Franklin California Tax Free Trust NPORT-P Franklin California Intermediate-Term Tax-Free Income Fund (Sep 2023 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,

2023

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

98.1%

Align

Affordable

Housing

Bond

Fund

LP

,

a

Breezewood

2019

LP,

Revenue,

144A,

2020-3

TR,

A,

2.625%,

8/01/25

..........

$

14,300,000

$

13,625,329

Parkwood

Apartments,

2021-1,

2.25%,

8/01/31

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

11,250,000

9,797,850

Beaumont

Unified

School

District

,

Community

Facilities

District

No.

2020-1

Improvement

Area

No.

2,

Special

Tax,

2023,

5%,

9/01/38

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

300,000

298,663

Community

Facilities

District

No.

2020-1

Improvement

Area

No.

2,

Special

Tax,

2023,

5%,

9/01/43

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

1,295,000

1,244,392

Community

Facilities

District

No.

2020-1

Improvement

Area

No.

2,

Special

Tax,

2023,

5%,

9/01/48

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

660,000

614,414

Community

Facilities

District

No.

2020-1

Improvement

Area

No.

2,

Special

Tax,

2023,

5%,

9/01/53

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

725,000

665,461

California

Affordable

Housing

Agency

,

Butte

County

Housing

Authority

,

Revenue

,

2020

A

,

2

%

,

10/01/35

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

500,000

392,718

b

California

Community

Choice

Financing

Authority

,

Revenue,

2021

A,

Mandatory

Put,

4%,

12/01/27

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

13,200,000

12,797,086

Revenue,

2021

B-1,

Mandatory

Put,

4%,

8/01/31

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

9,150,000

8,638,271

Revenue,

2021

B-2,

Mandatory

Put,

4.43%,

8/01/31

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

25,000,000

23,236,810

Revenue,

2022

A-1,

Mandatory

Put,

4%,

8/01/28

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

20,000,000

19,369,864

California

Community

College

Financing

Authority

,

NCCD-Orange

Coast

Properties

LLC,

Revenue,

2018,

5%,

5/01/32

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

1,750,000

1,782,874

NCCD-Orange

Coast

Properties

LLC,

Revenue,

2018,

5%,

5/01/33

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

600,000

610,031

NCCD-Orange

Coast

Properties

LLC,

Revenue,

2018,

5%,

5/01/35

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

3,040,000

3,070,823

NCCD-Orange

Coast

Properties

LLC,

Revenue,

2018,

5%,

5/01/37

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

1,600,000

1,598,372

NCCD-Orange

Coast

Properties

LLC,

Revenue,

2018,

5%,

5/01/38

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

1,320,000

1,303,813

a

California

Community

Housing

Agency

,

Aster

Apartments

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

2/01/43

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

3,795,000

3,014,573

California

County

Tobacco

Securitization

Agency

,

Gold

Country

Settlement

Funding

Corp.,

Revenue,

2020

A,

Refunding,

5%,

6/01/29

250,000

261,895

Gold

Country

Settlement

Funding

Corp.,

Revenue,

2020

A,

Refunding,

5%,

6/01/31

1,065,000

1,129,330

Los

Angeles

County

Securitization

Corp.,

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/35

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

1,505,000

1,469,248

Los

Angeles

County

Securitization

Corp.,

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/37

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

1,075,000

1,014,736

Los

Angeles

County

Securitization

Corp.,

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/39

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

1,300,000

1,193,891

Merced

County

Tobacco

Funding

Corp.,

Revenue,

Senior

Lien,

2020

A,

Refunding,

5%,

6/01/30

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

315,000

332,443

Merced

County

Tobacco

Funding

Corp.,

Revenue,

Senior

Lien,

2020

A,

Refunding,

5%,

6/01/31

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

300,000

318,121

Merced

County

Tobacco

Funding

Corp.,

Revenue,

Senior

Lien,

2020

A,

Refunding,

5%,

6/01/33

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

245,000

259,439

Merced

County

Tobacco

Funding

Corp.,

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/34

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

420,000

415,382

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

5%,

6/01/30

..

425,000

448,533

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

5%,

6/01/31

..

225,000

238,591

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

5%,

6/01/32

..

250,000

264,909

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

5%,

6/01/33

..

300,000

317,681

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

4%,

6/01/34

..

365,000

360,987

California

Educational

Facilities

Authority

,

Art

Center

College

of

Design,

Revenue,

2022

A,

5%,

12/01/32

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

275,000

285,027

Art

Center

College

of

Design,

Revenue,

2022

A,

5%,

12/01/33

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

545,000

563,443

Art

Center

College

of

Design,

Revenue,

2022

A,

5%,

12/01/34

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

995,000

1,023,734

Art

Center

College

of

Design,

Revenue,

2022

A,

5%,

12/01/35

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

1,045,000

1,065,770

Art

Center

College

of

Design,

Revenue,

2022

A,

5%,

12/01/36

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

595,000

600,020

Art

Center

College

of

Design,

Revenue,

2022

A,

4%,

12/01/37

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

1,150,000

1,028,899

Art

Center

College

of

Design,

Revenue,

2022

A,

4%,

12/01/38

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

1,195,000

1,055,863

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)

Leland

Stanford

Junior

University

(The),

Revenue,

U-6,

5%,

5/01/45

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

$

1,135,000

$

1,228,152

Leland

Stanford

Junior

University

(The),

Revenue,

V-1,

5%,

5/01/49

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

850,000

914,394

Loma

Linda

University,

Revenue,

2017

A,

Refunding,

5%,

4/01/29

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

1,020,000

1,051,307

Loma

Linda

University,

Revenue,

2017

A,

Refunding,

5%,

4/01/32

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

1,235,000

1,269,226

Loma

Linda

University,

Revenue,

2017

A,

Refunding,

5%,

4/01/33

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

1,000,000

1,026,330

Loma

Linda

University,

Revenue,

2017

A,

Refunding,

5%,

4/01/34

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

1,750,000

1,796,804

Loma

Linda

University,

Revenue,

2017

A,

Refunding,

5%,

4/01/35

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

1,500,000

1,538,502

Loma

Linda

University,

Revenue,

2017

A,

Refunding,

5%,

4/01/36

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

2,000,000

2,043,694

Loma

Linda

University,

Revenue,

2017

A,

Refunding,

5%,

4/01/37

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

2,000,000

2,034,696

University

of

San

Francisco,

Revenue,

2018

A,

5%,

10/01/37

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

1,365,000

1,405,270

California

Enterprise

Development

Authority

,

Provident

Group-SDSU

Properties

LLC,

Revenue,

First

Tier,

2020

A,

5%,

8/01/24

..

230,000

231,021

Provident

Group-SDSU

Properties

LLC,

Revenue,

First

Tier,

2020

A,

5%,

8/01/26

..

540,000

549,212

Provident

Group-SDSU

Properties

LLC,

Revenue,

First

Tier,

2020

A,

5%,

8/01/28

..

615,000

635,991

Provident

Group-SDSU

Properties

LLC,

Revenue,

First

Tier,

2020

A,

5%,

8/01/30

..

250,000

260,696

Provident

Group-SDSU

Properties

LLC,

Revenue,

First

Tier,

2020

A,

5%,

8/01/35

..

450,000

460,946

California

Health

Facilities

Financing

Authority

,

Casa

Milagro

LLC,

Revenue,

2011

A,

California

Mortgage

Insured,

6%,

2/01/24

...

2,000,000

2,003,127

Cedars-Sinai

Medical

Center

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

11/15/30

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

3,000,000

3,075,590

Cedars-Sinai

Medical

Center

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

8/15/31

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

3,500,000

3,618,890

Children's

Hospital

Los

Angeles

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

8/15/36

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

2,045,000

2,063,329

Children's

Hospital

Los

Angeles

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

8/15/37

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

2,530,000

2,538,700

El

Camino

Hospital,

Revenue,

2017,

5%,

2/01/28

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

2,100,000

2,176,957

El

Camino

Hospital,

Revenue,

2017,

5%,

2/01/29

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

2,460,000

2,550,223

El

Camino

Hospital,

Revenue,

2017,

5%,

2/01/30

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

1,250,000

1,294,364

El

Camino

Hospital,

Revenue,

2017,

5%,

2/01/31

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

1,200,000

1,242,612

Kaiser

Foundation

Hospitals,

Revenue,

2017

A-2,

5%,

11/01/47

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

5,000,000

5,206,113

Marshall

Medical

Center,

Revenue,

2015,

Refunding,

California

Mortgage

Insured,

5%,

11/01/33

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

1,000,000

1,018,399

California

Housing

Finance

Agency

,

Revenue,

2019-2,

A,

4%,

3/20/33

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

5,166,545

4,918,009

Lakeside

Drive

Senior

Housing

LP,

Revenue,

2019

N,

FNMA

Insured,

2.35%,

12/01/35

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

9,294,235

7,129,638

California

Infrastructure

&

Economic

Development

Bank

,

Academy

of

Motion

Picture

Arts

and

Sciences

Obligated

Group,

Revenue,

2020

A,

5%,

11/01/30

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

7,260,000

8,005,631

Academy

of

Motion

Picture

Arts

and

Sciences

Obligated

Group,

Revenue,

2020

B,

Refunding,

5%,

11/01/29

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

2,000,000

2,167,139

Infrastructure

State

Revolving

Fund

(The),

Revenue,

2015

A,

Pre-Refunded,

5%,

10/01/32

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

2,915,000

2,996,110

California

Municipal

Finance

Authority

,

a,b

Revenue,

144A,

2009

A,

Mandatory

Put,

1.3%,

2/03/25

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

1,800,000

1,726,679

Revenue,

2022

A-1,

4.25%,

12/01/37

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

5,800,000

4,589,654

Revenue,

2022

A-2,

6.25%,

12/01/32

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

3,105,000

2,582,049

ACI

Royal

York,

Inc.,

Revenue,

2020

A,

3.125%,

2/15/33

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

620,000

527,188

Aldersly,

Revenue,

2023

B-1,

Refunding,

California

Mortgage

Insured,

4%,

11/15/28

595,000

596,506

Biola

University,

Inc.,

Revenue,

2017,

Refunding,

5%,

10/01/29

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

1,350,000

1,380,171

Biola

University,

Inc.,

Revenue,

2017,

Refunding,

5%,

10/01/30

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

1,165,000

1,189,621

Biola

University,

Inc.,

Revenue,

2017,

Refunding,

5%,

10/01/33

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

1,070,000

1,089,991

Biola

University,

Inc.,

Revenue,

2017,

Refunding,

5%,

10/01/35

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

1,000,000

1,015,913

California

Home

for

the

Aged,

Inc.

