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: 12/31/23
 
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
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
A
Series
of
Franklin
California
Tax-Free
Trust
December
31,
2023
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
.
The
Securities
and
Exchange
Commission
has
adopted
new
regulations
that
will
result
in
changes
to
the
design
and
delivery
of
annual
and
semiannual
shareholder
reports
beginning
in
July
2024.
If
you
have
previously
elected
to
receive
shareholder
reports
electronically,
you
will
continue
to
do
so
and
need
not
take
any
action.
Otherwise,
paper
copies
of
the
Fund’s
shareholder
reports
will
be
mailed
to
you
beginning
in
July
2024.
If
you
would
like
to
receive
shareholder
reports
and
other
communications
from
the
Fund
electronically
instead
of
by
mail,
you
may
make
that
request
at
any
time
by
contacting
your
financial
intermediary
(such
as
a
broker-dealer
or
bank)
or,
if
you
are
a
direct
investor,
enrolling
at
franklintempleton.com.
You
may
access
franklintempleton.com
by
scanning
the
code
below.
franklintempleton.com
Annual
Report
1
Contents
Fund
Overview
2
Performance
Summary
3
Your
Fund’s
Expenses
5
Financial
Highlights
and
Schedule
of
Investments
6
Financial
Statements
27
Notes
to
Financial
Statements
31
Shareholder
Information
39
Visit
franklintempleton.com
for
fund
updates,
to
access
your
account,
or
to
find
helpful
financial
planning
tools.
2
franklintempleton.com
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,
2023
.
Fund
Overview
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
six
to
12
years
and
only
buys
securities
rated,
at
the
time
of
purchase,
in
one
of
the
top
four
ratings
categories
by
one
or
more
U.S.
nationally
recognized
rating
services
or
unrated
or
short-term
rated
securities
of
comparable
credit
quality.
The
Fund
may
invest
in
insured
municipal
securities,
which
are
covered
by
insurance
policies
that
guarantee
the
timely
payment
of
principal
and
interest.
Performance
Overview
The
Fund’s
Class
A
share
price,
as
measured
by
net
asset
value,
increased
from
$10.94
on
June
30,
2023,
to
$11.10
on
December
31,
2023.
The
Fund’s
Class
A
shares
paid
dividends
totaling
15.4579
cents
per
share
for
the
reporting
period.
2
The
Performance
Summary
beginning
on
page
3
shows
that
at
the
end
of
this
reporting
period
the
Fund’s
Class
A
shares’
distribution
rate
was
2.55%,
based
on
an
annualization
of
December’s
2.7797
cents
per
share
dividend
and
the
maximum
offering
price
of
$11.36
on
December
31,
2023.
An
investor
in
the
2023
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
5.44%
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
.
*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.
Portfolio
Composition
12/31/23
%
of
Total
Investments*
Transportation
16.40%
Utilities
14.81%
Special
Tax
14.10%
Housing
12.25%
Education
9.48%
Health
Care
8.75%
Local
8.01%
Industrial
Dev.
Revenue
and
Pollution
Control
6.13%
State
General
Obligation
3.52%
Lease
2.44%
Other
Revenue
Bonds
2.09%
Refunded
2.02%
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.
Important
data
provider
notices
and
terms
available
at
www.franklintempletondatasources.com.
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
11
.
Performance
Summary
as
of
December
31,
2023
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
3
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
12/31/2
3
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
+2.92%
+0.61%
1-Year
+4.71%
+2.35%
5-Year
+6.14%
+0.74%
10-Year
+23.69%
+1.92%
Advisor
6-Month
+2.95%
+2.95%
1-Year
+4.96%
+4.96%
5-Year
+7.37%
+1.43%
10-Year
+25.89%
+2.33%
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
2.55%
5.44%
2.74%
2.68%
5.84%
5.71%
Advisor
2.83%
6.03%
3.04%
2.98%
6.48%
6.35%
See
page
4
for
Performance
Summary
footnotes.
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
Performance
Summary
4
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.
Events
such
as
the
spread
of
deadly
diseases,
disasters,
and
financial,
political
or
social
disruptions,
may
heighten
risks
and
adversely
affect
performance.
All
investments
involve
risks,
including
possible
loss
of
principal.
Fixed
income
securities
involve
interest
rate,
credit,
inflation
and
reinvestment
risks,
and
possible
loss
of
principal.
As
interest
rates
rise,
the
value
of
fixed
income
securities
falls.
Portfolios
focused
on
a
single
state
are
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
issuer,
insurer
or
guarantor,
may
affect
the
bond’s
value.
These
and
other
risks
are
discussed
in
the
Fund’s
prospectus.
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
10/31/24
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
12/31/23.
6.
Taxable
equivalent
distribution
rate
and
yield
assume
the
published
rates
as
of
12/20/23
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.
Important
data
provider
notices
and
terms
available
at
www.franklintempletondatasources.com.
Distributions
(7/1/23–12/31/23)
Share
Class
Net
Investment
Income
A
$0.154579
A1
$0.162699
C
$0.132818
R6
$0.169867
Advisor
$0.168100
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
5
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
184/366
to
reflect
the
one-half
year
period.
2.
Reflects
expenses
after
fee
waivers
and
expense
reimbursements.
Actual
(actual
return
after
expenses)
Hypothetical
(5%
annual
return
before
expenses)
Share
Class
Beginning
Account
Value
7/1/23
Ending
Account
Value
12/31/23
Expenses
Paid
During
Period
7/1/23–12/31/23
1,2
Ending
Account
Value
12/31/23
Expenses
Paid
During
Period
7/1/23–12/31/23
1,2
a
Net
Annualized
Expense
Ratio
2
A
$1,000
$1,029.20
$3.78
$1,021.41
$3.76
0.74%
A1
$1,000
$1,029.10
$3.01
$1,022.17
$3.00
0.59%
C
$1,000
$1,027.00
$5.80
$1,019.41
$5.78
1.14%
R6
$1,000
$1,029.70
$2.34
$1,022.83
$2.34
0.46%
Advisor
$1,000
$1,029.50
$2.50
$1,022.68
$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
6
a
Six
Months
Ended
December
31,
2023
(unaudited)
Year
Ended
June
30,
Year
Ended
June
30,
2019
a
2023
2022
2021
2020
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$10.94
$10.98
$12.16
$12.09
$12.05
$11.76
Income
from
investment
operations
b
:
Net
investment
income
c
.............
0.16
0.29
0.24
0.25
0.27
0.25
Net
realized
and
unrealized
gains
(losses)
0.15
(0.04)
(1.18)
0.07
0.04
0.30
Total
from
investment
operations
........
0.31
0.25
(0.94)
0.32
0.31
0.55
Less
distributions
from:
Net
investment
income
..............
(0.15)
(0.29)
(0.24)
(0.25)
(0.27)
(0.26)
Net
asset
value,
end
of
period
..........
$11.10
$10.94
$10.98
$12.16
$12.09
$12.05
Total
return
d
.......................
2.92%
2.28%
(7.84)%
2.68%
2.63%
4.76%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.81%
0.81%
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%
0.74%
Net
investment
income
...............
2.87%
2.66%
2.05%
2.05%
2.26%
2.58%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$379,138
$364,175
$339,459
$365,239
$226,216
$96,795
Portfolio
turnover
rate
................
9.39%
18.50%
29.01%
9.20%
18.85%
15.26%
a
For
the
period
September
10,
2018
(commencement
of
operations)
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
7
a
Six
Months
Ended
December
31,
2023
(unaudited)
Year
Ended
June
30,
2023
2022
2021
2020
2019
Class
A1
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$10.94
$10.98
$12.15
$12.08
$12.04
$11.80
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.16
0.31
0.26
0.27
0.29
0.32
Net
realized
and
unrealized
gains
(losses)
0.15
(0.05)
(1.17)
0.07
0.04
0.26
Total
from
investment
operations
........
0.31
0.26
(0.91)
0.34
0.33
0.58
Less
distributions
from:
Net
investment
income
..............
(0.16)
(0.30)
(0.26)
(0.27)
(0.29)
(0.34)
Net
asset
value,
end
of
period
..........
$11.09
$10.94
$10.98
$12.15
$12.08
$12.04
Total
return
c
.......................
2.91%
2.44%
(7.62)%
2.84%
2.79%
4.98%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.66%
0.66%
0.66%
0.65%
0.66%
0.65%
Expenses
net
of
waiver
and
payments
by
affiliates
e
..........................
0.59%
0.59%
0.59%
0.59%
0.59%
0.59%
Net
investment
income
...............
3.01%
2.80%
2.20%
2.22%
2.42%
2.73%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$379,691
$418,383
$515,347
$668,093
$710,743
$761,434
Portfolio
turnover
rate
................
9.39%
18.50%
29.01%
9.20%
18.85%
15.26%
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
8
a
Six
Months
Ended
December
31,
2023
(unaudited)
Year
Ended
June
30,
2023
2022
2021
2020
2019
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$10.98
$11.02
$12.20
$12.13
$12.09
$11.85
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.13
0.25
0.19
0.20
0.23
0.26
Net
realized
and
unrealized
gains
(losses)
0.16
(0.05)
(1.18)
0.07
0.04
0.25
Total
from
investment
operations
........
0.29
0.20
(0.99)
0.27
0.27
0.51
Less
distributions
from:
Net
investment
income
..............
(0.13)
(0.24)
(0.19)
(0.20)
(0.23)
(0.27)
Net
asset
value,
end
of
period
..........
$11.14
$10.98
$11.02
$12.20
$12.13
$12.09
Total
return
c
.......................
2.70%
1.86%
(8.18)%
2.26%
2.22%
4.39%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.21%
1.21%
1.20%
1.20%
1.21%
1.20%
Expenses
net
of
waiver
and
payments
by
affiliates
e
..........................
1.14%
1.14%
1.14%
1.14%
1.14%
1.14%
Net
investment
income
...............
2.45%
2.24%
1.63%
1.66%
1.87%
2.18%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$35,114
$40,150
$54,420
$101,559
$139,835
$170,241
Portfolio
turnover
rate
................
9.39%
18.50%
29.01%
9.20%
18.85%
15.26%
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
9
a
Six
Months
Ended
December
31,
2023
(unaudited)
Year
Ended
June
30,
2023
2022
2021
2020
2019
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$10.97
$11.01
$12.18
$12.12
$12.07
$11.83
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.17
0.32
0.28
0.28
0.31
0.34
Net
realized
and
unrealized
gains
(losses)
0.15
(0.04)
(1.18)
0.07
0.05
0.25
Total
from
investment
operations
........
0.32
0.28
(0.90)
0.35
0.36
0.59
Less
distributions
from:
Net
investment
income
..............
(0.17)
(0.32)
(0.27)
(0.29)
(0.31)
(0.35)
Net
asset
value,
end
of
period
..........
$11.12
$10.97
$11.01
$12.18
$12.12
$12.07
Total
return
c
.......................
2.97%
2.56%
(7.48)%
2.88%
3.00%
5.09%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.51%
0.53%
0.52%
0.51%
0.53%
0.53%
Expenses
net
of
waiver
and
payments
by
affiliates
e
..........................
0.46%
0.46%
0.46%
0.45%
0.46%
0.46%
Net
investment
income
...............
3.14%
2.95%
2.35%
2.33%
2.55%
2.87%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$54,962
$50,131
$36,294
$28,080
$19,007
$16,310
Portfolio
turnover
rate
................
9.39%
18.50%
29.01%
9.20%
18.85%
15.26%
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
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,
2023
(unaudited)
Year
Ended
June
30,
2023
2022
2021
2020
2019
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$10.97
$11.01
$12.18
$12.12
$12.08
$11.83
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.17
0.32
0.27
0.28
0.30
0.34
Net
realized
and
unrealized
gains
(losses)
0.15
(0.05)
(1.17)
0.06
0.04
0.26
Total
from
investment
operations
........
0.32
0.27
(0.90)
0.34
0.34
0.60
Less
distributions
from:
Net
investment
income
..............
(0.17)
(0.31)
(0.27)
(0.28)
(0.30)
(0.35)
Net
asset
value,
end
of
period
..........
$11.12
$10.97
$11.01
$12.18
$12.12
$12.08
Total
return
c
.......................
2.95%
2.53%
(7.51)%
2.85%
2.89%
5.15%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.56%
0.56%
0.56%
0.55%
0.56%
0.55%
Expenses
net
of
waiver
and
payments
by
affiliates
e
..........................
0.49%
0.49%
0.49%
0.49%
0.49%
0.49%
Net
investment
income
...............
3.11%
2.89%
2.30%
2.31%
2.52%
2.83%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$557,804
$516,585
$613,805
$716,600
$637,015
$592,893
Portfolio
turnover
rate
................
9.39%
18.50%
29.01%
9.20%
18.85%
15.26%
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,
2023
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
11
a
a
Principal
Amount
a
Value
a
a
a
a
a
a
Senior
Floating
Rate
Interests
0.1%
Residential
REITs
0.1%
b,c,d
Centennial
Gardens
LP
,
CME
Term
Loan,
B
,
7.331
%
,
(
1-month
SOFR
+
1.55
%
),
1/01/38
.........................................................
$
1,000,000
$
1,000,000
Total
Senior
Floating
Rate
Interests
(Cost
$1,000,000)
...........................
1,000,000
Municipal
Bonds
95.9%
California
94.8%
Align
Affordable
Housing
Bond
Fund
LP
,
e
Breezewood
2019
LP,
Revenue,
144A,
2020-3
TR,
A,
2.625%,
8/01/25
..........
14,300,000
13,843,217
Parkwood
Apartments,
2021-1,
2.25%,
8/01/31
...........................
11,250,000
10,468,237
Beaumont
Unified
School
District
,
Community
Facilities
District
No.
2020-1
Improvement
Area
No.
2,
Special
Tax,
2023,
5%,
9/01/38
....................................................
300,000
321,523
Community
Facilities
District
No.
2020-1
Improvement
Area
No.
