-02

Improvement

Area

No.

2,

Special

Tax,

2022,

5.125%,

9/01/42

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

500,000

478,663

Front

Porch

Communities

&

Services

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

4/01/23

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

400,000

403,448

Front

Porch

Communities

&

Services

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

4/01/24

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

400,000

406,316

Front

Porch

Communities

&

Services

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

4/01/25

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

615,000

630,256

Front

Porch

Communities

&

Services

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

4/01/26

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

400,000

413,147

Front

Porch

Communities

&

Services

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

4/01/27

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

670,000

696,515

Front

Porch

Communities

&

Services

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

4/01/28

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

425,000

444,700

Front

Porch

Communities

&

Services

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

4/01/29

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

725,000

762,254

Front

Porch

Communities

&

Services

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

4/01/30

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

450,000

472,584

Front

Porch

Communities

&

Services

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

4/01/31

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

450,000

472,434

Front

Porch

Communities

&

Services

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

4/01/32

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

1,470,000

1,535,465

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

7

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

Statewide

Communities

Development

Authority,

(continued)

Front

Porch

Communities

&

Services

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

4/01/33

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

$

1,520,000

$

1,578,866

Front

Porch

Communities

&

Services

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

4/01/34

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

1,565,000

1,623,288

Hebrew

Home

for

Aged

Disabled,

Revenue,

2016,

California

Mortgage

Insured,

5%,

11/01/36

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

9,000,000

9,428,072

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2014,

Pre-Refunded,

AGMC

Insured,

5%,

10/01/26

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

1,000,000

1,036,500

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2014,

Pre-Refunded,

AGMC

Insured,

5%,

10/01/28

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

1,250,000

1,295,625

Poway

RHF

Housing,

Inc.,

Revenue,

2013

A,

California

Mortgage

Insured,

5%,

11/15/28

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

500,000

510,269

Redwoods

(The),

A

Community

of

Seniors,

Revenue,

2013,

Pre-Refunded,

California

Mortgage

Insured,

5%,

11/15/28

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

1,000,000

1,020,323

Campbell

Union

School

District

,

GO

,

2015

,

Refunding

,

5

%

,

8/01/28

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

3,235,000

3,398,678

Carson

Public

Financing

Authority

,

City

of

Carson

Reassessment

District

No.

2001-1,

Revenue,

2019,

Refunding,

5%,

9/02/25

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

1,000,000

1,030,735

City

of

Carson

Reassessment

District

No.

2001-1,

Revenue,

2019,

Refunding,

5%,

9/02/31

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

1,000,000

1,058,684

Chino

Valley

Unified

School

District

,

GO,

2020

B,

5%,

8/01/35

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

100,000

108,336

GO,

2020

B,

5%,

8/01/36

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

125,000

134,858

GO,

2020

B,

5%,

8/01/37

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

250,000

268,373

GO,

2020

B,

5%,

8/01/38

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

350,000

373,866

GO,

2020

B,

5%,

8/01/39

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

400,000

425,935

c

City

of

Chino

,

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

9,

Special

Tax,

2022,

5%,

9/01/30

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

1,280,000

1,324,826

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

9,

Special

Tax,

2022,

4.5%,

9/01/31

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

725,000

716,271

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

9,

Special

Tax,

2022,

4.625%,

9/01/32

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

755,000

749,164

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

9,

Special

Tax,

2022,

4.75%,

9/01/34

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

1,620,000

1,601,969

City

of

Chula

Vista

,

Community

Facilities

District

No.

06-I

Improvement

Area

No.

2

,

Special

Tax

,

2021

,

4

%

,

9/01/46

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

2,000,000

1,627,808

City

of

Clovis

,

Sewer,

Revenue,

2013,

Refunding,

BAM

Insured,

5%,

8/01/28

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

1,200,000

1,217,439

Water,

Revenue,

2013,

Refunding,

BAM

Insured,

5%,

3/01/26

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

2,620,000

2,637,797

Water,

Revenue,

2013,

Refunding,

BAM

Insured,

5%,

3/01/27

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

1,000,000

1,006,793

City

of

Corona

,

Community

Facilities

District

No.

2018-1

Improvement

Area

No.

1

,

Special

Tax

,

2020

,

4

%

,

9/01/40

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

350,000

296,568

c

City

of

Dublin

,

Community

Facilities

District

No.

2015-1

Improvement

Area

No.

4

,

Special

Tax

,

2015-1

,

5

%

,

9/01/37

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

955,000

938,209

City

of

Fontana

,

Community

Facilities

District

No.

85,

Special

Tax,

2020,

4%,

9/01/32

...........

250,000

235,120

Community

Facilities

District

No.

85,

Special

Tax,

2020,

4%,

9/01/36

...........

550,000

498,644

Community

Facilities

District

No.

85,

Special

Tax,

2020,

4%,

9/01/40

...........

625,000

545,739

Community

Facilities

District

No.

87,

Special

Tax,

2021,

4%,

9/01/41

...........

400,000

344,611

Community

Facilities

District

No.

87,

Special

Tax,

2021,

4%,

9/01/46

...........

650,000

536,641

Community

Facilities

District

No.

88,

Special

Tax,

2020,

4%,

9/01/40

...........

550,000

480,250

City

of

Irvine

,

Reassessment

District

No.

15-2

,

1915

Act,

Special

Assessment

,

Refunding

,

5

%

,

9/02/25

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

1,000,000

1,027,959

City

of

Lake

Elsinore

,

Community

Facilities

District

No.

2006-1

Summerly,

Special

Tax,

2021,

4%,

9/01/46

400,000

313,567

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

8

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

City

of

Lake

Elsinore,

(continued)

Community

Facilities

District

No.

2006-1

Summerly,

Special

Tax,

2021,

4%,

9/01/51

$

425,000

$

324,706

Community

Facilities

District

No.

2019-1,

Special

Tax,

2021,

4%,

9/01/41

........

350,000

293,630

Community

Facilities

District

No.

2019-1,

Special

Tax,

2021,

4%,

9/01/46

........

450,000

361,633

Community

Facilities

District

No.

2019-1,

Special

Tax,

2021,

4%,

9/01/51

........

700,000

547,211

City

of

Lincoln

,

Community

Facilities

District

No.

2006-1,

Special

Tax,

2021,

Refunding,

4%,

9/01/33

195,000

176,964

Community

Facilities

District

No.

2006-1,

Special

Tax,

2021,

Refunding,

4%,

9/01/35

215,000

190,988

Community

Facilities

District

No.

