Form N-Q FRANKLIN CALIFORNIA TAX For: Mar 31
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-04356
Franklin California Tax-Free Trust
(Exact name of registrant as specified in charter)
One Franklin Parkway, San Mateo, CA 94403-1906
(Address of principal executive offices) (Zip code)
Craig S. Tyle, One Franklin Parkway, San Mateo, CA 94403-1906
(Name and address of agent for service)
Registrant's telephone number, including area code: 650 312-2000
Date of fiscal year end: 6/30
Date of reporting period: 3/31/17
Item 1. Schedule of Investments.
FRANKLIN CALIFORNIA TAX-FREE TRUST
Statement of Investments, March 31, 2017 (unaudited) | ||||
Franklin California Intermediate-Term Tax-Free Income Fund | ||||
Principal | ||||
Amount | Value | |||
Municipal Bonds 99.1% | ||||
California 97.0% | ||||
ABAG Finance Authority for Nonprofit Corps. Insured Senior Living Revenue, | ||||
Odd Fellows Home of California, Refunding, Series A, California Mortgage Insured, 5.00%, 4/01/23 . | $ | 1,000,000 | $ | 1,167,910 |
Odd Fellows Home of California, Refunding, Series A, California Mortgage Insured, 5.00%, 4/01/24 . | 1,000,000 | 1,158,740 | ||
ABAG Finance Authority for Nonprofit Corps. Revenue, | ||||
Channing House, California Mortgage Insured, 5.00%, 5/15/20 | 1,535,000 | 1,619,809 | ||
Episcopal Senior Communities, Refunding, 5.25%, 7/01/22 | 6,520,000 | 7,192,408 | ||
The Jackson Laboratory, Refunding, 5.00%, 7/01/21 | 1,000,000 | 1,132,190 | ||
The Jackson Laboratory, Refunding, 5.00%, 7/01/22 | 820,000 | 943,517 | ||
The Jackson Laboratory, Refunding, 5.00%, 7/01/23 | 460,000 | 526,327 | ||
The Jackson Laboratory, Refunding, 5.00%, 7/01/24 | 1,000,000 | 1,140,460 | ||
Alameda Corridor Transportation Authority Revenue, | ||||
Capital Appreciation, sub. lien, Refunding, Series A, AMBAC Insured, zero cpn., 10/01/17 | 1,950,000 | 1,928,589 | ||
Capital Appreciation, sub. lien, Series A, AMBAC Insured, ETM, zero cpn., 10/01/17 | 8,050,000 | 8,021,020 | ||
Antelope Valley Community College District GO, Los Angeles and Kern Counties, Refunding, Series A, | ||||
5.00%, 8/01/25 | 4,210,000 | 5,012,468 | ||
Arcadia USD, GO, Capital Appreciation, Election of 2006, Series A, AGMC Insured, zero cpn., 8/01/22 | 4,065,000 | 3,175,456 | ||
Baldwin Park USD, GO, Los Angeles County, Capital Appreciation, Election of 2006, AGMC Insured, | ||||
Pre-Refunded, zero cpn., 8/01/24 | 5,265,000 | 3,716,142 | ||
Bay Area Toll Authority Toll Bridge Revenue, San Francisco Bay Area, Refunding, Series F-1, 5.00%, | ||||
4/01/22 | 15,000,000 | 17,428,200 | ||
Bonita Canyon Public Facilities Financing Authority Special Tax, | ||||
CFD No. 98-1, Refunding, 5.00%, 9/01/26 | 1,000,000 | 1,044,790 | ||
CFD No. 98-1, Refunding, 5.00%, 9/01/28 | 2,000,000 | 2,089,480 | ||
California Community College Financing Authority Lease Revenue, Coast Community College District, | ||||
Series A, Pre-Refunded, 5.00%, 6/01/26. | 1,220,000 | 1,393,496 | ||
California Infrastructure and Economic Development Bank Revenue, | ||||
Broad Museum Project, Series A, 5.00%, 6/01/21 | 5,000,000 | 5,735,000 | ||
Infrastructure SRF, Refunding, Series A, 5.00%, 10/01/32 | 2,915,000 | 3,459,464 | ||
California State Department of Water Resources Power Supply Revenue, | ||||
Refunding, Series L, 5.00%, 5/01/22. | 4,440,000 | 4,934,572 | ||
Refunding, Series N, 5.00%, 5/01/21 | 10,845,000 | 12,422,080 | ||
Series H, AGMC Insured, 5.00%, 5/01/17 | 10,420,000 | 10,451,364 | ||
Series H, AGMC Insured, Pre-Refunded, 5.00%, 5/01/22 | 5,000,000 | 5,218,800 | ||
Series H, Pre-Refunded, 5.00%, 5/01/22 | 7,400,000 | 7,723,824 | ||
Series L, Pre-Refunded, 5.00%, 5/01/22 | 7,560,000 | 8,404,528 | ||
California State Department of Water Resources Revenue, | ||||
Central Valley Project Water System, Refunding, Series A, 5.00%, 12/01/31 | 10,000,000 | 12,009,000 | ||
Central Valley Project Water System, Refunding, Series AM, 5.00%, 12/01/23 | 10,000,000 | 11,830,900 | ||
Central Valley Project Water System, Refunding, Series AM, 5.00%, 12/01/24 | 8,495,000 | 10,023,250 | ||
Central Valley Project Water System, Refunding, Series AM, 5.00%, 12/01/25 | 5,000,000 | 5,886,750 | ||
Central Valley Project Water System, Refunding, Series AS, 5.00%, 12/01/25 | 6,125,000 | 7,399,000 | ||
Central Valley Project Water System, Refunding, Series AW, 5.00%, 12/01/30 | 5,000,000 | 6,042,400 | ||
Central Valley Project Water System, Series AS, 5.00%, 12/01/24 | 11,090,000 | 13,457,937 | ||
Central Valley Project Water System, Series AS, 5.00%, 12/01/26 | 22,455,000 | 27,002,137 | ||
Central Valley Project Water System, Series AS, ETM, 5.00%, 12/01/24 | 35,000 | 42,252 | ||
Central Valley Project Water System, Series AS, Pre-Refunded, 5.00%, 12/01/25 | 5,000 | 6,036 | ||
Central Valley Project Water System, Series AS, Pre-Refunded, 5.00%, 12/01/26 | 45,000 | 54,324 | ||
Central Valley Project Water System, Series AW, 5.00%, 12/01/33 | 6,055,000 | 7,174,993 | ||
California State Department of Water Resources Water Revenue, | ||||
Central Valley Project, Refunding, Series AE, 5.00%, 12/01/26 | 140,000 | 146,250 | ||
Central Valley Project, Series AE, Pre-Refunded, 5.00%, 12/01/26 | 4,860,000 | 5,091,385 |
Quarterly Statement of Investments | See Notes to Statements of Investments. | 1
FRANKLIN CALIFORNIA TAX-FREE TRUST
STATEMENT OF INVESTMENTS (UNAUDITED)
Franklin California Intermediate-Term Tax-Free Income Fund (continued) | ||||
Principal | ||||
Amount | Value | |||
Municipal Bonds (continued) | ||||
California (continued) | ||||
California State Educational Facilities Authority Revenue, | ||||
Chapman University, Refunding, 5.00%, 4/01/25 | $ | 5,000,000 | $ | 5,580,450 |
Loma Linda University, Refunding, Series A, 5.00%, 4/01/29 | 1,020,000 | 1,182,537 | ||
Loma Linda University, Refunding, Series A, 5.00%, 4/01/32 | 1,235,000 | 1,402,293 | ||
Loma Linda University, Refunding, Series A, 5.00%, 4/01/33 | 1,000,000 | 1,129,120 | ||
Loma Linda University, Refunding, Series A, 5.00%, 4/01/34 | 1,750,000 | 1,966,528 | ||
Loma Linda University, Refunding, Series A, 5.00%, 4/01/35 | 1,500,000 | 1,678,890 | ||
Loma Linda University, Refunding, Series A, 5.00%, 4/01/36 | 2,000,000 | 2,231,400 | ||
Loma Linda University, Refunding, Series A, 5.00%, 4/01/37 | 2,000,000 | 2,227,840 | ||
Stanford University, Refunding, Series U-5, 5.00%, 5/01/21 | 40,000,000 | 45,800,000 | ||
University of San Francisco, 5.00%, 10/01/21 | 3,000,000 | 3,426,120 | ||
California State GO, | ||||
Refunding, 5.00%, 2/01/22 | 15,000,000 | 17,312,250 | ||
Refunding, 5.25%, 9/01/22 | 16,330,000 | 19,265,481 | ||
Refunding, 5.00%, 10/01/22 | 15,785,000 | 18,449,666 | ||
Refunding, 5.00%, 9/01/29 | 1,000,000 | 1,182,600 | ||
Various Purpose, Refunding, 5.00%, 12/01/27 | 5,000,000 | 5,838,650 | ||
Various Purpose, Refunding, 5.00%, 12/01/28 | 5,000,000 | 5,811,800 | ||
California State Health Facilities Financing Authority Revenue, | ||||
California Nevada Methodist Homes, Refunding, California Mortgage Insured, 5.00%, 7/01/30 | 1,825,000 | 2,125,797 | ||
Cedars-Sinai Medical Center, Refunding, 5.00%, 11/15/30 | 3,000,000 | 3,494,340 | ||
Cedars-Sinai Medical Center, Series A, 5.00%, 8/15/31 | 3,500,000 | 4,076,800 | ||
Community Program for Persons with Developmental Disabilities, Series A, California Mortgage | ||||
Insured, 6.00%, 2/01/24 | 2,000,000 | 2,320,920 | ||
El Camino Hospital, 5.00%, 2/01/28 | 2,100,000 | 2,458,827 | ||
El Camino Hospital, 5.00%, 2/01/29 | 2,460,000 | 2,848,557 | ||
El Camino Hospital, 5.00%, 2/01/30 | 1,250,000 | 1,436,025 | ||
El Camino Hospital, 5.00%, 2/01/31 | 1,200,000 | 1,367,736 | ||
Marshall Medical Center, Refunding, California Mortgage Insured, 5.00%, 11/01/33 | 1,000,000 | 1,146,950 | ||
