N-CSRS 1 primary-document.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
FORM N-CSRS
 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
 
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: 12/31/20
 
Item 1. Reports to Stockholders.
 
a.)
 
The following is a copy of the report transmitted to shareholders pursuant to Rule30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1.)


b.)
 
A copy of the notice transmitted to shareholders in reliance on Rule 30e-3 under the 1940 Act that contains disclosures specified by paragraph (c)(3) of that rule is included in the Annual Report. Not Applicable.
 
 
Semiannual
Report
And
Shareholder
Letter
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
A
Series
of
Franklin
California
Tax-Free
Trust
December
31,
2020
Sign
up
for
electronic
delivery
at
franklintempleton.com/edelivery
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FDIC
Insured
May
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Value
No
Bank
Guarantee
franklintempleton.com
Not
part
of
the
semiannual
report
1
Shareholder
Letter
Dear
Shareholder:
During
the
six
months
ended
December
31,
2020,
reported
second-quarter
2020
data
indicated
the
U.S.
economy
contracted
in
response
to
the
novel
coronavirus
(COVID-19)
pandemic.
In
2020’s
third
quarter,
the
economy
recovered
substantially
based
on
increased
business
and
residential
investment
and
consumer
spending,
although
growth
slowed
in
the
fourth
quarter.
Before
the
reporting
period,
the
U.S.
Federal
Reserve,
in
its
efforts
to
support
U.S.
economic
activity,
lowered
the
federal
funds
rate
twice
in
March
2020
and
implemented
broad
quantitative
easing
measures
to
support
credit
markets.
During
the
reporting
period,
the
Federal
Reserve
held
its
key
rate
unchanged
at
0.25%,
but
it
continued
quantitative
easing
and
adjusted
its
policy
in
August
2020
to
allow
more
flexibility
to
keep
interest
rates
low,
while
maintaining
a
2%
average
inflation
target.
During
the
six-month
period,
municipal
bonds
posted
positive
total
returns
as
investors
were
attracted
to
tax-free
income
in
a
low
interest-rate
environment.
Factors
contributing
to
this
positive
investment
environment
for
municipals
included
relatively
low
inflation,
interest-rate
stability
and
recent
actions
by
the
Federal
Reserve
to
support
the
municipal
bond
market.
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund’s
semiannual
report
includes
more
detail
about
municipal
bond
market
conditions
and
a
discussion
from
the
portfolio
managers.
In
addition,
on
our
website,
franklintempleton
.com
,
you
can
find
updated
commentary
by
our
municipal
bond
experts.
Municipal
bonds
provide
tax-free
income
and
diversification
from
equities.
Despite
periods
of
volatility,
municipal
bonds
historically
have
had
a
solid
long-term
record
of
performance,
driven
mostly
by
their
compounding
tax-free
income
component.
As
you
may
know,
all
securities
markets
fluctuate,
as
do
mutual
fund
share
prices.
As
always,
we
recommend
investors
consult
their
financial
advisors
to
help
them
make
the
best
decisions
for
the
long
term.
In
a
constantly
changing
market
environment,
we
remain
committed
to
our
disciplined
strategy
as
we
manage
the
Fund,
keeping
in
mind
the
trust
you
have
placed
in
us.
We
appreciate
your
confidence
in
us
and
encourage
you
to
contact
us
or
your
financial
advisor
when
you
have
questions
about
your
Franklin
tax-free
investment.
Sincerely,
Rupert
H.
Johnson,
Jr.
Chairman
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
Ben
Barber
Senior
Vice
President
Director
of
Municipal
Bonds
This
letter
reflects
our
analysis
and
opinions
as
of
December
31,
2020
,
unless
otherwise
indicated.
The
information
is
not
a
complete
analysis
of
every
aspect
of
any
market,
state,
industry,
security
or
fund.
Statements
of
fact
are
from
sources
considered
reliable.
franklintempleton.com
Semiannual
Report
2
Contents
Semiannual
Report
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
3
Performance
Summary
6
Your
Fund’s
Expenses
8
Financial
Highlights
and
Statement
of
Investments
9
Financial
Statements
29
Notes
to
Financial
Statements
33
Shareholder
Information
41
Visit
franklintempleton.com
for
fund
updates,
to
access
your
account,
or
to
find
helpful
financial
planning
tools.
3
franklintempleton.com
Semiannual
Report
SEMIANNUAL
REPORT
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
This
semiannual
report
for
Franklin
California
Intermediate-
Term
Tax-Free
Income
Fund
covers
the
period
ended
December
31,
2020
.
Your
Fund’s
Goal
and
Main
Investments
The
Fund
seeks
to
provide
as
high
a
level
of
income
exempt
from
federal
and
California
personal
income
taxes
as
is
consistent
with
prudent
investment
management
and
preservation
of
shareholder’s
capital
by
normally
investing
at
least
80%
of
its
total
assets
in
municipal
securities
that
pay
interest
free
from
such
taxes.
1
The
Fund
maintains
a
dollar-weighted
average
portfolio
maturity
of
three
to
10
years
and
only
buys
securities
rated,
at
the
time
of
purchase,
in
one
of
the
top
four
ratings
categories
by
one
or
more
U.S.
nationally
recognized
rating
services
or
unrated
or
short-term
rated
securities
of
comparable
credit
quality.
The
Fund
may
invest
in
insured
municipal
securities,
which
are
covered
by
insurance
policies
that
guarantee
the
timely
payment
of
principal
and
interest.
Performance
Overview
The
Fund’s
Class
A
share
price,
as
measured
by
net
asset
value,
increased
from
$12.09
on
June
30,
2020,
to
$12.21
on
December
31,
2020.
The
Fund’s
Class
A
shares
paid
dividends
totaling
13.0032
cents
per
share
for
the
reporting
period.
2
The
Performance
Summary
beginning
on
page
6
shows
that
at
the
end
of
this
reporting
period
the
Fund’s
Class
A
shares’
distribution
rate
was
2.02%
based
on
an
annualization
of
December’s
2.1022
cents
per
share
dividend
and
the
maximum
offering
price
of
$12.49
on
December
31,
2020.
An
investor
in
the
2020
maximum
combined
effective
federal
and
California
personal
income
tax
bracket
of
53.10%
(including
3.80%
Medicare
tax)
would
need
to
earn
a
distribution
rate
of
4.30%
from
a
taxable
investment
to
match
the
Fund’s
Class
A
tax-free
distribution
rate.
For
other
performance
data,
please
see
the
Performance
Summary.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
Municipal
Bond
Market
Overview
During
the
six
months
ended
December
31,
2020,
technical
conditions
in
the
municipal
(muni)
bond
market
and
reduced
political
uncertainty
supported
valuations
in
the
sector.
Ratios
of
muni
bond
versus
U.S.
Treasury
(UST)
yields
continued
to
improve
since
the
market
dislocations
seen
in
March
2020
and
finished
at
levels
last
seen
at
the
beginning
of
the
year.
The
muni
bond
market
has
experienced
continual
inflows
of
money
into
retail
vehicles
with
low
net
supply
of
tax-exempt
bonds.
Issuers
have
increasingly
turned
to
the
taxable
muni
bond
market
to
refund
tax-exempt
Credit
Quality
Composition
*
12/31/20
Ratings
%
of
Total
Investments
AAA
16.03%
AA
47.55%
A
15.22%
BBB
8.92%
Below
Investment
Grade
1.66%
Refunded
5.09%
Not
Rated
5.53%
*
Securities,
except
for
those
labeled
Not
Rated,
are
assigned
ratings
by
one
or
more
Nationally
Recognized
Statistical
Credit
Rating
Organizations
(NRSROs),
such
as
Standard
&
Poor’s,
Moody’s
and
Fitch,
that
can
be
considered
by
the
investment
manager
as
part
of
its
independent
securities
analysis.
When
ratings
from
multiple
agencies
are
available,
the
highest
is
used,
consistent
with
the
portfolio
investment
process.
Ratings
reflect
an
NRSRO’s
opinion
of
an
issuer’s
creditworthiness
and
typically
range
from
AAA
(highest)
to
D
(lowest).
The
Below
Investment
Grade
category
consists
of
bonds
rated
below
BBB-.
The
Refunded
category
generally
consists
of
refunded
bonds
secured
by
U.S.
government
or
other
high-quality
securities
and
not
rerated
by
an
NRSRO.
The
Not
Rated
category
consists
of
ratable
securities
that
have
not
been
rated
by
an
NRSRO.
Cash
and
equivalents
are
excluded
from
this
composition.
1.
For
investors
subject
to
alternative
minimum
tax,
a
small
portion
of
Fund
dividends
may
be
taxable.
Distributions
of
capital
gains
are
generally
taxable.
To
avoid
imposition
of
28%
backup
withholding
on
all
Fund
distributions
and
redemption
proceeds,
U.S.
investors
must
be
properly
certified
on
Form
W-9
and
non-U.S.
investors
on
Form
W-8BEN.
2.
The
distribution
amount
is
the
sum
of
all
estimated
tax-basis
net
investment
income
distributions
for
the
period
shown.
A
portion
or
all
of
the
distribution
may
be
reclassified
as
return
of
capital
or
short-term
or
long-term
capital
gains
once
final
tax
designations
are
known.
Assumes
shares
were
purchased
and
held
for
the
entire
accrual
period.
Since
dividends
accrue
daily,
your
actual
distributions
will
vary
depending
on
the
date
you
purchased
your
shares
and
any
account
activity.
All
fund
distributions
will
vary
depending
upon
current
market
conditions,
and
past
distributions
are
not
indicative
of
future
trends.
The
dollar
value,
number
of
shares
or
principal
amount,
and
names
of
all
portfolio
holdings
are
listed
in
the
Fund’s
Statement
of
Investments
(SOI).
The
SOI
begins
on
page
14
.
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
4
franklintempleton.com
Semiannual
Report
debt
and
new
issuance.
These
taxable
structures
provide
low
all-in
borrowing
costs
and,
in
some
instances,
reduced
covenants.
Daily
new
case
rates
and
hospitalizations
from
the
novel
coronavirus
(COVID-19)
hit
all-time
highs
during
the
fourth
quarter
of
2020,
causing
governments
to
slow
reopening
of
their
economies
and,
in
some
cases,
reinstating
social
distancing
precautions
including
stay-at-home
orders.
This
was
tempered
by
the
emergency
approval
of
COVID-19
vaccines
from
multiple
pharmaceutical
manufacturers
by
the
U.S.
Food
and
Drug
Administration.
The
first
vaccinations
were
focused
on
essential
medical
personnel
as
the
manufacturers
ramped
up
production
to
provide
significant
numbers
of
dosages
by
the
end
of
the
first
half
of
2021.
With
President-elect
Joe
Biden
set
to
take
office
in
January
2021,
some
uncertainty
has
been
removed
from
the
market.
The
Democratic
party
lost
seats
in
the
House
of
Representatives,
potentially
limiting
its
ability
to
proceed
with
some
of
its
more
progressive
policies.
The
balance
of
power
in
the
U.S.
Senate
will
be
decided
by
run-off
elections
in
the
state
of
Georgia
scheduled
for
early
January
2021.
The
U.S.
federal
government
authorized
an
additional
$900
billion
stimulus
package
that
will
provide
another
round
of
payments
to
individuals
while
extending
enhanced
unemployment
benefits
and
direct
support
to
small
and
medium
businesses.
There
was
only
modest
support
for
municipal
bond
issuers
focused
on
relief
for
transportation
and
transit
systems
facing
large
declines
in
usage.
During
the
six-month
period
ending
in
December
2020,
revenue
bonds
outperformed
general
obligation
securities
and
lower-quality
investment-grade
issues
outperformed
their
higher-rated
counterparts.
Within
the
revenue
bond
segments,
leasing
and
transportation
bonds
were
the
best
performers,
while
resource
recovery
had
positive
returns
but
lagged
other
revenue
segments.
The
Investment
Company
Institute
(ICI)
reported
net
inflows
of
approximately
$10
billion
into
muni
bond
retail
vehicles
in
December
2020.
For
the
six-month
period,
muni
bond
retail
vehicles
saw
approximately
$48
billion
of
net
inflows,
according
to
the
ICI.
U.S.
fixed
income
sectors
broadly
underperformed
relative
to
equities,
as
measured
by
the
Standard
&
Poor’s
®
500
Index,
which
posted
a
+22.16%
total
return
for
the
period.
3
Investment-grade
muni
bonds,
as
measured
by
the
Bloomberg
Barclays
Municipal
Bond
Index,
posted
a
+3.07%
total
return,
while
USTs,
as
measured
by
the
Bloomberg
Barclays
U.S.
Treasury
Index,
posted
a
-0.66%
total
return,
and
investment-grade
corporate
bonds,
as
measured
by
the
Bloomberg
Barclays
U.S.
Corporate
Bond
Index,
posted
a
+4.63%
total
return.
3
State
Update
California’s
large,
diverse
economy
was
hindered
by
the
COVID-19
pandemic
during
the
six-month
period.
The
state’s
unemployment
rate
of
14.9%
in
June
2020
decreased
to
9.0%
by
December
as
its
economy
began
to
recover,
though
it
still
exceeded
the
6.7%
national
rate
at
period-
end.
4
Revenue
declines
projected
for
fiscal
year
(FY)
2021
were
offset
by
the
use
of
reserves,
education
spending
cuts,
suspension
of
certain
business
tax
breaks,
and
increased
federal
Medicaid
reimbursement
and
COVID-19
aid.
Due
to
the
temporary
nature
of
many
of
these
measures,
budget
gaps
are
likely
to
reappear
in
FY
2022.
California’s
net
tax-
supported
debt
was
$2,147
per
capita
and
3.2%
of
personal
income,
compared
with
the
$1,071
and
2.0%
national
medians,
respectively.
5
Independent
credit
rating
agency
Standard
&
Poor’s
(S&P)
affirmed
California’s
general
obligations
bonds
rating
of
AA-
with
a
stable
outlook.
6
The
rating
reflected
S&P’s
view
of
the
state’s
strong
economy,
increased
reserves
and
strong
overall
liquidity
going
into
the
current
recession,
as
well
as
the
state’s
moderately
high
but
stable
debt
ratios.
S&P
noted
challenges,
including
projected
multiyear
declines
in
tax
revenue
due
to
the
current
recession,
high
housing
costs
and
social
service
spending
relative
to
other
states,
difficult-to-forecast
revenues
and
minimal
prefunding
of
retiree
health
care
benefits.
Investment
Strategy
We
select
securities
we
believe
will
provide
the
best
balance
between
risk
and
return
within
the
Fund’s
range
of
allowable
investments
and
typically
use
a
buy-and-hold
strategy.
This
means
we
generally
hold
securities
in
the
Fund’s
portfolio
for
income
purposes,
rather
than
trading
securities
for
capital
gains,
although
we
may
sell
a
security
at
any
time
if
we
believe
it
could
help
the
Fund
meet
its
goal.
3.
Source:
Morningstar.
Treasuries,
if
held
to
maturity,
offer
a
fixed
rate
of
return
and
a
fixed
principal
value;
their
interest
payments
and
principal
are
guaranteed.
4.
Source:
Bureau
of
Labor
Statistics.
5.
Source:
Moody’s
Investors
Service,
State
government
–
US:
Medians
–
State
debt
declined
in
2019,
but
likely
to
grow
in
coming
years
,
5/12/20.
6.
This
does
not
indicate
S&P’s
rating
of
the
Fund.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
5
franklintempleton.com
Semiannual
Report
Manager’s
Discussion
Consistent
with
our
strategy,
we
sought
to
remain
invested
in
bonds
that
maintain
an
average
weighted
maturity
of
three
to
10
years.
We
believe
our
conservative,
buy-and-hold
investment
strategy
can
help
us
achieve
high,
current,
tax-
free
income
for
shareholders.
Thank
you
for
your
continued
participation
in
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund.
We
look
forward
to
serving
your
future
investment
needs.
The
foregoing
information
reflects
our
analysis,
opinions
and
portfolio
holdings
as
of
December
31,
2020
,
the
end
of
the
reporting
period.
The
way
we
implement
our
main
investment
strategies
and
the
resulting
portfolio
holdings
may
change
depending
on
factors
such
as
market
and
economic
conditions.
These
opinions
may
not
be
relied
upon
as
investment
advice
or
an
offer
for
a
particular
security.
The
information
is
not
a
complete
analysis
of
every
aspect
of
any
market,
state,
industry,
security
or
the
Fund.
Statements
of
fact
are
from
sources
considered
reliable,
but
the
investment
manager
makes
no
representation
or
warranty
as
to
their
completeness
or
accuracy.
Although
historical
performance
is
no
guarantee
of
future
results,
these
insights
may
help
you
understand
our
investment
management
philosophy.
Portfolio
Composition
12/31/20
%
of
Total
Investments
*
Utilities
24.96%
Transportation
15.07%
General
Obligation
14.82%
Tax-Supported
12.32%
Refunded**
8.33%
Hospital
&
Health
Care
7.58%
Other
Revenue
5.27%
Housing
4.95%
Higher
Education
4.58%
Subject
to
Government
Appropriations
2.12%
*
Does
not
include
cash
and
cash
equivalents.
**
Includes
all
refunded
bonds;
the
percentage
may
differ
from
that
in
the
Credit
Quality
Composition.
Performance
Summary
as
of
December
31,
2020
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
6
franklintempleton.com
Semiannual
Report
The
performance
tables
do
not
reflect
any
taxes
that
a
shareholder
would
pay
on
Fund
dividends,
capital
gain
distributions,
if
any,
or
any
realized
gains
on
the
sale
of
Fund
shares.
Total
return
reflects
reinvestment
of
the
Fund’s
dividends
and
capital
gain
distributions,
if
any,
and
any
unrealized
gains
or
losses.
Your
dividend
income
will
vary
depending
on
dividends
or
interest
paid
by
securities
in
the
Fund’s
portfolio,
adjusted
for
operating
expenses
of
each
class.
Capital
gain
distributions
are
net
profits
realized
from
the
sale
of
portfolio
securities.
Performance
as
of
12/31/20
1
Cumulative
total
return
excludes
sales
charges.
Average
annual
total
return
includes
maximum
sales
charges.
Sales
charges
will
vary
depending
on
the
size
of
the
investment
and
the
class
of
share
purchased.
The
maximum
is
2.25%
and
the
minimum
is
0%.
Class
A
:
2.25%
maximum
initial
sales
charge;
Advisor
Class:
no
sales
charges.
For
other
share
classes,
visit
franklintempleton.com.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
Share
Class
Cumulative
Total
Return
2
Average
Annual
Total
Return
3
–
A
4
6-Month
+2.08%
-0.22%
1-Year
+3.31%
+0.98%
5-Year
+13.95%
+2.18%
10-Year
+46.47%
+3.65%
Advisor
6-Month
+2.20%
+2.20%
1-Year
+3.56%
+3.56%
5-Year
+14.89%
+2.82%
10-Year
+48.49%
+4.03%
30-Day
Standardized
Yield
7
Taxable
Equivalent
30-Day
Standardized
Yield
6
Share
Class
Distribution
Rate
5
Taxable
Equivalent
Distribution
Rate
6
(with
fee
waiver)
(without
fee
waiver)
(with
fee
waiver)
(without
fee
waiver)
A
2.02%
4.30%
0.57%
0.52%
1.22%
1.11%
Advisor
2.31%
4.93%
0.83%
0.78%
1.77%
1.66%
See
page
7
for
Performance
Summary
footnotes.
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
Performance
Summary
7
franklintempleton.com
Semiannual
Report
Each
class
of
shares
is
available
to
certain
eligible
investors
and
has
different
annual
fees
and
expenses,
as
described
in
the
prospectus.
All
investments
involve
risks,
including
possible
loss
of
principal.
Because
municipal
bonds
are
sensitive
to
interest-rate
movements,
the
Fund’s
yield
and
share
price
will
fluctuate
with
market
conditions.
Bond
prices
generally
move
in
the
opposite
direction
of
interest
rates.
Thus,
as
prices
of
bonds
in
the
Fund
adjust
to
a
rise
in
interest
rates,
the
Fund’s
share
price
may
decline.
Because
the
Fund
invests
principally
in
a
single
state,
it
is
subject
to
greater
risk
of
adverse
economic
and
regulatory
changes
in
that
state
than
a
geographically
diversified
fund.
Puerto
Rico
municipal
bonds
have
been
impacted
by
recent
adverse
economic
and
market
changes,
which
may
cause
the
Fund’s
share
price
to
decline.
Changes
in
the
credit
rating
of
a
bond,
or
in
the
credit
rating
or
financial
strength
of
a
bond’s
issue,
insurer
or
guarantor,
may
affect
the
bond’s
value.
The
Fund
may
invest
a
significant
part
of
its
assets
in
municipal
securities
that
finance
similar
types
of
projects,
such
as
utilities,
hospitals,
higher
education
and
transportation.
A
change
that
affects
one