(The),

Revenue,

2018,

California

Mortgage

Insured,

5%,

5/15/36

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

1,000,000

1,058,892

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%,

10/01/32

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

$

120,000

$

114,739

California

Institute

of

the

Arts,

Revenue,

2021,

4%,

10/01/33

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

120,000

113,970

California

Institute

of

the

Arts,

Revenue,

2021,

4%,

10/01/34

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

155,000

145,824

California

Institute

of

the

Arts,

Revenue,

2021,

4%,

10/01/35

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

160,000

148,573

California

Institute

of

the

Arts,

Revenue,

2021,

4%,

10/01/36

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

185,000

168,641

California

Institute

of

the

Arts,

Revenue,

2021,

4%,

10/01/37

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

170,000

151,665

Caritas

Corp.

(The),

Revenue,

2021

B,

Refunding,

3%,

8/15/31

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

105,000

93,826

Caritas

Corp.

(The),

Revenue,

2021

B,

Refunding,

4%,

8/15/41

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

590,000

509,934

Caritas

Corp.

(The),

Revenue,

2021

B,

Refunding,

4%,

8/15/56

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

540,000

418,364

a

Century

CityView

LP,

Revenue,

144A,

2021

A,

4%,

11/01/36

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

8,125,000

7,102,352

CHF-Riverside

II

LLC,

Revenue,

2019,

5%,

5/15/30

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

3,635,000

3,814,256

CHF-Riverside

II

LLC,

Revenue,

2019,

5%,

5/15/32

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

1,000,000

1,044,360

CHF-Riverside

II

LLC,

Revenue,

2019,

5%,

5/15/35

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

1,430,000

1,480,936

CHF-Riverside

II

LLC,

Revenue,

2019,

5%,

5/15/36

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

1,260,000

1,296,013

CHF-Riverside

II

LLC,

Revenue,

2019,

5%,

5/15/38

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

1,500,000

1,521,216

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2015

A,

Pre-

Refunded,

5%,

2/01/26

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

2,010,000

2,044,948

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2015

A,

Pre-

Refunded,

5%,

2/01/28

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

1,500,000

1,526,081

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/25

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

2,000,000

2,013,068

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/26

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

2,010,000

2,028,475

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/29

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

6,270,000

6,392,473

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/30

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

4,680,000

4,769,375

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/32

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

3,300,000

3,363,557

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/33

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

7,440,000

7,575,171

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/34

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

5,000,000

5,073,428

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/36

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

2,295,000

2,303,231

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/37

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

2,000,000

1,994,319

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/24

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

300,000

299,128

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/25

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

300,000

296,160

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/26

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

250,000

246,271

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/27

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

350,000

343,379

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/28

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

250,000

244,578

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/29

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

350,000

340,822

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/30

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

400,000

386,769

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/31

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

350,000

335,965

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/32

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

250,000

238,145

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/33

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

300,000

283,705

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/34

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

300,000

282,091

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/35

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

400,000

372,783

Congregational

Homes,

Inc.

Obligated

Group,

Revenue,

2022

A,

5%,

11/15/26

....

210,000

206,488

Congregational

Homes,

Inc.

Obligated

Group,

Revenue,

2022

A,

5%,

11/15/27

....

110,000

108,150

Congregational

Homes,

Inc.

Obligated

Group,

Revenue,

2022

A,

5%,

11/15/28

....

115,000

112,409

Congregational

Homes,

Inc.

Obligated

Group,

Revenue,

2022

A,

5%,

11/15/29

....

240,000

233,581

Congregational

Homes,

Inc.

Obligated

Group,

Revenue,

2022

A,

4%,

11/15/30

....

125,000

114,074

Congregational

Homes,

Inc.

Obligated

Group,

Revenue,

2022

A,

4%,

11/15/31

....

265,000

239,243

Congregational

Homes,

Inc.

Obligated

Group,

Revenue,

2022

A,

4%,

11/15/32

....

280,000

249,817

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

5

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

Municipal

Finance

Authority,

(continued)

Congregational

Homes,

Inc.

Obligated

Group,

Revenue,

2022

B-1,

2.75%,

11/15/27

$

525,000

$

501,266

Del

Harbor

Foundation,

Revenue,

2015,

Refunding,

5%,

11/01/26

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

1,085,000

1,114,766

a

IH

Lakes

Concord

LLC,

Revenue,

144A,

2022

A-1,

4.375%,

12/01/32

...........

15,000,000

12,720,159

a

IH

Lakes

Concord

LLC,

Revenue,

144A,

2022

A-2,

6.75%,

12/01/32

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

930,000

794,211

Inland

Christian

Home,

Inc.,

Revenue,

2020,

California

Mortgage

Insured,

4%,

12/01/30

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

995,000

998,953

Inland

Counties

Regional

Center,

Inc.,

Revenue,

2015,

Refunding,

5%,

6/15/24

...

1,000,000

1,007,574

Inland

Counties

Regional

Center,

Inc.,

Revenue,

2015,

Refunding,

5%,

6/15/32

...

6,625,000

6,786,003

LAX

Integrated

Express

Solutions

LLC,

Revenue,

Senior

Lien,

2018

A,

5%,

6/30/25

1,000,000

1,002,874

LAX

Integrated

Express

Solutions

LLC,

Revenue,

Senior

Lien,

2018

A,

5%,

12/31/34

3,000,000

3,054,359

LAX

Integrated

Express

Solutions

LLC,

Revenue,

Senior

Lien,

2018

A,

5%,

12/31/35

5,500,000

5,574,926

LAX

Integrated

Express

Solutions

LLC,

Revenue,

Senior

Lien,

2018

A,

5%,

12/31/36

10,570,000

10,651,709

LAX

Integrated

Express

Solutions

LLC,

Revenue,

Senior

Lien,

2018

A,

5%,

12/31/37

2,930,000

2,937,659

LAX

Integrated

Express

Solutions

LLC,

Revenue,

Senior

Lien,

2018

A,

5%,

12/31/38

7,600,000

7,601,813

a

NCCD-Claremont

Properties

LLC,

Revenue,

144A,

2023

A,

Refunding,

5%,

7/01/35

3,960,000

3,796,630

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5%,

11/01/25

....

1,000,000

997,553

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5%,

11/01/26

....

900,000

897,090

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5%,

11/01/27

....

1,300,000

1,300,101

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5%,

11/01/28

....

1,400,000

1,402,114

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5.25%,

11/01/29

..

1,000,000

1,008,307

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5%,

11/01/30

....

1,350,000

1,341,439

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5.25%,

11/01/31

..

1,250,000

1,253,132

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5.25%,

11/01/36

..

4,620,000

4,357,120

Northern

California

Retired

Officers

Community,

Revenue,

2016,

Refunding,

California

Mortgage

Insured,

5%,

1/01/37

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

1,310,000

1,352,474

Palomar

Health

Obligated

Group,

COP,

2022

A,

Refunding,

AGMC

Insured,

5%,

11/01/27

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

100,000

103,665

Palomar

Health

Obligated

Group,

COP,

2022

A,

Refunding,

AGMC

Insured,

5%,

11/01/28

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

250,000

261,786

Palomar

Health

Obligated

Group,

COP,

2022

A,

Refunding,

AGMC

Insured,

5%,

11/01/29

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

250,000

263,719

Palomar

Health

Obligated

Group,

COP,

2022

A,

Refunding,

AGMC

Insured,

5%,

11/01/30

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

210,000

223,131

Palomar

Health

Obligated

Group,

COP,

2022

A,

Refunding,

AGMC

Insured,

5%,

11/01/31

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

435,000

465,401

Palomar

Health

Obligated

Group,

COP,

2022

A,

Refunding,

AGMC

Insured,

5%,

11/01/33

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

1,200,000

1,291,841

Palomar

Health

Obligated

Group,

COP,

2022

A,

Refunding,

AGMC

Insured,

5.25%,

11/01/34

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

1,430,000

1,579,420

Palomar

Health

Obligated

Group,

COP,

2022

A,

Refunding,

AGMC

Insured,

5.25%,

11/01/35

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

1,200,000

1,315,954

Palomar

Health

Obligated

Group,

COP,

2022

A,

Refunding,

AGMC

Insured,

5.25%,

11/01/36

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

1,550,000

1,682,575

Pilgrim

Place

in

Claremont,

Revenue,

2016

A,

Refunding,

California

Mortgage

Insured,

5%,

5/15/31

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

2,750,000

2,888,441

South

Central

Los

Angeles

Regional

Center

for

Developmentally

Disabled

Persons,

Revenue,

2013,

5.25%,

12/01/27

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

3,440,000

3,444,409

System

Management

Group,

Revenue,

2019

A,

5%,

4/01/35

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

1,780,000

1,848,120

System

Management

Group,

Revenue,

2019

A,

5%,

4/01/37

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

2,945,000

3,020,540

University

of

La

Verne,

Revenue,

2017

A,

Refunding,

5%,

6/01/31

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

1,000,000

1,029,278

University

of

La

Verne,

Revenue,

2017

A,

Refunding,

5%,

6/01/32

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

1,000,000

1,029,219

University

of

La

Verne,

Revenue,

2017

A,

Refunding,

5%,

6/01/33

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

1,010,000

1,039,425

University

of

La

Verne,

Revenue,

2017

A,

Refunding,

5%,

6/01/35

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

1,440,000

1,477,256

a

California

Pollution

Control

Financing

Authority

,

Poseidon

Resources

Channelside

LP,

Revenue,

144A,

2019,

Refunding,

5%,

7/01/29

4,350,000

4,466,381

Poseidon

Resources

Channelside

LP,

Revenue,

144A,

2023,

5%,

7/01/26

.......