Providence Health & Services, Series C, Pre-Refunded, 5.75%, 10/01/19 | 1,440,000 | 1,541,952 | ||
Providence Health & Services, Series C, Pre-Refunded, 6.00%, 10/01/20 | 1,500,000 | 1,611,720 | ||
Scripps Health, Series A, 5.00%, 10/01/22 | 4,600,000 | 4,862,108 | ||
California State Municipal Finance Authority COP, | ||||
Community Hospitals of Central California, ETM, 5.00%, 2/01/18 | 4,390,000 | 4,538,909 | ||
Community Hospitals of Central California, ETM, 5.00%, 2/01/19 | 3,860,000 | 4,136,608 | ||
Community Hospitals of Central California, Pre-Refunded, 5.00%, 2/01/20 | 1,600,000 | 1,714,656 | ||
Community Hospitals of Central California, Pre-Refunded, 5.00%, 2/01/21 | 1,600,000 | 1,714,656 | ||
California State Municipal Finance Authority Revenue, | ||||
Community Medical Centers, Refunding, Series A, 5.00%, 2/01/25 | 2,000,000 | 2,316,220 | ||
Community Medical Centers, Refunding, Series A, 5.00%, 2/01/26 | 2,010,000 | 2,341,851 | ||
Community Medical Centers, Refunding, Series A, 5.00%, 2/01/27 | 1,750,000 | 2,047,395 | ||
Community Medical Centers, Refunding, Series A, 5.00%, 2/01/28 | 2,250,000 | 2,609,527 | ||
Community Medical Centers, Refunding, Series A, 5.00%, 2/01/29 | 2,140,000 | 2,464,317 | ||
Community Medical Centers, Refunding, Series A, 5.00%, 2/01/30 | 2,000,000 | 2,281,360 | ||
Community Medical Centers, Refunding, Series A, 5.00%, 2/01/31 | 2,700,000 | 3,055,644 | ||
Community Medical Centers, Refunding, Series A, 5.00%, 2/01/32 | 2,200,000 | 2,472,184 | ||
Community Medical Centers, Refunding, Series A, 5.00%, 2/01/33 | 3,500,000 | 3,905,265 | ||
Community Medical Centers, Refunding, Series A, 5.00%, 2/01/34 | 5,000,000 | 5,544,000 | ||
Community Medical Centers, Refunding, Series A, 5.00%, 2/01/35 | 5,000,000 | 5,513,650 | ||
Community Medical Centers, Refunding, Series A, 5.00%, 2/01/36 | 2,295,000 | 2,522,825 | ||
Community Medical Centers, Refunding, Series A, 5.00%, 2/01/37 | 2,000,000 | 2,195,100 | ||
Community Medical Centers, Series A, 5.00%, 2/01/26. | 2,010,000 | 2,318,636 |
|2
FRANKLIN CALIFORNIA TAX-FREE TRUST
STATEMENT OF INVESTMENTS (UNAUDITED)
Franklin California Intermediate-Term Tax-Free Income Fund (continued) | ||||
Principal | ||||
Amount | Value | |||
Municipal Bonds (continued) | ||||
California (continued) | ||||
California State Municipal Finance Authority Revenue, (continued) | ||||
Community Medical Centers, Series A, 5.00%, 2/01/28. | $ | 1,500,000 | $ | 1,708,845 |
Harbor Regional Center Project, Refunding, 5.00%, 11/01/26 | 1,085,000 | 1,248,813 | ||
Inland Regional Center Project, Refunding, 5.00%, 6/15/21 | 1,435,000 | 1,622,784 | ||
Inland Regional Center Project, Refunding, 5.00%, 6/15/23 | 1,580,000 | 1,836,813 | ||
Inland Regional Center Project, Refunding, 5.00%, 6/15/24 | 1,000,000 | 1,173,710 | ||
Inland Regional Center Project, Refunding, 5.00%, 6/15/32 | 6,625,000 | 7,447,825 | ||
Kern Regional Center Project, Series A, 6.00%, 5/01/19 | 710,000 | 748,532 | ||
Kern Regional Center Project, Series A, 6.875%, 5/01/25 | 1,500,000 | 1,655,100 | ||
Loma Linda University, 5.00%, 4/01/24 | 1,180,000 | 1,180,696 | ||
NorthBay Healthcare Group, Series A, 5.00%, 11/01/25 | 1,000,000 | 1,133,990 | ||
NorthBay Healthcare Group, Series A, 5.00%, 11/01/26 | 900,000 | 1,023,894 | ||
NorthBay Healthcare Group, Series A, 5.00%, 11/01/27 | 1,300,000 | 1,468,701 | ||
NorthBay Healthcare Group, Series A, 5.00%, 11/01/28 | 1,400,000 | 1,570,730 | ||
NorthBay Healthcare Group, Series A, 5.25%, 11/01/29 | 1,000,000 | 1,138,660 | ||
NorthBay Healthcare Group, Series A, 5.00%, 11/01/30 | 1,350,000 | 1,492,641 | ||
NorthBay Healthcare Group, Series A, 5.25%, 11/01/31 | 1,250,000 | 1,402,800 | ||
NorthBay Healthcare Group, Series A, 5.25%, 11/01/36 | 4,500,000 | 4,936,050 | ||
South Central Los Angeles Regional Center Project, Community Impact Development, 5.25%, | ||||
12/01/27 | 3,990,000 | 4,322,327 | ||
California State Municipal Finance Authority Senior Living Revenue, Pilgrim Place in Claremont, | ||||
Refunding, Series A, California Mortgage Insured, 5.00%, 5/15/31 | 2,750,000 | 3,116,162 | ||
California State Public Works Board Lease Revenue, | ||||
California State University Projects, Series B-1, 5.375%, 3/01/25 | 2,500,000 | 2,758,600 | ||
Department of Corrections and Rehabilitation, Various Correctional Facilities, Series A, 5.00%, | ||||
9/01/26 | 10,000,000 | 11,769,100 | ||
Department of Corrections and Rehabilitation, Various Correctional Facilities, Series D, 5.00%, | ||||
9/01/26 | 6,835,000 | 8,044,180 | ||
Department of Forestry and Fire Protection, Series A, 4.875%, 10/01/18 | 570,000 | 571,607 | ||
Department of General Services, Buildings 8 and 9, Series A, Pre-Refunded, 5.75%, 4/01/23. | 4,000,000 | 4,374,040 | ||
Department of General Services, Buildings 8 and 9, Series A, Pre-Refunded, 6.00%, 4/01/24. | 6,605,000 | 7,255,130 | ||
Trustees of the California State University, J. Paul Leonard and Sutro Library, Series J, Pre- | ||||
Refunded, 5.50%, 11/01/25 | 4,725,000 | 5,252,074 | ||
Trustees of the California State University, J. Paul Leonard and Sutro Library, Series J, Pre- | ||||
Refunded, 5.50%, 11/01/26 | 1,000,000 | 1,111,550 | ||
Trustees of the California State University, Various California State University Projects, Series D, | ||||
Pre-Refunded, 5.00%, 9/01/25 | 2,920,000 | 3,415,612 | ||
Trustees of the California State University, Various California State University Projects, Series D, | ||||
Pre-Refunded, 5.00%, 9/01/26 | 4,650,000 | 5,439,244 | ||
Various Capital Projects, Series A, Subseries A-1, 5.25%, 3/01/22 | 7,475,000 | 8,262,192 | ||
Various Capital Projects, Series G, Subseries G-1, 5.25%, 10/01/18. | 5,605,000 | 5,953,575 | ||
Various Capital Projects, Series G, Subseries G-1, 5.00%, 10/01/20. | 6,405,000 | 6,953,908 | ||
Various Capital Projects, Series G, Subseries G-1, 5.125%, 10/01/22 | 14,555,000 | 15,831,765 | ||
California State University Revenue, | ||||
Systemwide, Refunding, Series A, 5.00%, 11/01/25 | 10,000,000 | 11,474,100 | ||
Systemwide, Refunding, Series A, 5.00%, 11/01/29 | 16,000,000 | 19,014,080 | ||
Systemwide, Refunding, Series A, 5.00%, 11/01/30 | 5,000,000 | 5,893,350 | ||
Systemwide, Series A, 5.00%, 11/01/26 | 11,000,000 | 12,801,140 | ||
California Statewide CDA, MFHR, 740 S. Olive Street Apartments, Series L, GNMA Secured, 4.25%, | ||||
7/20/24 | 3,540,000 | 3,735,762 |
|3
FRANKLIN CALIFORNIA TAX-FREE TRUST
STATEMENT OF INVESTMENTS (UNAUDITED)
Franklin California Intermediate-Term Tax-Free Income Fund (continued) | ||||
Principal | ||||
Amount | Value | |||
Municipal Bonds (continued) | ||||
California (continued) | ||||
California Statewide CDA Revenue, | ||||
5.00%, 11/01/36. | $ | 9,000,000 | $ | 10,043,280 |
Aldersly, Refunding, Series A, 4.50%, 5/15/25 | 1,155,000 | 1,261,491 | ||
Enloe Medical Center, Series A, California Mortgage Insured, 5.50%, 8/15/23 | 3,000,000 | 3,176,550 | ||
Henry Mayo Newhall Memorial Hospital, Refunding, Series A, AGMC Insured, 5.00%, 10/01/26 | 1,000,000 | 1,139,730 | ||
Henry Mayo Newhall Memorial Hospital, Refunding, Series A, AGMC Insured, 5.00%, 10/01/28 | 1,250,000 | 1,412,988 | ||
Lodi Memorial Hospital, Series A, California Mortgage Insured, Pre-Refunded, 5.00%, 12/01/22 | 8,000,000 | 8,218,640 | ||
Methodist Hospital of Southern California Project, FHA Insured, ETM, 5.50%, 8/01/18 | 2,905,000 | 3,077,034 | ||
Methodist Hospital of Southern California Project, FHA Insured, ETM, 5.50%, 2/01/19 | 3,035,000 | 3,279,803 | ||
Methodist Hospital of Southern California Project, FHA Insured, ETM, 5.50%, 8/01/19 | 3,075,000 | 3,385,083 | ||
Poway RHF Housing, Series A, California Mortgage Insured, 5.00%, 11/15/28 | 500,000 | 579,025 | ||