2006-1,

Special

Tax,

2021,

Refunding,

4%,

9/01/37

250,000

218,114

City

of

Long

Beach

,

Harbor,

Revenue,

2019

A,

5%,

5/15/38

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

4,250,000

4,498,059

Marina

System,

Revenue,

2015,

5%,

5/15/27

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

1,285,000

1,310,471

Marina

System,

Revenue,

2015,

5%,

5/15/32

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

1,250,000

1,267,543

City

of

Los

Angeles

,

Revenue,

2018

C,

5%,

5/15/35

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

5,800,000

5,892,838

Department

of

Airports,

Revenue,

2018

B,

Refunding,

5%,

5/15/32

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

3,325,000

3,442,601

Department

of

Airports,

Revenue,

2018

D,

Refunding,

5%,

5/15/31

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

5,715,000

5,969,027

Department

of

Airports,

Revenue,

2019

D,

5%,

5/15/30

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

2,000,000

2,089,980

Department

of

Airports,

Revenue,

2019

D,

5%,

5/15/35

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

2,000,000

2,037,459

Department

of

Airports,

Revenue,

2019

D,

5%,

5/15/36

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

2,500,000

2,540,826

Department

of

Airports,

Revenue,

2019

F,

5%,

5/15/38

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

7,500,000

7,602,170

Department

of

Airports,

Revenue,

2020

A,

Refunding,

5%,

5/15/32

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

3,205,000

3,508,791

Department

of

Airports,

Revenue,

2020

A,

Refunding,

5%,

5/15/33

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

3,000,000

3,242,751

Department

of

Airports,

Revenue,

2020

A,

Refunding,

5%,

5/15/37

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

7,380,000

7,823,162

Department

of

Airports,

Revenue,

2020

A,

Refunding,

5%,

5/15/40

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

5,485,000

5,784,243

Department

of

Airports,

Revenue,

2022

C,

Refunding,

5%,

5/15/28

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

300,000

313,996

Department

of

Airports,

Revenue,

2022

C,

Refunding,

5%,

5/15/29

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

250,000

262,584

Department

of

Airports,

Revenue,

Senior

Lien,

2022

G,

5.5%,

5/15/36

..........

1,325,000

1,437,671

Department

of

Airports,

Revenue,

Senior

Lien,

2022

G,

5.5%,

5/15/37

..........

9,960,000

10,774,550

Department

of

Airports,

Revenue,

Senior

Lien,

2022

G,

5.5%,

5/15/38

..........

1,080,000

1,165,272

Department

of

Airports,

Revenue,

Senior

Lien,

2022

G,

5.5%,

5/15/40

..........

580,000

623,072

Department

of

Airports,

Revenue,

Senior

Lien,

2022

G,

4%,

5/15/41

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

14,930,000

12,981,160

Wastewater

System,

Revenue,

2013

A,

Refunding,

5%,

6/01/27

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

9,145,000

9,263,381

City

of

Moreno

Valley

,

Community

Facilities

District

No.

5,

Special

Tax,

2021,

Refunding,

4%,

9/01/31

....

250,000

230,636

Community

Facilities

District

No.

5,

Special

Tax,

2021,

Refunding,

4%,

9/01/37

....

750,000

663,816

City

of

Newport

Beach

,

Assessment

District

No.

113,

1915

Act,

Special

Assessment,

2021

A,

2%,

9/02/34

.

235,000

158,153

Assessment

District

No.

113,

1915

Act,

Special

Assessment,

2021

A,

2.125%,

9/02/35

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

240,000

159,904

Assessment

District

No.

113,

1915

Act,

Special

Assessment,

2021

A,

2.125%,

9/02/36

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

245,000

159,423

City

of

Ontario

,

Community

Facilities

District

No.

46,

Special

Tax,

2021,

4%,

9/01/45

...........

300,000

249,592

Community

Facilities

District

No.

46,

Special

Tax,

2021,

4%,

9/01/51

...........

500,000

399,087

City

of

Palm

Desert

,

Community

Facilities

District

No.

2005-1,

Special

Tax,

2021

A,

Refunding,

4%,

9/01/30

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

195,000

186,395

Community

Facilities

District

No.

2005-1,

Special

Tax,

2021

A,

Refunding,

4%,

9/01/33

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

220,000

204,038

Community

Facilities

District

No.

2005-1,

Special

Tax,

2021

A,

Refunding,

4%,

9/01/36

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

250,000

225,719

Section

29

Assessment

District

No.

2004-02,

1915

Act,

Special

Assessment,

2021,

Refunding,

4%,

9/02/26

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

670,000

660,926

Section

29

Assessment

District

No.

2004-02,

1915

Act,

Special

Assessment,

2021,

Refunding,

4%,

9/02/31

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

800,000

757,175

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

9

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

City

of

Palm

Desert,

(continued)

Section

29

Assessment

District

No.

2004-02,

1915

Act,

Special

Assessment,

2021,

Refunding,

4%,

9/02/37

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

$

1,200,000

$

1,073,674

City

of

Palo

Alto

,

University

Avenue

Off-Street

Parking

Assessment

District,

1915

Act,

Special

Assessment,

2012,

Refunding,

5%,

9/02/28

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

895,000

903,679

University

Avenue

Off-Street

Parking

Assessment

District,

1915

Act,

Special

Assessment,

2012,

Refunding,

5%,

9/02/29

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

1,155,000

1,165,911

City

of

Porterville

,

Water,

COP,

2021,

AGMC

Insured,

4%,

8/15/35

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

230,000

223,495

Water,

COP,

2021,

AGMC

Insured,

4%,

8/15/36

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

200,000

188,810

Water,

COP,

2021,

AGMC

Insured,

4%,

8/15/37

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

175,000

163,493

City

of

Riverside

,

Sewer,

Revenue,

2015

A,

Refunding,

5%,

8/01/28

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

3,870,000

4,065,807

Sewer,

Revenue,

2015

A,

Refunding,

5%,

8/01/29

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

4,670,000

4,911,375

City

of

Sacramento

,

North

Natomas

Community

Facilities

District

No.

4,

Special

Tax,

2015

F,

Refunding,

5%,

9/01/26

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

615,000

634,099

North

Natomas

Community

Facilities

District

No.

4,

Special

Tax,

2015

F,

Refunding,

5%,

9/01/28

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

1,220,000

1,256,707

North

Natomas

Community

Facilities

District

No.

4,

Special

Tax,

2015

F,

Refunding,

5%,

9/01/29

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

1,555,000

1,599,603

North

Natomas

Community

Facilities

District

No.

4,

Special

Tax,

2015

F,

Refunding,

5%,

9/01/30

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

1,045,000

1,071,557

North

Natomas

Community

Facilities

District

No.

4,

Special

Tax,

2015

F,

Refunding,

5%,

9/01/31

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

1,800,000

1,841,309

Transient

Occupancy

Tax,

Revenue,

2018

A,

5%,

6/01/34

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

1,485,000

1,564,265

Transient

Occupancy

Tax,

Revenue,

2018

A,

5%,

6/01/35

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

2,000,000

2,098,741

Transient

Occupancy

Tax,

Revenue,

2018

A,

5%,

6/01/36

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

2,220,000

2,322,183

City

of

San

Francisco

,

Public

Utilities

Commission

Water

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

11/01/28

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

5,000,000

5,232,480

City

of

Vernon

,

Electric

System,

Revenue,

2021

A,

5%,

4/01/26

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

1,265,000

1,294,975

Electric

System,

Revenue,

2021

A,

5%,

4/01/27

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

1,750,000

1,801,137

Electric

System,

Revenue,

2021

A,

5%,

10/01/27

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

2,000,000

2,063,664

Electric

System,

Revenue,

2022

A,

Refunding,

5%,

8/01/23

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

580,000

583,945

Electric

System,

Revenue,

2022

A,

Refunding,

5%,

8/01/24

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

700,000

709,323

Electric

System,

Revenue,

2022

A,

Refunding,

5%,

8/01/25

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

500,000

509,846

Electric

System,

Revenue,

2022

A,

Refunding,

5%,

8/01/26

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

605,000

620,439

Electric

System,

Revenue,

2022

A,

Refunding,

5%,

8/01/30

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

1,105,000

1,147,014

City

of

Woodland

,

Community

Facilities

District

No.

