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)
 
Alison Baur, 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: 12/31/22
 
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,
2022
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,
2022,
the
U.S.
economy
showed
mixed
results
as
it
continued
to
recover
from
the
COVID-19
pandemic
amid
declining
unemployment,
rising
wages
and
personal
consumption.
Reported
U.S.
gross
domestic
product
contracted
in
2022’s
second
quarter
due
to
declines
in
inventory
and
business
investment
but
grew
in
the
third
quarter
as
the
trade
deficit
narrowed
and
consumer
spending
continued
to
expand.
Inflation
eased
during
the
six-month
period
but
remained
high
due
to
pandemic-related
supply-chain
issues,
higher
energy
prices,
Russia’s
invasion
of
Ukraine
and
broader
price
pressures.
To
combat
high
inflation,
the
U.S.
Federal
Reserve
raised
the
federal
funds
rate
by
0.75%
in
the
months
of
July,
September
and
November,
and
by
0.50%
in
December
2022,
for
a
total
of
2.75%,
increasing
the
rate
from
1.75%
to
4.50%
during
the
period.
The
Federal
Reserve
stated
its
intention
to
continue
reducing
its
U.S.
Treasury,
government
agency
debt
and
agency
mortgage-backed
securities
holdings.
In
addition,
further
federal
funds
rate
increases
would
be
appropriate
to
sufficiently
tighten
monetary
policy
to
return
inflation
to
a
goal
of
2%.
During
the
six-month
period
ended
December
31,
2022,
municipal
bonds,
as
measured
by
the
Bloomberg
Municipal
Bond
Index,
posted
a
+0.50%
total
return,
influenced
by
high
levels
of
fixed
income
market
volatility
and
tighter
monetary
policy
which
led
to
outflows
from
municipals.
1
Despite
a
potentially
slowing
economy,
municipal
bond
fundamentals
remained
strong
due
to
prudent
fiscal
management
and
many
issuers
reporting
budget
surpluses
for
2022
in
addition
to
federal
government
transfers.
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
often
diversification
from
other
types
of
investments.
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
for
up-to-date
advice
on
their
holdings.
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,
2022,
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
Schedule
of
Investments
8
Financial
Statements
28
Notes
to
Financial
Statements
32
Shareholder
Information
40
Visit
franklintempleton.com
for
fund
updates,
to
access
your
account,
or
to
find
helpful
financial
planning
tools.
3
franklintempleton.com
Semiannual
Report
SEMIANNUAL
REPORT
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
This
semiannual
report
for
Franklin
California
Intermediate-
Term
Tax-Free
Income
Fund
covers
the
period
ended
December
31,
2022
.
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
$10.98
on
June
30,
2022,
to
$10.90
on
December
31,
2022.
The
Fund’s
Class
A
shares
paid
dividends
totaling
13.7158
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
2.79%,
based
on
an
annualization
of
December’s
2.5905
cents
per
share
dividend
and
the
maximum
offering
price
of
$11.15
on
December
31,
2022.
An
investor
in
the
2022
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
5.95%
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,
2022,
persistently
high
U.S.
consumer
inflation
and
the
U.S.
Federal
Reserve’s
(Fed’s)
response
as
well
as
increasing
recession
fears
were
the
main
drivers
of
fixed
income
returns.
The
Fed
raised
the
federal
funds
rate
a
total
of
275
basis
points
(bps)
during
the
period
under
review,
bringing
the
rate
to
4.50%,
with
the
promise
of
additional
hikes
in
2023.
As
a
result,
U.S.
Treasury
(UST)
yields
moved
sharply
higher,
with
the
benchmark
10-year
UST
yield
(which
moves
inversely
to
price)
gaining
90
bps
to
end
the
period
at
3.88%.
After
a
challenging
start
to
2022,
municipal
bonds
(munis)
had
modestly
positive
absolute
returns
for
2022’s
second
half
and
performed
better
than
duration-matched
USTs.
Ratios
between
muni
and
UST
yields
improved
throughout
the
period,
especially
in
short-
and
intermediate-maturity
munis.
Technical
conditions
remained
mixed
as
continuous
outflows
were
met
with
limited
net
supply.
Moving
into
a
potential
economic
slowdown,
fundamentals
remained
positive
amid
prudent
fiscal
management
by
municipal
bond
issuers.
For
the
six-month
period,
U.S.
fixed
income
sectors
underperformed
equities,
as
measured
by
the
Standard
&
Poor’s
®
500
Index,
which
posted
a
+2.31%
total
return
for
the
period.
3
Investment-grade
munis,
as
measured
by
the
Bloomberg
Municipal
Bond
Index,
posted
a
+0.50%
total
return,
while
USTs,
as
measured
by
the
Bloomberg
U.S.
Treasury
Index,
posted
a
-3.66%
total
return
and
investment-
grade
corporate
bonds,
as
measured
by
the
Bloomberg
U.S.
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.
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.
The
dollar
value,
number
of
shares
or
principal
amount,
and
names
of
all
portfolio
holdings
are
listed
in
the
Fund’s
Schedule
of
Investments
(SOI).
The
SOI
begins
on
page
13
.
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
4
franklintempleton.com
Semiannual
Report
Corporate
Investment
Grade
Index,
posted
a
-1.61%
total
return.
3
State
Update
During
the
six-month
period,
California’s
large
and
diverse
economy
showed
signs
of
slowing
amid
climbing
interest
rates
and
persistently
high
inflation.
California’s
economy
is
the
largest
in
the
U.S.,
accounting
for
approximately
15%
of
national
gross
domestic
product.
The
state’s
volatile
economy
tends
to
contract
more
than
other
states
during
recessionary
periods.
California’s
unemployment
rate
began
the
period
at
4.2%
and
ended
at
4.1%,
compared
with
the
3.5%
national
rate.
Since
the
beginning
of
the
state’s
new
fiscal
year
in
July
2022,
California’s
state
revenue
collections
trailed
both
projections
and
the
previous
year’s
performance.
California’s
governor
has
limited
ability
to
cut
spending,
and
the
state
legislature
is
unlikely
to
respond
to
budget
variances
in
a
timely
manner.
California’s
net
tax-supported
debt
was
$2,458
per
capita
and
3.2%
of
personal
income,
compared
with
the
$1,179
and
2.1%
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,
healthy
budget
reserves
and
strong
liquidity.
Moody’s
also
noted
challenges,
including
high
revenue
volatility,
given
the
state’s
disproportionate
dependence
on
income
taxes,
constrained
flexibility
to
adjust
spending
and
raise
revenue,
and
above-average
debt
and
fixed
cost
burdens.
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
invest
with
a
long-term
horizon.
This
means
we
generally
hold
securities
in
the
Fund’s
portfolio
for
income
purposes,
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.
*Does
not
include
cash
and
cash
equivalents.
Thank
you
for
your
continued
participation
in
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund.
We
look
forward
to
serving
your
future
investment
needs.
The
foregoing
information
reflects
our
analysis,
opinions
and
portfolio
holdings
as
of
December
31,
2022,
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
12/31/22
%
of
Total
Investments*
Utilities
17.68%
Transportation
14.06%
Special
Tax
12.96%
Housing
11.30%
Health
Care
8.98%
Education
8.27%
Local
7.68%
Industrial
Dev.
Revenue
and
Pollution
Control
5.88%
State
General
Obligation
4.41%
Refunded
3.94%
Other
Revenue
Bonds
2.45%
Lease
2.39%
4.
Source:
Moody’s
Investors
Service,
States
–
U.S.:
Debt,
pension
and
OPEB
liabilities
all
up
in
fiscal
2021,
9/7/22.
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,
2022
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
5
franklintempleton.com
Semiannual
Report
The
performance
tables
do
not
reflect
any
taxes
that
a
shareholder
would
pay
on
Fund
dividends,
capital
gain
distributions,
if
any,
or
any
realized
gains
on
the
sale
of
Fund
shares.
Total
return
reflects
reinvestment
of
the
Fund’s
dividends
and
capital
gain
distributions,
if
any,
and
any
unrealized
gains
or
losses.
Your
dividend
income
will
vary
depending
on
dividends
or
interest
paid
by
securities
in
the
Fund’s
portfolio,
adjusted
for
operating
expenses
of
each
class.
Capital
gain
distributions
are
net
profits
realized
from
the
sale
of
portfolio
securities.
Performance
as
of
12/31/22
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.
15
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
+0.53%
-1.73%
1-Year
-7.43%
-9.51%
5-Year
+2.29%
-0.00%
10-Year
+16.12%
+1.28%
Advisor
6-Month
+0.57%
+0.57%
1-Year
-7.18%
-7.18%
5-Year
+3.35%
+0.66%
10-Year
+18.03%
+1.67%
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
2.79%
5.95%
2.60%
2.55%
5.54%
5.44%
Advisor
3.12%
6.65%
2.91%
2.85%
6.20%
6.08%
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.
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,
there-
by
increasing
market
risk.
The
manager’s
portfolio
selection
strategy
is
not
solely
based
on
ESG
considerations,
and
therefore
the
issuers
in
which
the
Fund
invests
may
not
be
considered
ESG-focused
companies.
Integrating
ESG
considerations
into
the
investment
process
is
not
a
guarantee
that
better
performance
will
be
achieved.
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.
Russia’s
military
invasion
of
Ukraine
in
February
2022,
the
resulting
responses
by
the
United
States
and
other
countries,
and
the
potential
for
wider
conflict
could
increase
volatility
and
uncertainty
in
the
financial
markets
and
adversely
affect
regional
and
global
economies.
The
United
States
and
other
countries
have
im-
posed
broad-ranging
economic
sanctions
on
Russia
and
certain
Russian
individuals,
banking
entities
and
corporations
as
a
response
to
its
invasion
of
Ukraine.
The
United
States
and
other
countries
have
also
imposed
economic
sanctions
on
Belarus
and
may
impose
sanctions
on
other
countries
that
support
Russia’s
military
invasion.
These
sanctions,
as
well
as
any
other
economic
consequences
related
to
the
invasion,
such
as
additional
sanctions,
boycotts
or
changes
in
consumer
or
purchaser
preferences
or
cyberattacks
on
governments,
companies
or
individuals,
may
further
decrease
the
value
and
liquidity
of
certain
Russian
securities
and
securities
of
issuers
in
other
countries
that
are
subject
to
economic
sanctions
related
to
the
invasion.
1.
Gross
expenses
are
the
Fund’s
total
annual
operating
expenses
as
of
the
Fund's
prospectus
available
at
the
time
of
publication.
Actual
expenses
may
be
higher
and
may
impact
portfolio
returns.
Net
expenses
reflect
contractual
fee
waivers,
expense
caps
and/or
reimbursements,
which
cannot
be
terminated
prior
to
10/31/23
without
Board
consent.
Additional
amounts
may
be
voluntarily
waived
and/or
reimbursed
and
may
be
modified
or
discontinued
at
any
time
without
notice.
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
12/31/22.
6.
Taxable
equivalent
distribution
rate
and
yield
assume
the
published
rates
as
of
6/20/22
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
(7/1/22–12/31/22)
Share
Class
Net
Investment
Income
A
$0.137158
A1
$0.145492
C
$0.114782
R6
$0.152712
Advisor
$0.151036
Total
Annual
Operating
Expenses
8
Share
Class
With
Fee
Waiver
Without
Fee
Waiver
A
0.74%
0.81%
Advisor
0.49%
0.56%
Your
Fund’s
Expenses
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
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
7/1/22
Ending
Account
Value
12/31/22
Expenses
Paid
During
Period
7/1/22–12/31/22
1,2
Ending
Account
Value
12/31/22
Expenses
Paid
During
Period
7/1/22–12/31/22
1,2
a
Net
Annualized
Expense
Ratio
2
A
$1,000
$1,005.30
$3.75
$1,021.47
$3.78
0.74%
A1
$1,000
$1,005.20
$2.99
$1,022.23
$3.01
0.59%
C
$1,000
$1,003.20
$5.75
$1,019.46
$5.80
1.14%
R6
$1,000
$1,005.80
$2.33
$1,022.88
$2.35
0.46%
Advisor
$1,000
$1,005.70
$2.47
$1,022.74
$2.49
0.49%
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,
2022
(unaudited)
Year
Ended
June
30,
Year
Ended
June
30,
2019
a
2022
2021
2020
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.................
$10.98
$12.16
$12.09
$12.05
$11.76
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.14
0.24
0.25
0.27
0.25
Net
realized
and
unrealized
gains
(losses)
...........
(0.08)
(1.18)
0.07
0.04
0.30
Total
from
investment
operations
....................
0.06
(0.94)
0.32
0.31
0.55
Less
distributions
from:
Net
investment
income
..........................
(0.14)
(0.24)
(0.25)
(0.27)
(0.26)
Net
asset
value,
end
of
period
......................
$10.90
$10.98
$12.16
$12.09
$12.05
Total
return
d
...................................
0.53%
(7.84)%
2.68%
2.63%
4.76%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
......
0.79%
0.81%
0.79%
0.81%
0.80%
Expenses
net
of
waiver
and
payments
by
affiliates
f
......
0.74%
0.74%
0.74%
0.74%
0.74%
Net
investment
income
...........................
2.58%
2.05%
2.05%
2.26%
2.58%
Supplemental
data
Net
assets,
end
of
period
(000’s)
....................
$358,654
$339,459
$365,239
$226,216
$96,795
Portfolio
turnover
rate
............................
16.56%
29.01%
9.20%
18.85%
15.26%
a
For
the
period
September
10,
2018
(effective
date)
to
June
30,
2019.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
California
Tax-Free
Trust
Financial
Highlights
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
9
a
Six
Months
Ended
December
31,
2022
(unaudited)
Year
Ended
June
30,
2022
2021
2020
2019
2018
Class
A1
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$10.98
$12.15
$12.08
$12.04
$11.80
$12.03
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.15
0.26
0.27
0.29
0.32
0.33
Net
realized
and
unrealized
gains
(losses)
(0.09)
(1.17)
0.07
0.04
0.26
(0.24)
Total
from
investment
operations
........
0.06
(0.91)
0.34
0.33
0.58
0.09
Less
distributions
from:
Net
investment
income
..............
