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: 12/31/21
 
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.)
 
Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.
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,
2021
Sign
up
for
electronic
delivery
at
franklintempleton.com/edelivery
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
franklintempleton.com
Semiannual
Report
1
Shareholder
Letter
Dear
Shareholder:
During
the
six
months
ended
December
31,
2021,
the
U.S.
economy
continued
to
recover
from
the
COVID-19
pandemic,
benefiting
equities.
Growth
persisted
in
2021’s
second
half
as
the
reopening
of
businesses,
widespread
COVID-19
vaccinations
and
federal
assistance
programs
continued
to
boost
consumer
spending.
Inflation
increased
during
the
reporting
period
due
to
increased
demand
for
goods
amid
supply-chain
bottlenecks.
Investors
became
concerned
that
new,
swiftly
spreading
COVID-19
variants
could
hinder
the
economic
recovery,
and
growth
slowed
in
2021’s
third
quarter.
During
the
reporting
period,
the
U.S.
Federal
Reserve,
in
its
efforts
to
support
U.S.
economic
activity,
held
the
federal
funds
rate
unchanged
at
0.25%,
and
it
continued
broad
quantitative
easing
measures
to
bolster
credit
markets.
However,
the
Federal
Reserve
began
decreasing
its
asset
purchases
in
November
and
accelerated
its
tapering
in
December,
while
reiterating
its
intention
to
delay
interest
rate
increases
until
reaching
its
goal
of
maximum
U.S.
employment.
During
the
six-month
period,
municipal
bonds,
as
measured
by
the
Bloomberg
Municipal
Bond
Index,
posted
a
+0.45%
cumulative
total
return
as
investors
were
attracted
to
tax-
free
income
in
a
stable
interest-rate
environment.
1
Factors
contributing
to
this
investment
environment
for
municipals
included
fluctuating
demand,
the
reopening
of
businesses
and
increased
consumer
spending
that
benefited
municipal
security
issuers,
and
actions
by
the
Federal
Reserve
to
help
maintain
a
low
interest-rate
environment.
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
team.
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
know,
all
securities
markets
fluctuate
in
value,
as
do
mutual
fund
share
prices.
As
always,
we
recommend
investors
consult
their
financial
professionals
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
professional
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,
2021,
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.
1.
Source:
Morningstar.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
franklintempleton.com
Semiannual
Report
2
Contents
Semiannual
Report
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
3
Performance
Summary
5
Your
Fund’s
Expenses
7
Financial
Highlights
and
Statement
of
Investments
8
Financial
Statements
30
Notes
to
Financial
Statements
34
Shareholder
Information
42
Visit
franklintempleton.com
for
fund
updates,
to
access
your
account,
or
to
find
helpful
financial
planning
tools.
3
franklintempleton.com
Semiannual
Report
SEMI
ANNUAL
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
3
1
,
2021
.
Your
Fund’s
Goal
and
Main
Investments
The
Fund
seeks
to
provide
investors
with
as
high
a
level
of
income
exempt
from
federal
and
California
personal
income
taxes
as
is
consistent
with
prudent
investment
management
and
the
preservation
of
shareholders’
capital
by
normally
investing
at
least
80%
of
its
total
assets
in
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,
decreased
from
$12.16
on
June
30,
2021,
to
$12.04
on
December
31,
2021.
The
Fund’s
Class
A
shares
paid
dividends
totaling
11.9662
cents
per
share
for
the
reporting
period.
2
The
Performance
Summary
beginning
on
page
5
shows
that
at
the
end
of
this
reporting
period
the
Fund’s
Class
A
shares’
distribution
rate
was
2.11%,
based
on
an
annualization
of
December’s
2.1690
cents
per
share
dividend
and
the
maximum
offering
price
of
$12.32
on
December
31,
2021.
An
investor
in
the
2021
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
0.71%
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
ending
December
31,
2021,
COVID-19
and
its
variants
continued
to
be
the
main
driver
of
market
forces.
The
summer
2021
case
surge
due
to
the
Delta
variant
of
the
virus
waned
over
the
period,
allowing
for
more
governments
and
businesses
to
relax
social
distancing
orders
and
reopen.
Delta,
however,
was
replaced
by
a
new,
more
contagious
Omicron
variant
that
arrived
in
late
November
2021,
which
led
to
record
numbers
of
cases,
even
among
vaccinated
individuals.
Although
the
number
of
seriously
ill
was
not
as
high
as
previous
peaks,
an
impact
was
still
seen
in
consumer
behavior,
including
reduced
travel
plans
around
the
holiday
season,
potentially
forestalling
further
economic
recovery.
Strong
demand
pushed
ratios
of
30-year
municipal
bonds
(munis)
versus
U.S.
Treasury
(UST)
yields
in
June
2021
to
all-time
lows.
Although
these—and
ratios
for
other
maturities—have
since
increased,
they
remain
at
historically
rich
levels.
Muni
issuer
fundamentals
remained
strong
as
they
have
benefited
from
direct
fiscal
support
from
the
U.S.
government
and
the
reopening
of
businesses,
leading
to
increased
consumer
spending.
For
the
six-month
period,
U.S.
fixed
income
sectors
broadly
underperformed
relative
to
equities,
as
measured
by
the
Standard
&
Poor’s
®
500
Index
(S&P
500
®
),
which
posted
a
+11.67%
total
return
for
the
period.
3
Investment-grade
munis,
as
measured
by
the
Bloomberg
Municipal
Bond
Index,
posted
a
+0.45%
total
return,
while
USTs,
as
measured
by
the
Bloomberg
U.S.
Treasury
Index,
posted
a
+0.26%
total
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
13
.
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
4
franklintempleton.com
Semiannual
Report
return,
and
investment-grade
corporate
bonds,
as
measured
by
the
Bloomberg
U.S.
Corporate
Bond
Index,
posted
a
+0.23%
total
return.
3
State
Update
During
the
six-month
period,
California’s
large,
diverse
economy,
with
its
recent
trend
of
strong
revenue
performance,
and
the
use
of
surplus
funds
to
build
reserves,
has
enabled
the
state
to
deal
with
economic
and
fiscal
challenges
due
to
COVID-19.
California’s
unemployment
rate
began
the
period
at
7.7%
and
ended
at
6.5%,
compared
with
the
3.9%
national
rate.
The
State’s
enacted
fiscal
year
(FY)
2021
budget
provided
increased
spending,
including
tax
rebates
for
low-income
families,
while
maintaining
strong
reserves
as
a
result
of
the
significant
FY
2020
budget
surplus,
which
was
in
contrast
to
the
estimated
budget
shortfall
estimated
a
year
ago.
California’s
net
tax-
supported
debt
was
$2,144
per
capita
and
3.0%
of
personal
income,
compared
with
the
$1,039
and
1.9%
national
medians,
respectively.
4
Independent
credit
rating
agency
Moody’s
Investors
Service
assigned
California’s
general
obligations
bonds’
an
Aa2
rating
with
a
stable
outlook.
5
The
rating
reflected
Moody’s
view
of
the
state’s
large
and
diverse
economy,
strong
revenue
collection
throughout
the
pandemic,
and
use
of
surpluses
to
build
reserves.
Moody’s
noted
challenges,
including
high
revenue
volatility
given
the
state’s
disproportionate
dependence
on
income
taxes,
constrained
flexibility
to
adjust
spending
and
revenue,
and
relatively
high
debt
and
recurring
costs.
Investment
Strategy
We
select
securities
that
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.
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,
2021,
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
12/31/21
%
of
Total
Investments*
Utilities
18.26%
Transportation
12.89%
Special
Tax
12.08%
Refunded
11.69%
Local
8.09%
Education
7.50%
Housing
7.44%
Health
Care
7.34%
State
General
Obligation
6.82%
Lease
3.82%
Industrial
Dev.
Revenue
and
Pollution
Control
2.62%
Other
Revenue
Bonds
1.45%
*
Does
not
include
cash
and
cash
equivalents.
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:
Moody’s
Investors
Service,
State
government
–
US:
Medians
–
State
debt
rose
2.5%
in
2020,
spurred
by
pandemic-linked
borrowing
,
6/14/21
.
5.
This
does
not
indicate
Moody’s
rating
of
the
Fund.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
Performance
Summary
as
of
December
31,
2021
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
5
franklintempleton.com
Semiannual
Report
The
performance
table
does
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
12/31/21
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
+0.08%
-2.17%
1-Year
+0.66%
-1.60%
5-Year
+14.86%
+2.34%
10-Year
+33.44%
+2.69%
Advisor
6-Month
+0.21%
+0.21%
1-Year
+0.83%
+0.83%
5-Year
+15.86%
+2.99%
10-Year
+35.38%
+3.08%
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
2.11%
4.50%
0.71%
0.60%
1.51%
1.28%
Advisor
2.43%
5.18%
0.97%
0.86%
2.07%
1.83%
See
page
6
for
Performance
Summary
footnotes.
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
Performance
Summary
6
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.
Events
such
as
the
spread
of
deadly
diseases,
disasters,
and
financial,
political
or
social
disruptions,
may
heighten
risks
and
adversely
affect
performance.
The
Fund’s
prospectus
also
includes
a
description
of
the
main
investment
risks.
1.
The
Fund
has
an
expense
reduction
contractually
guaranteed
through
10/31/22.
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
12/31/21.
6.
Taxable
equivalent
distribution
rate
and
yield
assume
the
published
rates
as
of
6/24/21
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
(7/1/21–12/31/21)
Share
Class
Net
Investment
Income
A
$0.119662
A1
$0.129004
C
$0.095115
R6
$0.136844
Advisor
$0.135142
Total
Annual
Operating
Expenses
8
Share
Class
With
Fee
Waiver
Without
Fee
Waiver
A
0.74%
0.80%
Advisor
0.49%
0.55%
Your
Fund’s
Expenses
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
7
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
184/365
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
7/1/21
Ending
Account
Value
12/31/21
Expenses
Paid
During
Period
7/1/21–12/31/21
1,2
Ending
Account
Value
12/31/21
Expenses
Paid
During
Period
7/1/21–12/31/21
1,2
a
Net
Annualized
Expense
Ratio
2
A
$1,000
$1,000.80
$3.64
$1,021.57
$3.68
0.72%
A1
$1,000
$1,001.60
$2.88
$1,022.33
$2.91
0.57%
C
$1,000
$998.80
$5.64
$1,019.56
$5.70
1.12%
R6
$1,000
$1,002.30
$2.23
$1,022.98
$2.25
0.44%
Advisor
$1,000
$1,002.10
$2.37
$1,022.84
$2.40
0.47%
Franklin
California
Tax-Free
Trust
Financial
Highlights
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
8
a
Six
Months
Ended
December
31,
2021
(unaudited)
Year
Ended
June
30,
Year
Ended
June
30,
2019
a
2021
2020
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
..............................
$12.16
$12.09
$12.05
$11.76
Income
from
investment
operations
b
:
Net
investment
income
c
......................................
0.12
0.25
0.27
0.25
Net
realized
and
unrealized
gains
(losses)
........................
(0.12)
0.07
0.04
0.30
Total
from
investment
operations
.................................
—
0.32
0.31
0.55
Less
distributions
from:
Net
investment
income
.......................................
(0.12)
(0.25)
(0.27)
(0.26)
Net
asset
value,
end
of
period
...................................
$12.04
$12.16
$12.09
$12.05
Total
return
d
................................................
0.08%
2.68%
2.63%
4.76%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
...................
0.79%
0.79%
0.81%
0.80%
Expenses
net
of
waiver
and
payments
by
affiliates
f
...................
0.72%
0.74%
0.74%
0.74%
Net
investment
income
........................................
1.95%
2.05%
2.26%
2.58%
Supplemental
data
Net
assets,
end
of
period
(000’s)
.................................
$405,856
$365,239
$226,216
$96,795
Portfolio
turnover
rate
.........................................
6.33%
9.20%
18.85%
15.26%
0
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
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
9
a
Six
Months
Ended
December
31,
2021
(unaudited)
Year
Ended
June
30,
2021
2020
2019
2018
2017
Class
A1
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$12.15
$12.08
$12.04
$11.80
$12.03
$12.50
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.13
0.27
0.29
0.32
0.33
0.32
Net
realized
and
unrealized
gains
(losses)
(0.11)
0.07
0.04
0.26
(0.24)
(0.47)
Total
from
investment
operations
........
0.02
0.34
0.33
0.58
0.09
(0.15)
Less
distributions
from:
Net
investment
income
..............
(0.13)
(0.27)
(0.29)
(0.34)
(0.32)
(0.32)
Net
asset
value,
end
of
period
..........
$12.04
$12.15
$12.08
$12.04
$11.80
$12.03
Total
return
c
.......................
0.16%
2.84%
2.79%
4.98%
0.78%
(1.18)%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.64%
0.65%
0.66%
0.65%
0.64%
0.63%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.57%
e
0.59%
e
0.59%
e
0.59%
e
0.61%
e
0.63%
Net
investment
income
...............
2.10%
2.22%
2.42%
2.73%
2.74%
2.68%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$635,380
$668,093
$710,743
$761,434
$846,856
$908,564
Portfolio
turnover
rate
................
6.33%
9.20%
18.85%
15.26%
3.32%
21.19%
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
10
a
Six
Months
Ended
December
31,
2021
(unaudited)
Year
Ended
June
30,
2021
2020
2019
2018
2017
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$12.20
$12.13
$12.09
$11.85
$12.08
$12.55
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.09
0.20
0.23
0.26
0.26
0.26
Net
realized
and
unrealized
gains
(losses)
(0.10)
0.07
0.04
0.25
(0.23)
(0.48)
Total
from
investment
operations
........
(0.01)
0.27
0.27
0.51
0.03
(0.22)
Less
distributions
from:
Net
investment
income
..............
(0.10)
(0.20)
(0.23)
(0.27)
(0.26)
(0.25)
Net
asset
value,
end
of
period
..........
$12.09
$12.20
$12.13
$12.09
$11.85
$12.08
Total
return
c
.......................
(0.12)%
2.26%
2.22%
4.39%
0.22%
(1.72)%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.19%
1.20%
1.21%
1.20%
1.19%
1.18%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.12%
e
1.14%
e
1.14%
e
1.14%
e
1.16%
e
1.18%
Net
investment
income
...............
1.55%
1.66%
1.87%
2.18%
2.19%
2.13%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$72,559
$101,559
$139,835
$170,241
$221,016
$252,254
Portfolio
turnover
rate
................