The Redwoods Project, Refunding, California Mortgage Insured, 5.00%, 11/15/28 | 1,000,000 | 1,158,050 | ||
Sutter Health, Series A, 5.00%, 8/15/24 | 2,000,000 | 2,310,140 | ||
Sutter Health, Series A, 5.00%, 8/15/25 | 4,715,000 | 5,412,490 | ||
Sutter Health, Series A, 5.00%, 8/15/27 | 7,005,000 | 7,961,182 | ||
Temporary 55, American Baptist Homes of the West, Series B, Sub Series B-2, 2.40%, 10/01/20 | 880,000 | 880,000 | ||
Temporary 70, American Baptist Homes of the West, Series B, Sub Series B-1, 2.75%, 10/01/21 | 3,000,000 | 3,000,600 | ||
California Statewide CDA Student Housing Revenue, CHF-Irvine LLC, UCI East Campus Apartments, | ||||
Phase II, Pre-Refunded, 6.00%, 5/15/23 | 10,000,000 | 10,569,400 | ||
Campbell USD, GO, Santa Clara County, Refunding, 5.00%, 8/01/28 | 3,235,000 | 3,882,194 | ||
Carson RDA, | ||||
Tax Allocation Housing, Series A, 5.00%, 10/01/22. | 1,975,000 | 2,167,405 | ||
Tax Allocation Housing, Series A, 5.00%, 10/01/23. | 2,135,000 | 2,332,445 | ||
Tax Allocation Housing, Series A, 5.00%, 10/01/24. | 2,245,000 | 2,445,523 | ||
Tax Allocation Housing, Series A, 5.00%, 10/01/25. | 1,700,000 | 1,849,464 | ||
Castaic Lake Water Agency Revenue COP, Water System Improvement Project, Capital Appreciation, | ||||
AMBAC Insured, zero cpn., 8/01/22 | 10,445,000 | 9,238,289 | ||
Chabot-Las Positas Community College District GO, Alameda and Contra Costa Counties, Refunding, | ||||
5.00%, 8/01/24 | 6,715,000 | 7,923,096 | ||
City of Sacramento Special Tax, | ||||
North Natomas CFD No. 4, Refunding, Series F, 5.00%, 9/01/26 | 615,000 | 698,431 | ||
North Natomas CFD No. 4, Refunding, Series F, 5.00%, 9/01/28 | 1,220,000 | 1,370,170 | ||
North Natomas CFD No. 4, Refunding, Series F, 5.00%, 9/01/29 | 1,555,000 | 1,737,946 | ||
North Natomas CFD No. 4, Refunding, Series F, 5.00%, 9/01/30 | 1,045,000 | 1,162,280 | ||
North Natomas CFD No. 4, Refunding, Series F, 5.00%, 9/01/31 | 1,800,000 | 1,979,946 | ||
Clovis USD, GO, Capital Appreciation, Election of 2004, Series A, NATL Insured, zero cpn., 8/01/17. | 5,235,000 | 5,212,804 | ||
Clovis Wastewater Revenue, Refunding, BAM Insured, 5.00%, 8/01/28 | 1,200,000 | 1,377,420 | ||
Clovis Water Revenue, | ||||
Refunding, BAM Insured, 5.00%, 3/01/26 | 2,620,000 | 2,997,594 | ||
Refunding, BAM Insured, 5.00%, 3/01/27 | 1,000,000 | 1,139,390 | ||
Compton CRDA Tax Allocation, Redevelopment Project, second lien, Series A, 5.00%, 8/01/25 | 8,275,000 | 8,689,908 | ||
Conejo Valley USD, GO, Capital Appreciation, Election of 1998, Series C, AGMC Insured, zero cpn., | ||||
8/01/17 | 2,500,000 | 2,490,125 | ||
Contra Costa Water District Water Revenue, Contra Costa County, Refunding, Series T, 5.00%, 10/01/26 . | 3,400,000 | 4,059,158 | ||
Corona-Norco USD, | ||||
COP, Series A, AGMC Insured, 5.00%, 4/15/19 | 1,310,000 | 1,411,342 | ||
COP, Series A, AGMC Insured, 5.00%, 4/15/22 | 1,465,000 | 1,615,294 | ||
GO, Riverside County, Capital Appreciation, Election of 2006, Series E, zero cpn. to 7/31/21, 5.30% | ||||
thereafter, 8/01/25. | 4,645,000 | 4,538,211 | ||
PFA Special Tax Revenue, senior lien, Refunding, Series A, 5.00%, 9/01/24 | 1,565,000 | 1,791,236 | ||
PFA Special Tax Revenue, senior lien, Refunding, Series A, 5.00%, 9/01/25 | 1,000,000 | 1,135,700 |
|4
FRANKLIN CALIFORNIA TAX-FREE TRUST
STATEMENT OF INVESTMENTS (UNAUDITED)
Franklin California Intermediate-Term Tax-Free Income Fund (continued) | ||||
Principal | ||||
Amount | Value | |||
Municipal Bonds (continued) | ||||
California (continued) | ||||
Cupertino USD, | ||||
GO, Santa Clara County, Election of 2012, Series B, 5.00%, 8/01/26 | $ | 1,285,000 | $ | 1,540,522 |
GO, Santa Clara County, Election of 2012, Series B, 5.00%, 8/01/27 | 1,500,000 | 1,787,040 | ||
GO, Santa Clara County, Election of 2012, Series B, 5.00%, 8/01/28 | 1,000,000 | 1,185,400 | ||
GO, Santa Clara County, Pre-Refunded, 5.00%, 8/01/22 | 1,690,000 | 1,894,406 | ||
Del Mar Race Track Authority Revenue, | ||||
Refunding, 5.00%, 10/01/22 | 1,435,000 | 1,580,007 | ||
Refunding, 5.00%, 10/01/23 | 1,510,000 | 1,669,985 | ||
Refunding, 5.00%, 10/01/28 | 1,925,000 | 2,085,641 | ||
Refunding, 5.00%, 10/01/30 | 1,125,000 | 1,210,838 | ||
Desert Sands USD, | ||||
COP, Financing Project, AGMC Insured, Pre-Refunded, 5.00%, 3/01/19 | 2,090,000 | 2,167,873 | ||
GO, Election of 2001, Pre-Refunded, 5.25%, 8/01/21 | 2,015,000 | 2,129,109 | ||
Dublin USD, GO, Refunding, 5.00%, 8/01/32. | 3,220,000 | 3,783,146 | ||
East Bay MUD Wastewater System Revenue, | ||||
Alameda and Contra Costa Counties, Refunding, Series A, 5.00%, 6/01/25. | 2,845,000 | 3,465,125 | ||
Alameda and Contra Costa Counties, Refunding, Series A, 5.00%, 6/01/26. | 3,650,000 | 4,486,397 | ||
Alameda and Contra Costa Counties, Refunding, Series A, 5.00%, 6/01/27. | 1,500,000 | 1,863,360 | ||
Alameda and Contra Costa Counties, Refunding, Series A, 5.00%, 6/01/29. | 1,000,000 | 1,246,360 | ||
East Bay MUD Water System Revenue, Alameda and Contra Costa Counties, Refunding, Series A, | ||||
5.00%, 6/01/29 | 5,000,000 | 5,949,400 | ||
East Side UHSD Santa Clara County GO, | ||||
Refunding, AGMC Insured, 5.00%, 8/01/20 | 2,800,000 | 3,139,612 | ||
Refunding, AGMC Insured, 5.00%, 8/01/21 | 2,140,000 | 2,384,752 | ||
Refunding, AGMC Insured, 5.00%, 8/01/22 | 3,090,000 | 3,442,353 | ||
Eden Township Healthcare District COP, ETM, 5.00%, 6/01/18 | 1,025,000 | 1,047,950 | ||
El Dorado Irrigation District Revenue, Refunding, Series C, 5.00%, 3/01/31 | 2,500,000 | 2,909,375 | ||
Elk Grove Finance Authority Special Tax Revenue, BAM Insured, 5.00%, 9/01/30 | 1,130,000 | 1,297,681 | ||
Fairfax School District GO, Election of 2000, Series A, NATL Insured, 5.00%, 11/01/17 | 135,000 | 138,073 | ||
Folsom PFA Special Tax Revenue, | ||||
CFD No. 7, Refunding, Series A, AGMC Insured, 5.00%, 9/01/23 | 1,005,000 | 1,131,519 | ||
CFD No. 7, Refunding, Series A, AGMC Insured, 5.00%, 9/01/24 | 1,055,000 | 1,187,339 | ||
Refunding, Series A, 5.00%, 9/01/19 | 1,000,000 | 1,077,200 | ||
Refunding, Series A, 5.00%, 9/01/20 | 1,270,000 | 1,402,309 | ||
Refunding, Series A, 5.00%, 9/01/21 | 1,335,000 | 1,472,692 | ||
Refunding, Series A, 5.00%, 9/01/22 | 1,400,000 | 1,529,836 | ||
Foothill/Eastern Transportation Corridor Agency Toll Road Revenue, | ||||
Capital Appreciation, Refunding, Series A, AGMC Insured, zero cpn. to 1/14/24, 5.30% thereafter, | ||||
1/15/29 | 19,895,000 | 17,051,607 | ||
Capital Appreciation, Refunding, Series A, zero cpn. to 1/14/24, 5.70% thereafter, 1/15/25 | 2,500,000 | 1,956,350 | ||
Capital Appreciation, Refunding, Series A, zero cpn. to 1/14/24, 5.80% thereafter, 1/15/26 | 3,760,000 | 2,965,738 | ||
Capital Appreciation, Refunding, Series A, zero cpn. to 1/14/24, 5.90% thereafter, 1/15/27 | 6,395,000 | 5,091,955 | ||
Foothill-De Anza Community College District GO, | ||||
Santa Clara County, Refunding, 5.00%, 8/01/27 | 1,250,000 | 1,514,800 | ||
Santa Clara County, Refunding, 5.00%, 8/01/28 | 2,500,000 | 3,019,050 | ||
Fullerton School District Financing Authority Special Tax Revenue, | ||||
senior lien, Refunding, Series A, AGMC Insured, 5.00%, 9/01/27 | 1,000,000 | 1,143,920 | ||
senior lien, Refunding, Series A, AGMC Insured, 5.00%, 9/01/28 | 1,040,000 | 1,187,035 | ||
Golden State Tobacco Securitization Corp. Enhanced Tobacco Settlement Revenue, Asset-Backed, | ||||
Series A, 5.00%, 6/01/32 | 5,000,000 | 5,656,700 |
|5
FRANKLIN CALIFORNIA TAX-FREE TRUST
STATEMENT OF INVESTMENTS (UNAUDITED)
Franklin California Intermediate-Term Tax-Free Income Fund (continued) | ||||
Principal | ||||
Amount | Value | |||
Municipal Bonds (continued) | ||||
California (continued) | ||||
Imperial Community College District GO, | ||||