2,680,000

2,740,441

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)

a

California

Pollution

Control

Financing

Authority,

(continued)

Poseidon

Resources

Channelside

LP,

Revenue,

144A,

2023,

5%,

7/01/27

.......

$

4,170,000

$

4,288,578

California

Public

Finance

Authority

,

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

10/15/23

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

285,000

284,919

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

10/15/24

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

380,000

376,270

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

10/15/25

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

400,000

392,804

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

10/15/26

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

420,000

409,699

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

10/15/27

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

400,000

388,501

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

10/15/28

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

360,000

347,449

b

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2021

B,

Mandatory

Put,

4%,

10/15/31

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

690,000

641,967

a

California

School

Finance

Authority

,

Revenue,

144A,

2022

A,

Refunding,

4%,

10/01/27

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

570,000

552,584

Revenue,

144A,

2022

A,

Refunding,

5%,

10/01/32

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

755,000

767,098

Aspire

Public

Schools

Obligated

Group,

Revenue,

144A,

2022

A,

5%,

8/01/32

....

640,000

647,052

Camino

Nuevo

Charter

Academy

Obligated

Group,

Revenue,

144A,

2023

A,

Refunding,

5%,

6/01/33

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

1,655,000

1,625,969

Green

Dot

Public

Schools

Obligated

Group,

Revenue,

144A,

2018

A,

5%,

8/01/26

.

300,000

300,905

Green

Dot

Public

Schools

Obligated

Group,

Revenue,

144A,

2018

A,

5%,

8/01/27

.

320,000

322,295

Green

Dot

Public

Schools

Obligated

Group,

Revenue,

144A,

2022

A,

Refunding,

5%,

8/01/32

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

750,000

756,872

Green

Dot

Public

Schools

Obligated

Group,

Revenue,

144A,

2022

A,

Refunding,

5.375%,

8/01/42

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

1,500,000

1,477,452

KIPP

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

7/01/24

100,000

100,162

KIPP

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

7/01/25

105,000

105,163

KIPP

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

7/01/26

110,000

110,942

KIPP

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

7/01/27

100,000

101,454

KIPP

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

7/01/28

100,000

101,945

KIPP

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

7/01/29

100,000

102,187

KIPP

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

7/01/30

100,000

102,254

STEM

Preparatory

Schools

-

Obligated

Group,

Revenue,

144A,

2023

A,

5%,

6/01/33

300,000

297,427

California

State

Public

Works

Board

,

Revenue,

2021

A,

Refunding,

5%,

2/01/31

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

2,175,000

2,378,614

State

of

California

Department

of

Corrections

&

Rehabilitation,

Revenue,

2014

A,

5%,

9/01/26

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

10,000,000

10,118,111

State

of

California

Department

of

Corrections

&

Rehabilitation,

Revenue,

2014

D,

5%,

9/01/26

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

6,835,000

6,915,729

California

State

University

,

Revenue,

2016

A,

Refunding,

5%,

11/01/29

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

16,000,000

16,575,856

Revenue,

2016

A,

Refunding,

5%,

11/01/30

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

5,000,000

5,172,203

California

Statewide

Communities

Development

Authority

,

Revenue,

2019

A,

Refunding,

California

Mortgage

Insured,

5%,

11/15/34

........

750,000

803,446

Revenue,

2019

A,

Refunding,

California

Mortgage

Insured,

5%,

11/15/37

........

735,000

773,789

Special

Tax,

2023

A,

5%,

9/01/36

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

460,000

448,958

Special

Tax,

2023

A,

5%,

9/01/43

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

215,000

198,406

Aldersly

Obligated

Group,

Revenue,

2015

A,

ETM,

4.5%,

5/15/25

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

420,000

422,748

Community

Facilities

District

No.

2020-02

Improvement

Area

No.

2,

Special

Tax,

2022,

5.125%,

9/01/42

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

500,000

480,743

Community

Facilities

District

No.

2021-1,

Special

Tax,

2023,

4.75%,

9/01/38

......

500,000

475,138

Front

Porch

Communities

&

Services

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

4/01/24

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

400,000

401,288

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%,

4/01/25

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

$

615,000

$

619,923

Front

Porch

Communities

&

Services

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

4/01/26

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

400,000

404,216

Front

Porch

Communities

&

Services

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

4/01/27

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

670,000

680,894

Front

Porch

Communities

&

Services

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

4/01/28

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

425,000

434,041

Front

Porch

Communities

&

Services

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

4/01/29

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

725,000

743,212

Front

Porch

Communities

&

Services

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

4/01/30

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

450,000

462,154

Front

Porch

Communities

&

Services

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

4/01/31

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

450,000

464,233

Front

Porch

Communities

&

Services

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

4/01/32

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

1,470,000

1,518,211

Front

Porch

Communities

&

Services

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

4/01/33

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

1,520,000

1,565,729

Front

Porch

Communities

&

Services

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

4/01/34

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

1,565,000

1,615,365

Hebrew

Home

for

Aged

Disabled,

Revenue,

2016,

California

Mortgage

Insured,

5%,

11/01/36

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

9,000,000

9,313,012

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2014,

Pre-Refunded,

AGMC

Insured,

5%,

10/01/26

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

1,000,000

1,014,360

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2014,

Pre-Refunded,

AGMC

Insured,

5%,

10/01/28

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

1,250,000

1,267,949

Poway

RHF

Housing,

Inc.,

Revenue,

2013

A,

Pre-Refunded,

California

Mortgage

Insured,

5%,

11/15/28

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

500,000

500,717

Redwoods

(The),

A

Community

of

Seniors,

Revenue,

2013,

Pre-Refunded,

California

Mortgage

Insured,

5%,

11/15/28

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

1,000,000

1,001,434

Campbell

Union

School

District

,

GO

,

2015

,

Refunding

,

5

%

,

8/01/28

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

3,235,000

3,314,442

Carson

Public

Financing

Authority

,

City

of

Carson

Reassessment

District

No.

2001-1,

Revenue,

2019,

Refunding,

5%,

9/02/25

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

1,000,000

1,009,972

City

of

Carson

Reassessment

District

No.

2001-1,

Revenue,

2019,

Refunding,

5%,

9/02/31

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

1,000,000

1,026,307

Chino

Community

Facilities

District

,

City

of

Chino

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

9,

Special

Tax,

2022,

5%,

9/01/30

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

1,280,000

1,309,454

City

of

Chino

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

9,

Special

Tax,

2022,

4.5%,

9/01/31

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

725,000

709,906

City

of

Chino

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

9,

Special

Tax,

2022,

4.625%,

9/01/32

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

755,000

744,914

City

of

Chino

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

9,

Special

Tax,

2022,

4.75%,

9/01/34

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

1,620,000

1,611,411

Chino

Valley

Unified

School

District

,

GO,

2020

B,

5%,

8/01/35

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

100,000

108,317

GO,

2020

B,

5%,

8/01/36

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

125,000

134,371

GO,

2020

B,

5%,

8/01/37

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

250,000

266,553

GO,

2020

B,

5%,

8/01/38

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

350,000

370,958

GO,

2020

B,

5%,

8/01/39

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

400,000

422,408

City

&

County

of

San

Francisco

,

GO

,

2021

B-1

,

4

%

,

6/15/37

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

2,000,000

1,980,332

City

of

Chula

Vista

,

Community

Facilities

District

No.

16-1

Area

No.

2

,

Special

Tax

,

2021

,

4

%

,

9/01/46

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

2,000,000

1,681,063

City

of

Clovis

,

Sewer,

Revenue,

2013,

Refunding,

BAM

Insured,

5%,

8/01/28

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

1,200,000

1,200,817

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

Clovis,

(continued)

Water,

Revenue,

2013,

Refunding,

BAM

Insured,

5%,

3/01/26

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

$

2,620,000

$

2,625,791

Water,

Revenue,

2013,

Refunding,

BAM

Insured,

5%,

3/01/27

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

1,000,000

1,002,210

City

of

Dublin

,

Community

Facilities

District

No.

2015-1

Improvement

Area

No.

4

,

Special

Tax

,

2022

,

5

%

,

9/01/37

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

955,000

934,775

City

of

Fontana

,

Community

Facilities

District

No.

85,

Special

Tax,

2020,

4%,

9/01/32

...........

250,000

237,011

Community

Facilities

District

No.

85,

Special

Tax,

2020,

4%,

9/01/36

...........

550,000

500,178

Community

Facilities

District

No.

85,

Special

Tax,

2020,

4%,

9/01/40

...........

625,000

534,819

Community

Facilities

District

No.

87,

Special

Tax,

2021,

4%,

9/01/41

...........

400,000

347,758

Community

Facilities

District

No.

88,

Special

Tax,

2020,

4%,

9/01/40

...........

550,000

472,299

City

of

Irvine

,

Reassessment

District

No.