6.33%
9.20%
18.85%
15.26%
3.32%
21.19%
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,
2021
(unaudited)
Year
Ended
June
30,
Year
Ended
June
30,
2018
a
2021
2020
2019
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.................
$12.18
$12.12
$12.07
$11.83
$12.12
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.14
0.28
0.31
0.34
0.32
Net
realized
and
unrealized
gains
(losses)
...........
(0.11)
0.07
0.05
0.25
(0.30)
Total
from
investment
operations
....................
0.03
0.35
0.36
0.59
0.02
Less
distributions
from:
Net
investment
income
..........................
(0.14)
(0.29)
(0.31)
(0.35)
(0.31)
Net
asset
value,
end
of
period
......................
$12.07
$12.18
$12.12
$12.07
$11.83
Total
return
d
...................................
0.23%
2.88%
3.00%
5.09%
0.16%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
......
0.52%
0.51%
0.53%
0.53%
0.52%
Expenses
net
of
waiver
and
payments
by
affiliates
f
......
0.44%
0.45%
0.46%
0.46%
0.49%
Net
investment
income
...........................
2.22%
2.33%
2.55%
2.87%
2.86%
Supplemental
data
Net
assets,
end
of
period
(000’s)
....................
$37,335
$28,080
$19,007
$16,310
$12,773
Portfolio
turnover
rate
............................
6.33%
9.20%
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
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
12
a
Six
Months
Ended
December
31,
2021
(unaudited)
Year
Ended
June
30,
2021
2020
2019
2018
2017
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$12.18
$12.12
$12.08
$11.83
$12.06
$12.53
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.13
0.28
0.30
0.34
0.34
0.34
Net
realized
and
unrealized
gains
(losses)
(0.10)
0.06
0.04
0.26
(0.23)
(0.48)
Total
from
investment
operations
........
0.03
0.34
0.34
0.60
0.11
(0.14)
Less
distributions
from:
Net
investment
income
..............
(0.14)
(0.28)
(0.30)
(0.35)
(0.34)
(0.33)
Net
asset
value,
end
of
period
..........
$12.07
$12.18
$12.12
$12.08
$11.83
$12.06
Total
return
c
.......................
0.21%
2.85%
2.89%
5.15%
0.88%
(1.08)%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.54%
0.55%
0.56%
0.55%
0.54%
0.53%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.47%
e
0.49%
e
0.49%
e
0.49%
e
0.51%
e
0.53%
Net
investment
income
...............
2.20%
2.31%
2.52%
2.83%
2.84%
2.78%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$709,707
$716,600
$637,015
$592,893
$600,698
$639,716
Portfolio
turnover
rate
................
6.33%
9.20%
18.85%
15.26%
3.32%
21.19%
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
Statement
of
Investments
(unaudited),
December
31,
2021
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
13
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
98.3%
California
96.9%
ABAG
Finance
Authority
for
Nonprofit
Corp.
,
Jackson
Laboratory
(The),
Revenue,
2012,
ETM,
5%,
7/01/22
................
$
820,000
$
839,586
Jackson
Laboratory
(The),
Revenue,
2012,
Pre-Refunded,
5%,
7/01/23
.........
460,000
470,987
Jackson
Laboratory
(The),
Revenue,
2012,
Pre-Refunded,
5%,
7/01/24
.........
1,000,000
1,023,885
Odd
Fellows
Home
of
California,
Revenue,
2012
A,
California
Mortgage
Insured,
5%,
4/01/23
........................................................
1,000,000
1,057,013
Odd
Fellows
Home
of
California,
Revenue,
2012
A,
California
Mortgage
Insured,
5%,
4/01/24
........................................................
1,000,000
1,056,714
Align
Affordable
Housing
Bond
Fund
LP
,
a
Breezewood
2019
LP,
Revenue,
144A,
2020-3
TR,
A,
2.625%,
8/01/25
..........
14,300,000
14,307,148
Parkwood
Apartments,
2021-1,
2.25%,
8/01/31
...........................
11,250,000
11,179,705
Antelope
Valley
Community
College
District
,
GO
,
2014
A
,
Pre-Refunded
,
5
%
,
8/01/25
4,210,000
4,716,748
Bay
Area
Toll
Authority
,
Revenue
,
2012
F-1
,
5
%
,
4/01/22
......................
15,000,000
15,177,910
California
Affordable
Housing
Agency
,
Butte
County
Housing
Authority
,
Revenue
,
2020
A
,
2
%
,
10/01/35
...................................................
500,000
500,700
b
California
Community
Choice
Financing
Authority
,
Revenue
,
2021
B-2
,
Mandatory
Put
,
0.55
%
,
(
SIFMA
Municipal
Swap
Index
+
0.45
%
),
8/01/31
....................
25,000,000
24,774,398
California
Community
College
Financing
Authority
,
NCCD-Orange
Coast
Properties
LLC,
Revenue,
2018,
5%,
5/01/32
............
1,750,000
2,049,071
NCCD-Orange
Coast
Properties
LLC,
Revenue,
2018,
5%,
5/01/33
............
600,000
700,990
NCCD-Orange
Coast
Properties
LLC,
Revenue,
2018,
5%,
5/01/35
............
3,040,000
3,539,951
NCCD-Orange
Coast
Properties
LLC,
Revenue,
2018,
5%,
5/01/37
............
1,600,000
1,856,982
NCCD-Orange
Coast
Properties
LLC,
Revenue,
2018,
5%,
5/01/38
............
1,320,000
1,529,480
California
County
Tobacco
Securitization
Agency
,
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/34
.....................
340,000
408,817
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/35
.....................
400,000
479,890
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/36
.....................
615,000
735,367
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/37
.....................
660,000
786,845
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/38
.....................
615,000
731,416
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/39
.....................
600,000
711,763
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/40
.....................
615,000
727,977
Gold
Country
Settlement
Funding
Corp.,
Revenue,
2020
A,
Refunding,
5%,
6/01/29
250,000
320,074
Gold
Country
Settlement
Funding
Corp.,
Revenue,
2020
A,
Refunding,
5%,
6/01/31
1,065,000
1,399,701
Merced
County
Tobacco
Funding
Corp.,
Revenue,
Senior
Lien,
2020
A,
Refunding,
5%,
6/01/30
....................................................
315,000
411,610
Merced
County
Tobacco
Funding
Corp.,
Revenue,
Senior
Lien,
2020
A,
Refunding,
5%,
6/01/31
....................................................
300,000
394,363
Merced
County
Tobacco
Funding
Corp.,
Revenue,
Senior
Lien,
2020
A,
Refunding,
5%,
6/01/33
....................................................
245,000
319,099
Merced
County
Tobacco
Funding
Corp.,
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/34
....................................................
420,000
509,749
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
5%,
6/01/30
..
425,000
555,217
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
5%,
6/01/31
..
225,000
295,711
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
5%,
6/01/32
..
250,000
326,693
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
5%,
6/01/33
..
300,000
390,720
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
4%,
6/01/34
..
365,000
442,988
California
Educational
Facilities
Authority
,
Loma
Linda
University,
Revenue,
2017
A,
Refunding,
5%,
4/01/29
.............
1,020,000
1,227,527
Loma
Linda
University,
Revenue,
2017
A,
Refunding,
5%,
4/01/32
.............
1,235,000
1,471,332
Loma
Linda
University,
Revenue,
2017
A,
Refunding,
5%,
4/01/33
.............
1,000,000
1,188,819
Loma
Linda
University,
Revenue,
2017
A,
Refunding,
5%,
4/01/34
.............
1,750,000
2,077,173
Loma
Linda
University,
Revenue,
2017
A,
Refunding,
5%,
4/01/35
.............
1,500,000
1,777,466
Loma
Linda
University,
Revenue,
2017
A,
Refunding,
5%,
4/01/36
.............
2,000,000
2,368,640
Loma
Linda
University,
Revenue,
2017
A,
Refunding,
5%,
4/01/37
.............
2,000,000
2,366,464
University
of
San
Francisco,
Revenue,
2018
A,
5%,
10/01/37
.................
1,365,000
1,681,494
California
Enterprise
Development
Authority
,
Provident
Group-SDSU
Properties
LLC,
Revenue,
First
Tier,
2020
A,
5%,
8/01/22
..
120,000
123,174
Franklin
California
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
(continued)
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
Municipal
Bonds
(continued)
California
(continued)
California
Enterprise
Development
Authority,
(continued)
Provident
Group-SDSU
Properties
LLC,
Revenue,
First
Tier,
2020
A,
5%,
8/01/24
..
$
230,000
$
254,944
Provident
Group-SDSU
Properties
LLC,
Revenue,
First
Tier,
2020
A,
5%,
8/01/26
..
540,000
636,619
Provident
Group-SDSU
Properties
LLC,
Revenue,
First
Tier,
2020
A,
5%,
8/01/28
..
615,000
756,641
Provident
Group-SDSU
Properties
LLC,
Revenue,
First
Tier,
2020
A,
5%,
8/01/30
..
250,000
318,542
Provident
Group-SDSU
Properties
LLC,
Revenue,
First
Tier,
2020
A,
5%,
8/01/35
..
450,000
560,704
California
Health
Facilities
Financing
Authority
,
California-Nevada
Methodist
Homes,
Revenue,
2015,
Refunding,
California
Mortgage
Insured,
5%,
7/01/30
..............................................
1,825,000
2,075,948
Casa
Milagro
LLC,
Revenue,
2011
A,
California
Mortgage
Insured,
6%,
2/01/24
...
2,000,000
2,008,597
Cedars-Sinai
Medical
Center
Obligated
Group,
Revenue,
2015,
Refunding,
5%,
11/15/30
.......................................................
3,000,000
3,501,834
Cedars-Sinai
Medical
Center
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
8/15/31
........................................................
3,500,000
4,174,288
Children's
Hospital
Los
Angeles
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
8/15/35
........................................................
1,650,000
1,977,464
Children's
Hospital
Los
Angeles
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
8/15/36
........................................................
2,045,000
2,447,722
Children's
Hospital
Los
Angeles
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
8/15/37
........................................................
1,330,000
1,589,568
El
Camino
Hospital,
Revenue,
2017,
5%,
2/01/28
..........................
2,100,000
2,544,356
El
Camino
Hospital,
Revenue,
2017,
5%,
2/01/29
..........................
2,460,000
2,980,097
El
Camino
Hospital,
Revenue,
2017,
5%,
2/01/30
..........................
1,250,000
1,513,051
El
Camino
Hospital,
Revenue,
2017,
5%,
2/01/31
..........................
1,200,000
1,451,931
Marshall
Medical
Center,
Revenue,
2015,
Refunding,
California
Mortgage
Insured,
5%,
11/01/33
...................................................
1,000,000
1,114,462
California
Housing
Finance
Agency
,
Revenue,
2019-2,
A,
4%,
3/20/33
......................................
5,329,571
6,142,704
Lakeside
Drive
Senior
Housing
LP,
Revenue,
2019
N,
FNMA
Insured,
2.35%,
12/01/35
.......................................................
9,586,112
9,824,662
California
Infrastructure
&
Economic
Development
Bank
,
Revenue,
2015
A,
Pre-Refunded,
5%,
10/01/32
...........................
2,915,000
3,416,021
Academy
of
Motion
Picture
Arts
and
Sciences
Obligated
Group,
Revenue,
2020
B,
Refunding,
5%,
11/01/29
...........................................
2,000,000
2,588,952
California
Municipal
Finance
Authority
,
a,b
Revenue,
144A,
2009
A,
Mandatory
Put,
1.3%,
2/03/25
.....................
1,800,000
1,830,642
ACI
Royal
York,
Inc.,
Revenue,
2020
A,
3.125%,
2/15/33
....................
620,000
620,208
Biola
University,
Inc.,
Revenue,
2017,
Refunding,
5%,
10/01/29
...............
1,350,000
1,621,261
Biola
University,
Inc.,
Revenue,
2017,
Refunding,
5%,
10/01/31
...............
1,000,000
1,194,737
Biola
University,
Inc.,
Revenue,
2017,
Refunding,
5%,
10/01/33
...............
1,070,000
1,273,577
Biola
University,
Inc.,
Revenue,
2017,
Refunding,
5%,
10/01/35
...............
1,000,000
1,187,455
California
Home
for
the
Aged,
Inc.
(The),
Revenue,
2018,
California
Mortgage
Insured,
5%,
5/15/36
..............................................
1,000,000
1,233,521
California
Institute
of
the
Arts,
Revenue,
2021,
4%,
10/01/32
.................
120,000
145,300
California
Institute
of
the
Arts,
Revenue,
2021,
4%,
10/01/33
.................
120,000
144,465
California
Institute
of
the
Arts,
Revenue,
2021,
4%,
10/01/34
.................
155,000
185,472
California
Institute
of
the
Arts,
Revenue,
2021,
4%,
10/01/35
.................
160,000
191,009
California
Institute
of
the
Arts,
Revenue,
2021,
4%,
10/01/36
.................
185,000
220,619
California
Institute
of
the
Arts,
Revenue,
2021,
4%,
10/01/37
.................
170,000
202,418
California
Institute
of
the
Arts,
Revenue,
2021,
3%,
10/01/41
.................
960,000
1,024,178
Caritas
Corp.
(The),
Revenue,
2021
B,
Refunding,
3%,
8/15/31
...............
120,000
121,175
Caritas
Corp.
(The),
Revenue,
2021
B,
Refunding,
4%,
8/15/41
...............
590,000
630,974
Caritas
Corp.
(The),
Revenue,
2021
B,
Refunding,
4%,
8/15/56
...............
540,000
564,132
a
Century
CityView
LP,
Revenue,
144A,
2021
A,
4%,
11/01/36
..................
3,375,000
3,699,265
CHF-Davis
II
LLC,
Revenue,
2021,
BAM
Insured,
4%,
5/15/38
................
1,300,000
1,545,566
CHF-Davis
II
LLC,
Revenue,
2021,
BAM
Insured,
4%,
5/15/39
................
2,395,000
2,841,498
CHF-Davis
II
LLC,
Revenue,
2021,
BAM
Insured,
4%,
5/15/40
................
1,500,000
1,775,118
Franklin
California
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
(continued)
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
Municipal
Finance
Authority,
(continued)
CHF-Davis
II
LLC,
Revenue,
2021,
BAM
Insured,
4%,
5/15/41
................
$
1,050,000
$
1,240,632
CHF-Riverside
II
LLC,
Revenue,
2019,
5%,
5/15/32
........................