Imperial County, Refunding, AGMC Insured, 5.00%, 8/01/21 | $ | 1,010,000 | $ | 1,150,117 |
Imperial County, Refunding, AGMC Insured, 5.00%, 8/01/22 | 1,170,000 | 1,354,673 | ||
Imperial County, Refunding, AGMC Insured, 5.00%, 8/01/23 | 1,350,000 | 1,555,686 | ||
Independent Cities Finance Authority Mobile Home Park Revenue, San Juan Mobile Estates, Refunding, | ||||
5.00%, 8/15/30 | 1,575,000 | 1,757,606 | ||
Irvine Improvement Bond Act 1915 Special Assessment, Limited Obligation, Reassessment District No. | ||||
15-2, Refunding, 5.00%, 9/02/25 | 1,000,000 | 1,134,120 | ||
Irvine USD Financing Authority Special Tax, | ||||
Group II, Series A, ETM, 4.80%, 9/01/17. | 805,000 | 817,936 | ||
Group II, Series A, ETM, 4.875%, 9/01/18 | 900,000 | 948,681 | ||
Group II, Series A, Pre-Refunded, 5.00%, 9/01/20 | 660,000 | 696,848 | ||
Jurupa PFA Special Tax Revenue, | ||||
Refunding, Series A, 5.00%, 9/01/26 | 1,855,000 | 2,109,580 | ||
Refunding, Series A, 5.00%, 9/01/27 | 1,000,000 | 1,146,790 | ||
Refunding, Series A, 5.00%, 9/01/27 | 1,000,000 | 1,119,220 | ||
Refunding, Series A, 5.00%, 9/01/28 | 1,275,000 | 1,418,106 | ||
Refunding, Series A, 5.00%, 9/01/28 | 1,025,000 | 1,165,671 | ||
Refunding, Series A, 5.00%, 9/01/29 | 1,155,000 | 1,306,224 | ||
Refunding, Series A, 5.00%, 9/01/29 | 530,000 | 585,454 | ||
Refunding, Series A, 5.00%, 9/01/30 | 1,510,000 | 1,699,414 | ||
Refunding, Series A, 5.00%, 9/01/31 | 1,190,000 | 1,330,004 | ||
Refunding, Series A, 5.00%, 9/01/32 | 2,505,000 | 2,787,113 | ||
Refunding, Series A, 5.00%, 9/01/33 | 2,635,000 | 2,921,609 | ||
Series A, AGMC Insured, 5.00%, 9/01/30 | 2,750,000 | 3,144,047 | ||
Series A, AGMC Insured, 5.00%, 9/01/33 | 5,000,000 | 5,681,650 | ||
Lake Elsinore PFA Local Agency Revenue, Refunding, 5.00%, 9/01/30 | 5,405,000 | 5,896,206 | ||
Lancaster RDA Tax Allocation, Combined Redevelopment Project Areas, 6.00%, 8/01/24 | 1,300,000 | 1,414,894 | ||
Lee Lake PFAR, | ||||
Special Tax, junior lien, Refunding, Series B, 5.00%, 9/01/27 | 1,410,000 | 1,549,900 | ||
Special Tax, junior lien, Refunding, Series B, 5.25%, 9/01/29 | 815,000 | 901,105 | ||
Long Beach Bond Finance Authority Natural Gas Purchase Revenue, Series A, 5.00%, 11/15/17 | 3,950,000 | 4,041,561 | ||
Long Beach Marina Revenue, | ||||
Los Angeles County, Alamitos Bay Marina Project, 5.00%, 5/15/27. | 1,285,000 | 1,422,906 | ||
Los Angeles County, Alamitos Bay Marina Project, 5.00%, 5/15/32. | 1,250,000 | 1,347,475 | ||
Los Angeles Community College District GO, Refunding, Series A, 5.00%, 8/01/26 | 15,000,000 | 17,915,250 | ||
Los Angeles Convention and Exhibition Center Authority Lease Revenue, Series A, Pre-Refunded, | ||||
5.00%, 8/15/20 | 20,000,000 | 21,098,200 | ||
Los Angeles County MTA Proposition A First Tier Senior Sales Tax Revenue, | ||||
Refunding, Series A, 5.00%, 7/01/26 | 6,315,000 | 7,538,721 | ||
Refunding, Series A, 5.00%, 7/01/27 | 6,630,000 | 7,885,324 | ||
Los Angeles County MTA Sales Tax Revenue, | ||||
Proposition C, Senior, Refunding, Series A, 5.25%, 7/01/23 | 15,000,000 | 16,857,600 | ||
Proposition C, Senior, Refunding, Series B, 5.00%, 7/01/23 | 5,000,000 | 5,829,050 | ||
Refunding, Series A, 5.00%, 6/01/32 | 8,000,000 | 9,440,800 | ||
Los Angeles County Sanitation Districts Financing Authority Revenue, Capital Projects, Refunding, Series | ||||
A, 5.00%, 10/01/22 | 2,750,000 | 3,156,010 | ||
Los Angeles Department of Water and Power Revenue, | ||||
Power System, Refunding, Series A, 5.00%, 7/01/25 | 5,135,000 | 6,008,669 | ||
Power System, Refunding, Series A, 5.00%, 7/01/30 | 10,000,000 | 11,679,800 | ||
a Power System, Refunding, Series B, 5.00%, 7/01/34 | 23,350,000 | 27,289,145 | ||
Power System, Refunding, Series C, 5.00%, 7/01/27 | 10,000,000 | 11,908,200 |
|6
FRANKLIN CALIFORNIA TAX-FREE TRUST
STATEMENT OF INVESTMENTS (UNAUDITED)
Franklin California Intermediate-Term Tax-Free Income Fund (continued) | ||||
Principal | ||||
Amount | Value | |||
Municipal Bonds (continued) | ||||
California (continued) | ||||
Los Angeles Department of Water and Power Revenue, (continued) | ||||
Power System, Series B, 5.00%, 7/01/30. | $ | 3,000,000 | $ | 3,544,050 |
Power System, Series B, 5.00%, 7/01/31. | 6,700,000 | 7,863,723 | ||
Power System, Series D, 5.00%, 7/01/26. | 2,600,000 | 3,113,474 | ||
Power System, Series D, 5.00%, 7/01/27. | 2,000,000 | 2,381,640 | ||
Power System, Series D, 5.00%, 7/01/28. | 2,550,000 | 3,019,684 | ||
Los Angeles Department of Water and Power Works Revenue, Refunding, Series A, 5.00%, 7/01/37 | 10,450,000 | 11,959,293 | ||
Los Angeles GO, Judgment Obligation, Series A, 5.00%, 6/01/18 | 5,650,000 | 5,905,606 | ||
Los Angeles USD, | ||||
COP, 5.00%, 12/01/20 | 3,830,000 | 4,309,401 | ||
GO, Election of 2002, Series D, 5.00%, 7/01/27 | 3,410,000 | 3,695,349 | ||
GO, Election of 2004, Series I, 5.00%, 7/01/18 | 5,000,000 | 5,251,950 | ||
GO, Refunding, Series A, 5.00%, 7/01/29 | 5,000,000 | 5,921,250 | ||
GO, Refunding, Series A-1, 5.00%, 7/01/23 | 13,335,000 | 15,850,914 | ||
GO, Refunding, Series A-2, 5.00%, 7/01/21 | 5,000,000 | 5,735,950 | ||
GO, Refunding, Series B, 5.00%, 7/01/30 | 30,000,000 | 35,715,600 | ||
Los Angeles Wastewater System Revenue, | ||||
Subordinate, Refunding, Series A, 5.00%, 6/01/27 | 9,145,000 | 10,668,648 | ||
Subordinate, Refunding, Series B, 5.00%, 6/01/28 | 11,700,000 | 13,404,807 | ||
Manteca USD Special Tax, | ||||
CFD No. 1989-2, Series F, AGMC Insured, 5.00%, 9/01/22 | 1,000,000 | 1,152,410 | ||
CFD No. 1989-2, Series F, AGMC Insured, 5.00%, 9/01/26 | 1,280,000 | 1,460,160 | ||
Martinez USD, GO, Contra Costa County, Election of 2010, 5.375%, 8/01/26 | 5,000,000 | 6,086,900 | ||
Menifee USD, | ||||
PFA Special Tax Revenue, Refunding, Series A, 5.00%, 9/01/25 | 1,200,000 | 1,404,312 | ||
PFA Special Tax Revenue, Refunding, Series A, 5.00%, 9/01/30 | 1,550,000 | 1,749,501 | ||
PFA Special Tax Revenue, Series A, 5.00%, 9/01/25 | 1,405,000 | 1,644,215 | ||
PFA Special Tax Revenue, Series A, 5.00%, 9/01/28 | 1,250,000 | 1,434,750 | ||
The Metropolitan Water District of Southern California Water Revenue, | ||||
Authorization, Series A, 5.00%, 7/01/28 | 8,000,000 | 9,585,920 | ||
Refunding, Series A, 5.00%, 7/01/28 | 5,000,000 | 6,023,550 | ||
Refunding, Series C, 5.00%, 10/01/26 | 8,010,000 | 9,170,168 | ||
Refunding, Series E, 5.00%, 7/01/22 | 23,900,000 | 28,006,737 | ||
Refunding, Series E, 5.00%, 7/01/23 | 20,000,000 | 23,838,400 | ||
Refunding, Series E, 5.00%, 7/01/24 | 1,110,000 | 1,342,501 | ||
Montebello USD, | ||||
GO, Capital Appreciation, NATL Insured, zero cpn., 8/01/18 | 1,455,000 | 1,427,093 | ||
GO, Capital Appreciation, NATL Insured, zero cpn., 8/01/19 | 1,480,000 | 1,423,938 | ||
Moreno Valley USD, GO, Riverside County, Capital Appreciation, Refunding, NATL Insured, zero cpn., | ||||
8/01/24 | 7,500,000 | 6,194,025 | ||
Mount Diablo USD, GO, Contra Costa County, Election of 2002, Refunding, Series B-2, 5.00%, 7/01/27 | 3,200,000 | 3,692,352 | ||
Mount San Antonio Community College District GO, Los Angeles County, Capital Appreciation, Election of | ||||
2008, Series A, zero cpn. to 8/01/23, 5.875% thereafter, 8/01/28 | 6,000,000 | 5,527,380 | ||
Murrieta PFA Special Tax Revenue, | ||||
Refunding, 5.00%, 9/01/20 | 1,225,000 | 1,350,060 | ||
Refunding, 5.00%, 9/01/22 | 1,495,000 | 1,699,860 | ||
Refunding, 5.00%, 9/01/24 | 1,810,000 | 2,014,186 | ||
Refunding, 5.00%, 9/01/25 | 1,000,000 | 1,105,920 | ||
New Haven USD, | ||||
GO, Alameda County, Capital Appreciation, Refunding, AGMC Insured, zero cpn., 8/01/22 | 11,750,000 | 10,321,670 | ||
GO, Alameda County, Capital Appreciation, Refunding, AGMC Insured, zero cpn., 8/01/23 | 3,200,000 | 2,700,928 |
|7
FRANKLIN CALIFORNIA TAX-FREE TRUST
