UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-04356

Franklin California Tax-Free Trust

(Exact name of registrant as specified in charter)

One Franklin Parkway

, San Mateo, CA  94403-1906

(Address of principal executive offices)           (Zip code)

Craig S. Tyle, One Franklin Parkway, San Mateo, CA  94403-1906

(Name and address of agent for service)

Registrant's telephone number, including area code: 650 312-2000

Date of fiscal year end: 6/30

Date of reporting period: 6/30/20

Item 1. Reports to Stockholders.

Annual

Report

and

Shareholder

Letter

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

A

Series

of

Franklin

California

Tax-Free

Trust

June

30,

2020

Sign

up

for

electronic

delivery

at

franklintempleton.com/edelivery

Internet

Delivery

of

Fund

Reports

Unless

You

Request

Paper

Copies

:

Effective

January

1,

2021,

as

permitted

by

the

SEC,

paper

copies

of

the

Fund’s

shareholder

reports

will

no

longer

be

sent

by

mail,

unless

you

specifically

request

them

from

the

Fund

or

your

financial

intermediary.

Instead,

the

reports

will

be

made

available

on

a

website,

and

you

will

be

notified

by

mail

each

time

a

report

is

posted

and

provided

with

a

website

link

to

access

the

report.

If

you

already

elected

to

receive

shareholder

reports

electronically,

you

will

not

be

affected

by

this

change

and

you

need

not

take

any

action.

If

you

have

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would

encourage

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shareholders

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have.

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may

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communications

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(800)

632-2301

or

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intermediary.

You

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receive

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copies

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future

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reports

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of

charge

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contacting

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financial

intermediary

or,

if

you

invest

directly

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a

Fund,

calling

(800)

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request.

Your

election

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paper

will

apply

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funds

held

in

your

account.

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

franklintempleton.com

Not

part

of

the

annual

report

1

Shareholder

Letter

Dear

Shareholder:

During

the

12

months

ended

June

30,

2020,

the

U.S.

economy

showed

mixed

results,

growing

moderately

through

the

end

of

2019

amid

concerns

about

trade,

but

contracting

in

2020’s

first

quarter

in

response

to

the

novel

coronavirus

(COVID-19)

pandemic.

The

U.S.

Federal

Reserve

(Fed),

having

lowered

the

federal

funds

rate

by

0.25%

at

each

of

its

July,

September

and

October

2019

meetings,

held

the

rate

unchanged

through

February

2020.

However,

given

larger

economic

risks

posed

by

COVID-19,

the

Fed

lowered

its

key

rate

again

by

0.50%

on

March

3

and

further

by

1.00%

on

March

15,

decreasing

the

rate

during

the

period

from

2.50%

to

0.25%.

In

its

efforts

to

support

U.S.

economic

activity,

the

Fed

also

announced

broad

quantitative

easing

measures

to

support

credit

markets.

During

the

12-month

period,

municipal

bonds

delivered

moderately

positive

total

returns

as

investors

were

attracted

to

tax-free

income

in

a

declining

interest-rate

environment.

Factors

contributing

to

this

positive

investment

environment

for

municipals

included

relatively

low

inflation,

interest-

rate

declines

and

recent

actions

by

the

Fed

to

support

the

municipal

bond

market.

On

July

1,

2020,

we

are

proud

to

appoint

Ben

Barber,

who

rejoins

Franklin

as

senior

vice

president

and

director

of

our

municipal

bond

department.

Ben

most

recently

served

as

co-head

of

municipal

bonds

at

Goldman

Sachs

Asset

Management.

Ben

started

his

career

of

over

28

years

of

municipal

bond

investing

at

Franklin

in

1991,

working

with

several

current

investment

team

members

through

1999,

when

he

joined

Goldman

Sachs.

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund’s

annual

report

includes

more

detail

about

municipal

bond

market

conditions

and

a

discussion

from

the

portfolio

managers.

In

addition,

on

our

website,

franklintempleton.

com

,

you

can

find

updated

commentary

by

our

municipal

bond

experts.

Municipal

bonds

provide

tax-free

income

and

diversification

from

equities.

Despite

periods

of

volatility,

municipal

bonds

historically

have

had

a

solid

long-term

record

of

performance,

driven

mostly

by

their

compounding

tax-free

income

component.