1,000,000
1,246,095
CHF-Riverside
II
LLC,
Revenue,
2019,
5%,
5/15/34
........................
3,120,000
3,856,708
CHF-Riverside
II
LLC,
Revenue,
2019,
5%,
5/15/35
........................
1,430,000
1,761,756
CHF-Riverside
II
LLC,
Revenue,
2019,
5%,
5/15/37
........................
2,260,000
2,767,618
CHF-Riverside
II
LLC,
Revenue,
2019,
5%,
5/15/38
........................
1,000,000
1,221,343
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2015
A,
Pre-
Refunded,
5%,
2/01/26
............................................
2,010,000
2,289,112
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2015
A,
Pre-
Refunded,
5%,
2/01/28
............................................
1,500,000
1,708,292
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
2/01/25
............................................
2,000,000
2,277,724
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
2/01/26
............................................
2,010,000
2,365,930
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
2/01/27
............................................
1,750,000
2,120,972
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
2/01/28
............................................
2,250,000
2,711,141
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
2/01/29
............................................
2,140,000
2,575,860
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
2/01/30
............................................
2,000,000
2,403,197
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
2/01/31
............................................
2,700,000
3,241,498
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
2/01/32
............................................
2,200,000
2,637,360
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
2/01/33
............................................
3,500,000
4,192,672
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
2/01/34
............................................
5,000,000
5,983,452
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
2/01/35
............................................
5,000,000
5,975,934
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
2/01/36
............................................
2,295,000
2,741,125
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
2/01/37
............................................
2,000,000
2,387,737
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/22
....................
200,000
200,000
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/23
....................
200,000
207,156
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/24
....................
300,000
320,447
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/25
....................
300,000
329,456
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/26
....................
250,000
281,096
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/27
....................
350,000
401,630
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/28
....................
250,000
291,375
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/29
....................
350,000
414,053
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/30
....................
400,000
479,763
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/31
....................
350,000
424,664
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/32
....................
250,000
301,850
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/33
....................
300,000
360,915
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/34
....................
300,000
359,480
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/35
....................
400,000
477,886
Del
Harbor
Foundation,
Revenue,
2015,
Refunding,
5%,
11/01/26
.............
1,085,000
1,264,441
Inland
Christian
Home,
Inc.,
Revenue,
2020,
California
Mortgage
Insured,
4%,
12/01/30
.......................................................
1,100,000
1,341,423
Inland
Christian
Home,
Inc.,
Revenue,
2020,
California
Mortgage
Insured,
4%,
12/01/39
.......................................................
1,245,000
1,490,451
Inland
Counties
Regional
Center,
Inc.,
Revenue,
2015,
Refunding,
5%,
6/15/23
...
1,580,000
1,687,208
Inland
Counties
Regional
Center,
Inc.,
Revenue,
2015,
Refunding,
5%,
6/15/24
...
1,000,000
1,111,053
Franklin
California
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
(continued)
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)
Inland
Counties
Regional
Center,
Inc.,
Revenue,
2015,
Refunding,
5%,
6/15/32
...
$
6,625,000
$
7,572,129
LAX
Integrated
Express
Solutions
LLC,
Revenue,
Senior
Lien,
2018
A,
5%,
6/30/26
1,000,000
1,176,079
LAX
Integrated
Express
Solutions
LLC,
Revenue,
Senior
Lien,
2018
A,
5%,
12/31/37
5,500,000
6,549,042
LAX
Integrated
Express
Solutions
LLC,
Revenue,
Senior
Lien,
2018
A,
5%,
12/31/38
21,100,000
25,119,666
Northbay
Healthcare
Group
Obligated
Group,
Revenue,
2017
A,
5%,
11/01/25
....
1,000,000
1,144,134
Northbay
Healthcare
Group
Obligated
Group,
Revenue,
2017
A,
5%,
11/01/26
....
900,000
1,055,349
Northbay
Healthcare
Group
Obligated
Group,
Revenue,
2017
A,
5%,
11/01/27
....
1,300,000
1,516,695
Northbay
Healthcare
Group
Obligated
Group,
Revenue,
2017
A,
5%,
11/01/28
....
1,400,000
1,631,455
Northbay
Healthcare
Group
Obligated
Group,
Revenue,
2017
A,
5.25%,
11/01/29
..
1,000,000
1,174,912
Northbay
Healthcare
Group
Obligated
Group,
Revenue,
2017
A,
5%,
11/01/30
....
1,350,000
1,563,109
Northbay
Healthcare
Group
Obligated
Group,
Revenue,
2017
A,
5.25%,
11/01/31
..
1,250,000
1,465,084
Northbay
Healthcare
Group
Obligated
Group,
Revenue,
2017
A,
5.25%,
11/01/36
..
4,620,000
5,403,235
Northern
California
Retired
Officers
Community,
Revenue,
2016,
Refunding,
California
Mortgage
Insured,
5%,
1/01/37
..............................
1,310,000
1,536,231
Pilgrim
Place
in
Claremont,
Revenue,
2016
A,
Refunding,
California
Mortgage
Insured,
5%,
5/15/31
..............................................
2,750,000
3,342,957
South
Central
Los
Angeles
Regional
Center
for
Developmentally
Disabled
Persons,
Revenue,
2013,
5.25%,
12/01/27
....................................
3,730,000
4,022,645
System
Management
Group,
Revenue,
2019
A,
5%,
4/01/35
.................
1,780,000
2,202,654
System
Management
Group,
Revenue,
2019
A,
5%,
4/01/37
.................
2,945,000
3,630,342
University
of
La
Verne,
Revenue,
2017
A,
Refunding,
5%,
6/01/31
.............
1,000,000
1,206,097
University
of
La
Verne,
Revenue,
2017
A,
Refunding,
5%,
6/01/32
.............
1,000,000
1,205,139
University
of
La
Verne,
Revenue,
2017
A,
Refunding,
5%,
6/01/33
.............
1,010,000
1,216,331
University
of
La
Verne,
Revenue,
2017
A,
Refunding,
5%,
6/01/35
.............
1,440,000
1,730,987
a
California
Pollution
Control
Financing
Authority
,
San
Diego
County
Water
Authority,
Revenue,
144A,
2019,
Refunding,
5%,
7/01/22
.
855,000
874,771
San
Diego
County
Water
Authority,
Revenue,
144A,
2019,
Refunding,
5%,
7/01/29
.
4,350,000
5,256,457
California
Public
Finance
Authority
,
Henry
Mayo
Newhall
Hospital
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
10/15/22
.......................................................
245,000
251,580
Henry
Mayo
Newhall
Hospital
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
10/15/23
.......................................................
285,000
301,775
Henry
Mayo
Newhall
Hospital
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
10/15/24
.......................................................
380,000
413,686
Henry
Mayo
Newhall
Hospital
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
10/15/25
.......................................................
400,000
446,405
Henry
Mayo
Newhall
Hospital
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
10/15/26
.......................................................
420,000
479,034
Henry
Mayo
Newhall
Hospital
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
10/15/27
.......................................................
400,000
464,595
Henry
Mayo
Newhall
Hospital
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
10/15/28
.......................................................
360,000
425,037
b
Henry
Mayo
Newhall
Hospital
Obligated
Group,
Revenue,
2021
B,
Mandatory
Put,
4%,
10/15/31
...................................................
690,000
834,959
a
California
School
Finance
Authority
,
Green
Dot
Public
Schools
Obligated
Group,
Revenue,
144A,
2018
A,
5%,
8/01/26
.
300,000
350,599
Green
Dot
Public
Schools
Obligated
Group,
Revenue,
144A,
2018
A,
5%,
8/01/27
.
320,000
382,876
Kipp
SoCal
Public
Schools
Obligated
Group,
Revenue,
144A,
2020
A,
5%,
7/01/24
100,000
110,167
Kipp
SoCal
Public
Schools
Obligated
Group,
Revenue,
144A,
2020
A,
5%,
7/01/25
105,000
119,367
Kipp
SoCal
Public
Schools
Obligated
Group,
Revenue,
144A,
2020
A,
5%,
7/01/26
110,000
128,588
Kipp
SoCal
Public
Schools
Obligated
Group,
Revenue,
144A,
2020
A,
5%,
7/01/27
100,000
119,958
Kipp
SoCal
Public
Schools
Obligated
Group,
Revenue,
144A,
2020
A,
5%,
7/01/28
100,000
122,361
Kipp
SoCal
Public
Schools
Obligated
Group,
Revenue,
144A,
2020
A,
5%,
7/01/29
100,000
124,770
Kipp
SoCal
Public
Schools
Obligated
Group,
Revenue,
144A,
2020
A,
5%,
7/01/30
100,000
126,767
California
State
Public
Works
Board
,
Revenue,
2012
D,
Pre-Refunded,
5%,
9/01/25
............................
2,920,000
3,013,601
Franklin
California
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
(continued)
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
State
Public
Works
Board,
(continued)
Revenue,
2012
D,
Pre-Refunded,
5%,
9/01/26
............................
$
4,650,000
$
4,799,055
State
of
California
Department
of
Corrections
&
Rehabilitation,
Revenue,
2014
A,
5%,
9/01/26
........................................................
16,835,000
18,833,375
California
State
University
,
Revenue,
2012
A,
Pre-Refunded,
5%,
11/01/26
...........................
11,000,000
11,440,715
Revenue,
2016
A,
Refunding,
5%,
11/01/29
..............................
16,000,000
18,976,560
Revenue,
2016
A,
Refunding,
5%,
11/01/30
..............................
5,000,000
5,920,771
California
Statewide
Communities
Development
Authority
,
Revenue,
2019
A,
Refunding,
California
Mortgage
Insured,
5%,
11/15/34
........
750,000
955,737
Revenue,
2019
A,
Refunding,
California
Mortgage
Insured,
5%,
11/15/37
........
735,000
932,286
Aldersly
Obligated
Group,
Revenue,
2015
A,
Refunding,
4.5%,
5/15/25
.........
805,000
856,604
Community
Church
Retirement
Center,
Revenue,
2013,
California
Mortgage
Insured,
5%,
11/15/28
...................................................
1,000,000
1,084,262
Front
Porch
Communities
&
Services
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
4/01/23
....................................................
400,000
423,166
Front
Porch
Communities
&
Services
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
4/01/24
....................................................
400,000
439,832
Front
Porch
Communities
&
Services
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
4/01/25
....................................................
615,000
700,338
Front
Porch
Communities
&
Services
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
4/01/26
....................................................
400,000
469,861
Front
Porch
Communities
&
Services
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
4/01/27
....................................................
670,000
808,489
Front
Porch
Communities
&
Services
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
4/01/28
....................................................
425,000
524,117
Front
Porch
Communities
&
Services
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
4/01/29
....................................................
725,000
911,219
Front
Porch
Communities
&
Services
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
4/01/30
....................................................
450,000
577,036
Front
Porch
Communities
&
Services
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
4/01/31
....................................................
450,000
588,121
Front
Porch
Communities
&
Services
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
4/01/32
....................................................
1,470,000
1,915,403
Front
Porch
Communities
&
Services
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
4/01/33
....................................................
1,520,000
1,972,111
Front
Porch
Communities
&
Services
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
4/01/34
....................................................
1,565,000
2,026,850
Hebrew
Home
for
Aged
Disabled,
Revenue,
2016,
California
Mortgage
Insured,
5%,
11/01/36
.......................................................
9,000,000
10,721,552
Henry
Mayo
Newhall
Hospital
Obligated
Group,
Revenue,
2014,
Pre-Refunded,
AGMC
Insured,
5%,
10/01/26
.......................................
1,000,000
1,120,924
Henry
Mayo
Newhall
Hospital
Obligated
Group,
Revenue,
2014,
Pre-Refunded,
AGMC
Insured,
5%,
10/01/28
.......................................
1,250,000
1,401,155
Poway
RHF
Housing,
Inc.,
Revenue,
2013
A,
California
Mortgage
Insured,
5%,
11/15/28
.......................................................
500,000
542,131
Sutter
Health
Obligated
Group,
Revenue,
2012
A,
Pre-Refunded,
5%,
8/15/24
....
2,000,000
2,060,242
Sutter
Health
Obligated
Group,
Revenue,
2012
A,
Pre-Refunded,
5%,
8/15/25
....
4,715,000
4,857,020
Sutter
Health
Obligated
Group,
Revenue,
2012
A,
Pre-Refunded,
5%,
8/15/27
....
7,005,000
7,215,997
Campbell
Union
School
District
,
GO
,
2015
,
Refunding
,
5
%
,
8/01/28
..............
3,235,000
3,735,036
Carson
Public
Financing
Authority
,
City
of
Carson
Reassessment
District
No.
2001-1,
Revenue,
2019,
Refunding,
5%,
9/02/25
........................................................
1,000,000
1,141,460
City
of
Carson
Reassessment
District
No.
2001-1,
Revenue,
2019,
Refunding,
5%,
9/02/31
........................................................
1,000,000
1,291,926
Franklin
California
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
(continued)
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)
Castaic
Lake
Water
Agency
,
Santa
Clarita
Valley
Water
Agency
,
COP
,
1999
A
,
AMBAC
Insured
,
Zero
Cpn.,
8/01/22
..........................................
$
10,445,000
$
10,426,965
Chabot-Las
Positas
Community
College
District
,
GO
,
2013
,
Pre-Refunded
,
5
%
,
8/01/24
6,715,000
7,214,599
Chino
Valley
Unified
School
District
,
GO,
2020
B,
5%,
8/01/35
............................................
100,000
130,595
GO,
2020
B,
5%,
8/01/36
............................................
125,000
162,933
GO,
2020
B,
5%,
8/01/37
............................................
250,000
325,169
GO,
2020
B,
5%,
8/01/38
............................................
350,000
454,466
GO,
2020
B,
5%,
8/01/39
............................................
400,000
518,410
City
of
Chula
Vista
,
Community
Facilities
District
No.
06-I
Improvement
Area
No.
2,
Special
Tax,
2021,
4%,
9/01/46
....................................................
855,000
957,689
Community
Facilities
District
No.
06-I
Improvement
Area
No.
2,
Special
Tax,
2021,
4%,
9/01/51
....................................................
1,045,000
1,168,682
City
of
Clovis
,
Sewer,
Revenue,
2013,
Refunding,
BAM
Insured,
5%,
8/01/28
................
1,200,000
1,284,741
Water,
Revenue,
2013,
Refunding,
BAM
Insured,
5%,
3/01/26
................
