Franklin California Tax Free Trust NPORT-P Franklin California Intermediate-Term Tax-Free Income Fund (Mar 2024 report)

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

CAT-Q3PH

See

Notes

to

Schedule

of

Investments.

1

Schedule

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

2

Notes

to

Schedule

of

Investments

18

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

March

31,

2024

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

Senior

Floating

Rate

Interests

0.1%

Residential

REITs

0.1%

a

,b

,c

Centennial

Gardens

LP,

CME

Term

Loan,

B,

7.331%,

(1-month

SOFR

+

1.55%),

1/01/38

,

CME

Term

Loan,

B

,

7.331

%

,

(

1-month

SOFR

+

1.55

%

),

1/01/38

........

$

1,000,000

$

1,005,116

Total

Senior

Floating

Rate

Interests

(Cost

$

1,000,000

)

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

1,005,116

Municipal

Bonds

98.1%

California

96.9%

Align

Affordable

Housing

Bond

Fund

LP

,

d

Breezewood

2019

LP

,

Revenue

,

144A,

2020-3

TR

,

A

,

2.625

%

,

8/01/25

..........

14,300,000

13,932,527

Parkwood

Apartments

,

2021-1

,

2.25

%

,

8/01/31

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

11,250,000

10,392,525

Beaumont

Unified

School

District

,

Community

Facilities

District

No.

2020-1

Improvement

Area

No.

2

,

Special

Tax

,

2023

,

5

%

,

9/01/38

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

300,000

317,151

Community

Facilities

District

No.

2020-1

Improvement

Area

No.

2

,

Special

Tax

,

2023

,

5

%

,

9/01/43

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

1,295,000

1,342,082

Community

Facilities

District

No.

2020-1

Improvement

Area

No.

2

,

Special

Tax

,

2023

,

5

%

,

9/01/48

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

660,000

672,550

Community

Facilities

District

No.

2020-1

Improvement

Area

No.

2

,

Special

Tax

,

2023

,

5

%

,

9/01/53

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

725,000

733,597

California

Affordable

Housing

Agency

,

Butte

County

Housing

Authority

,

Revenue

,

2020

A

,

2

%

,

10/01/35

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

500,000

408,870

e

California

Community

Choice

Financing

Authority

,

Revenue

,

2021

A

,

Mandatory

Put

,

4

%

,

12/01/27

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

13,200,000

13,284,674

Revenue

,

2021

B-1

,

Mandatory

Put

,

4

%

,

8/01/31

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

9,150,000

9,207,730

Revenue

,

2021

B-2

,

Mandatory

Put

,

4.09

%

,

8/01/31

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

25,000,000

22,966,665

Revenue

,

2022

A-1

,

Mandatory

Put

,

4

%

,

8/01/28

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

20,000,000

20,096,946

California

Community

College

Financing

Authority

,

NCCD-Orange

Coast

Properties

LLC

,

Revenue

,

2018

,

5

%

,

5/01/32

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

1,750,000

1,834,029

NCCD-Orange

Coast

Properties

LLC

,

Revenue

,

2018

,

5

%

,

5/01/33

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

600,000

627,653

NCCD-Orange

Coast

Properties

LLC

,

Revenue

,

2018

,

5

%

,

5/01/35

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

3,040,000

3,166,094

NCCD-Orange

Coast

Properties

LLC

,

Revenue

,

2018

,

5

%

,

5/01/37

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

1,600,000

1,650,515

NCCD-Orange

Coast

Properties

LLC

,

Revenue

,

2018

,

5

%

,

5/01/38

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

1,320,000

1,353,205

d

California

Community

Housing

Agency

,

Aster

Apartments

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

2/01/43

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

3,710,000

3,422,599

California

County

Tobacco

Securitization

Agency

,

Gold

Country

Settlement

Funding

Corp.

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

6/01/29

250,000

273,101

Gold

Country

Settlement

Funding

Corp.

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

6/01/31

1,065,000

1,185,662

Los

Angeles

County

Securitization

Corp.

,

Revenue,

Senior

Lien

,

2020

A

,

Refunding

,

4

%

,

6/01/35

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

1,505,000

1,568,222

Los

Angeles

County

Securitization

Corp.

,

Revenue,

Senior

Lien

,

2020

A

,

Refunding

,

4

%

,

6/01/37

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

1,075,000

1,104,489

Los

Angeles

County

Securitization

Corp.

,

Revenue,

Senior

Lien

,

2020

A

,

Refunding

,

4

%

,

6/01/39

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

1,300,000

1,323,007

Merced

County

Tobacco

Funding

Corp.

,

Revenue,

Senior

Lien

,

2020

A

,

Refunding

,

5

%

,

6/01/30

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

315,000

348,595

Merced

County

Tobacco

Funding

Corp.

,

Revenue,

Senior

Lien

,

2020

A

,

Refunding

,

5

%

,

6/01/31

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

300,000

333,989

Merced

County

Tobacco

Funding

Corp.

,

Revenue,

Senior

Lien

,

2020

A

,

Refunding

,

5

%

,

6/01/33

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

245,000

272,186

Merced

County

Tobacco

Funding

Corp.

,

Revenue,

Senior

Lien

,

2020

A

,

Refunding

,

4

%

,

6/01/34

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

420,000

440,392

Sonoma

County

Securitization

Corp.

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

6/01/30

..

425,000

470,326

Sonoma

County

Securitization

Corp.

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

6/01/31

..

225,000

250,492

Sonoma

County

Securitization

Corp.

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

6/01/32

..

250,000

278,039

Sonoma

County

Securitization

Corp.

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

6/01/33

..

300,000

333,289

Sonoma

County

Securitization

Corp.

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

6/01/34

..

365,000

382,722

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

,

Art

Center

College

of

Design

,

Revenue

,

2022

A

,

5

%

,

12/01/32

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

$

275,000

$

305,007

Art

Center

College

of

Design

,

Revenue

,

2022

A

,

5

%

,

12/01/33

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

545,000

602,997

Art

Center

College

of

Design

,

Revenue

,

2022

A

,

5

%

,

12/01/36

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

595,000

645,792

Leland

Stanford

Junior

University

(The)

,

Revenue

,

U-6

,

5

%

,

5/01/45

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

1,135,000

1,381,392

Leland

Stanford

Junior

University

(The)

,

Revenue

,

V-1

,

5

%

,

5/01/49

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

850,000

1,028,780

Loma

Linda

University

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

4/01/29

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

1,020,000

1,071,810

Loma

Linda

University

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

4/01/32

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

1,235,000

1,296,647

Loma

Linda

University

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

4/01/33

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

1,000,000

1,048,915

Loma

Linda

University

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

4/01/34

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

1,750,000

1,833,056

Loma

Linda

University

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

4/01/35

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

1,500,000

1,569,831

Loma

Linda

University

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

4/01/36

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

2,000,000

2,088,315

Loma

Linda

University

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

4/01/37

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

2,000,000

2,080,306

Pomona

College

,

Revenue

,

2005

A

,

Zero

Cpn.,

7/01/30

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

3,005,000

2,508,641

St.

Mary's

College

of

California

,

Revenue

,

2023

A

,

Refunding

,

5

%

,

10/01/36

......

750,000

810,243

St.

Mary's

College

of

California

,

Revenue

,

2023

A

,

Refunding

,

5

%

,

10/01/37

......

725,000

777,124

St.

Mary's

College

of

California

,

Revenue

,

2023

A

,

Refunding

,

5

%

,

10/01/38

......

1,025,000

1,089,258

St.

Mary's

College

of

California

,

Revenue

,

2023

A

,

Refunding

,

5.25

%

,

10/01/44

...

4,450,000

4,703,976

University

of

San

Francisco

,

Revenue

,

2018

A

,

5

%

,

10/01/37

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

1,365,000

1,455,410

California

Enterprise

Development

Authority

,

Provident

Group-SDSU

Properties

LLC

,

Revenue,

First

Tier

,

2020

A

,

5

%

,

8/01/24

..

230,000

230,180

Provident

Group-SDSU

Properties

LLC

,

Revenue,

First

Tier

,

2020

A

,

5

%

,

8/01/26

..

540,000

550,403

Provident

Group-SDSU

Properties

LLC

,

Revenue,

First

Tier

,

2020

A

,

5

%

,

8/01/28

..

615,000

640,655

Provident

Group-SDSU

Properties

LLC

,

Revenue,

First

Tier

,

2020

A

,

5

%

,

8/01/30

..

250,000

264,970

Provident

Group-SDSU

Properties

LLC

,

Revenue,

First

Tier

,

2020

A

,

5

%

,

8/01/35

..

450,000

470,270

California

Health

Facilities

Financing

Authority

,

Cedars-Sinai

Medical

Center

Obligated

Group

,

Revenue

,

2015

,

Refunding

,

5

%

,

11/15/30

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

3,000,000

3,096,269

Cedars-Sinai

Medical

Center

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

8/15/31

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

3,500,000

3,672,317

Children's

Hospital

Los

Angeles

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

8/15/36

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

2,045,000

2,110,810

Children's

Hospital

Los

Angeles

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

8/15/37

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

2,530,000

2,601,208

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2024

A

,

5

%

,

12/01/54

.........

7,835,000

8,438,015

El

Camino

Hospital

,

Revenue

,

2017

,

5

%

,

2/01/28

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

2,100,000

2,217,616

El

Camino

Hospital

,

Revenue

,

2017

,

5

%

,

2/01/29

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

2,460,000

2,598,934

El

Camino

Hospital

,

Revenue

,

2017

,

5

%

,

2/01/30

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

1,250,000

1,321,855

El

Camino

Hospital

,

Revenue

,

2017

,

5

%

,

2/01/31

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

1,200,000

1,269,708

Kaiser

Foundation

Hospitals

,

Revenue

,

2017

A-2

,

5

%

,

11/01/47

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

7,000,000

8,239,802

Marshall

Medical

Center

,

Revenue

,

2015

,

Refunding

,

California

Mortgage

Insured

,

5

%

,

11/01/33

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

1,000,000

1,015,051

California

Housing

Finance

Agency

,

Revenue

,

2019-2

,

A

,

4

%

,

3/20/33

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

5,117,431

5,064,687

Lakeside

Drive

Senior

Housing

LP

,

Revenue

,

2019

N

,

FNMA

Insured

,

2.35

%

,

12/01/35

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

9,209,520

7,953,356

California

Infrastructure

&

Economic

Development

Bank

,

Academy

of

Motion

Picture

Arts

and

Sciences

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

11/01/30

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

7,260,000

8,392,349

Infrastructure

State

Revolving

Fund

(The)

,

Revenue

,

2015

A

,

Pre-Refunded

,

5

%

,

10/01/32

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

2,915,000

2,999,591

California

Municipal

Finance

Authority

,

d,e

Revenue

,

144A,

2009

A

,

Mandatory

Put

,

1.3

%

,

2/03/25

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

1,800,000

1,758,960

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

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

5,800,000

5,254,888

Revenue

,

2022

A-2

,

6.25

%

,

12/01/32

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

3,105,000

2,773,191

ACI

Royal

York,

Inc.