(0.15)
(0.26)
(0.27)
(0.29)
(0.34)
(0.32)
Net
asset
value,
end
of
period
..........
$10.89
$10.98
$12.15
$12.08
$12.04
$11.80
Total
return
c
.......................
0.52%
(7.62)%
2.84%
2.79%
4.98%
0.78%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.65%
0.66%
0.65%
0.66%
0.65%
0.64%
Expenses
net
of
waiver
and
payments
by
affiliates
e
..........................
0.59%
0.59%
0.59%
0.59%
0.59%
0.61%
Net
investment
income
...............
2.72%
2.20%
2.22%
2.42%
2.73%
2.74%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$453,251
$515,347
$668,093
$710,743
$761,434
$846,856
Portfolio
turnover
rate
................
16.56%
29.01%
9.20%
18.85%
15.26%
3.32%
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,
2022
(unaudited)
Year
Ended
June
30,
2022
2021
2020
2019
2018
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$11.02
$12.20
$12.13
$12.09
$11.85
$12.08
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.12
0.19
0.20
0.23
0.26
0.26
Net
realized
and
unrealized
gains
(losses)
(0.09)
(1.18)
0.07
0.04
0.25
(0.23)
Total
from
investment
operations
........
0.03
(0.99)
0.27
0.27
0.51
0.03
Less
distributions
from:
Net
investment
income
..............
(0.11)
(0.19)
(0.20)
(0.23)
(0.27)
(0.26)
Net
asset
value,
end
of
period
..........
$10.94
$11.02
$12.20
$12.13
$12.09
$11.85
Total
return
c
.......................
0.32%
(8.18)%
2.26%
2.22%
4.39%
0.22%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.19%
1.20%
1.20%
1.21%
1.20%
1.19%
Expenses
net
of
waiver
and
payments
by
affiliates
e
..........................
1.14%
1.14%
1.14%
1.14%
1.14%
1.16%
Net
investment
income
...............
2.16%
1.63%
1.66%
1.87%
2.18%
2.19%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$47,154
$54,420
$101,559
$139,835
$170,241
$221,016
Portfolio
turnover
rate
................
16.56%
29.01%
9.20%
18.85%
15.26%
3.32%
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,
2022
(unaudited)
Year
Ended
June
30,
Year
Ended
June
30,
2018
a
2022
2021
2020
2019
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$11.01
$12.18
$12.12
$12.07
$11.83
$12.12
Income
from
investment
operations
b
:
Net
investment
income
c
.............
0.16
0.28
0.28
0.31
0.34
0.32
Net
realized
and
unrealized
gains
(losses)
(0.10)
(1.18)
0.07
0.05
0.25
(0.30)
Total
from
investment
operations
........
0.06
(0.90)
0.35
0.36
0.59
0.02
Less
distributions
from:
Net
investment
income
..............
(0.15)
(0.27)
(0.29)
(0.31)
(0.35)
(0.31)
Net
asset
value,
end
of
period
..........
$10.92
$11.01
$12.18
$12.12
$12.07
$11.83
Total
return
d
.......................
0.58%
(7.48)%
2.88%
3.00%
5.09%
0.16%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.51%
0.52%
0.51%
0.53%
0.53%
0.52%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
0.46%
0.46%
0.45%
0.46%
0.46%
0.49%
Net
investment
income
...............
2.86
%
2.35%
2.33%
2.55%
2.87%
2.86%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$46,441
$36,294
$28,080
$19,007
$16,310
$12,773
Portfolio
turnover
rate
................
16.56%
29.01%
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,
2022
(unaudited)
Year
Ended
June
30,
2022
2021
2020
2019
2018
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$11.01
$12.18
$12.12
$12.08
$11.83
$12.06
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.15
0.27
0.28
0.30
0.34
0.34
Net
realized
and
unrealized
gains
(losses)
(0.09)
(1.17)
0.06
0.04
0.26
(0.23)
Total
from
investment
operations
........
0.06
(0.90)
0.34
0.34
0.60
0.11
Less
distributions
from:
Net
investment
income
..............
(0.15)
(0.27)
(0.28)
(0.30)
(0.35)
(0.34)
Net
asset
value,
end
of
period
..........
$10.92
$11.01
$12.18
$12.12
$12.08
$11.83
Total
return
c
.......................
0.57%
(7.51)%
2.85%
2.89%
5.15%
0.88%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.54%
0.56%
0.55%
0.56%
0.55%
0.54%
Expenses
net
of
waiver
and
payments
by
affiliates
e
..........................
0.49%
0.49%
0.49%
0.49%
0.49%
0.51%
Net
investment
income
...............
2.81%
2.30%
2.31%
2.52%
2.83%
2.84%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$496,836
$613,805
$716,600
$637,015
$592,893
$600,698
Portfolio
turnover
rate
................
16.56%
29.01%
9.20%
18.85%
15.26%
3.32%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
California
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
December
31,
2022
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
98.4%
California
97.0%
ABAG
Finance
Authority
for
Nonprofit
Corp.
,
Odd
Fellows
Home
of
California,
Revenue,
2012
A,
California
Mortgage
Insured,
5%,
4/01/23
........................................................
$
1,000,000
$
1,004,839
Odd
Fellows
Home
of
California,
Revenue,
2012
A,
California
Mortgage
Insured,
5%,
4/01/24
........................................................
1,000,000
1,005,249
Align
Affordable
Housing
Bond
Fund
LP
,
a
Breezewood
2019
LP,
Revenue,
144A,
2020-3
TR,
A,
2.625%,
8/01/25
..........
14,300,000
13,444,304
Parkwood
Apartments,
2021-1,
2.25%,
8/01/31
...........................
11,250,000
10,087,312
California
Affordable
Housing
Agency
,
Butte
County
Housing
Authority
,
Revenue
,
2020
A
,
2
%
,
10/01/35
...................................................
500,000
412,414
b
California
Community
Choice
Financing
Authority
,
Revenue,
2021
A,
Mandatory
Put,
4%,
12/01/27
...........................
13,200,000
13,255,583
Revenue,
2021
B-1,
Mandatory
Put,
4%,
8/01/31
..........................
9,150,000
9,009,899
Revenue,
2021
B-2,
Mandatory
Put,
4.11%,
8/01/31
........................
25,000,000
22,582,577
Revenue,
2022
A-1,
Mandatory
Put,
4%,
8/01/28
..........................
20,000,000
19,906,376
California
Community
College
Financing
Authority
,
NCCD-Orange
Coast
Properties
LLC,
Revenue,
2018,
5%,
5/01/32
............
1,750,000
1,766,976
NCCD-Orange
Coast
Properties
LLC,
Revenue,
2018,
5%,
5/01/33
............
600,000
603,322
NCCD-Orange
Coast
Properties
LLC,
Revenue,
2018,
5%,
5/01/35
............
3,040,000
3,031,704
NCCD-Orange
Coast
Properties
LLC,
Revenue,
2018,
5%,
5/01/37
............
1,600,000
1,579,091
NCCD-Orange
Coast
Properties
LLC,
Revenue,
2018,
5%,
5/01/38
............
1,320,000
1,296,462
a
California
Community
Housing
Agency
,
Aster
Apartments
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
2/01/43
..............................................
3,795,000
3,104,118
California
County
Tobacco
Securitization
Agency
,
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/34
.....................
340,000
333,272
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/35
.....................
400,000
387,792
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/36
.....................
615,000
589,059
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/37
.....................
660,000
623,256
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/38
.....................
615,000
575,213
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/39
.....................
600,000
555,558
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/40
.....................
615,000
562,810
Gold
Country
Settlement
Funding
Corp.,
Revenue,
2020
A,
Refunding,
5%,
6/01/29
250,000
264,725
Gold
Country
Settlement
Funding
Corp.,
Revenue,
2020
A,
Refunding,
5%,
6/01/31
1,065,000
1,131,362
Merced
County
Tobacco
Funding
Corp.,
Revenue,
Senior
Lien,
2020
A,
Refunding,
5%,
6/01/30
....................................................
315,000
335,013
Merced
County
Tobacco
Funding
Corp.,
Revenue,
Senior
Lien,
2020
A,
Refunding,
5%,
6/01/31
....................................................
300,000
318,693
Merced
County
Tobacco
Funding
Corp.,
Revenue,
Senior
Lien,
2020
A,
Refunding,
5%,
6/01/33
....................................................
245,000
259,078
Merced
County
Tobacco
Funding
Corp.,
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/34
....................................................
420,000
411,688
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
5%,
6/01/30
..
425,000
452,002
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
5%,
6/01/31
..
225,000
239,020
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
5%,
6/01/32
..
250,000
264,884
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
5%,
6/01/33
..
300,000
317,238
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
4%,
6/01/34
..
365,000
357,777
California
Educational
Facilities
Authority
,
Art
Center
College
of
Design,
Revenue,
2022
A,
5%,
12/01/32
................
275,000
294,280
Art
Center
College
of
Design,
Revenue,
2022
A,
5%,
12/01/33
................
545,000
580,185
Art
Center
College
of
Design,
Revenue,
2022
A,
5%,
12/01/34
................
995,000
1,051,483
Art
Center
College
of
Design,
Revenue,
2022
A,
5%,
12/01/35
................
1,045,000
1,095,537
Art
Center
College
of
Design,
Revenue,
2022
A,
5%,
12/01/36
................
595,000
620,316
Art
Center
College
of
Design,
Revenue,
2022
A,
4%,
12/01/37
................
1,150,000
1,066,544
Art
Center
College
of
Design,
Revenue,
2022
A,
4%,
12/01/38
................
1,195,000
1,097,063
Art
Center
College
of
Design,
Revenue,
2022
A,
4%,
12/01/39
................
1,245,000
1,129,688
Loma
Linda
University,
Revenue,
2017
A,
Refunding,
5%,
4/01/29
.............
1,020,000
1,088,149
Loma
Linda
University,
Revenue,
2017
A,
Refunding,
5%,
4/01/32
.............
1,235,000
1,307,950
Franklin
California
Tax-Free
Trust
Schedule
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
Educational
Facilities
Authority,
(continued)
Loma
Linda
University,
Revenue,
2017
A,
Refunding,
5%,
4/01/33
.............
$
1,000,000
$
1,056,557
Loma
Linda
University,
Revenue,
2017
A,
Refunding,
5%,
4/01/34
.............
1,750,000
1,844,077
Loma
Linda
University,
Revenue,
2017
A,
Refunding,
5%,
4/01/35
.............
1,500,000
1,573,686
Loma
Linda
University,
Revenue,
2017
A,
Refunding,
5%,
4/01/36
.............
2,000,000
2,090,149
Loma
Linda
University,
Revenue,
2017
A,
Refunding,
5%,
4/01/37
.............
2,000,000
2,081,048
University
of
San
Francisco,
Revenue,
2018
A,
5%,
10/01/37
.................
1,365,000
1,455,133
California
Enterprise
Development
Authority
,
Provident
Group-SDSU
Properties
LLC,
Revenue,
First
Tier,
2020
A,
5%,
8/01/24
..
230,000
234,527
Provident
Group-SDSU
Properties
LLC,
Revenue,
First
Tier,
2020
A,
5%,
8/01/26
..
540,000
561,089
Provident
Group-SDSU
Properties
LLC,
Revenue,
First
Tier,
2020
A,
5%,
8/01/28
..
615,000
647,326
Provident
Group-SDSU
Properties
LLC,
Revenue,
First
Tier,
2020
A,
5%,
8/01/30
..
250,000
265,185
Provident
Group-SDSU
Properties
LLC,
Revenue,
First
Tier,
2020
A,
5%,
8/01/35
..
450,000
467,806
California
Health
Facilities
Financing
Authority
,
California-Nevada
Methodist
Homes,
Revenue,
2015,
Refunding,
California
Mortgage
Insured,
5%,
7/01/30
..............................................
1,825,000
1,909,019
Casa
Milagro
LLC,
Revenue,
2011
A,
California
Mortgage
Insured,
6%,
2/01/24
...
2,000,000
2,004,605
Cedars-Sinai
Medical
Center
Obligated
Group,
Revenue,
2015,
Refunding,
5%,
11/15/30
.......................................................
3,000,000
3,182,139
Cedars-Sinai
Medical
Center
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
8/15/31
........................................................
3,500,000
3,761,059
Children's
Hospital
Los
Angeles
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
8/15/36
........................................................
2,045,000
2,123,772
Children's
Hospital
Los
Angeles
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
8/15/37
........................................................
2,530,000
2,618,126
El
Camino
Hospital,
Revenue,
2017,
5%,
2/01/28
..........................
2,100,000
2,260,524
El
Camino
Hospital,
Revenue,
2017,
5%,
2/01/29
..........................
2,460,000
2,644,746
El
Camino
Hospital,
Revenue,
2017,
5%,
2/01/30
..........................
1,250,000
1,342,001
El
Camino
Hospital,
Revenue,
2017,
5%,
2/01/31
..........................
1,200,000
1,286,495
Marshall
Medical
Center,
Revenue,
2015,
Refunding,
California
Mortgage
Insured,
5%,
11/01/33
...................................................
1,000,000
1,043,352
California
Housing
Finance
Agency
,
Revenue,
2019-2,
A,
4%,
3/20/33
......................................
5,238,122
5,059,891
Lakeside
Drive
Senior
Housing
LP,
Revenue,
2019
N,
FNMA
Insured,
2.35%,
12/01/35
.......................................................
9,421,180
8,263,217
California
Infrastructure
&
Economic
Development
Bank
,
Academy
of
Motion
Picture
Arts
and
Sciences
Obligated
Group,
Revenue,
2020
A,
5%,
11/01/30
...................................................
7,260,000
8,475,932
Academy
of
Motion
Picture
Arts
and
Sciences
Obligated
Group,
Revenue,
2020
B,
Refunding,
5%,
11/01/29
...........................................
2,000,000
2,286,713
Infrastructure
State
Revolving
Fund
(The),
Revenue,
2015
A,
Pre-Refunded,
5%,
10/01/32
.......................................................