2,620,000
2,757,808
Water,
Revenue,
2013,
Refunding,
BAM
Insured,
5%,
3/01/27
................
1,000,000
1,052,479
City
of
Corona
,
Community
Facilities
District
No.
2018-1
Improvement
Area
No.
1
,
Special
Tax
,
2020
,
4
%
,
9/01/40
.......................................
350,000
396,307
City
of
Fontana
,
Community
Facilities
District
No.
85,
Special
Tax,
2020,
4%,
9/01/32
...........
250,000
285,928
Community
Facilities
District
No.
85,
Special
Tax,
2020,
4%,
9/01/36
...........
550,000
625,993
Community
Facilities
District
No.
85,
Special
Tax,
2020,
4%,
9/01/40
...........
625,000
708,778
Community
Facilities
District
No.
87,
Special
Tax,
2021,
4%,
9/01/41
...........
400,000
458,335
Community
Facilities
District
No.
87,
Special
Tax,
2021,
4%,
9/01/46
...........
650,000
739,424
Community
Facilities
District
No.
88,
Special
Tax,
2020,
4%,
9/01/40
...........
550,000
625,002
City
of
Irvine
,
Reassessment
District
No.
15-2
,
1915
Act,
Special
Assessment
,
Refunding
,
5
%
,
9/02/25
.............................................
1,000,000
1,163,011
City
of
Lake
Elsinore
,
Community
Facilities
District
No.
2006-1
Summerly,
Special
Tax,
2021,
4%,
9/01/42
475,000
540,028
Community
Facilities
District
No.
2006-1
Summerly,
Special
Tax,
2021,
4%,
9/01/51
425,000
479,471
Community
Facilities
District
No.
2019-1,
Special
Tax,
2021,
4%,
9/01/41
........
350,000
397,737
Community
Facilities
District
No.
2019-1,
Special
Tax,
2021,
4%,
9/01/46
........
450,000
507,394
Community
Facilities
District
No.
2019-1,
Special
Tax,
2021,
4%,
9/01/51
........
700,000
788,321
City
of
Lincoln
,
Community
Facilities
District
No.
2006-1,
Special
Tax,
2021,
Refunding,
4%,
9/01/33
195,000
222,987
Community
Facilities
District
No.
2006-1,
Special
Tax,
2021,
Refunding,
4%,
9/01/35
215,000
245,269
Community
Facilities
District
No.
2006-1,
Special
Tax,
2021,
Refunding,
4%,
9/01/37
250,000
284,403
City
of
Long
Beach
,
Harbor,
Revenue,
2019
A,
5%,
5/15/37
..................................
2,475,000
3,138,839
Harbor,
Revenue,
2019
A,
5%,
5/15/38
..................................
2,250,000
2,849,244
Marina
System,
Revenue,
2015,
5%,
5/15/27
.............................
1,285,000
1,441,238
Marina
System,
Revenue,
2015,
5%,
5/15/32
.............................
1,250,000
1,383,289
City
of
Los
Angeles
,
Department
of
Airports,
Revenue,
2018
D,
Refunding,
5%,
5/15/31
.............
5,715,000
7,178,833
Department
of
Airports,
Revenue,
2019
A,
Refunding,
5%,
5/15/34
.............
5,430,000
6,792,266
Department
of
Airports,
Revenue,
2019
D,
5%,
5/15/30
.....................
2,000,000
2,498,520
Department
of
Airports,
Revenue,
2019
D,
5%,
5/15/31
.....................
2,685,000
3,342,084
Department
of
Airports,
Revenue,
2019
D,
5%,
5/15/33
.....................
2,670,000
3,319,064
Department
of
Airports,
Revenue,
2019
D,
5%,
5/15/34
.....................
1,415,000
1,758,539
Department
of
Airports,
Revenue,
2019
F,
5%,
5/15/37
......................
1,285,000
1,598,904
Department
of
Airports,
Revenue,
2019
F,
5%,
5/15/38
......................
7,500,000
9,318,287
Department
of
Airports,
Revenue,
2020
A,
Refunding,
5%,
5/15/32
.............
3,205,000
4,162,866
Department
of
Airports,
Revenue,
2020
A,
Refunding,
5%,
5/15/33
.............
3,000,000
3,892,710
Department
of
Airports,
Revenue,
2020
A,
Refunding,
5%,
5/15/37
.............
7,380,000
9,519,725
Department
of
Airports,
Revenue,
2021
B,
Refunding,
5%,
5/15/31
.............
920,000
1,232,994
Franklin
California
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
(continued)
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
Los
Angeles,
(continued)
Department
of
Airports,
Revenue,
2021
B,
Refunding,
5%,
5/15/32
.............
$
920,000
$
1,229,417
Wastewater
System,
Revenue,
2012
B,
Refunding,
5%,
6/01/28
...............
11,700,000
11,927,991
Wastewater
System,
Revenue,
2013
A,
Refunding,
5%,
6/01/27
...............
9,145,000
9,758,960
City
of
Moreno
Valley
,
Community
Facilities
District
No.
5,
Special
Tax,
2021,
Refunding,
4%,
9/01/31
....
250,000
283,726
Community
Facilities
District
No.
5,
Special
Tax,
2021,
Refunding,
4%,
9/01/37
....
750,000
842,842
City
of
Newport
Beach
,
Assessment
District
No.
113,
1915
Act,
Special
Assessment,
2021
A,
2%,
9/02/34
.
235,000
232,382
Assessment
District
No.
113,
1915
Act,
Special
Assessment,
2021
A,
2.125%,
9/02/35
........................................................
240,000
238,697
Assessment
District
No.
113,
1915
Act,
Special
Assessment,
2021
A,
2.125%,
9/02/36
........................................................
245,000
244,357
City
of
Ontario
,
Community
Facilities
District
No.
46,
Special
Tax,
2021,
4%,
9/01/45
...........
300,000
341,197
Community
Facilities
District
No.
46,
Special
Tax,
2021,
4%,
9/01/51
...........
500,000
566,420
City
of
Palm
Desert
,
Community
Facilities
District
No.
2005-1,
Special
Tax,
2021
A,
Refunding,
4%,
9/01/30
........................................................
195,000
225,304
Community
Facilities
District
No.
2005-1,
Special
Tax,
2021
A,
Refunding,
4%,
9/01/33
........................................................
220,000
252,119
Community
Facilities
District
No.
2005-1,
Special
Tax,
2021
A,
Refunding,
4%,
9/01/36
........................................................
250,000
285,287
Section
29
Assessment
District
No.
2004-02,
1915
Act,
Special
Assessment,
2021,
Refunding,
2%,
9/02/22
............................................
235,000
236,905
Section
29
Assessment
District
No.
2004-02,
1915
Act,
Special
Assessment,
2021,
Refunding,
4%,
9/02/26
............................................
670,000
742,580
Section
29
Assessment
District
No.
2004-02,
1915
Act,
Special
Assessment,
2021,
Refunding,
4%,
9/02/31
............................................
800,000
916,034
Section
29
Assessment
District
No.
2004-02,
1915
Act,
Special
Assessment,
2021,
Refunding,
4%,
9/02/37
............................................
1,200,000
1,360,589
City
of
Palo
Alto
,
University
Avenue
Off-Street
Parking
Assessment
District,
1915
Act,
Special
Assessment,
2012,
Refunding,
5%,
9/02/28
............................
1,000,000
1,030,038
University
Avenue
Off-Street
Parking
Assessment
District,
1915
Act,
Special
Assessment,
2012,
Refunding,
5%,
9/02/29
............................
1,280,000
1,317,769
City
of
Porterville
,
Water,
COP,
2021,
AGMC
Insured,
4%,
8/15/35
...........................
230,000
277,118
Water,
COP,
2021,
AGMC
Insured,
4%,
8/15/36
...........................
200,000
240,333
Water,
COP,
2021,
AGMC
Insured,
4%,
8/15/37
...........................
175,000
209,830
City
of
Riverside
,
Sewer,
Revenue,
2015
A,
Refunding,
5%,
8/01/28
.........................
3,870,000
4,459,273
Sewer,
Revenue,
2015
A,
Refunding,
5%,
8/01/29
.........................
4,670,000
5,375,718
City
of
Sacramento
,
North
Natomas
Community
Facilities
District
No.
4,
Special
Tax,
2015
F,
Refunding,
5%,
9/01/26
....................................................
615,000
705,556
North
Natomas
Community
Facilities
District
No.
4,
Special
Tax,
2015
F,
Refunding,
5%,
9/01/28
....................................................
1,220,000
1,388,562
North
Natomas
Community
Facilities
District
No.
4,
Special
Tax,
2015
F,
Refunding,
5%,
9/01/29
....................................................
1,555,000
1,760,384
North
Natomas
Community
Facilities
District
No.
4,
Special
Tax,
2015
F,
Refunding,
5%,
9/01/30
....................................................
1,045,000
1,178,844
North
Natomas
Community
Facilities
District
No.
4,
Special
Tax,
2015
F,
Refunding,
5%,
9/01/31
....................................................
1,800,000
2,025,561
Transient
Occupancy
Tax,
Revenue,
2018
A,
5%,
6/01/34
....................
1,485,000
1,792,011
Transient
Occupancy
Tax,
Revenue,
2018
A,
5%,
6/01/35
....................
2,000,000
2,410,304
Transient
Occupancy
Tax,
Revenue,
2018
A,
5%,
6/01/36
....................
2,220,000
2,671,085
Franklin
California
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
(continued)
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)
City
of
San
Francisco
,
Public
Utilities
Commission
Water
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
11/01/28
.....................................................
$
5,000,000
$
5,738,383
City
of
Santa
Rosa
,
Wastewater
,
Revenue
,
2020
A
,
5
%
,
9/01/33
................
4,260,000
5,585,692
City
of
Vernon
,
Electric
System,
Revenue,
2021
A,
5%,
4/01/26
...........................
1,265,000
1,481,892
Electric
System,
Revenue,
2021
A,
5%,
10/01/26
..........................
2,000,000
2,375,850
Electric
System,
Revenue,
2021
A,
5%,
4/01/27
...........................
1,750,000
2,106,754
c
Electric
System,
Revenue,
2022
A,
Refunding,
5%,
8/01/23
..................
580,000
610,237
c
Electric
System,
Revenue,
2022
A,
Refunding,
5%,
8/01/24
..................
700,000
763,076
c
Electric
System,
Revenue,
2022
A,
Refunding,
5%,
8/01/25
..................
500,000
562,530
c
Electric
System,
Revenue,
2022
A,
Refunding,
5%,
8/01/26
..................
605,000
698,642
c
Electric
System,
Revenue,
2022
A,
Refunding,
5%,
8/01/30
..................
1,105,000
1,372,680
City
of
Woodland
,
Community
Facilities
District
No.
2004-1
,
Special
Tax
,
2019
,
5
%
,
9/01/36
.........................................................
1,510,000
1,727,636
Compton
Community
Redevelopment
Agency
,
Tax
Allocation,
Second
Lien
,
2010
A
,
5
%
,
8/01/25
......................................................
6,760,000
6,781,499
Contra
Costa
Water
District
,
Revenue
,
T
,
Refunding
,
5
%
,
10/01/26
..............
3,400,000
3,832,218
Corona-Norco
Unified
School
District
,
GO
,
2011
E
,
5.3
%
,
8/01/25
...............
4,645,000
5,435,574
Corona-Norco
Unified
School
District
Public
Financing
Authority
,
Special
Tax,
Senior
Lien,
2013
A,
Pre-Refunded,
5%,
9/01/24
.................
1,565,000
1,687,794
Special
Tax,
Senior
Lien,
2013
A,
Pre-Refunded,
5%,
9/01/25
.................
1,000,000
1,078,462
County
of
Sacramento
,
Airport
System,
Revenue,
2016
B,
Refunding,
5%,
7/01/35
...................
1,000,000
1,179,692
Airport
System,
Revenue,
2016
B,
Refunding,
5%,
7/01/36
...................
2,000,000
2,359,611
County
of
San
Diego
,
Community
Facilities
District
No.
2008-01,
Special
Tax,
2020
A,
4%,
9/01/26
......
105,000
118,284
Community
Facilities
District
No.
2008-01,
Special
Tax,
2020
A,
4%,
9/01/27
......
435,000
497,027
Community
Facilities
District
No.
2008-01,
Special
Tax,
2020
A,
4%,
9/01/28
......
495,000
564,727
Community
Facilities
District
No.
2008-01,
Special
Tax,
2020
A,
4%,
9/01/29
......
75,000
85,204
Community
Facilities
District
No.
2008-01,
Special
Tax,
2020
A,
4%,
9/01/30
......
200,000
226,389
Community
Facilities
District
No.
2008-01,
Special
Tax,
2020
A,
4%,
9/01/31
......
220,000
248,253
Community
Facilities
District
No.
2008-01,
Special
Tax,
2020
A,
4%,
9/01/33
......
345,000
388,547
Community
Facilities
District
No.
2008-01,
Special
Tax,
2020
A,
4%,
9/01/34
......
100,000
112,496
Community
Facilities
District
No.
2008-01,
Special
Tax,
2020
A,
4%,
9/01/35
......
420,000
471,865
Community
Facilities
District
No.
2008-01,
Special
Tax,
2020
A,
4%,
9/01/37
......
765,000
857,832
Community
Facilities
District
No.
2008-01,
Special
Tax,
2020
A,
4%,
9/01/38
......
375,000
420,085
Community
Facilities
District
No.
2008-01,
Special
Tax,
2020
A,
4%,
9/01/39
......
920,000
1,029,017
Community
Facilities
District
No.
2008-01,
Special
Tax,
2020
A,
4%,
9/01/40
......
590,000
659,858
a
CSCDA
Community
Improvement
Authority
,
1818
Platinum
Triangle-Anaheim,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3.35%,
4/01/47
........................................................
10,000,000
9,982,724
Oceanaire
Apartments,
Revenue,
144A,
2021
A-1,
3.2%,
9/01/46
..............
7,500,000
7,386,380
Cupertino
Union
School
District
,
GO,
B,
Pre-Refunded,
5%,
8/01/26
.....................................
1,285,000
1,439,672
GO,
B,
Pre-Refunded,
5%,
8/01/27
.....................................
1,500,000
1,680,552
GO,
B,
Pre-Refunded,
5%,
8/01/28
.....................................
1,000,000
1,120,368
Del
Mar
Race
Track
Authority
,
Revenue,
2015,
Refunding,
5%,
10/01/22
................................