,

Revenue

,

2020

A

,

3.125

%

,

2/15/33

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

620,000

561,592

Aldersly

,

Revenue

,

2023

B-1

,

Refunding

,

California

Mortgage

Insured

,

4

%

,

11/15/28

595,000

597,688

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)

Biola

University,

Inc.

,

Revenue

,

2017

,

Refunding

,

5

%

,

10/01/29

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

$

1,350,000

$

1,419,509

Biola

University,

Inc.

,

Revenue

,

2017

,

Refunding

,

5

%

,

10/01/30

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

1,165,000

1,224,739

Biola

University,

Inc.

,

Revenue

,

2017

,

Refunding

,

5

%

,

10/01/33

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

1,070,000

1,121,390

Biola

University,

Inc.

,

Revenue

,

2017

,

Refunding

,

5

%

,

10/01/35

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

1,000,000

1,044,102

California

Home

for

the

Aged,

Inc.

(The)

,

Revenue

,

2018

,

California

Mortgage

Insured

,

5

%

,

5/15/36

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

1,000,000

1,084,088

California

Institute

of

the

Arts

,

Revenue

,

2021

,

4

%

,

10/01/32

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

120,000

122,193

California

Institute

of

the

Arts

,

Revenue

,

2021

,

4

%

,

10/01/33

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

120,000

121,919

California

Institute

of

the

Arts

,

Revenue

,

2021

,

4

%

,

10/01/34

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

155,000

156,950

California

Institute

of

the

Arts

,

Revenue

,

2021

,

4

%

,

10/01/35

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

160,000

161,407

California

Institute

of

the

Arts

,

Revenue

,

2021

,

4

%

,

10/01/36

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

185,000

185,378

California

Institute

of

the

Arts

,

Revenue

,

2021

,

4

%

,

10/01/37

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

170,000

168,090

Caritas

Corp.

(The)

,

Revenue

,

2021

B

,

Refunding

,

3

%

,

8/15/31

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

105,000

99,034

Caritas

Corp.

(The)

,

Revenue

,

2021

B

,

Refunding

,

4

%

,

8/15/41

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

590,000

550,104

Caritas

Corp.

(The)

,

Revenue

,

2021

B

,

Refunding

,

4

%

,

8/15/56

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

540,000

452,504

d

Century

CityView

LP

,

Revenue

,

144A,

2021

A

,

4

%

,

11/01/36

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

8,125,000

7,648,175

CHF-Riverside

II

LLC

,

Revenue

,

2019

,

5

%

,

5/15/30

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

3,635,000

3,941,336

CHF-Riverside

II

LLC

,

Revenue

,

2019

,

5

%

,

5/15/32

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

1,000,000

1,081,209

CHF-Riverside

II

LLC

,

Revenue

,

2019

,

5

%

,

5/15/35

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

1,430,000

1,537,415

CHF-Riverside

II

LLC

,

Revenue

,

2019

,

5

%

,

5/15/36

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

1,260,000

1,348,044

CHF-Riverside

II

LLC

,

Revenue

,

2019

,

5

%

,

5/15/38

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

1,500,000

1,586,132

Community

Hospitals

of

Central

California

Obligated

Group

,

Revenue

,

2015

A

,

Pre-

Refunded

,

5

%

,

2/01/26

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

2,010,000

2,035,710

Community

Hospitals

of

Central

California

Obligated

Group

,

Revenue

,

2015

A

,

Pre-

Refunded

,

5

%

,

2/01/28

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

1,500,000

1,519,186

Community

Hospitals

of

Central

California

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

2/01/25

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

2,000,000

2,012,501

Community

Hospitals

of

Central

California

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

2/01/26

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

2,010,000

2,044,416

Community

Hospitals

of

Central

California

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

2/01/29

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

6,270,000

6,514,677

Community

Hospitals

of

Central

California

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

2/01/30

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

4,680,000

4,864,889

Community

Hospitals

of

Central

California

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

2/01/32

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

3,300,000

3,426,317

Community

Hospitals

of

Central

California

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

2/01/33

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

7,440,000

7,725,830

Community

Hospitals

of

Central

California

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

2/01/34

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

5,000,000

5,193,402

Community

Hospitals

of

Central

California

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

2/01/36

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

2,295,000

2,376,991

Community

Hospitals

of

Central

California

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

2/01/37

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

2,000,000

2,064,768

Concordia

University

Irvine

,

Revenue

,

2021

,

4

%

,

1/01/26

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

250,000

249,909

Concordia

University

Irvine

,

Revenue

,

2021

,

4

%

,

1/01/27

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

350,000

352,217

Concordia

University

Irvine

,

Revenue

,

2021

,

4

%

,

1/01/28

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

250,000

252,965

Concordia

University

Irvine

,

Revenue

,

2021

,

4

%

,

1/01/29

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

350,000

355,914

Concordia

University

Irvine

,

Revenue

,

2021

,

4

%

,

1/01/30

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

400,000

408,674

Concordia

University

Irvine

,

Revenue

,

2021

,

4

%

,

1/01/31

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

350,000

358,280

Concordia

University

Irvine

,

Revenue

,

2021

,

4

%

,

1/01/32

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

250,000

255,226

Concordia

University

Irvine

,

Revenue

,

2021

,

4

%

,

1/01/33

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

300,000

305,637

Concordia

University

Irvine

,

Revenue

,

2021

,

4

%

,

1/01/34

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

300,000

305,487

Concordia

University

Irvine

,

Revenue

,

2021

,

4

%

,

1/01/35

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

400,000

406,520

Congregational

Homes,

Inc.

Obligated

Group

,

Revenue

,

2022

A

,

5

%

,

11/15/26

....

210,000

213,179

Congregational

Homes,

Inc.

Obligated

Group

,

Revenue

,

2022

A

,

5

%

,

11/15/27

....

110,000

112,476

Congregational

Homes,

Inc.

Obligated

Group

,

Revenue

,

2022

A

,

5

%

,

11/15/28

....

115,000

118,432

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

5

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

Municipal

Finance

Authority,

(continued)

Congregational

Homes,

Inc.

Obligated

Group

,

Revenue

,

2022

A

,

5

%

,

11/15/29

....

$

240,000

$

248,660

Congregational

Homes,

Inc.

Obligated

Group

,

Revenue

,

2022

A

,

4

%

,

11/15/30

....

125,000

122,996

Congregational

Homes,

Inc.

Obligated

Group

,

Revenue

,

2022

A

,

4

%

,

11/15/31

....

265,000

260,040

Congregational

Homes,

Inc.

Obligated

Group

,

Revenue

,

2022

A

,

4

%

,

11/15/32

....

280,000

273,992

Congregational

Homes,

Inc.

Obligated

Group

,

Revenue

,

2022

B-1

,

2.75

%

,

11/15/27

525,000

524,632

Del

Harbor

Foundation

,

Revenue

,

2015

,

Refunding

,

5

%

,

11/01/26

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

1,085,000

1,108,564

d

IH

Lakes

Concord

LLC

,

Revenue

,

144A,

2022

A-1

,

4.375

%

,

12/01/32

...........

15,000,000

14,428,070

d

IH

Lakes

Concord

LLC

,

Revenue

,

144A,

2022

A-2

,

6.75

%

,

12/01/32

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

930,000

859,297

Inland

Christian

Home,

Inc.

,

Revenue

,

2020

,

California

Mortgage

Insured

,

4

%

,

12/01/30

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

885,000

914,399

Inland

Counties

Regional

Center,

Inc.

,

Revenue

,

2015

,

Refunding

,

5

%

,

6/15/24

...

1,000,000

1,002,412

Inland

Counties

Regional

Center,

Inc.

,

Revenue

,

2015

,

Refunding

,

5

%

,

6/15/32

...

6,625,000

6,745,874

LAX

Integrated

Express

Solutions

LLC

,

Revenue,

Senior

Lien

,

2018

A

,

5

%

,

6/30/25

1,250,000

1,260,141

LAX

Integrated

Express

Solutions

LLC

,

Revenue,

Senior

Lien

,

2018

A

,

5

%

,

12/31/34

3,000,000

3,007,294

LAX

Integrated

Express

Solutions

LLC

,

Revenue,

Senior

Lien

,

2018

A

,

5

%

,

12/31/35

5,500,000

5,512,936

LAX

Integrated

Express

Solutions

LLC

,

Revenue,

Senior

Lien

,

2018

A

,

5

%

,

12/31/36

10,570,000

10,580,837

LAX

Integrated

Express

Solutions

LLC

,

Revenue,

Senior

Lien

,

2018

A

,

5

%

,

12/31/37

2,930,000

2,930,185

LAX

Integrated

Express

Solutions

LLC

,

Revenue,

Senior

Lien

,

2018

A

,

5

%

,

12/31/38

7,600,000

7,597,138

d

NCCD-Claremont

Properties

LLC

,

Revenue

,

144A,

2023

A

,

Refunding

,

5

%

,

7/01/35

3,960,000

4,045,207

Northbay

Healthcare

Group

Obligated

Group

,

Revenue

,

2017

A

,

5

%

,

11/01/25

....

1,000,000

1,007,178

Northbay

Healthcare

Group

Obligated

Group

,

Revenue

,

2017

A

,

5

%

,

11/01/26

....

900,000

907,220

Northbay

Healthcare

Group

Obligated

Group

,

Revenue

,

2017

A

,

5

%

,

11/01/27

....

1,300,000

1,315,083

Northbay

Healthcare

Group

Obligated

Group

,

Revenue

,

2017

A

,

5

%

,

11/01/28

....

1,400,000

1,416,087

Northbay

Healthcare

Group

Obligated

Group

,

Revenue

,

2017

A

,

5.25

%

,

11/01/29

..

1,000,000

1,016,834

Northbay

Healthcare

Group

Obligated

Group

,

Revenue

,

2017

A

,

5

%

,

11/01/30

....