15-2

,

1915

Act,

Special

Assessment

,

Refunding

,

5

%

,

9/02/25

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

1,000,000

1,009,423

City

of

Lake

Elsinore

,

Community

Facilities

District

No.

2006-1

Improvement

Area

KK,

Special

Tax,

2021,

4%,

9/01/46

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

400,000

318,437

Community

Facilities

District

No.

2019-1,

Special

Tax,

2021,

4%,

9/01/41

........

350,000

300,597

Community

Facilities

District

No.

2019-1,

Special

Tax,

2021,

4%,

9/01/46

........

450,000

367,287

Community

Facilities

District

No.

2019-1,

Special

Tax,

2021,

4%,

9/01/51

........

700,000

550,608

City

of

Lincoln

,

Community

Facilities

District

No.

2019-1

,

Special

Tax

,

2022

,

5

%

,

9/01/37

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

1,215,000

1,171,800

City

of

Long

Beach

,

Harbor,

Revenue,

2019

A,

5%,

5/15/38

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

2,000,000

2,098,561

Marina

System,

Revenue,

2015,

5%,

5/15/27

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

1,285,000

1,290,140

Marina

System,

Revenue,

2015,

5%,

5/15/32

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

1,250,000

1,256,092

City

of

Los

Angeles

,

Revenue,

2018

C,

5%,

5/15/35

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

5,800,000

5,930,758

Department

of

Airports,

Revenue,

2017

A,

5%,

5/15/31

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

2,815,000

2,886,061

Department

of

Airports,

Revenue,

2018

B,

Refunding,

5%,

5/15/32

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

3,325,000

3,455,212

Department

of

Airports,

Revenue,

2018

D,

Refunding,

5%,

5/15/31

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

2,900,000

3,019,531

Department

of

Airports,

Revenue,

2019

D,

5%,

5/15/31

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

2,685,000

2,779,307

Department

of

Airports,

Revenue,

2019

D,

5%,

5/15/36

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

2,500,000

2,557,939

Department

of

Airports,

Revenue,

2019

F,

5%,

5/15/37

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

5,715,000

5,819,583

Department

of

Airports,

Revenue,

2019

F,

5%,

5/15/38

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

4,500,000

4,554,117

Department

of

Airports,

Revenue,

2020

A,

Refunding,

5%,

5/15/32

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

3,205,000

3,509,998

Department

of

Airports,

Revenue,

2020

A,

Refunding,

5%,

5/15/33

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

3,000,000

3,281,584

Department

of

Airports,

Revenue,

2020

A,

Refunding,

5%,

5/15/35

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

2,115,000

2,297,461

Department

of

Airports,

Revenue,

2020

A,

Refunding,

5%,

5/15/37

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

7,380,000

7,906,734

Department

of

Airports,

Revenue,

2020

A,

Refunding,

5%,

5/15/40

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

5,485,000

5,803,443

Department

of

Airports,

Revenue,

2022

C,

Refunding,

5%,

5/15/28

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

300,000

311,172

Department

of

Airports,

Revenue,

2022

C,

Refunding,

5%,

5/15/29

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

250,000

260,661

Department

of

Airports,

Revenue,

2022

C,

Refunding,

4%,

5/15/39

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

2,800,000

2,576,235

Department

of

Airports,

Revenue,

Senior

Lien,

2022

G,

5.5%,

5/15/36

..........

1,325,000

1,434,136

Department

of

Airports,

Revenue,

Senior

Lien,

2022

G,

5.5%,

5/15/37

..........

9,960,000

10,682,758

Department

of

Airports,

Revenue,

Senior

Lien,

2022

G,

5.5%,

5/15/38

..........

1,080,000

1,147,234

Department

of

Airports,

Revenue,

Senior

Lien,

2022

G,

5.5%,

5/15/40

..........

580,000

612,486

Wastewater

System,

Revenue,

2013

A,

Refunding,

5%,

6/01/27

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

9,145,000

9,149,341

City

of

Menifee

,

Community

Facilities

District

No.

2021-1,

Special

Tax,

2023

A,

5%,

9/01/43

......

240,000

229,485

Community

Facilities

District

No.

2021-1,

Special

Tax,

2023

A,

5%,

9/01/48

......

325,000

302,969

Community

Facilities

District

No.

2021-1,

Special

Tax,

2023

A,

5%,

9/01/53

......

750,000

688,408

City

of

Newport

Beach

,

Assessment

District

No.

113,

1915

Act,

Special

Assessment,

2021

A,

2%,

9/02/34

.

230,000

162,065

Assessment

District

No.

113,

1915

Act,

Special

Assessment,

2021

A,

2.125%,

9/02/35

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

235,000

162,747

Assessment

District

No.

113,

1915

Act,

Special

Assessment,

2021

A,

2.125%,

9/02/36

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

240,000

159,939

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

Newport

Beach,

(continued)

Assessment

District

No.

124,

1915

Act,

Special

Assessment,

2023

A,

4%,

9/02/24

.

$

125,000

$

125,358

Assessment

District

No.

124,

1915

Act,

Special

Assessment,

2023

A,

4%,

9/02/25

.

150,000

150,797

Assessment

District

No.

124,

1915

Act,

Special

Assessment,

2023

A,

4%,

9/02/26

.

220,000

220,822

Assessment

District

No.

124,

1915

Act,

Special

Assessment,

2023

A,

4%,

9/02/27

.

250,000

250,174

Assessment

District

No.

124,

1915

Act,

Special

Assessment,

2023

A,

4%,

9/02/28

.

250,000

248,469

Assessment

District

No.

124,

1915

Act,

Special

Assessment,

2023

A,

4%,

9/02/29

.

275,000

271,668

Assessment

District

No.

124,

1915

Act,

Special

Assessment,

2023

A,

4%,

9/02/30

.

225,000

220,904

Assessment

District

No.

124,

1915

Act,

Special

Assessment,

2023

A,

4%,

9/02/31

.

260,000

254,140

Assessment

District

No.

124,

1915

Act,

Special

Assessment,

2023

A,

4%,

9/02/32

.

280,000

271,996

Assessment

District

No.

124,

1915

Act,

Special

Assessment,

2023

A,

4%,

9/02/33

.

225,000

217,764

Assessment

District

No.

124,

1915

Act,

Special

Assessment,

2023

A,

4.125%,

9/02/38

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

625,000

575,865

Assessment

District

No.

124,

1915

Act,

Special

Assessment,

2023

A,

5%,

9/02/43

.

725,000

726,079

City

of

Ontario

,

Community

Facilities

District

No.

55

,

Special

Tax

,

2022

,

5

%

,

9/01/37

.

350,000

347,026

City

of

Palm

Desert

,

Section

29

Assessment

District

No.

2004-02,

1915

Act,

Special

Assessment,

2021,

Refunding,

4%,

9/02/26

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

570,000

557,532

Section

29

Assessment

District

No.

2004-02,

1915

Act,

Special

Assessment,

2021,

Refunding,

4%,

9/02/31

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

800,000

756,777

Section

29

Assessment

District

No.

2004-02,

1915

Act,

Special

Assessment,

2021,

Refunding,

4%,

9/02/37

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

1,200,000

1,053,574

City

of

Palo

Alto

,

University

Avenue

Off-Street

Parking

Assessment

District,

1915

Act,

Special

Assessment,

2012,

Refunding,

5%,

9/02/28

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

895,000

900,133

University

Avenue

Off-Street

Parking

Assessment

District,

1915

Act,

Special

Assessment,

2012,

Refunding,

5%,

9/02/29

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

1,155,000

1,161,506

City

of

Pasadena

,

Water

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

6/01/38

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

1,480,000

1,547,729

City

of

Porterville

,

Water,

COP,

2021,

AGMC

Insured,

4%,

8/15/35

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

230,000

228,139

Water,

COP,

2021,

AGMC

Insured,

4%,

8/15/36

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

200,000

194,095

Water,

COP,

2021,

AGMC

Insured,

4%,

8/15/37

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

175,000

164,593

City

of

Rancho

Cordova

,

Arista

Del

Sol

Community

Facilities

District

No.

2022-1

Improvement

Area

No.

1

,

Special

Tax

,

2023

,

5

%

,

9/01/38

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

250,000

242,513

c

City

of

Rialto

,

Community

Facilities

District

No.

2020-1

,

Special

Tax

,

2023

,

5

%

,

9/01/38

1,445,000

1,419,268

City

of

Riverside

,

Sewer,

Revenue,

2015

A,

Refunding,

5%,

8/01/28

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

3,870,000

3,973,327

Sewer,

Revenue,

2015

A,

Refunding,

5%,

8/01/29

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

4,670,000

4,793,802

Water,

Revenue,

2019

A,

Refunding,

5%,

10/01/37

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

7,295,000

7,726,644

City

of

Sacramento

,

North

Natomas

Community

Facilities

District

No.

4,

Special

Tax,

2015

F,

Refunding,

5%,

9/01/26

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

615,000

622,875

North

Natomas

Community

Facilities

District

No.

4,

Special

Tax,

2015

F,

Refunding,

5%,

9/01/28

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

1,220,000

1,239,523

North

Natomas

Community

Facilities

District

No.

4,

Special

Tax,

2015

F,

Refunding,

5%,

9/01/29

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

1,555,000

1,578,612

North

Natomas

Community

Facilities

District

No.

4,

Special

Tax,

2015

F,

Refunding,

5%,

9/01/30

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

1,045,000

1,059,647

North

Natomas

Community

Facilities

District

No.