1,435,000
1,458,483
Revenue,
2015,
Refunding,
5%,
10/01/23
................................
1,510,000
1,564,455
Revenue,
2015,
Refunding,
5%,
10/01/28
................................
1,925,000
2,026,548
Revenue,
2015,
Refunding,
5%,
10/01/30
................................
1,125,000
1,177,989
Dublin
Unified
School
District
,
GO
,
2016
,
Refunding
,
5
%
,
8/01/32
...............
3,220,000
3,832,721
East
Bay
Municipal
Utility
District
,
Wastewater
System,
Revenue,
2014
A,
Refunding,
5%,
6/01/25
...............
2,845,000
3,286,159
Wastewater
System,
Revenue,
2014
A,
Refunding,
5%,
6/01/26
...............
3,650,000
4,366,718
Wastewater
System,
Revenue,
2014
A,
Refunding,
5%,
6/01/27
...............
1,500,000
1,849,822
Franklin
California
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
(continued)
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)
East
Bay
Municipal
Utility
District,
(continued)
Wastewater
System,
Revenue,
2014
A,
Refunding,
5%,
6/01/29
...............
$
1,000,000
$
1,298,699
Water
System,
Revenue,
2015
A,
Refunding,
5%,
6/01/29
...................
5,000,000
5,764,285
El
Dorado
Irrigation
District
,
COP,
2020
A,
5%,
3/01/34
...........................................
375,000
486,231
COP,
2020
A,
5%,
3/01/37
...........................................
325,000
418,795
COP,
2020
A,
5%,
3/01/38
...........................................
750,000
964,879
COP,
2020
A,
5%,
3/01/39
...........................................
720,000
924,610
Revenue,
2016
C,
Pre-Refunded,
5%,
3/01/31
............................
2,500,000
2,966,463
Elk
Grove
Finance
Authority
,
Special
Tax
,
2015
,
Refunding
,
BAM
Insured
,
5
%
,
9/01/30
1,130,000
1,310,071
FHLMC,
Multi-family
ML
Pass-Through
Certificates
,
Revenue
,
2019-ML06
,
ACA
,
Revenue
,
2.493
%
,
7/25/35
...........................................
24,335,071
25,600,662
Folsom
Public
Financing
Authority
,
Community
Facilities
District
No.
7,
Special
Tax,
2011
A,
Refunding,
AGMC
Insured,
5%,
9/01/23
....................................................
1,005,000
1,012,217
Community
Facilities
District
No.
7,
Special
Tax,
2011
A,
Refunding,
AGMC
Insured,
5%,
9/01/24
....................................................
1,055,000
1,062,674
Fontana
Public
Facilities
Financing
Authority
,
Special
Tax,
2021
A,
Refunding,
4%,
9/01/22
.............................
300,000
307,179
Special
Tax,
2021
A,
Refunding,
4%,
9/01/23
.............................
450,000
475,950
Special
Tax,
2021
A,
Refunding,
4%,
9/01/24
.............................
1,225,000
1,332,950
Special
Tax,
2021
A,
Refunding,
4%,
9/01/26
.............................
950,000
1,083,154
Special
Tax,
2021
A,
Refunding,
4%,
9/01/28
.............................
1,100,000
1,294,722
Special
Tax,
2021
A,
Refunding,
4%,
9/01/30
.............................
740,000
881,813
Special
Tax,
2021
A,
Refunding,
4%,
9/01/31
.............................
165,000
195,773
Special
Tax,
2021
A,
Refunding,
4%,
9/01/33
.............................
180,000
211,731
Special
Tax,
2021
A,
Refunding,
4%,
9/01/34
.............................
185,000
217,273
Special
Tax,
2021
A,
Refunding,
4%,
9/01/35
.............................
190,000
222,741
Special
Tax,
2021
B,
Refunding,
BAM
Insured,
4%,
9/01/34
..................
255,000
295,076
Special
Tax,
2021
B,
Refunding,
BAM
Insured,
4%,
9/01/43
..................
500,000
573,379
Foothill-De
Anza
Community
College
District
,
GO,
2015,
Refunding,
5%,
8/01/27
.....................................
1,250,000
1,449,476
GO,
2015,
Refunding,
5%,
8/01/28
.....................................
2,500,000
2,892,199
Foothill-Eastern
Transportation
Corridor
Agency
,
Revenue,
2013
A,
Refunding,
Zero
Cpn.,
1/15/25
..........................
2,500,000
2,573,164
Revenue,
2013
A,
Refunding,
Zero
Cpn.,
1/15/26
..........................
3,760,000
4,035,493
Revenue,
2013
A,
Refunding,
Zero
Cpn.,
1/15/27
..........................
6,395,000
7,137,273
Revenue,
2013
A,
Refunding,
AGMC
Insured,
Zero
Cpn.,
1/15/29
..............
19,895,000
22,699,548
Revenue,
2015
A,
Refunding,
AGMC
Insured,
Zero
Cpn.,
1/15/34
..............
3,000,000
2,357,730
Revenue,
Junior
Lien,
2021
C,
Refunding,
5%,
1/15/26
.....................
305,000
352,811
Revenue,
Junior
Lien,
2021
C,
Refunding,
5%,
1/15/27
.....................
350,000
415,659
Revenue,
Junior
Lien,
2021
C,
Refunding,
5%,
1/15/28
.....................
320,000
388,270
Revenue,
Junior
Lien,
2021
C,
Refunding,
5%,
1/15/29
.....................
360,000
445,617
Revenue,
Junior
Lien,
2021
C,
Refunding,
5%,
1/15/30
.....................
400,000
503,090
Revenue,
Junior
Lien,
2021
C,
Refunding,
5%,
1/15/31
.....................
470,000
602,889
Revenue,
Junior
Lien,
2021
C,
Refunding,
4%,
1/15/32
.....................
300,000
358,252
Revenue,
Junior
Lien,
2021
C,
Refunding,
4%,
1/15/33
.....................
445,000
529,907
Fullerton
School
District
Financing
Authority
,
Special
Tax,
Senior
Lien,
2013
A,
Refunding,
AGMC
Insured,
5%,
9/01/27
.......
1,000,000
1,076,585
Special
Tax,
Senior
Lien,
2013
A,
Refunding,
AGMC
Insured,
5%,
9/01/28
.......
1,040,000
1,119,649
Golden
State
Tobacco
Securitization
Corp.
,
Revenue,
2018
A-1,
Pre-Refunded,
5%,
6/01/31
...........................
1,000,000
1,261,301
Revenue,
2018
A-1,
Pre-Refunded,
5%,
6/01/32
...........................
8,135,000
10,260,682
Revenue,
2018
A-1,
Pre-Refunded,
5%,
6/01/33
...........................
10,000,000
12,613,008
Revenue,
2018
A-1,
Pre-Refunded,
5%,
6/01/35
...........................
9,000,000
11,351,707
Imperial
Community
College
District
,
GO,
2012,
Refunding,
AGMC
Insured,
5%,
8/01/22
.........................
1,170,000
1,201,767
Franklin
California
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
(continued)
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)
Imperial
Community
College
District,
(continued)
GO,
2012,
Pre-Refunded,
AGMC
Insured,
5%,
8/01/23
......................
$
1,350,000
$
1,387,690
Imperial
Irrigation
District
,
Electric
System,
Revenue,
2019,
Refunding,
5%,
11/01/37
...................
3,885,000
4,953,028
Electric
System,
Revenue,
2019,
Refunding,
5%,
11/01/38
...................
4,075,000
5,190,848
Independent
Cities
Finance
Authority
,
Millennium
Housing
LLC,
Revenue,
2021,
Refunding,
3%,
5/15/41
.............
1,395,000
1,471,995
San
Juan
Mobile
Estates,
Revenue,
2015,
Refunding,
5%,
8/15/30
.............
1,575,000
1,767,416
Irvine
Unified
School
District
,
Special
Tax,
2020
A,
4%,
9/01/27
......................................
1,745,000
2,018,530
Special
Tax,
2020
A,
4%,
9/01/28
......................................
1,135,000
1,334,330
Special
Tax,
2020
A,
5%,
9/01/29
......................................
1,920,000
2,447,210
Special
Tax,
2020
A,
5%,
9/01/30
......................................
1,910,000
2,487,622
Special
Tax,
2020
A,
5%,
9/01/32
......................................
755,000
977,250
Special
Tax,
2020
A,
4%,
9/01/34
......................................
2,300,000
2,734,300
Special
Tax,
2020
A,
4%,
9/01/35
......................................
1,460,000
1,733,027
Special
Tax,
2020
A,
4%,
9/01/36
......................................
1,320,000
1,565,105
Special
Tax,
2020
A,
4%,
9/01/37
......................................
1,355,000
1,603,066
Special
Tax,
2020
A,
4%,
9/01/38
......................................
2,735,000
3,230,062
Special
Tax,
2020
A,
4%,
9/01/39
......................................
2,905,000
3,426,728
Community
Facilities
District
No.
09-1,
Special
Tax,
2019
A,
5%,
9/01/29
........
185,000
237,826
Community
Facilities
District
No.
09-1,
Special
Tax,
2019
A,
5%,
9/01/30
........
210,000
268,466
Community
Facilities
District
No.
09-1,
Special
Tax,
2019
A,
5%,
9/01/31
........
175,000
222,802
Community
Facilities
District
No.
09-1,
Special
Tax,
2019
A,
5%,
9/01/32
........
185,000
235,034
Community
Facilities
District
No.
09-1,
Special
Tax,
2019
A,
5%,
9/01/33
........
200,000
253,203
Community
Facilities
District
No.
09-1,
Special
Tax,
2019
A,
5%,
9/01/34
........
225,000
284,176
Community
Facilities
District
No.
09-1,
Special
Tax,
2019
A,
5%,
9/01/36
........
265,000
333,480
Community
Facilities
District
No.
09-1,
Special
Tax,
2019
A,
4%,
9/01/37
........
285,000
333,767
Community
Facilities
District
No.
09-1,
Special
Tax,
2019
A,
4%,
9/01/38
........
275,000
321,335
Community
Facilities
District
No.
09-1,
Special
Tax,
2019
A,
4%,
9/01/39
........
315,000
367,185
Community
Facilities
District
No.
09-1,
Special
Tax,
2019
A,
4%,
9/01/40
........
350,000
407,384
Jurupa
Public
Financing
Authority
,
Special
Tax,
2013
A,
AGMC
Insured,
5%,
9/01/30
..........................
2,750,000
2,952,986
Special
Tax,
2013
A,
AGMC
Insured,
5%,
9/01/33
..........................
5,000,000
5,365,608
Special
Tax,
2014
A,
Refunding,
5%,
9/01/27
.............................
1,000,000
1,112,990
Special
Tax,
2014
A,
Refunding,
5%,
9/01/28
.............................
1,275,000
1,418,657
Special
Tax,
2014
A,
Refunding,
5%,
9/01/29
.............................
530,000
589,446
Special
Tax,
2015
A,
Refunding,
5%,
9/01/26
.............................
1,855,000
2,136,106
Special
Tax,
2015
A,
Refunding,
5%,
9/01/27
.............................
1,000,000
1,151,036
Special
Tax,
2015
A,
Refunding,
5%,
9/01/28
.............................
1,025,000
1,179,360
Special
Tax,
2015
A,
Refunding,
5%,
9/01/29
.............................
1,155,000
1,328,114
Special
Tax,
2015
A,
Refunding,
5%,
9/01/30
.............................
1,510,000
1,736,647
Special
Tax,
2015
A,
Refunding,
5%,
9/01/31
.............................
1,190,000
1,368,028
Special
Tax,
2015
A,
Refunding,
5%,
9/01/32
.............................
2,505,000
2,879,538
Special
Tax,
2015
A,
Refunding,
5%,
9/01/33
.............................
2,635,000
3,028,636
Special
Tax,
2020
A,
Refunding,
BAM
Insured,
4%,
9/01/32
..................
700,000
840,900
Special
Tax,
2020
A,
Refunding,
BAM
Insured,
4%,
9/01/36
..................
1,175,000
1,391,103
Lake
Elsinore
Public
Financing
Authority
,
Special
Tax
,
2015
,
Refunding
,
5
%
,
9/01/30
.
4,970,000
5,619,864
Lake
Elsinore
Unified
School
District
,
Community
Facilities
District
,
Special
Tax
,
2021
,
4
%
,
9/01/45
......................................................
760,000
861,307
Lammersville
Joint
Unified
School
District
,
Community
Facilities
District
No.
200
,
Special
Tax
,
2017
,
Refunding
,
5
%
,
9/01/33
...............................
1,575,000
1,858,492
Lee
Lake
Public
Financing
Authority
,
Special
Tax,
Junior
Lien,
2013
B,
5%,
9/01/27
............................
1,400,000
1,486,068
Special
Tax,
Junior
Lien,
2013
B,
5.25%,
9/01/29
..........................
810,000
860,493
Franklin
California
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
(continued)
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)
Los
Angeles
Community
College
District
,
GO
,
2015
A
,
Pre-Refunded
,
5
%
,
8/01/26
..
$
15,000,000
$
16,784,917
Los
Angeles
County
Metropolitan
Transportation
Authority
,
Revenue,
2014
A,
Refunding,
5%,
7/01/26
...............................
6,315,000
7,051,812
Revenue,
2014
A,
Refunding,
5%,
7/01/27
...............................
6,630,000
7,401,805
Revenue,
2017
A,
5%,
7/01/38
........................................
1,755,000
2,138,600
Revenue,
Senior
Lien,
2012
B,
Refunding,
5%,
7/01/23
.....................
5,000,000
5,118,815
Los
Angeles
Department
of
Water
&
Power
,
Power
System,
Revenue,
2013
A,
5%,
7/01/25
............................
5,135,000
5,374,246
Power
System,
Revenue,
2014
C,
5%,
7/01/27
............................
12,000,000
13,361,956
Power
System,
Revenue,
2014
D,
5%,
7/01/26
............................
2,600,000
2,899,910
Power
System,
Revenue,
2014
D,
5%,
7/01/28
............................
2,550,000
2,837,393
Power
System,
Revenue,
2016
B,
5%,
7/01/30
............................
3,000,000
3,521,704
Power
System,
Revenue,
2016
B,
5%,
7/01/31
............................
6,700,000
7,853,550
Power
System,
Revenue,
2017
B,
Refunding,
5%,
7/01/34
...................