STATEMENT OF INVESTMENTS (UNAUDITED)
Franklin California Intermediate-Term Tax-Free Income Fund (continued) | ||||
Principal | ||||
Amount | Value | |||
Municipal Bonds (continued) | ||||
California (continued) | ||||
Northern California Power Agency Revenue, | ||||
Geothermal Project No. 3, Series A, Pre-Refunded, 5.00%, 7/01/23 | $ | 2,000,000 | $ | 2,168,280 |
Geothermal Project No. 3, Series A, Pre-Refunded, 5.25%, 7/01/24 | 2,000,000 | 2,179,300 | ||
Oakland USD Alameda County GO, Election of 2006, Series A, Pre-Refunded, 6.50%, 8/01/23 | 2,200,000 | 2,472,140 | ||
Oxnard Financing Authority Local Obligation Special Assessment, senior lien, Special District Bond | ||||
Refinancing, Refunding, Series A, 5.00%, 9/02/26 | 1,025,000 | 1,160,505 | ||
Palm Desert Financing Authority Tax Allocation Revenue, Project Area No. 1, As Amended, Series A, | ||||
NATL Insured, 5.00%, 4/01/23 | 7,690,000 | 7,690,000 | ||
Palo Alto 1915 Act Special Assessment, | ||||
Refunding and Improvement, Limited Obligation, University Avenue Area Off-Street Parking AD, | ||||
5.00%, 9/02/28 | 1,000,000 | 1,090,270 | ||
Refunding and Improvement, Limited Obligation, University Avenue Area Off-Street Parking AD, | ||||
5.00%, 9/02/29 | 1,280,000 | 1,390,899 | ||
Poway USD, | ||||
PFA Special Tax Revenue, BAM Insured, 5.00%, 10/01/31 | 1,700,000 | 1,921,578 | ||
PFA Special Tax Revenue, BAM Insured, 5.00%, 10/01/32 | 1,850,000 | 2,087,614 | ||
PFA Special Tax Revenue, Refunding, Series A, 5.00%, 9/01/27 | 1,375,000 | 1,573,413 | ||
PFA Special Tax Revenue, Refunding, Series A, 5.00%, 9/01/30 | 2,280,000 | 2,550,066 | ||
Rancho Mirage Joint Powers Financing Authority Revenue, Eisenhower Medical Center, Series A, 5.00%, | ||||
7/01/21 | 1,695,000 | 1,708,882 | ||
Redlands USD, GO, Election of 2002, AGMC Insured, 5.00%, 7/01/19. | 1,000,000 | 1,002,760 | ||
Richmond Joint Powers Financing Authority Lease Revenue, | ||||
Civic Center Project, Refunding, Assured Guaranty, 5.00%, 8/01/19 | 2,010,000 | 2,166,097 | ||
Civic Center Project, Refunding, Assured Guaranty, 5.00%, 8/01/20 | 2,315,000 | 2,494,783 | ||
Civic Center Project, Refunding, Assured Guaranty, 5.00%, 8/01/21 | 2,050,000 | 2,208,711 | ||
Riverside Community College District GO, Riverside and San Bernardino Counties, Refunding, Series A, | ||||
5.00%, 8/01/27 | 3,550,000 | 4,224,038 | ||
Riverside County RDA Tax Allocation, | ||||
Desert Communities Redevelopment Project Area, second lien, Series D, 6.50%, 12/01/21 | 710,000 | 796,095 | ||
Desert Communities Redevelopment Project Area, second lien, Series D, 6.75%, 12/01/26 | 1,025,000 | 1,246,482 | ||
Jurupa Valley Redevelopment Project Area, Series B, 6.50%, 10/01/25. | 1,225,000 | 1,468,114 | ||
Riverside County Transportation Commission Sales Tax Revenue, | ||||
Refunding, Series A, 5.25%, 6/01/25 | 3,500,000 | 4,189,255 | ||
Refunding, Series A, 5.25%, 6/01/27 | 4,000,000 | 4,762,080 | ||
Riverside Sewer Revenue, | ||||
Refunding, Series A, 5.00%, 8/01/28 | 3,870,000 | 4,567,258 | ||
Refunding, Series A, 5.00%, 8/01/29 | 4,670,000 | 5,465,628 | ||
RNR School Financing Authority Special Tax, CFD No. 92-1, Series A, BAM Insured, 5.00%, 9/01/27 | 1,035,000 | 1,213,703 | ||
The Romoland School District Special Tax, | ||||
CFD No. 2004-1, Heritage Lake, Improvement Area Nos. 1 and 2, Refunding, 5.00%, 9/01/27 | 1,000,000 | 1,116,870 | ||
CFD No. 2004-1, Heritage Lake, Improvement Area Nos. 1 and 2, Refunding, 5.00%, 9/01/28 | 1,960,000 | 2,173,934 | ||
CFD No. 2004-1, Heritage Lake, Improvement Area Nos. 1 and 2, Refunding, 5.00%, 9/01/29 | 2,130,000 | 2,344,555 | ||
CFD No. 2004-1, Heritage Lake, Improvement Area Nos. 1 and 2, Refunding, 5.00%, 9/01/30 | 2,310,000 | 2,528,665 | ||
CFD No. 2004-1, Heritage Lake, Improvement Area Nos. 1 and 2, Refunding, 5.00%, 9/01/31 | 2,495,000 | 2,719,874 | ||
CFD No. 2004-1, Heritage Lake, Improvement Area Nos. 1 and 2, Refunding, 5.00%, 9/01/32 | 2,690,000 | 2,917,305 | ||
Sacramento City Financing Authority Special Tax Revenue, Westlake and Regency Park, Refunding, | ||||
Series A, AGMC Insured, 5.00%, 9/01/21 | 1,305,000 | 1,459,930 | ||
Sacramento County Airport System Revenue, | ||||
Subordinate, Refunding, Series B, 5.00%, 7/01/35 | 1,000,000 | 1,116,650 | ||
Subordinate, Refunding, Series B, 5.00%, 7/01/36 | 2,000,000 | 2,221,620 |
|8
FRANKLIN CALIFORNIA TAX-FREE TRUST
STATEMENT OF INVESTMENTS (UNAUDITED)
Franklin California Intermediate-Term Tax-Free Income Fund (continued) | ||||
Principal | ||||
Amount | Value | |||
Municipal Bonds (continued) | ||||
California (continued) | ||||
Sacramento County COP, | ||||
Refunding, 5.375%, 2/01/23 | $ | 3,400,000 | $ | 3,737,858 |
Refunding, 5.50%, 2/01/25 | 3,770,000 | 4,158,649 | ||
Sacramento County Sanitation Districts Financing Authority Revenue, Sacramento Regional County | ||||
Sanitation District, Refunding, Series A, 5.00%, 12/01/29 | 2,000,000 | 2,347,140 | ||
Sacramento County Special Tax, CFD No. 1, Improvement Area No. 1, Laguna Creek Ranch/Elliott | ||||
Ranch, Refunding, 5.00%, 9/01/20 | 1,510,000 | 1,677,353 | ||
Sacramento MUD Electric Revenue, | ||||
Refunding, Series X, 5.00%, 8/15/25 | 7,445,000 | 8,513,804 | ||
Series X, Pre-Refunded, 5.00%, 8/15/25 | 2,555,000 | 2,932,271 | ||
San Bernardino County COP, Arrowhead Project, Refunding, Series A, 5.25%, 8/01/26 | 15,000,000 | 16,121,700 | ||
San Bernardino County Transportation Authority Revenue, | ||||
Sales Tax Revenue, Series A, 5.00%, 3/01/30 | 2,685,000 | 3,156,620 | ||
Sales Tax Revenue, Series A, 5.00%, 3/01/31 | 5,090,000 | 5,927,458 | ||
San Diego Public Facilities Financing Authority Lease Revenue, Master Refunding Project, Series A, | ||||
5.00%, 9/01/26 | 8,000,000 | 8,855,840 | ||
San Diego RDA Tax Allocation Revenue, Naval Training Center Redevelopment Project, Series A, | ||||
Pre-Refunded, 5.00%, 9/01/25 | 1,000,000 | 1,123,570 | ||
San Francisco BART District GO, | ||||
Election of 2004, Refunding, Series D, 5.00%, 8/01/32 | 5,000,000 | 5,917,300 | ||
Election of 2004, Series C, 5.00%, 8/01/27 | 2,640,000 | 3,104,666 | ||
Election of 2004, Series C, 5.00%, 8/01/28 | 3,500,000 | 4,104,695 | ||
San Francisco City and County Airport Commission International Airport Revenue, | ||||
Issue 34D, Second Series, Series A, Pre-Refunded, 5.25%, 5/01/26. | 5,425,000 | 5,679,812 | ||
Second Series, Governmental Purpose, Refunding, Series G, 5.00%, 5/01/23 | 1,400,000 | 1,591,660 | ||
Second Series, Governmental Purpose, Series G, Pre-Refunded, 5.00%, 5/01/23 | 3,570,000 | 4,077,618 | ||
San Francisco City and County COP, Multiple Capital Improvement Projects, Series A, 5.00%, 4/01/24 | 8,400,000 | 8,999,676 | ||
San Francisco City and County GO, Clean and Safe Neighborhood Parks, Series B, 4.75%, 6/15/19 | 2,610,000 | 2,821,880 | ||
San Francisco City and County Public Utilities Commission Water Revenue, Refunding, Series A, 5.00%, | ||||
11/01/28 | 5,000,000 | 5,932,600 | ||
San Francisco City and County RDA Hotel Occupancy Revenue, Refunding, AGMC Insured, 5.00%, | ||||
6/01/24 | 10,275,000 | 11,524,234 | ||
San Francisco City and County RDA Successor Agency Tax Allocation, | ||||
Mission Bay South Redevelopment Project, Series A, 5.00%, 8/01/30 | 1,080,000 | 1,208,952 | ||
Mission Bay South Redevelopment Project, Series A, 5.00%, 8/01/34 | 1,110,000 | 1,231,046 | ||
San Francisco City and County Redevelopment Financing Authority Tax Allocation Revenue, | ||||
Mission Bay North Redevelopment Project, Series C, Pre-Refunded, 5.875%, 8/01/25 | 1,000,000 | 1,109,410 | ||
Mission Bay South Redevelopment Project, Series D, ETM, 5.50%, 8/01/19 | 1,030,000 | 1,132,609 | ||
Mission Bay South Redevelopment Project, Series D, Pre-Refunded, 6.25%, 8/01/21 | 1,000,000 | 1,116,760 | ||