4,

Special

Tax,

2015

F,

Refunding,

5%,

9/01/31

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

1,800,000

1,822,185

Transient

Occupancy

Tax,

Revenue,

2018

A,

5%,

6/01/34

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

1,485,000

1,562,891

Transient

Occupancy

Tax,

Revenue,

2018

A,

5%,

6/01/35

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

2,000,000

2,098,502

Transient

Occupancy

Tax,

Revenue,

2018

A,

5%,

6/01/37

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

2,250,000

2,335,207

City

of

Vernon

,

Electric

System,

Revenue,

2021

A,

5%,

4/01/26

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

1,265,000

1,278,035

Electric

System,

Revenue,

2021

A,

5%,

10/01/26

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

1,670,000

1,692,973

Electric

System,

Revenue,

2021

A,

5%,

4/01/28

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

2,000,000

2,049,086

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)

City

of

Vernon,

(continued)

Electric

System,

Revenue,

2022

A,

Refunding,

5%,

8/01/24

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

$

700,000

$

702,427

Electric

System,

Revenue,

2022

A,

Refunding,

5%,

8/01/25

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

500,000

503,390

Electric

System,

Revenue,

2022

A,

Refunding,

5%,

8/01/26

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

605,000

612,560

Electric

System,

Revenue,

2022

A,

Refunding,

5%,

8/01/30

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

1,105,000

1,144,560

City

of

Woodland

,

Community

Facilities

District

No.

2004-1

,

Special

Tax

,

2019

,

5

%

,

9/01/36

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

1,510,000

1,535,029

a

CMFA

Special

Finance

Agency

VIII

,

Elan

Huntington

Beach

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

8/01/47

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

2,400,000

1,850,877

Compton

Community

Redevelopment

Agency

,

Successor

Agency,

Tax

Allocation,

2022

A,

Refunding,

AGMC

Insured,

5%,

8/01/37

4,090,000

4,266,437

Successor

Agency,

Tax

Allocation,

2022

A,

Refunding,

AGMC

Insured,

5%,

8/01/42

3,115,000

3,199,344

Contra

Costa

Water

District

,

Revenue

,

T

,

Refunding

,

5

%

,

10/01/26

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

3,400,000

3,446,493

Corona-Norco

Unified

School

District

,

GO

,

2011

E

,

5.3

%

,

8/01/25

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

4,645,000

4,781,967

County

of

Sacramento

,

Airport

System,

Revenue,

2016

B,

Refunding,

5%,

7/01/35

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

1,000,000

1,027,366

Airport

System,

Revenue,

2016

B,

Refunding,

5%,

7/01/36

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

2,000,000

2,047,995

County

of

San

Diego

,

Community

Facilities

District

No.

2008-01

Area

No.

1,

Special

Tax,

2020

A,

4%,

9/01/37

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

175,000

157,024

Community

Facilities

District

No.

2008-01

Area

No.

1,

Special

Tax,

2020

A,

4%,

9/01/38

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

375,000

331,109

Community

Facilities

District

No.

2008-01

Area

No.

1,

Special

Tax,

2020

A,

4%,

9/01/40

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

115,000

98,985

Community

Facilities

District

No.

2008-01

Area

No.

2,

Special

Tax,

2020

A,

4%,

9/01/35

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

50,000

46,610

a

CSCDA

Community

Improvement

Authority

,

1818

Platinum

Triangle-Anaheim,

Revenue,

Senior

Lien,

144A,

2021

A-1,

3.35%,

4/01/47

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

10,000,000

7,278,623

Oceanaire

Apartments,

Revenue,

144A,

2021

A-1,

3.2%,

9/01/46

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

7,500,000

4,930,985

Towne

at

Glendale

Apartments,

Revenue,

144A,

2022

B,

5%,

9/01/37

..........

12,300,000

11,604,089

Del

Mar

Race

Track

Authority

,

Revenue,

2015,

Refunding,

5%,

10/01/23

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

1,510,000

1,510,000

Revenue,

2015,

Refunding,

5%,

10/01/28

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

1,925,000

1,890,028

Revenue,

2015,

Refunding,

5%,

10/01/30

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

1,125,000

1,091,429

Dublin

Unified

School

District

,

GO

,

2016

,

Refunding

,

5

%

,

8/01/32

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

3,220,000

3,365,709

East

Bay

Municipal

Utility

District

,

Wastewater

System,

Revenue,

2014

A,

Refunding,

5%,

6/01/25

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

2,845,000

2,912,332

Wastewater

System,

Revenue,

2014

A,

Refunding,

5%,

6/01/26

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

3,650,000

3,791,560

Wastewater

System,

Revenue,

2014

A,

Refunding,

5%,

6/01/27

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

1,500,000

1,585,533

Wastewater

System,

Revenue,

2014

A,

Refunding,

5%,

6/01/29

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

1,000,000

1,091,365

Water

System,

Revenue,

2015

A,

Refunding,

5%,

6/01/29

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

5,000,000

5,128,943

El

Dorado

Irrigation

District

,

COP,

2020

A,

5%,

3/01/34

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

375,000

405,674

COP,

2020

A,

5%,

3/01/37

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

325,000

343,347

COP,

2020

A,

5%,

3/01/38

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

750,000

784,136

COP,

2020

A,

5%,

3/01/39

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

720,000

750,732

Revenue,

2016

C,

Pre-Refunded,

5%,

3/01/31

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

2,500,000

2,590,174

Elk

Grove

Finance

Authority

,

Special

Tax

,

2015

,

Refunding

,

BAM

Insured

,

5

%

,

9/01/30

1,130,000

1,160,083

FHLMC,

Multi-family

ML

Pass-Through

Certificates

,

Revenue

,

2019-ML06

,

ACA

,

Revenue

,

2.493

%

,

7/25/35

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

23,648,230

18,515,306

Foothill-De

Anza

Community

College

District

,

GO,

2015,

Refunding,

5%,

8/01/27

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

1,250,000

1,283,173

GO,

2015,

Refunding,

5%,

8/01/28

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

2,500,000

2,566,980

Foothill-Eastern

Transportation

Corridor

Agency

,

Revenue,

2013

A,

Refunding,

Zero

Cpn.,

1/15/25

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

2,500,000

2,481,524

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)

Foothill-Eastern

Transportation

Corridor

Agency,

(continued)

Revenue,

2013

A,

Refunding,

Zero

Cpn.,

1/15/26

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

$

3,760,000

$

3,853,513

Revenue,

2013

A,

Refunding,

Zero

Cpn.,

1/15/27

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

6,395,000

6,702,727

Revenue,

2013

A,

Refunding,

AGMC

Insured,

Zero

Cpn.,

1/15/29

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

19,895,000

21,256,337

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

1/15/26

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

305,000

309,703

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

1/15/27

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

350,000

358,614

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

1/15/28

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

320,000

331,391

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

1/15/29

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

360,000

375,801

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

1/15/30

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

400,000

420,309

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

1/15/31

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

470,000

496,445

Revenue,

Junior

Lien,

2021

C,

Refunding,

4%,

1/15/32

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

300,000

297,903

Revenue,

Junior

Lien,

2021

C,

Refunding,

4%,

1/15/33

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

445,000

441,179

Golden

State

Tobacco

Securitization

Corp.

,

Revenue

,

2018

A-1

,

Pre-Refunded

,

5

%

,

6/01/35

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

9,000,000

9,622,377

Imperial

Irrigation

District

,

Electric

System,

Revenue,

2019,

Refunding,

5%,

11/01/33

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

1,000,000

1,071,333

Electric

System,

Revenue,

2019,

Refunding,

5%,

11/01/34

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

1,100,000

1,173,538

Electric

System,

Revenue,

2019,

Refunding,

5%,

11/01/35

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

1,520,000

1,613,826

Electric

System,

Revenue,

2019,

Refunding,

5%,

11/01/37

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

3,885,000

4,056,875

Independent

Cities

Finance

Authority

,

Augusta

Communities

LLC,

Revenue,

2022

A,

Refunding,

5.25%,

5/15/56

.......

2,010,000

2,022,822

Millennium

Housing

LLC,

Revenue,

2021,

Refunding,

3%,

5/15/41

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

1,395,000

1,071,759

Millennium

Housing

LLC,

Revenue,

2022,

Refunding,

3.7%,

9/15/32

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

920,000

887,920

San

Juan

Mobile

Estates,

Revenue,

2015,

Refunding,

5%,

8/15/30

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

1,575,000

1,607,918

Irvine

Unified

School

District

,

Special

Tax,

2020

A,

4%,

9/01/27

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

1,735,000

1,703,512

Special

Tax,

2020

A,

4%,

9/01/28

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

1,130,000

1,104,408

Special

Tax,

2020

A,

5%,

9/01/30

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

1,900,000

1,975,639

Special

Tax,

2020

A,

5%,

9/01/31

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

1,830,000

1,884,961

Special

Tax,

2020

A,

5%,

9/01/32

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

750,000

768,427

Special

Tax,

2020

A,

4%,

9/01/33

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

2,095,000

1,988,816

Special

Tax,

2020

A,

4%,

9/01/35

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

1,450,000

1,354,203

Special

Tax,

2020

A,

4%,

9/01/36

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

2,625,000

2,403,674

Special

Tax,

2020

A,

4%,

9/01/37

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

2,695,000

2,418,170

Special

Tax,

2020

A,

4%,

9/01/39

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

2,890,000

2,512,209

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

5%,

9/01/29

........

185,000

192,638

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

5%,

9/01/30

........

210,000

219,301

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

5%,

9/01/31

........

175,000

182,543

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

5%,

9/01/32

........

185,000

192,959

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

5%,

9/01/33

........

195,000

203,359

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

5%,

9/01/34

........

225,000

234,297

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

5%,

9/01/36

........

265,000

272,798

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

4%,

9/01/37

........

280,000

252,019

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

4%,

9/01/38

........

270,000

238,657

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

4%,

9/01/39

........

315,000

274,751

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

4%,

9/01/40

........