As

you

know,

all

securities

markets

fluctuate,

as

do

mutual

fund

share

prices.

As

always,

we

recommend

investors

consult

their

financial

advisors

to

help

them

make

the

best

decisions

for

the

long

term.

In

a

constantly

changing

market

environment,

we

remain

committed

to

our

disciplined

strategy

as

we

manage

the

Fund,

keeping

in

mind

the

trust

you

have

placed

in

us.

We

appreciate

your

confidence

in

us

and

encourage

you

to

contact

us

or

your

financial

advisor

when

you

have

questions

about

your

Franklin

tax-free

investment.

Sincerely,

Rupert

H.

Johnson,

Jr.

Chairman

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

Ben

Barber

Senior

Vice

President

Director

of

Municipal

Bonds

This

letter

reflects

our

analysis

and

opinions

as

of

June

30,

2020,

unless

otherwise

indicated.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

state,

industry,

security

or

fund.

Statements

of

fact

are

from

sources

considered

reliable.

franklintempleton.com

Annual

Report

2

Contents

Annual

Report

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

....................................

3

Performance

Summary

...........................

6

Your

Fund’s

Expenses

............................

9

Financial

Highlights

and

Statement

of

Investments

....

10

Financial

Statements

.............................

28

Notes

to

Financial

Statements

.....................

32

Report

of

Independent

Registered

Public

Accounting

Firm

............................

40

Tax

Information

..................................

41

Board

Members

and

Officers

.......................

42

Shareholder

Information

..........................

47

Visit

franklintempleton.com

for

fund

updates,

to

access

your

account,

or

to

find

helpful

financial

planning

tools.

3

franklintempleton.com

Annual

Report

ANNUAL

REPORT

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

This

annual

report

for

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

covers

the

fiscal

year

ended

June

30,

2020

.

Your

Fund’s

Goal

and

Main

Investments

The

Fund

seeks

to

provide

as

high

a

level

of

income

exempt

from

federal

and

California

personal

income

taxes

as

is

consistent

with

prudent

investment

management

and

preservation

of

capital

by

investing

at

least

80%

of

its

total

assets

in

securities

that

pay

interest

free

from

such

taxes.

1

Under

normal

market

conditions,

the

Fund

invests

at

least

65%

of

its

total

assets

in

California

municipal

securities.

The

Fund

maintains

a

dollar-weighted

average

portfolio

maturity

(the

time

at

which

the

debt

must

be

repaid)

of

three

to

10

years.

Performance

Overview

The

Fund’s

Class

A

share

price,

as

measured

by

net

asset

value,

increased

from

$12.05

on

June

30,

2019,

to

$12.09

on

June

30,

2020.

The

Fund’s

Class

A

shares

paid

dividends

totaling

27.3862

cents

per

share

for

the

reporting

period.

2

The

Performance

Summary

beginning

on

page

6

shows

that

at

the

end

of

this

reporting

period

the

Fund’s

Class

A

shares’

distribution

rate

was

2.28%,

based

on

an

annualization

of

June’s

2.3484

cents

per

share

dividend

and

the

maximum

offering

price

of

$12.37

on

June

30,

2020.

An

investor

in

the

2020

maximum

combined

effective

federal

and

California

personal

income

tax

bracket

of

53.10%

(including

3.80%

Medicare

tax)

would

need

to

earn

a

distribution

rate

of

4.86%

from

a

taxable

investment

to

match

the

Fund’s

Class

A

tax-

free

distribution

rate.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Municipal

Bond

Market

Overview

The

12-month

period

ended

June

30,

2020,

was

defined

by

two

distinct

phases:

before

and

during

the

global

outbreak

of

the

novel

coronavirus

(COVID-19).

In

terms

of

U.S.-domiciled

assets,

equities,

corporate

bonds,

U.S.

Treasuries

and

municipal

bonds

all

posted

positive

returns

for

the

period’s

first

seven

and

a

half

months.

By

the

end

of

February,

COVID-19

had

spread

globally

and

volatility

in

all

asset

types

spiked.

Municipal

bonds

experienced

selling

pressure,

while

U.S.