2,915,000
3,105,381
California
Municipal
Finance
Authority
,
a,b
Revenue,
144A,
2009
A,
Mandatory
Put,
1.3%,
2/03/25
.....................
1,800,000
1,697,019
Revenue,
2022
A-1,
4.25%,
12/01/37
...................................
5,800,000
4,783,748
Revenue,
2022
A-2,
6.25%,
12/01/32
...................................
3,105,000
2,705,885
ACI
Royal
York,
Inc.,
Revenue,
2020
A,
3.125%,
2/15/33
....................
620,000
504,799
Biola
University,
Inc.,
Revenue,
2017,
Refunding,
5%,
10/01/29
...............
1,350,000
1,436,369
Biola
University,
Inc.,
Revenue,
2017,
Refunding,
5%,
10/01/30
...............
1,165,000
1,237,123
Biola
University,
Inc.,
Revenue,
2017,
Refunding,
5%,
10/01/33
...............
1,070,000
1,133,404
Biola
University,
Inc.,
Revenue,
2017,
Refunding,
5%,
10/01/35
...............
1,000,000
1,050,203
California
Home
for
the
Aged,
Inc.
(The),
Revenue,
2018,
California
Mortgage
Insured,
5%,
5/15/36
..............................................
1,000,000
1,098,501
California
Institute
of
the
Arts,
Revenue,
2021,
4%,
10/01/32
.................
120,000
118,208
California
Institute
of
the
Arts,
Revenue,
2021,
4%,
10/01/33
.................
120,000
117,254
California
Institute
of
the
Arts,
Revenue,
2021,
4%,
10/01/34
.................
155,000
149,788
California
Institute
of
the
Arts,
Revenue,
2021,
4%,
10/01/35
.................
160,000
152,586
Franklin
California
Tax-Free
Trust
Schedule
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)
California
Institute
of
the
Arts,
Revenue,
2021,
4%,
10/01/36
.................
$
185,000
$
174,423
California
Institute
of
the
Arts,
Revenue,
2021,
4%,
10/01/37
.................
170,000
158,443
California
Institute
of
the
Arts,
Revenue,
2021,
3%,
10/01/41
.................
960,000
718,323
Caritas
Corp.
(The),
Revenue,
2021
B,
Refunding,
3%,
8/15/31
...............
115,000
104,454
Caritas
Corp.
(The),
Revenue,
2021
B,
Refunding,
4%,
8/15/41
...............
590,000
532,874
Caritas
Corp.
(The),
Revenue,
2021
B,
Refunding,
4%,
8/15/56
...............
540,000
447,623
a
Century
CityView
LP,
Revenue,
144A,
2021
A,
4%,
11/01/36
..................
8,125,000
7,288,725
CHF-Riverside
II
LLC,
Revenue,
2019,
5%,
5/15/30
........................
3,635,000
3,819,944
CHF-Riverside
II
LLC,
Revenue,
2019,
5%,
5/15/32
........................
1,000,000
1,043,590
CHF-Riverside
II
LLC,
Revenue,
2019,
5%,
5/15/35
........................
1,430,000
1,470,042
CHF-Riverside
II
LLC,
Revenue,
2019,
5%,
5/15/36
........................
1,260,000
1,288,563
CHF-Riverside
II
LLC,
Revenue,
2019,
5%,
5/15/38
........................
1,500,000
1,520,783
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2015
A,
Pre-
Refunded,
5%,
2/01/26
............................................
2,010,000
2,108,169
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2015
A,
Pre-
Refunded,
5%,
2/01/28
............................................
1,500,000
1,573,261
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
2/01/25
............................................
2,000,000
2,061,636
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
2/01/26
............................................
2,010,000
2,104,252
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
2/01/29
............................................
6,270,000
6,622,530
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
2/01/30
............................................
4,680,000
4,941,718
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
2/01/32
............................................
3,300,000
3,475,873
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
2/01/33
............................................
7,440,000
7,825,072
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
2/01/34
............................................
5,000,000
5,245,486
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
2/01/36
............................................
2,295,000
2,386,178
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
2/01/37
............................................
2,000,000
2,069,789
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/23
....................
200,000
200,000
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/24
....................
300,000
300,349
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/25
....................
300,000
300,153
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/26
....................
250,000
250,557
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/27
....................
350,000
350,306
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/28
....................
250,000
249,858
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/29
....................
350,000
348,784
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/30
....................
400,000
397,016
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/31
....................
350,000
345,769
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/32
....................
250,000
245,208
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/33
....................
300,000
292,817
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/34
....................
300,000
290,884
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/35
....................
400,000
382,771
Congregational
Homes,
Inc.
Obligated
Group,
Revenue,
2022
A,
5%,
11/15/26
....
105,000
105,690
Congregational
Homes,
Inc.
Obligated
Group,
Revenue,
2022
A,
5%,
11/15/27
....
110,000
110,417
Congregational
Homes,
Inc.
Obligated
Group,
Revenue,
2022
A,
5%,
11/15/28
....
115,000
115,225
Congregational
Homes,
Inc.
Obligated
Group,
Revenue,
2022
A,
5%,
11/15/29
....
240,000
240,123
Congregational
Homes,
Inc.
Obligated
Group,
Revenue,
2022
A,
4%,
11/15/30
....
125,000
115,336
Congregational
Homes,
Inc.
Obligated
Group,
Revenue,
2022
A,
4%,
11/15/31
....
265,000
241,572
Congregational
Homes,
Inc.
Obligated
Group,
Revenue,
2022
A,
4%,
11/15/32
....
280,000
252,102
Congregational
Homes,
Inc.
Obligated
Group,
Revenue,
2022
B-1,
2.75%,
11/15/27
525,000
471,165
Del
Harbor
Foundation,
Revenue,
2015,
Refunding,
5%,
11/01/26
.............
1,085,000
1,153,767
Franklin
California
Tax-Free
Trust
Schedule
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)
a
IH
Lakes
Concord
LLC,
Revenue,
144A,
2022
A,
4.375%,
12/01/32
............
$
15,000,000
$
13,349,677
a
IH
Lakes
Concord
LLC,
Revenue,
144A,
2022
A-2,
6.75%,
12/01/32
............
930,000
832,913
Inland
Christian
Home,
Inc.,
Revenue,
2020,
California
Mortgage
Insured,
4%,
12/01/30
.......................................................
995,000
1,069,486
Inland
Counties
Regional
Center,
Inc.,
Revenue,
2015,
Refunding,
5%,
6/15/23
...
1,580,000
1,594,242
Inland
Counties
Regional
Center,
Inc.,
Revenue,
2015,
Refunding,
5%,
6/15/24
...
1,000,000
1,030,789
Inland
Counties
Regional
Center,
Inc.,
Revenue,
2015,
Refunding,
5%,
6/15/32
...
6,625,000
6,987,210
LAX
Integrated
Express
Solutions
LLC,
Revenue,
Senior
Lien,
2018,
5%,
6/30/25
.
1,000,000
1,030,000
LAX
Integrated
Express
Solutions
LLC,
Revenue,
Senior
Lien,
2018
A,
5%,
12/31/34
3,000,000
3,099,052
LAX
Integrated
Express
Solutions
LLC,
Revenue,
Senior
Lien,
2018
A,
5%,
12/31/35
5,500,000
5,651,722
LAX
Integrated
Express
Solutions
LLC,
Revenue,
Senior
Lien,
2018
A,
5%,
12/31/36
10,570,000
10,823,072
LAX
Integrated
Express
Solutions
LLC,
Revenue,
Senior
Lien,
2018
A,
5%,
12/31/37
2,930,000
2,991,770
LAX
Integrated
Express
Solutions
LLC,
Revenue,
Senior
Lien,
2018
A,
5%,
12/31/38
7,600,000
7,738,927
Northbay
Healthcare
Group
Obligated
Group,
Revenue,
2017
A,
5%,
11/01/25
....
1,000,000
1,030,935
Northbay
Healthcare
Group
Obligated
Group,
Revenue,
2017
A,
5%,
11/01/26
....
900,000
936,924
Northbay
Healthcare
Group
Obligated
Group,
Revenue,
2017
A,
5%,
11/01/27
....
1,300,000
1,353,972
Northbay
Healthcare
Group
Obligated
Group,
Revenue,
2017
A,
5%,
11/01/28
....
1,400,000
1,456,413
Northbay
Healthcare
Group
Obligated
Group,
Revenue,
2017
A,
5.25%,
11/01/29
..
1,000,000
1,047,755
Northbay
Healthcare
Group
Obligated
Group,
Revenue,
2017
A,
5%,
11/01/30
....
1,350,000
1,397,444
Northbay
Healthcare
Group
Obligated
Group,
Revenue,
2017
A,
5.25%,
11/01/31
..
1,250,000
1,303,386
Northbay
Healthcare
Group
Obligated
Group,
Revenue,
2017
A,
5.25%,
11/01/36
..
4,620,000
4,654,577
Northern
California
Retired
Officers
Community,
Revenue,
2016,
Refunding,
California
Mortgage
Insured,
5%,
1/01/37
..............................
1,310,000
1,394,597
Palomar
Health
Obligated
Group,
COP,
2022
A,
Refunding,
AGMC
Insured,
5%,
11/01/27
.......................................................
100,000
106,275
Palomar
Health
Obligated
Group,
COP,
2022
A,
Refunding,
AGMC
Insured,
5%,
11/01/28
.......................................................
250,000
267,482
Palomar
Health
Obligated
Group,
COP,
2022
A,
Refunding,
AGMC
Insured,
5%,
11/01/29
.......................................................
250,000
270,018
Palomar
Health
Obligated
Group,
COP,
2022
A,
Refunding,
AGMC
Insured,
5%,
11/01/30
.......................................................
210,000
228,861
Palomar
Health
Obligated
Group,
COP,
2022
A,
Refunding,
AGMC
Insured,
5%,
11/01/31
.......................................................
435,000
477,148
Palomar
Health
Obligated
Group,
COP,
2022
A,
Refunding,
AGMC
Insured,
5%,
11/01/33
.......................................................
1,200,000
1,317,956
Palomar
Health
Obligated
Group,
COP,
2022
A,
Refunding,
AGMC
Insured,
5.25%,
11/01/34
.......................................................
1,430,000
1,592,618
Palomar
Health
Obligated
Group,
COP,
2022
A,
Refunding,
AGMC
Insured,
5.25%,
11/01/35
.......................................................
1,200,000
1,324,925
Palomar
Health
Obligated
Group,
COP,
2022
A,
Refunding,
AGMC
Insured,
5.25%,
11/01/36
.......................................................
1,550,000
1,691,521
Pilgrim
Place
in
Claremont,
Revenue,
2016
A,
Refunding,
California
Mortgage
Insured,
5%,
5/15/31
..............................................
2,750,000
3,008,152
South
Central
Los
Angeles
Regional
Center
for
Developmentally
Disabled
Persons,
Revenue,
2013,
5.25%,
12/01/27
....................................
3,440,000
3,496,893
System
Management
Group,
Revenue,
2019
A,
5%,
4/01/35
.................
1,780,000
1,926,846
System
Management
Group,
Revenue,
2019
A,
5%,
4/01/37
.................
2,945,000
3,146,085
University
of
La
Verne,
Revenue,
2017
A,
Refunding,
5%,
6/01/31
.............
1,000,000
1,073,184
University
of
La
Verne,
Revenue,
2017
A,
Refunding,
5%,
6/01/32
.............
1,000,000
1,074,506
University
of
La
Verne,
Revenue,
2017
A,
Refunding,
5%,
6/01/33
.............
1,010,000
1,078,193
University
of
La
Verne,
Revenue,
2017
A,
Refunding,
5%,
6/01/35
.............
1,440,000
1,525,440
a
California
Pollution
Control
Financing
Authority
,
Poseidon
Resources
Channelside
LP
,
Revenue
,
144A,
2019
,
Refunding
,
5
%
,
7/01/29
............................
4,350,000
4,438,528
California
Public
Finance
Authority
,
Henry
Mayo
Newhall
Hospital
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
10/15/23
.......................................................
285,000
286,226
Franklin
California
Tax-Free
Trust
Schedule
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
Public
Finance
Authority,
(continued)
Henry
Mayo
Newhall
Hospital
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
10/15/24
.......................................................
$
380,000
$
382,728
Henry
Mayo
Newhall
Hospital
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
10/15/25
.......................................................
400,000
404,547
Henry
Mayo
Newhall
Hospital
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
10/15/26
.......................................................
420,000
425,354
Henry
Mayo
Newhall
Hospital
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
10/15/27
.......................................................
400,000
405,000
Henry
Mayo
Newhall
Hospital
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
10/15/28
.......................................................
360,000
364,152
b
Henry
Mayo
Newhall
Hospital
Obligated
Group,
Revenue,
2021
B,
Mandatory
Put,
4%,
10/15/31
...................................................
690,000
670,163
a
California
School
Finance
Authority
,
Revenue,
144A,
2022
A,
Refunding,
4%,
10/01/27
.........................
570,000
572,745
Revenue,
144A,
2022
A,
Refunding,
5%,
10/01/32
.........................
755,000
807,035
Aspire
Public
Schools
Obligated
Group,
Revenue,
144A,
2022
A,
5%,
8/01/32
....
640,000
670,664
Green
Dot
Public
Schools
Obligated
Group,
Revenue,
144A,
2018
A,
5%,
8/01/26
.
300,000
311,273
Green
Dot
Public
Schools
Obligated
Group,
Revenue,
144A,
2018
A,
5%,
8/01/27
.
320,000
334,339
Green
Dot
Public
Schools
Obligated
Group,
Revenue,
144A,
2022
A,
Refunding,
5%,
8/01/32
........................................................
750,000
786,556
Green
Dot
Public
Schools
Obligated
Group,
Revenue,
144A,
2022
A,
Refunding,
5.375%,
8/01/42
.................................................