2004-1

,

Special

Tax

,

2019

,

5

%

,

9/01/36

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

1,510,000

1,557,776

a

CMFA

Special

Finance

Agency

VIII

,

Elan

Huntington

Beach

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

8/01/47

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

1,500,000

1,129,755

Compton

Community

Redevelopment

Agency

,

Successor

Agency,

Tax

Allocation,

2022

A,

Refunding,

AGMC

Insured,

5%,

8/01/37

4,090,000

4,198,256

Successor

Agency,

Tax

Allocation,

2022

A,

Refunding,

AGMC

Insured,

5%,

8/01/42

3,115,000

3,146,271

Contra

Costa

Water

District

,

Revenue

,

T

,

Refunding

,

5

%

,

10/01/26

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

3,400,000

3,522,100

Corona-Norco

Unified

School

District

,

GO

,

2011

E

,

5.3

%

,

8/01/25

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

4,645,000

4,910,050

County

of

Sacramento

,

Airport

System,

Revenue,

2016

B,

Refunding,

5%,

7/01/35

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

1,000,000

1,030,961

Airport

System,

Revenue,

2016

B,

Refunding,

5%,

7/01/36

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

2,000,000

2,060,212

County

of

San

Diego

,

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020

A,

4%,

9/01/35

......

50,000

45,055

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020

A,

4%,

9/01/37

......

765,000

677,826

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020

A,

4%,

9/01/38

......

375,000

329,039

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020

A,

4%,

9/01/39

......

920,000

800,071

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

10

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

County

of

San

Diego,

(continued)

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020

A,

4%,

9/01/40

......

$

475,000

$

409,224

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020

A,

4%,

9/01/40

......

115,000

98,594

a

CSCDA

Community

Improvement

Authority

,

1818

Platinum

Triangle-Anaheim,

Revenue,

Senior

Lien,

144A,

2021

A-1,

3.35%,

4/01/47

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

10,000,000

7,476,771

Oceanaire

Apartments,

Revenue,

144A,

2021

A-1,

3.2%,

9/01/46

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

7,500,000

5,283,134

Towne

at

Glendale

Apartments,

Revenue,

144A,

2022

B,

5%,

9/01/37

..........

13,200,000

11,778,864

Del

Mar

Race

Track

Authority

,

Revenue,

2015,

Refunding,

5%,

10/01/22

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

1,435,000

1,435,000

Revenue,

2015,

Refunding,

5%,

10/01/23

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

1,510,000

1,514,187

Revenue,

2015,

Refunding,

5%,

10/01/28

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

1,925,000

1,932,587

Revenue,

2015,

Refunding,

5%,

10/01/30

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

1,125,000

1,127,865

Dublin

Unified

School

District

,

GO

,

2016

,

Refunding

,

5

%

,

8/01/32

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

3,220,000

3,420,369

East

Bay

Municipal

Utility

District

,

Wastewater

System,

Revenue,

2014

A,

Refunding,

5%,

6/01/25

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

2,845,000

2,981,974

Wastewater

System,

Revenue,

2014

A,

Refunding,

5%,

6/01/26

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

3,650,000

3,884,679

Wastewater

System,

Revenue,

2014

A,

Refunding,

5%,

6/01/27

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

1,500,000

1,620,634

Wastewater

System,

Revenue,

2014

A,

Refunding,

5%,

6/01/29

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

1,000,000

1,112,050

Water

System,

Revenue,

2015

A,

Refunding,

5%,

6/01/29

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

5,000,000

5,237,504

El

Dorado

Irrigation

District

,

COP,

2020

A,

5%,

3/01/34

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

375,000

403,973

COP,

2020

A,

5%,

3/01/37

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

325,000

347,576

COP,

2020

A,

5%,

3/01/38

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

750,000

800,296

COP,

2020

A,

5%,

3/01/39

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

720,000

766,933

Revenue,

2016

C,

Pre-Refunded,

5%,

3/01/31

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

2,500,000

2,649,885

Elk

Grove

Finance

Authority

,

Special

Tax

,

2015

,

Refunding

,

BAM

Insured

,

5

%

,

9/01/30

1,130,000

1,189,133

FHLMC,

Multi-family

ML

Pass-Through

Certificates

,

Revenue

,

2019-ML06

,

ACA

,

2.493

%

,

7/25/35

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

24,047,280

19,440,956

Fontana

Public

Facilities

Financing

Authority

,

Special

Tax,

2021

A,

Refunding,

4%,

9/01/23

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

450,000

452,684

Special

Tax,

2021

A,

Refunding,

4%,

9/01/24

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

1,225,000

1,224,444

Foothill-De

Anza

Community

College

District

,

GO,

2015,

Refunding,

5%,

8/01/27

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

1,250,000

1,315,012

GO,

2015,

Refunding,

5%,

8/01/28

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

2,500,000

2,634,809

Foothill-Eastern

Transportation

Corridor

Agency

,

Revenue,

2013

A,

Refunding,

Zero

Cpn.,

1/15/25

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

2,500,000

2,398,427

Revenue,

2013

A,

Refunding,

Zero

Cpn.,

1/15/26

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

3,760,000

3,655,236

Revenue,

2013

A,

Refunding,

Zero

Cpn.,

1/15/27

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

6,395,000

6,299,457

Revenue,

2013

A,

Refunding,

AGMC

Insured,

Zero

Cpn.,

1/15/29

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

19,895,000

20,175,997

Revenue,

2015

A,

Refunding,

AGMC

Insured,

Zero

Cpn.,

1/15/34

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

3,000,000

1,794,795

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

1/15/26

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

305,000

310,526

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

1/15/27

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

350,000

357,746

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

1/15/28

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

320,000

328,062

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

1/15/29

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

360,000

369,959

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

1/15/30

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

400,000

411,746

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

1/15/31

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

470,000

482,197

Revenue,

Junior

Lien,

2021

C,

Refunding,

4%,

1/15/32

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

300,000

284,445

Revenue,

Junior

Lien,

2021

C,

Refunding,

4%,

1/15/33

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

445,000

416,570

Fullerton

School

District

Financing

Authority

,

Special

Tax,

Senior

Lien,

2013

A,

Pre-Refunded,

AGMC

Insured,

5%,

9/01/27

....