Treasury

prices

rallied

and

drove

yields,

which

move

inversely

to

price,

to

reach

historical

lows.

As

volatility

due

to

the

COVID-19

pandemic

increased

across

financial

markets

in

late

February

2020

and

into

early

March,

the

municipal

bond

market

seemed

relatively

Credit

Quality

Composition

*

6/30/20

Ratings

%

of

Total

Investments

AAA

16.65%

AA

49.89%

A

17.09%

BBB

8.35%

Below

Investment

Grade

1.18%

Refunded

2.09%

Not

Rated

4.75%

*Securities,

except

for

those

labeled

Not

Rated,

are

assigned

ratings

by

one

or

more

Nationally

Recognized

Statistical

Credit

Rating

Organizations

(NRSROs),

such

as

Standard

&

Poor’s,

Moody’s

and

Fitch,

that

can

be

considered

by

the

investment

man-

ager

as

part

of

its

independent

securities

analysis.

When

ratings

from

multiple

agen-

cies

are

available,

the

highest

is

used,

consistent

with

the

portfolio

investment

process.

Ratings

reflect

an

NRSRO’s

opinion

of

an

issuer’s

creditworthiness

and

typically

range

from

AAA

(highest)

to

D

(lowest).

The

Below

Investment

Grade

category

consists

of

bonds

rated

below

BBB-.

The

Refunded

category

generally

consists

of

refunded

bonds

secured

by

U.S.

government

or

other

high-quality

securities

and

not

rerated

by

an

NRSRO.

The

Not

Rated

category

consists

of

ratable

securities

that

have

not

been

rated

by

an

NRSRO.

Cash

and

equivalents

are

excluded

from

this

composition.

1.

For

investors

subject

to

alternative

minimum

tax,

a

small

portion

of

Fund

dividends

may

be

taxable.

Distributions

of

capital

gains

are

generally

taxable.

To

avoid

imposition

of

28%

backup

withholding

on

all

Fund

distributions

and

redemption

proceeds,

U.S.

investors

must

be

properly

certified

on

Form

W-9

and

non-U.S.

investors

on

Form

W-8BEN.

2.

The

distribution

amount

is

the

sum

of

all

net

investment

income

distributions

for

the

period

shown.

Assumes

shares

were

purchased

and

held

for

the

entire

accrual

period.

Since

dividends

accrue

daily,

your

actual

distributions

will

vary

depending

on

the

date

you

purchased

your

shares

and

any

account

activity.

All

fund

distributions

will

vary

depending

upon

current

market

conditions,

and

past

distributions

are

not

indicative

of

future

trends.

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Statement

of

Investments

(SOI).

The

SOI

begins

on

page

15

.

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

4

franklintempleton.com

Annual

Report

impervious.

However,

during

the

second

week

of

March,

the

municipal

bond

market

experienced

one

of

its

worst

single-

day

price

declines

over

the

past

decade.

Federal

authorities

quickly

implemented

monetary

policy

and

fiscal

stimulus

packages

to

combat

the

economic

and

market

impact

of

the

global

pandemic.

Despite

the

federal

responses,

many

investors

expected

an

economic

recession

and

fled

to

perceived

safe-haven

assets,

most

specifically

U.S.

Treasury

securities.

Although

yields

on

U.S.

Treasuries

dropped

to

all-time

lows

as

prices

rose,

municipal

bonds

sold

off

significantly

as

many

investors

priced

in

the

potential

effects

of

the

economic

slowdown

on

state

and

local

governments,

as

well

as

related

municipal

bond

sectors.

Municipal

bond

yields

moved

abruptly

and

significantly

higher

in

mid-March

2020,

but

the

February–March

selloff

abated

after

the

U.S.

Federal

Reserve

(Fed)

stepped

in

to

help

stabilize

short-dated

municipal

securities.

Similarly,

the

phase

three

federal

stimulus

package,

which

gives

the

Fed

the

ability

to

buy

municipal

bonds,

served

to

calm

the

markets.

The

Fed

has

acted

aggressively

to

stem

the

tide

of

negative

economic

repercussions.

After

cutting

the

federal

funds

target

rate

three

times

in

2019,

the

Fed

implemented

two

emergency

rate

cuts

in

March

2020,

lowering

the

rate

to

a

range

of

0.00%–0.25%.