1,500,000
1,577,189
KIPP
SoCal
Public
Schools
Obligated
Group,
Revenue,
144A,
2020
A,
5%,
7/01/24
100,000
102,050
KIPP
SoCal
Public
Schools
Obligated
Group,
Revenue,
144A,
2020
A,
5%,
7/01/25
105,000
108,280
KIPP
SoCal
Public
Schools
Obligated
Group,
Revenue,
144A,
2020
A,
5%,
7/01/26
110,000
114,705
KIPP
SoCal
Public
Schools
Obligated
Group,
Revenue,
144A,
2020
A,
5%,
7/01/27
100,000
105,210
KIPP
SoCal
Public
Schools
Obligated
Group,
Revenue,
144A,
2020
A,
5%,
7/01/28
100,000
106,079
KIPP
SoCal
Public
Schools
Obligated
Group,
Revenue,
144A,
2020
A,
5%,
7/01/29
100,000
106,787
KIPP
SoCal
Public
Schools
Obligated
Group,
Revenue,
144A,
2020
A,
5%,
7/01/30
100,000
107,311
California
State
Public
Works
Board
,
Revenue,
2021
A,
Refunding,
5%,
2/01/31
...............................
2,175,000
2,550,762
State
of
California
Department
of
Corrections
&
Rehabilitation,
Revenue,
2014
A,
5%,
9/01/26
........................................................
10,000,000
10,387,036
State
of
California
Department
of
Corrections
&
Rehabilitation,
Revenue,
2014
D,
5%,
9/01/26
....................................................
6,835,000
7,099,539
California
State
University
,
Revenue,
2016
A,
Refunding,
5%,
11/01/29
..............................
16,000,000
17,282,670
Revenue,
2016
A,
Refunding,
5%,
11/01/30
..............................
5,000,000
5,401,519
California
Statewide
Communities
Development
Authority
,
Revenue,
2019
A,
Refunding,
California
Mortgage
Insured,
5%,
11/15/34
........
750,000
842,241
Revenue,
2019
A,
Refunding,
California
Mortgage
Insured,
5%,
11/15/37
........
735,000
809,669
Aldersly
Obligated
Group,
Revenue,
2015
A,
Refunding,
4.5%,
5/15/25
.........
615,000
608,324
Community
Facilities
District
No.
2020-02
Improvement
Area
No.
2,
Special
Tax,
2022,
5.125%,
9/01/42
............................................
500,000
505,056
Front
Porch
Communities
&
Services
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
4/01/23
....................................................
400,000
401,750
Front
Porch
Communities
&
Services
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
4/01/24
....................................................
400,000
407,073
Front
Porch
Communities
&
Services
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
4/01/25
....................................................
615,000
635,970
Front
Porch
Communities
&
Services
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
4/01/26
....................................................
400,000
419,572
Front
Porch
Communities
&
Services
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
4/01/27
....................................................
670,000
710,953
Front
Porch
Communities
&
Services
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
4/01/28
....................................................
425,000
455,615
Franklin
California
Tax-Free
Trust
Schedule
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)
California
Statewide
Communities
Development
Authority,
(continued)
Front
Porch
Communities
&
Services
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
4/01/29
....................................................
$
725,000
$
784,286
Front
Porch
Communities
&
Services
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
4/01/30
....................................................
450,000
489,068
Front
Porch
Communities
&
Services
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
4/01/31
....................................................
450,000
491,898
Front
Porch
Communities
&
Services
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
4/01/32
....................................................
1,470,000
1,604,781
Front
Porch
Communities
&
Services
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
4/01/33
....................................................
1,520,000
1,655,740
Front
Porch
Communities
&
Services
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
4/01/34
....................................................
1,565,000
1,705,983
Hebrew
Home
for
Aged
Disabled,
Revenue,
2016,
California
Mortgage
Insured,
5%,
11/01/36
.......................................................
9,000,000
9,598,431
Henry
Mayo
Newhall
Hospital
Obligated
Group,
Revenue,
2014,
Pre-Refunded,
AGMC
Insured,
5%,
10/01/26
.......................................
1,000,000
1,039,453
Henry
Mayo
Newhall
Hospital
Obligated
Group,
Revenue,
2014,
Pre-Refunded,
AGMC
Insured,
5%,
10/01/28
.......................................
1,250,000
1,299,316
Poway
RHF
Housing,
Inc.,
Revenue,
2013
A,
California
Mortgage
Insured,
5%,
11/15/28
.......................................................
500,000
510,622
Redwoods
(The),
A
Community
of
Seniors,
Revenue,
2013,
Pre-Refunded,
California
Mortgage
Insured,
5%,
11/15/28
.....................................
1,000,000
1,018,894
Campbell
Union
School
District
,
GO
,
2015
,
Refunding
,
5
%
,
8/01/28
..............
3,235,000
3,435,042
Carson
Public
Financing
Authority
,
City
of
Carson
Reassessment
District
No.
2001-1,
Revenue,
2019,
Refunding,
5%,
9/02/25
........................................................
1,000,000
1,042,306
City
of
Carson
Reassessment
District
No.
2001-1,
Revenue,
2019,
Refunding,
5%,
9/02/31
........................................................
1,000,000
1,095,858
Chino
Valley
Unified
School
District
,
GO,
2020
B,
5%,
8/01/35
............................................
100,000
112,793
GO,
2020
B,
5%,
8/01/36
............................................
125,000
139,833
GO,
2020
B,
5%,
8/01/37
............................................
250,000
277,366
GO,
2020
B,
5%,
8/01/38
............................................
350,000
385,907
GO,
2020
B,
5%,
8/01/39
............................................
400,000
439,442
City
&
County
of
San
Francisco
,
GO
,
2021
B-1
,
4
%
,
6/15/37
...................
2,000,000
2,054,752
City
of
Chino
,
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
9,
Special
Tax,
2022,
5%,
9/01/30
....................................................
1,280,000
1,376,106
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
9,
Special
Tax,
2022,
4.5%,
9/01/31
...................................................
725,000
747,755
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
9,
Special
Tax,
2022,
4.625%,
9/01/32
.................................................
755,000
786,657
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
9,
Special
Tax,
2022,
4.75%,
9/01/34
..................................................
1,620,000
1,684,993
City
of
Chula
Vista
,
Community
Facilities
District
No.
06-I
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/46
.......................................
2,000,000
1,744,396
City
of
Clovis
,
Sewer,
Revenue,
2013,
Refunding,
BAM
Insured,
5%,
8/01/28
................
1,200,000
1,213,619
Water,
Revenue,
2013,
Refunding,
BAM
Insured,
5%,
3/01/26
................
2,620,000
2,626,997
Water,
Revenue,
2013,
Refunding,
BAM
Insured,
5%,
3/01/27
................
1,000,000
1,002,671
City
of
Corona
,
Community
Facilities
District
No.
2018-1
Improvement
Area
No.
1
,
Special
Tax
,
2020
,
4
%
,
9/01/40
.......................................
350,000
312,073
City
of
Dublin
,
Community
Facilities
District
No.
2015-1
Improvement
Area
No.
4
,
Special
Tax
,
2015-1
,
5
%
,
9/01/37
......................................
955,000
979,114
City
of
Fontana
,
Community
Facilities
District
No.
85,
Special
Tax,
2020,
4%,
9/01/32
...........
250,000
251,230
Franklin
California
Tax-Free
Trust
Schedule
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
Fontana,
(continued)
Community
Facilities
District
No.
85,
Special
Tax,
2020,
4%,
9/01/36
...........
$
550,000
$
533,733
Community
Facilities
District
No.
85,
Special
Tax,
2020,
4%,
9/01/40
...........
625,000
580,995
Community
Facilities
District
No.
87,
Special
Tax,
2021,
4%,
9/01/41
...........
400,000
363,974
Community
Facilities
District
No.
87,
Special
Tax,
2021,
4%,
9/01/46
...........
650,000
568,578
Community
Facilities
District
No.
88,
Special
Tax,
2020,
4%,
9/01/40
...........
550,000
510,016
City
of
Irvine
,
Reassessment
District
No.
15-2
,
1915
Act,
Special
Assessment
,
Refunding
,
5
%
,
9/02/25
.............................................
1,000,000
1,040,234
City
of
Lake
Elsinore
,
Community
Facilities
District
No.
2006-1
Summerly,
Special
Tax,
2021,
4%,
9/01/46
400,000
349,894
Community
Facilities
District
No.
2019-1,
Special
Tax,
2021,
4%,
9/01/41
........
350,000
313,078
Community
Facilities
District
No.
2019-1,
Special
Tax,
2021,
4%,
9/01/46
........
450,000
389,713
Community
Facilities
District
No.
2019-1,
Special
Tax,
2021,
4%,
9/01/51
........
700,000
589,401
City
of
Lincoln
,
Community
Facilities
District
No.
2019-1
,
Special
Tax
,
2019-1
,
5
%
,
9/01/37
.........................................................
1,215,000
1,239,049
City
of
Long
Beach
,
Harbor,
Revenue,
2019
A,
5%,
5/15/38
..................................
2,000,000
2,197,380
Marina
System,
Revenue,
2015,
5%,
5/15/27
.............................
1,285,000
1,326,292
Marina
System,
Revenue,
2015,
5%,
5/15/32
.............................
1,250,000
1,286,599
City
of
Los
Angeles
,
Revenue,
2018
C,
5%,
5/15/35
........................................
5,800,000
6,054,013
Department
of
Airports,
Revenue,
2017
A,
5%,
5/15/31
......................
2,815,000
2,962,941
Department
of
Airports,
Revenue,
2018
B,
Refunding,
5%,
5/15/32
.............
3,325,000
3,554,580
Department
of
Airports,
Revenue,
2018
D,
Refunding,
5%,
5/15/31
.............
2,900,000
3,114,599
Department
of
Airports,
Revenue,
2019
D,
5%,
5/15/31
.....................
2,685,000
2,869,686
Department
of
Airports,
Revenue,
2019
D,
5%,
5/15/36
.....................
2,500,000
2,616,621
Department
of
Airports,
Revenue,
2019
F,
5%,
5/15/37
......................
5,715,000
5,967,272
Department
of
Airports,
Revenue,
2019
F,
5%,
5/15/38
......................
4,500,000
4,683,935
Department
of
Airports,
Revenue,
2020
A,
Refunding,
5%,
5/15/32
.............
3,205,000
3,671,903
Department
of
Airports,
Revenue,
2020
A,
Refunding,
5%,
5/15/33
.............
3,000,000
3,424,103
Department
of
Airports,
Revenue,
2020
A,
Refunding,
5%,
5/15/35
.............
2,115,000
2,375,690
Department
of
Airports,
Revenue,
2020
A,
Refunding,
5%,
5/15/37
.............
7,380,000
8,153,564
Department
of
Airports,
Revenue,
2020
A,
Refunding,
5%,
5/15/40
.............
5,485,000
5,980,971
Department
of
Airports,
Revenue,
2022
C,
Refunding,
5%,
5/15/28
.............
300,000
321,157
Department
of
Airports,
Revenue,
2022
C,
Refunding,
5%,
5/15/29
.............
250,000
269,607
Department
of
Airports,
Revenue,
Senior
Lien,
2022
G,
5.5%,
5/15/36
..........
1,325,000
1,474,534
Department
of
Airports,
Revenue,
Senior
Lien,
2022
G,
5.5%,
5/15/37
..........
9,960,000
11,001,560
Department
of
Airports,
Revenue,
Senior
Lien,
2022
G,
5.5%,
5/15/38
..........
1,080,000
1,188,076
Department
of
Airports,
Revenue,
Senior
Lien,
2022
G,
5.5%,
5/15/40
..........
580,000
631,904
Wastewater
System,
Revenue,
2013
A,
Refunding,
5%,
6/01/27
...............
9,145,000
9,224,367
City
of
Newport
Beach
,
Assessment
District
No.
113,
1915
Act,
Special
Assessment,
2021
A,
2%,
9/02/34
.
235,000
173,651
Assessment
District
No.
113,
1915
Act,
Special
Assessment,
2021
A,
2.125%,
9/02/35
........................................................
240,000
174,068
Assessment
District
No.
113,
1915
Act,
Special
Assessment,
2021
A,
2.125%,
9/02/36
........................................................
245,000
172,675
City
of
Ontario
,
Community
Facilities
District
No.
46,
Special
Tax,
2021,
4%,
9/01/45
...........
300,000
262,189
Community
Facilities
District
No.
46,
Special
Tax,
2021,
4%,
9/01/51
...........
500,000
421,077
Community
Facilities
District
No.
55,
Special
Tax,
2022,
5%,
9/01/37
...........
350,000
363,250
City
of
Palm
Desert
,
Section
29
Assessment
District
No.
2004-02,
1915
Act,
Special
Assessment,
2021,
Refunding,
4%,
9/02/26
............................................
670,000
674,647
Section
29
Assessment
District
No.
2004-02,
1915
Act,
Special
Assessment,
2021,
Refunding,
4%,
9/02/31
............................................
800,000
794,995
Section
29
Assessment
District
No.
2004-02,
1915
Act,
Special
Assessment,
2021,
Refunding,
4%,
9/02/37
............................................
1,200,000
1,134,642
Franklin
California
Tax-Free
Trust
Schedule
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
Palo
Alto
,
University
Avenue
Off-Street
Parking
Assessment
District,
1915
Act,
Special
Assessment,
2012,
Refunding,
5%,
9/02/28
............................
$
895,000
$
898,156
University
Avenue
Off-Street
Parking
Assessment
District,
1915
Act,
Special
Assessment,
2012,
Refunding,
5%,
9/02/29
............................
1,155,000
1,159,023
City
of
Pasadena
,
Water
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
6/01/38
.............
1,480,000
1,633,985
City
of
Porterville
,
Water,
COP,
2021,
AGMC
Insured,
4%,
8/15/35
...........................
230,000
237,578
Water,
COP,
2021,
AGMC
Insured,
4%,
8/15/36
...........................
200,000
203,712
Water,
COP,
2021,
AGMC
Insured,
4%,
8/15/37
...........................
175,000
176,741
City
of
Riverside
,
Sewer,
Revenue,
2015
A,
Refunding,
5%,
8/01/28
.........................
3,870,000
4,105,329
Sewer,
Revenue,
2015
A,
Refunding,
5%,
8/01/29
.........................