1,350,000

1,365,522

Northbay

Healthcare

Group

Obligated

Group

,

Revenue

,

2017

A

,

5.25

%

,

11/01/31

..

1,250,000

1,271,772

Northbay

Healthcare

Group

Obligated

Group

,

Revenue

,

2017

A

,

5.25

%

,

11/01/41

..

4,620,000

4,643,244

Northern

California

Retired

Officers

Community

,

Revenue

,

2016

,

Refunding

,

California

Mortgage

Insured

,

5

%

,

1/01/37

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

1,310,000

1,377,799

Palomar

Health

Obligated

Group

,

COP

,

2022

A

,

Refunding

,

AGMC

Insured

,

5

%

,

11/01/27

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

100,000

106,330

Palomar

Health

Obligated

Group

,

COP

,

2022

A

,

Refunding

,

AGMC

Insured

,

5

%

,

11/01/28

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

250,000

271,003

Palomar

Health

Obligated

Group

,

COP

,

2022

A

,

Refunding

,

AGMC

Insured

,

5

%

,

11/01/29

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

250,000

276,192

Palomar

Health

Obligated

Group

,

COP

,

2022

A

,

Refunding

,

AGMC

Insured

,

5

%

,

11/01/30

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

210,000

235,956

Palomar

Health

Obligated

Group

,

COP

,

2022

A

,

Refunding

,

AGMC

Insured

,

5

%

,

11/01/31

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

435,000

495,941

Palomar

Health

Obligated

Group

,

COP

,

2022

A

,

Refunding

,

AGMC

Insured

,

5

%

,

11/01/33

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

1,200,000

1,386,348

Palomar

Health

Obligated

Group

,

COP

,

2022

A

,

Refunding

,

AGMC

Insured

,

5.25

%

,

11/01/34

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

1,430,000

1,679,229

Palomar

Health

Obligated

Group

,

COP

,

2022

A

,

Refunding

,

AGMC

Insured

,

5.25

%

,

11/01/35

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

1,200,000

1,400,700

Palomar

Health

Obligated

Group

,

COP

,

2022

A

,

Refunding

,

AGMC

Insured

,

5.25

%

,

11/01/36

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

1,550,000

1,798,366

Pilgrim

Place

in

Claremont

,

Revenue

,

2016

A

,

Refunding

,

California

Mortgage

Insured

,

5

%

,

5/15/31

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

2,750,000

2,946,914

South

Central

Los

Angeles

Regional

Center

for

Developmentally

Disabled

Persons

,

Revenue

,

2013

,

5.25

%

,

12/01/27

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

3,030,000

3,033,275

System

Management

Group

,

Revenue

,

2019

A

,

5

%

,

4/01/35

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

1,780,000

1,929,077

System

Management

Group

,

Revenue

,

2019

A

,

5

%

,

4/01/37

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

2,945,000

3,160,536

University

of

La

Verne

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

6/01/31

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

1,000,000

1,056,420

University

of

La

Verne

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

6/01/32

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

1,000,000

1,056,192

University

of

La

Verne

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

6/01/33

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

1,010,000

1,066,590

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

6

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

Municipal

Finance

Authority,

(continued)

University

of

La

Verne

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

6/01/35

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

$

1,440,000

$

1,517,875

d

California

Pollution

Control

Financing

Authority

,

Poseidon

Resources

Channelside

LP

,

Revenue

,

144A,

2019

,

Refunding

,

5

%

,

7/01/29

4,350,000

4,585,763

Poseidon

Resources

Channelside

LP

,

Revenue

,

144A,

2023

,

5

%

,

7/01/26

.......

2,680,000

2,783,077

Poseidon

Resources

Channelside

LP

,

Revenue

,

144A,

2023

,

5

%

,

7/01/27

.......

4,170,000

4,391,650

e

California

Public

Finance

Authority

,

Henry

Mayo

Newhall

Hospital

Obligated

Group

,

Revenue

,

2021

B

,

Mandatory

Put

,

4

%

,

10/15/31

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

690,000

675,572

d

California

School

Finance

Authority

,

Aspire

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2022

A

,

5

%

,

8/01/32

....

640,000

667,500

Camino

Nuevo

Charter

Academy

Obligated

Group

,

Revenue

,

144A,

2023

A

,

Refunding

,

5

%

,

6/01/33

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

1,655,000

1,709,347

Classical

Academy

Obligated

Group

,

Revenue

,

144A,

2022

A

,

Refunding

,

4

%

,

10/01/27

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

515,000

510,081

Classical

Academy

Obligated

Group

,

Revenue

,

144A,

2022

A

,

Refunding

,

5

%

,

10/01/32

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

1,455,000

1,527,276

Green

Dot

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2018

A

,

5

%

,

8/01/26

.

300,000

304,912

Green

Dot

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2018

A

,

5

%

,

8/01/27

.

320,000

328,793

Green

Dot

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2022

A

,

Refunding

,

5

%

,

8/01/32

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

750,000

785,036

Green

Dot

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2022

A

,

Refunding

,

5.375

%

,

8/01/42

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

1,500,000

1,567,549

KIPP

SoCal

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2020

A

,

5

%

,

7/01/24

100,000

100,079

KIPP

SoCal

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2020

A

,

5

%

,

7/01/25

105,000

105,752

KIPP

SoCal

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2020

A

,

5

%

,

7/01/26

110,000

112,174

KIPP

SoCal

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2020

A

,

5

%

,

7/01/28

100,000

104,669

KIPP

SoCal

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2020

A

,

5

%

,

7/01/29

100,000

105,888

KIPP

SoCal

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2020

A

,

5

%

,

7/01/30

100,000

106,946

STEM

Preparatory

Schools

-

Obligated

Group

,

Revenue

,

144A,

2023

A

,

5

%

,

6/01/33

300,000

313,474

California

State

Public

Works

Board

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

2/01/31

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

2,175,000

2,503,936

State

of

California

Department

of

Corrections

&

Rehabilitation

,

Revenue

,

2014

A

,

5

%

,

9/01/26

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

10,000,000

10,061,566

State

of

California

Department

of

Corrections

&

Rehabilitation

,

Revenue

,

2014

D

,

5

%

,

9/01/26

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

6,835,000

6,877,081

California

State

University

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

11/01/29

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

16,000,000

16,768,693

Revenue

,

2016

A

,

Refunding

,

5

%

,

11/01/30

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

5,000,000

5,240,032

California

Statewide

Communities

Development

Authority

,

Special

Tax

,

2023

A

,

5

%

,

9/01/36

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

460,000

481,243

Special

Tax

,

2023

A

,

5

%

,

9/01/43

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

215,000

218,118

Aldersly

Obligated

Group

,

Revenue

,

2015

A

,

ETM,

4.5

%

,

5/15/25

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

420,000

422,314

Community

Facilities

District

No.

2020-02

Improvement

Area

No.

2

,

Special

Tax

,

2022

,

5.125

%

,

9/01/42

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

500,000

516,219

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2023

,

4.75

%

,

9/01/38

......

500,000

525,701

Community

Facilities

District

No.

2022-10

,

Special

Tax

,

2023

,

5.25

%

,

9/01/43

.....

650,000

683,173

Front

Porch

Communities

&

Services

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

4/01/32

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

1,470,000

1,611,636

Front

Porch

Communities

&

Services

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

4/01/33

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

1,520,000

1,666,025

Front

Porch

Communities

&

Services

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

4/01/34

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

1,565,000

1,715,354

Hebrew

Home

for

Aged

Disabled

,

Revenue

,

2016

,

California

Mortgage

Insured

,

5

%

,

11/01/36

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

9,000,000

9,455,506

Henry

Mayo

Newhall

Hospital

Obligated

Group

,

Revenue

,

2014

,

Pre-Refunded

,

AGMC

Insured

,

5

%

,

10/01/26

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

1,000,000

1,007,144

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)

Henry

Mayo

Newhall

Hospital

Obligated

Group

,

Revenue

,

2014

,

Pre-Refunded

,

AGMC

Insured

,

5

%

,

10/01/28

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

$

1,250,000

$

1,258,930

Campbell

Union

School

District

,

GO

,

2015

,

Refunding

,

5

%

,

8/01/28

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

3,235,000

3,329,981

Carson

Public

Financing

Authority

,

City

of

Carson

Reassessment

District

No.

2001-1

,

Revenue

,

2019

,

Refunding

,

5

%

,

9/02/31

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

1,000,000

1,083,325

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

1,373,324

City

of

Chino

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

9

,

Special

Tax

,

2022

,

4.5

%

,

9/01/31

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

725,000

751,603

City

of

Chino

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

9

,

Special

Tax

,

2022

,

4.625

%

,

9/01/32

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

755,000

792,773

City

of

Chino

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

9

,

Special

Tax

,

2022

,

4.75

%

,

9/01/34

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

1,620,000

1,715,503

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2023

,

5

%

,

9/01/38

........

1,090,000

1,144,530

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2023

,

5.375

%

,

9/01/43

.....

1,000,000

1,052,689

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2023

,

5.5

%

,

9/01/48

.......

1,200,000

1,252,535

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2023

,

5.625

%

,

9/01/53

.....

375,000

392,231

City

&

County

of

San

Francisco

,

GO

,

2021

B-1

,

4

%

,

6/15/37

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

2,000,000

2,075,632

GO

,

2021

C-1

,

4

%

,

6/15/36

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

1,140,000

1,196,052

d

District

No.

2020-1

Development

,

Special

Tax

,

144A,

2023

A

,

5.25

%

,

9/01/38

.....

875,000

908,111

d

District

No.

2020-1

Office

,

Special

Tax

,

144A,

2023

B

,

5

%

,

9/01/33

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

1,180,000

1,220,145

d

District

No.

2020-1

Office

,

Special

Tax

,

144A,

2023

B

,

5.5

%

,

9/01/43

...........

1,060,000

1,094,850

d

District

No.

2020-1

Shoreline

Tax

Zone

1

,

Special

Tax

,

144A,

2023

C

,

5

%

,

9/01/33

.

650,000

672,198

d

District

No.

2020-1

Shoreline

Tax

Zone

1

,

Special

Tax

,

144A,

2023

C

,

5.25

%

,

9/01/38

880,000

913,301

d

District

No.

2020-1

Shoreline

Tax

Zone

1

,

Special

Tax

,

144A,

2023

C

,

5.5

%

,

9/01/43

1,005,000

1,038,041

City

of

Chula

Vista

,

Community

Facilities

District

No.

16-1

Area

No.