The

Fed

also

implemented

additional

tools,

with

several

specifically

intended

to

support

stability

in

the

municipal

bond

market.

In

the

U.S.,

the

February–March

2020

selloff

in

municipal

bonds

appeared

similar

to

the

global

financial

crisis

more

than

a

decade

ago,

with

many

investors

seemingly

believing

U.S.

Treasuries

are

the

only

safe-haven

investments.

We

believe

uncertainty

related

to

the

COVID-19

pandemic

has

been

the

main

reason

for

municipal

bond

market

volatility.

The

Investment

Company

Institute

(ICI)

reported

net

inflows

of

approximately

$11

billion

from

municipal

bond

mutual

funds

in

June

2020.

This

modest

gain

contrasts

with

the

record

net

outflows

of

approximately

-$42

billion

that

the

municipal

bond

market

suffered

in

March

2020.

For

the

12-month

period,

municipal

bond

mutual

funds

had

approximately

$39

billion

of

net

inflows,

according

to

the

ICI.

For

the

12-month

period,

fixed

income

sectors

had

mixed

performance

relative

to

U.S.

stocks,

as

measured

by

the

Standard

&

Poor’s

®

500

Index

(S&P

500

®

),

which

posted

a

+7.51%

total

return

for

the

period.

3

Investment-grade

municipal

bonds,

as

measured

by

the

Bloomberg

Barclays

Municipal

Bond

Index,

posted

a

+4.45%

total

return,

underperforming

the

S&P

500.

3

In

contrast,

U.S.

Treasuries,

as

measured

by

the

Bloomberg

Barclays

U.S.

Treasury

Index,

posted

a

+10.45%

total

return,

and

investment-grade

corporate

bonds,

as

measured

by

the

Bloomberg

Barclays

U.S.

Corporate

Bond

Index,

posted

a

+9.50%

total

return.

3

Both

of

these

fixed

income

sectors

outperformed

the

S&P

500.

At

period-end,

we

maintained

our

positive

view

of

the

municipal

bond

market.

We

believe

municipal

bonds

continue

to

be

an

attractive

asset

class

among

fixed

income

securities,

and

we

intend

to

follow

our

disciplined

approach

of

investing

to

maximize

income,

while

seeking

value

in

the

municipal

bond

market.

State

Update

California’s

large,

diverse

economy

expanded

for

much

of

the

12-month

period.

In

March

2020,

the

state

implemented

stay-at-home

measures

to

control

the

spread

of

COVID-19,

which

caused

a

recession.

California’s

unemployment

rate

of

4.0%

in

June

2019

decreased

during

the

period

before

jumping

to

a

record

high

of

16.4%

in

April

and

May

2020.

4

At

period-end,

the

state’s

unemployment

rate

was

14.9%,

which

was

higher

than

the

11.1%

national

rate.

4

The

state

enacted

a

balanced

fiscal-year

2021

budget

by

using

various

solutions,

such

as

delayed

payment

plans,

borrowing

from

various

internal

funds,

optimistic

tax

revenue

estimates,

spending

cuts

and

relying

on

cash

reserves.

California’s

net

tax-supported

debt

was

$2,147

per

capita

and

3.2%

of

personal

income,

compared

with

the

$1,071

and

2.0%

national

medians,

respectively.

5

Independent

credit

rating

agency

Standard

&

Poor’s

(S&P)

affirmed

California’s

general

obligation

bonds

rating

of

AA-

with

a

stable

outlook.

6

The

rating

reflected

S&P’s

view

of

the

state’s

good

economic

diversity,

commitment

to

balance

revenues

and

expenses

and

pay

down

debts,

solid

reserve

levels,

strong

overall

liquidity

as

it

entered

into

the

recession,

and

declining

but

moderately

high

debt

ratios.

S&P

noted

challenges,

including

potential

pandemic-related

lost

tax

revenue

and

unreimbursed

additional

costs,

high

housing

costs,

difficult-

to-forecast

revenues

and

minimal

prefunding

of

retiree

health

care

benefits.

3.

Source:

Morningstar.

Treasuries,

if

held

to

maturity,

offer

a

fixed

rate

of

return

and

a

fixed

principal

value;

their

interest

payments

and

principal

are

guaranteed.