1,000,000

1,016,273

Special

Tax,

Senior

Lien,

2013

A,

Pre-Refunded,

AGMC

Insured,

5%,

9/01/28

....

1,040,000

1,056,923

Golden

State

Tobacco

Securitization

Corp.

,

Revenue,

2018

A-1,

Pre-Refunded,

5%,

6/01/31

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

1,000,000

1,096,144

Revenue,

2018

A-1,

Pre-Refunded,

5%,

6/01/32

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

8,135,000

8,917,134

Revenue,

2018

A-1,

Pre-Refunded,

5%,

6/01/33

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

10,000,000

10,961,443

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

11

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Golden

State

Tobacco

Securitization

Corp.,

(continued)

Revenue,

2018

A-1,

Pre-Refunded,

5%,

6/01/35

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

$

9,000,000

$

9,865,299

Imperial

Irrigation

District

,

Electric

System,

Revenue,

2019,

Refunding,

5%,

11/01/33

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

1,000,000

1,073,741

Electric

System,

Revenue,

2019,

Refunding,

5%,

11/01/34

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

1,100,000

1,177,556

Electric

System,

Revenue,

2019,

Refunding,

5%,

11/01/35

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

1,520,000

1,624,633

Electric

System,

Revenue,

2019,

Refunding,

5%,

11/01/38

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

4,075,000

4,333,474

Independent

Cities

Finance

Authority

,

Augusta

Communities

LLC,

Revenue,

2022

A,

Refunding,

5.25%,

5/15/56

.......

2,010,000

2,027,438

Millennium

Housing

LLC,

Revenue,

2021,

Refunding,

3%,

5/15/41

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

1,395,000

1,071,615

Millennium

Housing

LLC,

Revenue,

2022,

Refunding,

3.7%,

9/15/32

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

1,000,000

944,669

San

Juan

Mobile

Estates,

Revenue,

2015,

Refunding,

5%,

8/15/30

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

1,575,000

1,601,310

Irvine

Unified

School

District

,

Special

Tax,

2020

A,

4%,

9/01/27

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

1,745,000

1,719,448

Special

Tax,

2020

A,

4%,

9/01/28

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

1,135,000

1,111,312

Special

Tax,

2020

A,

5%,

9/01/29

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

1,920,000

2,033,036

Special

Tax,

2020

A,

5%,

9/01/31

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

1,840,000

1,922,653

Special

Tax,

2020

A,

5%,

9/01/32

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

755,000

783,419

Special

Tax,

2020

A,

4%,

9/01/34

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

2,300,000

2,097,047

Special

Tax,

2020

A,

4%,

9/01/35

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

1,460,000

1,318,178

Special

Tax,

2020

A,

4%,

9/01/36

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

1,320,000

1,180,760

Special

Tax,

2020

A,

4%,

9/01/37

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

1,355,000

1,199,294

Special

Tax,

2020

A,

4%,

9/01/38

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

2,735,000

2,394,366

Special

Tax,

2020

A,

4%,

9/01/39

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

2,905,000

2,517,411

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

5%,

9/01/29

........

185,000

196,006

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

5%,

9/01/30

........

210,000

220,576

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

5%,

9/01/31

........

175,000

182,538

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

5%,

9/01/32

........

185,000

191,767

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

5%,

9/01/33

........

200,000

205,938

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

5%,

9/01/34

........

225,000

230,246

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

5%,

9/01/36

........

265,000

268,765

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

4%,

9/01/37

........

285,000

255,834

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

4%,

9/01/38

........

275,000

243,216

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

4%,

9/01/39

........

315,000

274,583

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

4%,

9/01/40

........

350,000

301,167

Jurupa

Public

Financing

Authority

,

Special

Tax,

2013

A,

AGMC

Insured,

5%,

9/01/30

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

2,750,000

2,794,502

Special

Tax,

2013

A,

AGMC

Insured,

5%,

9/01/33

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

5,000,000

5,079,562

Special

Tax,

2014

A,

Refunding,

5%,

9/01/27

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

1,000,000

1,030,539

Special

Tax,

2014

A,

Refunding,

5%,

9/01/28

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

1,275,000

1,313,937

Special

Tax,

2014

A,

Refunding,

5%,

9/01/29

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

530,000

545,789

Special

Tax,

2015

A,

Refunding,

5%,

9/01/26

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

1,855,000

1,934,926

Special

Tax,

2015

A,

Refunding,

5%,

9/01/27

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

1,000,000

1,042,972

Special

Tax,

2015

A,

Refunding,

5%,

9/01/28

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

1,025,000

1,070,469

Special

Tax,

2015

A,

Refunding,

5%,

9/01/29

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

1,155,000

1,207,846

Special

Tax,

2015

A,

Refunding,

5%,

9/01/30

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

1,510,000

1,580,018

Special

Tax,

2015

A,

Refunding,

5%,

9/01/31

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

1,190,000

1,245,199

Special

Tax,

2015

A,

Refunding,

5%,

9/01/32

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

2,505,000

2,620,682

Special

Tax,

2015

A,

Refunding,

5%,

9/01/33

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

2,635,000

2,756,344

Special

Tax,

2020

A,

Refunding,

BAM

Insured,

4%,

9/01/32

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

700,000

700,808

Special

Tax,

2020

A,

Refunding,

BAM

Insured,

4%,

9/01/36

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

1,175,000

1,139,101

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

12

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Lake

Elsinore

Public

Financing

Authority

,

Special

Tax

,

2015

,

Refunding

,

5

%

,

9/01/30

.

$

4,970,000

$

5,093,563

Lake

Elsinore

Unified

School

District

,

Community

Facilities

District

,

Special

Tax

,

2021

,

4

%

,

9/01/45

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

760,000

612,379

Lammersville

Joint

Unified

School

District

,

Community

Facilities

District

No.