project
would
likely
affect
all
similar
projects,
thereby
increasing
market
risk.
Unexpected
events
and
their
aftermaths,
such
as
the
spread
of
deadly
diseases;
natural,
environmental
or
man-made
disasters;
financial,
political
or
social
disruptions;
terrorism
and
war;
and
other
tragedies
or
catastrophes,
can
cause
investor
fear
and
panic,
which
can
adversely
affect
the
econo-
mies
of
many
companies,
sectors,
nations,
regions
and
the
market
in
general,
in
ways
that
cannot
necessarily
be
foreseen.
The
Fund’s
prospectus
also
includes
a
description
of
the
main
investment
risks.
1.
The
Fund
has
an
expense
reduction
contractually
guaranteed
through
10/31/21.
Fund
investment
results
reflect
the
expense
reduction;
without
this
reduction,
the
results
would
have
been
lower.
2.
Cumulative
total
return
represents
the
change
in
value
of
an
investment
over
the
periods
indicated.
3.
Average
annual
total
return
represents
the
average
annual
change
in
value
of
an
investment
over
the
periods
indicated.
Return
for
less
than
one
year,
if
any,
has
not
been
annualized.
4.
Effective
9/10/18,
Class
A
shares
closed
to
new
investors,
were
renamed
Class
A1
shares,
and
a
new
Class
A
share
with
a
different
expense
structure
became
available.
Class
A
performance
shown
has
been
calculated
as
follows:
(a)
for
periods
prior
to
9/10/18,
a
restated
figure
is
used
based
on
the
Fund’s
Class
A1
performance
that
includes
any
Rule
12b-1
rate
differential
that
exists
between
Class
A1
and
Class
A;
and
(b)
for
periods
after
9/10/18,
actual
Class
A
performance
is
used,
reflecting
all
charges
and
fees
applicable
to
that
class.
5.
Distribution
rate
is
based
on
an
annualization
of
the
respective
class’s
December
dividend
and
the
maximum
offering
price
(NAV
for
Advisor
Class)
per
share
on
12/31/20.
6.
Taxable
equivalent
distribution
rate
and
yield
assume
the
published
rates
as
of
12/17/20
for
the
maximum
combined
effective
federal
and
California
personal
income
tax
rate
of
53.10%,
based
on
the
federal
income
tax
rate
of
37.00%
plus
3.80%
Medicare
tax.
This
combined
rate
does
not
consider
the
impact
of
California’s
surcharge
on
taxable
income
in
excess
of
$1
million.
7.
The
Fund’s
30-day
standardized
yield
is
calculated
over
a
trailing
30-day
period
using
the
yield
to
maturity
on
bonds
and/or
the
dividends
accrued
on
stocks.
It
may
not
equal
the
Fund’s
actual
income
distribution
rate,
which
reflects
the
Fund’s
past
dividends
paid
to
shareholders.
8.
Figures
are
as
stated
in
the
Fund’s
current
prospectus
and
may
differ
from
the
expense
ratios
disclosed
in
the
Your
Fund’s
Expenses
and
Financial
Highlights
sections
in
this
report.
In
periods
of
market
volatility,
assets
may
decline
significantly,
causing
total
annual
Fund
operating
expenses
to
become
higher
than
the
figures
shown.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
Distributions
(7/1/20–12/31/20)
Share
Class
Net
Investment
Income
A
$0.130032
A1
$0.139276
C
$0.105519
R6
$0.147356
Advisor
$0.145367
Total
Annual
Operating
Expenses
8
Share
Class
With
Fee
Waiver
Without
Fee
Waiver
A
0.74%
0.81%
Advisor
0.49%
0.56%
Your
Fund’s
Expenses
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
8
franklintempleton.com
Semiannual
Report
As
a
Fund
shareholder,
you
can
incur
two
types
of
costs:
(1)
transaction
costs,
including
sales
charges
(loads)
on
Fund
purchases
and
redemptions;
and
(2)
ongoing
Fund
costs,
including
management
fees,
distribution
and
service
(12b-1)
fees,
and
other
Fund
expenses.
All
mutual
funds
have
ongoing
costs,
sometimes
referred
to
as
operating
expenses.
The
table
below
shows
ongoing
costs
of
investing
in
the
Fund
and
can
help
you
understand
these
costs
and
compare
them
with
those
of
other
mutual
funds.
The
table
assumes
a
$1,000
investment
held
for
the
six
months
indicated.
Actual
Fund
Expenses
The
table
below
provides
information
about
actual
account
values
and
actual
expenses
in
the
columns
under
the
heading
“Actual.”
In
these
columns
the
Fund’s
actual
return,
which
includes
the
effect
of
Fund
expenses,
is
used
to
calculate
the
“Ending
Account
Value”
for
each
class
of
shares.
You
can
estimate
the
expenses
you
paid
during
the
period
by
following
these
steps
(
of
course,
your
account
value
and
expenses
will
differ
from
those
in
this
illustration
):
Divide
your
account
value
by
$1,000
(
if
your
account
had
an
$8,600
value,
then
$8,600
÷
$1,000
=
8.6
).
Then
multiply
the
result
by
the
number
in
the
row
for
your
class
of
shares
under
the
headings
“Actual”
and
“Expenses
Paid
During
Period”
(
if
Actual
Expenses
Paid
During
Period
were
$7.50,
then
8.6
x
$7.50
=
$64.50
).
In
this
illustration,
the
actual
expenses
paid
this
period
are
$64.50.
Hypothetical
Example
for
Comparison
with
Other
Funds
Under
the
heading
“Hypothetical”
in
the
table,
information
is
provided
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
This
information
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period,
but
it
can
help
you
compare
ongoing
costs
of
investing
in
the
Fund
with
those
of
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
for
the
class
of
shares
you
hold
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
other
funds.
Please
note
that
expenses
shown
in
the
table
are
meant
to
highlight
ongoing
costs
and
do
not
reflect
any
transactional
costs.
Therefore,
information
under
the
heading
“Hypothetical”
is
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
compare
total
costs
of
owning
different
funds.
In
addition,
if
transactional
costs
were
included,
your
total
costs
would
have
been
higher.
1.
Expenses
are
equal
to
the
annualized
expense
ratio
for
the
six-month
period
as
indicated
above—in
the
far
right
column—multiplied
by
the
simple
average
account
value
over
the
period
indicated,
and
then
multiplied
by
182/366
to
reflect
the
one-half
year
period.
2.
Reflects
expenses
after
fee
waivers
and
expense
reimbursements.
Actual
(actual
return
after
expenses)
Hypothetical
(5%
annual
return
before
expenses)
Share
Class
Beginning
Account
Value
7/1/20
Ending
Account
Value
12/31/20
Expenses
Paid
During
Period
7/1/20–12/31/20
1,2
Ending
Account
Value
12/31/20
Expenses
Paid
During
Period
7/1/20–12/31/20
1,2
a
Net
Annualized
Expense
Ratio
2
A
$1,000
$1,020.77
$3.76
$1,021.49
$3.76
0.74%
A1
$1,000
$1,022.40
$3.01
$1,022.23
$3.01
0.58%
C
$1,000
$1,019.49
$5.80
$1,019.46
$5.80
1.13%
R6
$1,000
$1,022.17
$2.32
$1,022.91
$2.32
0.46
%
Advisor
$1,000
$1,022.01
$2.49
$1,022.74
$2.49
0.49%
Franklin
California
Tax-Free
Trust
Financial
Highlights
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
9
a
Six
Months
Ended
December
31,
2020
(unaudited)
Year
Ended
June
30,
2020
Year
Ended
June
30,
2019
a
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
..........................................
$12.09
$12.05
$11.76
Income
from
investment
operations
b
:
Net
investment
income
c
..................................................
0.13
0.27
0.25
Net
realized
and
unrealized
gains
(losses)
....................................
0.12
0.04
0.30
Total
from
investment
operations
.............................................
0.25
0.31
0.55
Less
distributions
from:
Net
investment
income
...................................................
(0.13)
(0.27)
(0.26)
Net
asset
value,
end
of
period
...............................................
$12.21
$12.09
$12.05
Total
return
d
............................................................
2.08%
2.63%
4.76%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
...............................
0.80%
0.81%
0.80%
Expenses
net
of
waiver
and
payments
by
affiliates
f
...............................
0.74%
0.74%
0.74%
Net
investment
income
....................................................
2.10%
2.26%
2.58%
Supplemental
data
Net
assets,
end
of
period
(000’s)
.............................................
$316,678
$226,216
$96,795
Portfolio
turnover
rate
.....................................................
4.19%
18.85%
15.26%
a
For
the
period
September
10,
2018
(effective
date)
to
June
30,
2019.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
California
Tax-Free
Trust
Financial
Highlights
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
a
Six
Months
Ended
December
31,
2020
(unaudited)
Year
Ended
June
30,
2020
2019
2018
2017
2016
Class
A1
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$12.08
$12.04
$11.80
$12.03
$12.50
$12.01
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.14
0.29
0.32
0.33
0.32
0.34
Net
realized
and
unrealized
gains
(losses)
0.13
0.04
0.26
(0.24)
(0.47)
0.48
Total
from
investment
operations
........
0.27
0.33
0.58
0.09
(0.15)
0.82
Less
distributions
from:
Net
investment
income
..............
(0.14)
(0.29)
(0.34)
(0.32)
(0.32)
(0.33)
Net
asset
value,
end
of
period
..........
$12.21
$12.08
$12.04
$11.80
$12.03
$12.50
Total
return
c
.......................
2.24%
2.79%
4.98%
0.78%
(1.18)%
6.97%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.66%
0.66%
0.65%
0.64%
0.63%
0.63%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.58%
e
0.59%
e
0.59%
e
0.61%
e
0.63%
0.63%
Net
investment
income
...............
2.26%
2.42%
2.73%
2.74%
2.68%
2.75%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$697,580
$710,743
$761,434
$846,856
$908,564
$1,003,322
Portfolio
turnover
rate
................
4.19%
18.85%
15.26%
3.32%
21.19%
3.91%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
California
Tax-Free
Trust
Financial
Highlights
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
11
a
Six
Months
Ended
December
31,
2020
(unaudited)
Year
Ended
June
30,
2020
2019
2018
2017
2016
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$12.13
$12.09
$11.85
$12.08
$12.55
$12.06
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.11
0.23
0.26
0.26
0.26
0.27
Net
realized
and
unrealized
gains
(losses)
0.13
0.04
0.25
(0.23)
(0.48)
0.49
Total
from
investment
operations
........
0.24
0.27
0.51
0.03
(0.22)
0.76
Less
distributions
from:
Net
investment
income
..............
(0.11)
(0.23)
(0.27)
(0.26)
(0.25)
(0.27)
Net
asset
value,
end
of
period
..........
$12.26
$12.13
$12.09
$11.85
$12.08
$12.55
Total
return
c
.......................
1.95%
2.22%
4.39%
0.22%
(1.72)%
6.36%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.20%
1.21%
1.20%
1.19%
1.18%
1.18%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.13%
e
1.14%
e
1.14%
e
1.16%
e
1.18%
1.18%
Net
investment
income
...............
1.71%
1.87%
2.18%
2.19%
2.13%
2.20%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$114,077
$139,835
$170,241
$221,016
$252,254
$282,917
Portfolio
turnover
rate
................
4.19%
18.85%
15.26%
3.32%
21.19%
3.91%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
California
Tax-Free
Trust
Financial
Highlights
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
a
Six
Months
Ended
December
31,
2020
(unaudited)
Year
Ended
June
30,
Year
Ended
June
30,
2018
a
2020
2019
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
..............................
$12.12
$12.07
$11.83
$12.12
Income
from
investment
operations
b
:
Net
investment
income
c
......................................
0.15
0.31
0.34
0.32
Net
realized
and
unrealized
gains
(losses)
........................
0.12
0.05
0.25
(0.30)
Total
from
investment
operations
.................................
0.27
0.36
0.59
0.02
Less
distributions
from:
Net
investment
income
.......................................
(0.15)
(0.31)
(0.35)
(0.31)
Net
asset
value,
end
of
period
...................................
$12.24
$12.12
$12.07
$11.83
Total
return
d
................................................
2.22%
3.00%
5.09%
0.16%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
...................
0.52%
0.53%
0.53%
0.52%
Expenses
net
of
waiver
and
payments
by
affiliates
....................
0.46%
f
0.46%
0.46%
0.49%
Net
investment
income
........................................
2.38%
2.55%
2.87%
2.86%
Supplemental
data
Net
assets,
end
of
period
(000’s)
.................................
$23,237
$19,007
$16,310
$12,773
Portfolio
turnover
rate
.........................................
4.19%
18.85%
15.26%
3.32%
a
For
the
period
August
1,
2017
(effective
date)
to
June
30,
2018.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
California
Tax-Free
Trust
Financial
Highlights
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
13
a
Six
Months
Ended
December
31,
2020
(unaudited)
Year
Ended
June
30,
2020
2019
2018
2017
2016
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$12.12
$12.08
$11.83
$12.06
$12.53
$12.04
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.14
0.30
0.34
0.34
0.34
0.35
Net
realized
and
unrealized
gains
(losses)
0.13
0.04
0.26
(0.23)
(0.48)
0.49
Total
from
investment
operations
........
0.27
0.34
0.60
0.11
(0.14)
0.84
Less
distributions
from:
Net
investment
income
..............
(0.15)
(0.30)
(0.35)
(0.34)
(0.33)
(0.35)
Net
asset
value,
end
of
period
..........
$12.24
$12.12
$12.08
$11.83
$12.06
$12.53
Total
return
c
.......................
2.20%
2.89%
5.15%
0.88%
(1.08)%
7.05%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.55%
0.56%
0.55%
0.54%
0.53%
0.53%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.49%
e
0.49%
e
0.49%
e
0.51%
e
0.53%
0.53%
Net
investment
income
...............
2.35%
2.52%
2.83%
2.84%
2.78%
2.85%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$700,815
$637,015
$592,893
$600,698
$639,716
$583,200
Portfolio
turnover
rate
................
4.19%
18.85%
15.26%
3.32%
21.19%
3.91%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
California
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
December
31,
2020
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
a
a
Principal
Amount
a
Value
a
a
a
a
a
Commercial
Mortgage-Backed
Securities
1.5%
Diversified
Financial
Services
1.5%
FHLMC,
Multi-family
,
2019-ML06
,
ACA
,
2.493
%
,
7/25/35
......................
$
24,672,895
$
26,861,135
Total
Commercial
Mortgage-Backed
Securities
(Cost
$25,411,380)
................
26,861,135
Municipal
Bonds
96.3%
California
95.5%
ABAG
Finance
Authority
for
Nonprofit
Corp.
,
Covia
Communities
Obligated
Group,
Revenue,
2011,
Refunding,
5.25%,
7/01/22
.
2,400,000
2,449,704
Jackson
Laboratory
(The),
Revenue,
2012,
5%,
7/01/21
.....................
1,000,000
1,023,440
Jackson
Laboratory
(The),
Revenue,
2012,
5%,
7/01/22
.....................
820,000
872,136
Jackson
Laboratory
(The),
Revenue,
2012,
5%,
7/01/23
.....................
460,000
489,182
Jackson
Laboratory
(The),
Revenue,
2012,
5%,
7/01/24
.....................
1,000,000
1,063,650
Odd
Fellows
Home
of
California,
Revenue,
2012A,
California
Mortgage
Insured,
5%,
4/01/23
........................................................
1,000,000
1,104,480
Odd
Fellows
Home
of
California,
Revenue,
2012A,
California
Mortgage
Insured,
5%,
4/01/24
........................................................
1,000,000
1,104,020
a
Align
Affordable
Housing
Bond
Fund
LP
,
Breezewood
2019
LP
,
Revenue
,
144A,
2020-3
TR
,
A
,
2.625
%
,
8/01/25
.............................................
14,300,000
14,360,718
Antelope
Valley
Community
College
District
,
GO
,
2014A
,
Pre-Refunded
,
5
%
,
8/01/25
4,210,000
4,932,225
Bay
Area
Toll
Authority
,
Revenue
,
2012F-1
,
5
%
,
4/01/22
......................
15,000,000
15,907,800
California
Affordable
Housing
Agency
,
Butte
County
Housing
Authority
,
Revenue
,
2020
A
,
2
%
,
10/01/35
...................................................
500,000
494,330
California
Community
College
Financing
Authority
,
Coast
Community
College
District,
Revenue,
2011-A,
Pre-Refunded,
5%,
6/01/26
..
1,220,000
1,243,924
NCCD-Orange
Coast
Properties
LLC,
Revenue,
2018,
5%,
5/01/32
............
1,750,000
1,821,680
NCCD-Orange
Coast
Properties
LLC,
Revenue,
2018,
5%,
5/01/33
............
600,000
621,528
NCCD-Orange
Coast
Properties
LLC,
Revenue,
2018,
5%,
5/01/35
............
3,040,000
3,131,839
NCCD-Orange
Coast
Properties
LLC,
Revenue,
2018,
5%,
5/01/37
............
1,600,000
1,639,296
NCCD-Orange
Coast
Properties
LLC,
Revenue,
2018,
5%,
5/01/38
............
1,320,000
1,349,132
California
County
Tobacco
Securitization
Agency
,
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/34
.....................
340,000
420,682
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/35
.....................
400,000
490,952
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/36
.....................
615,000
748,793
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/37
.....................
660,000
801,009
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/38
.....................
615,000
743,996
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/39
.....................
600,000
723,528
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/40
.....................
615,000
739,236
Gold
Country
Settlement
Funding
Corp.,
Revenue,
2020
A,
Refunding,
5%,
6/01/29
250,000
332,688
Gold
Country
Settlement
Funding
Corp.,
Revenue,
2020
A,
Refunding,
5%,
6/01/31
1,065,000
1,452,586
Merced
County
Tobacco
Funding
Corp.,
Revenue,
Senior
Lien,
2020
A,
Refunding,
5%,
6/01/30
....................................................
315,000
427,105
Merced
County
Tobacco
Funding
Corp.,
Revenue,
Senior
Lien,
2020
A,
Refunding,
5%,
6/01/31
....................................................
300,000
406,833
Merced
County
Tobacco
Funding
Corp.,
Revenue,
Senior
Lien,
2020
A,
Refunding,
5%,
6/01/33
....................................................
245,000
326,578
Merced
County
Tobacco
Funding
Corp.,
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/34
....................................................
420,000
512,425
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
5%,
6/01/30
..
425,000
577,239
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
5%,
6/01/31
..
225,000
305,125
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
5%,
6/01/32
..
250,000
336,810
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
5%,
6/01/33
..
300,000
399,891
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
4%,
6/01/34
..
365,000
445,322
California
Educational
Facilities
Authority
,
Chapman
University,
Revenue,
2011,
5%,
4/01/25
.........................
5,000,000
5,054,150
Loma
Linda
University,
Revenue,
2017A,
Refunding,
5%,
4/01/29
..............
1,020,000
1,241,554
Loma
Linda
University,
Revenue,
2017A,
Refunding,
5%,
4/01/32
..............
1,235,000
1,478,443
Loma
Linda
University,
Revenue,
2017A,
Refunding,
5%,
4/01/33
..............
1,000,000
1,190,820
Franklin
California
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
15
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
California
Educational
Facilities
Authority,
(continued)
Loma
Linda
University,
Revenue,
2017A,
Refunding,
5%,
4/01/34
..............
$
1,750,000
$
2,080,085
Loma
Linda
University,
Revenue,
2017A,
Refunding,
5%,
4/01/35
..............
1,500,000
1,779,375
Loma
Linda
University,
Revenue,
2017A,
Refunding,
5%,
4/01/36
..............
2,000,000
2,369,220
Loma
Linda
University,
Revenue,
2017A,
Refunding,
5%,
4/01/37
..............
2,000,000
2,363,560
University
of
San
Francisco,
Revenue,
2011,
ETM,
5%,
10/01/21
..............
3,000,000
3,106,733
University
of
San