4,670,000
4,953,251
Water,
Revenue,
2019
A,
Refunding,
5%,
10/01/37
.........................
7,295,000
8,005,694
City
of
Sacramento
,
North
Natomas
Community
Facilities
District
No.
4,
Special
Tax,
2015
F,
Refunding,
5%,
9/01/26
....................................................
615,000
641,787
North
Natomas
Community
Facilities
District
No.
4,
Special
Tax,
2015
F,
Refunding,
5%,
9/01/28
....................................................
1,220,000
1,272,484
North
Natomas
Community
Facilities
District
No.
4,
Special
Tax,
2015
F,
Refunding,
5%,
9/01/29
....................................................
1,555,000
1,620,024
North
Natomas
Community
Facilities
District
No.
4,
Special
Tax,
2015
F,
Refunding,
5%,
9/01/30
....................................................
1,045,000
1,085,018
North
Natomas
Community
Facilities
District
No.
4,
Special
Tax,
2015
F,
Refunding,
5%,
9/01/31
....................................................
1,800,000
1,866,697
Transient
Occupancy
Tax,
Revenue,
2018
A,
5%,
6/01/34
....................
1,485,000
1,618,318
Transient
Occupancy
Tax,
Revenue,
2018
A,
5%,
6/01/35
....................
2,000,000
2,163,604
Transient
Occupancy
Tax,
Revenue,
2018
A,
5%,
6/01/37
....................
2,250,000
2,404,465
City
of
San
Francisco
,
Public
Utilities
Commission
Water
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
11/01/28
.....................................................
5,000,000
5,279,845
City
of
Vernon
,
Electric
System,
Revenue,
2021
A,
5%,
4/01/26
...........................
1,265,000
1,316,630
Electric
System,
Revenue,
2021
A,
5%,
10/01/26
..........................
1,670,000
1,747,225
Electric
System,
Revenue,
2021
A,
5%,
4/01/28
...........................
2,000,000
2,125,347
Electric
System,
Revenue,
2022
A,
Refunding,
5%,
8/01/23
..................
580,000
583,508
Electric
System,
Revenue,
2022
A,
Refunding,
5%,
8/01/24
..................
700,000
712,789
Electric
System,
Revenue,
2022
A,
Refunding,
5%,
8/01/25
..................
500,000
516,055
Electric
System,
Revenue,
2022
A,
Refunding,
5%,
8/01/26
..................
605,000
632,051
Electric
System,
Revenue,
2022
A,
Refunding,
5%,
8/01/30
..................
1,105,000
1,195,542
City
of
Woodland
,
Community
Facilities
District
No.
2004-1
,
Special
Tax
,
2019
,
5
%
,
9/01/36
.........................................................
1,510,000
1,581,198
a
CMFA
Special
Finance
Agency
VIII
,
Elan
Huntington
Beach
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
8/01/47
.........................................
1,500,000
1,155,143
Compton
Community
Redevelopment
Agency
,
Successor
Agency,
Tax
Allocation,
2022
A,
Refunding,
AGMC
Insured,
5%,
8/01/37
4,090,000
4,375,157
Successor
Agency,
Tax
Allocation,
2022
A,
Refunding,
AGMC
Insured,
5%,
8/01/42
3,115,000
3,279,350
Contra
Costa
Water
District
,
Revenue
,
T
,
Refunding
,
5
%
,
10/01/26
..............
3,400,000
3,533,549
Corona-Norco
Unified
School
District
,
GO
,
2011
E
,
5.3
%
,
8/01/25
...............
4,645,000
4,964,860
County
of
Sacramento
,
Airport
System,
Revenue,
2016
B,
Refunding,
5%,
7/01/35
...................
1,000,000
1,058,235
Airport
System,
Revenue,
2016
B,
Refunding,
5%,
7/01/36
...................
2,000,000
2,103,472
County
of
San
Diego
,
Community
Facilities
District
No.
2008-01,
Special
Tax,
2020
A,
4%,
9/01/35
......
50,000
47,878
Community
Facilities
District
No.
2008-01,
Special
Tax,
2020
A,
4%,
9/01/37
......
765,000
716,305
Community
Facilities
District
No.
2008-01,
Special
Tax,
2020
A,
4%,
9/01/38
......
375,000
347,726
Community
Facilities
District
No.
2008-01,
Special
Tax,
2020
A,
4%,
9/01/39
......
920,000
846,523
Community
Facilities
District
No.
2008-01,
Special
Tax,
2020
A,
4%,
9/01/40
......
475,000
432,415
Franklin
California
Tax-Free
Trust
Schedule
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)
County
of
San
Diego,
(continued)
Community
Facilities
District
No.
2008-01,
Special
Tax,
2020
A,
4%,
9/01/40
......
$
115,000
$
104,178
a
CSCDA
Community
Improvement
Authority
,
1818
Platinum
Triangle-Anaheim,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3.35%,
4/01/47
........................................................
10,000,000
7,731,472
Oceanaire
Apartments,
Revenue,
144A,
2021
A-1,
3.2%,
9/01/46
..............
7,500,000
5,463,154
Towne
at
Glendale
Apartments,
Revenue,
144A,
2022
B,
5%,
9/01/37
..........
13,200,000
12,502,598
Del
Mar
Race
Track
Authority
,
Revenue,
2015,
Refunding,
5%,
10/01/23
................................
1,510,000
1,513,920
Revenue,
2015,
Refunding,
5%,
10/01/28
................................
1,925,000
1,934,979
Revenue,
2015,
Refunding,
5%,
10/01/30
................................
1,125,000
1,129,645
Dublin
Unified
School
District
,
GO
,
2016
,
Refunding
,
5
%
,
8/01/32
...............
3,220,000
3,488,878
East
Bay
Municipal
Utility
District
,
Wastewater
System,
Revenue,
2014
A,
Refunding,
5%,
6/01/25
...............
2,845,000
3,012,051
Wastewater
System,
Revenue,
2014
A,
Refunding,
5%,
6/01/26
...............
3,650,000
3,954,655
Wastewater
System,
Revenue,
2014
A,
Refunding,
5%,
6/01/27
...............
1,500,000
1,659,622
Wastewater
System,
Revenue,
2014
A,
Refunding,
5%,
6/01/29
...............
1,000,000
1,150,409
Water
System,
Revenue,
2015
A,
Refunding,
5%,
6/01/29
...................
5,000,000
5,296,402
El
Dorado
Irrigation
District
,
COP,
2020
A,
5%,
3/01/34
...........................................
375,000
425,556
COP,
2020
A,
5%,
3/01/37
...........................................
325,000
359,926
COP,
2020
A,
5%,
3/01/38
...........................................
750,000
826,696
COP,
2020
A,
5%,
3/01/39
...........................................
720,000
790,888
Revenue,
2016
C,
Pre-Refunded,
5%,
3/01/31
............................
2,500,000
2,687,709
Elk
Grove
Finance
Authority
,
Special
Tax
,
2015
,
Refunding
,
BAM
Insured
,
5
%
,
9/01/30
1,130,000
1,203,760
FHLMC,
Multi-family
ML
Pass-Through
Certificates
,
Revenue
,
2019-ML06
,
ACA
,
Revenue
,
2.493
%
,
7/25/35
...........................................
23,949,130
18,829,881
Foothill-De
Anza
Community
College
District
,
GO,
2015,
Refunding,
5%,
8/01/27
.....................................
1,250,000
1,328,733
GO,
2015,
Refunding,
5%,
8/01/28
.....................................
2,500,000
2,662,324
Foothill-Eastern
Transportation
Corridor
Agency
,
Revenue,
2013
A,
Refunding,
Zero
Cpn.,
1/15/25
..........................
2,500,000
2,443,967
Revenue,
2013
A,
Refunding,
Zero
Cpn.,
1/15/26
..........................
3,760,000
3,748,427
Revenue,
2013
A,
Refunding,
Zero
Cpn.,
1/15/27
..........................
6,395,000
6,491,169
Revenue,
2013
A,
Refunding,
AGMC
Insured,
Zero
Cpn.,
1/15/29
..............
19,895,000
21,056,391
Revenue,
Junior
Lien,
2021
C,
Refunding,
5%,
1/15/26
.....................
305,000
318,218
Revenue,
Junior
Lien,
2021
C,
Refunding,
5%,
1/15/27
.....................
350,000
369,622
Revenue,
Junior
Lien,
2021
C,
Refunding,
5%,
1/15/28
.....................
320,000
341,616
Revenue,
Junior
Lien,
2021
C,
Refunding,
5%,
1/15/29
.....................
360,000
388,187
Revenue,
Junior
Lien,
2021
C,
Refunding,
5%,
1/15/30
.....................
400,000
435,437
Revenue,
Junior
Lien,
2021
C,
Refunding,
5%,
1/15/31
.....................
470,000
516,183
Revenue,
Junior
Lien,
2021
C,
Refunding,
4%,
1/15/32
.....................
300,000
307,873
Revenue,
Junior
Lien,
2021
C,
Refunding,
4%,
1/15/33
.....................
445,000
455,149
Fullerton
School
District
Financing
Authority
,
Special
Tax,
Senior
Lien,
2013
A,
Pre-Refunded,
AGMC
Insured,
5%,
9/01/27
....
1,000,000
1,013,656
Special
Tax,
Senior
Lien,
2013
A,
Pre-Refunded,
AGMC
Insured,
5%,
9/01/28
....
1,040,000
1,054,202
Golden
State
Tobacco
Securitization
Corp.
,
Revenue,
2018
A-1,
Pre-Refunded,
5%,
6/01/31
...........................
1,000,000
1,127,115
Revenue,
2018
A-1,
Pre-Refunded,
5%,
6/01/32
...........................
8,135,000
9,169,085
Revenue,
2018
A-1,
Pre-Refunded,
5%,
6/01/35
...........................
9,000,000
10,144,040
Imperial
Irrigation
District
,
Electric
System,
Revenue,
2019,
Refunding,
5%,
11/01/33
...................
1,000,000
1,123,493
Electric
System,
Revenue,
2019,
Refunding,
5%,
11/01/34
...................
1,100,000
1,222,608
Electric
System,
Revenue,
2019,
Refunding,
5%,
11/01/35
...................
1,520,000
1,679,147
Electric
System,
Revenue,
2019,
Refunding,
5%,
11/01/37
...................
3,885,000
4,244,839
Franklin
California
Tax-Free
Trust
Schedule
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)
Independent
Cities
Finance
Authority
,
Augusta
Communities
LLC,
Revenue,
2022
A,
Refunding,
5.25%,
5/15/56
.......
$
2,010,000
$
2,086,022
Millennium
Housing
LLC,
Revenue,
2021,
Refunding,
3%,
5/15/41
.............
1,395,000
1,150,426
Millennium
Housing
LLC,
Revenue,
2022,
Refunding,
3.7%,
9/15/32
............
1,000,000
1,002,716
San
Juan
Mobile
Estates,
Revenue,
2015,
Refunding,
5%,
8/15/30
.............
1,575,000
1,625,216
Irvine
Unified
School
District
,
Special
Tax,
2020
A,
4%,
9/01/27
......................................
1,745,000
1,764,132
Special
Tax,
2020
A,
4%,
9/01/28
......................................
1,135,000
1,146,139
Special
Tax,
2020
A,
5%,
9/01/30
......................................
1,910,000
2,066,570
Special
Tax,
2020
A,
5%,
9/01/31
......................................
1,840,000
1,984,715
Special
Tax,
2020
A,
5%,
9/01/32
......................................
755,000
811,850
Special
Tax,
2020
A,
4%,
9/01/33
......................................
2,110,000
2,085,956
Special
Tax,
2020
A,
4%,
9/01/35
......................................
1,460,000
1,409,007
Special
Tax,
2020
A,
4%,
9/01/36
......................................
1,320,000
1,258,600
Special
Tax,
2020
A,
4%,
9/01/37
......................................
1,355,000
1,275,653
Special
Tax,
2020
A,
4%,
9/01/38
......................................
2,735,000
2,547,629
Special
Tax,
2020
A,
4%,
9/01/39
......................................
2,905,000
2,679,319
Community
Facilities
District
No.
09-1,
Special
Tax,
2019
A,
5%,
9/01/29
........
185,000
200,418
Community
Facilities
District
No.
09-1,
Special
Tax,
2019
A,
5%,
9/01/30
........
210,000
226,003
Community
Facilities
District
No.
09-1,
Special
Tax,
2019
A,
5%,
9/01/31
........
175,000
187,395
Community
Facilities
District
No.
09-1,
Special
Tax,
2019
A,
5%,
9/01/32
........
185,000
197,221
Community
Facilities
District
No.
09-1,
Special
Tax,
2019
A,
5%,
9/01/33
........
200,000
212,267
Community
Facilities
District
No.
09-1,
Special
Tax,
2019
A,
5%,
9/01/34
........
225,000
237,505
Community
Facilities
District
No.
09-1,
Special
Tax,
2019
A,
5%,
9/01/36
........
265,000
276,283
Community
Facilities
District
No.
09-1,
Special
Tax,
2019
A,
4%,
9/01/37
........
285,000
269,773
Community
Facilities
District
No.
09-1,
Special
Tax,
2019
A,
4%,
9/01/38
........
275,000
257,914
Community
Facilities
District
No.
09-1,
Special
Tax,
2019
A,
4%,
9/01/39
........
315,000
291,908
Community
Facilities
District
No.
09-1,
Special
Tax,
2019
A,
4%,
9/01/40
........
350,000
320,584
Jurupa
Public
Financing
Authority
,
Special
Tax,
2013
A,
AGMC
Insured,
5%,
9/01/30
..........................
2,750,000
2,786,470
Special
Tax,
2013
A,
AGMC
Insured,
5%,
9/01/33
..........................
5,000,000
5,065,325
Special
Tax,
2014
A,
Refunding,
5%,
9/01/27
.............................
1,000,000
1,033,753
Special
Tax,
2014
A,
Refunding,
5%,
9/01/28
.............................
1,275,000
1,318,036
Special
Tax,
2014
A,
Refunding,
5%,
9/01/29
.............................
530,000
547,541
Special
Tax,
2015
A,
Refunding,
5%,
9/01/26
.............................