4.

Source:

Bureau

of

Labor

Statistics.

5.

Source:

Moody’s

Investors

Service,

State

government

–

US:

Medians

–

State

debt

declined

in

2019,

but

likely

to

grow

in

coming

years

,

5/12/20.

6.

This

does

not

indicate

S&P’s

rating

of

the

Fund.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

5

franklintempleton.com

Annual

Report

Investment

Strategy

We

use

a

consistent,

disciplined

strategy

in

an

effort

to

maximize

tax-exempt

income

for

our

shareholders

by

seeking

to

maintain

exposure

to

higher

coupon

securities,

while

balancing

risk

and

return

within

the

Fund’s

range

of

allowable

investments.

We

generally

employ

a

buy-and-

hold

approach

and

invest

in

securities

we

believe

should

provide

the

most

relative

value

in

the

market.

We

do

not

use

leverage

or

derivatives,

nor

do

we

use

hedging

techniques

that

could

add

volatility

and

contribute

to

underperformance

in

adverse

markets.

Manager’s

Discussion

Consistent

with

our

strategy,

we

sought

to

remain

invested

in

bonds

that

maintain

an

average

weighted

maturity

of

three

to

10

years.

We

believe

our

conservative,

buy-and-hold

investment

strategy

can

help

us

achieve

high,

current,

tax-

free

income

for

shareholders.

Thank

you

for

your

continued

participation

in

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund.

We

look

forward

to

serving

your

future

investment

needs.

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

June

30,

2020,

the

end

of

the

reporting

period.

The

way

we

implement

our

main

investment

strategies

and

the

resulting

portfolio

holdings

may

change

depending

on

factors

such

as

market

and

economic

conditions.

These

opinions

may

not

be

relied

upon

as

investment

advice

or

an

offer

for

a

particular

security.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

state,

industry,

security

or

the

Fund.

Statements

of

fact

are

from

sources

considered

reliable,

but

the

investment

manager

makes

no

representation

or

warranty

as

to

their

completeness

or

accuracy.

Although

historical

performance

is

no

guarantee

of

future

results,

these

insights

may

help

you

understand

our

investment

management

philosophy.

Portfolio

Composition

6/30/20

%

of

Total

Investments

*

Utilities

24.73%

Tax-Supported

16.14%

General

Obligation

15.13%

Transportation

14.35%

Hospital

&

Health

Care

8.35%

Higher

Education

5.22%

Other

Revenue

5.19%

Housing

4.12%

Refunded**

3.90%

Subject

to

Government

Appropriations

2.87%

*

Does

not

include

cash

and

cash

equivalents.

**

Includes

all

refunded

bonds;

the

percentage

may

differ

from

that

in

the

Credit

Quality

Composition.

Performance

Summary

as

of

June

30,

2020

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

6

franklintempleton.com

Annual

Report

The

performance

tables

and

graphs

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

6/30/20

1

Cumulative

total

return

excludes

sales

charges.

Average

annual

total

return

includes

maximum

sales

charges.

Sales

charges

will

vary

depending

on

the

size

of

the

investment

and

the

class

of

share

purchased.

The

maximum

is

2.25%

and

the

minimum

is

0%.

Class

A

:

2.25%

maximum

initial

sales

charge;

Advisor

Class:

no

sales

charges.

For

other

share

classes,

visit

franklintempleton.com.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Share

Class

Cumulative

Total

Return

2

Average

Annual

Total

Return

3

–

A

4

1-Year

+2.63%

+0.32%

5-Year

+14.71%

+2.32%

10-Year

+42.78%

+3.39%

Advisor

1-Year

+2.89%

+2.89%

5-Year

+15.57%

+2.94%

10-Year

+44.55%

+3.75%

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

2.28%

4.86%

0.76%

0.64%

1.62%

1.36%

Advisor

2.59%

5.51%

1.02%

0.90%

2.17%

1.92%

See

page

8

for

Performance

Summary

footnotes.

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

Performance

Summary

7

franklintempleton.com

Annual

Report

See

page

8

for

Performance

Summary

footnotes.