23,350,000
28,170,183
Water
System,
Revenue,
2016
A,
Refunding,
5%,
7/01/37
...................
10,450,000
12,217,639
Water
System,
Revenue,
2018
B,
Refunding,
5%,
7/01/34
...................
2,500,000
3,142,109
Water
System,
Revenue,
2020
A,
Refunding,
5%,
7/01/35
...................
1,670,000
2,195,341
Water
System,
Revenue,
2020
A,
Refunding,
5%,
7/01/36
...................
5,225,000
6,850,053
Water
System,
Revenue,
2020
A,
Refunding,
5%,
7/01/37
...................
950,000
1,242,818
Water
System,
Revenue,
2020
A,
Refunding,
5%,
7/01/40
...................
10,000,000
13,015,264
Water
System,
Revenue,
2020
C,
Refunding,
5%,
7/01/32
...................
1,750,000
2,310,763
Water
System,
Revenue,
2020
C,
Refunding,
5%,
7/01/33
...................
2,500,000
3,295,348
Water
System,
Revenue,
2020
C,
Refunding,
5%,
7/01/34
...................
2,750,000
3,620,950
Los
Angeles
Unified
School
District
,
GO,
2011
A-1,
Refunding,
5%,
7/01/23
..................................
13,335,000
14,283,124
GO,
2016
A,
Refunding,
5%,
7/01/29
...................................
5,000,000
5,743,618
GO,
2016
B,
Refunding,
5%,
7/01/30
...................................
30,000,000
35,663,784
GO,
2020
RYQ,
4%,
7/01/36
.........................................
5,000,000
6,043,697
Manteca
Unified
School
District
,
Community
Facilities
District
No.
1989-2,
Special
Tax,
2013
F,
AGMC
Insured,
5%,
9/01/22
........................................................
1,000,000
1,031,987
Community
Facilities
District
No.
1989-2,
Special
Tax,
2013
F,
AGMC
Insured,
5%,
9/01/26
........................................................
1,280,000
1,375,810
Martinez
Unified
School
District
,
GO
,
2011
,
Refunding
,
5.375
%
,
8/01/26
..........
5,000,000
5,626,468
Menifee
Union
School
District
,
Community
Facilities
District
No.
2011-1,
Special
Tax,
2021,
4%,
9/01/36
........
445,000
513,857
Community
Facilities
District
No.
2011-1,
Special
Tax,
2021,
4%,
9/01/41
........
660,000
759,392
Community
Facilities
District
No.
2011-1,
Special
Tax,
2021,
4%,
9/01/46
........
875,000
998,916
Community
Facilities
District
No.
2011-1,
Special
Tax,
2021,
4%,
9/01/50
........
1,035,000
1,178,187
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
5,
Special
Tax,
2021,
4%,
9/01/36
....................................................
500,000
576,730
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
5,
Special
Tax,
2021,
4%,
9/01/41
....................................................
800,000
913,179
Menifee
Union
School
District
Public
Financing
Authority
,
Special
Tax,
2016
A,
Refunding,
5%,
9/01/25
.............................
1,200,000
1,352,132
Special
Tax,
2017
A,
5%,
9/01/25
......................................
1,405,000
1,585,803
Special
Tax,
2017
A,
5%,
9/01/28
......................................
1,250,000
1,466,829
Special
Tax,
2017
A,
5%,
9/01/30
......................................
1,550,000
1,812,516
Metropolitan
Water
District
of
Southern
California
,
Revenue,
2014
E,
Refunding,
5%,
7/01/23
...............................
20,000,000
21,425,128
Revenue,
2014
E,
Refunding,
5%,
7/01/24
...............................
1,110,000
1,238,333
Revenue,
2016
A,
Refunding,
5%,
7/01/28
...............................
5,000,000
5,850,069
Revenue,
2020
C,
Refunding,
5%,
7/01/38
...............................
18,000,000
23,559,302
Revenue,
2021
A,
5%,
10/01/31
.......................................
1,175,000
1,594,781
Revenue,
2021
A,
5%,
10/01/32
.......................................
1,000,000
1,348,773
Revenue,
2021
A,
5%,
10/01/33
.......................................
1,750,000
2,356,172
Revenue,
2021
A,
5%,
10/01/34
.......................................
1,435,000
1,926,559
Franklin
California
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
(continued)
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)
Metropolitan
Water
District
of
Southern
California,
(continued)
Revenue,
2021
A,
5%,
10/01/35
.......................................
$
1,100,000
$
1,474,571
Revenue,
2021
A,
5%,
10/01/36
.......................................
1,175,000
1,571,028
Miracosta
Community
College
District
,
GO,
B,
4%,
8/01/33
................................................
1,030,000
1,271,656
GO,
B,
4%,
8/01/34
................................................
1,725,000
2,122,489
Moreno
Valley
Unified
School
District
,
GO,
2007,
Refunding,
NATL
Insured,
Zero
Cpn.,
8/01/24
....................
7,500,000
7,350,476
Community
Facilities
District
No.
2016-1,
Special
Tax,
2020,
4%,
9/01/31
........
120,000
138,462
Community
Facilities
District
No.
2016-1,
Special
Tax,
2020,
4%,
9/01/32
........
130,000
149,677
Community
Facilities
District
No.
2016-1,
Special
Tax,
2020,
4%,
9/01/33
........
140,000
160,915
Community
Facilities
District
No.
2016-1,
Special
Tax,
2020,
4%,
9/01/34
........
150,000
171,561
Community
Facilities
District
No.
2016-1,
Special
Tax,
2020,
4%,
9/01/35
........
165,000
188,230
Community
Facilities
District
No.
2016-1,
Special
Tax,
2020,
2.5%,
9/01/36
.......
175,000
177,926
Community
Facilities
District
No.
2016-1,
Special
Tax,
2020,
2.5%,
9/01/37
.......
190,000
192,585
Community
Facilities
District
No.
2016-1,
Special
Tax,
2020,
2.625%,
9/01/38
.....
200,000
204,302
Community
Facilities
District
No.
2016-1,
Special
Tax,
2020,
2.625%,
9/01/39
.....
210,000
214,086
Community
Facilities
District
No.
2016-1,
Special
Tax,
2020,
2.75%,
9/01/40
......
225,000
230,999
Mount
Diablo
Unified
School
District
,
GO
,
B-2
,
Refunding
,
5
%
,
7/01/27
...........
3,200,000
3,276,433
Mount
San
Antonio
Community
College
District
,
GO
,
2013
A
,
Zero
Cpn.,
8/01/28
....
6,000,000
7,099,730
Mountain
House
Public
Financing
Authority
,
Mountain
House
Community
Services
District,
Revenue,
2020
A,
BAM
Insured,
4%,
12/01/32
.......................................................
400,000
485,783
Mountain
House
Community
Services
District,
Revenue,
2020
A,
BAM
Insured,
4%,
12/01/33
.......................................................
325,000
392,826
Mountain
House
Community
Services
District,
Revenue,
2020
A,
BAM
Insured,
4%,
12/01/34
.......................................................
300,000
361,001
Mountain
House
Community
Services
District,
Revenue,
2020
A,
BAM
Insured,
4%,
12/01/35
.......................................................
1,325,000
1,592,280
Mountain
House
Community
Services
District,
Revenue,
2020
A,
BAM
Insured,
4%,
12/01/36
.......................................................
310,000
371,373
Mountain
House
Community
Services
District,
Revenue,
2020
A,
BAM
Insured,
4%,
12/01/37
.......................................................
300,000
358,581
Mountain
House
Community
Services
District,
Revenue,
2020
A,
BAM
Insured,
4%,
12/01/38
.......................................................
300,000
357,391
Mountain
House
Community
Services
District,
Revenue,
2020
A,
BAM
Insured,
4%,
12/01/39
.......................................................
275,000
326,956
Murrieta
Financing
Authority
,
Special
Tax,
2012,
Refunding,
5%,
9/01/22
...............................
1,495,000
1,537,467
Special
Tax,
2012,
Refunding,
5%,
9/01/24
...............................
1,810,000
1,864,302
Special
Tax,
2012,
Refunding,
5%,
9/01/25
...............................
1,000,000
1,029,464
New
Haven
Unified
School
District
,
GO,
2012,
Refunding,
AGMC
Insured,
Zero
Cpn.,
8/01/22
...................
11,750,000
11,726,345
GO,
2012,
Refunding,
AGMC
Insured,
Zero
Cpn.,
8/01/23
...................
3,200,000
3,172,281
Ontario
International
Airport
Authority
,
Revenue
,
2021
A
,
AGMC
Insured
,
4
%
,
5/15/51
6,000,000
7,048,240
Oro
Grande
Elementary
School
District
,
COP,
2020,
Refunding,
4%,
9/15/29
....................................
2,595,000
2,851,411
COP,
2020,
Refunding,
4%,
9/15/30
....................................
2,700,000
2,950,439
COP,
2020,
Refunding,
4%,
9/15/31
....................................
2,805,000
3,042,501
COP,
2020,
Refunding,
4%,
9/15/32
....................................
1,600,000
1,732,986
Oxnard
Financing
Authority
,
Special
Tax,
Senior
Lien
,
2012
A
,
5
%
,
9/02/26
........
1,020,000
1,050,406
Port
of
Oakland
,
Revenue,
2021
H,
Refunding,
5%,
5/01/29
...............................
1,900,000
2,405,646
Revenue,
2021
H,
Refunding,
5%,
11/01/29
..............................
2,000,000
2,559,102
Poway
Unified
School
District
,
Community
Facilities
District
No.
16,
Special
Tax,
2020,
AGMC
Insured,
5%,
9/01/32
100,000
128,684
Franklin
California
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
(continued)
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)
Poway
Unified
School
District,
(continued)
Community
Facilities
District
No.
16,
Special
Tax,
2020,
AGMC
Insured,
4%,
9/01/34
$
500,000
$
598,423
Community
Facilities
District
No.
16,
Special
Tax,
2020,
AGMC
Insured,
4%,
9/01/36
715,000
852,845
Community
Facilities
District
No.
16,
Special
Tax,
2020,
AGMC
Insured,
4%,
9/01/38
835,000
991,308
Community
Facilities
District
No.
16,
Special
Tax,
2020,
AGMC
Insured,
4%,
9/01/40
965,000
1,141,547
Poway
Unified
School
District
Public
Financing
Authority
,
Special
Tax,
2014,
BAM
Insured,
5%,
10/01/31
............................
1,700,000
1,832,989
Special
Tax,
2014,
BAM
Insured,
5%,
10/01/32
............................
1,845,000
1,988,660
Special
Tax,
2017
A,
Refunding,
5%,
9/01/27
.............................
1,375,000
1,650,461
Special
Tax,
2017
A,
Refunding,
5%,
9/01/30
.............................
2,245,000
2,675,379
Rancho
Mirage
Community
Facilities
District
,
City
of
Rancho
Mirage
Community
Facilities
District
No.
4B,
Special
Tax,
2021,
4%,
9/01/46
........................................................
385,000
429,922
City
of
Rancho
Mirage
Community
Facilities
District
No.
4B,
Special
Tax,
2021,
4%,
9/01/51
........................................................
320,000
356,780
River
Islands
Public
Financing
Authority
,
Lathrop
Irrigation
District
Electric,
Revenue,
2020,
AGMC
Insured,
4%,
9/01/35
...
625,000
741,878
Lathrop
Irrigation
District
Electric,
Revenue,
2020,
AGMC
Insured,
4%,
9/01/40
...
1,665,000
1,957,896
Riverside
Community
College
District
,
GO
,
2014
A
,
Pre-Refunded
,
5
%
,
8/01/27
.....
3,550,000
3,977,305
Riverside
County
Transportation
Commission
,
Revenue,
2013
A,
Pre-Refunded,
5.25%,
6/01/25
..........................
3,500,000
3,748,821
Revenue,
2013
A,
Pre-Refunded,
5.25%,
6/01/27
..........................
4,000,000
4,284,366
Revenue,
2017
B,
Refunding,
5%,
6/01/38
...............................
7,805,000
9,640,030
Riverside
Unified
School
District
,
Community
Facilities
District
No.
33,
Special
Tax,
2021,
4%,
9/01/45
...........
375,000
419,102
Community
Facilities
District
No.
33,
Special
Tax,
2021,
4%,
9/01/50
...........
600,000
669,716
RNR
School
Financing
Authority
,
Community
Facilities
District
No.
92-1
,
Special
Tax
,
2017
A
,
BAM
Insured
,
5
%
,
9/01/27
.....................................
1,035,000
1,234,312
Romoland
School
District
,
Community
Facilities
District
No.
2004-1,
Special
Tax,
2015,
Refunding,
5%,
9/01/27
1,000,000
1,136,288
Community
Facilities
District
No.
2004-1,
Special
Tax,
2015,
Refunding,
5%,
9/01/28
1,960,000
2,217,991
Community
Facilities
District
No.
2004-1,
Special
Tax,
2015,
Refunding,
5%,
9/01/29
2,130,000
2,404,806
Community
Facilities
District
No.
2004-1,
Special
Tax,
2015,
Refunding,
5%,
9/01/30
2,310,000
2,605,867
Community
Facilities
District
No.
2004-1,
Special
Tax,
2015,
Refunding,
5%,
9/01/31
2,495,000
2,809,552
Community
Facilities
District
No.
2004-1,
Special
Tax,
2015,
Refunding,
5%,
9/01/32
2,690,000
3,025,835
Community
Facilities
District
No.
91-1,
Special
Tax,
2017,
Refunding,
5%,
9/01/36
.
1,130,000
1,336,636
Root
Creek
Water
District
,
Community
Facilities
District
No.
2016-1
Improvement
Area
No.
1,
Special
Tax,
2021,
4%,
9/01/41
....................................................
430,000
493,002
Community
Facilities
District
No.
2016-1
Improvement
Area
No.
1,
Special
Tax,
2021,
4%,
9/01/46
....................................................
650,000
738,987
Community
Facilities
District
No.
2016-1
Improvement
Area
No.
1,
Special
Tax,
2021,
4%,
9/01/50
....................................................
570,000
646,560
Sacramento
County
Sanitation
Districts
Financing
Authority
,
Revenue
,
2014
A
,
Refunding
,
5
%
,
12/01/29
............................................
2,000,000
2,212,146
Sacramento
Municipal
Utility
District
,
Revenue
,
2020
H
,
5
%
,
8/15/36
.............
7,465,000
9,839,940
San
Bernardino
County
Transportation
Authority
,
Revenue,
2014
A,
5%,
3/01/30
........................................