2,
Special
Tax,
2023,
5%,
9/01/43
....................................................
1,295,000
1,359,959
Community
Facilities
District
No.
2020-1
Improvement
Area
No.
2,
Special
Tax,
2023,
5%,
9/01/48
....................................................
660,000
679,826
Community
Facilities
District
No.
2020-1
Improvement
Area
No.
2,
Special
Tax,
2023,
5%,
9/01/53
....................................................
725,000
741,612
California
Affordable
Housing
Agency
,
Butte
County
Housing
Authority
,
Revenue
,
2020
A
,
2
%
,
10/01/35
...................................................
500,000
420,343
f
California
Community
Choice
Financing
Authority
,
Revenue,
2021
A,
Mandatory
Put,
4%,
12/01/27
...........................
13,200,000
13,296,904
Revenue,
2021
B-1,
Mandatory
Put,
4%,
8/01/31
..........................
9,150,000
9,217,978
Revenue,
2021
B-2,
Mandatory
Put,
4.32%,
8/01/31
........................
25,000,000
22,908,225
Revenue,
2022
A-1,
Mandatory
Put,
4%,
8/01/28
..........................
20,000,000
20,303,096
California
Community
College
Financing
Authority
,
NCCD-Orange
Coast
Properties
LLC,
Revenue,
2018,
5%,
5/01/32
............
1,750,000
1,828,722
NCCD-Orange
Coast
Properties
LLC,
Revenue,
2018,
5%,
5/01/33
............
600,000
625,775
NCCD-Orange
Coast
Properties
LLC,
Revenue,
2018,
5%,
5/01/35
............
3,040,000
3,155,871
NCCD-Orange
Coast
Properties
LLC,
Revenue,
2018,
5%,
5/01/37
............
1,600,000
1,644,341
NCCD-Orange
Coast
Properties
LLC,
Revenue,
2018,
5%,
5/01/38
............
1,320,000
1,347,692
e
California
Community
Housing
Agency
,
Aster
Apartments
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
2/01/43
..............................................
3,795,000
3,365,999
California
County
Tobacco
Securitization
Agency
,
Gold
Country
Settlement
Funding
Corp.,
Revenue,
2020
A,
Refunding,
5%,
6/01/29
250,000
272,819
Gold
Country
Settlement
Funding
Corp.,
Revenue,
2020
A,
Refunding,
5%,
6/01/31
1,065,000
1,182,701
Los
Angeles
County
Securitization
Corp.,
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/35
....................................................
1,505,000
1,559,928
Los
Angeles
County
Securitization
Corp.,
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/37
....................................................
1,075,000
1,098,118
Los
Angeles
County
Securitization
Corp.,
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/39
....................................................
1,300,000
1,308,320
Merced
County
Tobacco
Funding
Corp.,
Revenue,
Senior
Lien,
2020
A,
Refunding,
5%,
6/01/30
....................................................
315,000
347,891
Merced
County
Tobacco
Funding
Corp.,
Revenue,
Senior
Lien,
2020
A,
Refunding,
5%,
6/01/31
....................................................
300,000
333,155
Merced
County
Tobacco
Funding
Corp.,
Revenue,
Senior
Lien,
2020
A,
Refunding,
5%,
6/01/33
....................................................
245,000
271,489
Merced
County
Tobacco
Funding
Corp.,
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/34
....................................................
420,000
438,422
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
5%,
6/01/30
..
425,000
469,376
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
5%,
6/01/31
..
225,000
249,866
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
5%,
6/01/32
..
250,000
277,336
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
5%,
6/01/33
..
300,000
332,435
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
4%,
6/01/34
..
365,000
381,010
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
12
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
California
Educational
Facilities
Authority
,
Art
Center
College
of
Design,
Revenue,
2022
A,
5%,
12/01/32
................
$
275,000
$
307,331
Art
Center
College
of
Design,
Revenue,
2022
A,
5%,
12/01/33
................
545,000
608,141
Art
Center
College
of
Design,
Revenue,
2022
A,
5%,
12/01/34
................
995,000
1,105,707
Art
Center
College
of
Design,
Revenue,
2022
A,
5%,
12/01/35
................
1,045,000
1,155,787
Art
Center
College
of
Design,
Revenue,
2022
A,
5%,
12/01/36
................
595,000
653,116
Art
Center
College
of
Design,
Revenue,
2022
A,
4%,
12/01/37
................
1,150,000
1,157,920
Art
Center
College
of
Design,
Revenue,
2022
A,
4%,
12/01/38
................
1,195,000
1,198,950
Leland
Stanford
Junior
University
(The),
Revenue,
U-6,
5%,
5/01/45
............
1,135,000
1,418,969
Leland
Stanford
Junior
University
(The),
Revenue,
V-1,
5%,
5/01/49
............
850,000
1,058,538
Loma
Linda
University,
Revenue,
2017
A,
Refunding,
5%,
4/01/29
.............
1,020,000
1,087,131
Loma
Linda
University,
Revenue,
2017
A,
Refunding,
5%,
4/01/32
.............
1,235,000
1,311,443
Loma
Linda
University,
Revenue,
2017
A,
Refunding,
5%,
4/01/33
.............
1,000,000
1,060,610
Loma
Linda
University,
Revenue,
2017
A,
Refunding,
5%,
4/01/34
.............
1,750,000
1,852,800
Loma
Linda
University,
Revenue,
2017
A,
Refunding,
5%,
4/01/35
.............
1,500,000
1,586,341
Loma
Linda
University,
Revenue,
2017
A,
Refunding,
5%,
4/01/36
.............
2,000,000
2,109,181
Loma
Linda
University,
Revenue,
2017
A,
Refunding,
5%,
4/01/37
.............
2,000,000
2,101,453
St.
Mary's
College
of
California,
Revenue,
2023
A,
Refunding,
5%,
10/01/36
......
750,000
814,924
St.
Mary's
College
of
California,
Revenue,
2023
A,
Refunding,
5%,
10/01/37
......
725,000
780,888
St.
Mary's
College
of
California,
Revenue,
2023
A,
Refunding,
5%,
10/01/38
......
1,025,000
1,093,292
St.
Mary's
College
of
California,
Revenue,
2023
A,
Refunding,
5.25%,
10/01/44
...
4,450,000
4,713,604
University
of
San
Francisco,
Revenue,
2018
A,
5%,
10/01/37
.................
1,365,000
1,467,648
California
Enterprise
Development
Authority
,
Provident
Group-SDSU
Properties
LLC,
Revenue,
First
Tier,
2020
A,
5%,
8/01/24
..
230,000
231,335
Provident
Group-SDSU
Properties
LLC,
Revenue,
First
Tier,
2020
A,
5%,
8/01/26
..
540,000
557,352
Provident
Group-SDSU
Properties
LLC,
Revenue,
First
Tier,
2020
A,
5%,
8/01/28
..
615,000
651,299
Provident
Group-SDSU
Properties
LLC,
Revenue,
First
Tier,
2020
A,
5%,
8/01/30
..
250,000
269,112
Provident
Group-SDSU
Properties
LLC,
Revenue,
First
Tier,
2020
A,
5%,
8/01/35
..
450,000
476,379
California
Health
Facilities
Financing
Authority
,
Casa
Milagro
LLC,
Revenue,
2011
A,
California
Mortgage
Insured,
6%,
2/01/24
...
2,000,000
2,004,438
Cedars-Sinai
Medical
Center
Obligated
Group,
Revenue,
2015,
Refunding,
5%,
11/15/30
.......................................................
3,000,000
3,143,088
Cedars-Sinai
Medical
Center
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
8/15/31
........................................................
3,500,000
3,718,630
Children's
Hospital
Los
Angeles
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
8/15/36
........................................................
2,045,000
2,131,540
Children's
Hospital
Los
Angeles
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
8/15/37
........................................................
2,530,000
2,621,439
El
Camino
Hospital,
Revenue,
2017,
5%,
2/01/28
..........................
2,100,000
2,234,211
El
Camino
Hospital,
Revenue,
2017,
5%,
2/01/29
..........................
2,460,000
2,618,405
El
Camino
Hospital,
Revenue,
2017,
5%,
2/01/30
..........................
1,250,000
1,328,763
El
Camino
Hospital,
Revenue,
2017,
5%,
2/01/31
..........................
1,200,000
1,274,824
Kaiser
Foundation
Hospitals,
Revenue,
2017
A-2,
5%,
11/01/47
...............
5,000,000
6,159,301
Marshall
Medical
Center,
Revenue,
2015,
Refunding,
California
Mortgage
Insured,
5%,
11/01/33
...................................................
1,000,000
1,023,830
California
Housing
Finance
Agency
,
Revenue,
2019-2,
A,
4%,
3/20/33
......................................
5,142,162
5,231,150
Lakeside
Drive
Senior
Housing
LP,
Revenue,
2019
N,
FNMA
Insured,
2.35%,
12/01/35
.......................................................
9,250,989
7,406,449
California
Infrastructure
&
Economic
Development
Bank
,
Academy
of
Motion
Picture
Arts
and
Sciences
Obligated
Group,
Revenue,
2020
A,
5%,
11/01/30
...................................................
7,260,000
8,520,318
Infrastructure
State
Revolving
Fund
(The),
Revenue,
2015
A,
Pre-Refunded,
5%,
10/01/32
.......................................................
2,915,000
3,038,970
California
Municipal
Finance
Authority
,
e,f
Revenue,
144A,
2009
A,
Mandatory
Put,
1.3%,
2/03/25
.....................
1,800,000
1,749,511
Revenue,
2022
A-1,
4.25%,
12/01/37
...................................
5,800,000
5,168,869
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
13
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
California
Municipal
Finance
Authority,
(continued)
Revenue,
2022
A-2,
6.25%,
12/01/32
...................................
$
3,105,000
$
2,759,736
ACI
Royal
York,
Inc.,
Revenue,
2020
A,
3.125%,
2/15/33
....................
620,000
553,790
Aldersly,
Revenue,
2023
B-1,
Refunding,
California
Mortgage
Insured,
4%,
11/15/28
595,000
600,920
Biola
University,
Inc.,
Revenue,
2017,
Refunding,
5%,
10/01/29
...............
1,350,000
1,439,346
Biola
University,
Inc.,
Revenue,
2017,
Refunding,
5%,
10/01/30
...............
1,165,000
1,239,992
Biola
University,
Inc.,
Revenue,
2017,
Refunding,
5%,
10/01/33
...............
1,070,000
1,134,303
Biola
University,
Inc.,
Revenue,
2017,
Refunding,
5%,
10/01/35
...............
1,000,000
1,055,321
California
Home
for
the
Aged,
Inc.
(The),
Revenue,
2018,
California
Mortgage
Insured,
5%,
5/15/36
..............................................
1,000,000
1,098,217
California
Institute
of
the
Arts,
Revenue,
2021,
4%,
10/01/32
.................
120,000
124,214
California
Institute
of
the
Arts,
Revenue,
2021,
4%,
10/01/33
.................
120,000
123,883
California
Institute
of
the
Arts,
Revenue,
2021,
4%,
10/01/34
.................
155,000
159,425
California
Institute
of
the
Arts,
Revenue,
2021,
4%,
10/01/35
.................
160,000
163,815
California
Institute
of
the
Arts,
Revenue,
2021,
4%,
10/01/36
.................
185,000
188,116
California
Institute
of
the
Arts,
Revenue,
2021,
4%,
10/01/37
.................
170,000
171,220
Caritas
Corp.
(The),
Revenue,
2021
B,
Refunding,
3%,
8/15/31
...............
105,000
100,599
Caritas
Corp.
(The),
Revenue,
2021
B,
Refunding,
4%,
8/15/41
...............
590,000
564,932
Caritas
Corp.
(The),
Revenue,
2021
B,
Refunding,
4%,
8/15/56
...............
540,000
467,194
e
Century
CityView
LP,
Revenue,
144A,
2021
A,
4%,
11/01/36
..................
8,125,000
7,529,421
CHF-Riverside
II
LLC,
Revenue,
2019,
5%,
5/15/30
........................
3,635,000
3,942,247
CHF-Riverside
II
LLC,
Revenue,
2019,
5%,
5/15/32
........................
1,000,000
1,079,227
CHF-Riverside
II
LLC,
Revenue,
2019,
5%,
5/15/35
........................
1,430,000
1,531,076
CHF-Riverside
II
LLC,
Revenue,
2019,
5%,
5/15/36
........................
1,260,000
1,342,361
CHF-Riverside
II
LLC,
Revenue,
2019,
5%,
5/15/38
........................
1,500,000
1,574,435
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2015
A,
Pre-
Refunded,
5%,
2/01/26
............................................
2,010,000
2,058,291
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2015
A,
Pre-
Refunded,
5%,
2/01/28
............................................
1,500,000
1,536,038
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
2/01/25
............................................
2,000,000
2,028,843
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
2/01/26
............................................
2,010,000
2,068,711
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
2/01/29
............................................
6,270,000
6,567,610
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
2/01/30
............................................
4,680,000
4,898,710
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
2/01/32
............................................
3,300,000
3,454,563
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
2/01/33
............................................
7,440,000
7,790,738
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
2/01/34
............................................
5,000,000
5,231,933
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
2/01/36
............................................
2,295,000
2,391,471
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
2/01/37
............................................
2,000,000
2,077,069
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/24
....................
300,000
300,000
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/26
....................
250,000
252,278
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/27
....................
350,000
356,047
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/28
....................
250,000
256,035
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/29
....................
350,000
360,565
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/30
....................
400,000
413,273
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/31
....................
350,000
362,202
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/32
....................
250,000
257,846
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/33
....................
300,000
308,675
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/34
....................
300,000
308,419
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
Municipal
Finance
Authority,
(continued)
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/35
....................
$
400,000
$
410,369
Congregational
Homes,
Inc.
Obligated
Group,
Revenue,
2022
A,
5%,
11/15/26
....
210,000
212,164
Congregational
Homes,
Inc.
Obligated
Group,
Revenue,
2022
A,
5%,
11/15/27
....