2

,

Special

Tax

,

2021

,

4

%

,

9/01/46

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

1,500,000

1,441,408

City

of

Clovis

,

Sewer

,

Revenue

,

2013

,

Refunding

,

BAM

Insured

,

5

%

,

8/01/28

.......

1,200,000

1,200,941

City

of

Dublin

,

Community

Facilities

District

No.

2015-1

Improvement

Area

No.

4

,

Special

Tax

,

2022

,

5

%

,

9/01/37

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

955,000

1,005,168

Community

Facilities

District

No.

2015-1

Improvement

Area

No.

5

,

Special

Tax

,

2023

,

5

%

,

9/01/38

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

785,000

815,203

City

of

Fontana

,

Community

Facilities

District

No.

85

,

Special

Tax

,

2020

,

4

%

,

9/01/32

...........

250,000

255,090

Community

Facilities

District

No.

85

,

Special

Tax

,

2020

,

4

%

,

9/01/36

...........

550,000

555,113

Community

Facilities

District

No.

87

,

Special

Tax

,

2021

,

4

%

,

9/01/41

...........

400,000

387,877

City

of

Irvine

,

Reassessment

District

No.

15-2

,

1915

Act,

Special

Assessment

,

Refunding

,

5

%

,

9/02/25

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

1,000,000

1,015,767

City

of

Lake

Elsinore

,

Community

Facilities

District

No.

2006-1

Improvement

Area

KK

,

Special

Tax

,

2021

,

4

%

,

9/01/46

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

400,000

363,907

City

of

Lincoln

,

Community

Facilities

District

No.

2019-1

,

Special

Tax

,

2022

,

5

%

,

9/01/37

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

1,215,000

1,265,731

City

of

Long

Beach

,

Harbor

,

Revenue

,

2019

A

,

5

%

,

5/15/38

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

2,000,000

2,205,134

Marina

System

,

Revenue

,

2015

,

5

%

,

5/15/27

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

1,285,000

1,297,582

Marina

System

,

Revenue

,

2015

,

5

%

,

5/15/32

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

1,250,000

1,264,050

City

of

Los

Angeles

,

Revenue

,

2018

C

,

5

%

,

5/15/35

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

5,800,000

6,090,214

Department

of

Airports

,

Revenue

,

2017

A

,

5

%

,

5/15/31

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

2,815,000

2,943,573

Department

of

Airports

,

Revenue

,

2018

B

,

Refunding

,

5

%

,

5/15/32

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

3,325,000

3,523,901

Department

of

Airports

,

Revenue

,

2018

D

,

Refunding

,

5

%

,

5/15/31

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

2,900,000

3,125,847

Department

of

Airports

,

Revenue

,

2019

D

,

5

%

,

5/15/31

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

2,685,000

2,864,527

Department

of

Airports

,

Revenue

,

2019

D

,

5

%

,

5/15/36

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

2,500,000

2,649,377

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

8

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

City

of

Los

Angeles,

(continued)

Department

of

Airports

,

Revenue

,

2019

F

,

5

%

,

5/15/37

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

$

5,715,000

$

6,066,965

Department

of

Airports

,

Revenue

,

2019

F

,

5

%

,

5/15/38

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

4,500,000

4,754,700

Department

of

Airports

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

5/15/32

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

3,205,000

3,644,249

Department

of

Airports

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

5/15/33

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

3,000,000

3,406,928

Department

of

Airports

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

5/15/35

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

2,115,000

2,388,824

Department

of

Airports

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

5/15/37

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

7,380,000

8,243,530

Department

of

Airports

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

5/15/40

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

5,485,000

6,043,683

Department

of

Airports

,

Revenue

,

2022

C

,

Refunding

,

4

%

,

5/15/39

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

2,800,000

2,774,127

Department

of

Airports

,

Revenue,

Senior

Lien

,

2022

G

,

5.5

%

,

5/15/36

..........

1,325,000

1,528,210

Department

of

Airports

,

Revenue,

Senior

Lien

,

2022

G

,

5.5

%

,

5/15/37

..........

9,960,000

11,390,111

Department

of

Airports

,

Revenue,

Senior

Lien

,

2022

G

,

5.5

%

,

5/15/38

..........

1,080,000

1,223,870

Department

of

Airports

,

Revenue,

Senior

Lien

,

2022

G

,

5.5

%

,

5/15/40

..........

580,000

650,981

City

of

Menifee

,

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2023

A

,

5

%

,

9/01/43

......

240,000

248,045

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2023

A

,

5

%

,

9/01/48

......

325,000

331,406

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2023

A

,

5

%

,

9/01/53

......

750,000

758,893

City

of

Newport

Beach

,

Assessment

District

No.

113

,

1915

Act,

Special

Assessment

,

2021

A

,

2

%

,

9/02/34

.

230,000

181,996

Assessment

District

No.

113

,

1915

Act,

Special

Assessment

,

2021

A

,

2.125

%

,

9/02/35

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

235,000

184,380

Assessment

District

No.

113

,

1915

Act,

Special

Assessment

,

2021

A

,

2.125

%

,

9/02/36

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

240,000

182,978

Assessment

District

No.

124

,

1915

Act,

Special

Assessment

,

2023

A

,

4

%

,

9/02/24

.

125,000

125,281

Assessment

District

No.

124

,

1915

Act,

Special

Assessment

,

2023

A

,

4

%

,

9/02/25

.

150,000

151,784

Assessment

District

No.

124

,

1915

Act,

Special

Assessment

,

2023

A

,

4

%

,

9/02/26

.

220,000

224,236

Assessment

District

No.

124

,

1915

Act,

Special

Assessment

,

2023

A

,

4

%

,

9/02/27

.

250,000

256,042

Assessment

District

No.

124

,

1915

Act,

Special

Assessment

,

2023

A

,

4

%

,

9/02/28

.

250,000

256,466

Assessment

District

No.

124

,

1915

Act,

Special

Assessment

,

2023

A

,

4

%

,

9/02/29

.

275,000

283,363

Assessment

District

No.

124

,

1915

Act,

Special

Assessment

,

2023

A

,

4

%

,

9/02/30

.

225,000

232,567

Assessment

District

No.

124

,

1915

Act,

Special

Assessment

,

2023

A

,

4

%

,

9/02/31

.

260,000

269,379

Assessment

District

No.

124

,

1915

Act,

Special

Assessment

,

2023

A

,

4

%

,

9/02/32

.

280,000

290,108

Assessment

District

No.

124

,

1915

Act,

Special

Assessment

,

2023

A

,

4

%

,

9/02/33

.

225,000

233,636

Assessment

District

No.

124

,

1915

Act,

Special

Assessment

,

2023

A

,

4.125

%

,

9/02/38

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

625,000

633,674

Assessment

District

No.

124

,

1915

Act,

Special

Assessment

,

2023

A

,

5

%

,

9/02/43

.

725,000

773,416

City

of

Ontario

,

Community

Facilities

District

No.

55

,

Special

Tax

,

2022

,

5

%

,

9/01/37

.

350,000

373,746

City

of

Palm

Desert

,

Section

29

Assessment

District

No.

2004-02

,

1915

Act,

Special

Assessment

,

2021

,

Refunding

,

4

%

,

9/02/26

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

570,000

568,488

Section

29

Assessment

District

No.

2004-02

,

1915

Act,

Special

Assessment

,

2021

,

Refunding

,

4

%

,

9/02/31

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

800,000

803,329

Section

29

Assessment

District

No.

2004-02

,

1915

Act,

Special

Assessment

,

2021

,

Refunding

,

4

%

,

9/02/37

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

1,200,000

1,165,831

City

of

Palo

Alto

,

University

Avenue

Off-Street

Parking

Assessment

District

,

1915

Act,

Special

Assessment

,

2012

,

Refunding

,

5

%

,

9/02/28

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

895,000

902,976

University

Avenue

Off-Street

Parking

Assessment

District

,

1915

Act,

Special

Assessment

,

2012

,

Refunding

,

5

%

,

9/02/29

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

1,155,000

1,165,552

City

of

Pasadena

,

Water

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

6/01/38

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

1,480,000

1,664,320

City

of

Porterville

,

Water

,

COP

,

2021

,

AGMC

Insured

,

4

%

,

8/15/35

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

230,000

243,561

Water

,

COP

,

2021

,

AGMC

Insured

,

4

%

,

8/15/36

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

200,000

210,251

Water

,

COP

,

2021

,

AGMC

Insured

,

4

%

,

8/15/37

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

175,000

182,623

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

Rancho

Cordova

,

Arista

Del

Sol

Community

Facilities

District

No.

2022-1

Improvement

Area

No.

1

,

Special

Tax

,

2023

,

5

%

,

9/01/38

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

$

250,000

$

261,225

City

of

Rialto

,

Community

Facilities

District

No.

2020-1

,

Special

Tax

,

2023

,

5

%

,

9/01/38

1,445,000

1,535,656

City

of

Riverside

,

Sewer

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

8/01/28

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

3,870,000

3,981,060

Sewer

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

8/01/29

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

4,670,000

4,804,126

Water

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

10/01/37

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

7,295,000

8,065,684

City

of

Sacramento

,

North

Natomas

Community

Facilities

District

No.

4

,

Special

Tax

,

2015

F

,

Refunding

,

5

%

,

9/01/26

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

615,000

625,417

North

Natomas

Community

Facilities

District

No.

4

,

Special

Tax

,

2015

F

,

Refunding

,

5

%

,

9/01/28

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

1,220,000

1,243,560

North

Natomas

Community

Facilities

District

No.

4

,

Special

Tax

,

2015

F

,

Refunding

,

5

%

,

9/01/29

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

1,555,000

1,586,192

North

Natomas

Community

Facilities

District

No.

4

,

Special

Tax

,

2015

F

,

Refunding

,

5

%

,

9/01/30

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

1,045,000

1,067,838

North

Natomas

Community

Facilities

District

No.