350,000

301,968

Jurupa

Public

Financing

Authority

,

Special

Tax,

2014

A,

Refunding,

5%,

9/01/27

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

1,000,000

1,010,988

Special

Tax,

2014

A,

Refunding,

5%,

9/01/28

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

1,275,000

1,289,124

Special

Tax,

2014

A,

Refunding,

5%,

9/01/29

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

530,000

535,681

Special

Tax,

2015

A,

Refunding,

5%,

9/01/26

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

1,855,000

1,894,894

Special

Tax,

2015

A,

Refunding,

5%,

9/01/27

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

1,000,000

1,023,962

Special

Tax,

2015

A,

Refunding,

5%,

9/01/28

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

1,025,000

1,051,708

Special

Tax,

2015

A,

Refunding,

5%,

9/01/29

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

1,155,000

1,186,274

Special

Tax,

2015

A,

Refunding,

5%,

9/01/30

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

1,510,000

1,551,630

Special

Tax,

2015

A,

Refunding,

5%,

9/01/31

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

1,190,000

1,222,518

Special

Tax,

2015

A,

Refunding,

5%,

9/01/32

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

2,505,000

2,573,417

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)

Jurupa

Public

Financing

Authority,

(continued)

Special

Tax,

2015

A,

Refunding,

5%,

9/01/33

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

$

2,635,000

$

2,719,608

Special

Tax,

2020

A,

Refunding,

BAM

Insured,

4%,

9/01/32

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

700,000

699,033

Special

Tax,

2020

A,

Refunding,

BAM

Insured,

4%,

9/01/36

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

1,175,000

1,148,613

Lake

Elsinore

Public

Financing

Authority

,

Special

Tax

,

2015

,

Refunding

,

5

%

,

9/01/30

.

4,970,000

5,041,487

Lake

Elsinore

Unified

School

District

,

Community

Facilities

District

No.

2007-2

,

Special

Tax

,

2021

,

4

%

,

9/01/45

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

760,000

597,160

Lammersville

Joint

Unified

School

District

,

Community

Facilities

District

No.

2002

,

Special

Tax

,

2017

,

Refunding

,

5

%

,

9/01/33

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

1,575,000

1,610,631

Lee

Lake

Public

Financing

Authority

,

Special

Tax,

Junior

Lien,

2013

B,

5%,

9/01/27

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

1,385,000

1,385,429

Special

Tax,

Junior

Lien,

2013

B,

5.25%,

9/01/29

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

800,000

800,423

Los

Angeles

County

Metropolitan

Transportation

Authority

,

Sales

Tax,

Revenue,

2014

A,

Refunding,

5%,

7/01/26

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

6,315,000

6,377,850

Sales

Tax,

Revenue,

2014

A,

Refunding,

5%,

7/01/27

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

6,630,000

6,695,009

Sales

Tax,

Revenue,

2017

A,

5%,

7/01/39

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

7,520,000

7,784,546

Sales

Tax,

Revenue,

2021

A,

4%,

6/01/35

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

1,485,000

1,516,931

Los

Angeles

Department

of

Water

,

Water

System,

Revenue,

2020

C,

Refunding,

5%,

7/01/40

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

7,000,000

7,466,512

Water

System,

Revenue,

2020

C,

Refunding,

5%,

7/01/41

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

3,535,000

3,756,926

Los

Angeles

Department

of

Water

&

Power

,

Power

System,

Revenue,

2014

C,

5%,

7/01/27

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

10,000,000

10,091,437

Power

System,

Revenue,

2014

D,

5%,

7/01/26

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

2,600,000

2,623,010

Power

System,

Revenue,

2016

B,

5%,

7/01/30

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

3,000,000

3,094,766

Power

System,

Revenue,

2016

B,

5%,

7/01/31

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

6,700,000

6,909,467

Power

System,

Revenue,

2017

B,

Refunding,

5%,

7/01/34

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

23,350,000

24,335,986

Power

System,

Revenue,

2020

B,

Refunding,

5%,

7/01/39

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

2,860,000

3,057,470

Water

System,

Revenue,

2014

A,

5%,

7/01/31

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

4,690,000

4,727,721

Water

System,

Revenue,

2016

A,

Refunding,

5%,

7/01/37

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

10,450,000

10,698,053

Water

System,

Revenue,

2018

B,

Refunding,

5%,

7/01/34

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

2,500,000

2,675,483

Water

System,

Revenue,

2018

B,

Refunding,

5%,

7/01/38

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

4,500,000

4,713,968

Water

System,

Revenue,

2020

C,

Refunding,

5%,

7/01/33

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

1,410,000

1,554,660

Los

Angeles

Unified

School

District

,

GO,

2016

A,

Refunding,

5%,

7/01/29

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

5,000,000

5,121,813

GO,

2016

B,

Refunding,

5%,

7/01/30

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

30,000,000

31,133,265

GO,

2020

RYQ,

4%,

7/01/38

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

5,000,000

4,863,101

Manteca

Unified

School

District

,

Community

Facilities

District

No.

1989-2

,

Special

Tax

,

2013

F

,

AGMC

Insured

,

5

%

,

9/01/26

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

1,280,000

1,280,920

Martinez

Unified

School

District

,

GO

,

2011

,

Refunding

,

5.375

%

,

8/01/26

..........

3,435,000

3,476,292

Menifee

Union

School

District

,

Community

Facilities

District

No.

2011-1

Improvement

Area

No.

5,

Special

Tax,

2021,

4%,

9/01/36

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

500,000

454,262

Community

Facilities

District

No.

2011-1

Improvement

Area

No.

5,

Special

Tax,

2021,

4%,

9/01/41

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

800,000

670,595

Community

Facilities

District

No.

2011-1

Improvement

Area

No.

6,

Special

Tax,

2021,

4%,

9/01/36

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

445,000

408,281

Community

Facilities

District

No.

2011-1

Improvement

Area

No.

6,

Special

Tax,

2021,

4%,

9/01/46

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

875,000

715,165

Community

Facilities

District

No.

2011-1

Improvement

Area

No.

7,

Special

Tax,

2022,

5%,

9/01/37

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

1,100,000

1,094,990

Menifee

Union

School

District

Public

Financing

Authority

,

Special

Tax,

2016

A,

Refunding,

5%,

9/01/25

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

1,200,000

1,221,184

Special

Tax,

2017

A,

5%,

9/01/25

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

1,405,000

1,429,802

Special

Tax,

2017

A,

5%,

9/01/28

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

1,250,000

1,290,736

Special

Tax,

2017

A,

5%,

9/01/30

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

1,550,000

1,600,993

Metropolitan

Water

District

of

Southern

California

,

Revenue,

2014

E,

Refunding,

5%,

7/01/24

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

1,110,000

1,121,292

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)

Metropolitan

Water

District

of

Southern

California,

(continued)

Revenue,

2020

C,

Refunding,

5%,

7/01/38

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

$

12,500,000

$

13,433,405

Moreno

Valley

Unified

School

District

,

GO,

2007,

Refunding,

NATL

Insured,

Zero

Cpn.,

8/01/24

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

7,500,000

7,243,418

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

4%,

9/01/31

........

120,000

113,443

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

4%,

9/01/32

........

130,000

122,162

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

4%,

9/01/33

........

140,000

130,787

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

2.625%,

9/01/38

.....

200,000

142,290

Mount

San

Antonio

Community

College

District

,

GO

,

2013

A

,

5.875

%

,

8/01/28

......

6,000,000

6,601,022

Mountain

House

Public

Financing

Authority

,

Mountain

House

Community

Services

District,

Revenue,

2020

A,

BAM

Insured,

4%,

12/01/32

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

400,000

403,300

Mountain

House

Community

Services

District,

Revenue,

2020

A,

BAM

Insured,

4%,

12/01/33

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

325,000

326,782

Mountain

House

Community

Services

District,

Revenue,

2020

A,

BAM

Insured,

4%,

12/01/34

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

300,000

301,047

Oro

Grande

Elementary

School

District

,

COP,

2020,

Refunding,

4%,

9/15/29

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

2,595,000

2,418,981

COP,

2020,

Refunding,

4%,

9/15/30

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

2,700,000

2,487,914

COP,

2020,

Refunding,

4%,

9/15/31

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

2,805,000

2,553,248

COP,

2020,

Refunding,

4%,

9/15/32

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

1,600,000

1,444,176

Port

of

Oakland

,

Revenue,

2017

D,

Refunding,

5%,

11/01/28

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

2,250,000

2,321,963

Revenue,

2021

H,

Refunding,

5%,

11/01/29

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

2,000,000

2,099,837

Poway

Unified

School

District

,

Community

Facilities

District

No.

16

Area

A,

Special

Tax,

2020,

AGMC

Insured,

5%,

9/01/32

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

100,000

107,101

Community

Facilities

District

No.

16

Area

A,

Special

Tax,

2020,

AGMC

Insured,

4%,

9/01/34

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

500,000

495,512

Community

Facilities

District

No.

16

Area

A,

Special

Tax,

2020,

AGMC

Insured,

4%,

9/01/36

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

715,000

694,036

Community

Facilities

District

No.