110,000
111,731
Congregational
Homes,
Inc.
Obligated
Group,
Revenue,
2022
A,
5%,
11/15/28
....
115,000
117,432
Congregational
Homes,
Inc.
Obligated
Group,
Revenue,
2022
A,
5%,
11/15/29
....
240,000
246,114
Congregational
Homes,
Inc.
Obligated
Group,
Revenue,
2022
A,
4%,
11/15/30
....
125,000
121,266
Congregational
Homes,
Inc.
Obligated
Group,
Revenue,
2022
A,
4%,
11/15/31
....
265,000
255,951
Congregational
Homes,
Inc.
Obligated
Group,
Revenue,
2022
A,
4%,
11/15/32
....
280,000
269,250
Congregational
Homes,
Inc.
Obligated
Group,
Revenue,
2022
B-1,
2.75%,
11/15/27
525,000
520,231
Del
Harbor
Foundation,
Revenue,
2015,
Refunding,
5%,
11/01/26
.............
1,085,000
1,120,520
e
IH
Lakes
Concord
LLC,
Revenue,
144A,
2022
A-1,
4.375%,
12/01/32
...........
15,000,000
14,259,330
e
IH
Lakes
Concord
LLC,
Revenue,
144A,
2022
A-2,
6.75%,
12/01/32
............
930,000
855,791
Inland
Christian
Home,
Inc.,
Revenue,
2020,
California
Mortgage
Insured,
4%,
12/01/30
.......................................................
885,000
926,813
Inland
Counties
Regional
Center,
Inc.,
Revenue,
2015,
Refunding,
5%,
6/15/24
...
1,000,000
1,009,115
Inland
Counties
Regional
Center,
Inc.,
Revenue,
2015,
Refunding,
5%,
6/15/32
...
6,625,000
6,786,041
LAX
Integrated
Express
Solutions
LLC,
Revenue,
Senior
Lien,
2018
A,
5%,
6/30/25
1,000,000
1,017,387
LAX
Integrated
Express
Solutions
LLC,
Revenue,
Senior
Lien,
2018
A,
5%,
12/31/34
3,000,000
3,175,584
LAX
Integrated
Express
Solutions
LLC,
Revenue,
Senior
Lien,
2018
A,
5%,
12/31/35
5,500,000
5,801,824
LAX
Integrated
Express
Solutions
LLC,
Revenue,
Senior
Lien,
2018
A,
5%,
12/31/36
10,570,000
11,097,558
LAX
Integrated
Express
Solutions
LLC,
Revenue,
Senior
Lien,
2018
A,
5%,
12/31/37
2,930,000
3,059,305
LAX
Integrated
Express
Solutions
LLC,
Revenue,
Senior
Lien,
2018
A,
5%,
12/31/38
7,600,000
7,906,276
e
NCCD-Claremont
Properties
LLC,
Revenue,
144A,
2023
A,
Refunding,
5%,
7/01/35
3,960,000
3,997,945
Northbay
Healthcare
Group
Obligated
Group,
Revenue,
2017
A,
5%,
11/01/25
....
1,000,000
1,017,135
Northbay
Healthcare
Group
Obligated
Group,
Revenue,
2017
A,
5%,
11/01/26
....
900,000
912,318
Northbay
Healthcare
Group
Obligated
Group,
Revenue,
2017
A,
5%,
11/01/27
....
1,300,000
1,320,714
Northbay
Healthcare
Group
Obligated
Group,
Revenue,
2017
A,
5%,
11/01/28
....
1,400,000
1,424,371
Northbay
Healthcare
Group
Obligated
Group,
Revenue,
2017
A,
5.25%,
11/01/29
..
1,000,000
1,023,031
Northbay
Healthcare
Group
Obligated
Group,
Revenue,
2017
A,
5%,
11/01/30
....
1,350,000
1,371,841
Northbay
Healthcare
Group
Obligated
Group,
Revenue,
2017
A,
5.25%,
11/01/31
..
1,250,000
1,277,955
Northbay
Healthcare
Group
Obligated
Group,
Revenue,
2017
A,
5.25%,
11/01/41
..
4,620,000
4,664,633
Northern
California
Retired
Officers
Community,
Revenue,
2016,
Refunding,
California
Mortgage
Insured,
5%,
1/01/37
..............................
1,310,000
1,394,121
Palomar
Health
Obligated
Group,
COP,
2022
A,
Refunding,
AGMC
Insured,
5%,
11/01/27
.......................................................
100,000
107,845
Palomar
Health
Obligated
Group,
COP,
2022
A,
Refunding,
AGMC
Insured,
5%,
11/01/28
.......................................................
250,000
275,058
Palomar
Health
Obligated
Group,
COP,
2022
A,
Refunding,
AGMC
Insured,
5%,
11/01/29
.......................................................
250,000
279,906
Palomar
Health
Obligated
Group,
COP,
2022
A,
Refunding,
AGMC
Insured,
5%,
11/01/30
.......................................................
210,000
238,899
Palomar
Health
Obligated
Group,
COP,
2022
A,
Refunding,
AGMC
Insured,
5%,
11/01/31
.......................................................
435,000
502,238
Palomar
Health
Obligated
Group,
COP,
2022
A,
Refunding,
AGMC
Insured,
5%,
11/01/33
.......................................................
1,200,000
1,396,904
Palomar
Health
Obligated
Group,
COP,
2022
A,
Refunding,
AGMC
Insured,
5.25%,
11/01/34
.......................................................
1,430,000
1,711,953
Palomar
Health
Obligated
Group,
COP,
2022
A,
Refunding,
AGMC
Insured,
5.25%,
11/01/35
.......................................................
1,200,000
1,433,749
Palomar
Health
Obligated
Group,
COP,
2022
A,
Refunding,
AGMC
Insured,
5.25%,
11/01/36
.......................................................
1,550,000
1,830,305
Pilgrim
Place
in
Claremont,
Revenue,
2016
A,
Refunding,
California
Mortgage
Insured,
5%,
5/15/31
..............................................
2,750,000
2,987,789
South
Central
Los
Angeles
Regional
Center
for
Developmentally
Disabled
Persons,
Revenue,
2013,
5.25%,
12/01/27
....................................
3,030,000
3,034,194
System
Management
Group,
Revenue,
2019
A,
5%,
4/01/35
.................
1,780,000
1,952,464
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)
System
Management
Group,
Revenue,
2019
A,
5%,
4/01/37
.................
$
2,945,000
$
3,198,080
University
of
La
Verne,
Revenue,
2017
A,
Refunding,
5%,
6/01/31
.............
1,000,000
1,067,664
University
of
La
Verne,
Revenue,
2017
A,
Refunding,
5%,
6/01/32
.............
1,000,000
1,067,233
University
of
La
Verne,
Revenue,
2017
A,
Refunding,
5%,
6/01/33
.............
1,010,000
1,077,528
University
of
La
Verne,
Revenue,
2017
A,
Refunding,
5%,
6/01/35
.............
1,440,000
1,532,513
e
California
Pollution
Control
Financing
Authority
,
Poseidon
Resources
Channelside
LP,
Revenue,
144A,
2019,
Refunding,
5%,
7/01/29
4,350,000
4,549,130
Poseidon
Resources
Channelside
LP,
Revenue,
144A,
2023,
5%,
7/01/26
.......
2,680,000
2,772,629
Poseidon
Resources
Channelside
LP,
Revenue,
144A,
2023,
5%,
7/01/27
.......
4,170,000
4,361,479
f
California
Public
Finance
Authority
,
Henry
Mayo
Newhall
Hospital
Obligated
Group
,
Revenue
,
2021
B
,
Mandatory
Put
,
4
%
,
10/15/31
...........................
690,000
683,343
e
California
School
Finance
Authority
,
Revenue,
144A,
2022
A,
Refunding,
4%,
10/01/27
.........................
515,000
516,332
Revenue,
144A,
2022
A,
Refunding,
5%,
10/01/32
.........................
755,000
809,687
Aspire
Public
Schools
Obligated
Group,
Revenue,
144A,
2022
A,
5%,
8/01/32
....
640,000
678,712
Camino
Nuevo
Charter
Academy
Obligated
Group,
Revenue,
144A,
2023
A,
Refunding,
5%,
6/01/33
............................................
1,655,000
1,734,769
Green
Dot
Public
Schools
Obligated
Group,
Revenue,
144A,
2018
A,
5%,
8/01/26
.
300,000
308,895
Green
Dot
Public
Schools
Obligated
Group,
Revenue,
144A,
2018
A,
5%,
8/01/27
.
320,000
334,007
Green
Dot
Public
Schools
Obligated
Group,
Revenue,
144A,
2022
A,
Refunding,
5%,
8/01/32
........................................................
750,000
795,689
Green
Dot
Public
Schools
Obligated
Group,
Revenue,
144A,
2022
A,
Refunding,
5.375%,
8/01/42
.................................................
1,500,000
1,593,117
KIPP
SoCal
Public
Schools
Obligated
Group,
Revenue,
144A,
2020
A,
5%,
7/01/24
100,000
100,571
KIPP
SoCal
Public
Schools
Obligated
Group,
Revenue,
144A,
2020
A,
5%,
7/01/25
105,000
106,707
KIPP
SoCal
Public
Schools
Obligated
Group,
Revenue,
144A,
2020
A,
5%,
7/01/26
110,000
113,522
KIPP
SoCal
Public
Schools
Obligated
Group,
Revenue,
144A,
2020
A,
5%,
7/01/28
100,000
106,300
KIPP
SoCal
Public
Schools
Obligated
Group,
Revenue,
144A,
2020
A,
5%,
7/01/29
100,000
107,536
KIPP
SoCal
Public
Schools
Obligated
Group,
Revenue,
144A,
2020
A,
5%,
7/01/30
100,000
108,529
STEM
Preparatory
Schools
-
Obligated
Group,
Revenue,
144A,
2023
A,
5%,
6/01/33
300,000
318,761
California
State
Public
Works
Board
,
Revenue,
2021
A,
Refunding,
5%,
2/01/31
...............................
2,175,000
2,563,314
State
of
California
Department
of
Corrections
&
Rehabilitation,
Revenue,
2014
A,
5%,
9/01/26
........................................................
10,000,000
10,127,186
State
of
California
Department
of
Corrections
&
Rehabilitation,
Revenue,
2014
D,
5%,
9/01/26
....................................................
6,835,000
6,921,932
California
State
University
,
Revenue,
2016
A,
Refunding,
5%,
11/01/29
..............................
16,000,000
16,992,067
Revenue,
2016
A,
Refunding,
5%,
11/01/30
..............................
5,000,000
5,300,630
California
Statewide
Communities
Development
Authority
,
Special
Tax,
2023
A,
5%,
9/01/36
......................................
460,000
488,052
Special
Tax,
2023
A,
5%,
9/01/43
......................................
215,000
221,137
Aldersly
Obligated
Group,
Revenue,
2015
A,
ETM,
4.5%,
5/15/25
..............
420,000
425,632
Community
Facilities
District
No.
2020-02
Improvement
Area
No.
2,
Special
Tax,
2022,
5.125%,
9/01/42
............................................
500,000
523,119
Community
Facilities
District
No.
2021-1,
Special
Tax,
2023,
4.75%,
9/01/38
......
500,000
533,478
Community
Facilities
District
No.
2022-10,
Special
Tax,
2023,
5.25%,
9/01/43
.....
650,000
693,095
Front
Porch
Communities
&
Services
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
4/01/32
....................................................
1,470,000
1,610,662
Front
Porch
Communities
&
Services
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
4/01/33
....................................................
1,520,000
1,664,380
Front
Porch
Communities
&
Services
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
4/01/34
....................................................
1,565,000
1,710,642
Hebrew
Home
for
Aged
Disabled,
Revenue,
2016,
California
Mortgage
Insured,
5%,
11/01/36
.......................................................
9,000,000
9,580,661
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
Statewide
Communities
Development
Authority,
(continued)
Henry
Mayo
Newhall
Hospital
Obligated
Group,
Revenue,
2014,
Pre-Refunded,
AGMC
Insured,
5%,
10/01/26
.......................................
$
1,000,000
$
1,016,186
Henry
Mayo
Newhall
Hospital
Obligated
Group,
Revenue,
2014,
Pre-Refunded,
AGMC
Insured,
5%,
10/01/28
.......................................
1,250,000
1,270,233
Campbell
Union
School
District
,
GO
,
2015
,
Refunding
,
5
%
,
8/01/28
..............
3,235,000
3,365,864
Carson
Public
Financing
Authority
,
City
of
Carson
Reassessment
District
No.
2001-1,
Revenue,
2019,
Refunding,
5%,
9/02/25
........................................................
1,000,000
1,025,684
City
of
Carson
Reassessment
District
No.
2001-1,
Revenue,
2019,
Refunding,
5%,
9/02/31
........................................................
1,000,000
1,101,057
Chino
Community
Facilities
District
,
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
9,
Special
Tax,
2022,
5%,
9/01/30
......................................
1,280,000
1,394,631
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
9,
Special
Tax,
2022,
4.5%,
9/01/31
....................................
725,000
763,093
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
9,
Special
Tax,
2022,
4.625%,
9/01/32
...................................
755,000
805,933
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
9,
Special
Tax,
2022,
4.75%,
9/01/34
...................................
1,620,000
1,742,988
Community
Facilities
District
No.
2021-1,
Special
Tax,
2023,
5%,
9/01/38
........
1,090,000
1,161,232
Community
Facilities
District
No.
2021-1,
Special
Tax,
2023,
5.375%,
9/01/43
.....
1,000,000
1,067,932
Community
Facilities
District
No.
2021-1,
Special
Tax,
2023,
5.5%,
9/01/48
.......
1,200,000
1,267,559
Community
Facilities
District
No.
2021-1,
Special
Tax,
2023,
5.625%,
9/01/53
.....
375,000
397,050
City
&
County
of
San
Francisco
,
GO,
2021
B-1,
4%,
6/15/37
..........................................