4

,

Special

Tax

,

2015

F

,

Refunding

,

5

%

,

9/01/31

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

1,800,000

1,836,519

Transient

Occupancy

Tax

,

Revenue

,

2018

A

,

5

%

,

6/01/34

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

1,485,000

1,608,039

Transient

Occupancy

Tax

,

Revenue

,

2018

A

,

5

%

,

6/01/35

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

2,000,000

2,160,972

Transient

Occupancy

Tax

,

Revenue

,

2018

A

,

5

%

,

6/01/37

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

2,250,000

2,409,788

City

of

Vernon

,

Electric

System

,

Revenue

,

2021

A

,

5

%

,

4/01/26

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

1,265,000

1,287,229

Electric

System

,

Revenue

,

2021

A

,

5

%

,

10/01/26

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

1,670,000

1,710,090

Electric

System

,

Revenue

,

2021

A

,

5

%

,

4/01/28

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

2,000,000

2,089,161

Electric

System

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

8/01/24

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

700,000

701,307

Electric

System

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

8/01/25

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

500,000

504,861

Electric

System

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

8/01/26

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

605,000

618,140

Electric

System

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

8/01/30

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

1,105,000

1,189,128

City

of

Woodland

,

Community

Facilities

District

No.

2004-1

,

Special

Tax

,

2019

,

5

%

,

9/01/36

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

1,510,000

1,579,019

d

CMFA

Special

Finance

Agency

VIII

,

Elan

Huntington

Beach

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

8/01/47

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

2,400,000

2,068,552

Compton

Community

Redevelopment

Agency

,

Successor

Agency

,

Tax

Allocation

,

2022

A

,

Refunding

,

AGMC

Insured

,

5

%

,

8/01/37

4,090,000

4,564,832

Successor

Agency

,

Tax

Allocation

,

2022

A

,

Refunding

,

AGMC

Insured

,

5

%

,

8/01/42

3,115,000

3,402,393

Contra

Costa

Water

District

,

Revenue

,

T

,

Refunding

,

5

%

,

10/01/26

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

3,400,000

3,431,719

Corona-Norco

Unified

School

District

,

GO

,

2011

E

,

5.3

%

,

8/01/25

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

4,645,000

4,777,217

County

of

El

Dorado

,

Community

Facilities

District

No.

2014-1

,

Special

Tax

,

2023

,

5

%

,

9/01/38

........

500,000

530,570

Community

Facilities

District

No.

2014-1

,

Special

Tax

,

2023

,

5

%

,

9/01/43

........

1,000,000

1,033,635

County

of

Sacramento

,

Airport

System

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

7/01/35

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

1,000,000

1,042,553

Airport

System

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

7/01/36

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

2,000,000

2,078,620

County

of

San

Diego

,

Community

Facilities

District

No.

2008-01

Area

No.

1

,

Special

Tax

,

2020

A

,

4

%

,

9/01/37

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

175,000

173,733

Community

Facilities

District

No.

2008-01

Area

No.

1

,

Special

Tax

,

2020

A

,

4

%

,

9/01/38

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

375,000

366,691

Community

Facilities

District

No.

2008-01

Area

No.

1

,

Special

Tax

,

2020

A

,

4

%

,

9/01/40

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

115,000

109,850

Community

Facilities

District

No.

2008-01

Area

No.

2

,

Special

Tax

,

2020

A

,

4

%

,

9/01/35

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

50,000

50,414

d

CSCDA

Community

Improvement

Authority

,

1818

Platinum

Triangle-Anaheim

,

Revenue,

Senior

Lien

,

144A,

2021

A-1

,

3.35

%

,

4/01/47

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

10,000,000

8,090,202

Oceanaire

Apartments

,

Revenue

,

144A,

2021

A-1

,

3.2

%

,

9/01/46

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

7,500,000

5,625,834

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)

d

CSCDA

Community

Improvement

Authority,

(continued)

Towne

at

Glendale

Apartments

,

Revenue

,

144A,

2022

B

,

5

%

,

9/01/37

..........

$

11,700,000

$

12,055,944

Del

Mar

Race

Track

Authority

,

Revenue

,

2015

,

Refunding

,

5

%

,

10/01/28

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

1,925,000

1,930,559

Revenue

,

2015

,

Refunding

,

5

%

,

10/01/30

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

1,125,000

1,127,164

Dublin

Unified

School

District

,

GO

,

2016

,

Refunding

,

5

%

,

8/01/32

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

3,220,000

3,413,280

East

Bay

Municipal

Utility

District

,

Wastewater

System

,

Revenue

,

2014

A

,

Refunding

,

5

%

,

6/01/25

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

2,845,000

2,911,816

Wastewater

System

,

Revenue

,

2014

A

,

Refunding

,

5

%

,

6/01/26

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

3,650,000

3,827,261

Wastewater

System

,

Revenue

,

2014

A

,

Refunding

,

5

%

,

6/01/27

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

1,500,000

1,613,492

Wastewater

System

,

Revenue

,

2014

A

,

Refunding

,

5

%

,

6/01/29

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

1,000,000

1,130,846

Water

System

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

6/01/29

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

5,000,000

5,119,054

Eastern

Municipal

Water

District

,

Community

Facilities

District

No.

2019-86

,

Special

Tax

,

2023

,

5

%

,

9/01/43

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

1,085,000

1,118,141

El

Dorado

Irrigation

District

,

Revenue

,

2016

C

,

Pre-Refunded

,

5

%

,

3/01/31

........

2,500,000

2,600,990

Elk

Grove

Finance

Authority

,

Special

Tax

,

2015

,

Refunding

,

BAM

Insured

,

5

%

,

9/01/30

1,130,000

1,164,517

FHLMC,

Multi-family

ML

Pass-Through

Certificates

,

Revenue

,

2019-ML06

,

ACA

,

Revenue

,

2.493

%

,

7/25/35

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

23,441,849

19,120,705

Foothill-De

Anza

Community

College

District

,

GO

,

2015

,

Refunding

,

5

%

,

8/01/28

....

2,500,000

2,575,067

Foothill-Eastern

Transportation

Corridor

Agency

,

Revenue

,

2013

A

,

Refunding

,

5.7

%

,

1/15/25

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

2,500,000

2,539,720

Revenue

,

2013

A

,

Refunding

,

5.8

%

,

1/15/26

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

3,760,000

3,920,974

Revenue

,

2013

A

,

Refunding

,

5.9

%

,

1/15/27

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

6,395,000

6,871,598

Revenue

,

2013

A

,

Refunding

,

AGMC

Insured

,

5.3

%

,

1/15/29

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

19,895,000

22,017,922

Revenue,

Junior

Lien

,

2021

C

,

Refunding

,

5

%

,

1/15/27

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

350,000

361,679

Revenue,

Junior

Lien

,

2021

C

,

Refunding

,

5

%

,

1/15/28

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

320,000

335,796

Revenue,

Junior

Lien

,

2021

C

,

Refunding

,

5

%

,

1/15/29

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

360,000

383,174

Revenue,

Junior

Lien

,

2021

C

,

Refunding

,

5

%

,

1/15/30

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

400,000

432,126

Revenue,

Junior

Lien

,

2021

C

,

Refunding

,

5

%

,

1/15/31

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

470,000

513,387

Revenue,

Junior

Lien

,

2021

C

,

Refunding

,

4

%

,

1/15/32

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

300,000

309,578

Revenue,

Junior

Lien

,

2021

C

,

Refunding

,

4

%

,

1/15/33

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

445,000

459,070

Golden

State

Tobacco

Securitization

Corp.

,

Revenue

,

2018

A-1

,

Pre-Refunded

,

5

%

,

6/01/35

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

9,000,000

9,845,238

Imperial

Irrigation

District

,

Electric

System

,

Revenue

,

2019

,

Refunding

,

5

%

,

11/01/33

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

1,000,000

1,121,062

Electric

System

,

Revenue

,

2019

,

Refunding

,

5

%

,

11/01/34

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

1,100,000

1,231,930

Electric

System

,

Revenue

,

2019

,

Refunding

,

5

%

,

11/01/37

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

3,885,000

4,284,307

Independent

Cities

Finance

Authority

,

Augusta

Communities

LLC

,

Revenue

,

2022

A

,

Refunding

,

5.25

%

,

5/15/56

.......

2,010,000

2,117,454

Millennium

Housing

LLC

,

Revenue

,

2021

,

Refunding

,

3

%

,

5/15/41

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

1,395,000

1,180,160

Millennium

Housing

LLC

,

Revenue

,

2022

,

Refunding

,

3.7

%

,

9/15/32

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

880,000

894,290

San

Juan

Mobile

Estates

,

Revenue

,

2015

,

Refunding

,

5

%

,

8/15/30

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

1,575,000

1,617,507

Irvine

Unified

School

District

,

Special

Tax

,

2020

A

,

4

%

,

9/01/27

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

1,735,000

1,750,007

Special

Tax

,

2020

A

,

4

%

,

9/01/28

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

1,130,000

1,143,900

Special

Tax

,

2020

A

,

5

%

,

9/01/30

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

1,900,000

2,078,215

Special

Tax

,

2020

A

,

5

%

,

9/01/31

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

1,830,000

1,983,768

Special

Tax

,

2020

A

,

5

%

,

9/01/32

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

750,000

808,713

Special

Tax

,

2020

A

,

4

%

,

9/01/33

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

2,095,000

2,129,665

Special

Tax

,

2020

A

,

4

%

,

9/01/35

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

1,450,000

1,469,752

Special

Tax

,

2020

A

,

4

%

,

9/01/36

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

2,625,000

2,641,972

Special

Tax

,

2020

A

,

4

%

,

9/01/37

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

2,695,000

2,689,296

Special

Tax

,

2020

A

,

4

%

,

9/01/39

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

2,890,000

2,795,415

Community

Facilities

District

No.

09-1

,

Special

Tax

,

2019

A

,

5

%

,

9/01/29

........

185,000

201,324

Community

Facilities

District

No.

09-1

,

Special

Tax

,

2019

A

,

5

%

,

9/01/30

........

210,000

229,614

Community

Facilities

District

No.

09-1

,

Special

Tax

,

2019

A

,

5

%

,

9/01/31

........

175,000

191,137

Community

Facilities

District

No.

09-1

,

Special

Tax

,

2019

A

,

5

%

,

9/01/32

........

185,000

201,998

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)

Irvine

Unified

School

District,

(continued)

Community

Facilities

District

No.

09-1

,

Special

Tax

,

2019

A

,

5

%

,

9/01/33

........

$

195,000

$

212,850

Community

Facilities

District

No.

09-1

,

Special

Tax

,

2019

A

,

5

%

,

9/01/34

........

225,000

245,328

Community

Facilities

District

No.

09-1

,

Special

Tax

,

2019

A

,

5

%

,

9/01/36

........

265,000

286,688

Community

Facilities

District

No.

09-1

,

Special

Tax

,

2019

A

,

4

%

,

9/01/37

........

280,000

281,615

Community

Facilities

District

No.

09-1

,

Special

Tax

,

2019

A

,

4

%

,

9/01/38

........