16

Area

A,

Special

Tax,

2020,

AGMC

Insured,

4%,

9/01/40

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

965,000

898,249

Poway

Unified

School

District

Public

Financing

Authority

,

Special

Tax,

2014,

BAM

Insured,

5%,

10/01/31

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

1,700,000

1,701,196

Special

Tax,

2014,

BAM

Insured,

5%,

10/01/32

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

1,845,000

1,846,284

Special

Tax,

2017

A,

Refunding,

5%,

9/01/27

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

1,375,000

1,423,961

Special

Tax,

2017

A,

Refunding,

5%,

9/01/30

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

2,225,000

2,301,254

River

Islands

Public

Financing

Authority

,

Lathrop

Irrigation

District

Electric

,

Revenue

,

2020

,

AGMC

Insured

,

4

%

,

9/01/40

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

1,665,000

1,539,508

Riverside

County

Transportation

Commission

,

Sales

Tax,

Revenue,

2017

B,

Refunding,

5%,

6/01/38

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

2,805,000

2,905,500

Sales

Tax,

Revenue,

2017

B,

Refunding,

5%,

6/01/39

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

5,000,000

5,163,736

Riverside

Unified

School

District

,

Community

Facilities

District

No.

33

,

Special

Tax

,

2021

,

4

%

,

9/01/45

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

375,000

304,833

a

RMA

Capital

Series

Trust

,

Revenue

,

144A,

2022-1

,

A

,

5.67

%

,

8/01/58

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

5,000,000

4,504,650

RNR

School

Financing

Authority

,

Community

Facilities

District

No.

92-1

,

Special

Tax

,

2017

A

,

BAM

Insured

,

5

%

,

9/01/27

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

1,035,000

1,067,524

Romoland

School

District

,

Community

Facilities

District

No.

2004-1,

Special

Tax,

2015,

Refunding,

5%,

9/01/27

1,000,000

1,014,132

Community

Facilities

District

No.

2004-1,

Special

Tax,

2015,

Refunding,

5%,

9/01/28

1,960,000

1,988,844

Community

Facilities

District

No.

2004-1,

Special

Tax,

2015,

Refunding,

5%,

9/01/29

2,130,000

2,158,043

Community

Facilities

District

No.

2004-1,

Special

Tax,

2015,

Refunding,

5%,

9/01/30

2,310,000

2,336,876

Community

Facilities

District

No.

2004-1,

Special

Tax,

2015,

Refunding,

5%,

9/01/31

2,495,000

2,521,643

Community

Facilities

District

No.

2004-1,

Special

Tax,

2015,

Refunding,

5%,

9/01/32

2,690,000

2,718,160

c

Community

Facilities

District

No.

2017-1

Improvement

Area

No.

2,

Special

Tax,

2023,

5%,

9/01/38

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

250,000

248,885

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)

Romoland

School

District,

(continued)

c

Community

Facilities

District

No.

2017-1

Improvement

Area

No.

2,

Special

Tax,

2023,

5%,

9/01/43

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

$

440,000

$

425,959

Community

Facilities

District

No.

91-1,

Special

Tax,

2017,

Refunding,

5%,

9/01/36

.

1,130,000

1,144,434

Root

Creek

Water

District

,

Community

Facilities

District

No.

2016-1

Improvement

Area

No.

1,

Special

Tax,

2021,

4%,

9/01/41

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

430,000

378,912

Community

Facilities

District

No.

2016-1

Improvement

Area

No.

1,

Special

Tax,

2021,

4%,

9/01/46

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

1,300,000

1,078,976

Sacramento

County

Sanitation

Districts

Financing

Authority

,

Sacramento

Regional

County

Sanitation

District

,

Revenue

,

2014

A

,

Refunding

,

5

%

,

12/01/29

..........

2,000,000

2,018,643

Sacramento

Municipal

Utility

District

,

Revenue

,

2020

H

,

5

%

,

8/15/38

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

685,000

732,446

San

Bernardino

County

Transportation

Authority

,

Sales

Tax,

Revenue,

2014

A,

5%,

3/01/30

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

2,685,000

2,697,853

Sales

Tax,

Revenue,

2014

A,

5%,

3/01/31

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

5,090,000

5,114,366

San

Diego

County

Regional

Airport

Authority

,

Revenue,

2019

A,

Refunding,

5%,

7/01/35

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

7,500,000

8,033,703

Revenue,

2019

A,

Refunding,

5%,

7/01/39

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

6,500,000

6,813,554

Revenue,

2019

A,

Refunding,

5%,

7/01/44

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

4,000,000

4,146,333

San

Diego

Public

Facilities

Financing

Authority

,

City

of

San

Diego

Water

Utility

,

Revenue

,

2020

A

,

5

%

,

8/01/34

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

850,000

933,929

San

Francisco

Bay

Area

Rapid

Transit

District

,

GO,

2013

C,

5%,

8/01/27

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

2,640,000

2,642,040

GO,

2013

C,

5%,

8/01/28

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

3,500,000

3,502,677

GO,

2020

C-1,

4%,

8/01/33

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

2,250,000

2,298,036

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

,

Revenue,

2019

A,

Refunding,

5%,

5/01/36

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

4,000,000

4,101,256

Revenue,

Second

Series,

2019

E,

5%,

5/01/35

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

2,000,000

2,062,677

Revenue,

Second

Series,

2019

E,

5%,

5/01/37

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

1,000,000

1,018,474

SFO

Fuel

Co.

LLC,

Revenue,

2019

A,

Refunding,

5%,

1/01/35

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

1,000,000

1,031,117

SFO

Fuel

Co.

LLC,

Revenue,

2019

A,

Refunding,

5%,

1/01/36

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

1,000,000

1,026,129

San

Francisco

City

&

County

Public

Utilities

Commission

,

Wastewater

,

Revenue

,

2018

A

,

4

%

,

10/01/43

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

9,220,000

8,607,961

San

Francisco

City

&

County

Redevelopment

Agency

Successor

Agency

,

Hotel

Tax,

Revenue,

2011,

Refunding,

AGMC

Insured,

5%,

6/01/24

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

3,680,000

3,682,789

Mission

Bay

South

Redevelopment

Area

Tax

Increment

Financing

District,

Tax

Allocation,

2014

A,

5%,

8/01/30

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

1,080,000

1,092,508

Mission

Bay

South

Redevelopment

Area

Tax

Increment

Financing

District,

Tax

Allocation,

2014

A,

5%,

8/01/34

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

1,110,000

1,124,823

c

San

Jacinto

Unified

School

District

,

Community

Facilities

District

No.

2022-1

Improvement

Area

No.

1

,

Special

Tax

,

2023

,

5.25

%

,

9/01/48

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

350,000

343,175

San

Jacinto

Unified

School

District

Financing

Authority

,

Community

Facilities

District

No.

2003-2

,

Special

Tax

,

2019

,

5

%

,

9/01/36

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

1,200,000

1,194,535

San

Joaquin

Hills

Transportation

Corridor

Agency

,

Revenue

,

1997

A

,

Refunding

,

NATL

Insured

,

Zero

Cpn.,

1/15/26

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

19,000,000

17,163,857

San

Mateo

County

Transit

District

,

Sales

Tax,

Revenue,

2015

A,

Refunding,

5%,

6/01/28

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

3,000,000

3,073,843

Sales

Tax,

Revenue,

2015

A,

Refunding,

5%,

6/01/29

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

4,300,000

4,402,487

San

Mateo

Foster

City

Public

Financing

Authority

,

City

of

San

Mateo

Sewer

,

Revenue

,

2019

,

5

%

,

8/01/34

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

1,000,000

1,086,192

San

Ysidro

School

District

,

COP,

2015,

Refunding,

BAM

Insured,

5%,

9/01/29

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

1,100,000

1,127,326

COP,

2015,

Refunding,

BAM

Insured,

5%,

9/01/31

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

1,000,000

1,024,146

COP,

2015,

Refunding,

BAM

Insured,

5%,

9/01/33

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

1,050,000

1,074,666

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)