2,000,000
2,077,550
GO,
2021
C-1,
4%,
6/15/36
..........................................
1,140,000
1,195,925
e
District
No.
2020-1
Development,
Special
Tax,
144A,
2023
A,
5.25%,
9/01/38
.....
875,000
920,962
e
District
No.
2020-1
Office,
Special
Tax,
144A,
2023
B,
5%,
9/01/33
.............
1,180,000
1,234,817
e
District
No.
2020-1
Office,
Special
Tax,
144A,
2023
B,
5.5%,
9/01/43
...........
1,060,000
1,110,122
e
District
No.
2020-1
Shoreline
Tax
Zone
1,
Special
Tax,
144A,
2023
C,
5%,
9/01/33
.
650,000
680,328
e
District
No.
2020-1
Shoreline
Tax
Zone
1,
Special
Tax,
144A,
2023
C,
5.25%,
9/01/38
880,000
926,225
e
District
No.
2020-1
Shoreline
Tax
Zone
1,
Special
Tax,
144A,
2023
C,
5.5%,
9/01/43
1,005,000
1,052,521
City
of
Chula
Vista
,
Community
Facilities
District
No.
16-1
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/46
.................................................
1,500,000
1,472,951
City
of
Clovis
,
Sewer
,
Revenue
,
2013
,
Refunding
,
BAM
Insured
,
5
%
,
8/01/28
.......
1,200,000
1,201,658
City
of
Dublin
,
Community
Facilities
District
No.
2015-1
Improvement
Area
No.
4,
Special
Tax,
2022,
5%,
9/01/37
....................................................
955,000
1,019,726
Community
Facilities
District
No.
2015-1
Improvement
Area
No.
5,
Special
Tax,
2023,
5%,
9/01/38
....................................................
785,000
826,051
City
of
Fontana
,
Community
Facilities
District
No.
85,
Special
Tax,
2020,
4%,
9/01/32
...........
250,000
258,463
Community
Facilities
District
No.
85,
Special
Tax,
2020,
4%,
9/01/36
...........
550,000
561,532
Community
Facilities
District
No.
87,
Special
Tax,
2021,
4%,
9/01/41
...........
400,000
396,610
City
of
Irvine
,
Reassessment
District
No.
15-2
,
1915
Act,
Special
Assessment
,
Refunding
,
5
%
,
9/02/25
.............................................
1,000,000
1,026,174
City
of
Lake
Elsinore
,
Community
Facilities
District
No.
2006-1
Improvement
Area
KK
,
Special
Tax
,
2021
,
4
%
,
9/01/46
.......................................
400,000
370,519
City
of
Lincoln
,
Community
Facilities
District
No.
2019-1
,
Special
Tax
,
2022
,
5
%
,
9/01/37
.........................................................
1,215,000
1,283,711
City
of
Long
Beach
,
Harbor,
Revenue,
2019
A,
5%,
5/15/38
..................................
2,000,000
2,234,331
Marina
System,
Revenue,
2015,
5%,
5/15/27
.............................
1,285,000
1,307,717
Marina
System,
Revenue,
2015,
5%,
5/15/32
.............................
1,250,000
1,271,342
City
of
Los
Angeles
,
Revenue,
2018
C,
5%,
5/15/35
........................................
5,800,000
6,146,344
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)
City
of
Los
Angeles,
(continued)
Department
of
Airports,
Revenue,
2017
A,
5%,
5/15/31
......................
$
2,815,000
$
2,979,020
Department
of
Airports,
Revenue,
2018
B,
Refunding,
5%,
5/15/32
.............
3,325,000
3,570,644
Department
of
Airports,
Revenue,
2018
D,
Refunding,
5%,
5/15/31
.............
2,900,000
3,170,270
Department
of
Airports,
Revenue,
2019
D,
5%,
5/15/31
.....................
2,685,000
2,906,046
Department
of
Airports,
Revenue,
2019
D,
5%,
5/15/36
.....................
2,500,000
2,682,842
Department
of
Airports,
Revenue,
2019
F,
5%,
5/15/37
......................
5,715,000
6,135,885
Department
of
Airports,
Revenue,
2019
F,
5%,
5/15/38
......................
4,500,000
4,791,088
Department
of
Airports,
Revenue,
2020
A,
Refunding,
5%,
5/15/32
.............
3,205,000
3,710,852
Department
of
Airports,
Revenue,
2020
A,
Refunding,
5%,
5/15/33
.............
3,000,000
3,471,530
Department
of
Airports,
Revenue,
2020
A,
Refunding,
5%,
5/15/35
.............
2,115,000
2,437,976
Department
of
Airports,
Revenue,
2020
A,
Refunding,
5%,
5/15/37
.............
7,380,000
8,388,194
Department
of
Airports,
Revenue,
2020
A,
Refunding,
5%,
5/15/40
.............
5,485,000
6,118,450
Department
of
Airports,
Revenue,
2022
C,
Refunding,
5%,
5/15/28
.............
300,000
323,988
Department
of
Airports,
Revenue,
2022
C,
Refunding,
5%,
5/15/29
.............
250,000
274,598
Department
of
Airports,
Revenue,
2022
C,
Refunding,
4%,
5/15/39
.............
2,800,000
2,824,172
Department
of
Airports,
Revenue,
Senior
Lien,
2022
G,
5.5%,
5/15/36
..........
1,325,000
1,554,764
Department
of
Airports,
Revenue,
Senior
Lien,
2022
G,
5.5%,
5/15/37
..........
9,960,000
11,592,258
Department
of
Airports,
Revenue,
Senior
Lien,
2022
G,
5.5%,
5/15/38
..........
1,080,000
1,242,546
Department
of
Airports,
Revenue,
Senior
Lien,
2022
G,
5.5%,
5/15/40
..........
580,000
660,516
Wastewater
System,
Revenue,
2013
A,
Refunding,
5%,
6/01/27
...............
9,145,000
9,150,272
City
of
Menifee
,
Community
Facilities
District
No.
2021-1,
Special
Tax,
2023
A,
5%,
9/01/43
......
240,000
251,331
Community
Facilities
District
No.
2021-1,
Special
Tax,
2023
A,
5%,
9/01/48
......
325,000
334,997
Community
Facilities
District
No.
2021-1,
Special
Tax,
2023
A,
5%,
9/01/53
......
750,000
767,185
City
of
Newport
Beach
,
Assessment
District
No.
113,
1915
Act,
Special
Assessment,
2021
A,
2%,
9/02/34
.
230,000
185,752
Assessment
District
No.
113,
1915
Act,
Special
Assessment,
2021
A,
2.125%,
9/02/35
........................................................
235,000
188,273
Assessment
District
No.
113,
1915
Act,
Special
Assessment,
2021
A,
2.125%,
9/02/36
........................................................
240,000
187,069
Assessment
District
No.
124,
1915
Act,
Special
Assessment,
2023
A,
4%,
9/02/24
.
125,000
126,030
Assessment
District
No.
124,
1915
Act,
Special
Assessment,
2023
A,
4%,
9/02/25
.
150,000
153,255
Assessment
District
No.
124,
1915
Act,
Special
Assessment,
2023
A,
4%,
9/02/26
.
220,000
227,096
Assessment
District
No.
124,
1915
Act,
Special
Assessment,
2023
A,
4%,
9/02/27
.
250,000
259,794
Assessment
District
No.
124,
1915
Act,
Special
Assessment,
2023
A,
4%,
9/02/28
.
250,000
260,519
Assessment
District
No.
124,
1915
Act,
Special
Assessment,
2023
A,
4%,
9/02/29
.
275,000
287,727
Assessment
District
No.
124,
1915
Act,
Special
Assessment,
2023
A,
4%,
9/02/30
.
225,000
235,975
Assessment
District
No.
124,
1915
Act,
Special
Assessment,
2023
A,
4%,
9/02/31
.
260,000
273,570
Assessment
District
No.
124,
1915
Act,
Special
Assessment,
2023
A,
4%,
9/02/32
.
280,000
294,943
Assessment
District
No.
124,
1915
Act,
Special
Assessment,
2023
A,
4%,
9/02/33
.
225,000
237,764
Assessment
District
No.
124,
1915
Act,
Special
Assessment,
2023
A,
4.125%,
9/02/38
........................................................
625,000
642,778
Assessment
District
No.
124,
1915
Act,
Special
Assessment,
2023
A,
5%,
9/02/43
.
725,000
785,055
City
of
Ontario
,
Community
Facilities
District
No.
55
,
Special
Tax
,
2022
,
5
%
,
9/01/37
.
350,000
378,684
City
of
Palm
Desert
,
Section
29
Assessment
District
No.
2004-02,
1915
Act,
Special
Assessment,
2021,
Refunding,
4%,
9/02/26
............................................
570,000
574,491
Section
29
Assessment
District
No.
2004-02,
1915
Act,
Special
Assessment,
2021,
Refunding,
4%,
9/02/31
............................................
800,000
815,034
Section
29
Assessment
District
No.
2004-02,
1915
Act,
Special
Assessment,
2021,
Refunding,
4%,
9/02/37
............................................
1,200,000
1,188,245
City
of
Palo
Alto
,
University
Avenue
Off-Street
Parking
Assessment
District,
1915
Act,
Special
Assessment,
2012,
Refunding,
5%,
9/02/28
............................
895,000
898,643
University
Avenue
Off-Street
Parking
Assessment
District,
1915
Act,
Special
Assessment,
2012,
Refunding,
5%,
9/02/29
............................
1,155,000
1,159,687
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)
City
of
Pasadena
,
Water
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
6/01/38
.............
$
1,480,000
$
1,653,514
City
of
Porterville
,
Water,
COP,
2021,
AGMC
Insured,
4%,
8/15/35
...........................
230,000
246,216
Water,
COP,
2021,
AGMC
Insured,
4%,
8/15/36
...........................
200,000
211,767
Water,
COP,
2021,
AGMC
Insured,
4%,
8/15/37
...........................
175,000
183,820
City
of
Rancho
Cordova
,
Arista
Del
Sol
Community
Facilities
District
No.
2022-1
Improvement
Area
No.
1
,
Special
Tax
,
2023
,
5
%
,
9/01/38
....................
250,000
264,559
City
of
Rialto
,
Community
Facilities
District
No.
2020-1
,
Special
Tax
,
2023
,
5
%
,
9/01/38
1,445,000
1,558,512
City
of
Riverside
,
Sewer,
Revenue,
2015
A,
Refunding,
5%,
8/01/28
.........................
3,870,000
4,023,492
Sewer,
Revenue,
2015
A,
Refunding,
5%,
8/01/29
.........................
4,670,000
4,851,386
Water,
Revenue,
2019
A,
Refunding,
5%,
10/01/37
.........................
7,295,000
8,169,861
City
of
Sacramento
,
North
Natomas
Community
Facilities
District
No.
4,
Special
Tax,
2015
F,
Refunding,
5%,
9/01/26
....................................................
615,000
631,676
North
Natomas
Community
Facilities
District
No.
4,
Special
Tax,
2015
F,
Refunding,
5%,
9/01/28
....................................................
1,220,000
1,254,691
North
Natomas
Community
Facilities
District
No.
4,
Special
Tax,
2015
F,
Refunding,
5%,
9/01/29
....................................................
1,555,000
1,599,049
North
Natomas
Community
Facilities
District
No.
4,
Special
Tax,
2015
F,
Refunding,
5%,
9/01/30
....................................................
1,045,000
1,075,985
North
Natomas
Community
Facilities
District
No.
4,
Special
Tax,
2015
F,
Refunding,
5%,
9/01/31
....................................................
1,800,000
1,849,716
Transient
Occupancy
Tax,
Revenue,
2018
A,
5%,
6/01/34
....................
1,485,000
1,623,498
Transient
Occupancy
Tax,
Revenue,
2018
A,
5%,
6/01/35
....................
2,000,000
2,180,804
Transient
Occupancy
Tax,
Revenue,
2018
A,
5%,
6/01/37
....................
2,250,000
2,430,022
City
of
Vernon
,
Electric
System,
Revenue,
2021
A,
5%,
4/01/26
...........................
1,265,000
1,302,815
Electric
System,
Revenue,
2021
A,
5%,
10/01/26
..........................
1,670,000
1,734,407
Electric
System,
Revenue,
2021
A,
5%,
4/01/28
...........................
2,000,000
2,125,661
Electric
System,
Revenue,
2022
A,
Refunding,
5%,
8/01/24
..................
700,000
705,782
Electric
System,
Revenue,
2022
A,
Refunding,
5%,
8/01/25
..................
500,000
509,753
Electric
System,
Revenue,
2022
A,
Refunding,
5%,
8/01/26
..................
605,000
626,552
Electric
System,
Revenue,
2022
A,
Refunding,
5%,
8/01/30
..................
1,105,000
1,210,421
City
of
Woodland
,
Community
Facilities
District
No.
2004-1
,
Special
Tax
,
2019
,
5
%
,
9/01/36
.........................................................
1,510,000
1,587,875
e
CMFA
Special
Finance
Agency
VIII
,
Elan
Huntington
Beach
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
8/01/47
.........................................
2,400,000
2,005,434
Compton
Community
Redevelopment
Agency
,
Successor
Agency,
Tax
Allocation,
2022
A,
Refunding,
AGMC
Insured,
5%,
8/01/37
4,090,000
4,655,590
Successor
Agency,
Tax
Allocation,
2022
A,
Refunding,
AGMC
Insured,
5%,
8/01/42
3,115,000
3,466,240
Contra
Costa
Water
District
,
Revenue
,
T
,
Refunding
,
5
%
,
10/01/26
..............
3,400,000
3,459,691
Corona-Norco
Unified
School
District
,
GO
,
2011
E
,
5.3
%
,
8/01/25
...............
4,645,000
4,839,478
County
of
El
Dorado
,
Community
Facilities
District
No.
2014-1,
Special
Tax,
2023,
5%,
9/01/38
........
500,000
538,447
Community
Facilities
District
No.