2002

,

Special

Tax

,

2017

,

Refunding

,

5

%

,

9/01/33

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

1,575,000

1,624,342

Lee

Lake

Public

Financing

Authority

,

Special

Tax,

Junior

Lien,

2013

B,

5%,

9/01/27

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

1,400,000

1,412,270

Special

Tax,

Junior

Lien,

2013

B,

5.25%,

9/01/29

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

810,000

819,382

Los

Angeles

County

Metropolitan

Transportation

Authority

,

Sales

Tax,

Revenue,

2014

A,

Refunding,

5%,

7/01/26

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

6,315,000

6,532,067

Sales

Tax,

Revenue,

2014

A,

Refunding,

5%,

7/01/27

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

6,630,000

6,855,609

Sales

Tax,

Revenue,

2017

A,

5%,

7/01/39

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

7,520,000

7,869,540

Los

Angeles

Department

of

Water

,

Water

System,

Revenue,

2020

C,

Refunding,

5%,

7/01/40

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

7,000,000

7,443,900

Water

System,

Revenue,

2020

C,

Refunding,

5%,

7/01/41

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

3,535,000

3,750,094

Los

Angeles

Department

of

Water

&

Power

,

Power

System,

Revenue,

2013

A,

5%,

7/01/25

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

5,135,000

5,159,100

Power

System,

Revenue,

2014

C,

5%,

7/01/27

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

10,000,000

10,333,391

Power

System,

Revenue,

2014

D,

5%,

7/01/26

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

2,600,000

2,687,130

Power

System,

Revenue,

2014

D,

5%,

7/01/27

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

2,000,000

2,066,678

Power

System,

Revenue,

2014

D,

5%,

7/01/28

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

2,550,000

2,634,576

Power

System,

Revenue,

2016

B,

5%,

7/01/30

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

3,000,000

3,168,222

Power

System,

Revenue,

2016

B,

5%,

7/01/31

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

6,700,000

7,061,697

Power

System,

Revenue,

2017

B,

Refunding,

5%,

7/01/34

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

23,350,000

24,754,119

Water

System,

Revenue,

2016

A,

Refunding,

5%,

7/01/37

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

10,450,000

10,867,206

Water

System,

Revenue,

2018

B,

Refunding,

5%,

7/01/34

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

2,500,000

2,697,163

Water

System,

Revenue,

2020

C,

Refunding,

5%,

7/01/33

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

1,410,000

1,549,894

Water

System,

Revenue,

2020

C,

Refunding,

5%,

7/01/36

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

4,500,000

4,855,331

Los

Angeles

Unified

School

District

,

GO,

2011

A-1,

Refunding,

5%,

7/01/23

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

13,335,000

13,529,670

GO,

2016

A,

Refunding,

5%,

7/01/29

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

5,000,000

5,247,180

GO,

2016

B,

Refunding,

5%,

7/01/30

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

30,000,000

31,959,741

GO,

2020

RYQ,

4%,

7/01/38

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

5,000,000

4,771,056

Manteca

Unified

School

District

,

Community

Facilities

District

No.

1989-2

,

Special

Tax

,

2013

F

,

AGMC

Insured

,

5

%

,

9/01/26

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

1,280,000

1,300,944

Martinez

Unified

School

District

,

GO

,

2011

,

Refunding

,

5.375

%

,

8/01/26

..........

5,000,000

5,187,401

Menifee

Union

School

District

,

Community

Facilities

District

No.

2011-1,

Special

Tax,

2021,

4%,

9/01/36

........

445,000

400,950

Community

Facilities

District

No.

2011-1,

Special

Tax,

2021,

4%,

9/01/41

........

660,000

563,609

Community

Facilities

District

No.

2011-1,

Special

Tax,

2021,

4%,

9/01/46

........

1,750,000

1,434,517

Community

Facilities

District

No.

2011-1

Improvement

Area

No.

5,

Special

Tax,

2021,

4%,

9/01/36

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

500,000

450,972

Community

Facilities

District

No.

2011-1

Improvement

Area

No.

5,

Special

Tax,

2021,

4%,

9/01/41

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

800,000

682,303

Menifee

Union

School

District

Public

Financing

Authority

,

Special

Tax,

2016

A,

Refunding,

5%,

9/01/25

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

1,200,000

1,228,883

Special

Tax,

2017

A,

5%,

9/01/25

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

1,405,000

1,440,755

Special

Tax,

2017

A,

5%,

9/01/28

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

1,250,000

1,312,096

Special

Tax,

2017

A,

5%,

9/01/30

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

1,550,000

1,625,909

Metropolitan

Water

District

of

Southern

California

,

Revenue,

2014

E,

Refunding,

5%,

7/01/24

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

1,110,000

1,147,198

Revenue,

2016

A,

Pre-Refunded,

5%,

7/01/28

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

5,000,000

5,286,194

Revenue,

2020

C,

Refunding,

5%,

7/01/38

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

12,500,000

13,649,081

Moreno

Valley

Unified

School

District

,

GO,

2007,

Refunding,

NATL

Insured,

Zero

Cpn.,

8/01/24

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

7,500,000

7,052,373

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

4%,

9/01/31

........

120,000

111,552

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

4%,

9/01/32

........

130,000

119,473

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

13

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Moreno

Valley

Unified

School

District,

(continued)

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

4%,

9/01/33

........

$

140,000

$

127,051

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

4%,

9/01/34

........

150,000

134,484

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

4%,

9/01/35

........

165,000

149,997

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

2.5%,

9/01/36

.......

175,000

122,639

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

2.5%,

9/01/37

.......

190,000

130,148

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

2.625%,

9/01/38

.....

200,000

136,903

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

2.625%,

9/01/39

.....

210,000

141,305

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

2.75%,

9/01/40

......

225,000

150,328

Mount

San

Antonio

Community

College

District

,

GO

,

2013

A

,

Zero

Cpn.,

8/01/28

....

6,000,000

6,322,101

Mountain

House

Public

Financing

Authority

,

Mountain

House

Community

Services

District,

Revenue,

2020

A,

BAM

Insured,

4%,

12/01/32

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

400,000

409,526

Mountain

House

Community

Services

District,

Revenue,

2020

A,

BAM

Insured,

4%,

12/01/33

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

325,000

326,385

Mountain

House

Community

Services

District,

Revenue,

2020

A,

BAM

Insured,

4%,

12/01/34

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

300,000

293,008

Mountain

House

Community

Services

District,

Revenue,

2020

A,

BAM

Insured,

4%,

12/01/35

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

325,000

309,336

Mountain

House

Community

Services

District,

Revenue,

2020

A,

BAM

Insured,

4%,

12/01/36

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

310,000

291,726

Mountain

House

Community

Services

District,

Revenue,

2020

A,

BAM

Insured,

4%,

12/01/37

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

300,000

279,410

Mountain

House

Community

Services

District,

Revenue,

2020

A,

BAM

Insured,

4%,

12/01/38

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

300,000

276,650

Mountain

House

Community

Services

District,

Revenue,

2020

A,

BAM

Insured,

4%,

12/01/39

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

275,000

251,928

Mountain

House

Community

Services

District,

Revenue,

2020

B,

BAM

Insured,

4%,

12/01/35

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

1,000,000

951,802

New

Haven

Unified

School

District

,

GO

,

2012

,

Refunding

,

AGMC

Insured

,

Zero

Cpn.,

8/01/23

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

3,200,000

3,111,072

Oro

Grande

Elementary

School

District

,

COP,

2020,

Refunding,

4%,

9/15/29

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

2,595,000

2,432,528

COP,

2020,

Refunding,

4%,

9/15/30

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

2,700,000

2,478,693

COP,

2020,

Refunding,

4%,

9/15/31

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

2,805,000

2,525,619

COP,

2020,

Refunding,

4%,

9/15/32

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

1,600,000

1,430,383

Port

of

Oakland

,

Revenue,

2017

D,

Refunding,

5%,

11/01/28

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

2,250,000

2,363,299

Revenue,

2021

H,

Refunding,

5%,

11/01/29

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

2,000,000

2,132,230

Poway

Unified

School

District

,

Community

Facilities

District

No.

16,

Special

Tax,

2020,

AGMC

Insured,

5%,

9/01/32

100,000

106,162

Community

Facilities

District

No.