1,855,000
1,957,116
Special
Tax,
2015
A,
Refunding,
5%,
9/01/27
.............................
1,000,000
1,055,146
Special
Tax,
2015
A,
Refunding,
5%,
9/01/28
.............................
1,025,000
1,083,025
Special
Tax,
2015
A,
Refunding,
5%,
9/01/29
.............................
1,155,000
1,222,016
Special
Tax,
2015
A,
Refunding,
5%,
9/01/30
.............................
1,510,000
1,600,154
Special
Tax,
2015
A,
Refunding,
5%,
9/01/31
.............................
1,190,000
1,262,366
Special
Tax,
2015
A,
Refunding,
5%,
9/01/32
.............................
2,505,000
2,658,082
Special
Tax,
2015
A,
Refunding,
5%,
9/01/33
.............................
2,635,000
2,796,838
Special
Tax,
2020
A,
Refunding,
BAM
Insured,
4%,
9/01/32
..................
700,000
737,510
Special
Tax,
2020
A,
Refunding,
BAM
Insured,
4%,
9/01/36
..................
1,175,000
1,203,542
Lake
Elsinore
Public
Financing
Authority
,
Special
Tax
,
2015
,
Refunding
,
5
%
,
9/01/30
.
4,970,000
5,138,595
Lake
Elsinore
Unified
School
District
,
Community
Facilities
District
2007-2
,
Special
Tax
,
2021
,
4
%
,
9/01/45
.................................................
760,000
661,034
Lammersville
Joint
Unified
School
District
,
Community
Facilities
District
No.
2002
,
Special
Tax
,
2017
,
Refunding
,
5
%
,
9/01/33
...............................
1,575,000
1,647,198
Lee
Lake
Public
Financing
Authority
,
Special
Tax,
Junior
Lien,
2013
B,
5%,
9/01/27
............................
1,400,000
1,414,760
Special
Tax,
Junior
Lien,
2013
B,
5.25%,
9/01/29
..........................
810,000
819,523
Los
Angeles
County
Metropolitan
Transportation
Authority
,
Sales
Tax,
Revenue,
2014
A,
Refunding,
5%,
7/01/26
.......................
6,315,000
6,539,477
Sales
Tax,
Revenue,
2014
A,
Refunding,
5%,
7/01/27
.......................
6,630,000
6,863,699
Sales
Tax,
Revenue,
2017
A,
5%,
7/01/39
...............................
7,520,000
8,054,137
Sales
Tax,
Revenue,
2021
A,
4%,
6/01/35
...............................
1,485,000
1,576,008
Franklin
California
Tax-Free
Trust
Schedule
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
Department
of
Water
,
Water
System,
Revenue,
2020
C,
Refunding,
5%,
7/01/40
...................
$
7,000,000
$
7,727,627
Water
System,
Revenue,
2020
C,
Refunding,
5%,
7/01/41
...................
3,535,000
3,881,371
Los
Angeles
Department
of
Water
&
Power
,
Power
System,
Revenue,
2013
A,
Refunding,
5%,
7/01/25
...................
5,135,000
5,135,000
Power
System,
Revenue,
2014
C,
5%,
7/01/27
............................
10,000,000
10,374,853
Power
System,
Revenue,
2014
D,
5%,
7/01/26
............................
2,600,000
2,698,238
Power
System,
Revenue,
2016
B,
5%,
7/01/30
............................
3,000,000
3,218,784
Power
System,
Revenue,
2016
B,
5%,
7/01/31
............................
6,700,000
7,184,109
Power
System,
Revenue,
2017
B,
Refunding,
5%,
7/01/34
...................
23,350,000
25,416,132
Power
System,
Revenue,
2020
B,
Refunding,
5%,
7/01/39
...................
2,860,000
3,163,170
Water
System,
Revenue,
2014
A,
5%,
7/01/31
............................
4,690,000
4,860,907
Water
System,
Revenue,
2016
A,
Refunding,
5%,
7/01/37
...................
10,450,000
10,960,818
Water
System,
Revenue,
2018,
Refunding,
5%,
7/01/38
.....................
4,500,000
4,893,377
Water
System,
Revenue,
2018
B,
Refunding,
5%,
7/01/34
...................
2,500,000
2,798,518
Water
System,
Revenue,
2020
C,
Refunding,
5%,
7/01/33
...................
1,410,000
1,636,522
Los
Angeles
Unified
School
District
,
GO,
2011
A-1,
Refunding,
5%,
7/01/23
..................................
13,335,000
13,474,387
GO,
2016
A,
Refunding,
5%,
7/01/29
...................................
5,000,000
5,298,900
GO,
2016
B,
Refunding,
5%,
7/01/30
...................................
30,000,000
32,454,510
GO,
2020
RYQ,
4%,
7/01/38
.........................................
5,000,000
5,055,021
Manteca
Unified
School
District
,
Community
Facilities
District
No.
1989-2
,
Special
Tax
,
2013
F
,
AGMC
Insured
,
5
%
,
9/01/26
....................................
1,280,000
1,297,143
Martinez
Unified
School
District
,
GO
,
2011
,
Refunding
,
5.375
%
,
8/01/26
..........
5,000,000
5,195,178
Menifee
Union
School
District
,
Community
Facilities
District
No.
2011-1,
Special
Tax,
2021,
4%,
9/01/36
........
445,000
424,740
Community
Facilities
District
No.
2011-1,
Special
Tax,
2021,
4%,
9/01/41
........
660,000
597,511
Community
Facilities
District
No.
2011-1,
Special
Tax,
2021,
4%,
9/01/46
........
1,750,000
1,537,479
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
5,
Special
Tax,
2021,
4%,
9/01/36
....................................................
500,000
477,729
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
5,
Special
Tax,
2021,
4%,
9/01/41
....................................................
800,000
723,336
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
7,
Special
Tax,
2022,
5%,
9/01/37
....................................................
1,100,000
1,140,769
Menifee
Union
School
District
Public
Financing
Authority
,
Special
Tax,
2016
A,
Refunding,
5%,
9/01/25
.............................
1,200,000
1,243,580
Special
Tax,
2017
A,
5%,
9/01/25
......................................
1,405,000
1,457,833
Special
Tax,
2017
A,
5%,
9/01/28
......................................
1,250,000
1,335,298
Special
Tax,
2017
A,
5%,
9/01/30
......................................
1,550,000
1,657,283
Metropolitan
Water
District
of
Southern
California
,
Revenue,
2014
E,
Refunding,
5%,
7/01/24
...............................
1,110,000
1,148,796
Revenue,
2020
C,
Refunding,
5%,
7/01/38
...............................
12,500,000
14,068,870
Moreno
Valley
Unified
School
District
,
GO,
2007,
Refunding,
NATL
Insured,
Zero
Cpn.,
8/01/24
....................
7,500,000
7,141,734
Community
Facilities
District
No.
2016-1,
Special
Tax,
2020,
4%,
9/01/31
........
120,000
119,165
Community
Facilities
District
No.
2016-1,
Special
Tax,
2020,
4%,
9/01/32
........
130,000
128,615
Community
Facilities
District
No.
2016-1,
Special
Tax,
2020,
4%,
9/01/33
........
140,000
137,811
Community
Facilities
District
No.
2016-1,
Special
Tax,
2020,
2.625%,
9/01/38
.....
200,000
152,322
Mount
San
Antonio
Community
College
District
,
GO
,
2013
A
,
Zero
Cpn.,
8/01/28
....
6,000,000
6,550,117
Mountain
House
Public
Financing
Authority
,
Mountain
House
Community
Services
District,
Revenue,
2020
A,
BAM
Insured,
4%,
12/01/32
.......................................................
400,000
422,283
Mountain
House
Community
Services
District,
Revenue,
2020
A,
BAM
Insured,
4%,
12/01/33
.......................................................
325,000
340,561
Mountain
House
Community
Services
District,
Revenue,
2020
A,
BAM
Insured,
4%,
12/01/34
.......................................................
300,000
311,242
Franklin
California
Tax-Free
Trust
Schedule
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)
New
Haven
Unified
School
District
,
GO
,
2012
,
Refunding
,
AGMC
Insured
,
Zero
Cpn.,
8/01/23
.........................................................
$
3,200,000
$
3,144,423
Oro
Grande
Elementary
School
District
,
COP,
2020,
Refunding,
4%,
9/15/29
....................................
2,595,000
2,563,897
COP,
2020,
Refunding,
4%,
9/15/30
....................................
2,700,000
2,626,127
COP,
2020,
Refunding,
4%,
9/15/31
....................................
2,805,000
2,701,954
COP,
2020,
Refunding,
4%,
9/15/32
....................................
1,600,000
1,545,874
Port
of
Oakland
,
Revenue,
2017
D,
Refunding,
5%,
11/01/28
..............................
2,250,000
2,397,987
Revenue,
2021
H,
Refunding,
5%,
11/01/29
..............................
2,000,000
2,179,049
Poway
Unified
School
District
,
Community
Facilities
District
No.
16,
Special
Tax,
2020,
AGMC
Insured,
5%,
9/01/32
100,000
111,888
Community
Facilities
District
No.
16,
Special
Tax,
2020,
AGMC
Insured,
4%,
9/01/34
500,000
511,958
Community
Facilities
District
No.
16,
Special
Tax,
2020,
AGMC
Insured,
4%,
9/01/36
715,000
723,072
Community
Facilities
District
No.
16,
Special
Tax,
2020,
AGMC
Insured,
4%,
9/01/38
835,000
836,658
Community
Facilities
District
No.
16,
Special
Tax,
2020,
AGMC
Insured,
4%,
9/01/40
965,000
953,440
Poway
Unified
School
District
Public
Financing
Authority
,
Special
Tax,
2014,
BAM
Insured,
5%,
10/01/31
............................
1,700,000
1,725,494
Special
Tax,
2014,
BAM
Insured,
5%,
10/01/32
............................
1,845,000
1,872,532
Special
Tax,
2017
A,
Refunding,
5%,
9/01/27
.............................
1,375,000
1,479,421
Special
Tax,
2017
A,
Refunding,
5%,
9/01/30
.............................
2,240,000
2,400,665
River
Islands
Public
Financing
Authority
,
Lathrop
Irrigation
District
Electric
,
Revenue
,
2020
,
AGMC
Insured
,
4
%
,
9/01/40
.....................................
1,665,000
1,643,677
Riverside
County
Transportation
Commission
,
Sales
Tax,
Revenue,
2017
B,
Refunding,
5%,
6/01/38
.......................
2,805,000
3,008,980
Sales
Tax,
Revenue,
2017
B,
Refunding,
5%,
6/01/39
.......................
5,000,000
5,343,289
Riverside
Unified
School
District
,
Community
Facilities
District
No.
33,
Special
Tax,
2021,
4%,
9/01/45
...........
375,000
325,647
Community
Facilities
District
No.
33,
Special
Tax,
2021,
4%,
9/01/50
...........
600,000
501,735
a
RMA
Capital
Series
Trust
,
Revenue
,
144A,
2022-1
,
A
,
5.67
%
,
8/01/58
............
5,000,000
5,021,900
RNR
School
Financing
Authority
,
Community
Facilities
District
No.
92-1
,
Special
Tax
,
2017
A
,
BAM
Insured
,
5
%
,
9/01/27
.....................................
1,035,000
1,108,014
Romoland
School
District
,
Community
Facilities
District
No.
2004-1,
Special
Tax,
2015,
Refunding,
5%,
9/01/27
1,000,000
1,040,544
Community
Facilities
District
No.
2004-1,
Special
Tax,
2015,
Refunding,
5%,
9/01/28
1,960,000
2,038,231
Community
Facilities
District
No.
2004-1,
Special
Tax,
2015,
Refunding,
5%,
9/01/29
2,130,000
2,209,169
Community
Facilities
District
No.
2004-1,
Special
Tax,
2015,
Refunding,
5%,
9/01/30
2,310,000
2,384,218
Community
Facilities
District
No.
2004-1,
Special
Tax,
2015,
Refunding,
5%,
9/01/31
2,495,000
2,572,727
Community
Facilities
District
No.
2004-1,
Special
Tax,
2015,
Refunding,
5%,
9/01/32
2,690,000
2,770,454
Community
Facilities
District
No.
91-1,
Special
Tax,
2017,
Refunding,
5%,
9/01/36
.
1,130,000
1,170,345
Root
Creek
Water
District
,
Community
Facilities
District
No.
2016-1
Improvement
Area
No.
1,
Special
Tax,
2021,
4%,
9/01/41
....................................................
430,000
387,807
Community
Facilities
District
No.
2016-1
Improvement
Area
No.
1,
Special
Tax,
2021,
4%,
9/01/46
....................................................
1,300,000
1,133,857
Sacramento
County
Sanitation
Districts
Financing
Authority
,
Sacramento
Regional
County
Sanitation
District
,
Revenue
,
2014
A
,
Refunding
,
5
%
,
12/01/29
..........
2,000,000
2,068,730
Sacramento
Municipal
Utility
District
,
Revenue
,
2020
H
,
5
%
,
8/15/38
.............
685,000
765,795
San
Bernardino
County
Transportation
Authority
,
Revenue,
2014
A,
5%,
3/01/30
........................................
2,685,000
2,750,175
Revenue,
2014
A,
5%,
3/01/31
........................................
5,090,000
5,212,967
San
Diego
County
Regional
Airport
Authority
,
Revenue,
2019
A,
Refunding,
5%,
7/01/35
...............................
7,500,000
8,275,005
Revenue,
2019
A,
Refunding,
5%,
7/01/39
...............................
6,500,000
6,954,223
Revenue,
2019
A,
Refunding,
5%,
7/01/44
...............................
4,000,000
4,222,631
San
Diego
Public
Facilities
Financing
Authority
,
City
of
San
Diego
Water
Utility
,
Revenue
,
2020
A
,
5
%
,
8/01/34
........................................
850,000
974,387
Franklin
California
Tax-Free
Trust
Schedule
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)
San
Francisco
Bay
Area
Rapid
Transit
District
,
GO,
2013
C,
5%,
8/01/27
............................................