2014-1,
Special
Tax,
2023,
5%,
9/01/43
........
1,000,000
1,048,404
County
of
Sacramento
,
Airport
System,
Revenue,
2016
B,
Refunding,
5%,
7/01/35
...................
1,000,000
1,052,138
Airport
System,
Revenue,
2016
B,
Refunding,
5%,
7/01/36
...................
2,000,000
2,096,798
County
of
San
Diego
,
Community
Facilities
District
No.
2008-01
Area
No.
1,
Special
Tax,
2020
A,
4%,
9/01/37
........................................................
175,000
176,023
Community
Facilities
District
No.
2008-01
Area
No.
1,
Special
Tax,
2020
A,
4%,
9/01/38
........................................................
375,000
373,726
Community
Facilities
District
No.
2008-01
Area
No.
1,
Special
Tax,
2020
A,
4%,
9/01/40
........................................................
115,000
112,288
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)
County
of
San
Diego,
(continued)
Community
Facilities
District
No.
2008-01
Area
No.
2,
Special
Tax,
2020
A,
4%,
9/01/35
........................................................
$
50,000
$
50,924
e
CSCDA
Community
Improvement
Authority
,
1818
Platinum
Triangle-Anaheim,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3.35%,
4/01/47
........................................................
10,000,000
7,862,934
Oceanaire
Apartments,
Revenue,
144A,
2021
A-1,
3.2%,
9/01/46
..............
7,500,000
5,460,065
Towne
at
Glendale
Apartments,
Revenue,
144A,
2022
B,
5%,
9/01/37
..........
12,300,000
12,498,015
Del
Mar
Race
Track
Authority
,
Revenue,
2015,
Refunding,
5%,
10/01/28
................................
1,925,000
1,927,151
Revenue,
2015,
Refunding,
5%,
10/01/30
................................
1,125,000
1,124,913
Dublin
Unified
School
District
,
GO
,
2016
,
Refunding
,
5
%
,
8/01/32
...............
3,220,000
3,452,774
East
Bay
Municipal
Utility
District
,
Wastewater
System,
Revenue,
2014
A,
Refunding,
5%,
6/01/25
...............
2,845,000
2,944,717
Wastewater
System,
Revenue,
2014
A,
Refunding,
5%,
6/01/26
...............
3,650,000
3,880,682
Wastewater
System,
Revenue,
2014
A,
Refunding,
5%,
6/01/27
...............
1,500,000
1,639,579
Wastewater
System,
Revenue,
2014
A,
Refunding,
5%,
6/01/29
...............
1,000,000
1,149,748
Water
System,
Revenue,
2015
A,
Refunding,
5%,
6/01/29
...................
5,000,000
5,180,266
Eastern
Municipal
Water
District
,
Community
Facilities
District
No.
2019-86
,
Special
Tax
,
2023
,
5
%
,
9/01/43
.............................................
1,085,000
1,134,038
El
Dorado
Irrigation
District
,
Revenue
,
2016
C
,
Pre-Refunded
,
5
%
,
3/01/31
........
2,500,000
2,639,612
Elk
Grove
Finance
Authority
,
Special
Tax
,
2015
,
Refunding
,
BAM
Insured
,
5
%
,
9/01/30
1,130,000
1,176,311
FHLMC,
Multi-family
ML
Pass-Through
Certificates
,
Revenue
,
2019-ML06
,
ACA
,
Revenue
,
2.493
%
,
7/25/35
...........................................
23,545,613
19,591,815
Foothill-De
Anza
Community
College
District
,
GO
,
2015
,
Refunding
,
5
%
,
8/01/28
....
2,500,000
2,601,922
Foothill-Eastern
Transportation
Corridor
Agency
,
Revenue,
2013
A,
Refunding,
Zero
Cpn.,
1/15/25
..........................
2,500,000
2,537,135
Revenue,
2013
A,
Refunding,
Zero
Cpn.,
1/15/26
..........................
3,760,000
3,973,004
Revenue,
2013
A,
Refunding,
Zero
Cpn.,
1/15/27
..........................
6,395,000
6,985,376
Revenue,
2013
A,
Refunding,
AGMC
Insured,
Zero
Cpn.,
1/15/29
..............
19,895,000
22,550,833
Revenue,
Junior
Lien,
2021
C,
Refunding,
5%,
1/15/27
.....................
350,000
367,190
Revenue,
Junior
Lien,
2021
C,
Refunding,
5%,
1/15/28
.....................
320,000
341,539
Revenue,
Junior
Lien,
2021
C,
Refunding,
5%,
1/15/29
.....................
360,000
390,267
Revenue,
Junior
Lien,
2021
C,
Refunding,
5%,
1/15/30
.....................
400,000
439,580
Revenue,
Junior
Lien,
2021
C,
Refunding,
5%,
1/15/31
.....................
470,000
522,410
Revenue,
Junior
Lien,
2021
C,
Refunding,
4%,
1/15/32
.....................
300,000
314,413
Revenue,
Junior
Lien,
2021
C,
Refunding,
4%,
1/15/33
.....................
445,000
466,105
Golden
State
Tobacco
Securitization
Corp.
,
Revenue
,
2018
A-1
,
Pre-Refunded
,
5
%
,
6/01/35
.........................................................
9,000,000
10,006,365
Imperial
Irrigation
District
,
Electric
System,
Revenue,
2019,
Refunding,
5%,
11/01/33
...................
1,000,000
1,136,807
Electric
System,
Revenue,
2019,
Refunding,
5%,
11/01/34
...................
1,100,000
1,249,756
Electric
System,
Revenue,
2019,
Refunding,
5%,
11/01/37
...................
3,885,000
4,340,941
Independent
Cities
Finance
Authority
,
Augusta
Communities
LLC,
Revenue,
2022
A,
Refunding,
5.25%,
5/15/56
.......
2,010,000
2,148,078
Millennium
Housing
LLC,
Revenue,
2021,
Refunding,
3%,
5/15/41
.............
1,395,000
1,212,382
Millennium
Housing
LLC,
Revenue,
2022,
Refunding,
3.7%,
9/15/32
............
920,000
947,809
San
Juan
Mobile
Estates,
Revenue,
2015,
Refunding,
5%,
8/15/30
.............
1,575,000
1,631,863
Irvine
Unified
School
District
,
Special
Tax,
2020
A,
4%,
9/01/27
......................................
1,735,000
1,773,761
Special
Tax,
2020
A,
4%,
9/01/28
......................................
1,130,000
1,161,147
Special
Tax,
2020
A,
5%,
9/01/30
......................................
1,900,000
2,111,908
Special
Tax,
2020
A,
5%,
9/01/31
......................................
1,830,000
2,013,986
Special
Tax,
2020
A,
5%,
9/01/32
......................................
750,000
820,647
Special
Tax,
2020
A,
4%,
9/01/33
......................................
2,095,000
2,156,830
Special
Tax,
2020
A,
4%,
9/01/35
......................................
1,450,000
1,487,053
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)
Irvine
Unified
School
District,
(continued)
Special
Tax,
2020
A,
4%,
9/01/36
......................................
$
2,625,000
$
2,672,255
Special
Tax,
2020
A,
4%,
9/01/37
......................................
2,695,000
2,721,107
Special
Tax,
2020
A,
4%,
9/01/39
......................................
2,890,000
2,857,485
Community
Facilities
District
No.
09-1,
Special
Tax,
2019
A,
5%,
9/01/29
........
185,000
204,815
Community
Facilities
District
No.
09-1,
Special
Tax,
2019
A,
5%,
9/01/30
........
210,000
233,081
Community
Facilities
District
No.
09-1,
Special
Tax,
2019
A,
5%,
9/01/31
........
175,000
193,906
Community
Facilities
District
No.
09-1,
Special
Tax,
2019
A,
5%,
9/01/32
........
185,000
204,870
Community
Facilities
District
No.
09-1,
Special
Tax,
2019
A,
5%,
9/01/33
........
195,000
215,814
Community
Facilities
District
No.
09-1,
Special
Tax,
2019
A,
5%,
9/01/34
........
225,000
248,678
Community
Facilities
District
No.
09-1,
Special
Tax,
2019
A,
5%,
9/01/36
........
265,000
290,343
Community
Facilities
District
No.
09-1,
Special
Tax,
2019
A,
4%,
9/01/37
........
280,000
284,342
Community
Facilities
District
No.
09-1,
Special
Tax,
2019
A,
4%,
9/01/38
........
270,000
271,478
Community
Facilities
District
No.
09-1,
Special
Tax,
2019
A,
4%,
9/01/39
........
315,000
315,182
Community
Facilities
District
No.
09-1,
Special
Tax,
2019
A,
4%,
9/01/40
........
350,000
347,969
Jurupa
Public
Financing
Authority
,
Special
Tax,
2014
A,
Refunding,
5%,
9/01/27
.............................
1,000,000
1,014,485
Special
Tax,
2014
A,
Refunding,
5%,
9/01/28
.............................
1,275,000
1,293,552
Special
Tax,
2014
A,
Refunding,
5%,
9/01/29
.............................
530,000
537,572
Special
Tax,
2015
A,
Refunding,
5%,
9/01/26
.............................
1,855,000
1,923,999
Special
Tax,
2015
A,
Refunding,
5%,
9/01/27
.............................
1,000,000
1,039,029
Special
Tax,
2015
A,
Refunding,
5%,
9/01/28
.............................
1,025,000
1,066,878
Special
Tax,
2015
A,
Refunding,
5%,
9/01/29
.............................
1,155,000
1,203,407
Special
Tax,
2015
A,
Refunding,
5%,
9/01/30
.............................
1,510,000
1,573,726
Special
Tax,
2015
A,
Refunding,
5%,
9/01/31
.............................
1,190,000
1,239,547
Special
Tax,
2015
A,
Refunding,
5%,
9/01/32
.............................
2,505,000
2,608,825
Special
Tax,
2015
A,
Refunding,
5%,
9/01/33
.............................
2,635,000
2,754,666
Special
Tax,
2020
A,
Refunding,
BAM
Insured,
4%,
9/01/32
..................
700,000
748,350
Jurupa
Unified
School
District
,
GO
,
2019
C
,
5.25
%
,
8/01/43
...................
14,675,000
16,203,916
Lake
Elsinore
Public
Financing
Authority
,
Special
Tax
,
2015
,
Refunding
,
5
%
,
9/01/30
.
4,970,000
5,105,163
Lake
Elsinore
Unified
School
District
,
Community
Facilities
District
No.
2007-2
,
Special
Tax
,
2021
,
4
%
,
9/01/45
.............................................
760,000
696,423
Lammersville
Joint
Unified
School
District
,
Community
Facilities
District
No.
2002
,
Special
Tax
,
2017
,
Refunding
,
5
%
,
9/01/33
...............................
1,575,000
1,667,181
Lee
Lake
Public
Financing
Authority
,
Special
Tax,
Junior
Lien,
2013
B,
5%,
9/01/27
............................
1,385,000
1,386,549
Special
Tax,
Junior
Lien,
2013
B,
5.25%,
9/01/29
..........................
800,000
801,074
Los
Angeles
County
Metropolitan
Transportation
Authority
,
Sales
Tax,
Revenue,
2014
A,
Refunding,
5%,
7/01/27
.......................
5,630,000
5,693,078
Sales
Tax,
Revenue,
2017
A,
5%,
7/01/39
...............................
7,520,000
8,071,088
Sales
Tax,
Revenue,
2021
A,
4%,
6/01/35
...............................
1,485,000
1,627,842
Sales
Tax,
Revenue,
Senior
Lien,
2021
A,
5%,
7/01/38
......................
1,910,000
2,221,038
Los
Angeles
Department
of
Water
,
Water
System,
Revenue,
2020
C,
Refunding,
5%,
7/01/40
...................
7,000,000
7,918,512
Water
System,
Revenue,
2020
C,
Refunding,
5%,
7/01/41
...................
3,535,000
3,985,521
Los
Angeles
Department
of
Water
&
Power
,
Power
System,
Revenue,
2014
C,
5%,
7/01/27
............................
10,000,000
10,107,599
Power
System,
Revenue,
2016
B,
5%,
7/01/30
............................
3,000,000
3,143,274
Power
System,
Revenue,
2016
B,
5%,
7/01/31
............................
6,700,000
7,018,196
Power
System,
Revenue,
2017
B,
Refunding,
5%,
7/01/34
...................
23,350,000
25,086,703
Power
System,
Revenue,
2020
B,
Refunding,
5%,
7/01/39
...................
2,860,000
3,240,761
Water
System,
Revenue,
2014
A,
5%,
7/01/31
............................
4,690,000
4,734,690
Water
System,
Revenue,
2016
A,
Refunding,
5%,
7/01/37
...................
10,450,000
10,882,564
Water
System,
Revenue,
2018
B,
Refunding,
5%,
7/01/34
...................
2,500,000
2,776,443
Water
System,
Revenue,
2018
B,
Refunding,
5%,
7/01/38
...................
4,500,000
4,925,211
Water
System,
Revenue,
2020
C,
Refunding,
5%,
7/01/33
...................
1,410,000
1,656,422
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)
Los
Angeles
Unified
School
District
,
GO,
2016
A,
Refunding,
5%,
7/01/29
...................................
$
5,000,000
$
5,195,602
GO,
2016
B,
Refunding,
5%,
7/01/30
...................................
30,000,000
31,893,018
GO,
2020
RYQ,
4%,
7/01/38
.........................................
5,000,000
5,279,435
Manteca
Unified
School
District
,
Community
Facilities
District
No.
1989-2
,
Special
Tax
,
2013
F
,
AGMC
Insured
,
5
%
,
9/01/26
....................................
1,280,000
1,281,816
Martinez
Unified
School
District
,
GO
,
2011
,
Refunding
,
5.375
%
,
8/01/26
..........
3,435,000
3,483,713
Menifee
Union
School
District
,
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
5,
Special
Tax,
2021,
4%,
9/01/36
....................................................