Francisco,
Revenue,
2018A,
5%,
10/01/37
.................
1,365,000
1,710,045
California
Enterprise
Development
Authority
,
Provident
Group-SDSU
Properties
LLC,
Revenue,
First
Tier,
2020
A,
5%,
8/01/22
..
120,000
127,546
Provident
Group-SDSU
Properties
LLC,
Revenue,
First
Tier,
2020
A,
5%,
8/01/24
..
230,000
260,470
Provident
Group-SDSU
Properties
LLC,
Revenue,
First
Tier,
2020
A,
5%,
8/01/26
..
540,000
643,216
Provident
Group-SDSU
Properties
LLC,
Revenue,
First
Tier,
2020
A,
5%,
8/01/28
..
615,000
757,637
Provident
Group-SDSU
Properties
LLC,
Revenue,
First
Tier,
2020
A,
5%,
8/01/30
..
250,000
315,785
Provident
Group-SDSU
Properties
LLC,
Revenue,
First
Tier,
2020
A,
5%,
8/01/35
..
450,000
554,719
California
Health
Facilities
Financing
Authority
,
California-Nevada
Methodist
Homes,
Revenue,
2015,
Refunding,
California
Mortgage
Insured,
5%,
7/01/30
..............................................
1,825,000
2,178,886
Casa
Milagro
LLC,
Revenue,
2011A,
California
Mortgage
Insured,
6%,
2/01/24
....
2,000,000
2,008,480
Cedars-Sinai
Medical
Center
Obligated
Group,
Revenue,
2015,
Refunding,
5%,
11/15/30
.......................................................
3,000,000
3,646,440
Cedars-Sinai
Medical
Center
Obligated
Group,
Revenue,
2016A,
Refunding,
5%,
8/15/31
........................................................
3,500,000
4,340,875
Children's
Hospital
Los
Angeles
Obligated
Group,
Revenue,
2017A,
Refunding,
5%,
8/15/35
........................................................
1,650,000
1,976,089
Children's
Hospital
Los
Angeles
Obligated
Group,
Revenue,
2017A,
Refunding,
5%,
8/15/36
........................................................
2,045,000
2,442,712
Children's
Hospital
Los
Angeles
Obligated
Group,
Revenue,
2017A,
Refunding,
5%,
8/15/37
........................................................
1,330,000
1,585,001
El
Camino
Hospital,
Revenue,
2017,
5%,
2/01/28
..........................
2,100,000
2,626,155
El
Camino
Hospital,
Revenue,
2017,
5%,
2/01/29
..........................
2,460,000
3,058,026
El
Camino
Hospital,
Revenue,
2017,
5%,
2/01/30
..........................
1,250,000
1,545,650
El
Camino
Hospital,
Revenue,
2017,
5%,
2/01/31
..........................
1,200,000
1,482,924
Marshall
Medical
Center,
Revenue,
2015,
Refunding,
California
Mortgage
Insured,
5%,
11/01/33
...................................................
1,000,000
1,162,830
California
Housing
Finance
,
Revenue,
2019-2,
A,
4%,
3/20/33
......................................
5,416,839
6,109,382
Lakeside
Drive
Senior
Housing
LP,
Revenue,
2019N,
FNMA
Insured,
2.35%,
12/01/35
.......................................................
9,745,948
10,248,351
Longshore
Cove
LP,
Revenue,
2020
E,
FNMA
Insured,
2.5%,
2/01/38
..........
3,739,229
4,074,788
California
Infrastructure
&
Economic
Development
Bank
,
Revenue,
2015A,
Pre-Refunded,
5%,
10/01/32
............................
2,915,000
3,569,971
Academy
of
Motion
Picture
Arts
and
Sciences
Obligated
Group,
Revenue,
2020B,
Refunding,
5%,
11/01/29
...........................................
2,000,000
2,644,740
Broad
Collection
LLC,
Revenue,
2011A,
5%,
6/01/21
.......................
5,000,000
5,097,050
California
Municipal
Finance
Authority
,
a,b
Revenue,
144A,
2009
A,
Mandatory
Put,
1.3%,
2/03/25
.....................
1,800,000
1,857,312
ACI
Royal
York,
Inc.,
Revenue,
2020
A,
3.125%,
2/15/33
....................
620,000
597,196
Biola
University,
Inc.,
Revenue,
2017,
Refunding,
5%,
10/01/29
...............
1,350,000
1,639,400
Biola
University,
Inc.,
Revenue,
2017,
Refunding,
5%,
10/01/31
...............
1,000,000
1,206,930
Biola
University,
Inc.,
Revenue,
2017,
Refunding,
5%,
10/01/33
...............
1,070,000
1,280,137
Biola
University,
Inc.,
Revenue,
2017,
Refunding,
5%,
10/01/35
...............
1,000,000
1,192,420
California
Home
for
the
Aged,
Inc.
(The),
Revenue,
2018,
California
Mortgage
Insured,
5%,
5/15/36
..............................................
1,000,000
1,245,810
CHF-Riverside
II
LLC,
Revenue,
2019,
5%,
5/15/32
........................
1,000,000
1,229,710
CHF-Riverside
II
LLC,
Revenue,
2019,
5%,
5/15/34
........................
3,120,000
3,802,906
CHF-Riverside
II
LLC,
Revenue,
2019,
5%,
5/15/35
........................
1,000,000
1,214,410
CHF-Riverside
II
LLC,
Revenue,
2019,
5%,
5/15/37
........................
2,260,000
2,726,464
Franklin
California
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
16
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
California
Municipal
Finance
Authority,
(continued)
CHF-Riverside
II
LLC,
Revenue,
2019,
5%,
5/15/38
........................
$
1,000,000
$
1,202,860
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2015A,
Refunding,
5%,
2/01/26
............................................
2,010,000
2,339,881
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2015A,
Refunding,
5%,
2/01/28
............................................
1,500,000
1,728,525
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017A,
Refunding,
5%,
2/01/25
............................................
2,000,000
2,334,880
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017A,
Refunding,
5%,
2/01/26
............................................
2,010,000
2,419,095
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017A,
Refunding,
5%,
2/01/27
............................................
1,750,000
2,161,565
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017A,
Refunding,
5%,
2/01/28
............................................
2,250,000
2,755,328
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017A,
Refunding,
5%,
2/01/29
............................................
2,140,000
2,599,501
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017A,
Refunding,
5%,
2/01/30
............................................
2,000,000
2,410,160
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017A,
Refunding,
5%,
2/01/31
............................................
2,700,000
3,243,078
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017A,
Refunding,
5%,
2/01/32
............................................
2,200,000
2,633,092
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017A,
Refunding,
5%,
2/01/33
............................................
3,500,000
4,170,705
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017A,
Refunding,
5%,
2/01/34
............................................
5,000,000
5,942,550
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017A,
Refunding,
5%,
2/01/35
............................................
5,000,000
5,935,450
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017A,
Refunding,
5%,
2/01/36
............................................
2,295,000
2,717,831
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017A,
Refunding,
5%,
2/01/37
............................................
2,000,000
2,362,740
Del
Harbor
Foundation,
Revenue,
2015,
Refunding,
5%,
11/01/26
.............
1,085,000
1,301,566
Inland
Christian
Home,
Inc.,
Revenue,
2020,
California
Mortgage
Insured,
4%,
12/01/30
.......................................................
1,200,000
1,528,428
Inland
Christian
Home,
Inc.,
Revenue,
2020,
California
Mortgage
Insured,
4%,
12/01/39
.......................................................
1,245,000
1,524,926
Inland
Counties
Regional
Center,
Inc.,
Revenue,
2015,
Refunding,
5%,
6/15/21
...
1,435,000
1,465,250
Inland
Counties
Regional
Center,
Inc.,
Revenue,
2015,
Refunding,
5%,
6/15/23
...
1,580,000
1,763,280
Inland
Counties
Regional
Center,
Inc.,
Revenue,
2015,
Refunding,
5%,
6/15/24
...
1,000,000
1,161,510
Inland
Counties
Regional
Center,
Inc.,
Revenue,
2015,
Refunding,
5%,
6/15/32
...
6,625,000
7,860,430
LAX
Integrated
Express
Solutions
LLC,
Revenue,
Senior
Lien,
2018
A,
5%,
12/31/37
5,500,000
6,589,715
LAX
Integrated
Express
Solutions
LLC,
Revenue,
Senior
Lien,
2018
A,
5%,
12/31/38
21,100,000
25,222,307
Northbay
Healthcare
Group
Obligated
Group,
Revenue,
2017
A,
5%,
11/01/25
....
1,000,000
1,160,950
Northbay
Healthcare
Group
Obligated
Group,
Revenue,
2017
A,
5%,
11/01/26
....
900,000
1,065,555
Northbay
Healthcare
Group
Obligated
Group,
Revenue,
2017
A,
5%,
11/01/27
....
1,300,000
1,534,299
Northbay
Healthcare
Group
Obligated
Group,
Revenue,
2017
A,
5%,
11/01/28
....
1,400,000
1,643,628
Northbay
Healthcare
Group
Obligated
Group,
Revenue,
2017
A,
5.25%,
11/01/29
..
1,000,000
1,190,690
Northbay
Healthcare
Group
Obligated
Group,
Revenue,
2017
A,
5%,
11/01/30
....
1,350,000
1,571,170
Northbay
Healthcare
Group
Obligated
Group,
Revenue,
2017
A,
5.25%,
11/01/31
..
1,250,000
1,478,350
Northbay
Healthcare
Group
Obligated
Group,
Revenue,
2017
A,
5.25%,
11/01/36
..
4,500,000
5,259,600
Northern
California
Retired
Officers
Community,
Revenue,
2016,
Refunding,
California
Mortgage
Insured,
5%,
1/01/37
..............................
1,310,000
1,584,432
Pilgrim
Place
in
Claremont,
Revenue,
2016A,
Refunding,
California
Mortgage
Insured,
5%,
5/15/31
..............................................
2,750,000
3,424,630
South
Central
Los
Angeles
Regional
Center
for
Developmentally
Disabled
Persons,
Revenue,
2013,
5.25%,
12/01/27
....................................
3,910,000
4,363,052
System
Management
Group,
Revenue,
2019A,
5%,
4/01/35
..................
1,780,000
2,242,675
Franklin
California
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
17
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
California
Municipal
Finance
Authority,
(continued)
System
Management
Group,
Revenue,
2019A,
5%,
4/01/37
..................
$
2,945,000
$
3,687,523
University
of
La
Verne,
Revenue,
2017A,
Refunding,
5%,
6/01/31
..............
1,000,000
1,229,360
University
of
La
Verne,
Revenue,
2017A,
Refunding,
5%,
6/01/32
..............
1,000,000
1,224,310
University
of
La
Verne,
Revenue,
2017A,
Refunding,
5%,
6/01/33
..............
1,010,000
1,231,624
University
of
La
Verne,
Revenue,
2017A,
Refunding,
5%,
6/01/35
..............
1,440,000
1,749,182
a
California
Pollution
Control
Financing
Authority
,
San
Diego
County
Water
Authority,
Revenue,
144A,
2019,
Refunding,
5%,
7/01/21
.
845,000
865,103
San
Diego
County
Water
Authority,
Revenue,
144A,
2019,
Refunding,
5%,
7/01/22
.
855,000
916,645
San
Diego
County
Water
Authority,
Revenue,
144A,
2019,
Refunding,
5%,
7/01/29
.
4,350,000
5,371,424
a
California
School
Finance
Authority
,
Green
Dot
Public
Schools
Obligated
Group,
Revenue,
144A,
2018
A,
5%,
8/01/26
.
300,000
357,996
Green
Dot
Public
Schools
Obligated
Group,
Revenue,
144A,
2018
A,
5%,
8/01/27
.
320,000
389,750
Kipp
SoCal
Public
Schools
Obligated
Group,
Revenue,
144A,
2020
A,
5%,
7/01/24
100,000
115,038
Kipp
SoCal
Public
Schools
Obligated
Group,
Revenue,
144A,
2020
A,
5%,
7/01/25
105,000
124,872
Kipp
SoCal
Public
Schools
Obligated
Group,
Revenue,
144A,
2020
A,
5%,
7/01/26
110,000
134,737
Kipp
SoCal
Public
Schools
Obligated
Group,
Revenue,
144A,
2020
A,
5%,
7/01/27
100,000
125,751
Kipp
SoCal
Public
Schools
Obligated
Group,
Revenue,
144A,
2020
A,
5%,
7/01/28
100,000
128,370
Kipp
SoCal
Public
Schools
Obligated
Group,
Revenue,
144A,
2020
A,
5%,
7/01/29
100,000
130,842
Kipp
SoCal
Public
Schools
Obligated
Group,
Revenue,
144A,
2020
A,
5%,
7/01/30
100,000
133,099
California
State
Public
Works
Board
,
Revenue,
2012D,
Pre-Refunded,
5%,
9/01/25
............................
2,920,000
3,156,111
Revenue,
2012D,
Pre-Refunded,
5%,
9/01/26
............................
4,650,000
5,025,999
Revenue,
2020
E,
Refunding,
5%,
11/01/29
..............................
1,540,000
2,101,392
California
State
University,
Revenue,
2010B-1,
5.375%,
3/01/25
...............
2,500,000
2,509,325
State
of
California
Department
of
Corrections
&
Rehabilitation,
Revenue,
2014A,
5%,
9/01/26
........................................................
10,000,000
11,704,700
State
of
California
Department
of
Corrections
&
Rehabilitation,
Revenue,
2014D,
5%,
9/01/26
........................................................
6,835,000
8,000,162
California
State
University
,
Revenue,
Pre-Refunded,
5%,
11/01/25
..................................
10,000,000
10,399,200
Revenue,
2012
A,
Pre-Refunded,
5%,
11/01/26
...........................
11,000,000
11,966,240
Revenue,
2016A,
Refunding,
5%,
11/01/29
...............................
16,000,000
19,771,840
Revenue,
2016A,
Refunding,
5%,
11/01/30
...............................
5,000,000
6,163,900
California
Statewide
Communities
Development
Authority
,
Revenue,
2019A,
Refunding,
California
Mortgage
Insured,
5%,
11/15/34
........
750,000
974,017
Revenue,
2019A,
Refunding,
California
Mortgage
Insured,
5%,
11/15/37
........
735,000
945,658
Aldersly
Obligated
Group,
Revenue,
2015A,
Refunding,
4.5%,
5/15/25
..........
985,000
1,054,502
Community
Church
Retirement
Center,
Revenue,
2013,
California
Mortgage
Insured,
5%,
11/15/28
...................................................
1,000,000
1,124,360
Hebrew
Home
for
Aged
Disabled,
Revenue,
2016,
California
Mortgage
Insured,
5%,
11/01/36
.......................................................
9,000,000
10,957,410
Henry
Mayo
Newhall
Memorial
Hospital,
Revenue,
2014,
AGMC
Insured,
5%,
10/01/26
.......................................................
1,000,000
1,153,930
Henry
Mayo
Newhall
Memorial
Hospital,
Revenue,
2014,
AGMC
Insured,
5%,
10/01/28
.......................................................
1,250,000
1,428,275
b
Kaiser
Foundation
Hospitals,
Revenue,
2004
L,
Mandatory
Put,
5%,
11/01/29
.....
10,000,000
13,553,900
Olive
Street
Preservation
LP,
Revenue,
2009L,
GNMA
Insured,
4.25%,
7/20/24
...
2,895,000
2,927,337
Poway
RHF
Housing,
Inc.,
Revenue,
2013A,
California
Mortgage
Insured,
5%,
11/15/28
.......................................................
500,000
562,180
Sutter
Health
Obligated
Group,
Revenue,
2012
A,
Pre-Refunded,
5%,
8/15/24
....
2,000,000
2,155,680
Sutter
Health
Obligated
Group,
Revenue,
2012
A,
Pre-Refunded,
5%,
8/15/25
....
4,715,000
5,082,016
Sutter
Health
Obligated
Group,
Revenue,
2012
A,
Pre-Refunded,
5%,
8/15/27
....
7,005,000
7,550,269
Campbell
Union
School
District
,
GO
,
2015
,
Refunding
,
5
%
,
8/01/28
..............
3,235,000
3,911,730
Carson
Public
Financing
Authority
,
City
of
Carson
Reassessment
District
No.
2001-1,
Revenue,
2019,
Refunding,
5%,
9/02/25
........................................................
1,000,000
1,187,530
Franklin
California
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
18
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Carson
Public
Financing
Authority,
(continued)
City
of
Carson
Reassessment
District
No.
2001-1,
Revenue,
2019,
Refunding,
5%,
9/02/31
........................................................
$
1,000,000
$
1,311,570
Castaic
Lake
Water
Agency
,
Santa
Clarita
Valley
Water
Agency
,
COP
,
1999
A
,
AMBAC
Insured
,
Zero
Cpn.,
8/01/22
..........................................
10,445,000
10,383,479
Ceres
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation
,
2020
,
Refunding
,
BAM
Insured
,
4
%
,
12/15/35
..........................................
1,000,000
1,208,620
Chabot-Las
Positas
Community
College
District
,
GO
,
2013
,
Refunding
,
5
%
,
8/01/24
.
6,715,000
7,535,842
Chino
Valley
Unified
School
District
,
GO,
2020
B,
5%,
8/01/35
............................................
100,000
136,076
GO,
2020
B,
5%,
8/01/36
............................................
125,000
169,474
GO,
2020
B,
5%,
8/01/37
............................................
250,000
337,855
GO,
2020
B,
5%,
8/01/38
............................................
350,000
471,635
GO,
2020
B,
5%,
8/01/39
............................................
400,000
537,716
City
of
Clovis
,
Sewer,
Revenue,
2013,
Refunding,
BAM
Insured,
5%,
8/01/28
................
1,200,000
1,335,528
Water,
Revenue,
2013,
Refunding,
BAM
Insured,
5%,
3/01/26
................
2,620,000
2,873,564
Water,
Revenue,
2013,
Refunding,
BAM
Insured,
5%,
3/01/27
................
1,000,000
1,095,870
City
of
Fontana
,
Community
Facilities
District
No.
85,
Special
Tax,
2020,
4%,
9/01/32
...........
250,000
285,277
Community
Facilities
District
No.
85,
Special
Tax,
2020,
4%,
9/01/36
...........
550,000
620,752
Community
Facilities
District
No.
85,
Special
Tax,
2020,
4%,
9/01/40
...........
625,000
700,094
Community
Facilities
District
No.
88,
Special
Tax,
2020,
4%,
9/01/40
...........
550,000
617,898
City
of
Irvine
,
Reassessment
District
No.
15-2
,
1915
Act,
Special
Assessment
,
Refunding
,
5
%
,
9/02/25
.............................................
1,000,000
1,203,770
City
of
Long
Beach
,
Harbor,
Revenue,
2019A,
5%,
5/15/37
..................................
2,475,000
3,153,100
Harbor,
Revenue,
2019A,
5%,
5/15/38
..................................
2,250,000
2,859,120
Marina
System,
Revenue,
2015,
5%,
5/15/27
.............................
1,285,000
1,485,871
Marina
System,
Revenue,
2015,
5%,
5/15/32
.............................
1,250,000
1,419,788
City
of
Los
Angeles
,
Department
of
Airports,
Revenue,
2018
D,
Refunding,
5%,
5/15/31
.............
5,715,000
7,417,384
Department
of
Airports,
Revenue,
2019
A,
Refunding,
5%,
5/15/34
.............
5,430,000
6,926,291
Department
of
Airports,
Revenue,
2019
D,
5%,
5/15/30
.....................
2,000,000
2,572,600
Department
of
Airports,
Revenue,
2019
D,
5%,
5/15/31
.....................
2,685,000
3,439,243
Department
of
Airports,
Revenue,
2019
D,
5%,
5/15/33
.....................
2,670,000
3,373,278
Department
of
Airports,
Revenue,
2019
D,
5%,
5/15/34
.....................
1,415,000
1,782,928
Department
of
Airports,
Revenue,
2019
F,
5%,
5/15/37
......................
1,285,000
1,625,525
Department
of
Airports,
Revenue,
2019
F,
5%,
5/15/38
......................
7,500,000
9,463,275
Department
of
Airports,
Revenue,
2020
A,
Refunding,
5%,
5/15/32
.............
3,205,000
4,308,514
Department
of
Airports,
Revenue,
2020
A,
Refunding,
5%,
5/15/33
.............
3,000,000
4,005,120
Department
of
Airports,
Revenue,
2020
A,
Refunding,
5%,
5/15/37
.............
7,380,000
9,701,084
Wastewater
System,
Revenue,
2012
B,
Refunding,
5%,
6/01/28
...............
11,700,000
12,473,838
Wastewater
System,
Revenue,
2013-A,
Refunding,
5%,
6/01/27
...............
9,145,000
10,172,807
City
of
Palo
Alto
,
1915
Act,
Special
Assessment,
2012,
Refunding,
5%,
9/02/28
................
1,000,000
1,074,770
1915
Act,
Special
Assessment,
2012,
Refunding,
5%,
9/02/29
................
1,280,000
1,372,570
City
of
Riverside
,
Sewer,
Revenue,
2015A,
Refunding,
5%,
8/01/28
..........................
3,870,000
4,667,839
Sewer,
Revenue,
2015A,
Refunding,
5%,
8/01/29
..........................
4,670,000
5,625,716
City
of
Sacramento
,
North
Natomas
Community
Facilities
District
No.
4,
Special
Tax,
2015
F,
Refunding,
5%,
9/01/26
....................................................
615,000
724,710
North
Natomas
Community
Facilities
District
No.
4,
Special
Tax,
2015
F,
Refunding,
5%,
9/01/28
....................................................
1,220,000
1,422,203
North
Natomas
Community
Facilities
District
No.
4,
Special
Tax,
2015
F,
Refunding,
5%,
9/01/29
....................................................
1,555,000
1,799,632
Franklin
California
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