Santa

Cruz

County

Redevelopment

Successor

Agency

,

Tax

Allocation

,

2015

A

,

Refunding

,

AGMC

Insured

,

5

%

,

9/01/29

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

$

4,475,000

$

4,567,072

Sierra

View

Local

Health

Care

District

,

Revenue,

2020,

Refunding,

4%,

7/01/24

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

240,000

238,706

Revenue,

2020,

Refunding,

4%,

7/01/26

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

100,000

98,430

Revenue,

2020,

Refunding,

5%,

7/01/28

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

660,000

681,652

Revenue,

2020,

Refunding,

5%,

7/01/30

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

520,000

537,812

Sonoma

Community

Development

Agency

Successor

Agency

,

Tax

Allocation,

2015,

Refunding,

NATL

Insured,

5%,

6/01/29

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

1,000,000

1,037,987

Tax

Allocation,

2015,

Refunding,

NATL

Insured,

5%,

6/01/33

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

1,200,000

1,247,281

Southern

California

Public

Power

Authority

,

Revenue

,

2015

C

,

Refunding

,

5

%

,

7/01/26

5,000,000

5,083,173

State

of

California

,

GO,

Refunding,

5%,

12/01/27

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

10,000,000

10,599,126

GO,

Refunding,

5%,

4/01/29

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

3,190,000

3,427,436

GO,

Refunding,

5%,

9/01/29

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

1,000,000

1,040,492

GO,

Refunding,

5%,

11/01/29

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

5,000,000

5,406,095

GO,

5%,

4/01/30

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

3,725,000

4,001,036

GO,

Refunding,

5%,

11/01/30

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

15,540,000

16,982,452

GO,

Refunding,

5%,

10/01/32

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

5,780,000

6,219,046

GO,

2014,

Refunding,

5%,

12/01/27

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

5,000,000

5,010,644

GO,

2014,

Refunding,

5%,

12/01/28

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

5,000,000

5,010,644

State

of

California

Department

of

Water

Resources

,

Revenue,

AS,

ETM,

5%,

12/01/24

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

35,000

35,608

Revenue,

AS,

5%,

12/01/24

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

11,090,000

11,275,220

Revenue,

AS,

5%,

12/01/25

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

6,125,000

6,218,205

Revenue,

AS,

Pre-Refunded,

5%,

12/01/25

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

5,000

5,087

Revenue,

AS,

Pre-Refunded,

5%,

12/01/26

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

45,000

45,782

Revenue,

BA,

Pre-Refunded,

5%,

12/01/35

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

12,180,000

13,246,802

Revenue,

BB,

Refunding,

5%,

12/01/33

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

3,290,000

3,653,816

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

1,230,715

Tobacco

Securitization

Authority

of

Southern

California

,

San

Diego

County

Tobacco

Asset

Securitization

Corp.,

Revenue,

2019

A,

1,

Refunding,

5%,

6/01/36

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

1,600,000

1,663,582

San

Diego

County

Tobacco

Asset

Securitization

Corp.,

Revenue,

2019

A,

1,

Refunding,

5%,

6/01/37

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

1,000,000

1,032,014

San

Diego

County

Tobacco

Asset

Securitization

Corp.,

Revenue,

2019

A,

1,

Refunding,

5%,

6/01/38

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

500,000

512,868

Transbay

Joint

Powers

Authority

,

Transbay

Redevelopment

Project

Tax

Increment

Re-Development

Project,

Tax

Allocation,

Senior

Lien,

2020

A,

5%,

10/01/30

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

500,000

516,017

Transbay

Redevelopment

Project

Tax

Increment

Re-Development

Project,

Tax

Allocation,

Senior

Lien,

2020

A,

5%,

10/01/32

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

500,000

513,074

Transbay

Redevelopment

Project

Tax

Increment

Re-Development

Project,

Tax

Allocation,

Senior

Lien,

2020

A,

5%,

10/01/33

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

1,000,000

1,025,969

Transbay

Redevelopment

Project

Tax

Increment

Re-Development

Project,

Tax

Allocation,

Senior

Lien,

2020

A,

5%,

10/01/34

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

1,050,000

1,075,389

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

1,020,280

City

of

Tustin

Community

Facilities

District

No.

06-1,

Special

Tax,

2015

A,

Refunding,

5%,

9/01/32

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

1,565,000

1,596,050

University

of

California

,

Revenue,

2014

AM,

5%,

5/15/27

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

3,000,000

3,025,050

Revenue,

2014

AM,

5%,

5/15/28

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

1,835,000

1,850,882

Revenue,

2016

K,

5%,

5/15/37

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

1,000,000

1,025,185

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)

Val

Verde

Unified

School

District

,

Community

Facilities

District

No.

2018-2

Improvement

Area

No.

2,

Special

Tax,

2023,

5%,

9/01/43

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

$

555,000

$

530,685

Community

Facilities

District

No.

2018-2

Improvement

Area

No.

2,

Special

Tax,

2023,

5%,

9/01/48

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

625,000

580,236

Community

Facilities

District

No.

2018-2

Improvement

Area

No.

2,

Special

Tax,

2023,

5%,

9/01/54

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

1,000,000

916,825

Washington

Township

Health

Care

District

,

Revenue,

2020

A,

Refunding,

5%,

7/01/24

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

200,000

200,325

Revenue,

2020

A,

Refunding,

5%,

7/01/25

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

215,000

216,155

Revenue,

2020

A,

Refunding,

5%,

7/01/26

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

275,000

278,700

Revenue,

2020

A,

Refunding,

5%,

7/01/27

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

400,000

406,918

Revenue,

2020

A,

Refunding,

5%,

7/01/28

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

400,000

408,979

Revenue,

2020

A,

Refunding,

5%,

7/01/29

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

350,000

358,543

Revenue,

2020

A,

Refunding,

5%,

7/01/30

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

325,000

334,031

Revenue,

2020

A,

Refunding,

5%,

7/01/31

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

350,000

357,634

Revenue,

2020

A,

Refunding,

3%,

7/01/32

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

800,000

656,617

Revenue,

2020

A,

Refunding,

4%,

7/01/33

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

275,000

255,982

Revenue,

2020

A,

Refunding,

3%,

7/01/34

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

870,000

676,917

Revenue,

2020

A,

Refunding,

4%,

7/01/35

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

300,000

270,302

Revenue,

2020

A,

Refunding,

3%,

7/01/36

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

1,400,000

1,028,953

Revenue,

2020

A,

Refunding,

3%,

7/01/37

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

725,000

513,863

Revenue,

2020

A,

Refunding,

3%,

7/01/38

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

750,000

514,207

Revenue,

2023

A,

5%,

7/01/40

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

400,000

375,275

Revenue,

2023

A,

5%,

7/01/41

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

375,000

348,429

Revenue,

2023

A,

5%,

7/01/42

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

325,000

299,257

Revenue,

2023

A,

5%,

7/01/43

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

275,000

251,277

West

Basin

Municipal

Water

District

,

Revenue,

2016

A,

Refunding,

5%,

8/01/32

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

1,975,000

2,047,803

Revenue,

2016

A,

Refunding,

5%,

8/01/33

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

2,630,000

2,727,284

Revenue,

2021

A,

Refunding,

5%,

8/01/34

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

1,635,000

1,800,411

1,291,752,015

Wisconsin

0.7%

a

Public

Finance

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2021

,

5.25

%

,

12/01/23

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

9,000,000

9,004,590

U.S.

Territories

0.5%

Puerto

Rico

0.5%

HTA

TRRB

Custodial

Trust

,

Revenue

,

2007

N

,

5.25

%

,

7/01/36

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

2,200,000

2,208,748

Puerto

Rico

Electric

Power

Authority

,

c,d

Revenue,

6%,

7/01/41

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

562,159

562,159

c,d

Revenue,

7.125%,

7/01/59

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

2,730,152

2,730,152

e

Revenue,

WW,

5.375%,

7/01/23

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

5,000,000

1,250,000

6,751,059

Total

U.S.

Territories

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

6,751,059

Total

Municipal

Bonds

(Cost

$1,367,453,155)

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

1,307,507,664

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

Shares

a

Value

a

a

a

a

a

Escrows

and

Litigation

Trusts

0.0%

†

d,f

Puerto

Rico

Electric

Power

Authority,

Escrow

Account

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

254,001

$

203,200

Total

Escrows

and

Litigation

Trusts

(Cost

$–)

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

203,200

Total

Long

Term

Investments

(Cost

$1,367,453,155)

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

1,307,710,864

a

a

a

a

a

Short

Term

Investments

0.7%

Principal

Amount

Municipal

Bonds

0.7%

California

0.7%

g

California

Health

Facilities

Financing

Authority

,

Adventist

Health

System/West

Obligated

Group

,

Revenue

,

2009

B

,

LOC

US

Bank

NA

,

Daily

VRDN

and

Put

,

2.25

%

,

9/01/38

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

$

5,000,000

5,000,000

g

University

of

California

,

Revenue,

2013

AL-1,

Daily

VRDN

and

Put,

3.2%,

5/15/48

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

2,300,000

2,300,000

Revenue,

2013

AL-3,

Refunding,

Daily

VRDN

and

Put,

3.25%,

5/15/48

..........

1,000,000

1,000,000

Revenue,

2013

AL-4,

Refunding,

Daily

VRDN

and

Put,

3.1%,

5/15/48

...........

300,000

300,000

8,600,000

Total

Municipal

Bonds

(Cost

$8,600,000)

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

8,600,000

Total

Short

Term

Investments

(Cost

$8,600,000

)

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

8,600,000

a

Total

Investments

(Cost

$1,376,053,155)

100.0%

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

$1,316,310,864

Other

Assets,

less

Liabilities

0.0%

†

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

1,251,007

Net

Assets

100.0%

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

$1,317,561,871

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

September

30,

2023,

the

aggregate

value

of

these

securities

was

$100,920,908,

representing

7.7%

of

net

assets.

b

The

maturity

date

shown

represents

the

mandatory

put

date.

c

Security

purchased

on

a

when-issued

basis.

d

Fair

valued

using

significant

unobservable

inputs.

See

Note

3

regarding

fair

value

measurements.

e

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

f

Non-income

producing.

g

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).

The

Fund

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standard

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

2. Financial

Instrument

Valuation

The

Fund's investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates the

net

asset

value

(NAV)

per

share

each

business

day

as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the

Trust

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Fund's

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund's

administrator

in

performing

this

responsibility,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Equity

securities

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded,

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m.

Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Debt

securities

generally

trade

in

the

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,

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. 

Franklin

California

Tax-Free

Trust

Notes

to

Schedule

of

Investments

(unaudited)

19

Quarterly

Schedule

of

Investments

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.

A

summary

of

inputs

used

as

of

September

30,

2023,

in

valuing

the

Fund's

assets

carried

at

fair

value,

is

as

follows:

A

reconciliation

in

which

Level

3

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

3

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the period. 

Abbreviations

Level

1

Level

2

Level

3

Total

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

:

California

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

$

—

$

1,291,752,015

$

—

$

1,291,752,015

Wisconsin

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

—

9,004,590

—

9,004,590

U.S.

Territories

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

Puerto

Rico

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

—

3,458,748

3,292,311

6,751,059

Escrows

and

Litigation

Trusts

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

—

—

203,200

203,200

Short

Term

Investments

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

—

8,600,000

—

8,600,000

Total

Investments

in

Securities

...........

$—

$1,312,815,353

$3,495,511

$1,316,310,864

Selected

Portfolio

1915

Act

Improvement

Bond

Act

of

1915

AGMC

Assured

Guaranty

Municipal

Corp.

BAM

Build

America

Mutual

Assurance

Co.

COP

Certificate

of

Participation

ETM

Escrowed

to

Maturity

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GO

General

Obligation

LOC

Letter

of

Credit

NATL

National

Reinsurance

Corp.

For

additional

information

on

the

Fund's

significant

accounting

policies,

please

refer

to

the Fund's

most

recent

semiannual

or

annual

shareholder

report.