500,000
506,051
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
5,
Special
Tax,
2021,
4%,
9/01/41
....................................................
800,000
765,946
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
6,
Special
Tax,
2021,
4%,
9/01/36
....................................................
445,000
454,056
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
6,
Special
Tax,
2021,
4%,
9/01/46
....................................................
875,000
824,731
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
7,
Special
Tax,
2022,
5%,
9/01/37
....................................................
1,100,000
1,188,974
Menifee
Union
School
District
Public
Financing
Authority
,
Special
Tax,
2016
A,
Refunding,
5%,
9/01/25
.............................
1,200,000
1,239,004
Special
Tax,
2017
A,
5%,
9/01/25
......................................
1,405,000
1,450,667
Special
Tax,
2017
A,
5%,
9/01/28
......................................
1,250,000
1,323,225
Special
Tax,
2017
A,
5%,
9/01/30
......................................
1,550,000
1,641,245
Metropolitan
Water
District
of
Southern
California
,
Revenue,
2014
E,
Refunding,
5%,
7/01/24
...............................
10,000
10,117
Revenue,
2020
C,
Refunding,
5%,
7/01/38
...............................
12,500,000
14,290,224
Moreno
Valley
Unified
School
District
,
GO,
2007,
Refunding,
NATL
Insured,
Zero
Cpn.,
8/01/24
....................
7,500,000
7,358,525
Community
Facilities
District
No.
2016-1,
Special
Tax,
2020,
4%,
9/01/31
........
120,000
121,924
Community
Facilities
District
No.
2016-1,
Special
Tax,
2020,
4%,
9/01/32
........
130,000
131,997
Community
Facilities
District
No.
2016-1,
Special
Tax,
2020,
4%,
9/01/33
........
140,000
142,050
Community
Facilities
District
No.
2016-1,
Special
Tax,
2020,
2.625%,
9/01/38
.....
200,000
162,305
Mount
San
Antonio
Community
College
District
,
GO
,
2013
A
,
5.875
%
,
8/01/28
......
6,000,000
6,867,635
Orange
County
Community
Facilities
District
,
Community
Facilities
District
No.
2023-1,
Special
Tax,
2023
A,
5%,
8/15/38
......
1,360,000
1,440,814
Community
Facilities
District
No.
2023-1,
Special
Tax,
2023
A,
5.25%,
8/15/43
....
1,350,000
1,424,016
Orange
Unified
School
District
,
GO
,
2022
,
5
%
,
8/01/41
.......................
2,130,000
2,487,066
Oro
Grande
Elementary
School
District
,
COP,
2020,
Refunding,
4%,
9/15/29
....................................
2,595,000
2,614,336
COP,
2020,
Refunding,
4%,
9/15/30
....................................
2,700,000
2,714,695
COP,
2020,
Refunding,
4%,
9/15/31
....................................
2,805,000
2,812,546
COP,
2020,
Refunding,
4%,
9/15/32
....................................
1,600,000
1,603,402
Port
of
Oakland
,
Revenue
,
2017
D
,
Refunding
,
5
%
,
11/01/28
...................
2,250,000
2,410,473
Poway
Unified
School
District
,
Community
Facilities
District
No.
16
Area
A,
Special
Tax,
2020,
AGMC
Insured,
5%,
9/01/32
........................................................
100,000
114,217
Community
Facilities
District
No.
16
Area
A,
Special
Tax,
2020,
AGMC
Insured,
4%,
9/01/34
........................................................
500,000
531,955
Community
Facilities
District
No.
16
Area
A,
Special
Tax,
2020,
AGMC
Insured,
4%,
9/01/36
........................................................
715,000
754,230
Community
Facilities
District
No.
16
Area
A,
Special
Tax,
2020,
AGMC
Insured,
4%,
9/01/40
........................................................
965,000
995,274
Poway
Unified
School
District
Public
Financing
Authority
,
Special
Tax,
2014,
BAM
Insured,
5%,
10/01/31
............................
1,700,000
1,702,387
Special
Tax,
2014,
BAM
Insured,
5%,
10/01/32
............................
1,845,000
1,847,576
Special
Tax,
2017
A,
Refunding,
5%,
9/01/27
.............................
1,375,000
1,463,326
Special
Tax,
2017
A,
Refunding,
5%,
9/01/30
.............................
2,225,000
2,367,589
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)
River
Islands
Public
Financing
Authority
,
Lathrop
Irrigation
District
Electric
,
Revenue
,
2020
,
AGMC
Insured
,
4
%
,
9/01/40
.....................................
$
1,665,000
$
1,709,533
Riverside
County
Transportation
Commission
,
Sales
Tax,
Revenue,
2017
B,
Refunding,
4%,
6/01/36
.......................
9,750,000
10,213,754
Sales
Tax,
Revenue,
2017
B,
Refunding,
5%,
6/01/38
.......................
2,805,000
3,029,094
Sales
Tax,
Revenue,
2017
B,
Refunding,
5%,
6/01/39
.......................
5,000,000
5,378,313
Riverside
Unified
School
District
,
Community
Facilities
District
No.
33
,
Special
Tax
,
2021
,
4
%
,
9/01/45
.................................................
375,000
349,756
e
RMA
Capital
Series
Trust
,
Revenue
,
144A,
2022-1
,
A
,
5.67
%
,
8/01/58
............
5,000,000
5,081,650
RNR
School
Financing
Authority
,
Community
Facilities
District
No.
92-1
,
Special
Tax
,
2017
A
,
BAM
Insured
,
5
%
,
9/01/27
.....................................
1,035,000
1,097,365
Romoland
School
District
,
Community
Facilities
District
No.
2004-1,
Special
Tax,
2015,
Refunding,
5%,
9/01/27
1,000,000
1,021,916
Community
Facilities
District
No.
2004-1,
Special
Tax,
2015,
Refunding,
5%,
9/01/28
1,960,000
2,002,641
Community
Facilities
District
No.
2004-1,
Special
Tax,
2015,
Refunding,
5%,
9/01/29
2,130,000
2,176,802
Community
Facilities
District
No.
2004-1,
Special
Tax,
2015,
Refunding,
5%,
9/01/30
2,310,000
2,360,412
Community
Facilities
District
No.
2004-1,
Special
Tax,
2015,
Refunding,
5%,
9/01/31
2,495,000
2,549,286
Community
Facilities
District
No.
2004-1,
Special
Tax,
2015,
Refunding,
5%,
9/01/32
2,690,000
2,751,089
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
2,
Special
Tax,
2023,
5%,
9/01/38
....................................................
250,000
271,098
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
2,
Special
Tax,
2023,
5%,
9/01/43
....................................................
440,000
465,922
Community
Facilities
District
No.
91-1,
Special
Tax,
2017,
Refunding,
5%,
9/01/36
.
1,130,000
1,188,036
Root
Creek
Water
District
,
Community
Facilities
District
No.
2016-1
Improvement
Area
No.
1,
Special
Tax,
2021,
4%,
9/01/41
....................................................
430,000
430,900
Community
Facilities
District
No.
2016-1
Improvement
Area
No.
1,
Special
Tax,
2021,
4%,
9/01/46
....................................................
1,300,000
1,239,674
Sacramento
County
Sanitation
Districts
Financing
Authority
,
Sacramento
Regional
County
Sanitation
District
,
Revenue
,
2014
A
,
Refunding
,
5
%
,
12/01/29
..........
2,000,000
2,015,991
Sacramento
Municipal
Utility
District
,
Revenue,
2019
G,
5%,
8/15/38
.......................................
2,695,000
3,031,455
Revenue,
2023
K,
5%,
8/15/39
........................................
1,000,000
1,188,252
San
Bernardino
County
Transportation
Authority
,
Sales
Tax,
Revenue,
2014
A,
Refunding,
5%,
3/01/30
.......................
2,685,000
2,695,689
Sales
Tax,
Revenue,
2014
A,
Refunding,
5%,
3/01/31
.......................
5,090,000
5,110,262
San
Diego
County
Regional
Airport
Authority
,
Revenue,
2019
A,
Refunding,
5%,
7/01/35
...............................
7,500,000
8,460,834
Revenue,
2019
A,
Refunding,
5%,
7/01/39
...............................
6,500,000
7,144,442
Revenue,
2019
A,
Refunding,
5%,
7/01/44
...............................
4,000,000
4,334,604
Revenue,
2021
B,
5%,
7/01/30
........................................
2,260,000
2,506,720
Revenue,
Senior
Lien,
2023
B,
5.25%,
7/01/38
............................
2,500,000
2,826,986
Revenue,
Senior
Lien,
2023
B,
5%,
7/01/39
..............................
5,000,000
5,517,391
Revenue,
Senior
Lien,
2023
B,
5%,
7/01/40
..............................
7,000,000
7,712,452
San
Francisco
Bay
Area
Rapid
Transit
District
,
GO,
2013
C,
5%,
8/01/27
............................................
2,640,000
2,643,881
GO,
2013
C,
5%,
8/01/28
............................................
3,500,000
3,505,119
GO,
2020
C-1,
4%,
8/01/33
..........................................
2,250,000
2,430,601
Sales
Tax,
Revenue,
2015
A,
Refunding,
5%,
7/01/28
.......................
2,510,000
2,596,091
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
,
Revenue,
2019
A,
Refunding,
5%,
5/01/36
...............................
4,000,000
4,318,832
Revenue,
Second
Series,
2019
E,
5%,
5/01/35
............................
2,000,000
2,175,341
Revenue,
Second
Series,
2019
E,
5%,
5/01/37
............................
1,000,000
1,073,432
SFO
Fuel
Co.
LLC,
Revenue,
2019
A,
Refunding,
5%,
1/01/35
................
1,000,000
1,082,102
SFO
Fuel
Co.
LLC,
Revenue,
2019
A,
Refunding,
5%,
1/01/36
................
1,000,000
1,077,032
San
Francisco
City
&
County
Public
Utilities
Commission
,
Wastewater
,
Revenue
,
2018
A
,
4
%
,
10/01/43
...................................................
9,220,000
9,306,226
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
23
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
San
Francisco
City
&
County
Redevelopment
Agency
Successor
Agency
,
Hotel
Tax,
Revenue,
2011,
Refunding,
AGMC
Insured,
5%,
6/01/24
............
$
3,680,000
$
3,685,249
Mission
Bay
South
Redevelopment
Area
Tax
Increment
Financing
District,
Tax
Allocation,
2014
A,
5%,
8/01/30
......................................
1,080,000
1,087,872
Mission
Bay
South
Redevelopment
Area
Tax
Increment
Financing
District,
Tax
Allocation,
2014
A,
5%,
8/01/34
......................................
1,110,000
1,117,691
San
Jacinto
Unified
School
District
,
Community
Facilities
District
No.
2022-1
Improvement
Area
No.
1
,
Special
Tax
,
2023
,
5.25
%
,
9/01/48
.................
350,000
371,626
San
Jacinto
Unified
School
District
Financing
Authority
,
Community
Facilities
District
No.
2003-2
,
Special
Tax
,
2019
,
5
%
,
9/01/36
..............................
1,200,000
1,265,418
San
Joaquin
Hills
Transportation
Corridor
Agency
,
Revenue
,
1997
A
,
Refunding
,
NATL
Insured
,
Zero
Cpn.,
1/15/26
..........................................
19,000,000
17,806,646
San
Juan
Unified
School
District
,
GO
,
2020
,
4
%
,
8/01/34
......................
2,765,000
2,954,819
San
Mateo
County
Transit
District
,
Sales
Tax,
Revenue,
2015
A,
Refunding,
5%,
6/01/28
.......................
3,000,000
3,108,944
Sales
Tax,
Revenue,
2015
A,
Refunding,
5%,
6/01/29
.......................
4,300,000
4,457,463
San
Ysidro
School
District
,
COP,
2015,
Refunding,
BAM
Insured,
5%,
9/01/29
.........................
1,100,000
1,146,532
COP,
2015,
Refunding,
BAM
Insured,
5%,
9/01/31
.........................
1,000,000
1,041,249
COP,
2015,
Refunding,
BAM
Insured,
5%,
9/01/33
.........................
1,050,000
1,091,679
Santa
Cruz
County
Redevelopment
Successor
Agency
,
Tax
Allocation
,
2015
A
,
Refunding
,
AGMC
Insured
,
5
%
,
9/01/29
.................................
4,475,000
4,647,198
Sierra
View
Local
Health
Care
District
,
Revenue,
2020,
Refunding,
4%,
7/01/24
.................................
240,000
240,532
Revenue,
2020,
Refunding,
4%,
7/01/26
.................................
100,000
101,650
Revenue,
2020,
Refunding,
5%,
7/01/28
.................................
660,000
711,834
Revenue,
2020,
Refunding,
5%,
7/01/30
.................................
520,000
571,955
Sonoma
Community
Development
Agency
Successor
Agency
,
Tax
Allocation,
2015,
Refunding,
NATL
Insured,
5%,
6/01/29
..................
1,000,000
1,061,075
Tax
Allocation,
2015,
Refunding,
NATL
Insured,
5%,
6/01/33
..................
1,200,000
1,273,278
State
of
California
,
GO,
Refunding,
5%,
4/01/29
.........................................
3,190,000
3,619,875
GO,
Refunding,
5%,
9/01/29
.........................................
1,000,000
1,062,295
GO,
Refunding,
5%,
11/01/29
.........................................
5,000,000
5,743,136
GO,
5%,
4/01/30
..................................................
3,725,000
4,235,560
GO,
Refunding,
5%,
11/01/30
.........................................
15,540,000
18,216,232
GO,
Refunding,
5%,
10/01/32
.........................................
5,780,000
6,612,606
GO,
2017,
5%,
11/01/28
.............................................
7,230,000
7,919,733
State
of
California
Department
of
Water
Resources
,
Revenue,
AS,
ETM,
5%,
12/01/24
.....................................
35,000
35,702
Revenue,
AS,
Pre-Refunded,
5%,
12/01/25
..............................