2,685,000
2,944,752
Revenue,
2014
A,
5%,
3/01/31
........................................
5,090,000
5,580,103
San
Diego
County
Regional
Airport
Authority
,
Revenue,
2019
A,
Refunding,
5%,
7/01/34
...............................
3,600,000
4,546,239
Revenue,
2019
A,
Refunding,
5%,
7/01/35
...............................
3,750,000
4,728,798
Revenue,
2019
A,
Refunding,
5%,
7/01/36
...............................
5,000,000
6,293,833
Revenue,
2019
A,
Refunding,
5%,
7/01/39
...............................
5,500,000
6,888,068
San
Diego
County
Regional
Transportation
Commission
,
Revenue,
2021
B,
Refunding,
5%,
4/01/45
...............................
4,500,000
5,844,141
Franklin
California
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
(continued)
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)
San
Diego
County
Regional
Transportation
Commission,
(continued)
Revenue,
2021
B,
Refunding,
5%,
4/01/48
...............................
$
6,000,000
$
7,756,162
San
Diego
Public
Facilities
Financing
Authority
,
City
of
San
Diego
Water
Utility,
Revenue,
2020
A,
5%,
8/01/34
................
850,000
1,119,896
City
of
San
Diego
Water
Utility,
Revenue,
2020
A,
5%,
8/01/35
................
850,000
1,118,146
San
Francisco
Bay
Area
Rapid
Transit
District
,
GO,
2013
C,
5%,
8/01/27
............................................
2,640,000
2,832,938
GO,
2013
C,
5%,
8/01/28
............................................
3,500,000
3,754,638
GO,
2020
C-1,
4%,
8/01/33
..........................................
2,250,000
2,737,129
GO,
2020
C-1,
4%,
8/01/34
..........................................
4,000,000
4,851,188
GO,
2020
C-1,
3%,
8/01/50
..........................................
1,000,000
1,067,964
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
,
Revenue,
Second
Series,
2019
E,
5%,
5/01/37
............................
5,000,000
6,207,456
Revenue,
Second
Series,
2019
H,
Refunding,
5%,
5/01/24
...................
15,040,000
16,579,364
SFO
Fuel
Co.
LLC,
Revenue,
2019
A,
Refunding,
5%,
1/01/33
................
1,000,000
1,239,743
SFO
Fuel
Co.
LLC,
Revenue,
2019
A,
Refunding,
5%,
1/01/34
................
1,335,000
1,652,889
SFO
Fuel
Co.
LLC,
Revenue,
2019
A,
Refunding,
5%,
1/01/35
................
1,000,000
1,235,984
SFO
Fuel
Co.
LLC,
Revenue,
2019
A,
Refunding,
5%,
1/01/36
................
1,000,000
1,233,293
San
Francisco
City
&
County
Redevelopment
Agency
Successor
Agency
,
Hotel
Tax,
Revenue,
2011,
Refunding,
AGMC
Insured,
5%,
6/01/24
............
10,275,000
10,310,061
Mission
Bay
South
Redevelopment
Area
Tax
Increment
Financing
District,
Tax
Allocation,
2014
A,
5%,
8/01/30
......................................
1,080,000
1,201,236
Mission
Bay
South
Redevelopment
Area
Tax
Increment
Financing
District,
Tax
Allocation,
2014
A,
5%,
8/01/34
......................................
1,110,000
1,232,852
San
Jacinto
Unified
School
District
Financing
Authority
,
Community
Facilities
District
No.
2003-2
,
Special
Tax
,
2019
,
5
%
,
9/01/36
..............................
1,200,000
1,405,963
San
Joaquin
Hills
Transportation
Corridor
Agency
,
Revenue,
1997
A,
Refunding,
NATL
Insured,
Zero
Cpn.,
1/15/26
...............
19,000,000
18,346,476
Revenue,
Senior
Lien,
2014
A,
Pre-Refunded,
5%,
1/15/29
...................
10,000,000
11,404,141
San
Luis
&
Delta
Mendota
Water
Authority
,
Revenue
,
2013
A
,
Pre-Refunded
,
BAM
Insured
,
5
%
,
3/01/29
...............................................
1,000,000
1,054,760
San
Mateo
County
Transit
District
,
Revenue,
2015
A,
Refunding,
5%,
6/01/28
...............................
3,000,000
3,460,777
Revenue,
2015
A,
Refunding,
5%,
6/01/29
...............................
4,300,000
4,958,866
San
Mateo
Foster
City
Public
Financing
Authority
,
City
of
San
Mateo
Sewer,
Revenue,
2019,
5%,
8/01/34
.....................
1,000,000
1,291,265
City
of
San
Mateo
Sewer,
Revenue,
2019,
5%,
8/01/38
.....................
1,500,000
1,926,711
San
Ysidro
School
District
,
COP,
2015,
Refunding,
BAM
Insured,
5%,
9/01/29
.........................
1,100,000
1,258,018
COP,
2015,
Refunding,
BAM
Insured,
5%,
9/01/31
.........................
1,000,000
1,143,375
COP,
2015,
Refunding,
BAM
Insured,
5%,
9/01/33
.........................
1,050,000
1,199,505
Sanger
Public
Financing
Authority
,
Revenue
,
2014
,
Refunding
,
AGMC
Insured
,
5
%
,
6/15/34
.........................................................
7,000,000
7,853,283
Santa
Cruz
County
Redevelopment
Successor
Agency
,
Tax
Allocation
,
2015
A
,
Refunding
,
AGMC
Insured
,
5
%
,
9/01/29
.................................
4,475,000
5,164,996
Sierra
View
Local
Health
Care
District
,
Revenue,
2020,
Refunding,
4%,
7/01/24
.................................
240,000
259,178
Revenue,
2020,
Refunding,
4%,
7/01/26
.................................
100,000
113,329
Revenue,
2020,
Refunding,
5%,
7/01/28
.................................
660,000
816,355
Revenue,
2020,
Refunding,
5%,
7/01/30
.................................
520,000
669,668
Sonoma
Community
Development
Agency
Successor
Agency
,
Tax
Allocation,
2015,
Refunding,
NATL
Insured,
5%,
6/01/29
..................
1,000,000
1,176,153
Tax
Allocation,
2015,
Refunding,
NATL
Insured,
5%,
6/01/33
..................
1,200,000
1,399,214
Southern
California
Public
Power
Authority
,
Revenue
,
2015
C
,
Refunding
,
5
%
,
7/01/26
5,000,000
5,678,664
State
of
California
,
GO,
Refunding,
5.25%,
9/01/22
.......................................
16,330,000
16,874,772
Franklin
California
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
27
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
State
of
California,
(continued)
GO,
Refunding,
5%,
10/01/22
.........................................
$
15,785,000
$
16,356,652
GO,
Refunding,
5%,
9/01/29
.........................................
1,000,000
1,195,250
GO,
Refunding,
5%,
10/01/29
.........................................
7,500,000
9,748,352
GO,
5%,
10/01/29
.................................................
16,500,000
21,446,373
GO,
Refunding,
5%,
4/01/30
.........................................
10,000,000
12,790,382
GO,
Refunding,
5%,
11/01/31
.........................................
15,000,000
19,957,515
GO,
2012,
Refunding,
5%,
2/01/22
.....................................
15,000,000
15,055,423
GO,
2014,
5%,
12/01/27
.............................................
5,000,000
5,450,442
GO,
2014,
5%,
12/01/28
.............................................
5,000,000
5,451,448
State
of
California
Department
of
Water
Resources
,
Revenue,
AM,
Pre-Refunded,
5%,
12/01/23
..............................
10,000,000
10,675,773
Revenue,
AM,
Pre-Refunded,
5%,
12/01/24
..............................
8,495,000
9,069,069
Revenue,
AM,
Pre-Refunded,
5%,
12/01/25
..............................
5,000,000
5,337,887
Revenue,
AS,
ETM,
5%,
12/01/24
.....................................
35,000
39,616
Revenue,
AS,
5%,
12/01/24
..........................................
11,090,000
12,573,298
Revenue,
AS,
Pre-Refunded,
5%,
12/01/25
..............................
5,000
5,667
Revenue,
AS,
5%,
12/01/25
..........................................
6,125,000
6,948,046
Revenue,
AS,
Pre-Refunded,
5%,
12/01/26
..............................
45,000
50,935
Revenue,
AS,
Pre-Refunded,
5%,
12/01/26
..............................
22,455,000
25,486,402
Revenue,
BA,
Pre-Refunded,
5%,
12/01/35
..............................
12,180,000
15,777,603
Revenue,
BB,
Refunding,
5%,
12/01/34
.................................
5,000,000
6,686,649
Tobacco
Securitization
Authority
of
Northern
California
,
Sacramento
County
Tobacco
Securitization
Corp.,
Revenue,
Senior
Lien,
2021
A,
1,
Refunding,
4%,
6/01/37
............................................
1,000,000
1,193,130
Sacramento
County
Tobacco
Securitization
Corp.,
Revenue,
Senior
Lien,
2021
A,
1,
Refunding,
4%,
6/01/39
............................................
1,150,000
1,364,477
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
1,900,520
San
Diego
County
Tobacco
Asset
Securitization
Corp.,
Revenue,
2019
A,
1,
Refunding,
5%,
6/01/37
............................................
1,000,000
1,259,876
San
Diego
County
Tobacco
Asset
Securitization
Corp.,
Revenue,
2019
A,
1,
Refunding,
5%,
6/01/38
............................................
500,000
628,593
Transbay
Joint
Powers
Authority
,
Transbay
Redevelopment
Project
Tax
Increment
Re-Development
Project,
Tax
Allocation,
Senior
Lien,
2020
A,
5%,
10/01/30
...........................
500,000
646,304
Transbay
Redevelopment
Project
Tax
Increment
Re-Development
Project,
Tax
Allocation,
Senior
Lien,
2020
A,
5%,
10/01/32
...........................
1,500,000
1,927,921
Transbay
Redevelopment
Project
Tax
Increment
Re-Development
Project,
Tax
Allocation,
Senior
Lien,
2020
A,
5%,
10/01/34
...........................
1,050,000
1,344,862
Tulare
County
Board
of
Education
,
COP
,
Pre-Refunded
,
BAM
Insured
,
5
%
,
5/01/28
..
1,040,000
1,105,555
Tustin
Community
Facilities
District
,
City
of
Tustin
Community
Facilities
District
No.
06-1,
Special
Tax,
2015
A,
Refunding,
5%,
9/01/30
....................................................
1,000,000
1,148,926
City
of
Tustin
Community
Facilities
District
No.
06-1,
Special
Tax,
2015
A,
Refunding,
5%,
9/01/32
....................................................
1,565,000
1,795,331
Twin
Rivers
Unified
School
District
,
GO
,
2020
A
,
Refunding
,
AGMC
Insured
,
4
%
,
8/01/35
.........................................................
5,000,000
5,927,296
University
of
California
,
Revenue,
2014
AM,
5%,
5/15/27
......................................
3,000,000
3,323,152
Revenue,
2014
AM,
5%,
5/15/28
......................................
1,835,000
2,031,742
Revenue,
2016
K,
5%,
5/15/37
........................................
1,000,000
1,182,263
Revenue,
2020
BE,
Refunding,
5%,
5/15/34
..............................
7,000,000
9,167,780
Revenue,
2021
Q,
Refunding,
4%,
5/15/41
...............................
7,000,000
8,437,552
Vacaville
Unified
School
District
,
GO,
D,
4%,
8/01/35
................................................
250,000
297,442
Franklin
California
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
28
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Vacaville
Unified
School
District,
(continued)
GO,
D,
4%,
8/01/36
................................................
$
300,000
$
356,379
GO,
D,
4%,
8/01/37
................................................
300,000
355,759
GO,
D,
4%,
8/01/38
................................................
545,000
645,405
GO,
D,
4%,
8/01/39
................................................
750,000
886,812
GO,
D,
4%,
8/01/40
................................................
735,000
867,954
Washington
Township
Health
Care
District
,
Revenue,
2020
A,
Refunding,
5%,
7/01/22
...............................
200,000
204,490
Revenue,
2020
A,
Refunding,
5%,
7/01/23
...............................
200,000
213,287
Revenue,
2020
A,
Refunding,
5%,
7/01/24
...............................
200,000
221,487
Revenue,
2020
A,
Refunding,
5%,
7/01/25
...............................
215,000
246,494
Revenue,
2020
A,
Refunding,
5%,
7/01/26
...............................
275,000
325,179
Revenue,
2020
A,
Refunding,
5%,
7/01/27
...............................
400,000
485,995
Revenue,
2020
A,
Refunding,
5%,
7/01/28
...............................
400,000
497,870
Revenue,
2020
A,
Refunding,
5%,
7/01/29
...............................
350,000
445,220
Revenue,
2020
A,
Refunding,
5%,
7/01/30
...............................
325,000
421,862
Revenue,
2020
A,
Refunding,
5%,
7/01/31
...............................
350,000
434,671
Revenue,
2020
A,
Refunding,
3%,
7/01/32
...............................
800,000
847,639
Revenue,
2020
A,
Refunding,
4%,
7/01/33
...............................
275,000
320,076
Revenue,
2020
A,
Refunding,
3%,
7/01/34
...............................
870,000
904,741
Revenue,
2020
A,
Refunding,
4%,
7/01/35
...............................
300,000
347,960
Revenue,
2020
A,
Refunding,
3%,
7/01/36
...............................
1,400,000
1,449,362
Revenue,
2020
A,
Refunding,
3%,
7/01/37
...............................
725,000
748,904
Revenue,
2020
A,
Refunding,
3%,
7/01/38
...............................
750,000
773,373
West
Basin
Municipal
Water
District
,
Revenue,
2016
A,
Refunding,
5%,
8/01/32
...............................
1,975,000
2,300,422
Revenue,
2016
A,
Refunding,
5%,
8/01/33
...............................
2,630,000
3,061,050
Western
Municipal
Water
District
Facilities
Authority
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/38
........................................................
2,750,000
3,620,372
1,802,852,971
Wisconsin
0.6%
a
Public
Finance
Authority
,
Affordable
Housing
Preservation
Corp.
(The)
,
Revenue
,
144A,
2021
,
5.25
%
,
12/01/22
..............................................
12,200,000
12,188,771
U.S.
Territories
0.8%
Guam
0.1%
Guam
Power
Authority
,
Revenue
,
2012
A
,
Refunding
,
AGMC
Insured
,
5
%
,
10/01/22
.