Mission Bay South Redevelopment Project, Series D, Pre-Refunded, 6.25%, 8/01/23 | 1,000,000 | 1,116,760 | ||
Mission Bay South Redevelopment Project, Series D, Pre-Refunded, 6.00%, 8/01/25 | 1,465,000 | 1,627,688 | ||
Mission Bay South Redevelopment Project, Series D, Pre-Refunded, 6.125%, 8/01/26 | 1,550,000 | 1,726,545 | ||
San Francisco Redevelopment Projects, Series B, 6.125%, 8/01/26 | 1,000,000 | 1,159,830 | ||
San Joaquin Hills Transportation Corridor Agency Toll Road Revenue, | ||||
Capital Appreciation, Refunding, Series A, NATL Insured, zero cpn., 1/15/26 | 19,000,000 | 13,420,650 | ||
senior lien, Refunding, Series A, 5.00%, 1/15/29 | 10,000,000 | 11,244,900 | ||
San Jose RDA Tax Allocation, | ||||
Merged Area Redevelopment Project, Refunding, Series D, AMBAC Insured, 5.00%, 8/01/23 | 13,000,000 | 13,138,580 | ||
Merged Area Redevelopment Project, Series B, XLCA Insured, 5.00%, 8/01/26 | 8,000,000 | 8,074,560 | ||
San Luis and Delta-Mendota Water Authority Revenue, DHCCP Development Project, Refunding, Series | ||||
A, BAM Insured, 5.00%, 3/01/29 | 1,000,000 | 1,146,490 |
|9
FRANKLIN CALIFORNIA TAX-FREE TRUST
STATEMENT OF INVESTMENTS (UNAUDITED)
Franklin California Intermediate-Term Tax-Free Income Fund (continued) | ||||
Principal | ||||
Amount | Value | |||
Municipal Bonds (continued) | ||||
California (continued) | ||||
San Mateo County Transit District Revenue, | ||||
Refunding, Series A, 5.00%, 6/01/28 | $ | 3,000,000 | $ | 3,616,440 |
Refunding, Series A, 5.00%, 6/01/29 | 4,300,000 | 5,155,227 | ||
Refunding, Series A, 5.00%, 6/01/30 | 5,000,000 | 5,965,750 | ||
San Ysidro School District COP, | ||||
San Diego County, Refunding, BAM Insured, 5.00%, 9/01/29. | 1,100,000 | 1,254,451 | ||
San Diego County, Refunding, BAM Insured, 5.00%, 9/01/31. | 1,000,000 | 1,128,570 | ||
San Diego County, Refunding, BAM Insured, 5.00%, 9/01/33. | 1,050,000 | 1,173,533 | ||
Sanger Financing Authority Wastewater Revenue, Fresno County, Refunding, AGMC Insured, 5.00%, | ||||
6/15/34 | 7,000,000 | 7,997,920 | ||
Santa Ana Community RDA Tax Allocation, Merged Project Area, Refunding, Series A, 6.00%, 9/01/22 | 5,000,000 | 5,806,950 | ||
Santa Ana USD, GO, Election of 2008, Series A, 5.25%, 8/01/25 | 2,000,000 | 2,104,280 | ||
Santa Cruz County RDA Tax Allocation, Refunding, Series A, BAM Insured, 5.00%, 9/01/29 | 4,475,000 | 5,189,523 | ||
Sonoma CDA Successor Agency Tax Allocation, | ||||
Sonoma Redevelopment Project, Subordinate, Refunding, NATL Insured, 5.00%, 6/01/29 | 1,000,000 | 1,166,890 | ||
Sonoma Redevelopment Project, Subordinate, Refunding, NATL Insured, 5.00%, 6/01/33 | 1,200,000 | 1,371,228 | ||
Sonoma-Marin Area Rail Transit District Measure Q Sales Tax Revenue, | ||||
Series A, 5.00%, 3/01/25. | 15,410,000 | 17,722,887 | ||
Series A, 5.00%, 3/01/27. | 11,945,000 | 13,677,383 | ||
South Bayside Waste Management Authority Solid Waste Enterprise Revenue, Shoreway Environmental | ||||
Center, Series A, 5.25%, 9/01/24 | 3,500,000 | 3,800,230 | ||
Southern California Public Power Authority Gas Project Revenue, Project No. 1, Series A, 5.25%, | ||||
11/01/19 | 2,500,000 | 2,705,950 | ||
Southern California Public Power Authority Revenue, | ||||
Canyon Power Project, Refunding, Series A, 5.00%, 7/01/19 | 1,500,000 | 1,630,740 | ||
Southern Transmission Project, Subordinate, Refunding, Series C, 5.00%, 7/01/26 | 5,000,000 | 5,979,300 | ||
Tulare County Board of Education COP, Capital Improvement Projects, BAM Insured, 5.00%, 5/01/28 | 1,040,000 | 1,170,634 | ||
Tuolumne Wind Project Authority Revenue, Tuolumne Co. Project, Series A, Pre-Refunded, 5.25%, | ||||
1/01/24 | 5,000,000 | 5,365,350 | ||
Tustin CFD No. 06-1 Special Tax, | ||||
Tustin Legacy, Columbus Villages, Refunding, Series A, 5.00%, 9/01/30 | 1,000,000 | 1,110,690 | ||
Tustin Legacy, Columbus Villages, Refunding, Series A, 5.00%, 9/01/32 | 1,565,000 | 1,722,642 | ||
Tustin CRDA Tax Allocation, | ||||
Orange County, Housing, AGMC Insured, Pre-Refunded, 5.00%, 9/01/24 | 1,000,000 | 1,123,570 | ||
Orange County, Housing, AGMC Insured, Pre-Refunded, 5.00%, 9/01/25 | 1,000,000 | 1,123,570 | ||
University of California Revenue, | ||||
General, Series AM, 5.00%, 5/15/27 | 3,000,000 | 3,584,970 | ||
General, Series AM, 5.00%, 5/15/28 | 1,835,000 | 2,183,448 | ||
General, Series U, 5.00%, 5/15/19 | 4,060,000 | 4,399,254 | ||
Series S, 5.00%, 5/15/19. | 8,125,000 | 8,564,400 | ||
Series S, Pre-Refunded, 5.00%, 5/15/19 | 20,000 | 21,093 | ||
Washington Township Health Care District Revenue, Series A, 5.00%, 7/01/25 | 3,035,000 | 3,225,719 | ||
West Basin Municipal Water District Revenue, | ||||
Refunding, Series A, 5.00%, 8/01/32 | 1,975,000 | 2,284,068 | ||
Refunding, Series A, 5.00%, 8/01/33 | 2,630,000 | 3,021,765 | ||
Whittier UHSD, | ||||
GO, Los Angeles County, Capital Appreciation, Election of 2008, Refunding, zero cpn., 8/01/24 | 7,755,000 | 5,678,289 | ||
GO, Los Angeles County, Capital Appreciation, Election of 2008, Refunding, zero cpn., 8/01/26 | 10,045,000 | 6,486,760 | ||
Yorba Linda RDA Tax Allocation, sub. lien, Redevelopment Project, Series A, 6.00%, 9/01/26. | 1,435,000 | 1,652,962 | ||
1,721,755,416 |
|10
FRANKLIN CALIFORNIA TAX-FREE TRUST
STATEMENT OF INVESTMENTS (UNAUDITED)
Franklin California Intermediate-Term Tax-Free Income Fund (continued) | |||||
Principal | |||||
Amount | Value | ||||
Municipal Bonds (continued) | |||||
U.S. Territories 2.1% | |||||
Guam 0.4% | |||||
Guam Government Limited Obligation Revenue, Section 30, Series A, ETM, 5.25%, 12/01/17 | $ | 2,305,000 | $ | 2,370,047 | |
Guam Power Authority Revenue, | |||||
Refunding, Series A, AGMC Insured, 5.00%, 10/01/21 | 2,000,000 | 2,234,820 | |||
Refunding, Series A, AGMC Insured, 5.00%, 10/01/22 | 2,000,000 | 2,258,780 | |||
6,863,647 | |||||
Puerto Rico 1.7% | |||||
Puerto Rico Electric Power Authority Power Revenue, | |||||
Refunding, Series UU, AGMC Insured, 5.00%, 7/01/23 | 5,000,000 | 5,037,800 | |||
Series RR, NATL Insured, 5.00%, 7/01/21 | 5,000,000 | 5,110,350 | |||
Series WW, 5.375%, 7/01/23 | 5,000,000 | 3,162,500 | |||
Puerto Rico PBA Guaranteed Revenue, Government Facilities, Refunding, Series M-3, NATL Insured, | |||||
6.00%, 7/01/23 | 11,645,000 | 12,871,452 | |||
Puerto Rico Sales Tax FICO Sales Tax Revenue, First Subordinate, Series A, 5.00%, 8/01/24 | 10,000,000 | 3,987,500 | |||
30,169,602 | |||||
Total U.S. Territories | 37,033,249 | ||||
Total Municipal Bonds before Short Term Investments (Cost $1,681,488,318) | 1,758,788,665 | ||||
Short Term Investments 1.7% | |||||
Municipal Bonds 1.7% | |||||
California 1.7% | |||||
b California State GO, | |||||
Kindergarten, Refunding, Series A1, Daily VRDN and Put, 0.77%, 5/01/34 | 2,800,000 | 2,800,000 | |||
Series A-1, Daily VRDN and Put, 0.77%, 5/01/33 | 200,000 | 200,000 | |||
Series A-2, Daily VRDN and Put, 0.68%, 5/01/33 | 5,900,000 | 5,900,000 | |||
Series A-3, Daily VRDN and Put, 0.73%, 5/01/33 | 5,000,000 | 5,000,000 | |||
b Los Angeles Department of Water and Power Revenue, | |||||
Power System, Refunding, Series B, Subseries B-6, Daily VRDN and Put, 0.74%, 7/01/34 | 4,300,000 | 4,300,000 | |||
Water System, Refunding, Series B, Subseries B-2, Daily VRDN and Put, 0.76%, 7/01/35 | 6,900,000 | 6,900,000 | |||
b The Metropolitan Water District of Southern California Water Revenue, Refunding, Series B-3, Daily | |||||
VRDN and Put, 0.74%, 7/01/35 | 4,800,000 | 4,800,000 | |||
Total Short Term Investments (Cost $29,900,000) | 29,900,000 | ||||
Total Investments (Cost $1,711,388,318) 100.8% | 1,788,688,665 | ||||
Other Assets, less Liabilities (0.8)% | (13,323,196 | ) | |||
Net Assets 100.0% | $ | 1,775,365,469 |
See Abbreviations on page 16.