19
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
City
of
Sacramento,
(continued)
North
Natomas
Community
Facilities
District
No.
4,
Special
Tax,
2015
F,
Refunding,
5%,
9/01/30
....................................................
$
1,045,000
$
1,205,094
North
Natomas
Community
Facilities
District
No.
4,
Special
Tax,
2015
F,
Refunding,
5%,
9/01/31
....................................................
1,800,000
2,070,198
Transient
Occupancy
Tax,
Revenue,
2018
A,
5%,
6/01/34
....................
1,485,000
1,785,208
Transient
Occupancy
Tax,
Revenue,
2018
A,
5%,
6/01/35
....................
2,000,000
2,399,680
Transient
Occupancy
Tax,
Revenue,
2018
A,
5%,
6/01/36
....................
2,220,000
2,649,259
City
of
San
Francisco
,
Public
Utilities
Commission
Water
,
Revenue
,
2015A
,
Refunding
,
5
%
,
11/01/28
............................................
5,000,000
5,978,400
City
of
Santa
Rosa
,
Wastewater
,
Revenue
,
2020
A
,
5
%
,
9/01/33
................
4,260,000
5,820,608
City
of
Tustin
,
Community
Facilities
District
No.
06-1,
Special
Tax,
2015A,
Refunding,
5%,
9/01/30
1,000,000
1,189,330
Community
Facilities
District
No.
06-1,
Special
Tax,
2015A,
Refunding,
5%,
9/01/32
1,565,000
1,850,159
City
of
Woodland
,
Community
Facilities
District
No.
2004-1
,
Special
Tax
,
2019
,
5
%
,
9/01/36
.........................................................
1,610,000
1,855,783
Compton
Community
Redevelopment
Agency
,
Tax
Allocation,
Second
Lien
,
2010A
,
5
%
,
8/01/25
.........................................................
8,275,000
8,299,659
Contra
Costa
Community
College
District
,
GO,
2020
C,
4%,
8/01/31
............................................
1,400,000
1,811,712
GO,
2020
C,
4%,
8/01/32
............................................
1,425,000
1,827,961
Contra
Costa
Water
District
,
Revenue
,
T
,
Refunding
,
5
%
,
10/01/26
..............
3,400,000
4,014,924
Corona
Community
Facilities
District
,
Community
Facilities
District
No.
2018-1
Improvement
Area
No.
1
,
Special
Tax
,
2020
,
4
%
,
9/01/40
....................
350,000
388,601
Corona-Norco
Unified
School
District
,
GO
,
2011
E
,
Zero
Cpn.,
8/01/25
...........
4,645,000
5,525,088
Corona-Norco
Unified
School
District
Public
Financing
Authority
,
Special
Tax,
Senior
Lien,
2013A,
Refunding,
5%,
9/01/24
....................
1,565,000
1,744,959
Special
Tax,
Senior
Lien,
2013A,
Refunding,
5%,
9/01/25
....................
1,000,000
1,115,970
County
of
Sacramento
,
Airport
System,
Revenue,
2016B,
Refunding,
5%,
7/01/35
...................
1,000,000
1,199,600
Airport
System,
Revenue,
2016B,
Refunding,
5%,
7/01/36
...................
2,000,000
2,393,840
County
of
San
Diego
,
Community
Facilities
District
No.
2008-01,
Special
Tax,
2020
A,
4%,
9/01/26
......
105,000
121,387
Community
Facilities
District
No.
2008-01,
Special
Tax,
2020
A,
4%,
9/01/27
......
120,000
140,064
Community
Facilities
District
No.
2008-01,
Special
Tax,
2020
A,
4%,
9/01/28
......
140,000
163,122
Community
Facilities
District
No.
2008-01,
Special
Tax,
2020
A,
4%,
9/01/29
......
75,000
86,842
Community
Facilities
District
No.
2008-01,
Special
Tax,
2020
A,
4%,
9/01/31
......
100,000
114,094
Community
Facilities
District
No.
2008-01,
Special
Tax,
2020
A,
4%,
9/01/33
......
245,000
277,095
Community
Facilities
District
No.
2008-01,
Special
Tax,
2020
A,
4%,
9/01/35
......
295,000
331,312
Community
Facilities
District
No.
2008-01,
Special
Tax,
2020
A,
4%,
9/01/37
......
175,000
195,288
Community
Facilities
District
No.
2008-01,
Special
Tax,
2020
A,
4%,
9/01/38
......
375,000
417,278
Community
Facilities
District
No.
2008-01,
Special
Tax,
2020
A,
4%,
9/01/40
......
115,000
127,169
Community
Facilities
District
No.
2008-01,
Special
Tax,
2020A,
4%,
9/01/27
......
315,000
367,668
Community
Facilities
District
No.
2008-01,
Special
Tax,
2020A,
4%,
9/01/28
......
355,000
413,632
Community
Facilities
District
No.
2008-01,
Special
Tax,
2020A,
4%,
9/01/30
......
200,000
229,870
Community
Facilities
District
No.
2008-01,
Special
Tax,
2020A,
4%,
9/01/31
......
120,000
136,913
Community
Facilities
District
No.
2008-01,
Special
Tax,
2020A,
4%,
9/01/33
......
100,000
113,100
Community
Facilities
District
No.
2008-01,
Special
Tax,
2020A,
4%,
9/01/34
......
100,000
112,924
Community
Facilities
District
No.
2008-01,
Special
Tax,
2020A,
4%,
9/01/35
......
125,000
140,386
Community
Facilities
District
No.
2008-01,
Special
Tax,
2020A,
4%,
9/01/37
......
590,000
658,399
Community
Facilities
District
No.
2008-01,
Special
Tax,
2020A,
4%,
9/01/39
......
920,000
1,020,630
Community
Facilities
District
No.
2008-01,
Special
Tax,
2020A,
4%,
9/01/40
......
475,000
525,264
Cupertino
Union
School
District
,
GO,
B,
Pre-Refunded,
5%,
8/01/26
.....................................
1,285,000
1,505,442
GO,
B,
Pre-Refunded,
5%,
8/01/27
.....................................
1,500,000
1,757,325
GO,
B,
Pre-Refunded,
5%,
8/01/28
.....................................
1,000,000
1,171,550
Franklin
California
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
20
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Del
Mar
Race
Track
Authority
,
Revenue,
2015,
Refunding,
5%,
10/01/22
................................
$
1,435,000
$
1,469,957
Revenue,
2015,
Refunding,
5%,
10/01/23
................................
1,510,000
1,563,786
Revenue,
2015,
Refunding,
5%,
10/01/28
................................
1,925,000
1,998,496
Revenue,
2015,
Refunding,
5%,
10/01/30
................................
1,125,000
1,162,193
Dublin
Unified
School
District
,
GO
,
2016
,
Refunding
,
5
%
,
8/01/32
...............
3,220,000
3,992,671
East
Bay
Municipal
Utility
District
,
Wastewater
System,
Revenue,
2014A,
Refunding,
5%,
6/01/25
...............
2,845,000
3,449,619
Wastewater
System,
Revenue,
2014A,
Refunding,
5%,
6/01/26
...............
3,650,000
4,592,722
Wastewater
System,
Revenue,
2014A,
Refunding,
5%,
6/01/27
...............
1,500,000
1,946,325
Wastewater
System,
Revenue,
2014A,
Refunding,
5%,
6/01/29
...............
1,000,000
1,368,590
Water
System,
Revenue,
2015A,
Refunding,
5%,
6/01/29
....................
5,000,000
6,018,600
El
Dorado
Irrigation
District
,
COP,
2020
A,
5%,
3/01/34
...........................................
375,000
504,011
COP,
2020
A,
5%,
3/01/37
...........................................
325,000
432,659
COP,
2020
A,
5%,
3/01/38
...........................................
750,000
994,148
COP,
2020
A,
5%,
3/01/39
...........................................
720,000
951,142
Revenue,
2016C,
Pre-Refunded,
5%,
3/01/31
............................
2,500,000
3,109,350
Elk
Grove
Finance
Authority
,
Special
Tax
,
2015
,
Refunding
,
BAM
Insured
,
5
%
,
9/01/30
1,130,000
1,334,417
Folsom
Public
Financing
Authority
,
Special
Tax,
2011A,
Refunding,
AGMC
Insured,
5%,
9/01/23
.................
1,005,000
1,035,371
Special
Tax,
2011A,
Refunding,
AGMC
Insured,
5%,
9/01/24
.................
1,055,000
1,086,661
Foothill-De
Anza
Community
College
District
,
GO,
2015,
Refunding,
5%,
8/01/27
.....................................
1,250,000
1,517,187
GO,
2015,
Refunding,
5%,
8/01/28
.....................................
2,500,000
3,028,050
Foothill-Eastern
Transportation
Corridor
Agency
,
Revenue,
2013
A,
Refunding,
Zero
Cpn.,
1/15/25
..........................
2,500,000
2,467,850
Revenue,
2013
A,
Refunding,
Zero
Cpn.,
1/15/26
..........................
3,760,000
3,852,759
Revenue,
2013
A,
Refunding,
Zero
Cpn.,
1/15/27
..........................
6,395,000
6,762,265
Revenue,
2013
A,
Refunding,
AGMC
Insured,
Zero
Cpn.,
1/15/29
..............
19,895,000
22,847,219
Revenue,
2015A,
Refunding,
AGMC
Insured,
Zero
Cpn.,
1/15/34
..............
3,000,000
2,318,880
Fullerton
School
District
Financing
Authority
,
Special
Tax,
Senior
Lien,
2013
A,
Refunding,
AGMC
Insured,
5%,
9/01/27
.......
1,000,000
1,114,800
Special
Tax,
Senior
Lien,
2013
A,
Refunding,
AGMC
Insured,
5%,
9/01/28
.......
1,040,000
1,156,345
Golden
State
Tobacco
Securitization
Corp.
,
Revenue,
2018A-1,
Refunding,
5%,
6/01/31
..............................
1,000,000
1,246,820
Revenue,
2018A-1,
Refunding,
5%,
6/01/32
..............................
8,135,000
10,065,680
Revenue,
2018A-1,
Refunding,
5%,
6/01/33
..............................
10,000,000
12,302,600
Revenue,
2018A-1,
Refunding,
5%,
6/01/35
..............................
9,000,000
10,925,640
Imperial
Community
College
District
,
GO,
2012,
Refunding,
AGMC
Insured,
5%,
8/01/21
.........................
1,010,000
1,037,290
GO,
2012,
Refunding,
AGMC
Insured,
5%,
8/01/22
.........................
1,170,000
1,256,381
GO,
2012,
Pre-Refunded,
AGMC
Insured,
5%,
8/01/23
......................
1,350,000
1,452,560
Imperial
Irrigation
District
,
Electric
System,
Revenue,
2019,
Refunding,
5%,
11/01/36
...................
2,500,000
3,241,175
Electric
System,
Revenue,
2019,
Refunding,
5%,
11/01/37
...................
3,885,000
5,023,305
Electric
System,
Revenue,
2019,
Refunding,
5%,
11/01/38
...................
4,075,000
5,255,527
Independent
Cities
Finance
Authority
,
San
Juan
Mobile
Estates
,
Revenue
,
2015
,
Refunding
,
5
%
,
8/15/30
.............................................
1,575,000
1,800,682
Irvine
Unified
School
District
,
Special
Tax,
2020
A,
4%,
9/01/27
......................................
1,745,000
2,077,108
Special
Tax,
2020
A,
4%,
9/01/28
......................................
1,135,000
1,372,533
Special
Tax,
2020
A,
5%,
9/01/29
......................................
1,920,000
2,510,842
Special
Tax,
2020
A,
5%,
9/01/30
......................................
1,910,000
2,546,431
Special
Tax,
2020
A,
5%,
9/01/32
......................................
755,000
991,240
Special
Tax,
2020
A,
4%,
9/01/34
......................................
2,300,000
2,746,775
Franklin
California
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
21
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Irvine
Unified
School
District,
(continued)
Special
Tax,
2020
A,
4%,
9/01/35
......................................
$
1,460,000
$
1,738,364
Special
Tax,
2020
A,
4%,
9/01/36
......................................
1,320,000
1,564,504
Special
Tax,
2020
A,
4%,
9/01/37
......................................
1,355,000
1,599,496
Special
Tax,
2020
A,
4%,
9/01/38
......................................
2,735,000
3,216,333
Special
Tax,
2020
A,
4%,
9/01/39
......................................
2,905,000
3,405,299
Community
Facilities
District
No.
09-1,
Special
Tax,
2019
A,
5%,
9/01/29
........
185,000
245,319
Community
Facilities
District
No.
09-1,
Special
Tax,
2019
A,
5%,
9/01/30
........
210,000
276,952
Community
Facilities
District
No.
09-1,
Special
Tax,
2019
A,
5%,
9/01/31
........
175,000
229,386
Community
Facilities
District
No.
09-1,
Special
Tax,
2019
A,
5%,
9/01/32
........
185,000
241,112
Community
Facilities
District
No.
09-1,
Special
Tax,
2019
A,
5%,
9/01/33
........
200,000
258,902
Community
Facilities
District
No.
09-1,
Special
Tax,
2019
A,
5%,
9/01/34
........
225,000
290,403
Community
Facilities
District
No.
09-1,
Special
Tax,
2019
A,
5%,
9/01/36
........
265,000
338,492
Community
Facilities
District
No.
09-1,
Special
Tax,
2019
A,
4%,
9/01/37
........
285,000
334,257
Community
Facilities
District
No.
09-1,
Special
Tax,
2019
A,
4%,
9/01/38
........
275,000
321,423
Community
Facilities
District
No.
09-1,
Special
Tax,
2019
A,
4%,
9/01/39
........
315,000
367,098
Community
Facilities
District
No.
09-1,
Special
Tax,
2019
A,
4%,
9/01/40
........
350,000
406,584
Jurupa
Public
Financing
Authority
,
Special
Tax,
2013
A,
AGMC
Insured,
5%,
9/01/30
..........................
2,750,000
3,049,475
Special
Tax,
2013
A,
AGMC
Insured,
5%,
9/01/33
..........................
5,000,000
5,516,050
Special
Tax,
2014A,
Refunding,
5%,
9/01/27
.............................
1,000,000
1,153,610
Special
Tax,
2014A,
Refunding,
5%,
9/01/28
.............................
1,275,000
1,465,651
Special
Tax,
2014A,
Refunding,
5%,
9/01/29
.............................
530,000
607,152
Special
Tax,
2015A,
Refunding,
5%,
9/01/26
.............................
1,855,000
2,226,111
Special
Tax,
2015A,
Refunding,
5%,
9/01/27
.............................
1,000,000
1,194,410
Special
Tax,
2015A,
Refunding,
5%,
9/01/28
.............................
1,025,000
1,218,879
Special
Tax,
2015A,
Refunding,
5%,
9/01/29
.............................
1,155,000
1,367,555
Special
Tax,
2015A,
Refunding,
5%,
9/01/30
.............................
1,510,000
1,780,743
Special
Tax,
2015A,
Refunding,
5%,
9/01/31
.............................
1,190,000
1,396,644
Special
Tax,
2015A,
Refunding,
5%,
9/01/32
.............................
2,505,000
2,929,046
Special
Tax,
2015A,
Refunding,
5%,
9/01/33
.............................
2,635,000
3,072,884
Special
Tax,
2020A,
Refunding,
BAM
Insured,
4%,
9/01/32
...................
700,000
854,938
Special
Tax,
2020A,
Refunding,
BAM
Insured,
4%,
9/01/36
...................
1,175,000
1,405,241
Lake
Elsinore
Public
Financing
Authority
,
Special
Tax
,
2015
,
Refunding
,
5
%
,
9/01/30
.
4,970,000
5,753,173
Lammersville
Joint
Unified
School
District
,
Community
Facilities
District
No.
200
,
Special
Tax
,
2017
,
Refunding
,
5
%
,
9/01/33
...............................
1,575,000
1,872,517
Lee
Lake
Public
Financing
Authority
,
Special
Tax,
Junior
Lien,
2013B,
5%,
9/01/27
.............................
1,400,000
1,535,394
Special
Tax,
Junior
Lien,
2013B,
5.25%,
9/01/29
...........................
810,000
887,007
Los
Angeles
Community
College
District
,
GO
,
2015A
,
Pre-Refunded
,
5
%
,
8/01/26
...
15,000,000
17,573,250
Los
Angeles
County
Metropolitan
Transportation
Authority
,
Revenue,
2014-A,
Refunding,
5%,
7/01/26
...............................
6,315,000
7,350,344
Revenue,
2014-A,
Refunding,
5%,
7/01/27
...............................
6,630,000
7,706,911
Revenue,
2017A,
5%,
7/01/38
........................................
1,755,000
2,192,293
Revenue,
Senior
Lien,
2012-B,
Refunding,
5%,
7/01/23
.....................
5,000,000
5,359,450
Los
Angeles
County
Sanitation
Districts
Financing
Authority
,
Revenue
,
2011A
,
Pre-
Refunded
,
5
%
,
10/01/22
.............................................
2,750,000
2,849,907
Los
Angeles
Department
of
Water
,
Revenue,
2016
A,
Refunding,
5%,
7/01/37
...............................
10,450,000
12,599,042
Revenue,
2018
B,
Refunding,
5%,
7/01/34
...............................
2,500,000
3,260,550
c
Revenue,
2020
C,
Refunding,
5%,
7/01/32
...............................
1,750,000
2,421,948
c
Revenue,
2020
C,
Refunding,
5%,
7/01/33
...............................
2,500,000
3,443,925
c
Revenue,
2020
C,
Refunding,
5%,
7/01/34
...............................
2,750,000
3,771,515
c
Revenue,
2020
C,
Refunding,
5%,
7/01/35
...............................
1,335,000
1,826,160
c
Revenue,
2020
C,
Refunding,
5%,
7/01/36
...............................
4,500,000
6,128,460
Revenue,
2020A,
Refunding,
5%,
7/01/35
...............................
335,000
458,250
Revenue,
2020A,
Refunding,
5%,
7/01/36
...............................
725,000
987,363
Franklin
California
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
22
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Los
Angeles
Department
of
Water,
(continued)
Revenue,
2020A,
Refunding,
5%,
7/01/37
...............................
$
950,000
$
1,289,558
Revenue,
2020A,
Refunding,
5%,
7/01/40
...............................
10,000,000
13,447,500
Los
Angeles
Department
of
Water
&
Power
,
Power
System,
Revenue,
2013A,
5%,
7/01/25
............................
5,135,000
5,619,949
Power
System,
Revenue,
2014
C,
5%,
7/01/27
............................
10,000,000
11,639,500
Power
System,
Revenue,
2014
D,
5%,
7/01/26
............................
2,600,000
3,028,246
Power
System,
Revenue,
2014
D,
5%,
7/01/27
............................
2,000,000
2,327,900
Power
System,
Revenue,
2014
D,
5%,
7/01/28
............................
2,550,000
2,964,197
Power
System,
Revenue,
2016B,
5%,
7/01/30
............................
3,000,000
3,664,680
Power
System,
Revenue,
2016B,
5%,
7/01/31
............................
6,700,000
8,162,275
Power
System,
Revenue,
2017B,
Refunding,
5%,
7/01/34
...................
23,350,000
29,080,090
Los
Angeles
Unified
School
District
,
GO,
2011A-1,
Refunding,
5%,
7/01/23
..................................
13,335,000
14,920,265
GO,
2011A-2,
Refunding,
5%,
7/01/21
..................................
5,000,000
5,119,450
GO,
2016
A,
Refunding,
5%,
7/01/29
...................................
5,000,000
5,997,800
GO,
2016B,
Refunding,
5%,
7/01/30
....................................
30,000,000
36,945,900
GO,
2020
C,
5%,
7/01/27
............................................
6,095,000
7,882,359
GO,
2020
RYQ,
4%,
7/01/36
.........................................
5,000,000
6,184,350
Manteca
Unified
School
District
,
Community
Facilities
District
No.
1989-2,
Special
Tax,
2013
F,
AGMC
Insured,
5%,
9/01/22
........................................................
1,000,000
1,078,080
Community
Facilities
District
No.
1989-2,
Special
Tax,
2013
F,
AGMC
Insured,
5%,
9/01/26
........................................................
1,280,000
1,430,592
Martinez
Unified
School
District
,
GO
,
2011
,
Refunding
,
5.375
%
,
8/01/26
..........
5,000,000
5,897,800
Menifee
Union
School
District
Public
Financing
Authority
,
Special
Tax,
2016A,
Refunding,
5%,
9/01/25
.............................
1,200,000
1,406,928
Special
Tax,
2017A,
5%,
9/01/25
......................................
1,405,000
1,650,763
Special
Tax,
2017A,
5%,
9/01/28
......................................
1,250,000
1,486,525
Special
Tax,
2017A,
5%,
9/01/30
......................................
1,550,000
1,825,218
Metropolitan
Water
District
of
Southern
California
,
Revenue,
2011
C,
Refunding,
5%,
10/01/26
..............................
8,010,000
8,298,600
Revenue,
2014E,
Refunding,
5%,
7/01/23
...............................
20,000,000
22,420,200
Revenue,
2014E,
Refunding,
5%,
7/01/24
...............................
1,110,000
1,298,745
Revenue,
2016A,
Refunding,
5%,
7/01/28
...............................
5,000,000
6,174,500
Revenue,
2020
C,
Refunding,
5%,
7/01/38
...............................
18,000,000
24,518,880
Miracosta
Community
College
District
,
GO,
B,
4%,
8/01/33
................................................
1,030,000
1,314,177
GO,
B,
4%,
8/01/34
................................................
1,725,000
2,191,319
Moreno
Valley
Unified
School
District
,
GO,
2007,
Refunding,
NATL
Insured,
Zero
Cpn.,
8/01/24
....................
7,500,000
7,316,175
Community
Facilities
District
No.
2016-1,
Special
Tax,
2020,
4%,
9/01/31
........
120,000
140,368
Community
Facilities
District
No.
2016-1,
Special
Tax,
2020,
4%,
9/01/32
........
130,000
151,091
Community
Facilities
District
No.
2016-1,
Special
Tax,
2020,
4%,
9/01/33
........
140,000
162,014
Community
Facilities
District
No.
2016-1,
Special
Tax,
2020,
4%,
9/01/34
........
150,000
172,861
Community
Facilities
District
No.
2016-1,
Special
Tax,
2020,
4%,
9/01/35
........
165,000
188,504
Community
Facilities
District
No.
2016-1,
Special
Tax,
2020,
2.5%,
9/01/36
.......
175,000