2,000,000
2,065,562
Puerto
Rico
0.7%
Puerto
Rico
Electric
Power
Authority
,
Revenue,
UU,
Refunding,
AGMC
Insured,
5%,
7/01/23
......................
5,000,000
5,089,449
d
Revenue,
WW-RSA-1,
5.375%,
7/01/23
.................................
5,000,000
5,018,750
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue
,
2007
N
,
Refunding
,
AGMC
Insured
,
5.25
%
,
7/01/36
.............................................
2,200,000
2,374,097
12,482,296
Total
U.S.
Territories
....................................................................
14,547,858
Total
Municipal
Bonds
(Cost
$1,723,355,692)
...................................
1,829,589,600
a
a
a
a
Franklin
California
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
29
See
abbreviations
on
page
41
.
Short
Term
Investments
0.8%
a
a
Principal
Amount
a
Value
Municipal
Bonds
0.8%
California
0.8%
e
University
of
California
,
Revenue
,
2013
AL-1
,
Daily
VRDN
and
Put
,
0.04
%
,
5/15/48
..
$
15,000,000
$
15,000,000
Total
Municipal
Bonds
(Cost
$15,000,000)
......................................
15,000,000
Total
Short
Term
Investments
(Cost
$15,000,000
)
................................
15,000,000
a
Total
Investments
(Cost
$1,738,355,692)
99.1%
..................................
$1,844,589,600
Other
Assets,
less
Liabilities
0.9
%
.............................................
16,247,313
Net
Assets
100.0%
...........................................................
$1,860,836,913
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,
2021,
the
aggregate
value
of
these
securities
was
$57,111,611,
representing
3.1%
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,
2021
(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
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$1,738,355,692
Value
-
Unaffiliated
issuers
..................................................................
$1,844,589,600
Cash
....................................................................................
1,473,239
Receivables:
Investment
securities
sold
...................................................................
13,855
Capital
shares
sold
........................................................................
2,186,558
Interest
.................................................................................
19,884,842
Affiliates
................................................................................
46,672
Total
assets
..........................................................................
1,868,194,766
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
4,000,892
Capital
shares
redeemed
...................................................................
1,896,587
Management
fees
.........................................................................
649,632
Distribution
fees
..........................................................................
181,156
Transfer
agent
fees
........................................................................
74,544
Trustees'
fees
and
expenses
.................................................................
30,726
Distributions
to
shareholders
.................................................................
413,349
Accrued
expenses
and
other
liabilities
...........................................................
110,967
Total
liabilities
.........................................................................
7,357,853
Net
assets,
at
value
.................................................................
$1,860,836,913
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$1,812,905,451
Total
distributable
earnings
(losses)
.............................................................
47,931,462
Net
assets,
at
value
.................................................................
$1,860,836,913
Franklin
California
Tax-Free
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
December
31,
2021
(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
Class
A:
Net
assets,
at
value
.......................................................................
$405,855,817
Shares
outstanding
........................................................................
33,695,569
Net
asset
value
per
share
a
..................................................................
$12.04
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
97.75%)
................................
$12.32
Class
A1:
Net
assets,
at
value
.......................................................................
$635,380,282
Shares
outstanding
........................................................................
52,783,837
Net
asset
value
per
share
a
..................................................................
$12.04
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
97.75%)
................................
$12.32
Class
C:
Net
assets,
at
value
.......................................................................
$72,558,500
Shares
outstanding
........................................................................
6,002,988
Net
asset
value
and
maximum
offering
price
per
share
a
.............................................
$12.09
Class
R6:
Net
assets,
at
value
.......................................................................
$37,335,312
Shares
outstanding
........................................................................
3,093,280
Net
asset
value
and
maximum
offering
price
per
share
.............................................
$12.07
Advisor
Class:
Net
assets,
at
value
.......................................................................
$709,707,002
Shares
outstanding
........................................................................
58,798,003
Net
asset
value
and
maximum
offering
price
per
share
.............................................
$12.07
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
six
months
ended
December
31,
2021
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
32
Franklin
California
Intermediate-
Term
Tax-Free
Income
Fund
Investment
income:
Interest:
Unaffiliated
issuers
........................................................................
$25,374,518
Expenses:
Management
fees
(Note
3
a
)
...................................................................
4,360,625
Distribution
fees:
(Note
3c
)
    Class
A
................................................................................
499,186
    Class
A1
...............................................................................
329,191
    Class
C
................................................................................
271,624
Transfer
agent
fees:
(Note
3e
)
    Class
A
................................................................................
117,220
    Class
A1
...............................................................................
190,750
    Class
C
................................................................................
23,304
    Class
R6
...............................................................................
6,294
    Advisor
Class
............................................................................
210,809
Custodian
fees
(Note
4
)
......................................................................
5,406
Reports
to
shareholders
fees
..................................................................
33,523
Registration
and
filing
fees
....................................................................
14,367
Professional
fees
...........................................................................
40,921
Trustees'
fees
and
expenses
..................................................................
39,098
Other
....................................................................................
106,779
Total
expenses
.........................................................................
6,249,097
Expense
reductio
ns
(Note
4
)
...............................................................
(187)
Expenses
waived/paid
by
affiliate
s
(Note
3f)
....................................................
(682,368)
Net
expenses
.........................................................................
5,566,542
Net
investment
income
................................................................
19,807,976
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
56,572
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
(18,022,353)
Net
realized
and
unrealized
gain
(loss)
............................................................
(17,965,781)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$1,842,195
Franklin
California
Tax-Free
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
33
Franklin
California
Intermediate-Term
Tax-
Free
Income
Fund
Six
Months
Ended
December
31,
2021
(unaudited)
Year
Ended
June
30,
2021
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$19,807,976
$39,888,397
Net
realized
gain
(loss)
.................................................
56,572
470,622
Net
change
in
unrealized
appreciation
(depreciation)
...........................
(18,022,353)
8,948,899
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
1,842,195
49,307,918
Distributions
to
shareholders:
Class
A
.............................................................
(3,872,229)
(6,221,285)
Class
A1
............................................................
(6,889,372)
(15,382,894)
Class
C
.............................................................
(641,723)
(1,906,154)
Class
R6
............................................................
(362,439)
(531,610)
Advisor
Class
........................................................
(7,936,021)
(15,963,861)
Total
distributions
to
shareholders
..........................................
(19,701,784)
(40,005,804)
Capital
share
transactions:
(Note
2
)
Class
A
.............................................................
44,508,666
138,106,073
Class
A1
............................................................
(26,571,204)
(46,636,460)
Class
C
.............................................................
(28,298,314)
(39,101,673)
Class
R6
............................................................
9,561,333
8,971,142
Advisor
Class
........................................................
(75,716)
76,113,619
Total
capital
share
transactions
............................................
(875,235)
137,452,701
Net
increase
(decrease)
in
net
assets
...................................
(18,734,824)
146,754,815
Net
assets:
Beginning
of
period
.....................................................
1,879,571,737
1,732,816,922
End
of
period
..........................................................
$1,860,836,913
$1,879,571,737
Franklin
California
Tax-Free
Trust
Notes
to
Financial
Statements
(unaudited)
Franklin
California
Intermediate-Term
Tax
Free
Trust
34
franklintempleton.com
Semiannual
Report
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. Effective
August
2,
2021,
Class
C
shares
automatically
convert
to
Class
A
shares
on
a
monthly
basis,
after
they
have
been
held
for
8
years.
Prior
to
August
2,
2021,
Class
C
shares
converted
to
Class
A
shares
after
a
10-year
holding
period.
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.
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,
2021,
the
Fund
Franklin
California
Tax-Free
Trust
Notes
to
Financial
Statements
(unaudited)
35
franklintempleton.com
Semiannual
Report
Franklin
California
Intermediate-Term
Tax
Free
Trust
(continued)
has
determined
that
no
tax
liability
is
required
in
its
financial
statements
related
to
uncertain
tax
positions
for
any
open
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
the
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)
36
franklintempleton.com
Semiannual
Report
Franklin
California
Intermediate-Term
Tax
Free
Trust
(continued)
2.
Shares
of
Beneficial
Interest
At
December
31,
2021,
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,
2021
Year
Ended
June
30,
2021
Shares
Amount
Shares
Amount
Class
A
Shares:
Shares
sold
a
...................................
6,419,407
$77,889,664
17,597,753
$214,024,496
Shares
issued
in
reinvestment
of
distributions
..........
285,986
3,456,955
445,005
5,405,559
Shares
redeemed
...............................
(3,050,310)
(36,837,953)
(6,712,246)
(81,323,982)
Net
increase
(decrease)
..........................
3,655,083
$44,508,666
11,330,512
$138,106,073
Class
A1
Shares:
Shares
sold
...................................
964,803
$11,662,559
2,557,570
$31,068,612
Shares
issued
in
reinvestment
of
distributions
..........
499,191
6,031,698
1,095,106
13,294,362
Shares
redeemed
...............................
(3,663,851)
(44,265,461)
(7,490,848)
(90,999,434)
Net
increase
(decrease)
..........................
(2,199,857)
$(26,571,204)
(3,838,172)
$(46,636,460)
Class
C
Shares:
Shares
sold
...................................
188,283
$2,291,628
923,096
$11,264,453
Shares
issued
in
reinvestment
of
distributions
..........
49,623
602,421
142,859
1,741,508
Shares
redeemed
a
..............................
(2,559,076)
(31,192,363)
(4,267,339)
(52,107,634)
Net
increase
(decrease)
..........................
(2,321,170)
$(28,298,314)
(3,201,384)
$(39,101,673)
Class
R6
Shares:
Shares
sold
...................................
1,011,251
$12,262,722
1,125,710
$13,716,722
Shares
issued
in
reinvestment
of
distributions
..........
27,195
329,270
40,923
498,112
Shares
redeemed
...............................
(249,960)
(3,030,659)
(430,684)
(5,243,692)
Net
increase
(decrease)
..........................
788,486
$9,561,333
735,949
$8,971,142
Advisor
Class
Shares:
Shares
sold
...................................
6,466,743
$78,472,923
18,183,036
$221,476,108
Shares
issued
in
reinvestment
of
distributions
..........
497,014
6,019,918
986,739
12,010,848
Shares
redeemed
...............................
(6,980,679)
(84,568,557)
(12,931,158)
(157,373,337)
Net
increase
(decrease)
..........................
(16,922)
$(75,716)
6,238,617
$76,113,619
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
Investor
Services,
LLC
(Investor
Services)
Transfer
agent
Franklin
Distributors,
LLC
(Distributors)
Principal
underwriter
Franklin
California
Tax-Free
Trust
Notes
to
Financial
Statements
(unaudited)
37
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,
2021,
the
annualized
gross
effective
investment
management
fee
rate
was
0.460%
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
the
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:
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:
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)
38
franklintempleton.com
Semiannual
Report
Franklin
California
Intermediate-Term
Tax
Free
Trust
(continued)
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,
2021,
the
Fund
paid
transfer
agent
fees
of
$548,377,
of
which $244,294
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,
2022.
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,
2022.
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,
2021,
these
purchase
and
sale
transactions
aggregated
$0
and
$33,285,000
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,
2021,
the
custodian
fees
were
reduced
as
noted
in
the
Statement
of
Operations. 
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
..............................
$2,604
CDSC
retained
..............................................................................
$90,182
3.
Transactions
with
Affiliates
(continued)
d.
Sales
Charges/Underwriting
Agreements
(continued)
Franklin
California
Tax-Free
Trust
Notes
to
Financial
Statements
(unaudited)
39
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,
2021,
the
capital
loss
carryforwards
were
as
follows:
At
December
31,
2021,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation)
for
income
tax
purposes
were
as
follows:
6.
Investment
Transactions
Purchases
and
sales
of
investments
(excluding
short
term
securities)
for
the
period
ended
December
31,
2021,
aggregated
$153,688,586
and
$116,165,246
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,
2021,
the
value
of
this
security
was
$5,018,750,
representing
0.3%
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
................................................................................
$35,427,250
Long
term
................................................................................
23,596,854
Total
capital
loss
carryforwards
...............................................................
$59,024,104
Cost
of
investments
..........................................................................
$1,738,171,621
Unrealized
appreciation
........................................................................
$108,167,654
Unrealized
depreciation
........................................................................
(1,749,675)
Net
unrealized
appreciation
(depreciation)
..........................................................
$106,417,979
Franklin
California
Tax-Free
Trust
Notes
to
Financial
Statements
(unaudited)
40
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
$2.675
billion
(Global
Credit
Facility)
which
matured
on
February
4,
2022.
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
4,
2022,
the
Borrowers
renewed
the
Global
Credit
Facility
for
a
one-year
term,
maturing
February
3,
2023,
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
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,
2021,
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,
2021,
all
of
the
Fund’s
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
(FASB)
issued
Accounting
Standards
Update
(ASU)
No.
2020-04,
Reference
Rate
Reform
(Topic
848)
–
Facilitation
of
the
Effects
of
Reference
Rate
Reform
on
Financial
Reporting.
In
January
2021,
the
FASB
issued
ASU
No.
2021-01,
with
further
amendments
to
Topic
848.
The
amendments
in
the
ASUs
provide
optional
temporary
accounting
recognition
and 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
for
certain
LIBOR
settings
and
2023
for
the
remainder. The
ASUs
are
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
these
ASUs
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
statement
s
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)
41
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
GO
General
Obligation
NATL
National
Reinsurance
Corp.
SIFMA
Securities
Industry
and
Financial
Markets
Association
Franklin
California
Tax-Free
Trust
Shareholder
Information
42
franklintempleton.com
Semiannual
Report
Proxy
Voting
Policies
and
Procedures
The
Fund’s
investment
manager
has
established
Proxy
Voting
Policies
and
Procedures
(Policies)
that
the
Fund
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities.
Shareholders
may
view
the
Fund’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
Fund’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
as
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
02/22
©
2022
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
Distributors,
LLC
(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.
There have been no changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect the internal control over financial reporting.
 
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 Christopher Kings, Chief Financial Officer, Chief Accounting Officer and Treasurer
 
 
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Christopher Kings, Chief Financial Officer, Chief Accounting Officer and Treasurer
 
 
 
 
 
 
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 28, 2022
 
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 28, 2022
 
 
By S\Christopher Kings________________________
     Christopher Kings
     Chief Financial Officer, Chief Accounting Officer and Treasurer
Date February 28, 2022