270,000

268,054

Community

Facilities

District

No.

09-1

,

Special

Tax

,

2019

A

,

4

%

,

9/01/39

........

315,000

308,519

Community

Facilities

District

No.

09-1

,

Special

Tax

,

2019

A

,

4

%

,

9/01/40

........

350,000

340,319

Jurupa

Public

Financing

Authority

,

Special

Tax

,

2014

A

,

Refunding

,

5

%

,

9/01/27

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

1,000,000

1,006,989

Special

Tax

,

2014

A

,

Refunding

,

5

%

,

9/01/28

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

1,275,000

1,283,963

Special

Tax

,

2014

A

,

Refunding

,

5

%

,

9/01/29

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

530,000

533,638

Special

Tax

,

2015

A

,

Refunding

,

5

%

,

9/01/26

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

1,855,000

1,902,587

Special

Tax

,

2015

A

,

Refunding

,

5

%

,

9/01/27

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

1,000,000

1,027,963

Special

Tax

,

2015

A

,

Refunding

,

5

%

,

9/01/28

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

1,025,000

1,055,914

Special

Tax

,

2015

A

,

Refunding

,

5

%

,

9/01/29

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

1,155,000

1,192,082

Special

Tax

,

2015

A

,

Refunding

,

5

%

,

9/01/30

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

1,510,000

1,560,168

Special

Tax

,

2015

A

,

Refunding

,

5

%

,

9/01/31

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

1,190,000

1,229,323

Special

Tax

,

2015

A

,

Refunding

,

5

%

,

9/01/32

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

2,505,000

2,587,902

Special

Tax

,

2015

A

,

Refunding

,

5

%

,

9/01/33

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

2,635,000

2,731,810

Special

Tax

,

2020

A

,

Refunding

,

BAM

Insured

,

4

%

,

9/01/32

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

700,000

735,398

Jurupa

Unified

School

District

,

GO

,

2019

C

,

5.25

%

,

8/01/43

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

14,675,000

16,013,582

Lake

Elsinore

Public

Financing

Authority

,

Special

Tax

,

2015

,

Refunding

,

5

%

,

9/01/30

.

4,970,000

5,059,317

Lake

Elsinore

Unified

School

District

,

Community

Facilities

District

No.

2007-2

,

Special

Tax

,

2021

,

4

%

,

9/01/45

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

760,000

686,582

Lammersville

Joint

Unified

School

District

,

Community

Facilities

District

No.

2002

,

Special

Tax

,

2017

,

Refunding

,

5

%

,

9/01/33

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

1,575,000

1,650,493

Lee

Lake

Public

Financing

Authority

,

Special

Tax,

Junior

Lien

,

2013

B

,

5

%

,

9/01/27

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

1,375,000

1,376,151

Special

Tax,

Junior

Lien

,

2013

B

,

5.25

%

,

9/01/29

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

800,000

800,910

Los

Angeles

County

Metropolitan

Transportation

Authority

,

Sales

Tax

,

Revenue

,

2014

A

,

Refunding

,

5

%

,

7/01/27

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

5,630,000

5,650,103

Sales

Tax

,

Revenue

,

2017

A

,

5

%

,

7/01/39

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

7,520,000

7,960,546

Sales

Tax

,

Revenue

,

2021

A

,

4

%

,

6/01/35

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

1,485,000

1,610,793

Sales

Tax

,

Revenue,

Senior

Lien

,

2021

A

,

5

%

,

7/01/38

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

1,910,000

2,199,983

Los

Angeles

Department

of

Water

,

Water

System

,

Revenue

,

2020

C

,

Refunding

,

5

%

,

7/01/40

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

7,000,000

7,798,043

Water

System

,

Revenue

,

2020

C

,

Refunding

,

5

%

,

7/01/41

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

3,535,000

3,914,107

Los

Angeles

Department

of

Water

&

Power

,

Power

System

,

Revenue

,

2014

C

,

Refunding

,

5

%

,

7/01/27

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

10,000,000

10,030,450

Power

System

,

Revenue

,

2016

B

,

5

%

,

7/01/30

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

3,000,000

3,113,643

Power

System

,

Revenue

,

2016

B

,

5

%

,

7/01/31

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

6,700,000

6,953,662

Power

System

,

Revenue

,

2017

B

,

Refunding

,

5

%

,

7/01/34

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

23,350,000

24,829,881

Power

System

,

Revenue

,

2020

B

,

Refunding

,

5

%

,

7/01/39

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

2,860,000

3,195,231

Water

System

,

Revenue

,

2014

A

,

5

%

,

7/01/31

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

4,690,000

4,702,531

Water

System

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

7/01/37

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

10,450,000

10,793,264

Water

System

,

Revenue

,

2018

B

,

Refunding

,

5

%

,

7/01/34

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

2,500,000

2,738,281

Water

System

,

Revenue

,

2018

B

,

Refunding

,

5

%

,

7/01/38

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

4,500,000

4,887,445

Water

System

,

Revenue

,

2020

C

,

Refunding

,

5

%

,

7/01/33

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

1,410,000

1,628,916

Los

Angeles

Unified

School

District

,

GO

,

2016

A

,

Refunding

,

5

%

,

7/01/29

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

5,000,000

5,126,419

GO

,

2016

B

,

Refunding

,

5

%

,

7/01/30

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

30,000,000

31,381,803

GO

,

2020

RYQ

,

4

%

,

7/01/38

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

5,000,000

5,242,544

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)

Martinez

Unified

School

District

,

GO

,

2011

,

Refunding

,

5.375

%

,

8/01/26

..........

$

3,435,000

$

3,457,119

Menifee

Union

School

District

,

Community

Facilities

District

No.

2011-1

Improvement

Area

No.

5

,

Special

Tax

,

2021

,

4

%

,

9/01/36

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

500,000

500,416

Community

Facilities

District

No.

2011-1

Improvement

Area

No.

5

,

Special

Tax

,

2021

,

4

%

,

9/01/41

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

800,000

749,483

Community

Facilities

District

No.

2011-1

Improvement

Area

No.

6

,

Special

Tax

,

2021

,

4

%

,

9/01/36

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

445,000

448,267

Community

Facilities

District

No.

2011-1

Improvement

Area

No.

6

,

Special

Tax

,

2021

,

4

%

,

9/01/46

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

875,000

807,516

Community

Facilities

District

No.

2011-1

Improvement

Area

No.

7

,

Special

Tax

,

2022

,

5

%

,

9/01/37

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

1,100,000

1,173,014

Menifee

Union

School

District

Public

Financing

Authority

,

Special

Tax

,

2016

A

,

Refunding

,

5

%

,

9/01/25

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

1,200,000

1,224,670

Special

Tax

,

2017

A

,

5

%

,

9/01/25

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

1,405,000

1,433,885

Special

Tax

,

2017

A

,

5

%

,

9/01/28

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

1,250,000

1,306,649

Special

Tax

,

2017

A

,

5

%

,

9/01/30

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

1,550,000

1,625,687

Metropolitan

Water

District

of

Southern

California

,

Revenue

,

2014

E

,

Refunding

,

5

%

,

7/01/24

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

10,000

10,038

Revenue

,

2020

C

,

Refunding

,

5

%

,

7/01/38

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

12,500,000

14,162,833

Moreno

Valley

Unified

School

District

,

GO

,

2007

,

Refunding

,

NATL

Insured

,

Zero

Cpn.,

8/01/24

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

7,500,000

7,409,503

Community

Facilities

District

No.

2016-1

,

Special

Tax

,

2020

,

4

%

,

9/01/31

........

120,000

120,372

Community

Facilities

District

No.

2016-1

,

Special

Tax

,

2020

,

4

%

,

9/01/32

........

130,000

130,356

Community

Facilities

District

No.

2016-1

,

Special

Tax

,

2020

,

4

%

,

9/01/33

........

140,000

140,332

Community

Facilities

District

No.

2016-1

,

Special

Tax

,

2020

,

2.625

%

,

9/01/38

.....

200,000

159,505

Mount

San

Antonio

Community

College

District

,

GO

,

2013

A

,

5.875

%

,

8/01/28

......

6,000,000

6,739,388

Orange

County

Community

Facilities

District

,

Community

Facilities

District

No.

2023-1

,

Special

Tax

,

2023

A

,

5

%

,

8/15/38

......

1,360,000

1,428,124

Community

Facilities

District

No.

2023-1

,

Special

Tax

,

2023

A

,

5.25

%

,

8/15/43

....

1,350,000

1,410,243

Orange

Unified

School

District

,

GO

,

2022

,

5

%

,

8/01/41

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

2,130,000

2,449,683

Oro

Grande

Elementary

School

District

,

COP

,

2020

,

Refunding

,

4

%

,

9/15/29

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

2,595,000

2,576,382

COP

,

2020

,

Refunding

,

4

%

,

9/15/30

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

2,700,000

2,678,512

COP

,

2020

,

Refunding

,

4

%

,

9/15/31

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

2,805,000

2,772,086

COP

,

2020

,

Refunding

,

4

%

,

9/15/32

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

1,600,000

1,578,419

Port

of

Oakland

,

Revenue

,

2017

D

,

Refunding

,

5

%

,

11/01/28

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

2,250,000

2,373,812

Poway

Unified

School

District

,

Community

Facilities

District

No.

16

Area

A

,

Special

Tax

,

2020

,

AGMC

Insured

,

5

%

,

9/01/32

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

100,000

112,266

Community

Facilities

District

No.

16

Area

A

,

Special

Tax

,

2020

,

AGMC

Insured

,

4

%

,

9/01/34

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

500,000

524,195

Community

Facilities

District

No.

16

Area

A

,

Special

Tax

,

2020

,

AGMC

Insured

,

4

%

,

9/01/36

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

715,000

743,927

Community

Facilities

District

No.

16

Area

A

,

Special

Tax

,

2020

,

AGMC

Insured

,

4

%

,

9/01/40

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

965,000

982,736

Poway

Unified

School

District

Public

Financing

Authority

,

Special

Tax

,

2017

A

,

Refunding

,

5

%

,

9/01/27

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

1,375,000

1,442,480

Special

Tax

,

2017

A

,

Refunding

,

5

%

,

9/01/30

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

2,225,000

2,340,561

River

Islands

Public

Financing

Authority

,

Lathrop

Irrigation

District

Electric

,

Revenue

,

2020

,

AGMC

Insured

,

4

%

,

9/01/40

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

1,665,000

1,688,459

Riverside

County

Transportation

Commission

,

Sales

Tax

,

Revenue

,

2017

B

,

Refunding

,

4

%

,

6/01/36

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

9,750,000

10,104,994

Sales

Tax

,

Revenue

,

2017

B

,

Refunding

,

5

%

,

6/01/39

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

5,000,000

5,316,005

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)

Riverside

Unified

School

District

,

Community

Facilities

District

No.