173,386
Community
Facilities
District
No.
2016-1,
Special
Tax,
2020,
2.5%,
9/01/37
.......
190,000
186,899
Community
Facilities
District
No.
2016-1,
Special
Tax,
2020,
2.625%,
9/01/38
.....
200,000
198,804
Community
Facilities
District
No.
2016-1,
Special
Tax,
2020,
2.625%,
9/01/39
.....
210,000
207,793
Community
Facilities
District
No.
2016-1,
Special
Tax,
2020,
2.75%,
9/01/40
......
225,000
225,187
Mount
Diablo
Unified
School
District
,
GO
,
B-2
,
Refunding
,
5
%
,
7/01/27
...........
3,200,000
3,428,544
Mount
San
Antonio
Community
College
District
,
GO
,
2013
A
,
Zero
Cpn.,
8/01/28
....
6,000,000
7,051,020
Mountain
House
Public
Financing
Authority
,
Mountain
House
Community
Services
District,
Revenue,
2020
A,
BAM
Insured,
4%,
12/01/32
.......................................................
400,000
490,200
Franklin
California
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
23
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Mountain
House
Public
Financing
Authority,
(continued)
Mountain
House
Community
Services
District,
Revenue,
2020
A,
BAM
Insured,
4%,
12/01/33
.......................................................
$
325,000
$
396,467
Mountain
House
Community
Services
District,
Revenue,
2020
A,
BAM
Insured,
4%,
12/01/34
.......................................................
300,000
364,968
Mountain
House
Community
Services
District,
Revenue,
2020
A,
BAM
Insured,
4%,
12/01/35
.......................................................
325,000
393,958
Mountain
House
Community
Services
District,
Revenue,
2020
A,
BAM
Insured,
4%,
12/01/36
.......................................................
310,000
374,325
Mountain
House
Community
Services
District,
Revenue,
2020
A,
BAM
Insured,
4%,
12/01/37
.......................................................
300,000
361,125
Mountain
House
Community
Services
District,
Revenue,
2020
A,
BAM
Insured,
4%,
12/01/38
.......................................................
300,000
360,036
Mountain
House
Community
Services
District,
Revenue,
2020
A,
BAM
Insured,
4%,
12/01/39
.......................................................
275,000
329,291
Mountain
House
Community
Services
District,
Revenue,
2020
B,
BAM
Insured,
4%,
12/01/35
.......................................................
1,000,000
1,202,070
Murrieta
Financing
Authority
,
Special
Tax,
2012,
Refunding,
5%,
9/01/22
...............................
1,495,000
1,601,130
Special
Tax,
2012,
Refunding,
5%,
9/01/24
...............................
1,810,000
1,940,157
Special
Tax,
2012,
Refunding,
5%,
9/01/25
...............................
1,000,000
1,071,130
New
Haven
Unified
School
District
,
GO,
2012,
Refunding,
AGMC
Insured,
Zero
Cpn.,
8/01/22
...................
11,750,000
11,671,627
GO,
2012,
Refunding,
AGMC
Insured,
Zero
Cpn.,
8/01/23
...................
3,200,000
3,155,040
Oro
Grande
Elementary
School
District
,
COP,
2020,
Refunding,
4%,
9/15/29
....................................
2,595,000
2,946,545
COP,
2020,
Refunding,
4%,
9/15/30
....................................
2,700,000
3,049,218
COP,
2020,
Refunding,
4%,
9/15/31
....................................
2,805,000
3,138,823
COP,
2020,
Refunding,
4%,
9/15/32
....................................
1,600,000
1,781,264
Oxnard
Financing
Authority
,
Special
Tax,
Senior
Lien
,
2012A
,
5
%
,
9/02/26
.........
1,020,000
1,096,357
c
Port
of
Oakland
,
Revenue,
2021
H,
Refunding,
5%,
5/01/26
...............................
2,625,000
3,185,096
Revenue,
2021
H,
Refunding,
5%,
5/01/27
...............................
2,875,000
3,580,295
Revenue,
2021
H,
Refunding,
5%,
5/01/28
...............................
2,125,000
2,703,446
Revenue,
2021
H,
Refunding,
5%,
5/01/29
...............................
1,900,000
2,464,357
Revenue,
2021
H,
Refunding,
5%,
11/01/29
..............................
2,000,000
2,618,340
Poway
Unified
School
District
,
Community
Facilities
District
No.
16,
Special
Tax,
2020,
AGMC
Insured,
5%,
9/01/32
100,000
131,290
Community
Facilities
District
No.
16,
Special
Tax,
2020,
AGMC
Insured,
4%,
9/01/34
500,000
607,000
Community
Facilities
District
No.
16,
Special
Tax,
2020,
AGMC
Insured,
4%,
9/01/36
715,000
862,140
Community
Facilities
District
No.
16,
Special
Tax,
2020,
AGMC
Insured,
4%,
9/01/38
835,000
1,000,606
Community
Facilities
District
No.
16,
Special
Tax,
2020,
AGMC
Insured,
4%,
9/01/40
965,000
1,150,492
Poway
Unified
School
District
Public
Financing
Authority
,
Special
Tax,
2014,
BAM
Insured,
5%,
10/01/31
............................
1,700,000
1,897,727
Special
Tax,
2014,
BAM
Insured,
5%,
10/01/32
............................
1,845,000
2,057,987
Special
Tax,
2017A,
Refunding,
5%,
9/01/27
.............................
1,375,000
1,730,767
Special
Tax,
2017A,
Refunding,
5%,
9/01/30
.............................
2,260,000
2,814,649
River
Islands
Public
Financing
Authority
,
Lathrop
Irrigation
District
Electric,
Revenue,
2020,
AGMC
Insured,
4%,
9/01/35
...
625,000
750,281
Lathrop
Irrigation
District
Electric,
Revenue,
2020,
AGMC
Insured,
4%,
9/01/40
...
1,665,000
1,965,666
Riverside
Community
College
District
,
GO
,
2014
A
,
Refunding
,
5
%
,
8/01/27
.......
3,550,000
4,133,300
Riverside
County
Redevelopment
Successor
Agency
,
Tax
Allocation,
2011B,
6.5%,
10/01/25
..................................
1,225,000
1,282,134
Tax
Allocation,
Second
Lien,
2011D,
ETM,
6.5%,
12/01/21
...................
160,000
168,963
Tax
Allocation,
Second
Lien,
2011D,
Pre-Refunded,
6.75%,
12/01/26
...........
1,025,000
1,084,737
Franklin
California
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
24
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Riverside
County
Transportation
Commission
,
Revenue,
2013
A,
Pre-Refunded,
5.25%,
6/01/25
..........................
$
3,500,000
$
3,930,255
Revenue,
2013
A,
Pre-Refunded,
5.25%,
6/01/27
..........................
4,000,000
4,491,720
Revenue,
2017B,
Refunding,
5%,
6/01/38
...............................
7,805,000
9,889,950
RNR
School
Financing
Authority
,
Special
Tax
,
2017
A
,
BAM
Insured
,
5
%
,
9/01/27
...
1,035,000
1,285,677
Romoland
School
District
,
Community
Facilities
District
No.
2004-1,
Special
Tax,
2015,
Refunding,
5%,
9/01/27
1,000,000
1,175,840
Community
Facilities
District
No.
2004-1,
Special
Tax,
2015,
Refunding,
5%,
9/01/28
1,960,000
2,293,553
Community
Facilities
District
No.
2004-1,
Special
Tax,
2015,
Refunding,
5%,
9/01/29
2,130,000
2,479,682
Community
Facilities
District
No.
2004-1,
Special
Tax,
2015,
Refunding,
5%,
9/01/30
2,310,000
2,674,010
Community
Facilities
District
No.
2004-1,
Special
Tax,
2015,
Refunding,
5%,
9/01/31
2,495,000
2,875,587
Community
Facilities
District
No.
2004-1,
Special
Tax,
2015,
Refunding,
5%,
9/01/32
2,690,000
3,088,819
Community
Facilities
District
No.
91-1,
Special
Tax,
2017,
Refunding,
5%,
9/01/36
.
1,130,000
1,342,429
Sacramento
City
Financing
Authority
,
Special
Tax
,
2013
A
,
Refunding
,
AGMC
Insured
,
5
%
,
9/01/21
......................................................
1,305,000
1,346,721
Sacramento
County
Sanitation
Districts
Financing
Authority
,
Revenue
,
2014A
,
Refunding
,
5
%
,
12/01/29
............................................
2,000,000
2,317,200
Sacramento
Municipal
Utility
District
,
Revenue,
2011
X,
Pre-Refunded,
5%,
8/15/25
............................
2,555,000
2,630,168
Revenue,
2011
X,
5%,
8/15/25
........................................
7,445,000
7,665,968
Electric
System,
Revenue,
2020
H,
5%,
8/15/36
...........................
7,465,000
10,145,905
San
Bernardino
County
Transportation
Authority
,
Revenue,
2014A,
5%,
3/01/30
........................................
2,685,000
3,062,618
Revenue,
2014A,
5%,
3/01/31
........................................
5,090,000
5,792,115
San
Diego
County
Regional
Airport
Authority
,
Revenue,
2019
A,
Refunding,
5%,
7/01/34
...............................
3,600,000
4,638,636
Revenue,
2019
A,
Refunding,
5%,
7/01/35
...............................
3,750,000
4,820,588
Revenue,
2019
A,
Refunding,
5%,
7/01/36
...............................
5,000,000
6,406,450
Revenue,
2019
A,
Refunding,
5%,
7/01/39
...............................
5,500,000
6,992,535
San
Diego
Public
Facilities
Financing
Authority
,
City
of
San
Diego
Water
Utility,
Revenue,
2020
A,
5%,
8/01/34
................
850,000
1,159,859
City
of
San
Diego
Water
Utility,
Revenue,
2020
A,
5%,
8/01/35
................
850,000
1,156,646
San
Francisco
Bay
Area
Rapid
Transit
District
,
GO,
2013C,
5%,
8/01/27
............................................
2,640,000
2,959,810
GO,
2013C,
5%,
8/01/28
............................................
3,500,000
3,922,065
GO,
2020
C-1,
4%,
8/01/33
..........................................
2,250,000
2,798,122
GO,
2020
C-1,
4%,
8/01/34
..........................................
4,000,000
4,954,760
GO,
2020
C-1,
4%,
8/01/35
..........................................
1,600,000
1,976,784
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
,
Revenue,
Second
Series,
Pre-Refunded,
5%,
5/01/23
......................
4,970,000
5,048,213
Revenue,
Second
Series,
2019E,
5%,
5/01/37
............................
5,000,000
6,306,550
Revenue,
Second
Series,
2019H,
Refunding,
5%,
5/01/24
...................
15,040,000
17,265,168
SFO
Fuel
Co.
LLC,
Revenue,
2019
A,
Refunding,
5%,
1/01/33
................
1,000,000
1,249,440
SFO
Fuel
Co.
LLC,
Revenue,
2019
A,
Refunding,
5%,
1/01/34
................
1,335,000
1,662,155
SFO
Fuel
Co.
LLC,
Revenue,
2019
A,
Refunding,
5%,
1/01/35
................
1,000,000
1,243,350
SFO
Fuel
Co.
LLC,
Revenue,
2019
A,
Refunding,
5%,
1/01/36
................
1,000,000
1,239,560
San
Francisco
City
&
County
Redevelopment
Agency
Successor
Agency
,
Hotel
Tax,
Revenue,
2011,
Refunding,
AGMC
Insured,
5%,
6/01/24
............
10,275,000
10,439,811
Mission
Bay
South
Redevelopment
Area
Tax
Increment
Financing
District,
Tax
Allocation,
2014A,
5%,
8/01/30
......................................
1,080,000
1,237,000
Mission
Bay
South
Redevelopment
Area
Tax
Increment
Financing
District,
Tax
Allocation,
2014A,
5%,
8/01/34
......................................
1,110,000
1,261,337
Franklin
California
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
25
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
San
Francisco
City
&
County
Redevelopment
Financing
Authority
,
Tax
Allocation
,
2011B
,
Pre-Refunded
,
6.125
%
,
8/01/26
.................................
$
1,000,000
$
1,004,350
San
Jacinto
Unified
School
District
Financing
Authority
,
Community
Facilities
District
No.
2003-2
,
Special
Tax
,
2019
,
5
%
,
9/01/36
..............................
1,200,000
1,413,648
San
Joaquin
Hills
Transportation
Corridor
Agency
,
Revenue,
1997
A,
Refunding,
NATL
Insured,
Zero
Cpn.,
1/15/26
...............
19,000,000
17,386,710
Revenue,
Senior
Lien,
2014A,
Refunding,
5%,
1/15/29
......................
10,000,000
11,496,000
San
Luis
&
Delta
Mendota
Water
Authority
,
Revenue
,
2013
A
,
Refunding
,
BAM
Insured
,
5
%
,
3/01/29
......................................................
1,000,000
1,099,510
San
Mateo
County
Transit
District
,
Revenue,
2015A,
Refunding,
5%,
6/01/28
...............................
3,000,000
3,595,140
Revenue,
2015A,
Refunding,
5%,
6/01/29
...............................
4,300,000
5,142,628
San
Mateo
Foster
City
Public
Financing
Authority
,
City
of
San
Mateo
Sewer,
Revenue,
2019,
5%,
8/01/34
.....................
1,000,000
1,333,870
City
of
San
Mateo
Sewer,
Revenue,
2019,
5%,
8/01/36
.....................
1,135,000
1,505,101
City
of
San
Mateo
Sewer,
Revenue,
2019,
5%,
8/01/38
.....................
1,500,000
1,978,080
San
Ysidro
School
District
,
COP,
2015,
Refunding,
BAM
Insured,
5%,
9/01/29
.........................
1,100,000
1,305,194
COP,
2015,
Refunding,
BAM
Insured,
5%,
9/01/31
.........................
1,000,000
1,180,120
COP,
2015,
Refunding,
BAM
Insured,
5%,
9/01/33
.........................
1,050,000
1,231,755
Sanger
Public
Financing
Authority
,
Revenue
,
2014
,
Refunding
,
AGMC
Insured
,
5
%
,
6/15/34
.........................................................
7,000,000
8,152,760
Santa
Ana
Community
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation
,
2011A
,
Pre-Refunded
,
6
%
,
9/01/22
....................................
5,000,000
5,046,250
Santa
Cruz
County
Redevelopment
Successor
Agency
,
Tax
Allocation
,
2015A
,
Refunding
,
AGMC
Insured
,
5
%
,
9/01/29
.................................
4,475,000
5,323,281
Sierra
View
Local
Health
Care
District
,
Revenue,
2020,
Refunding,
4%,
7/01/24
.................................
240,000
265,018
Revenue,
2020,
Refunding,
4%,
7/01/26
.................................
100,000
114,867
Revenue,
2020,
Refunding,
5%,
7/01/28
.................................
660,000
818,261
Revenue,
2020,
Refunding,
5%,
7/01/30
.................................
520,000
660,197
Sonoma
Community
Development
Agency
Successor
Agency
,
Tax
Allocation,
2015,
Refunding,
NATL
Insured,
5%,
6/01/29
..................
1,000,000
1,209,150
Tax
Allocation,
2015,
Refunding,
NATL
Insured,
5%,
6/01/33
..................
1,200,000
1,427,196
Sonoma-Marin
Area
Rail
Transit
District
,
Revenue,
2011
A,
Pre-Refunded,
5%,
3/01/25
............................
15,410,000
16,279,895
Revenue,
2011
A,
Pre-Refunded,
5%,
3/01/27
............................
11,945,000
12,619,295
Southern
California
Public
Power
Authority
,
Revenue
,
2015C
,
Refunding
,
5
%
,
7/01/26
5,000,000
5,926,750
State
of
California
,
GO,
Refunding,
5.25%,
9/01/22
.......................................
16,330,000
17,712,171
GO,
Refunding,
5%,
10/01/22
.........................................
15,785,000
17,119,780
GO,
Refunding,
5%,
9/01/29
.........................................
1,000,000
1,246,050
GO,
Refunding,
5%,
4/01/30
.........................................
10,000,000
13,400,000
GO,
Refunding,
5%,
11/01/31
.........................................
15,000,000
20,873,850
GO,
2012,
Refunding,
5%,
2/01/22
.....................................
15,000,000
15,784,050
GO,
2014,
5%,
12/01/27
.............................................
5,000,000
5,681,150
GO,
2014,
5%,
12/01/28
.............................................
5,000,000
5,676,450
State
of
California
Department
of
Water
Resources
,
Revenue,
AM,
5%,
12/01/23
..........................................
10,000,000
11,162,400
Revenue,
AM,
5%,
12/01/24
..........................................
8,495,000
9,480,250
Revenue,
AM,
Pre-Refunded,
5%,
12/01/25
..............................
5,000,000
5,584,650
Revenue,
AS,
ETM,
5%,
12/01/24
.....................................
35,000
41,397
Revenue,
AS,
5%,
12/01/24
..........................................
11,090,000
13,169,819
Revenue,
AS,
Pre-Refunded,
5%,
12/01/25
..............................
5,000
5,924
Revenue,
AS,
5%,
12/01/25
..........................................
6,125,000
7,271,049
Revenue,
AS,
Pre-Refunded,
5%,
12/01/26
..............................
45,000
53,225
Revenue,
AS,
5%,
12/01/26
..........................................
22,455,000
26,560,223
Franklin
California
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
26
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
State
of
California
Department
of
Water
Resources,
(continued)
Revenue,
BA,
5%,
12/01/35
..........................................
$
12,180,000
$
16,252,018
Revenue,
BB,
Refunding,
5%,
12/01/34
.................................
5,000,000
6,976,300
Tobacco
Securitization
Authority
of
Southern
California
,
San
Diego
County
Tobacco
Asset
Securitization
Corp.,
Revenue,
2019
A,
1,
Refunding,
5%,
6/01/35
............................................
1,500,000
1,974,120
San
Diego
County
Tobacco
Asset
Securitization
Corp.,
Revenue,
2019
A,
1,
Refunding,
5%,
6/01/37
............................................
1,000,000
1,302,280
San
Diego
County
Tobacco
Asset
Securitization
Corp.,
Revenue,
2019
A,
1,
Refunding,
5%,
6/01/38
............................................
500,000
648,270
Transbay
Joint
Powers
Authority
,
Transbay
Redevelopment
Project
Tax
Increment
Re-Development
Project,
Tax
Allocation,
Senior
Lien,
2020
A,
5%,
10/01/30
...........................
500,000
659,075
Transbay
Redevelopment
Project
Tax
Increment
Re-Development
Project,
Tax
Allocation,
Senior
Lien,
2020
A,
5%,
10/01/32
...........................
1,500,000
1,955,415
Transbay
Redevelopment
Project
Tax
Increment
Re-Development
Project,
Tax
Allocation,
Senior
Lien,
2020
A,
5%,
10/01/34
...........................
1,050,000
1,359,540
Tulare
County
Board
of
Education
,
COP
,
Pre-Refunded
,
BAM
Insured
,
5
%
,
5/01/28
..
1,040,000
1,156,106
Twin
Rivers
Unified
School
District
,
GO
,
2020
A
,
Refunding
,
AGMC
Insured
,
4
%
,
8/01/35
.........................................................
5,000,000
6,124,600
University
of
California
,
Revenue,
2014AM,
5%,
5/15/27
.......................................
3,000,000
3,464,190
Revenue,
2014AM,
5%,
5/15/28
.......................................
1,835,000
2,116,269
Revenue,
2016K,
5%,
5/15/37
........................................
1,000,000
1,211,210
Revenue,
2020
BE,
Refunding,
5%,
5/15/34
..............................
7,000,000
9,516,080
Upper
Santa
Clara
Valley
Joint
Powers
Authority
,
Santa
Clarita
Valley
Water
Agency
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
8/01/35
...............................
700,000
910,091
Vacaville
Unified
School
District
,
GO,
D,
4%,
8/01/35
................................................
250,000
302,490
GO,
D,
4%,
8/01/36
................................................
300,000
360,435
GO,
D,
4%,
8/01/37
................................................
300,000
358,986
GO,
D,
4%,
8/01/38
................................................
545,000
650,588
GO,
D,
4%,
8/01/39
................................................
750,000
893,505
GO,
D,
4%,
8/01/40
................................................
735,000
873,761
Washington
Township
Health
Care
District
,
Revenue,
2010-A,
Refunding,
5%,
7/01/25
...............................
3,035,000
3,035,000
Revenue,
2020
A,
Refunding,
5%,
7/01/21
...............................
375,000
382,894
Revenue,
2020
A,
Refunding,
5%,
7/01/22
...............................
200,000
212,580
Revenue,
2020
A,
Refunding,
5%,
7/01/23
...............................
200,000
220,560
Revenue,
2020
A,
Refunding,
5%,
7/01/24
...............................
200,000
228,138
Revenue,
2020
A,
Refunding,
5%,
7/01/25
...............................
215,000
252,877
Revenue,
2020
A,
Refunding,
5%,
7/01/26
...............................
275,000
332,238
Revenue,
2020
A,
Refunding,
5%,
7/01/27
...............................
400,000
494,476
Revenue,
2020
A,
Refunding,
5%,
7/01/28
...............................
400,000
503,308
Revenue,
2020
A,
Refunding,
5%,
7/01/29
...............................
350,000
447,863
Revenue,
2020
A,
Refunding,
5%,
7/01/30
...............................
325,000
422,126
Revenue,
2020
A,
Refunding,
5%,
7/01/31
...............................
350,000
451,644
Revenue,
2020
A,
Refunding,
3%,
7/01/32
...............................
800,000
865,832
Revenue,
2020
A,
Refunding,
4%,
7/01/33
...............................
275,000