$
2,640,000
$
2,671,777
GO,
2013
C,
5%,
8/01/28
............................................
3,500,000
3,541,928
GO,
2020
C-1,
4%,
8/01/33
..........................................
2,250,000
2,389,072
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
,
Revenue,
2019
A,
Refunding,
5%,
5/01/36
...............................
4,000,000
4,200,138
Revenue,
Second
Series,
2019
E,
5%,
5/01/35
............................
2,000,000
2,111,294
Revenue,
Second
Series,
2019
E,
5%,
5/01/37
............................
1,000,000
1,043,898
SFO
Fuel
Co.
LLC,
Revenue,
2019
A,
Refunding,
5%,
1/01/35
................
1,000,000
1,055,107
SFO
Fuel
Co.
LLC,
Revenue,
2019
A,
Refunding,
5%,
1/01/36
................
1,000,000
1,049,101
San
Francisco
City
&
County
Public
Utilities
Commission
,
Wastewater
,
Revenue
,
2018
A
,
4
%
,
10/01/43
...................................................
9,220,000
9,052,324
San
Francisco
City
&
County
Redevelopment
Agency
Successor
Agency
,
Hotel
Tax,
Revenue,
2011,
Refunding,
AGMC
Insured,
5%,
6/01/24
............
7,055,000
7,065,728
Mission
Bay
South
Redevelopment
Area
Tax
Increment
Financing
District,
Tax
Allocation,
2014
A,
5%,
8/01/30
......................................
1,080,000
1,116,555
Mission
Bay
South
Redevelopment
Area
Tax
Increment
Financing
District,
Tax
Allocation,
2014
A,
5%,
8/01/34
......................................
1,110,000
1,147,363
San
Jacinto
Unified
School
District
Financing
Authority
,
Community
Facilities
District
No.
2003-2
,
Special
Tax
,
2019
,
5
%
,
9/01/36
..............................
1,200,000
1,232,876
San
Joaquin
Hills
Transportation
Corridor
Agency
,
Revenue
,
1997
A
,
Refunding
,
NATL
Insured
,
Zero
Cpn.,
1/15/26
..........................................
19,000,000
17,067,736
San
Mateo
County
Transit
District
,
Sales
Tax,
Revenue,
2015
A,
Refunding,
5%,
6/01/28
.......................
3,000,000
3,173,886
Sales
Tax,
Revenue,
2015
A,
Refunding,
5%,
6/01/29
.......................
4,300,000
4,548,692
San
Mateo
Foster
City
Public
Financing
Authority
,
City
of
San
Mateo
Sewer
,
Revenue
,
2019
,
5
%
,
8/01/34
.................................................
1,000,000
1,135,821
San
Ysidro
School
District
,
COP,
2015,
Refunding,
BAM
Insured,
5%,
9/01/29
.........................
1,100,000
1,163,824
COP,
2015,
Refunding,
BAM
Insured,
5%,
9/01/31
.........................
1,000,000
1,060,018
COP,
2015,
Refunding,
BAM
Insured,
5%,
9/01/33
.........................
1,050,000
1,110,604
Santa
Cruz
County
Redevelopment
Successor
Agency
,
Tax
Allocation
,
2015
A
,
Refunding
,
AGMC
Insured
,
5
%
,
9/01/29
.................................
4,475,000
4,726,393
Sierra
View
Local
Health
Care
District
,
Revenue,
2020,
Refunding,
4%,
7/01/24
.................................
240,000
242,021
Revenue,
2020,
Refunding,
4%,
7/01/26
.................................
100,000
101,982
Revenue,
2020,
Refunding,
5%,
7/01/28
.................................
660,000
712,348
Revenue,
2020,
Refunding,
5%,
7/01/30
.................................
520,000
567,553
Sonoma
Community
Development
Agency
Successor
Agency
,
Tax
Allocation,
2015,
Refunding,
NATL
Insured,
5%,
6/01/29
..................
1,000,000
1,075,092
Tax
Allocation,
2015,
Refunding,
NATL
Insured,
5%,
6/01/33
..................
1,200,000
1,286,457
Southern
California
Public
Power
Authority
,
Revenue
,
2015
C
,
Refunding
,
5
%
,
7/01/26
5,000,000
5,246,050
State
of
California
,
GO,
Refunding,
5%,
12/01/27
.........................................
10,000,000
11,141,928
GO,
Refunding,
5%,
4/01/29
.........................................
3,190,000
3,634,689
GO,
Refunding,
5%,
9/01/29
.........................................
1,000,000
1,082,797
GO,
Refunding,
5%,
11/01/29
.........................................
5,000,000
5,755,111
GO,
5%,
4/01/30
..................................................
3,725,000
4,242,575
GO,
Refunding,
5%,
11/01/30
.........................................
15,540,000
18,190,648
GO,
Refunding,
5%,
10/01/32
.........................................
5,780,000
6,606,573
GO,
2014,
5%,
12/01/27
.............................................
5,000,000
5,102,316
GO,
2014,
5%,
12/01/28
.............................................
5,000,000
5,101,863
State
of
California
Department
of
Water
Resources
,
Revenue,
AS,
ETM,
5%,
12/01/24
.....................................
35,000
36,496
Revenue,
AS,
5%,
12/01/24
..........................................
11,090,000
11,612,465
Revenue,
AS,
5%,
12/01/25
..........................................
6,125,000
6,403,040
Revenue,
AS,
Pre-Refunded,
5%,
12/01/25
..............................
5,000
5,223
Franklin
California
Tax-Free
Trust
Schedule
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)
State
of
California
Department
of
Water
Resources,
(continued)
Revenue,
AS,
Pre-Refunded,
5%,
12/01/26
..............................
$
45,000
$
46,923
Revenue,
BA,
Pre-Refunded,
5%,
12/01/35
..............................
12,180,000
13,903,354
Revenue,
BB,
Refunding,
5%,
12/01/33
.................................
3,290,000
3,859,780
Tobacco
Securitization
Authority
of
Northern
California
,
Sacramento
County
Tobacco
Securitization
Corp.
,
Revenue,
Senior
Lien
,
2021
A
,
1
,
Refunding
,
4
%
,
6/01/38
....
1,300,000
1,254,954
Tobacco
Securitization
Authority
of
Southern
California
,
San
Diego
County
Tobacco
Asset
Securitization
Corp.,
Revenue,
2019
A,
1,
Refunding,
5%,
6/01/36
............................................
1,600,000
1,661,599
San
Diego
County
Tobacco
Asset
Securitization
Corp.,
Revenue,
2019
A,
1,
Refunding,
5%,
6/01/37
............................................
1,000,000
1,034,564
San
Diego
County
Tobacco
Asset
Securitization
Corp.,
Revenue,
2019
A,
1,
Refunding,
5%,
6/01/38
............................................
500,000
515,634
Transbay
Joint
Powers
Authority
,
Transbay
Redevelopment
Project
Tax
Increment
Re-Development
Project,
Tax
Allocation,
Senior
Lien,
2020
A,
5%,
10/01/30
...........................
500,000
548,994
Transbay
Redevelopment
Project
Tax
Increment
Re-Development
Project,
Tax
Allocation,
Senior
Lien,
2020
A,
5%,
10/01/32
...........................
500,000
543,663
Transbay
Redevelopment
Project
Tax
Increment
Re-Development
Project,
Tax
Allocation,
Senior
Lien,
2020
A,
5%,
10/01/33
...........................
1,000,000
1,081,393
Transbay
Redevelopment
Project
Tax
Increment
Re-Development
Project,
Tax
Allocation,
Senior
Lien,
2020
A,
5%,
10/01/34
...........................
1,050,000
1,125,719
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
1,048,410
City
of
Tustin
Community
Facilities
District
No.
06-1,
Special
Tax,
2015
A,
Refunding,
5%,
9/01/32
....................................................
1,565,000
1,638,035
University
of
California
,
Revenue,
2014
AM,
5%,
5/15/27
......................................
3,000,000
3,091,816
Revenue,
2014
AM,
5%,
5/15/28
......................................
1,835,000
1,890,911
Revenue,
2016
K,
5%,
5/15/37
........................................
1,000,000
1,056,891
Washington
Township
Health
Care
District
,
Revenue,
2020
A,
Refunding,
5%,
7/01/23
...............................
200,000
201,582
Revenue,
2020
A,
Refunding,
5%,
7/01/24
...............................
200,000
204,364
Revenue,
2020
A,
Refunding,
5%,
7/01/25
...............................
215,000
222,805
Revenue,
2020
A,
Refunding,
5%,
7/01/26
...............................
275,000
288,787
Revenue,
2020
A,
Refunding,
5%,
7/01/27
...............................
400,000
422,875
Revenue,
2020
A,
Refunding,
5%,
7/01/28
...............................
400,000
426,360
Revenue,
2020
A,
Refunding,
5%,
7/01/29
...............................
350,000
375,629
Revenue,
2020
A,
Refunding,
5%,
7/01/30
...............................
325,000
351,835
Revenue,
2020
A,
Refunding,
5%,
7/01/31
...............................
350,000
376,000
Revenue,
2020
A,
Refunding,
3%,
7/01/32
...............................
800,000
699,694
Revenue,
2020
A,
Refunding,
4%,
7/01/33
...............................
275,000
274,909
Revenue,
2020
A,
Refunding,
3%,
7/01/34
...............................
870,000
721,422
Revenue,
2020
A,
Refunding,
4%,
7/01/35
...............................
300,000
287,275
Revenue,
2020
A,
Refunding,
3%,
7/01/36
...............................
1,400,000
1,104,842
Revenue,
2020
A,
Refunding,
3%,
7/01/37
...............................
725,000
558,620
Revenue,
2020
A,
Refunding,
3%,
7/01/38
...............................
750,000
564,677
West
Basin
Municipal
Water
District
,
Revenue,
2016
A,
Refunding,
5%,
8/01/32
...............................
1,975,000
2,118,338
Revenue,
2016
A,
Refunding,
5%,
8/01/33
...............................
2,630,000
2,817,076
Revenue,
2021
A,
Refunding,
5%,
8/01/34
...............................
1,635,000
1,894,113
1,360,407,045
Wisconsin
0.6%
a
Public
Finance
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2021
,
5.25
%
,
12/01/22
...................................................
9,000,000
9,000,000
Franklin
California
Tax-Free
Trust
Schedule
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
See
abbreviations
on
page
39
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
0.8%
Puerto
Rico
0.8%
HTA
TRRB
Custodial
Trust
,
Revenue
,
2007
N
,
5.25
%
,
7/01/36
..................
$
2,200,000
$
2,192,414
Puerto
Rico
Electric
Power
Authority
,
Revenue,
UU,
Refunding,
AGMC
Insured,
5%,
7/01/23
......................
5,000,000
5,029,809
c
Revenue,
WW,
5.375%,
7/01/23
.......................................
5,000,000
3,681,250
10,903,473
Total
U.S.
Territories
....................................................................
10,903,473
Total
Municipal
Bonds
(Cost
$1,406,901,031)
...................................
1,380,310,518
a
a
a
a
Short
Term
Investments
0.7%
Municipal
Bonds
0.7%
California
0.7%
d
Eastern
Municipal
Water
District
,
Revenue
,
2018
A
,
Refunding
,
SPA
Bank
of
America
NA
,
Daily
VRDN
and
Put
,
2.58
%
,
7/01/46
................................
2,000,000
2,000,000
d
University
of
California
,
Revenue
,
2013
AL-4
,
Refunding
,
Daily
VRDN
and
Put
,
2.45
%
,
5/15/48
.........................................................
7,800,000
7,800,000
9,800,000
Total
Municipal
Bonds
(Cost
$9,800,000)
.......................................
9,800,000
Total
Short
Term
Investments
(Cost
$9,800,000
)
.................................
9,800,000
a
Total
Investments
(Cost
$1,416,701,031)
99.1%
..................................
$1,390,110,518
Other
Assets,
less
Liabilities
0.9%
.............................................
12,224,959
Net
Assets
100.0%
...........................................................
$1,402,335,477
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,
2022,
the
aggregate
value
of
these
securities
was
$90,839,774,
representing
6.5%
of
net
assets.
b
The
maturity
date
shown
represents
the
mandatory
put
date.
c
See
Note
7
regarding
defaulted
securities.
d
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,
2022
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
28
Franklin
California
Intermediate-
Term
Tax-Free
Income
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$1,416,701,031
Value
-
Unaffiliated
issuers
..................................................................
$1,390,110,518
Cash
....................................................................................
198,268
Receivables:
Capital
shares
sold
........................................................................
7,990,302
Interest
.................................................................................
16,998,425
Other
assets
..............................................................................
169,084
Total
assets
..........................................................................
1,415,466,597
Liabilities:
Payables:
Capital
shares
redeemed
...................................................................
11,786,413
Management
fees
.........................................................................
502,432
Distribution
fees
..........................................................................
141,172
Transfer
agent
fees
........................................................................
277,372
Trustees'
fees
and
expenses
.................................................................
26
Distributions
to
shareholders
.................................................................
324,655
Accrued
expenses
and
other
liabilities
...........................................................
99,050
Total
liabilities
.........................................................................
13,131,120
Net
assets,
at
value
.................................................................
$1,402,335,477
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$1,525,432,041
Total
distributable
earnings
(losses)
.............................................................
(123,096,564)
Net
assets,
at
value
.................................................................
$1,402,335,477
Franklin
California
Tax-Free
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
December
31,
2022
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
29
Franklin
California
Intermediate-
Term
Tax-Free
Income
Fund
Class
A:
Net
assets,
at
value
.......................................................................
$358,654,113
Shares
outstanding
........................................................................
32,911,748
Net
asset
value
per
share
a
..................................................................
$10.90
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
97.75%)
................................
$11.15
Class
A1:
Net
assets,
at
value
.......................................................................
$453,251,207
Shares
outstanding
........................................................................
41,618,662
Net
asset
value
per
share
a
..................................................................
$10.89
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
97.75%)
................................
$11.14
Class
C:
Net
assets,
at
value
.......................................................................
$47,153,628
Shares
outstanding
........................................................................
4,312,028
Net
asset
value
and
maximum
offering
price
per
share
a
.............................................