5,000
5,100
Revenue,
AS,
Pre-Refunded,
5%,
12/01/26
..............................
45,000
45,903
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
1,307,773
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
1,713,090
San
Diego
County
Tobacco
Asset
Securitization
Corp.,
Revenue,
2019
A,
1,
Refunding,
5%,
6/01/38
............................................
1,500,000
1,582,257
Tracy
Community
Facilities
District
,
City
of
Tracy
Community
Facilities
District
No.
2016-01
Improvement
Area
No.
2,
Special
Tax,
2023,
5.25%,
9/01/38
...................................
600,000
647,528
City
of
Tracy
Community
Facilities
District
No.
2016-01
Improvement
Area
No.
2,
Special
Tax,
2023,
5.625%,
9/01/43
...................................
1,350,000
1,456,592
Transbay
Joint
Powers
Authority
,
Transbay
Redevelopment
Project
Tax
Increment
Re-Development
Project,
Tax
Allocation,
Senior
Lien,
2020
A,
5%,
10/01/30
...........................
500,000
548,115
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)
Transbay
Joint
Powers
Authority,
(continued)
Transbay
Redevelopment
Project
Tax
Increment
Re-Development
Project,
Tax
Allocation,
Senior
Lien,
2020
A,
5%,
10/01/32
...........................
$
500,000
$
544,425
Transbay
Redevelopment
Project
Tax
Increment
Re-Development
Project,
Tax
Allocation,
Senior
Lien,
2020
A,
5%,
10/01/33
...........................
1,000,000
1,086,943
Transbay
Redevelopment
Project
Tax
Increment
Re-Development
Project,
Tax
Allocation,
Senior
Lien,
2020
A,
5%,
10/01/34
...........................
1,050,000
1,138,279
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
1,033,264
City
of
Tustin
Community
Facilities
District
No.
06-1,
Special
Tax,
2015
A,
Refunding,
5%,
9/01/32
....................................................
1,565,000
1,615,889
University
of
California
,
Revenue,
2014
AM,
5%,
5/15/27
......................................
3,000,000
3,022,499
Revenue,
2014
AM,
5%,
5/15/28
......................................
1,835,000
1,848,424
Revenue,
2016
K,
5%,
5/15/37
........................................
1,000,000
1,047,133
Val
Verde
Unified
School
District
,
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
2,
Special
Tax,
2023,
5%,
9/01/43
....................................................
555,000
581,204
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
2,
Special
Tax,
2023,
5%,
9/01/48
....................................................
625,000
642,873
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
2,
Special
Tax,
2023,
5%,
9/01/54
....................................................
1,000,000
1,022,913
Washington
Township
Health
Care
District
,
Revenue,
2020
A,
Refunding,
5%,
7/01/24
...............................
200,000
201,141
Revenue,
2020
A,
Refunding,
5%,
7/01/25
...............................
215,000
219,216
Revenue,
2020
A,
Refunding,
5%,
7/01/27
...............................
400,000
421,341
Revenue,
2020
A,
Refunding,
5%,
7/01/28
...............................
400,000
427,259
Revenue,
2020
A,
Refunding,
5%,
7/01/29
...............................
350,000
378,192
Revenue,
2020
A,
Refunding,
5%,
7/01/30
...............................
325,000
355,285
Revenue,
2020
A,
Refunding,
5%,
7/01/31
...............................
350,000
380,205
Revenue,
2020
A,
Refunding,
3%,
7/01/32
...............................
800,000
733,477
Revenue,
2020
A,
Refunding,
4%,
7/01/33
...............................
275,000
281,375
Revenue,
2020
A,
Refunding,
3%,
7/01/34
...............................
870,000
767,640
Revenue,
2020
A,
Refunding,
4%,
7/01/35
...............................
300,000
303,757
Revenue,
2020
A,
Refunding,
3%,
7/01/36
...............................
1,400,000
1,188,942
Revenue,
2020
A,
Refunding,
3%,
7/01/37
...............................
725,000
597,779
Revenue,
2020
A,
Refunding,
3%,
7/01/38
...............................
750,000
596,999
Revenue,
2023
A,
5%,
7/01/40
........................................
400,000
417,267
Revenue,
2023
A,
5%,
7/01/41
........................................
375,000
388,847
Revenue,
2023
A,
5%,
7/01/42
........................................
325,000
335,305
Revenue,
2023
A,
5%,
7/01/43
........................................
275,000
282,333
West
Basin
Municipal
Water
District
,
Revenue,
2016
A,
Refunding,
5%,
8/01/32
...............................
1,975,000
2,089,430
Revenue,
2016
A,
Refunding,
5%,
8/01/33
...............................
2,630,000
2,780,950
Revenue,
2021
A,
Refunding,
5%,
8/01/34
...............................
1,635,000
1,957,531
1,332,970,062
Wisconsin
0.6%
e
Public
Finance
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2021
,
5.25
%
,
6/01/24
...................................................
9,000,000
9,000,000
U.S.
Territories
0.5%
Puerto
Rico
0.5%
HTA
TRRB
Custodial
Trust
,
Revenue
,
2007
N
,
5.25
%
,
7/01/36
..................
2,200,000
2,208,422
Puerto
Rico
Electric
Power
Authority
,
b,g
Revenue,
6%,
7/01/41
..............................................
562,159
562,159
Franklin
California
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
25
See
abbreviations
on
page
38
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
(continued)
Puerto
Rico
Electric
Power
Authority,
(continued)
b,g
Revenue,
7.125%,
7/01/59
...........................................
$
2,730,152
$
2,730,152
h
Revenue,
WW,
5.375%,
7/01/23
.......................................
5,000,000
1,300,000
6,800,733
Total
U.S.
Territories
....................................................................
6,800,733
Total
Municipal
Bonds
(Cost
$1,343,259,335)
...................................
1,348,770,795
Shares
Escrows
and
Litigation
Trusts
0.0%
†
b,i
Puerto
Rico
Electric
Power
Authority,
Escrow
Account
........................
254,001
203,201
Total
Escrows
and
Litigation
Trusts
(Cost
$–)
...................................
203,201
Total
Long
Term
Investments
(Cost
$1,344,259,335)
.............................
1,349,973,996
a
a
a
a
a
Short
Term
Investments
3.0%
Principal
Amount
Municipal
Bonds
3.0%
California
3.0%
j
California
Health
Facilities
Financing
Authority
,
Adventist
Health
System/West
Obligated
Group
,
Revenue
,
2009
B
,
LOC
US
Bank
NA
,
Daily
VRDN
and
Put
,
3.4
%
,
9/01/38
.........................................................
5,400,000
5,400,000
j
Irvine
Ranch
Water
District
,
Water
Service
Corp.
,
Special
Assessment
,
2009
B
,
LOC
Bank
of
America
NA
,
Daily
VRDN
and
Put
,
3.29
%
,
10/01/41
..................
500,000
500,000
j
Los
Angeles
Department
of
Water
&
Power
,
Power
System
,
Revenue
,
2002
A-6
,
Refunding
,
SPA
Bank
of
America
NA
,
Daily
VRDN
and
Put
,
3.9
%
,
7/01/35
.......
5,500,000
5,500,000
j
State
of
California
,
GO
,
2003
C-4
,
LOC
US
Bank
NA
,
Daily
VRDN
and
Put
,
2.25
%
,
5/01/33
.........................................................
12,000,000
12,000,000
j
University
of
California
,
Revenue,
2013
AL-1,
Daily
VRDN
and
Put,
3.8%,
5/15/48
...................
15,700,000
15,700,000
Revenue,
2013
AL-3,
Refunding,
Daily
VRDN
and
Put,
3.9%,
5/15/48
...........
400,000
400,000
Revenue,
2023
BP-1,
Refunding,
Daily
VRDN
and
Put,
4.1%,
5/15/48
..........
2,500,000
2,500,000
42,000,000
Total
Municipal
Bonds
(Cost
$42,000,000)
......................................
42,000,000
Total
Short
Term
Investments
(Cost
$42,000,000
)
................................
42,000,000
a
Total
Investments
(Cost
$1,386,259,335)
99.0%
..................................
$1,391,973,996
Other
Assets,
less
Liabilities
1.0%
.............................................
14,735,075
Net
Assets
100.0%
...........................................................
$1,406,709,071
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
1(c)
regarding
senior
floating
rate
interests.
b
Fair
valued
using
significant
unobservable
inputs.
See
Note
11
regarding
fair
value
measurements.
c
See
Note
8
regarding
restricted
securities.
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
d
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
e
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,
2023,
the
aggregate
value
of
these
securities
was
$112,850,659,
representing
8.0%
of
net
assets.
f
The
maturity
date
shown
represents
the
mandatory
put
date.
g
Security
purchased
on
a
when-issued
basis.
See
Note
1(b).
h
See
Note
7
regarding
defaulted
securities.
i
Non-income
producing.
j
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,
2023
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
27
Franklin
California
Intermediate-
Term
Tax-Free
Income
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$1,386,259,335
Value
-
Unaffiliated
issuers
..................................................................
$1,391,973,996
Cash
....................................................................................
757,061
Receivables:
Capital
shares
sold
........................................................................
6,726,192
Interest
.................................................................................
16,720,255
Total
assets
..........................................................................
1,416,177,504
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
3,658,092
Capital
shares
redeemed
...................................................................
4,449,343
Management
fees
.........................................................................
454,033
Distribution
fees
..........................................................................
129,622
Transfer
agent
fees
........................................................................
198,274
Trustees'
fees
and
expenses
.................................................................
548
Distributions
to
shareholders
.................................................................
471,367
Accrued
expenses
and
other
liabilities
...........................................................
107,154
Total
liabilities
.........................................................................
9,468,433
Net
assets,
at
value
.................................................................
$1,406,709,071
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$1,504,811,766
Total
distributable
earnings
(losses)
.............................................................
(98,102,695)
Net
assets,
at
value
.................................................................
$1,406,709,071
Franklin
California
Tax-Free
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
December
31,
2023
(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
Class
A:
Net
assets,
at
value
.......................................................................
$379,138,400
Shares
outstanding
........................................................................
34,151,967
Net
asset
value
per
share
a
..................................................................
$11.10
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
97.75%)
................................
$11.36
Class
A1:
Net
assets,
at
value
.......................................................................
$379,690,529
Shares
outstanding
........................................................................
34,223,326
Net
asset
value
per
share
a
..................................................................
$11.09
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
97.75%)
................................
$11.35
Class
C:
Net
assets,
at
value
.......................................................................
$35,114,120
Shares
outstanding
........................................................................
3,151,924
Net
asset
value
and
maximum
offering
price
per
share
a
.............................................
$11.14
Class
R6:
Net
assets,
at
value
.......................................................................
$54,962,434
Shares
outstanding
........................................................................
4,941,278
Net
asset
value
and
maximum
offering
price
per
share
.............................................
$11.12
Advisor
Class:
Net
assets,
at
value
.......................................................................
$557,803,588
Shares
outstanding
........................................................................
50,140,831
Net
asset
value
and
maximum
offering
price
per
share
.............................................
$11.12
a
Redemption
price
is
equal
to
net
asset
value
less
contingent
deferred
sales
charges,
if
applicable.
Franklin
California
Tax-Free
Trust
Financial
Statements
Statement
of
Operations
for
the
period
ended
December
31,
2023
(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
Investment
income:
Interest:
Unaffiliated
issuers
........................................................................
$24,524,883
Expenses:
Management
fees
(Note
3
a
)
...................................................................
3,158,956
Distribution
fees:
(Note
3c
)
    Class
A
................................................................................
452,164
    Class
A1
...............................................................................
198,108
    Class
C
................................................................................
118,869
Transfer
agent
fees:
(Note
3e
)
    Class
A
................................................................................
122,732
    Class
A1
...............................................................................
134,483
    Class
C
................................................................................
12,418
    Class
R6
...............................................................................
6,013
    Advisor
Class
............................................................................
175,419
Custodian
fees
(Note
4
)
......................................................................
3,984
Reports
to
shareholders
fees
..................................................................
16,176
Registration
and
filing
fees
....................................................................
12,573
Professional
fees
...........................................................................
56,493
Trustees'
fees
and
expenses
..................................................................
8,780
Other
....................................................................................
84,005
Total
expenses
.........................................................................
4,561,173
Expense
reductions
(Note
4
)
...............................................................
(3,984)
Expenses
waived/paid
by
affiliates
(Not
e
3f)
....................................................
(459,536)
Net
expenses
.........................................................................
4,097,653
Net
investment
income
................................................................
20,427,230
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
(5,613,023)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
25,098,204
Net
realized
and
unrealized
gain
(loss)
............................................................
19,485,181
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$39,912,411
Franklin
California
Tax-Free
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
30
Franklin
California
Intermediate-Term
Tax-
Free
Income
Fund
Six
Months
Ended
December
31,
2023
(unaudited)
Year
Ended
June
30,
2023
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$20,427,230
$40,464,274
Net
realized
gain
(loss)
.................................................
(5,613,023)
(21,255,521)
Net
change
in
unrealized
appreciation
(depreciation)
...........................
25,098,204
13,668,411
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
39,912,411
32,877,164
Distributions
to
shareholders:
Class
A
.............................................................
(5,170,635)
(9,213,522)
Class
A1
............................................................
(5,954,556)
(12,767,392)
Class
C
.............................................................
(446,467)
(1,021,338)
Class
R6
............................................................
(785,417)
(1,248,436)
Advisor
Class
........................................................
(8,026,369)
(15,311,509)
Total
distributions
to
shareholders
..........................................
(20,383,444)
(39,562,197)
Capital
share
transactions:
(Note
2
)
Class
A
.............................................................
9,836,651
25,903,070
Class
A1
............................................................
(43,557,240)
(94,872,296)
Class
C
.............................................................
(5,461,235)
(14,092,824)
Class
R6
............................................................
4,057,120
13,892,987
Advisor
Class
........................................................
32,880,224
(94,046,093)
Total
capital
share
transactions
............................................