aSecurity purchased on a when-issued basis.
bVariable rate demand notes (VRDNs) are tax-exempt 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. The coupon rate shown represents the rate at period end.
|11
FRANKLIN CALIFORNIA TAX-FREE TRUST | ||||
Statement of Investments, March 31, 2017 (unaudited) | ||||
Franklin California Ultra-Short Tax-Free Income Fund | ||||
Principal | ||||
Amount | Value | |||
Municipal Bonds 17.7% | ||||
California 17.7% | ||||
Beverly Hills PFA Wastewater Revenue, Refunding, Series A, 4.00%, 6/01/17 | $ | 350,000 | $ | 351,778 |
California Educational Facilities Authority Revenue, Loma Linda University, Refunding, Series A, 5.00%, | ||||
4/01/22 | 1,000,000 | 1,140,240 | ||
California State Economic Recovery GO, Series A, ETM, 5.00%, 7/01/17 | 330,000 | 333,369 | ||
California State GO, Various Purpose, Refunding, XLCA Insured, 4.50%, 6/01/17 | 300,000 | 301,746 | ||
California State Municipal Finance Authority Revenue, Community Medical Centers, Refunding, Series A, | ||||
5.00%, 2/01/22 | 1,300,000 | 1,464,372 | ||
California State Public Works Board Lease Revenue, The Regents of the University of California, Various | ||||
University of California Projects, Series C-1, 4.00%, 3/01/18 | 500,000 | 514,360 | ||
California State University Revenue, Systemwide, Refunding, Series A, 4.00%, 11/01/18 | 1,000,000 | 1,048,440 | ||
California Statewide CDA Revenue, Monetery County GO Savers Bond Program, BAM Insured, 5.00%, | ||||
8/01/18 | 1,000,000 | 1,051,170 | ||
Campbell UHSD, | ||||
GO, Election of 2016, Series A-1, 3.00%, 8/01/19 | 1,000,000 | 1,044,380 | ||
GO, Refunding, 4.00%, 8/01/17. | 300,000 | 303,177 | ||
Corona-Norco USD, GO, Election of 2006, Series A, AGMC Insured, 5.00%, 8/01/17 | 300,000 | 304,140 | ||
Los Angeles USD, GO, Election of 2002, Series B, AGMC Insured, 5.00%, 7/01/21 | 335,000 | 338,380 | ||
Palomar Health Revenue, Refunding, 3.00%, 11/01/17 | 1,000,000 | 1,004,680 | ||
Roseville Joint Union High School District GO, Election of 2016, Series A, 4.00%, 8/01/18 | 400,000 | 416,364 | ||
Selma USD, GO, Election of 2016, Series A, 2.00%, 8/01/18 | 300,000 | 304,326 | ||
Temecula Valley USD, GO, Riverside County, Election of 2012, Series B, AGMC Insured, 4.00%, 8/01/17 | 615,000 | 621,113 | ||
Total Municipal Bonds before Short Term Investments (Cost $10,546,097) | 10,542,035 | |||
Short Term Investments 83.4% | ||||
Municipal Bonds 83.4% | ||||
California 83.4% | ||||
a California Infrastructure and Economic Development Bank Revenue, Los Angeles Special Project, Series A, | ||||
Weekly VRDN and Put, 0.92%, 7/01/33 | 2,000,000 | 2,000,000 | ||
a California PCFA, PCR, Pacific Gas and Electric Co., Refunding, Series F, Daily VRDN and Put, 0.84%, | ||||
11/01/26 | 2,500,000 | 2,500,000 | ||
California State Department of Water Resources Power Supply Revenue, Refunding, Series L, 5.00%, | ||||
5/01/17 | 1,345,000 | 1,349,048 | ||
California State Education Notes Revenue, Program Note Participation Note, Series A, TRAN, 2.00%, | ||||
6/30/17 | 2,000,000 | 2,004,760 | ||
a California State Educational Facilities Authority Revenue, California Institute of Technology, Various, Series | ||||
B, Weekly VRDN and Put, 0.88%, 10/01/36 | 1,100,000 | 1,100,000 | ||
California State GO, | ||||
a Series A-1, Daily VRDN and Put, 0.77%, 5/01/33 | 600,000 | 600,000 | ||
Various Purpose, Pre-Refunded, 5.00%, 6/01/37. | 850,000 | 855,653 | ||
a California State Health Facilities Financing Authority Revenue, | ||||
Children’s Hospital of Orange County, Series D, Weekly VRDN and Put, 0.88%, 11/01/34 | 1,200,000 | 1,200,000 | ||
Health Facility, Catholic Healthcare West, Series B, Weekly VRDN and Put, 0.90%, 3/01/47. | 1,900,000 | 1,900,000 | ||
a California State HFAR, MFH III, Series A, Weekly VRDN and Put, 0.90%, 8/01/40 | 1,965,000 | 1,965,000 | ||
a California State Municipal Finance Authority Revenue, Chevron USA Inc. Project, Recovery Zone Bonds, | ||||
Series B, Daily VRDN and Put, 0.79%, 11/01/35 | 100,000 | 100,000 | ||
California Statewide CDA Revenue, Redlands Community Hospital Obligated Group, Refunding, 4.00%, | ||||
10/01/17 | 325,000 | 328,815 | ||
Carlsbad USD, COP, School Financing Projects, Refunding, 4.00%, 10/01/17 | 250,000 | 253,920 | ||
Chino Basin Regional Financing Authority Revenue, Inland Empire Utilities Agency, Refunding, Series A, | ||||
2.00%, 11/01/17 | 1,000,000 | 1,007,010 | ||
Compton USD, GO, Election of 2015, Series A, BAM Insured, 2.00%, 6/01/17 | 1,000,000 | 1,001,930 |
Quarterly Statement of Investments | See Notes to Statements of Investments. | 12
FRANKLIN CALIFORNIA TAX-FREE TRUST
STATEMENT OF INVESTMENTS (UNAUDITED)
Franklin California Ultra-Short Tax-Free Income Fund (continued) | |||||
Principal | |||||
Amount | Value | ||||
Short Term Investments (continued) | |||||
Municipal Bonds (continued) | |||||
California (continued) | |||||
a East Bay MUD Water System Revenue, Alameda and Contra Costa Counties, Refunding, Series A-1, | |||||
Weekly VRDN and Put, 0.82%, 6/01/38 | $ | 1,500,000 | $ | 1,500,000 | |
b Fairfield California Water Revenue, Refunding, 4.00%, 4/01/18 | 1,000,000 | 1,028,840 | |||
Gilroy USD, GO, Santa Clara County, Election of 2016, 2.00%, 8/01/17 | 480,000 | 481,925 | |||
a Irvine 1915 Act Special Assessment, | |||||
Limited Obligation Improvement, AD No. 94-15, Refunding, Daily VRDN and Put, 0.86%, 9/02/20. | 1,100,000 | 1,100,000 | |||
Limited Obligation Improvement, AD No. 97-16, Daily VRDN and Put, 0.86%, 9/02/22 | 1,000,000 | 1,000,000 | |||
Long Beach Community College District GO, Election of 2016, Series B, 2.00%, 8/01/17 | 700,000 | 702,807 | |||
Los Angeles County Revenue, TRAN, 3.00%, 6/30/17 | 2,000,000 | 2,010,080 | |||
a Los Angeles Department of Water and Power Revenue, | |||||
Power System, Refunding, Series B, Subseries B-6, Daily VRDN and Put, 0.74%, 7/01/34. | 1,200,000 | 1,200,000 | |||
Water System, Refunding, Series B, Subseries B-1, Weekly VRDN and Put, 0.87%, 7/01/35 | 1,400,000 | 1,400,000 | |||
Los Angeles GO, Series B, TRAN, 3.00%, 6/29/17 | 2,000,000 | 2,010,020 | |||
a The Metropolitan Water District of Southern California Water Revenue, | |||||
Refunding, Series B-3, Daily VRDN and Put, 0.74%, 7/01/35 | 100,000 | 100,000 | |||
Refunding, Series D, Weekly VRDN and Put, 0.90%, 7/01/35 | 2,000,000 | 2,000,000 | |||
Mid-Peninsula Water District COP, 4.00%, 12/01/17 | 315,000 | 321,429 | |||
a Modesto Water Revenue COP, Refunding, Series A, Weekly VRDN and Put, 0.94%, 10/01/36 | 1,100,000 | 1,100,000 | |||
Palo Alto Utility Revenue, Refunding, Series A, 4.00%, 6/01/17 | 400,000 | 402,012 | |||
San Diego County and School District Note Participations Revenue, 3.00%, 6/30/17 | 2,000,000 | 2,010,240 | |||
a San Diego County Regional Transportation Commission Sales Tax Revenue, Refunding, Series D, Weekly | |||||
VRDN and Put, 0.90%, 4/01/38 | 2,100,000 | 2,100,000 | |||
San Francisco City and County GO, Refunding, Series R1, 5.00%, 6/15/17 | 465,000 | 468,836 | |||
a Santa Clara Valley Transportation Authority Sales Tax Revenue, Refunding, Series A, Weekly VRDN and | |||||
Put, 0.90%, 6/01/26. | 2,000,000 | 2,000,000 | |||
Santa Cruz County GO, TRAN, 3.00%, 6/29/17 | 2,000,000 | 2,009,660 | |||
Santa Monica-Malibu USD, COP, Refunding, Series B, 4.00%, 5/01/17 | 250,000 | 250,585 | |||
Sonoma County Junior College District GO, Election of 2014, Series A, 3.00%, 8/01/17 | 250,000 | 251,733 | |||
Sonoma County Water Agency Revenue, Refunding, Series A, 4.00%, 7/01/17 | 425,000 | 428,243 | |||
Twin Rivers USD, | |||||
GO, Refunding, Series A, 4.00%, 8/01/17 | 325,000 | 328,283 | |||
GO, Refunding, Series B, 4.00%, 8/01/17 | 325,000 | 328,282 | |||
University of California Regents Medical Center Pooled Revenue, Refunding, Series L, 1.75%, 5/15/17 | 1,000,000 | 1,001,040 | |||
a University of California Revenue, General, Series AL-1, Weekly VRDN and Put, 0.89%, 5/15/48 | 1,300,000 | 1,300,000 | |||
Ventura County, TRAN, 2.00%, 7/01/17 | 2,000,000 | 2,005,300 | |||
Westlands Water District Revenue, Refunding, Series A, AGMC Insured, 3.00%, 9/01/17 | 780,000 | 786,833 | |||
Total Short Term Investments (Cost $49,806,682) | 49,792,284 | ||||
Total Investments (Cost $60,352,779) 101.1% | 60,334,319 | ||||
Other Assets, less Liabilities (1.1)% | (653,133 | ) | |||
Net Assets 100.0% | $ | 59,681,186 |
See Abbreviations on page 16.