323,103
Revenue,
2020
A,
Refunding,
3%,
7/01/34
...............................
870,000
918,163
Revenue,
2020
A,
Refunding,
4%,
7/01/35
...............................
300,000
348,291
Revenue,
2020
A,
Refunding,
3%,
7/01/36
...............................
700,000
732,172
Revenue,
2020
A,
Refunding,
3%,
7/01/37
...............................
725,000
755,117
Revenue,
2020
A,
Refunding,
3%,
7/01/38
...............................
750,000
778,830
West
Basin
Municipal
Water
District
,
Revenue,
2016A,
Refunding,
5%,
8/01/32
...............................
1,975,000
2,397,749
Revenue,
2016A,
Refunding,
5%,
8/01/33
...............................
2,630,000
3,187,113
Franklin
California
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
27
s
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Western
Municipal
Water
District
Facilities
Authority
,
Revenue
,
2020A
,
Refunding
,
5
%
,
10/01/38
........................................................
$
2,750,000
$
3,710,575
Yorba
Linda
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation,
Sub.
Lien
,
2011A
,
Pre-Refunded
,
6
%
,
9/01/26
....................................
1,435,000
1,489,587
1,768,626,786
U.S.
Territories
0.8%
Guam
0.2%
Guam
Power
Authority
,
Revenue,
2012A,
Refunding,
AGMC
Insured,
5%,
10/01/21
..................
2,000,000
2,063,700
Revenue,
2012A,
Refunding,
AGMC
Insured,
5%,
10/01/22
..................
2,000,000
2,148,700
4,212,400
Puerto
Rico
0.6%
Puerto
Rico
Electric
Power
Authority
,
Revenue,
UU,
Refunding,
AGMC
Insured,
5%,
7/01/23
......................
5,000,000
5,099,200
d
Revenue,
WW-RSA-1,
5.375%,
7/01/23
.................................
5,000,000
4,068,750
Puerto
Rico
Highway
&
Transportation
Authority,
Revenue,
2007
N,
Refunding,
AGMC
Insured,
5.25%,
7/01/36
.............................................
2,200,000
2,644,576
11,812,526
Total
U.S.
Territories
....................................................................
16,024,926
Total
Municipal
Bonds
(Cost
$1,653,145,948)
...................................
1,784,651,712
Total
Long
Term
Investments
(Cost
$1,678,557,328)
.............................
1,811,512,847
a
a
a
a
a
Short
Term
Investments
2.6%
Municipal
Bonds
2.6%
California
2.6%
e
California
Statewide
Communities
Development
Authority
,
Rady
Children's
Hospital
Obligated
Group
,
Revenue
,
2008B
,
LOC
Wells
Fargo
Bank
NA
,
Daily
VRDN
and
Put
,
0.08
%
,
8/15/47
...................................................
12,200,000
12,200,000
e
Regents
of
the
University
of
California
,
Medical
Center
,
Revenue
,
2007
B-1
,
Refunding
,
Daily
VRDN
and
Put
,
0.05
%
,
5/15/32
...................................
1,400,000
1,400,000
e
State
of
California
,
GO,
2003A-2,
LOC
Bank
of
Montreal,
Daily
VRDN
and
Put,
0.09%,
5/01/33
......
7,000,000
7,000,000
GO,
2003A-3,
LOC
Bank
of
Montreal,
Daily
VRDN
and
Put,
0.06%,
5/01/33
......
2,200,000
2,200,000
GO,
2004
A1,
LOC
Citibank
NA,
Daily
VRDN
and
Put,
0.06%,
5/01/34
..........
2,200,000
2,200,000
e
University
of
California
,
Revenue,
2013
AL-1,
Daily
VRDN
and
Put,
0.07%,
5/15/48
..................
1,500,000
1,500,000
Revenue,
2013
AL-3,
Refunding,
Daily
VRDN
and
Put,
0.08%,
5/15/48
..........
6,200,000
6,200,000
Revenue,
2013
AL-4,
Refunding,
Daily
VRDN
and
Put,
0.07%,
5/15/48
..........
14,900,000
14,900,000
47,600,000
Total
Municipal
Bonds
(Cost
$47,600,000)
......................................
47,600,000
Total
Short
Term
Investments
(Cost
$47,600,000
)
................................
47,600,000
a
Total
Investments
(Cost
$1,726,157,328)
100.4%
................................
$1,859,112,847
Other
Assets,
less
Liabilities
(0.4)%
...........................................
(6,726,058)
Net
Assets
100.0%
...........................................................
$1,852,386,789
Franklin
California
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
28
See
Abbreviations
on
page
40
.
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
December
31,
2020,
the
aggregate
value
of
these
securities
was
$25,011,657,
representing
1.4%
of
net
assets.
b
The
maturity
date
shown
represents
the
mandatory
put
date.
c
Security
purchased
on
a
when-issued
basis.
See
Note
1(b).
d
See
Note
7
regarding
defaulted
securities.
e
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
California
Tax-Free
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
December
31,
2020
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
29
Franklin
California
Intermediate-
Term
Tax-Free
Income
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$1,726,157,328
Value
-
Unaffiliated
issuers
..................................................................
$1,859,112,847
Cash
....................................................................................
3,907,072
Receivables:
Capital
shares
sold
........................................................................
6,150,029
Interest
.................................................................................
19,605,480
Other
assets
..............................................................................
218
Total
assets
..........................................................................
1,888,775,646
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
31,857,855
Capital
shares
redeemed
...................................................................
2,682,575
Management
fees
.........................................................................
703,951
Distribution
fees
..........................................................................
187,451
Transfer
agent
fees
........................................................................
185,165
Distributions
to
shareholders
.................................................................
583,797
Accrued
expenses
and
other
liabilities
...........................................................
188,063
Total
liabilities
.........................................................................
36,388,857
Net
assets,
at
value
.................................................................
$1,852,386,789
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$1,777,880,077
Total
distributable
earnings
(losses)
.............................................................
74,506,712
Net
assets,
at
value
.................................................................
$1,852,386,789
Franklin
California
Tax-Free
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
December
31,
2020
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
30
Franklin
California
Intermediate-
Term
Tax-Free
Income
Fund
Class
A:
Net
assets,
at
value
.......................................................................
$316,678,168
Shares
outstanding
........................................................................
25,928,453
Net
asset
value
per
share
a
..................................................................
$12.21
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
97
.75
%
)
................................
$12.49
Class
A1:
Net
assets,
at
value
.......................................................................
$697,580,304
Shares
outstanding
........................................................................
57,149,195
Net
asset
value
per
share
a
..................................................................
$12.21
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
97
.75
%
)
................................
$12.49
Class
C:
Net
assets,
at
value
.......................................................................
$114,076,668
Shares
outstanding
........................................................................
9,307,688
Net
asset
value
and
maximum
offering
price
per
share
a
.............................................
$12.26
Class
R6:
Net
assets,
at
value
.......................................................................
$23,236,625
Shares
outstanding
........................................................................
1,898,581
Net
asset
value
and
maximum
offering
price
per
share
.............................................
$12.24
Advisor
Class:
Net
assets,
at
value
.......................................................................
$700,815,024
Shares
outstanding
........................................................................
57,257,876
Net
asset
value
and
maximum
offering
price
per
share
.............................................
$12.24
a
Redemption
price
is
equal
to
net
asset
value
less
contingent
deferred
sales
charges,
if
applicable.
Franklin
California
Tax-Free
Trust
Financial
Statements
Statement
of
Operations
for
the
period
ended
December
31,
2020
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
31
Franklin
California
Intermediate-
Term
Tax-Free
Income
Fund
Investment
income:
Interest:
Unaffiliated
issuers
........................................................................
$25,668,053
Expenses:
Management
fees
(Note
3
a
)
...................................................................
4,175,301
Distribution
fees:
(Note
3c
)
    Class
A
................................................................................
344,438
    Class
A1
...............................................................................
353,892
    Class
C
................................................................................
392,751
Transfer
agent
fees:
(Note
3e
)
    Class
A
................................................................................
93,357
    Class
A1
...............................................................................
240,237
    Class
C
................................................................................
41,062
    Class
R6
...............................................................................
3,807
    Advisor
Class
............................................................................
228,688
Custodian
fees
(Note
4
)
......................................................................
5,744
Reports
to
shareholders
......................................................................
24,861
Registration
and
filing
fees
....................................................................
13,882
Professional
fees
...........................................................................
46,440
Trustees'
fees
and
expenses
..................................................................
30,362
Other
....................................................................................
96,025
Total
expenses
.........................................................................
6,090,847
Expense
reductions
(Note
4
)
...............................................................
(4,886)
Expenses
waived/paid
by
affiliates
(Note
3f)
....................................................
(582,243)
Net
expenses
.........................................................................
5,503,718
Net
investment
income
................................................................
20,164,335
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
464,692
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
17,648,159
Net
realized
and
unrealized
gain
(loss)
............................................................
18,112,851
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$38,277,186
Franklin
California
Tax-Free
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
32
Franklin
California
Intermediate-Term
Tax-
Free
Income
Fund
Six
Months
Ended
December
31,
2020
(unaudited)
Year
Ended
June
30,
2020
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$20,164,335
$40,615,565
Net
realized
gain
(loss)
.................................................
464,692
(10,319,679)
Net
change
in
unrealized
appreciation
(depreciation)
...........................
17,648,159
14,220,451
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
38,277,186
44,516,337
Distributions
to
shareholders:
Class
A
.............................................................
(2,917,982)
(3,842,496)
Class
A1
............................................................
(8,068,304)
(17,989,228)
Class
C
.............................................................
(1,041,708)
(2,863,087)
Class
R6
............................................................
(244,533)
(453,747)
Advisor
Class
........................................................
(7,986,883)
(15,508,053)
Total
distributions
to
shareholders
..........................................
(20,259,410)
(40,656,611)
Capital
share
transactions:
(Note
2
)
Class
A
.............................................................
87,854,440
128,751,161
Class
A1
............................................................
(20,284,934)
(52,242,538)
Class
C
.............................................................
(27,101,478)
(30,816,445)
Class
R6
............................................................
4,026,265
2,713,268
Advisor
Class
........................................................
57,057,798
42,878,725
Total
capital
share
transactions
............................................
101,552,091
91,284,171
Net
increase
(decrease)
in
net
assets
...................................
119,569,867
95,143,897
Net
assets:
Beginning
of
period
.....................................................
1,732,816,922
1,637,673,025
End
of
period
..........................................................
$1,852,386,789
$1,732,816,922
Franklin
California
Tax-Free
Trust
33
franklintempleton.com
Semiannual
Report
Notes
to
Financial
Statements
(unaudited)
Franklin
California
Intermediate-Term
Tax
Free
Trust
1.
Organization
and
Significant
Accounting
Policies
Franklin
California
Tax-Free
Trust (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of
one fund,
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
(Fund),
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP).
The
Fund
offers five
classes
of
shares:
Class
A,
Class
A1,
Class
C,
Class
R6,
and
Advisor
Class. Class
C
shares
automatically
convert
to
Class
A
shares
after
they
have
been
held
for
10
years.
Each
class
of
shares
may
differ
by
its
initial
sales
load,
contingent
deferred
sales
charges,
voting
rights
on
matters
affecting
a
single
class,
its
exchange
privilege
and
fees
due
to
differing
arrangements
for
distribution
and
transfer
agent
fees. 
The
following
summarizes
the Fund's
significant
accounting
policies.
a.
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 Fund's
administrator
has
responsibility
for
oversight
of
valuation,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value. 
Debt
securities
generally
trade
in
the
over-the-counter
market
rather
than
on
a
securities
exchange.
The
Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-
based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value. 
The
Fund
has
procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the Fund
primarily
employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
book
values,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
b.
Securities
Purchased
on
a
When-Issued
Basis
The
Fund
purchases
securities
on
a
when-issued
basis,
with
payment
and
delivery
scheduled
for
a
future
date.
These
transactions
are
subject
to
market
fluctuations
and
are
subject
to
the
risk
that
the
value
at
delivery
may
be
more
or
less
than
the
trade
date
purchase
price.
Although
the
Fund
will
generally
purchase
these
securities
with
the
intention
of
holding
the
securities,
it
may
sell
the
securities
before
the
settlement
date.
Sufficient
assets
have
been
segregated
for
these
securities.
c.
Income
Taxes
It
is the Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. The Fund
intends
to
distribute
to
shareholders
substantially
all
of
its
income
and
net
realized
gains
to
relieve
it
from
federal
income
and excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
The
Fund
may
recognize
an
income
tax
liability
related
to
its
uncertain
tax
positions
under
U.S.
GAAP
when
the
uncertain
tax
position
has
a
less
than
50%
probability
that
it
will
be
sustained
upon
examination
by
the
tax
authorities
based
on
its
technical
merits.
As
of
December
31,
2020,
the
Fund
has
determined
that
no
tax
liability
is
required
in
its
financial
statements
related
to
uncertain
tax
positions
for
any
open
Franklin
California
Tax-Free
Trust
Notes
to
Financial
Statements
(unaudited)
34
franklintempleton.com
Semiannual
Report
Franklin
California
Intermediate-Term
Tax
Free
Trust
(continued)
tax
years
(or
expected
to
be
taken
in
future
tax
years).
Open
tax
years
are
those
that
remain
subject
to
examination
and
are
based
on
the
statute
of
limitations
in
each
jurisdiction
in
which
the
Fund
invests. 
d.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
Security
transactions
are
accounted
for
on
trade
date.
Realized
gains
and
losses
on
security
transactions
are
determined
on
a
specific
identification
basis.
Interest
income
and
estimated
expenses
are
accrued
daily.
Amortization
of
premium
and
accretion
of
discount
on
debt
securities
are
included
in
interest
income.
Dividends
from
net
investment
income
are
normally
declared
daily;
these
dividends
may
be
reinvested
or
paid
monthly
to
shareholders.
Distributions
from
realized
capital
gains
and
other
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Distributable
earnings
are
determined
according
to
income
tax
regulations
(tax
basis)
and
may
differ
from
earnings
recorded
in
accordance
with
U.S.
GAAP.
These
differences
may
be
permanent
or
temporary.
Permanent
differences
are
reclassified
among
capital
accounts
to
reflect
their
tax
character.
These
reclassifications
have
no
impact
on
net
assets
or
the
results
of
operations.
Temporary
differences
are
not
reclassified,
as
they
may
reverse
in
subsequent
periods.
Common
expenses
incurred
by
the
Trust
are
allocated
among
the
Funds
based
on
the
ratio
of
net
assets
of
each
Fund
to
the
combined
net
assets
of
the
Trust
or
based
on
the
ratio
of
number
of
shareholders
of
each
Fund
to
the
combined
number
of
shareholders
of
the
Trust.
Fund
specific
expenses
are
charged
directly
to
the
Fund
that
incurred
the
expense.
Realized
and
unrealized
gains
and
losses
and
net
investment
income,
excluding
class
specific
expenses,
are
allocated
daily
to
each
class
of
shares
based
upon
the
relative
proportion
of
net
assets
of
each
class.
Differences
in
per
share
distributions
by
class
are
generally
due
to
differences
in
class
specific
expenses.
e.
Insurance
The
scheduled
payments
of
interest
and
principal
for
each
insured
municipal
security
in
TRUST
are
insured
by
either
a
new
issue
insurance
policy
or
a
secondary
insurance
policy.
Some
municipal
securities
in
the
Fund
are
secured
by
collateral
guaranteed
by
an
agency
of
the
U.S.
government.
Depending
on
the
type
of
coverage,
premiums
for
insurance
are
either
added
to
the
cost
basis
of
the
security
or
paid
by
a
third
party.
Insurance
companies
typically
insure
municipal
bonds
that
tend
to
be
of
very
high
quality,
with
the
majority
of
underlying
municipal
bonds
rated
A
or
better.
However,
an
event
involving
an
insurer
could
have
an
adverse
effect
on
the
value
of
the
securities
insured
by
that