16,

Special

Tax,

2020,

AGMC

Insured,

4%,

9/01/34

500,000

481,085

Community

Facilities

District

No.

16,

Special

Tax,

2020,

AGMC

Insured,

4%,

9/01/36

715,000

679,343

Community

Facilities

District

No.

16,

Special

Tax,

2020,

AGMC

Insured,

4%,

9/01/38

835,000

783,686

Community

Facilities

District

No.

16,

Special

Tax,

2020,

AGMC

Insured,

4%,

9/01/40

965,000

896,283

Poway

Unified

School

District

Public

Financing

Authority

,

Special

Tax,

2014,

BAM

Insured,

5%,

10/01/31

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

1,700,000

1,729,907

Special

Tax,

2014,

BAM

Insured,

5%,

10/01/32

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

1,845,000

1,877,276

Special

Tax,

2017

A,

Refunding,

5%,

9/01/27

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

1,375,000

1,454,650

Special

Tax,

2017

A,

Refunding,

5%,

9/01/30

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

2,240,000

2,355,539

Rancho

Mirage

Community

Facilities

District

,

City

of

Rancho

Mirage

Community

Facilities

District

No.

4B,

Special

Tax,

2021,

4%,

9/01/46

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

385,000

308,432

City

of

Rancho

Mirage

Community

Facilities

District

No.

4B,

Special

Tax,

2021,

4%,

9/01/51

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

320,000

249,331

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

14

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Regents

of

the

University

of

California

,

Medical

Center

,

Revenue

,

2022

P

,

4

%

,

5/15/53

$

7,500,000

$

6,461,608

River

Islands

Public

Financing

Authority

,

Lathrop

Irrigation

District

Electric

,

Revenue

,

2020

,

AGMC

Insured

,

4

%

,

9/01/40

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

1,665,000

1,529,049

Riverside

Community

College

District

,

GO

,

2014

A

,

Pre-Refunded

,

5

%

,

8/01/27

.....

3,550,000

3,669,233

Riverside

County

Transportation

Commission

,

Revenue,

Senior

Lien,

2021

B-1,

Refunding,

4%,

6/01/46

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

1,000,000

844,412

Sales

Tax,

Revenue,

2017

B,

Refunding,

5%,

6/01/38

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

7,805,000

8,282,180

Riverside

Unified

School

District

,

Community

Facilities

District

No.

33,

Special

Tax,

2021,

4%,

9/01/45

...........

375,000

301,524

Community

Facilities

District

No.

33,

Special

Tax,

2021,

4%,

9/01/50

...........

600,000

465,235

a

RMA

Capital

Series

Trust

,

Revenue

,

144A,

2022-1

,

A

,

5.67

%

,

8/01/58

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

5,000,000

4,792,950

RNR

School

Financing

Authority

,

Community

Facilities

District

No.

92-1

,

Special

Tax

,

2017

A

,

BAM

Insured

,

5

%

,

9/01/27

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

1,035,000

1,098,459

Romoland

School

District

,

Community

Facilities

District

No.

2004-1,

Special

Tax,

2015,

Refunding,

5%,

9/01/27

1,000,000

1,027,615

Community

Facilities

District

No.

2004-1,

Special

Tax,

2015,

Refunding,

5%,

9/01/28

1,960,000

2,012,458

Community

Facilities

District

No.

2004-1,

Special

Tax,

2015,

Refunding,

5%,

9/01/29

2,130,000

2,187,559

Community

Facilities

District

No.

2004-1,

Special

Tax,

2015,

Refunding,

5%,

9/01/30

2,310,000

2,364,247

Community

Facilities

District

No.

2004-1,

Special

Tax,

2015,

Refunding,

5%,

9/01/31

2,495,000

2,548,144

Community

Facilities

District

No.

2004-1,

Special

Tax,

2015,

Refunding,

5%,

9/01/32

2,690,000

2,742,334

Community

Facilities

District

No.

91-1,

Special

Tax,

2017,

Refunding,

5%,

9/01/36

.

1,130,000

1,160,320

Root

Creek

Water

District

,

Community

Facilities

District

No.

2016-1

Improvement

Area

No.

1,

Special

Tax,

2021,

4%,

9/01/41

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

430,000

365,816

Community

Facilities

District

No.

2016-1

Improvement

Area

No.

1,

Special

Tax,

2021,

4%,

9/01/46

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

1,300,000

1,058,075

Sacramento

County

Sanitation

Districts

Financing

Authority

,

Sacramento

Regional

County

Sanitation

District

,

Revenue

,

2014

A

,

Refunding

,

5

%

,

12/01/29

..........

2,000,000

2,055,155

Sacramento

Municipal

Utility

District

,

Revenue,

2020

H,

5%,

8/15/36

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

7,465,000

8,071,572

Revenue,

2020

H,

5%,

8/15/38

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

5,025,000

5,393,699

San

Bernardino

County

Transportation

Authority

,

Revenue,

2014

A,

5%,

3/01/30

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

2,685,000

2,751,444

Revenue,

2014

A,

5%,

3/01/31

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

5,090,000

5,215,251

San

Diego

County

Regional

Airport

Authority

,

Revenue,

2019

A,

Refunding,

5%,

7/01/34

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

3,600,000

3,797,160

Revenue,

2019

A,

Refunding,

5%,

7/01/35

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

3,750,000

3,947,439

Revenue,

2019

A,

Refunding,

5%,

7/01/36

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

1,250,000

1,313,975

Revenue,

2019

A,

Refunding,

5%,

7/01/39

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

5,250,000

5,454,981

Revenue,

2019

A,

Refunding,

5%,

7/01/44

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

4,000,000

4,056,914

San

Diego

Public

Facilities

Financing

Authority

,

City

of

San

Diego

Water

Utility

,

Revenue

,

2020

A

,

5

%

,

8/01/34

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

850,000

919,829

San

Francisco

Bay

Area

Rapid

Transit

District

,

GO,

2013

C,

5%,

8/01/27

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

2,640,000

2,680,962

GO,

2013

C,

5%,

8/01/28

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

3,500,000

3,554,019

GO,

2020

C-1,

4%,

8/01/33

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

2,250,000

2,297,223

GO,

2020

C-1,

4%,

8/01/34

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

3,475,000

3,527,417

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

,

Revenue,

2019

A,

Refunding,

5%,

5/01/36

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

4,000,000

4,069,819

Revenue,

Second

Series,

2019

E,

5%,

5/01/35

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

2,000,000

2,040,044

Revenue,

Second

Series,

2019

E,

5%,

5/01/37

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

1,000,000

1,016,180

Revenue,

Second

Series,

2019

H,

ETM,

5%,

5/01/24

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

10,040,000

10,263,530

SFO

Fuel

Co.

LLC,

Revenue,

2019

A,

Refunding,

5%,

1/01/35

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

1,000,000

1,017,450

SFO

Fuel

Co.