$10.94
Class
R6:
Net
assets,
at
value
.......................................................................
$46,440,787
Shares
outstanding
........................................................................
4,253,254
Net
asset
value
and
maximum
offering
price
per
share
.............................................
$10.92
Advisor
Class:
Net
assets,
at
value
.......................................................................
$496,835,742
Shares
outstanding
........................................................................
45,497,126
Net
asset
value
and
maximum
offering
price
per
share
.............................................
$10.92
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,
2022
(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
Investment
income:
Interest:
Unaffiliated
issuers
........................................................................
$24,904,308
Expenses:
Management
fees
(Note
3
a
)
...................................................................
3,442,413
Distribution
fees:
(Note
3c
)
    Class
A
................................................................................
432,922
    Class
A1
...............................................................................
248,285
    Class
C
................................................................................
165,691
Transfer
agent
fees:
(Note
3e
)
    Class
A
................................................................................
126,405
    Class
A1
...............................................................................
181,762
    Class
C
................................................................................
18,685
    Class
R6
...............................................................................
6,862
    Advisor
Class
............................................................................
210,127
Custodian
fees
(Note
4
)
......................................................................
4,707
Reports
to
shareholders
fees
..................................................................
19,846
Registration
and
filing
fees
....................................................................
3,906
Professional
fees
...........................................................................
27,055
Trustees'
fees
and
expenses
..................................................................
8,232
Other
....................................................................................
45,048
Total
expenses
.........................................................................
4,941,946
Expense
reductions
(Note
4
)
...............................................................
(2,673)
Expenses
waived/paid
by
affiliates
(Note
3f)
....................................................
(408,570)
Net
expenses
.........................................................................
4,530,703
Net
investment
income
................................................................
20,373,605
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
(19,878,963)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
6,461,441
Net
realized
and
unrealized
gain
(loss)
............................................................
(13,417,522)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$6,95
6,083
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
31
Franklin
California
Intermediate-Term
Tax-
Free
Income
Fund
Six
Months
Ended
December
31,
2022
(unaudited)
Year
Ended
June
30,
2022
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$20,373,605
$38,965,892
Net
realized
gain
(loss)
.................................................
(19,878,963)
(19,403,129)
Net
change
in
unrealized
appreciation
(depreciation)
...........................
6,461,441
(157,308,215)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
6,956,083
(137,745,452)
Distributions
to
shareholders:
Class
A
.............................................................
(4,276,859)
(7,647,861)
Class
A1
............................................................
(6,489,588)
(13,290,453)
Class
C
.............................................................
(522,585)
(1,178,242)
Class
R6
............................................................
(529,026)
(798,481)
Advisor
Class
........................................................
(7,747,464)
(15,619,501)
Total
distributions
to
shareholders
..........................................
(19,565,522)
(38,534,538)
Capital
share
transactions:
(Note
2
)
Class
A
.............................................................
21,844,796
11,666,915
Class
A1
............................................................
(57,846,934)
(93,011,453)
Class
C
.............................................................
(6,838,313)
(40,400,834)
Class
R6
............................................................
10,379,539
11,950,077
Advisor
Class
........................................................
(111,918,945)
(34,171,679)
Total
capital
share
transactions
............................................
(144,379,857)
(143,966,974)
Net
increase
(decrease)
in
net
assets
...................................
(156,989,296)
(320,246,964)
Net
assets:
Beginning
of
period
.....................................................
1,559,324,773
1,879,571,737
End
of
period
..........................................................
$1,402,335,477
$1,559,324,773
Franklin
California
Tax-Free
Trust
Notes
to
Financial
Statements
(unaudited)
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
32
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).
The
Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standard
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
The
Fund
offers five
classes
of
shares:
Class
A,
Class
A1,
Class
C,
Class
R6,
and
Advisor
Class.
Class
C
shares
automatically
convert
to
Class
A
shares
on
a
monthly
basis,
after
they
have
been
held
for
8
years.
Each
class
of
shares
may
differ
by
its
initial
sales
load,
contingent
deferred
sales
charges,
voting
rights
on
matters
affecting
a
single
class,
its
exchange
privilege
and
fees
due
to
differing
arrangements
for
distribution
and
transfer
agent
fees. 
The
following
summarizes
the Fund's
significant
accounting
policies.
a.
Financial
Instrument
Valuation 
The
Fund's
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates
the
net
asset
value
(NAV)
per
share
each business
day as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the
Trust’s
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund’s
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund’s
administrator
in
performing
this
responsibility,
including
leading
the
cross-
functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value. 
Debt
securities
generally
trade
in
the
over-the-counter
market
rather
than
on
a
securities
exchange.
The
Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-
based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value. 
The
Fund
has
procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the Fund
primarily
employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
b.
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,
2022,
the
Fund
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. 
Franklin
California
Tax-Free
Trust
Notes
to
Financial
Statements
(unaudited)
33
franklintempleton.com
Semiannual
Report
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
(continued)
c.
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.
d.
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.
e.
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.
f.
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)
Franklin
California
Tax-Free
Trust
Notes
to
Financial
Statements
(unaudited)
34
franklintempleton.com
Semiannual
Report
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
(continued)
2.
Shares
of
Beneficial
Interest
At
December
31,
2022,
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,
2022
Year
Ended
June
30,
2022
Shares
Amount
Shares
Amount
Class
A
Shares:
Shares
sold
a
...................................
11,223,545
$122,092,126
13,257,948
$154,643,104
Shares
issued
in
reinvestment
of
distributions
..........
354,185
3,844,263
577,101
6,749,531
Shares
redeemed
...............................
(9,573,437)
(104,091,593)
(12,968,080)
(149,725,720)
Net
increase
(decrease)
..........................
2,004,293
$21,844,796
866,969
$11,666,915
Class
A1
Shares:
Shares
sold
...................................
2,403,667
$26,203,551
2,611,294
$29,974,263
Shares
issued
in
reinvestment
of
distributions
..........
530,485
5,755,698
987,999
11,555,381
Shares
redeemed
...............................
(8,266,199)
(89,806,183)
(11,632,278)
(134,541,097)
Net
increase
(decrease)
..........................
(5,332,047)
$(57,846,934)
(8,032,985)
$(93,011,453)
Class
C
Shares:
Shares
sold
...................................
743,123
$8,135,052
625,869
$7,213,981
Shares
issued
in
reinvestment
of
distributions
..........
45,874
499,919
93,269
1,097,853
Shares
redeemed
a
..............................
(1,414,628)
(15,473,284)
(4,105,637)
(48,712,668)
Net
increase
(decrease)
..........................
(625,631)
$(6,838,313)
(3,386,499)
$(40,400,834)
Class
R6
Shares:
Shares
sold
...................................
2,378,550
$25,883,916
2,295,790
$26,783,119
Shares
issued
in
reinvestment
of
distributions
..........
33,746
367,071
58,899
688,531
Shares
redeemed
...............................
(1,456,763)
(15,871,448)
(1,361,761)
(15,521,573)
Net
increase
(decrease)
..........................
955,533
$10,379,539
992,928
$11,950,077
Advisor
Class
Shares:
Shares
sold
...................................
25,531,834
$278,195,121
28,955,989
$330,894,521
Shares
issued
in
reinvestment
of
distributions
..........
560,441
6,096,365
1,002,043
11,739,574
Shares
redeemed
...............................
(36,364,750)
(396,210,431)
(33,003,356)
(376,805,774)
Net
increase
(decrease)
..........................
(10,272,475)
$(111,918,945)
(3,045,324)
$(34,171,679)
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)
35
franklintempleton.com
Semiannual
Report
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
(continued)
a.
Management
Fees
The
Fund
pays
an
investment
management
fee,
calculated
daily
and
paid
monthly,
to
Advisers
based
on
the
month-end
net
assets
of
the
Fund
as
follows:
For
the
period
ended
December
31,
2022,
the
annualized
gross
effective
investment
management
fee
rate
was 0.458%
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
plans,
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
rates,
is
February
1
through
January
31.
The
maximum
annual
plan
rates,
based
on
the
average
daily
net
assets,
for
each
class,
are
as
follows:
Annualized
Fee
Rate
Net
Assets
0.625%
Up
to
and
including
$100
million
0.500%
Over
$100
million,
up
to
and
including
$250
million
0.450%
Over
$250
million,
up
to
and
including
$7.5
billion
0.440%
Over
$7.5
billion,
up
to
and
including
$10
billion
0.430%
Over
$10
billion,
up
to
and
including
$12.5
billion
0.420%
Over
$12.5
billion,
up
to
and
including
$15
billion
0.400%
Over
$15
billion,
up
to
and
including
$17.5
billion
0.380%
Over
$17.5
billion,
up
to
and
including
$20
billion
0.360%
In
excess
of
$20
billion
Reimbursement
Plans:
Class
A
..................................................................................
0.25%
Class
A1
.................................................................................
0.10%
Compensation
Plans:
Class
C
..................................................................................
0.65%
3.
Transactions
with
Affiliates
(continued)
Franklin
California
Tax-Free
Trust
Notes
to
Financial
Statements
(unaudited)
36
franklintempleton.com
Semiannual
Report
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
(continued)
d.
Sales
Charges/Underwriting
Agreements
Front-end
sales
charges
and
contingent
deferred
sales
charges
(CDSC)
do
not
represent
expenses
of
the
Fund.
These
charges
are
deducted
from
the
proceeds
of
sales
of
Fund
shares
prior
to
investment
or
from
redemption
proceeds
prior
to
remittance,
as
applicable.
Distributors
has
advised
the
Fund
of
the
following
commission
transactions
related
to
the
sales
and
redemptions
of
the
Fund's
shares
for
the
period:
e.
Transfer
Agent
Fees
Each
class
of
shares pays
transfer
agent
fees
to
Investor
Services
for
its
performance
of
shareholder
servicing
obligations.
Effective
October
1,
2022,
the
fees
are
based
on
an
annualized
asset
based
fee
of
0.016%
plus
a
reduced
transaction
based
fee.
Prior
to
October
1,
2022,
the
fees
were
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,
2022,
the
Fund
paid
transfer
agent
fees
of
$543,841,
of
which
$179,767
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,
2023.
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,
2023.
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,
2022,
these
purchase
and
sale
transactions
aggregated
$126,930,000
and
$109,164,610,
respectively,
with
net
realized
losses
of
$255,234.
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,
2022,
the
custodian
fees
were
reduced
as
noted
in
the
Statement
of
Operations. 
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
..............................
$4,146
CDSC
retained
..............................................................................
$159,503
3.
Transactions
with
Affiliates
(continued)
Franklin
California
Tax-Free
Trust
Notes
to
Financial
Statements
(unaudited)
37
franklintempleton.com
Semiannual
Report
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
(continued)
5.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
At
June
30,
2022,
the
capital
loss
carryforwards
were
as
follows:
At
December
31,
2022,
the
cost
of
investments,
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,
2022,
aggregated
$240,777,397 and
$353,866,438
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,
2022,
the
value
of
this
security
was
$3,681,250,
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
Schedule
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. 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.
Geopolitical
Risk 
On
February
24,
2022,
Russia
engaged
in
military
actions
in
the
sovereign
territory
of
Ukraine.
The
current
political
and
financial
uncertainty
surrounding
Russia
and
Ukraine
may
increase
market
volatility
and
the
economic
risk
of
investing
in
securities
in
these
countries
and
may
also
cause
uncertainty
for
the
global
economy
and
broader
financial
markets.
The
ultimate
fallout
and
long-term
impact
from
these
events
are
not
known.
The
Fund
will
continue
to
assess
the
impact
on
valuations
and
liquidity
and
will
take
any
potential
actions
needed
in
accordance
with
procedures
approved
by
the
Board.
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$43,745,182
Long
term
................................................................................
34,516,520
Total
capital
loss
carryforwards
...............................................................
$78,261,702
Cost
of
investments
..........................................................................
$1,416,539,595
Unrealized
appreciation
........................................................................
$19,633,545
Unrealized
depreciation
........................................................................
(46,062,622)
Net
unrealized
appreciation
(depreciation)
..........................................................
$(26,429,077)
Franklin
California
Tax-Free
Trust
Notes
to
Financial
Statements
(unaudited)
38
franklintempleton.com
Semiannual
Report
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
(continued)
10.
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.
11.
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
3,
2023.
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
3,
2023,
the
Borrowers
renewed
the
Global
Credit
Facility
for
a
one-year
term,
maturing
February
2,
2024,
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,
2022,
the Fund
did
not
use
the
Global
Credit
Facility.
12.
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,
2022,
all
of
the
Fund’s
investments
in
financial
instruments
carried
at
fair
value
were
valued
using
Level
2
inputs.
13.
Subsequent
Events
The
Fund
has
evaluated
subsequent
events
through
the
issuance
of
the financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure
other
than
those
already
disclosed
in
the
financial
statements.
.
Franklin
California
Tax-Free
Trust
Notes
to
Financial
Statements
(unaudited)
39
franklintempleton.com
Semiannual
Report
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Abbreviations
Selected
Portfolio
1915
Act
Improvement
Bond
Act
of
1915
ABAG
Association
of
Bay
Area
Governments
AGMC
Assured
Guaranty
Municipal
Corp.
BAM
Build
America
Mutual
Assurance
Co.
COP
Certificate
of
Participation
ETM
Escrowed
to
Maturity
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
GO
General
Obligation
NATL
National
Reinsurance
Corp.
SPA
Standby
Purchase
Agreement
Franklin
California
Tax-Free
Trust
Shareholder
Information
40
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
six
month
period
ended
December
31.
Quarterly
Schedule
of
Investments
The
Trust,
on
behalf
of
the
Fund,
files
a
complete
schedule
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
02/23
©
2023
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
 
 
(a)(2)(1) There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.
 
(a)(2)(2) There was no change in the Registrant’s independent public accountant during the period covered by the report.
 
(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 27, 2023
 
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 27, 2023
 
 
By S\CHRISTOPHER KINGS______________________
      Christopher Kings
      Chief Financial Officer, Chief Accounting Officer and Treasurer
Date  February 27, 2023