33

,

Special

Tax

,

2021

,

4

%

,

9/01/45

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

$

375,000

$

344,498

d

RMA

Capital

Series

Trust

,

Revenue

,

144A,

2022-1

,

A

,

5.67

%

,

8/01/58

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

5,000,000

4,977,150

RNR

School

Financing

Authority

,

Community

Facilities

District

No.

92-1

,

Special

Tax

,

2017

A

,

BAM

Insured

,

5

%

,

9/01/27

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

1,035,000

1,080,868

Romoland

School

District

,

Community

Facilities

District

No.

2004-1

,

Special

Tax

,

2015

,

Refunding

,

5

%

,

9/01/27

1,000,000

1,013,483

Community

Facilities

District

No.

2004-1

,

Special

Tax

,

2015

,

Refunding

,

5

%

,

9/01/28

1,960,000

1,987,296

Community

Facilities

District

No.

2004-1

,

Special

Tax

,

2015

,

Refunding

,

5

%

,

9/01/29

2,130,000

2,161,832

Community

Facilities

District

No.

2004-1

,

Special

Tax

,

2015

,

Refunding

,

5

%

,

9/01/30

2,310,000

2,345,772

Community

Facilities

District

No.

2004-1

,

Special

Tax

,

2015

,

Refunding

,

5

%

,

9/01/31

2,495,000

2,533,886

Community

Facilities

District

No.

2004-1

,

Special

Tax

,

2015

,

Refunding

,

5

%

,

9/01/32

2,690,000

2,734,284

Community

Facilities

District

No.

2017-1

Improvement

Area

No.

2

,

Special

Tax

,

2023

,

5

%

,

9/01/38

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

250,000

267,089

Community

Facilities

District

No.

2017-1

Improvement

Area

No.

2

,

Special

Tax

,

2023

,

5

%

,

9/01/43

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

440,000

459,252

Community

Facilities

District

No.

91-1

,

Special

Tax

,

2017

,

Refunding

,

5

%

,

9/01/36

.

1,130,000

1,174,661

Root

Creek

Water

District

,

Community

Facilities

District

No.

2016-1

Improvement

Area

No.

1

,

Special

Tax

,

2021

,

4

%

,

9/01/41

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

430,000

422,162

Community

Facilities

District

No.

2016-1

Improvement

Area

No.

1

,

Special

Tax

,

2021

,

4

%

,

9/01/46

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

1,300,000

1,213,607

Sacramento

County

Sanitation

Districts

Financing

Authority

,

Sacramento

Regional

County

Sanitation

District

,

Revenue

,

2014

A

,

Refunding

,

5

%

,

12/01/29

..........

2,000,000

2,003,595

Sacramento

Municipal

Utility

District

,

Revenue

,

2019

G

,

5

%

,

8/15/38

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

2,695,000

2,992,439

Revenue

,

2023

K

,

5

%

,

8/15/39

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

1,000,000

1,167,412

San

Diego

County

Regional

Airport

Authority

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

7/01/35

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

7,500,000

8,387,104

Revenue

,

2019

A

,

Refunding

,

5

%

,

7/01/39

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

6,500,000

7,112,588

Revenue

,

2019

A

,

Refunding

,

5

%

,

7/01/44

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

4,000,000

4,298,090

Revenue

,

2021

B

,

5

%

,

7/01/30

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

2,260,000

2,480,300

Revenue,

Senior

Lien

,

2023

B

,

5.25

%

,

7/01/38

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

2,500,000

2,812,865

Revenue,

Senior

Lien

,

2023

B

,

5

%

,

7/01/39

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

5,000,000

5,503,943

Revenue,

Senior

Lien

,

2023

B

,

5

%

,

7/01/40

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

7,000,000

7,657,833

San

Francisco

Bay

Area

Rapid

Transit

District

,

GO

,

2013

C

,

5

%

,

8/01/27

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

2,640,000

2,654,683

GO

,

2013

C

,

5

%

,

8/01/28

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

3,500,000

3,519,440

GO

,

2020

C-1

,

4

%

,

8/01/33

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

2,250,000

2,392,685

Sales

Tax

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

7/01/28

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

2,510,000

2,566,910

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

5/01/36

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

4,000,000

4,271,483

Revenue,

Second

Series

,

2019

E

,

5

%

,

5/01/35

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

2,000,000

2,144,130

Revenue,

Second

Series

,

2019

E

,

5

%

,

5/01/37

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

1,000,000

1,061,378

SFO

Fuel

Co.

LLC

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

1/01/35

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

1,000,000

1,068,470

SFO

Fuel

Co.

LLC

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

1/01/36

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

1,000,000

1,065,216

San

Francisco

City

&

County

Public

Utilities

Commission

,

Wastewater

,

Revenue

,

2018

A

,

4

%

,

10/01/43

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

9,220,000

9,181,887

San

Francisco

City

&

County

Redevelopment

Agency

Successor

Agency

,

Hotel

Tax

,

Revenue

,

2011

,

Refunding

,

AGMC

Insured

,

5

%

,

6/01/24

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

3,680,000

3,683,041

Mission

Bay

South

Redevelopment

Area

Tax

Increment

Financing

District

,

Tax

Allocation

,

2014

A

,

5

%

,

8/01/30

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

1,080,000

1,084,266

Mission

Bay

South

Redevelopment

Area

Tax

Increment

Financing

District

,

Tax

Allocation

,

2014

A

,

5

%

,

8/01/34

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

1,110,000

1,113,901

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)

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

$

367,130

San

Jacinto

Unified

School

District

Financing

Authority

,

Community

Facilities

District

No.

2003-2

,

Special

Tax

,

2019

,

5

%

,

9/01/36

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

1,200,000

1,255,199

San

Joaquin

Hills

Transportation

Corridor

Agency

,

Revenue

,

1997

A

,

Refunding

,

NATL

Insured

,

Zero

Cpn.,

1/15/26

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

19,000,000

17,827,445

San

Juan

Unified

School

District

,

GO

,

2020

,

4

%

,

8/01/34

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

2,765,000

2,895,477

San

Mateo

County

Community

College

District

,

GO

,

2005

A

,

NATL

Insured

,

Zero

Cpn.,

9/01/30

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

5,000,000

4,127,196

San

Mateo

County

Transit

District

,

Sales

Tax

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

6/01/28

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

3,000,000

3,074,384

Sales

Tax

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

6/01/29

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

4,300,000

4,409,361

San

Ysidro

School

District

,

COP

,

2015

,

Refunding

,

BAM

Insured

,

5

%

,

9/01/29

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

1,100,000

1,134,077

COP

,

2015

,

Refunding

,

BAM

Insured

,

5

%

,

9/01/31

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

1,000,000

1,030,870

COP

,

2015

,

Refunding

,

BAM

Insured

,

5

%

,

9/01/33

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

1,050,000

1,081,251

Santa

Cruz

County

Redevelopment

Successor

Agency

,

Tax

Allocation

,

2015

A

,

Refunding

,

AGMC

Insured

,

5

%

,

9/01/29

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

4,475,000

4,599,175

Sierra

View

Local

Health

Care

District

,

Revenue

,

2020

,

Refunding

,

4

%

,

7/01/24

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

240,000

239,656

Revenue

,

2020

,

Refunding

,

4

%

,

7/01/26

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

100,000

100,470

Revenue

,

2020

,

Refunding

,

5

%

,

7/01/28

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

660,000

698,778

Revenue

,

2020

,

Refunding

,

5

%

,

7/01/30

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

520,000

561,833

Sonoma

Community

Development

Agency

Successor

Agency

,

Tax

Allocation

,

2015

,

Refunding

,

NATL

Insured

,

5

%

,

6/01/29

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

1,000,000

1,048,828

Tax

Allocation

,

2015

,

Refunding

,

NATL

Insured

,

5

%

,

6/01/33

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

1,200,000

1,262,079

State

of

California

,

GO

,

Refunding

,

5

%

,

4/01/29

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

3,190,000

3,534,158

GO

,

Refunding

,

5

%

,

9/01/29

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

1,000,000

1,052,398

GO

,

Refunding

,

5

%

,

11/01/29

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

5,000,000

5,608,580

GO

,

5

%

,

4/01/30

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

3,725,000

4,135,504

GO

,

Refunding

,

5

%

,

11/01/30

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

15,540,000

17,800,989

GO

,

5.75

%

,

10/01/31

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

25,000,000

26,731,485

GO

,

Refunding

,

5

%

,

10/01/32

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

5,780,000

6,451,464

GO

,

2017

,

5

%

,

11/01/28

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

7,230,000

7,788,206

State

of

California

Department

of

Water

Resources

,

Revenue

,

AS

,

ETM,

5

%

,

12/01/24

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

35,000

35,384

Revenue

,

AS

,

Pre-Refunded

,

5

%

,

12/01/25

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

5,000

5,055

Revenue

,

AS

,

Pre-Refunded

,

5

%

,

12/01/26

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

45,000

45,494

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

1,314,362

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

1,736,818

San

Diego

County

Tobacco

Asset

Securitization

Corp.

,

Revenue

,

2019

A

,

1

,

Refunding

,

5

%

,

6/01/38

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

1,500,000

1,607,456

Tracy

Community

Facilities

District

,

City

of

Tracy

Community

Facilities

District

No.

2016-01

Improvement

Area

No.

2

,

Special

Tax

,

2023

,

5.25

%

,

9/01/38

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

600,000

639,588

City

of

Tracy

Community

Facilities

District

No.

2016-01

Improvement

Area

No.

2

,

Special

Tax

,

2023

,

5.625

%

,

9/01/43

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

1,350,000

1,439,173

Transbay

Joint

Powers

Authority

,

Transbay

Redevelopment

Project

Tax

Increment

Re-Development

Project

,

Tax

Allocation,

Senior

Lien

,

2020

A

,

5

%

,

10/01/30

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

500,000

537,974

Transbay

Redevelopment

Project

Tax

Increment

Re-Development

Project

,

Tax

Allocation,

Senior

Lien

,

2020

A

,

5

%

,

10/01/32

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

500,000

533,536

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)

Transbay

Joint

Powers

Authority,

(continued)

Transbay

Redevelopment

Project

Tax

Increment

Re-Development

Project

,

Tax

Allocation,

Senior

Lien

,

2020

A

,

5

%

,

10/01/33

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

$

1,735,000

$

1,843,989

Transbay

Redevelopment

Project

Tax

Increment

Re-Development

Project

,

Tax

Allocation,

Senior

Lien

,

2020

A

,

5

%

,

10/01/34

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

1,050,000

1,114,485

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

1,025,618

City

of

Tustin

Community

Facilities

District

No.