LLC,

Revenue,

2019

A,

Refunding,

5%,

1/01/36

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

1,000,000

1,015,992

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

15

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

San

Francisco

City

&

County

Public

Utilities

Commission

,

Wastewater

,

Revenue

,

2018

A

,

4

%

,

10/01/43

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

$

9,220,000

$

8,488,474

San

Francisco

City

&

County

Redevelopment

Agency

Successor

Agency

,

Hotel

Tax,

Revenue,

2011,

Refunding,

AGMC

Insured,

5%,

6/01/24

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

7,055,000

7,064,061

Mission

Bay

South

Redevelopment

Area

Tax

Increment

Financing

District,

Tax

Allocation,

2014

A,

5%,

8/01/30

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

1,080,000

1,112,423

Mission

Bay

South

Redevelopment

Area

Tax

Increment

Financing

District,

Tax

Allocation,

2014

A,

5%,

8/01/34

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

1,110,000

1,141,380

San

Jacinto

Unified

School

District

Financing

Authority

,

Community

Facilities

District

No.

2003-2

,

Special

Tax

,

2019

,

5

%

,

9/01/36

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

1,200,000

1,192,332

San

Joaquin

Hills

Transportation

Corridor

Agency

,

Revenue,

1997

A,

Refunding,

NATL

Insured,

Zero

Cpn.,

1/15/26

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

19,000,000

16,493,858

Revenue,

Senior

Lien,

2014

A,

Pre-Refunded,

5%,

1/15/29

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

10,000,000

10,392,291

San

Mateo

County

Transit

District

,

Sales

Tax,

Revenue,

2015

A,

Refunding,

5%,

6/01/28

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

3,000,000

3,143,332

Sales

Tax,

Revenue,

2015

A,

Refunding,

5%,

6/01/29

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

4,300,000

4,504,253

San

Mateo

Foster

City

Public

Financing

Authority

,

City

of

San

Mateo

Sewer,

Revenue,

2019,

5%,

8/01/34

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

1,000,000

1,086,095

City

of

San

Mateo

Sewer,

Revenue,

2019,

5%,

8/01/38

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

1,500,000

1,596,423

San

Ysidro

School

District

,

COP,

2015,

Refunding,

BAM

Insured,

5%,

9/01/29

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

1,100,000

1,150,330

COP,

2015,

Refunding,

BAM

Insured,

5%,

9/01/31

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

1,000,000

1,045,538

COP,

2015,

Refunding,

BAM

Insured,

5%,

9/01/33

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

1,050,000

1,094,206

Santa

Cruz

County

Redevelopment

Successor

Agency

,

Tax

Allocation

,

2015

A

,

Refunding

,

AGMC

Insured

,

5

%

,

9/01/29

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

4,475,000

4,683,548

Sierra

View

Local

Health

Care

District

,

Revenue,

2020,

Refunding,

4%,

7/01/24

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

240,000

240,719

Revenue,

2020,

Refunding,

4%,

7/01/26

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

100,000

99,972

Revenue,

2020,

Refunding,

5%,

7/01/28

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

660,000

692,392

Revenue,

2020,

Refunding,

5%,

7/01/30

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

520,000

544,951

Sonoma

Community

Development

Agency

Successor

Agency

,

Tax

Allocation,

2015,

Refunding,

NATL

Insured,

5%,

6/01/29

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

1,000,000

1,058,359

Tax

Allocation,

2015,

Refunding,

NATL

Insured,

5%,

6/01/33

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

1,200,000

1,261,325

Southern

California

Public

Power

Authority

,

Revenue

,

2015

C

,

Refunding

,

5

%

,

7/01/26

5,000,000

5,208,745

State

of

California

,

GO,

Refunding,

5%,

10/01/22

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

15,785,000

15,785,000

GO,

Refunding,

5%,

12/01/27

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

10,000,000

10,855,918

GO,

Refunding,

5%,

9/01/28

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

5,030,000

5,512,504

GO,

Refunding,

5%,

4/01/29

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

3,190,000

3,518,154

GO,

Refunding,

5%,

9/01/29

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

1,000,000

1,066,552

GO,

Refunding,

5%,

11/01/29

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

5,780,000

6,418,317

GO,

5%,

4/01/30

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

3,725,000

4,101,037

GO,

Refunding,

5%,

4/01/30

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

10,000,000

11,009,494

GO,

Refunding,

5%,

3/01/32

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

5,540,000

6,092,437

GO,

2014,

5%,

12/01/27

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

5,000,000

5,105,409

GO,

2014,

5%,

12/01/28

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

5,000,000

5,104,262

State

of

California

Department

of

Water

Resources

,

Revenue,

AS,

ETM,

5%,

12/01/24

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

35,000

36,303

Revenue,

AS,

5%,

12/01/24

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

11,090,000

11,550,032

Revenue,

AS,

5%,

12/01/25

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

6,125,000

6,390,832

Revenue,

AS,

Pre-Refunded,

5%,

12/01/25

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

5,000

5,197

Revenue,

AS,

Pre-Refunded,

5%,

12/01/26

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

45,000

46,675

Revenue,

BA,

Pre-Refunded,

5%,

12/01/35

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

12,180,000

13,459,961

Revenue,

BB,

Refunding,

5%,

12/01/33

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

3,290,000

3,689,702

Tobacco

Securitization

Authority

of

Northern

California

,

Sacramento

County

Tobacco

Securitization

Corp.,

Revenue,

Senior

Lien,

2021

A,

1,

Refunding,

4%,

6/01/38

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

1,300,000

1,179,929

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

16

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Tobacco

Securitization

Authority

of

Northern

California,

(continued)

Sacramento

County

Tobacco

Securitization

Corp.,

Revenue,

Senior

Lien,

2021

A,

1,

Refunding,

4%,

6/01/39

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

$

1,150,000

$

1,034,227

Tobacco

Securitization

Authority

of

Southern

California

,

San

Diego

County

Tobacco

Asset

Securitization

Corp.,

Revenue,

2019

A,

1,

Refunding,

5%,

6/01/36

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

1,600,000

1,630,845

San

Diego

County

Tobacco

Asset

Securitization

Corp.,

Revenue,

2019

A,

1,

Refunding,

5%,

6/01/37

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

1,000,000

1,016,689

San

Diego

County

Tobacco

Asset

Securitization

Corp.,

Revenue,

2019

A,

1,

Refunding,

5%,

6/01/38

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

500,000

507,176

Transbay

Joint

Powers

Authority

,

Transbay

Redevelopment

Project

Tax

Increment

Re-Development

Project,

Tax

Allocation,

Senior

Lien,

2020

A,

5%,

10/01/30

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

500,000

546,373

Transbay

Redevelopment

Project

Tax

Increment

Re-Development

Project,

Tax

Allocation,

Senior

Lien,

2020

A,

5%,

10/01/32

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

500,000

540,332

Transbay

Redevelopment

Project

Tax

Increment

Re-Development

Project,

Tax

Allocation,

Senior

Lien,

2020

A,

5%,

10/01/33

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

1,000,000

1,076,247

Transbay

Redevelopment

Project

Tax

Increment

Re-Development

Project,

Tax

Allocation,

Senior

Lien,

2020

A,

5%,

10/01/34

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

1,050,000

1,122,575

Tustin

Community

Facilities

District

,

City

of

Tustin

Community

Facilities

District

No.