Total

Return

Index

Comparison

for

a

Hypothetical

$10,000

Investment

1

Total

return

represents

the

change

in

value

of

an

investment

over

the

periods

shown.

It

includes

any

applicable

maximum

sales

charge,

Fund

expenses,

account

fees

and

reinvested

distributions.

The

unmanaged

indexes

include

reinvestment

of

any

income

or

distributions.

They

differ

from

the

Fund

in

composition

and

do

not

pay

management

fees

or

expenses.

One

cannot

invest

directly

in

an

index.

Class

A

(7/1/10

–

6/30/20)

Advisor

Class

(7/1/10

–

6/30/20)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

Performance

Summary

8

franklintempleton.com

Annual

Report

Each

class

of

shares

is

available

to

certain

eligible

investors

and

has

different

annual

fees

and

expenses,

as

described

in

the

prospectus.

All

investments

involve

risks,

including

possible

loss

of

principal.

Because

municipal

bonds

are

sensitive

to

interest-rate

movements,

the

Fund’s

yield

and

share

price

will

fluctuate

with

market

conditions.

Bond

prices

generally

move

in

the

opposite

direction

of

interest

rates.

Thus,

as

prices

of

bonds

in

the

Fund

adjust

to

a

rise

in

interest

rates,

the

Fund’s

share

price

may

decline.

Because

the

Fund

invests

principally

in

a

single

state,

it

is

subject

to

greater

risk

of

adverse

economic

and

regulatory

changes

in

that

state

than

a

geographically

diversified

fund.

Puerto

Rico

municipal

bonds

have

been

impacted

by

recent

adverse

economic

and

market

changes,

which

may

cause

the

Fund’s

share

price

to

decline.

Changes

in

the

credit

rating

of

a

bond,

or

in

the

credit

rating

or

financial

strength

of

a

bond’s

issue,

insurer

or

guarantor,

may

affect

the

bond’s

value.

The

Fund

may

invest

a

significant

part

of

its

assets

in

municipal

securities

that

finance

similar

types

of

projects,

such

as

utilities,

hospitals,

higher

education

and

transportation.

A

change

that

affects

one

project

would

likely

affect

all

similar

projects,

thereby

increasing

market

risk.

Unexpected

events

and

their

aftermaths,

such

as

the

spread

of

deadly

diseases;

natural,

environmental

or

man-made

disasters;

financial,

political

or

social

disruptions;

terrorism

and

war;

and

other

tragedies

or

catastrophes,

can

cause

investor

fear

and

panic,

which

can

adversely

affect

the

econo-

mies

of

many

companies,

sectors,

nations,

regions

and

the

market

in

general,

in

ways

that

cannot

necessarily

be

foreseen.

The

Fund’s

prospectus

also

includes

a

description

of

the

main

investment

risks.

1.

The

Fund

has

an

expense

reduction

contractually

guaranteed

through

10/31/20.

Fund

investment

results

reflect

the

expense

reduction;

without

this

reduction,

the

results

would

have

been

lower.

2.

Cumulative

total

return

represents

the

change

in

value

of

an

investment

over

the

periods

indicated.

3.

Average

annual

total

return

represents

the

average

annual

change

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

4.

Effective

9/10/18,

Class

A

shares

closed

to

new

investors,

were

renamed

Class

A1

shares,

and

a

new

Class

A

share

with

a

different

expense

structure

became

available.

Class

A

performance

shown

has

been

calculated

as

follows:

(a)

for

periods

prior

to

9/10/18,

a

restated

figure

is

used

based

on

the

Fund’s

Class

A1

performance

that

includes

any

Rule

12b-1

rate

differential

that

exists

between

Class

A1

and

Class

A;

and

(b)

for

periods

after

9/10/18,

actual

Class

A

performance

is

used,

reflecting

all

charges

and

fees

applicable

to

that

class.

5.

Distribution

rate

is

based

on

an

annualization

of

the

respective

class’s

June

dividend

and

the

maximum

offering

price

(NAV

for

Advisor

Class)

per

share

on

6/30/20.

6.

Taxable

equivalent

distribution

rate

and

yield

assume

the

published

rates

as

of

6/18/20

for

the

maximum

combined

effective

federal

and

California

personal

income

tax

rate

of

53.10%,

based

on

the

federal

income

tax

rate

of

37.00%

plus

3.80%

Medicare

tax.