(2,244,480)
(163,215,156)
Net
increase
(decrease)
in
net
assets
...................................
17,284,487
(169,900,189)
Net
assets:
Beginning
of
period
.....................................................
1,389,424,584
1,559,324,773
End
of
period
..........................................................
$1,406,709,071
$1,389,424,584
Franklin
California
Tax-Free
Trust
31
franklintempleton.com
Semiannual
Report
Notes
to
Financial
Statements
(unaudited)
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
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
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
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.
Securities
Purchased
on
a
When-Issued
Basis
The
Fund
purchases
securities
on
a
when-issued basis,
with
payment
and
delivery
scheduled
for
a
future
date.
These
transactions
are
subject
to
market
fluctuations
and
are
subject
to
the
risk
that
the
value
at
delivery
may
be
more
or
less
than
the
trade
date
purchase
price.
Although
the
Fund
will
generally
purchase
these
securities
with
the
intention
of
holding
the
securities, it
may
sell
the
securities
before
the
settlement
date.
c.
Senior
Floating
Rate
Interests
The
Fund
invests
in
senior
secured
corporate
loans
that
pay
interest
at
rates
which
are
periodically
reset
by
reference
to
a
base
lending
rate
plus
a
spread.
These
base
lending
rates
are
generally
the
prime
rate
offered
by
a
designated
U.S.
bank,
or
the
Secured
Overnight
Financing
Rate
(SOFR).
Senior
secured
corporate
loans
often
require
prepayment
of
principal
from
excess
cash
flows
or
at
the
discretion
of
the
borrower.
As
a
result,
actual
maturity
may
be
substantially
Franklin
California
Tax-Free
Trust
Notes
to
Financial
Statements
(unaudited)
32
franklintempleton.com
Semiannual
Report
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
(continued)
less
than
the
stated
maturity.
Senior
secured
corporate
loans
in
which
the Fund
invests
are
generally
readily
marketable,
but
may
be
subject
to
certain
restrictions
on
resale.
d.
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,
2023,
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. 
e.
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.
f.
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.
g.
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.
h.
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
1.
Organization
and
Significant
Accounting
Policies
(continued)
c.
Senior
Floating
Rate
Interests
(continued)
Franklin
California
Tax-Free
Trust
Notes
to
Financial
Statements
(unaudited)
33
franklintempleton.com
Semiannual
Report
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
(continued)
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.
2.
Shares
of
Beneficial
Interest
At
December
31,
2023,
there
were
an
unlimited
number
of
shares
authorized
($0.01
par
value).
Transactions
in
the
Fund’s
shares
were
as
follows:
Six
Months
Ended
December
31,
2023
Year
Ended
June
30,
2023
Shares
Amount
Shares
Amount
Class
A
Shares:
Shares
sold
a
...................................
6,869,586
$74,567,838
15,255,123
$166,550,059
Shares
issued
in
reinvestment
of
distributions
..........
428,927
4,640,007
756,713
8,269,271
Shares
redeemed
...............................
(6,424,156)
(69,371,194)
(13,641,681)
(148,916,260)
Net
increase
(decrease)
..........................
874,357
$9,836,651
2,370,155
$25,903,070
Class
A1
Shares:
Shares
sold
...................................
654,476
$7,124,679
2,980,939
$32,566,655
Shares
issued
in
reinvestment
of
distributions
..........
481,118
5,199,328
1,030,929
11,254,542
Shares
redeemed
...............................
(5,167,319)
(55,881,247)
(12,707,526)
(138,693,493)
Net
increase
(decrease)
..........................
(4,031,725)
$(43,557,240)
(8,695,658)
$(94,872,296)
Class
C
Shares:
Shares
sold
...................................
461,601
$4,977,100
945,625
$10,369,758
Shares
issued
in
reinvestment
of
distributions
..........
38,365
416,449
88,506
970,166
Shares
redeemed
a
..............................
(1,004,210)
(10,854,784)
(2,315,622)
(25,432,748)
Net
increase
(decrease)
..........................
(504,244)
$(5,461,235)
(1,281,491)
$(14,092,824)
Class
R6
Shares:
Shares
sold
...................................
1,206,119
$13,092,698
3,049,129
$33,277,046
Shares
issued
in
reinvestment
of
distributions
..........
39,286
425,778
70,677
773,919
Shares
redeemed
...............................
(875,945)
(9,461,356)
(1,845,709)
(20,157,978)
Net
increase
(decrease)
..........................
369,460
$4,057,120
1,274,097
$13,892,987
Advisor
Class
Shares:
Shares
sold
...................................
14,445,358
$156,404,498
34,779,666
$380,358,826
Shares
issued
in
reinvestment
of
distributions
..........
591,390
6,412,346
1,119,819
12,258,774
Shares
redeemed
...............................
(12,002,260)
(129,936,620)
(44,562,743)
(486,663,693)
Net
increase
(decrease)
..........................
3,034,488
$32,880,224
(8,663,258)
$(94,046,093)
a
May
include
a
portion
of
Class
C
shares
that
were
automatically
converted
to
Class
A.
1.
Organization
and
Significant
Accounting
Policies
(continued)
h.
Guarantees
and
Indemnifications
(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)
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:
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,
2023,
the
annualized
gross
effective
investment
management
fee
rate
was 0.464%
of
the
Fund’s
average daily
net
assets. 
b.
Administrative
Fees
Under
an
agreement
with
Advisers,
FT
Services
provides
administrative
services
to
the
Fund.
The
fee
is
paid
by
Advisers
based
on
the
Fund's
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
c.
Distribution
Fees
The
Board
has
adopted
distribution
plans
for
each
share
class,
with
the
exception
of
Class
R6
and
Advisor
Class
shares,
pursuant
to
Rule
12b-1
under
the
1940
Act.
Under
the
Fund’s
Class
A
and
A1
reimbursement
distribution
plan,
the
Fund
reimburses
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of the
Fund's
shares
up
to
the
maximum
annual
plan
rate
for
each
class.
Under
the
Class
A
and
A1
reimbursement
distribution
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.
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
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
Franklin
California
Tax-Free
Trust
Notes
to
Financial
Statements
(unaudited)
35
franklintempleton.com
Semiannual
Report
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
(continued)
The
maximum
annual
plan
rates,
based
on
the
average
daily
net
assets,
for
each
class,
are
as
follows:
d.
Sales
Charges/Underwriting
Agreements
Front-end
sales
charges
and
contingent
deferred
sales
charges
(CDSC)
do
not
represent
expenses
of
the
Fund.
These
charges
are
deducted
from
the
proceeds
of
sales
of
Fund
shares
prior
to
investment
or
from
redemption
proceeds
prior
to
remittance,
as
applicable.
Distributors
has
advised
the
Fund
of
the
following
commission
transactions
related
to
the
sales
and
redemptions
of
the
Fund's
shares
for
the
period:
e.
Transfer
Agent
Fees
Each
class
of
shares pays
transfer
agent
fees,
calculated
monthly
and
paid
monthly, to
Investor
Services
for
its
performance
of
shareholder
servicing
obligations. Effective
October
1,
2023,
the
fees
are based
on
a
fixed
margin
earned
by
Investor
Services
and
are allocated
to
the
Fund
based
upon
relative
assets
and
relative
transactions.
Prior
to
October
1,
2023,
the
fees
were
based
on
an
annualized
asset
based
fee
of
0.016%
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
paid
to
third
parties
are
accrued
and
allocated
daily
based
upon
their
relative
proportion
of
such
classes'
aggregate
net
assets.
Class
R6
pays
Investor
Services
transfer
agent
fees
allocated
specifically
to
that
class
based
upon
its
relative
assets
and
relative
transactions.
For
the
period
ended
December
31,
2023,
the
Fund
paid
transfer
agent
fees
as
noted
in
the
Statement
of
Operations,
of
which
$133,144
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,
2024.
Total
expenses
waived
or
paid
are
not
subject
to
recapture
subsequent
to
the
Fund's
fiscal
year
end.
Transfer
agent
fees
on
Class
R6
shares
of
the
Fund
have
been
capped
so
that
transfer
agent
fees
for
that
class
do
not
exceed
0.03%
based
on
the
average
net
assets
of
the
class
until
October
31,
2024.
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,
2023,
these
purchase
and
sale
transactions
aggregated
$73,650,000
and
$69,010,000,
respectively.
Class
A
....................................................................................
0.25%
Class
A1
...................................................................................
0.10%
Class
C
....................................................................................
0.65%
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
..............................
$4,322
CDSC
retained
..............................................................................
$11,764
3.
Transactions
with
Affiliates
(continued)
c.
Distribution
Fees
(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)
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,
2023,
the
custodian
fees
were
reduced
as
noted
in
the
Statement
of
Operations. 
5.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
At
June
30,
2023,
the
capital
loss
carryforwards
were
as
follows:
At
December
31,
2023,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation)
for
income
tax
purposes
were
as
follows:
6.
Investment
Transactions
Purchases
and
sales
of
investments (excluding
short
term
securities) for
the
period
ended
December
31,
2023,
aggregated
$125,299,028 and
$154,288,530,
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,
2023,
the
value
of
this
security
was
$1,300,000,
representing
0.1%
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.
Restricted
Securities
The
Fund
invests
in
securities
that
are
restricted
under
the
Securities
Act
of
1933
(1933
Act).
Restricted
securities
are
often
purchased
in
private
placement
transactions,
and
cannot
be
sold
without
prior
registration
unless
the
sale
is
pursuant
to
an
exemption
under
the
1933
Act.
Disposal
of
these
securities
may
require
greater
effort
and
expense,
and
prompt
sale
at
an
acceptable
price
may
be
difficult.
The Fund
may
have
registration
rights
for
restricted
securities.
The
issuer
generally
incurs
all
registration
costs.
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$51,260,172
Long
term
................................................................................
47,970,839
Total
capital
loss
carryforwards
...............................................................
$99,231,011
Cost
of
investments
..........................................................................
$1,386,418,360
Unrealized
appreciation
........................................................................
$35,563,829
Unrealized
depreciation
........................................................................
(30,008,193)
Net
unrealized
appreciation
(depreciation)
..........................................................
$5,555,636
Franklin
California
Tax-Free
Trust
Notes
to
Financial
Statements
(unaudited)
37
franklintempleton.com
Semiannual
Report
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
(continued)
At
December
31,
2023,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
1933
Act,
were
as
follows:
9.
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.
10.
Credit
Facility
The
Fund,
together
with
other
U.S.
registered
and
foreign
investment
funds
(collectively,
Borrowers),
managed
by
Franklin
Templeton,
are
borrowers
in
a
joint
syndicated
senior
unsecured
credit
facility
totaling
$2.675
billion
(Global
Credit
Facility)
which
matured
on
February
2,
2024.
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
2,
2024,
the
Borrowers
renewed
the
Global
Credit
Facility
for
a
one-year
term,
maturing
January
31,
2025,
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,
2023,
the Fund
did
not
use
the
Global
Credit
Facility.
11.
Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
Principal
Amount
Issuer
Acquisition
Date
Cost
Value
Franklin
California
Intermediate
Term
Tax
Free
Income
Fund
1,000,000
Centennial
Gardens
LP,
CME
Term
Loan,
B,
7.331%,
(1-month
SOFR
+
1.55%)
,
1/01/38
.............
10/25/23
$
1,000,000
$
1,000,000
Total
Restricted
Securities
(Value
is
0.1%
of
Net
Assets)
..............
$1,000,000
$1,000,000
8.
Restricted
Securities
(continued)
Franklin
California
Tax-Free
Trust
Notes
to
Financial
Statements
(unaudited)
38
franklintempleton.com
Semiannual
Report
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
(continued)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of December
31,
2023,
in
valuing
the
Fund's
assets
carried
at
fair
value,
is
as
follows:
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the period.
12.
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.
Abbreviations
Level
1
Level
2
Level
3
Total
Franklin
California
Intermediate-Term
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Senior
Floating
Rate
Interests
...............
$
—
$
—
$
1,000,000
$
1,000,000
Municipal
Bonds
:
—
California
.............................
—
1,332,970,062
—
1,332,970,062
Wisconsin
............................
—
9,000,000
—
9,000,000
U.S.
Territories
..........................
Puerto
Rico
...........................
—
3,508,422
3,292,311
6,800,733
Escrows
and
Litigation
Trusts
...............
—
—
203,201
203,201
Short
Term
Investments
...................
—
42,000,000
—
42,000,000
Total
Investments
in
Securities
...........
$—
$1,387,478,484
$4,495,512
$1,391,973,996
Selected
Portfolio
1915
Act
Improvement
Bond
Act
of
1915
AGMC
Assured
Guaranty
Municipal
Corp.
BAM
Build
America
Mutual
Assurance
Co.
CME
Chicago
Mercantile
Exchange
COP
Certificate
of
Participation
ETM
Escrowed
to
Maturity
FHLMC
Federal
Home
Loan
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General
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NATL
National
Reinsurance
Corp.
REIT
Real
Estate
Investment
Trust
SOFR
Secured
Overnight
Financing
Rate
11.
Fair
Value
Measurements
(continued)
Franklin
California
Tax-Free
Trust
Shareholder
Information
39
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
02/24
©
2024
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
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. Recovery of Erroneously Awarded Compensation.
 
(a) N/A


(b) N/A
 
 
Item 14. Exhibits.
 
(a)(1) Code of Ethics
 
 
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Christopher Kings, Chief Executive Officer - Finance and Administration, and Jeffrey White, 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 Christopher Kings, Chief Executive Officer - Finance and Administration, and Jeffrey White, 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\CHRISTOPHER KINGS _________________
Christopher Kings
      Chief Executive Officer - Finance and Administration
Date  February 26, 2024


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\CHRISTOPHER KINGS _________________
Christopher Kings
      Chief Executive Officer - Finance and Administration
Date  February 26, 2024
 
 
By S\JEFFREY WHITE______________________
      Jeffrey White
      Chief Financial Officer, Chief Accounting Officer and Treasurer
Date  February 26, 2024