aVariable rate demand notes (VRDNs) are tax-exempt 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. The coupon rate shown represents the rate at period end.
bSecurity purchased on a when-issued basis.
|13
FRANKLIN CALIFORNIA TAX-FREE TRUST
Notes to Statements of Investments (unaudited)
1. ORGANIZATION
Franklin California Tax-Free Trust (Trust) is registered under the Investment Company Act of 1940 (1940 Act) as an open-end management investment company, consisting of two separate funds (Funds) and applies the specialized accounting and reporting guidance in U.S. Generally Accepted Accounting Principles.
2. FINANCIAL INSTRUMENT VALUATION
The Funds 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 Funds calculate the net asset value (NAV) per share as of 4 p.m. Eastern time each day the New York Stock Exchange (NYSE) is open for trading. Under compliance policies and procedures approved by the Funds Board of Trustees (the Board), the Funds administrator has responsibility for oversight of valuation, including leading the cross-functional Valuation Committee (VC). The VC provides administration and oversight of the Funds valuation policies and procedures, which are approved annually by the Board. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities and financial instrument dealers, and other market sources to determine fair value.
Debt securities generally trade in the over-the-counter market rather than on a securities exchange. The Funds 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 Funds have procedures to determine the fair value of financial instruments for which market prices are not reliable or readily available. Under these procedures, the VC convenes on a regular basis to review such financial instruments and considers a number of factors, including significant unobservable valuation inputs, when arriving at fair value. The VC primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may also be used in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed. The VC employs various methods for calibrating these valuation approaches including a regular review of key inputs and assumptions, transactional back-testing or disposition analysis, and reviews of any related market activity.
|14
FRANKLIN CALIFORNIA TAX-FREE TRUST
NOTES TO STATEMENTS OF INVESTMENTS (UNAUDITED)
3. INCOME TAXES
At March 31, 2017, the cost of investments and net unrealized appreciation (depreciation) for income tax purposes were as follows:
Franklin California | Franklin | ||||||
California | California | ||||||
Intermediate-Term Tax-Free Ultra-Short Tax-Free |
|||||||
Income Fund | Income Fund | ||||||
Cost of investments | $ | 1,711,138,179 | $ | 60,352,779 | |||
Unrealized appreciation | $ | 85,871,653 | $ | 2,773 | |||
Unrealized depreciation. | (8,321,167 | ) | (21,233 | ) | |||
Net unrealized appreciation (depreciation) | $ | 77,550,486 | $ | (18,460 | ) |
4. CONCENTRATION OF RISK
Certain or all Funds invest a large percentage of their total assets in obligations of issuers within California and U.S. territories. Such concentration may subject the Funds to risks associated with industrial or regional matters, and economic, political or legal developments occurring within California and U.S. territories. Investing in Puerto Rico securities may expose the Funds to heightened risks due to recent adverse economic and market changes, credit downgrades and ongoing restructuring discussions. In addition, investments in these securities are sensitive to interest rate changes and credit risk of the issuer and may subject the Funds to increased market volatility. The market for these investments may be limited, which may make them difficult to buy or sell.
5. FAIR VALUE MEASUREMENTS
The Funds follow a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Funds’ own market assumptions (unobservable inputs). These inputs are used in determining the value of the Funds’ 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 Funds’ 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.
For movements between the levels within the fair value hierarchy, the Funds have adopted a policy of recognizing the transfers as of the date of the underlying event which caused the movement.
At March 31, 2017, all of the Funds’ investments in financial instruments carried at fair value were valued using Level 2 inputs.
6. NEW ACCOUNTING PRONOUNCEMENTS
In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The amendments in the ASU shorten the amortization period for certain callable debt securities, held at a premium, to be amortized to
|15
FRANKLIN CALIFORNIA TAX-FREE TRUST
NOTES TO STATEMENTS OF INVESTMENTS (UNAUDITED)
6. NEW ACCOUNTING PRONOUNCEMENTS (continued)
the earliest call date. The ASU does not require an accounting change for securities held at a discount; which continues to be amortized to maturity. The ASU is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2018. Management is currently evaluating the impact, if any, of applying this provision.
7. INVESTMENT COMPANY REPORTING MODERNIZATION
In October 2016, the U.S. Securities and Exchange Commission adopted new rules and amended existing rules (together, final rules) intended to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management is currently evaluating the impact that the adoption of the amendments to Regulation S-X will have on the Funds financial statements and related disclosures.
8. SUBSEQUENT EVENTS
The Funds have evaluated subsequent events through the issuance of the Statements of Investments and determined that no events have occurred that require disclosure.
ABBREVIATIONS | |||
Selected Portfolio | |||
1915 Act | Improvement Bond Act of 1915 | MFH | Multi-Family Housing |
ABAG | The Association of Bay Area Governments | MFHR | Multi-Family Housing Revenue |
AD | Assessment District | MTA | Metropolitan Transit Authority |
AGMC | Assured Guaranty Municipal Corp. | MUD | Municipal Utility District |
AMBAC | American Municipal Bond Assurance Corp. | NATL | National Public Financial Guarantee Corp. |
BAM | Build America Mutual Assurance Co. | PBA | Public Building Authority |
BART | Bay Area Rapid Transit | PCFA | Pollution Control Financing Authority |
CDA | Community Development Authority/Agency | PCR | Pollution Control Revenue |
CFD | Community Facilities District | PFA | Public Financing Authority |
COP | Certificate of Participation | PFAR | Public Financing Authority Revenue |
CRDA | Community Redevelopment Authority/Agency | RDA | Redevelopment Agency/Authority |
ETM | Escrow to Maturity | SRF | State Revolving Fund |
FHA | Federal Housing Authority/Agency | TRAN | Tax and Revenue Anticipation Note |
FICO | Financing Corp. | UHSD | Unified/Union High School District |
GNMA | Government National Mortgage Association | USD | Unified/Union School District |
GO | General Obligation | XLCA | XL Capital Assurance |
HFAR | Housing Finance Authority Revenue |
For additional information on the Funds significant accounting policies, please refer to the Funds most recent semiannual or annual shareholder report.
|16
Item 2. Controls and Procedures.
(a) Evaluation of Disclosure Controls and Procedures. The Registrant maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in the Registrant’s filings under the Securities Exchange Act of 1934 and the Investment Company Act of 1940 is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the Registrant’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Registrant’s management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.
Within 90 days prior to the filing date of this Quarterly Schedule of Portfolio Holdings on Form N-Q, the Registrant had carried out an evaluation, under the supervision and with the participation of the Registrant’s management, including the Registrant’s principal executive officer and the Registrant’s principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on such evaluation, the Registrant’s principal executive officer and principal financial officer concluded that the Registrant’s disclosure controls and procedures are effective.
(b) Changes in Internal Controls. There have been no changes in the Registrant’s internal controls or in other factors that could materially affect the internal controls over financial reporting subsequent to the date of their evaluation in connection with the preparation of this Quarterly Schedule of Portfolio Holdings on Form N-Q.
Item 3. Exhibits.
(a) Certification pursuant to Section 30a-2 under the Investment Company Act of 1940 of Laura F. Fergerson, Chief Executive Officer - Finance and Administration, and Gaston Gardey, Chief Financial Officer and Chief Accounting Officer.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
FRANKLIN CALIFORNIA TAX-FREE TRUST
By __/s/Laura F. Fergerson
Laura F. Fergerson
Chief Executive Officer - Finance and Administration
Date May 25, 2017
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By _/s/Laura F. Fergerson
Laura F. Fergerson
Chief Executive Officer - Finance and Administration
Date May 25, 2017
By _/s/Gaston Gardey_
Gaston Gardey
Chief Financial Officer and Chief Accounting Officer
Date May 25, 2017
Exhibit 3(a)
I, Laura F. Fergerson, certify that:
1. I have reviewed this report on Form N-Q of Franklin California Tax-Free Trust;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
5/25/2017
S\LAURA F. FERGERSON
Laura F. Fergerson
Chief Executive Officer - Finance and Administration
Exhibit 3(a)
I, Gaston Gardey, certify that:
1. I have reviewed this report on Form N-Q of Franklin California Tax-Free Trust;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
5/25/2017
S\GASTON GARDEY
Gaston Gardey
Chief Financial Officer and Chief Accounting Officer
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