06-1

,

Special

Tax

,

2015

A

,

Refunding

,

5

%

,

9/01/32

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

1,565,000

1,604,454

University

of

California

,

Revenue

,

2016

K

,

5

%

,

5/15/37

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

1,000,000

1,038,470

Revenue

,

2024

BS

,

Refunding

,

5

%

,

5/15/44

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

2,000,000

2,282,155

Val

Verde

Unified

School

District

,

Community

Facilities

District

No.

2018-2

Improvement

Area

No.

2

,

Special

Tax

,

2023

,

5

%

,

9/01/43

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

555,000

573,605

Community

Facilities

District

No.

2018-2

Improvement

Area

No.

2

,

Special

Tax

,

2023

,

5

%

,

9/01/48

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

625,000

636,015

Community

Facilities

District

No.

2018-2

Improvement

Area

No.

2

,

Special

Tax

,

2023

,

5

%

,

9/01/54

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

1,000,000

1,011,787

Washington

Township

Health

Care

District

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

7/01/24

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

200,000

200,157

Revenue

,

2020

A

,

Refunding

,

5

%

,

7/01/25

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

215,000

217,139

Revenue

,

2020

A

,

Refunding

,

5

%

,

7/01/27

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

400,000

414,549

Revenue

,

2020

A

,

Refunding

,

5

%

,

7/01/28

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

400,000

419,634

Revenue

,

2020

A

,

Refunding

,

5

%

,

7/01/29

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

350,000

371,294

Revenue

,

2020

A

,

Refunding

,

5

%

,

7/01/30

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

325,000

349,073

Revenue

,

2020

A

,

Refunding

,

5

%

,

7/01/31

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

350,000

373,885

Revenue

,

2020

A

,

Refunding

,

3

%

,

7/01/32

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

800,000

717,156

Revenue

,

2020

A

,

Refunding

,

4

%

,

7/01/33

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

275,000

277,324

Revenue

,

2020

A

,

Refunding

,

3

%

,

7/01/34

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

870,000

748,730

Revenue

,

2020

A

,

Refunding

,

4

%

,

7/01/35

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

300,000

299,585

Revenue

,

2020

A

,

Refunding

,

3

%

,

7/01/36

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

1,400,000

1,158,003

Revenue

,

2020

A

,

Refunding

,

3

%

,

7/01/37

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

725,000

581,370

Revenue

,

2020

A

,

Refunding

,

3

%

,

7/01/38

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

750,000

580,863

Revenue

,

2023

A

,

5

%

,

7/01/40

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

400,000

409,935

Revenue

,

2023

A

,

5

%

,

7/01/41

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

375,000

382,266

Revenue

,

2023

A

,

5

%

,

7/01/42

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

325,000

329,686

Revenue

,

2023

A

,

5

%

,

7/01/43

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

275,000

277,695

West

Basin

Municipal

Water

District

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

8/01/32

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

1,975,000

2,058,511

Revenue

,

2016

A

,

Refunding

,

5

%

,

8/01/33

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

2,630,000

2,739,953

Revenue

,

2021

A

,

Refunding

,

5

%

,

8/01/34

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

1,635,000

1,926,740

1,329,687,989

Florida

0.7%

d

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

Zero

Cpn.,

3/01/29

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

12,000,000

9,305,191

U.S.

Territories

0.5%

Puerto

Rico

0.5%

HTA

TRRB

Custodial

Trust

,

Revenue

,

2007

N

,

5.25

%

,

7/01/36

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

1,807,301

1,814,194

Puerto

Rico

Electric

Power

Authority

,

f

Revenue

,

WW

,

5.375

%

,

7/01/23

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

5,000,000

1,312,500

a,g

Restructured

Power

,

Revenue

,

B-1

,

6

%

,

7/01/41

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

562,159

562,159

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)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

Puerto

Rico

Electric

Power

Authority,

(continued)

a,g

Restructured

Power

,

Revenue

,

B-2

,

7.125

%

,

7/01/59

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

$

2,730,152

$

2,730,152

6,419,005

Total

U.S.

Territories

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

6,419,005

Total

Municipal

Bonds

(Cost

$

1,349,309,535

)

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

1,345,412,185

Shares

Escrows

and

Litigation

Trusts

0.0%

†

a

,h

Puerto

Rico

Electric

Power

Authority,

Escrow

Account

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

254,001

203,200

Total

Escrows

and

Litigation

Trusts

(Cost

$

–

)

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

203,200

Total

Long

Term

Investments

(Cost

$

1,350,309,535

)

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

1,346,620,501

a

a

a

a

a

Short

Term

Investments

1.1%

Principal

Amount

Municipal

Bonds

1.1%

California

1.1%

i

California

Health

Facilities

Financing

Authority

,

Adventist

Health

System/West

Obligated

Group

,

Revenue

,

2009

B

,

LOC

US

Bank

NA

,

Daily

VRDN

and

Put

,

4.2

%

,

9/01/38

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

3,000,000

3,000,000

i

California

Statewide

Communities

Development

Authority

,

Rady

Children's

Hospital

Obligated

Group

,

Revenue

,

2008

A

,

Refunding

,

LOC

US

Bank

NA

,

Daily

VRDN

and

Put

,

4.2

%

,

8/15/47

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

2,500,000

2,500,000

i

Eastern

Municipal

Water

District

,

Revenue

,

2018

A

,

Refunding

,

SPA

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

4.2

%

,

7/01/46

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

1,700,000

1,700,000

i

Los

Angeles

Department

of

Water

&

Power

,

Power

System

,

Revenue

,

2002

A-6

,

Refunding

,

SPA

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

4.35

%

,

7/01/35

......

1,800,000

1,800,000

i

State

of

California

,

GO

,

2004

A-2

,

LOC

State

Street

Bank

&

Trust

Co.

,

Daily

VRDN

and

Put

,

4.1

%

,

5/01/34

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

1,300,000

1,300,000

GO

,

2004

A-3

,

LOC

State

Street

Bank

&

Trust

Co.

,

Daily

VRDN

and

Put

,

4.25

%

,

5/01/34

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

3,200,000

3,200,000

i

University

of

California

,

Revenue

,

2013

AL-1

,

Daily

VRDN

and

Put

,

4.5

%

,

5/15/48

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

400,000

400,000

Revenue

,

2023

BP-1

,

Refunding

,

Daily

VRDN

and

Put

,

4.25

%

,

5/15/48

.........

1,300,000

1,300,000

15,200,000

Total

Municipal

Bonds

(Cost

$

15,200,000

)

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

15,200,000

Total

Short

Term

Investments

(Cost

$

15,200,000

)

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

15,200,000

a

Total

Investments

(Cost

$

1,365,509,535

)

99.3

%

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

$1,361,820,501

Other

Assets,

less

Liabilities

0.7

%

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

10,058,089

Net

Assets

100.0%

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

$1,371,878,590

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

20

.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

4

regarding

fair

value

measurements.

b

See

Note

3

regarding

restricted

securities.

c

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

d

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

March

31,

2024,

the

aggregate

value

of

these

securities

was

$114,174,320,

representing

8.3%

of

net

assets.

e

The

maturity

date

shown

represents

the

mandatory

put

date.

f

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

g

Security

purchased

on

a

when-issued

basis.

h

Non-income

producing.

i

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

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

2. Financial

Instrument

Valuation

The

Fund's investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates the

net

asset

value

(NAV)

per

share

each

business

day

as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the Trust's

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Fund's

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund's administrator

in

performing

this responsibility,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value.

Equity

securities

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded,

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m.

Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Debt

securities

generally

trade

in

the

OTC

 market

rather

than

on

a

securities

exchange.

The Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

The

Fund

has procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Fund

primarily employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed. 

Franklin

California

Tax-Free

Trust

Notes

to

Schedule

of

Investments

(unaudited)

19

Quarterly

Schedule

of

Investments

3.

Restricted

Securities

At

March

31,

2024,

investments

in

restricted

securities,

excluding

securities

exempt

from

registration

under

the

Securities

Act

of

1933,

were

as

follows:

4. Fair

Value

Measurements 

The Fund

follows a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's

financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

3

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

March

31,

2024,

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.

Principal

Amount

Issuer

Acquisition

Date

Cost

Value

Franklin

California

Intermediate

Term

Tax

Free

Income

Fund

1,000,000

Centennial

Gardens

LP,

CME

Term

Loan,

B,

7.331%,

(1-month

SOFR

+

1.55%),

1/01/38

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

10/25/23

$

1,000,000

$

1,005,116

Total

Restricted

Securities

(Value

is

0.1%

of

Net

Assets)

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

$1,000,000

$1,005,116

Level

1

Level

2

Level

3

Total

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Senior

Floating

Rate

Interests

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

$

—

$

—

$

1,005,116

$

1,005,116

Municipal

Bonds

:

California

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

—

1,329,687,989

—

1,329,687,989

Florida

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

—

9,305,191

—

9,305,191

U.S.

Territories

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

Puerto

Rico

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

—

3,126,694

3,292,311

6,419,005

Escrows

and

Litigation

Trusts

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

—

—

203,200

203,200

Short

Term

Investments

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

—

15,200,000

—

15,200,000

Total

Investments

in

Securities

...........

$—

$1,357,319,874

$4,500,627

$1,361,820,501

Franklin

California

Tax-Free

Trust

Notes

to

Schedule

of

Investments

(unaudited)

20

Quarterly

Schedule

of

Investments

Abbreviations

Selected

Portfolio

1915

Act

Improvement

Bond

Act

of

1915

AGMC

Assured

Guaranty

Municipal

Corp.

BAM

Build

America

Mutual

Assurance

Co.

CME

Chicago

Mercantile

Exchange

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.

REIT

Real

Estate

Investment

Trust

SOFR

Secured

Overnight

Financing

Rate

SPA

Standby

Purchase

Agreement

For

additional

information

on

the

Fund's

significant

accounting

policies,

please

refer

to

the Fund's

most

recent

semiannual

or

annual

shareholder

report.