This

combined

rate

does

not

consider

the

impact

of

California’s

surcharge

on

taxable

income

in

excess

of

$1

million.

7.

The

Fund’s

30-day

standardized

yield

is

calculated

over

a

trailing

30-day

period

using

the

yield

to

maturity

on

bonds

and/or

the

dividends

accrued

on

stocks.

It

may

not

equal

the

Fund’s

actual

income

distribution

rate,

which

reflects

the

Fund’s

past

dividends

paid

to

shareholders.

8.

Source:

Morningstar.

Bloomberg

Barclays

Municipal

M.F.

California

Intermediate

Index

is

comprised

of

investment-grade

California

municipal

bonds

with

maturities

of

at

least

five

years

and

less

than

10

years.

The

Bloomberg

Barclays

10-Year

Municipal

Bond

Index

is

the

10-year

(8-12)

component

of

the

Municipal

Bond

Index,

which

is

a

market

value-weighted

index

engineered

for

the

long-term

tax-exempt

bond

market.

To

be

included

in

the

parent

index,

bonds

must

be

fixed

rate,

have

at

least

one

year

to

final

maturity

and

be

rated

investment

grade

(Baa3/BBB-

or

higher)

by

at

least

two

of

the

following

agencies:

Moody’s,

S&P

and

Fitch.

9.

Figures

are

as

stated

in

the

Fund’s

current

prospectus

and

may

differ

from

the

expense

ratios

disclosed

in

the

Your

Fund’s

Expenses

and

Financial

Highlights

sections

in

this

report.

In

periods

of

market

volatility,

assets

may

decline

significantly,

causing

total

annual

Fund

operating

expenses

to

become

higher

than

the

figures

shown.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Distributions

(7/1/19–6/30/20)

Share

Class

Net

Investment

Income

A

$0.273862

A1

$0.292056

C

$0.225944

R6

$0.308441

Advisor

$0.304798

Total

Annual

Operating

Expenses

9

Share

Class

With

Fee

Waiver

Without

Fee

Waiver

A

0.74%

0.80%

Advisor

0.49%

0.55%

Your

Fund’s

Expenses

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

9

franklintempleton.com

Annual

Report

As

a

Fund

shareholder,

you

can

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

on

Fund

purchases

and

redemptions;

and

(2)

ongoing

Fund

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

Fund

expenses.

All

mutual

funds

have

ongoing

costs,

sometimes

referred

to

as

operating

expenses.

The

table

below

shows

ongoing

costs

of

investing

in

the

Fund

and

can

help

you

understand

these

costs

and

compare

them

with

those

of

other

mutual

funds.

The

table

assumes

a

$1,000

investment

held

for

the

six

months

indicated.

Actual

Fund

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses

in

the

columns

under

the

heading

“Actual.”

In

these

columns

the

Fund’s

actual

return,

which

includes

the

effect

of

Fund

expenses,

is

used

to

calculate

the

“Ending

Account

Value”

for

each

class

of

shares.

You

can

estimate

the

expenses

you

paid

during

the

period

by

following

these

steps

(

of

course,

your

account

value

and

expenses

will

differ

from

those

in

this

illustration

):

Divide

your

account

value

by

$1,000

(

if

your

account

had

an

$8,600

value,

then

$8,600

÷

$1,000

=

8.6

).

Then

multiply

the

result

by

the

number

in

the

row

for

your

class

of

shares

under

the

headings

“Actual”

and

“Expenses

Paid

During

Period”

(

if

Actual

Expenses

Paid

During

Period

were

$7.50,

then

8.6

x

$7.50

=

$64.50

).

In

this

illustration,

the

actual

expenses

paid

this

period

are

$64.50.

Hypothetical

Example

for

Comparison

with

Other

Funds

Under

the

heading

“Hypothetical”

in

the

table,

information

is

provided

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

This

information

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period,

but

it

can

help

you

compare

ongoing

costs

of

investing

in

the

Fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

for

the

class

of

shares

you

hold

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

expenses

shown

in

the

table

are

meant

to

highlight

ongoing

costs

and

do

not

reflect

any

transactional

costs.