06-1,

Special

Tax,

2015

A,

Refunding,

5%,

9/01/30

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

1,000,000

1,033,455

City

of

Tustin

Community

Facilities

District

No.

06-1,

Special

Tax,

2015

A,

Refunding,

5%,

9/01/32

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

1,565,000

1,609,243

Twin

Rivers

Unified

School

District

,

GO

,

2020

A

,

Refunding

,

AGMC

Insured

,

4

%

,

8/01/35

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

5,000,000

4,785,062

University

of

California

,

Revenue,

2014

AM,

5%,

5/15/27

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

3,000,000

3,090,211

Revenue,

2014

AM,

5%,

5/15/28

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

1,835,000

1,889,887

Revenue,

2016

K,

5%,

5/15/37

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

1,000,000

1,040,113

Vacaville

Unified

School

District

,

GO,

D,

4%,

8/01/35

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

250,000

247,230

GO,

D,

4%,

8/01/36

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

300,000

291,098

GO,

D,

4%,

8/01/37

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

300,000

284,416

GO,

D,

4%,

8/01/38

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

545,000

507,699

GO,

D,

4%,

8/01/39

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

750,000

698,971

GO,

D,

4%,

8/01/40

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

735,000

680,414

Washington

Township

Health

Care

District

,

Revenue,

2020

A,

Refunding,

5%,

7/01/23

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

200,000

202,110

Revenue,

2020

A,

Refunding,

5%,

7/01/24

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

200,000

203,699

Revenue,

2020

A,

Refunding,

5%,

7/01/25

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

215,000

220,635

Revenue,

2020

A,

Refunding,

5%,

7/01/26

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

275,000

284,194

Revenue,

2020

A,

Refunding,

5%,

7/01/27

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

400,000

413,927

Revenue,

2020

A,

Refunding,

5%,

7/01/28

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

400,000

415,268

Revenue,

2020

A,

Refunding,

5%,

7/01/29

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

350,000

364,116

Revenue,

2020

A,

Refunding,

5%,

7/01/30

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

325,000

338,853

Revenue,

2020

A,

Refunding,

5%,

7/01/31

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

350,000

361,058

Revenue,

2020

A,

Refunding,

3%,

7/01/32

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

800,000

649,530

Revenue,

2020

A,

Refunding,

4%,

7/01/33

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

275,000

253,074

Revenue,

2020

A,

Refunding,

3%,

7/01/34

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

870,000

660,510

Revenue,

2020

A,

Refunding,

4%,

7/01/35

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

300,000

264,053

Revenue,

2020

A,

Refunding,

3%,

7/01/36

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

1,400,000

1,022,268

Revenue,

2020

A,

Refunding,

3%,

7/01/37

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

725,000

519,562

Revenue,

2020

A,

Refunding,

3%,

7/01/38

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

750,000

525,944

West

Basin

Municipal

Water

District

,

Revenue,

2016

A,

Refunding,

5%,

8/01/32

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

1,975,000

2,083,308

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

17

See

Abbreviations

on

page

19

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

West

Basin

Municipal

Water

District,

(continued)

Revenue,

2016

A,

Refunding,

5%,

8/01/33

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

$

2,630,000

$

2,768,811

1,417,839,073

Wisconsin

0.6%

a

Public

Finance

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2021

,

5.25

%

,

12/01/22

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

9,000,000

8,955,561

U.S.

Territories

0.8%

Puerto

Rico

0.8%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

UU,

Refunding,

AGMC

Insured,

5%,

7/01/23

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

5,000,000

5,068,496

d

Revenue,

WW,

5.375%,

7/01/23

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

5,000,000

3,731,250

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue

,

2007

N

,

Refunding

,

AGMC

Insured

,

5.25

%

,

7/01/36

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

2,200,000

2,154,304

10,954,050

Total

U.S.

Territories

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

10,954,050

Total

Municipal

Bonds

(Cost

$1,514,546,408)

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

1,437,748,684

a

a

a

a

Short

Term

Investments

0.1%

Municipal

Bonds

0.1%

California

0.1%

e

Irvine

Ranch

Water

District

,

Special

Assessment

,

2009

B

,

LOC

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

2.37

%

,

10/01/41

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

1,000,000

1,000,000

Total

Municipal

Bonds

(Cost

$1,000,000)

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

1,000,000

Total

Short

Term

Investments

(Cost

$1,000,000

)

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

1,000,000

a

Total

Investments

(Cost

$1,515,546,408)

99.4%

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

$1,438,748,684

Other

Assets,

less

Liabilities

0.6%

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

8,680,117

Net

Assets

100.0%

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

$1,447,428,801

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

September

30,

2022,

the

aggregate

value

of

these

securities

was

$86,088,904,

representing

5.9%

of

net

assets.

b

The

maturity

date

shown

represents

the

mandatory

put

date.

c

Security

purchased

on

a

when-issued

basis.

d

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

e

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

California

Tax-Free

Trust

Notes

to

Schedule

of

Investments

(unaudited)

18

Quarterly

Schedule

of

Investments

1.

Organization

Franklin

California

Tax-Free

Trust (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of

one

fund,

Franklin

California

Intermediate

Term

Tax

Free

Income

Fund

(Fund)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP). 

2. Financial

Instrument

Valuation

The

Fund's investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates the

net

asset

value

(NAV)

per

share

each

business

day

as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the

Trust

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Fund's

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund's

administrator

in

performing

this

responsibility,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Debt

securities

generally

trade

in

the

over-the-counter

market

rather

than

on

a

securities

exchange.

The Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

The

Fund

has procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Fund

primarily employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

book

values,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed. 

3. Fair

Value

Measurements 

The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the

Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's

financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

•

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

•

Level 2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

•

Level 3

–

significant

unobservable

inputs

(including

the

Fund's own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

Franklin

California

Tax-Free

Trust

Notes

to

Schedule

of

Investments

(unaudited)

19

Quarterly

Schedule

of

Investments

At September

30,

2022,

all

of

the

Fund's investments

in

financial

instruments

carried

at

fair

value

were

valued

using

Level

2

inputs.

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

Abbreviations

Selected

Portfolio

1915

Act

Improvement

Bond

Act

of

1915

ABAG

Association

of

Bay

Area

Governments

AGMC

Assured

Guaranty

Municipal

Corp.

BAM

Build

America

Mutual

Assurance

Co.

COP

Certificate

of

Participation

ETM

Escrowed

to

Maturity

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GO

General

Obligation

LOC

Letter

of

Credit

NATL

National

R

einsurance

Corp.

3. Fair

Value

Measurements 

(continued)

For

additional

information

on

the

Fund's

significant

accounting

policies,

please

refer

to

the Fund's

most

recent

semiannual

or

annual

shareholder

report.