insurance
company.
There
can
be
no
assurance
the
insurer
will
be
able
to
fulfill
its
obligations
under
the
terms
of
the
policy.
f.
Accounting
Estimates
The
preparation
of
financial
statements
in
accordance
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
g.
Guarantees
and
Indemnifications
Under
the
Trust's
organizational
documents,
its
officers
and
trustees
are
indemnified
by
the
Trust
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust.
Additionally,
in
the
normal
course
of
business,
the
Trust on
behalf
of
the
Fund,
enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The
Trust's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the
Trust
that
have
not
yet
occurred.
Currently,
the
Trust
expects
the
risk
of
loss
to
be
remote.
1.
Organization
and
Significant
Accounting
Policies
(continued)
c.
Income
Taxes
(continued)
Franklin
California
Tax-Free
Trust
Notes
to
Financial
Statements
(unaudited)
35
franklintempleton.com
Semiannual
Report
Franklin
California
Intermediate-Term
Tax
Free
Trust
(continued)
2.
Shares
of
Beneficial
Interest
At
December
31,
2020,
there
were
an
unlimited
number
of
shares
authorized
($0.01
par
value).
Transactions
in
the
Fund’s
shares
were
as
follows:
3.
Transactions
with
Affiliates
Franklin
Resources,
Inc.
is
the
holding
company
for
various
subsidiaries
that
together
are
referred
to
as
Franklin
Templeton.
Certain
officers
and
trustees
of
the
Fund
are
also
officers
and/or
directors
of
the
following
subsidiaries:
Six
Months
Ended
December
31,
2020
Year
Ended
June
30,
2020
Shares
Amount
Shares
Amount
Class
A
Shares:
Shares
sold
a
...................................
8,693,515
$105,785,044
14,155,850
$170,035,956
Shares
issued
in
reinvestment
of
distributions
..........
207,880
2,528,623
288,583
3,480,753
Shares
redeemed
...............................
(1,682,916)
(20,459,227)
(3,767,748)
(44,765,548)
Net
increase
(decrease)
..........................
7,218,479
$87,854,440
10,676,685
$128,751,161
Class
A1
Shares:
Shares
sold
...................................
1,259,766
$15,312,339
3,063,608
$37,000,018
Shares
issued
in
reinvestment
of
distributions
..........
571,138
6,942,499
1,278,325
15,427,161
Shares
redeemed
...............................
(3,503,575)
(42,539,772)
(8,751,517)
(104,669,717)
Net
increase
(decrease)
..........................
(1,672,671)
$(20,284,934)
(4,409,584)
$(52,242,538)
Class
C
Shares:
Shares
sold
...................................
563,224
$6,872,370
1,534,412
$18,590,074
Shares
issued
in
reinvestment
of
distributions
..........
77,068
940,662
190,357
2,306,804
Shares
redeemed
a
..............................
(2,858,146)
(34,914,510)
(4,279,274)
(51,713,323)
Net
increase
(decrease)
..........................
(2,217,854)
$(27,101,478)
(2,554,505)
$(30,816,445)
Class
R6
Shares:
Shares
sold
...................................
551,766
$6,728,187
667,978
$8,095,642
Shares
issued
in
reinvestment
of
distributions
..........
19,239
234,480
33,905
410,092
Shares
redeemed
...............................
(241,268)
(2,936,402)
(483,829)
(5,792,466)
Net
increase
(decrease)
..........................
329,737
$4,026,265
218,054
$2,713,268
Advisor
Class
Shares:
Shares
sold
...................................
9,434,356
$114,936,664
15,601,119
$188,008,778
Shares
issued
in
reinvestment
of
distributions
..........
494,082
6,021,419
987,051
11,945,168
Shares
redeemed
...............................
(5,246,870)
(63,900,285)
(13,112,731)
(157,075,221)
Net
increase
(decrease)
..........................
4,681,568
$57,057,798
3,475,439
$42,878,725
a
May
include
a
portion
of
Class
C
shares
that
were
automatically
converted
to
Class
A.
Subsidiary
Affiliation
Franklin
Advisers,
Inc.
(Advisers)
Investment
manager
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
Franklin
Templeton
Distributors,
Inc.
(Distributors)
Principal
underwriter
Franklin
Templeton
Investor
Services,
LLC
(Investor
Services)
Transfer
agent
Franklin
California
Tax-Free
Trust
Notes
to
Financial
Statements
(unaudited)
36
franklintempleton.com
Semiannual
Report
Franklin
California
Intermediate-Term
Tax
Free
Trust
(continued)
a.
Management
Fees
The
Fund
pays
an
investment
management
fee
to
Advisers
based
on
the
month-end
net
assets
of
the
Fund
as
follows:
For
the
period
ended
December
31,
2020,
the
annualized
gross
effective
investment
management
fee
rate
was
0.464%
of
the
Fund’s
average
daily
net
assets. 
b.
Administrative
Fees
Under
an
agreement
with
Advisers,
FT
Services
provides
administrative
services
to
the
Fund.
The
fee
is
paid
by
Advisers
based
on
the
Fund's
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
c.
Distribution
Fees
The
Board
has
adopted
distribution
plans
for
each
share
class,
with
the
exception
of
Class
R6
and
Advisor
Class
shares,
pursuant
to
Rule
12b-1
under
the
1940
Act.
Under
the
Fund’s
Class
A
and
A1
reimbursement
distribution
plan,
the
Fund
reimburses
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of the
Fund's
shares
up
to
the
maximum
annual
plan
rate
for
each
class.
Under
the
Class
A
and
A1
reimbursement
distribution
plan,
costs
exceeding
the
maximum
for
the
current
plan
year
cannot
be
reimbursed
in
subsequent
periods.
In
addition,
under
the
Fund’s
Class
C
compensation
distribution
plan,
the
Fund
pays
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of
each
Fund's
shares
up
to
the
maximum
annual
plan
rate.
The
plan
year,
for
purposes
of
monitoring
compliance
with
the
maximum
annual
plan
rate,
is
February
1
through
January
31.
The
maximum
annual
plan
rates,
based
on
the
average
daily
net
assets,
for
each
class,
are
as
follows:
Annualized
Fee
Rate
Net
Assets
0.625%
Up
to
and
including
$100
million
0.500%
Over
$100
million,
up
to
and
including
$250
million
0.450%
Over
$250
million,
up
to
and
including
$7.5
billion
0.440%
Over
$7.5
billion,
up
to
and
including
$10
billion
0.430%
Over
$10
billion,
up
to
and
including
$12.5
billion
0.420%
Over
$12.5
billion,
up
to
and
including
$15
billion
0.400%
Over
$15
billion,
up
to
and
including
$17.5
billion
0.380%
Over
$17.5
billion,
up
to
and
including
$20
billion
0.360%
In
excess
of
$20
billion
Reimbursement
Plans:
Class
A
..................................................................................
0.25%
Class
A1
.................................................................................
0.10%
Compensation
Plans:
Class
C
..................................................................................
0.65%
3.
Transactions
with
Affiliates
(continued)
Franklin
California
Tax-Free
Trust
Notes
to
Financial
Statements
(unaudited)
37
franklintempleton.com
Semiannual
Report
Franklin
California
Intermediate-Term
Tax
Free
Trust
(continued)
d.
Sales
Charges/Underwriting
Agreements
Front-end
sales
charges
and
contingent
deferred
sales
charges
(CDSC)
do
not
represent
expenses
of
the
Fund.
These
charges
are
deducted
from
the
proceeds
of
sales
of
Fund
shares
prior
to
investment
or
from
redemption
proceeds
prior
to
remittance,
as
applicable.
Distributors
has
advised
the
Fund
of
the
following
commission
transactions
related
to
the
sales
and
redemptions
of
the
Fund's
shares
for
the
period:
e.
Transfer
Agent
Fees
Each
class
of
shares pays
transfer
agent
fees
to
Investor
Services
for
its
performance
of
shareholder
servicing
obligations.
The
fees
are
based
on
an
annualized
asset
based
fee
of
0.02%
plus
a
transaction
based
fee.
In
addition,
each
class reimburses
Investor
Services
for
out
of
pocket
expenses
incurred
and,
except
for
Class
R6,
reimburses
shareholder
servicing
fees
paid
to
third
parties.
These
fees
are
allocated
daily
based
upon
their
relative
proportion
of
such
classes'
aggregate
net
assets.
Class
R6
pays
Investor
Services
transfer
agent
fees
specific
to
that
class.
For
the
period
ended
December
31,
2020,
the
Fund
paid
transfer
agent
fees
of
$607,151,
of
which $230,744
was
retained
by
Investor
Services.
f.
Waiver
and
Expense
Reimbursements
Advisers
has
contractually
agreed
in
advance
to
waive
or
limit
its
fees
and
to
assume
as
its
own
expense
certain
expenses
otherwise
payable
by
the
Fund
so
that
the
operating expenses
(excluding
distribution
fees and
acquired
fund
fees
and
certain
non-routine
expenses
or
costs,
including
those
relating
to
litigation,
indemnification,
reorganizations,
and
liquidations)
for
each
class
of
the
Fund
do not
exceed
0.49%,
based
on
the
average
net
assets
of
each
class
until
October
31,
2021.
Total
expenses
waived
or
paid
are
not
subject
to
recapture
subsequent
to
the
Fund's
fiscal
year
end.
Investor
Services
has
contractually
agreed
in
advance
to
waive
or
limit
its
fees
so
that
the
Class
R6
transfer
agent
fees
do
not
exceed
0.03%
based
on
the
average
net
assets
of
the
class
until
October
31,
2021.
g
.
Interfund
Transactions
The
Fund
engaged
in
purchases
and
sales
of
investments
with
funds
or
other
accounts
that
have
common
investment
managers
(or
affiliated
investment
managers),
directors,
trustees
or
officers.
During
the
period
ended
December
31,
2020,
these
purchase
and
sale
transactions
aggregated
$40,461,000
and
$64,510,000,
respectively.
4.
Expense
Offset
Arrangement
The Fund has
entered
into
an
arrangement
with
its
custodian
whereby
credits
realized
as
a
result
of
uninvested
cash
balances
are
used
to
reduce
a
portion
of
the
Fund's
custodian
expenses.
During
the
period
ended
December
31,
2020,
the
custodian
fees
were
reduced
as
noted
in
the
Statement
of
Operations. 
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
..............................
$4,129
CDSC
retained
..............................................................................
$16,256
3.
Transactions
with
Affiliates
(continued)
Franklin
California
Tax-Free
Trust
Notes
to
Financial
Statements
(unaudited)
38
franklintempleton.com
Semiannual
Report
Franklin
California
Intermediate-Term
Tax
Free
Trust
(continued)
5.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
At
June
30,
2020,
the
capital
loss
carryforwards
were
as
follows:
At
December
31,
2020,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation)
for
income
tax
purposes
were
as
follows:
Differences
between
income
and/or
capital
gains
as
determined
on
a
book
basis
and
a
tax
basis
are
primarily
due
to
differing
treatment
of
bond
discounts
and
premiums
and
bond
workout
expenditures.
6.
Investment
Transactions
Purchases
and
sales
of
investments
(excluding
short
term
securities)
for
the
period
ended
December
31,
2020,
aggregated
$160,949,242
and
$73,162,259,
respectively.
7.
Defaulted
Securities
The
Fund
held
a
defaulted
security
and/or
other
securities
for
which
the
income
has
been
deemed
uncollectible.
At
December
31,
2020,
the
value
of
this
security
was
$4,068,750,
representing
0.2%
of
the
Fund's
net
assets.
The
Fund
discontinues
accruing
income
on
securities
for
which
income
has
been
deemed
uncollectible
and
provides
an
estimate
for
losses
on
interest
receivable.
The
security
has
been
identified
in
the
accompanying
Statement
of
Investments.
8.
Concentration
of
Risk
The
Fund
invests
a
large
percentage
of
its total
assets
in
obligations
of
issuers
within
its California
and
U.S.
territories.
Such
concentration
may
subject
the
Fund
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
Fund
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
Fund
to
increased
market
volatility.
The
market
for
these
investments
may
be
limited,
which
may
make
them
difficult
to
buy
or
sell.
9.
Novel
Coronavirus
Pandemic 
The
global
outbreak
of
the
novel
coronavirus
disease,
known
as
COVID-19, has
caused
adverse
effects
on
many
companies,
sectors,
nations,
regions
and
the
markets
in
general, and
may
continue for
an unpredictable duration.
The
effects
of
this
pandemic
may
materially
impact
the
value
and
performance
of
the Fund, its ability
to
buy
and
sell
fund
investments
at
appropriate
valuations
and its ability
to
achieve its investment
objectives.
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$35,414,671
Long
term
................................................................................
24,083,889
Total
capital
loss
carryforwards
...............................................................
$59,498,560
Cost
of
investments
..........................................................................
$1,725,726,816
Unrealized
appreciation
........................................................................
$134,676,173
Unrealized
depreciation
........................................................................
(1,290,143)
Net
unrealized
appreciation
(depreciation)
..........................................................
$133,386,030
Franklin
California
Tax-Free
Trust
Notes
to
Financial
Statements
(unaudited)
39
franklintempleton.com
Semiannual
Report
Franklin
California
Intermediate-Term
Tax
Free
Trust
(continued)
10.
Credit
Facility
The
Fund,
together
with
other
U.S.
registered
and
foreign
investment
funds
(collectively,
Borrowers),
managed
by
Franklin
Templeton,
are
borrowers
in
a
joint
syndicated
senior
unsecured
credit
facility
totaling
$2
billion
(Global
Credit
Facility)
which
matured
on
February
5,
2021.
This
Global
Credit
Facility
provides
a
source
of
funds
to
the
Borrowers
for
temporary
and
emergency
purposes,
including
the
ability
to
meet
future
unanticipated
or
unusually
large
redemption
requests.
Effective
February
5,
2021,
the
Borrowers,
renewed
the
Global
Credit
Facility
for
a
one
year
term,
maturing
February
4,
2022,
for
a
total
of
$2.675
billion.
Under
the
terms
of
the
Global
Credit
Facility,
the
Fund
shall,
in
addition
to
interest
charged
on
any
borrowings
made
by
the
Fund
and
other
costs
incurred
by
the
Fund,
pay
its
share
of
fees
and
expenses
incurred
in
connection
with
the
implementation
and
maintenance
of
the
Global
Credit
Facility,
based
upon
its
relative
share
of
the
aggregate
net
assets
of
all
of
the
Borrowers,
including
upfront
fee
of
0.06%
and
an
annual
commitment
fee
of
0.15%
based
upon
the
unused
portion
of
the
Global
Credit
Facility.
These
fees
are
reflected
in
other
expenses
in
the
Statement
of
Operations.
During
the
period
ended
December
31,
2020,
the Fund
did
not
use
the
Global
Credit
Facility.
11.
Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
At
December
31,
2020,
all
of
the
Funds'
investments
in
financial
instruments
carried
at
fair
value
were
valued
using
Level
2
inputs.
12.
New
Accounting
Pronouncements
In
March
2020,
the
Financial
Accounting
Standards
Board
issued
Accounting
Standards
Update
(ASU)
No.
2020-04,
Reference
Rate
Reform
(Topic
848)
–
Facilitation
of
the
Effects
of
Reference
Rate
Reform
on
Financial
Reporting.
The
amendments
in
the
ASU
provides
optional
temporary
financial
reporting
relief
from
the
effect
of
certain
types
of
contract
modifications
due
to
the
planned
discontinuation
of
the
London
Interbank
Offered
Rate
(LIBOR)
and
other
interbank-offered
based
reference
rates
as
of
the
end
of
2021.
The
ASU
is
effective
for
certain
reference
rate-related
contract
modifications
that
occur
during
the
period
March
12,
2020
through
December
31,
2022. Management
has
reviewed
the
requirements
and
believes
the
adoption
of
this
ASU
will
not
have
a
material
impact
on
the
financial
statements.
13.
Subsequent
Events
The
Fund
has
evaluated
subsequent
events
through
the
issuance
of
the financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure
other
than
those
already
disclosed
in
the
financial
statements.
Franklin
California
Tax-Free
Trust
Notes
to
Financial
Statements
(unaudited)
40
franklintempleton.com
Semiannual
Report
Franklin
California
Intermediate-Term
Tax
Free
Trust
(continued)
Abbreviations
Selected
Portfolio
1915
Act
Improvement
Bond
Act
of
1915
ABAG
Association
of
Bay
Area
Governments
AGMC
Assured
Guaranty
Municipal
Corp.
AMBAC
American
Municipal
Bond
Assurance
Corp.
BAM
Build
America
Mutual
Assurance
Co.
COP
Certificate
of
Participation
ETM
Escrowed
to
Maturity
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
GNMA
Government
National
Mortgage
Association
GO
General
Obligation
LOC
Letter
of
Credit
NATL
National
Reinsurance
Corp.
Franklin
California
Tax-Free
Trust
Shareholder
Information
41
franklintempleton.com
Semiannual
Report
Proxy
Voting
Policies
and
Procedures
The
Trust’s
investment
manager
has
established
Proxy
Voting
Policies
and
Procedures
(Policies)
that
the
Trust
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities.
Shareholders
may
view
the
Trust’s
complete
Policies
online
at
franklintempleton.com.
Alternatively,
shareholders
may
request
copies
of
the
Policies
free
of
charge
by
calling
the
Proxy
Group
collect
at
(954)
527-
7678
or
by
sending
a
written
request
to:
Franklin
Templeton
Companies,
LLC,
300
S.E.
2nd
Street,
Fort
Lauderdale,
FL
33301,
Attention:
Proxy
Group.
Copies
of
the
Trust’s
proxy
voting
records
are
also
made
available
online
at
franklintempleton.com
and
posted
on
the
U.S.
Securities
and
Exchange
Commission’s
website
at
sec.gov
and
reflect
the
most
recent
12-month
period
ended
June
30.
Quarterly
Statement
of
Investments
The
Trust,
on
behalf
of
the
Fund,
files
a
complete
statement
of
investments
with
the
U.S.
Securities
and
Exchange
Commission
for
the
first
and
third
quarters
for
each
fiscal
year
as
an
exhibit
to
its
report
on
Form
N-PORT.
Shareholders
may
view
the
filed
Form
N-PORT
by
visiting
the
Commission’s
website
at
sec.gov.
The
filed
form
may
also
be
viewed
and
copied
at
the
Commission’s
Public
Reference
Room
in
Washington,
DC.
Information
regarding
the
operations
of
the
Public
Reference
Room
may
be
obtained
by
calling
(800)
SEC-0330.
Householding
of
Reports
and
Prospectuses
You
will
receive,
or
receive
notice
of
the
availability
of,
the
Fund's
financial
reports
every
six
months.
In
addition,
you
will
receive
an
annual
updated
summary
prospectus
(detail
prospectus
available
upon
request).
To
reduce
Fund
expenses,
we
try
to
identify
related
shareholders
in
a
household
and
send
only
one
copy
of
the
financial
reports
(to
the
extent
received
by
mail)
and
summary
prospectus.
This
process,
called
“householding,”
will
continue
indefinitely
unless
you
instruct
us
otherwise.
If
you
prefer
not
to
have
these
documents
householded,
please
call
us
at
(800)
632-2301.
At
any
time
you
may
view
current
prospectuses/
summary
prospectuses
and
financial
reports
on
our
website.
If
you
choose,
you
may
receive
these
documents
through
electronic
delivery.
CAT
S
02/21
©
2021
Franklin
Templeton
Investments.
All
rights
reserved.
Authorized
for
distribution
only
when
accompanied
or
preceded
by
a
summary
prospectus
and/or
prospectus.
Investors
should
carefully
consider
a
fund’s
investment
goals,
risks,
charges
and
expenses
before
investing.
A
prospectus
contains
this
and
other
information;
please
read
it
carefully
before
investing.
To
help
ensure
we
provide
you
with
quality
service,
all
calls
to
and
from
our
service
areas
are
monitored
and/or
recorded.
Semiannual
Report
and
Shareholder
Letter
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
Investment
Manager
Distributor
Shareholder
Services
Franklin
Advisers,
Inc.
Franklin
Templeton
Distributors,
Inc.
(800)
DIAL
BEN
®
/
342-5236
franklintempleton.com
(800)
632-2301
Item 2. Code of Ethics.
 
(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. 
 
(c) N/A
 
(d) N/A
 
(f) Pursuant to Item 13(a)(1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.
 
 
Item 3. Audit Committee Financial Expert.
 
(a)(1) The Registrant has an audit committee financial expert serving on its audit committee.
 
(2) The audit committee financial expert is Mary C. Choksi and she is "independent" as defined under the relevant Securities and Exchange Commission Rules and Releases.
 
 
Item 4.
Principal Accountant Fees and Services.
                         
N/A
      
 
 
 
Item 5. Audit Committee
 
of Listed Registrants.              N/A
 
 
Item 6. Schedule of Investments.                            N/A
 
 
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.              N/A
 
Item 8. Portfolio Managers of Closed-End Management Investment Companies.                                        N/A
 
 
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and
Affiliated Purchasers.             N/A
 
 
Item 10. Submission of Matters to a Vote of Security Holders.
 
There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.
 
 
Item 11. Controls and Procedures.
 
(a) Evaluation of Disclosure Controls and Procedures.
The Registrant maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the Registrant’s filings under the Securities Exchange Act of 1934, as amended, 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 Shareholder Report on Form N-CSR, 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.
During the period covered by this report, a third-party service provider commenced performing certain accounting and administrative services for the Registrant that are subject to Franklin Templeton’s oversight.
 
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Company.                            N/A
 
 
Item 13. Exhibits.
 
(a)(1) Code of Ethics
 
 
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Robert G. Kubilis, Chief Financial Officer and Chief Accounting Officer
 
 
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Robert G. Kubilis, 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\MATTHEW T. HINKLE_______________________
     
Matthew T. Hinkle
      Chief Executive Officer - Finance and Administration
Date February 26, 2021
 
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\MATTHEW T. HINKLE________________________
     
Matthew T. Hinkle
      Chief Executive Officer - Finance and Administration
Date February 26, 2021
 
 
 
By __S\
Robert G. Kubilis _______________________
     
Robert G. Kubilis
      Chief Financial Officer and Chief Accounting Officer
Date February 26, 2021