Therefore,

information

under

the

heading

“Hypothetical”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

compare

total

costs

of

owning

different

funds.

In

addition,

if

transactional

costs

were

included,

your

total

costs

would

have

been

higher.

1.

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

six-month

period

as

indicated

above—in

the

far

right

column—multiplied

by

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

by

182/366

to

reflect

the

one-half

year

period.

2.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Share

Class

Beginning

Account

Value

1/1/20

Ending

Account

Value

6/30/20

Expenses

Paid

During

Period

1/1/20–6/30/20

1,2

Ending

Account

Value

6/30/20

Expenses

Paid

During

Period

1/1/20–6/30/20

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,012.00

$3.70

$1,021.18

$3.72

0.74%

A1

$1,000

$1,012.80

$2.96

$1,021.93

$2.97

0.59%

C

$1,000

$1,010.00

$5.70

$1,019.19

$5.73

1.14%

R6

$1,000

$1,014.30

$2.29

$1,022.59

$2.30

0.46%

Advisor

$1,000

$1,013.30

$2.45

$1,022.43

$2.46

0.49%

Franklin

California

Tax-Free

Trust

Financial

Highlights

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

10

a

Year

Ended

June

30,

2020

Year

Ended

June

30,

2019

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

........................................................

$12.05

$11.76

Income

from

investment

operations

b

:

Net

investment

income

c

..............................................................

0.27

0.25

Net

realized

and

unrealized

gains

(losses)

................................................

0.04

0.30

Total

from

investment

operations

.........................................................

0.31

0.55

Less

distributions

from:

Net

investment

income

...............................................................

(0.27)

(0.26)

Net

asset

value,

end

of

year

............................................................

$12.09

$12.05

Total

return

d

........................................................................

2.63%

4.76%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

...........................................

0.81%

0.80%

Expenses

net

of

waiver

and

payments

by

affiliates

f

...........................................

0.74%

0.74%

Net

investment

income

................................................................

2.26%

2.58%

Supplemental

data

Net

assets,

end

of

year

(000’s)

..........................................................

$226,216

$96,795

Portfolio

turnover

rate

.................................................................

18.85%

15.26%

a

For

the

period

September

10,

2018

(effective

date)

to

June

30,

2019.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

California

Tax-Free

Trust

Financial

Highlights

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

11

a

Year

Ended

June

30,

2020

2019

2018

2017

2016

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$12.04

$11.80

$12.03

$12.50

$12.01

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.29

0.32

0.33

0.32

0.34

Net

realized

and

unrealized

gains

(losses)

...........

0.04

0.26

(0.24)

(0.47)

0.48

Total

from

investment

operations

....................

0.33

0.58

0.09

(0.15)

0.82

Less

distributions

from:

Net

investment

income

..........................

(0.29)

(0.34)

(0.32)

(0.32)

(0.33)

Net

asset

value,

end

of

year

.......................

$12.08

$12.04

$11.80

$12.03

$12.50

Total

return

c

...................................

2.79%

4.98%

0.78%

(1.18)%

6.97%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

0.66%

0.65%

0.64%

0.63%

0.63%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.59%

d

0.59%

d

0.61%

d

0.63%

0.63%

Net

investment

income

...........................

2.42%

2.73%

2.74%

2.68%

2.75%

Supplemental

data

Net

assets,

end

of

year

(000’s)

.....................

$710,743

$761,434

$846,856

$908,564

$1,003,322

Portfolio

turnover

rate

............................

18.85%

15.26%

3.32%

21.19%

3.91%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

d

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

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

12

a

Year

Ended

June

30,

2020

2019

2018

2017

2016

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$12.09

$11.85

$12.08

$12.55

$12.06

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.23

0.26

0.26

0.26

0.27

Net

realized

and

unrealized

gains

(losses)

...........

0.04

0.25

(0.23)

(0.48)

0.49

Total

from

investment

operations

....................

0.27

0.51

0.03

(0.22)

0.76

Less

distributions

from:

Net

investment

income

..........................

(0.23)

(0.27)

(0.26)

(0.25)

(0.27)

Net

asset

value,

end

of

year

.......................

$12.13

$12.09

$11.85

$12.08

$12.55

Total

return

c

...................................

2.22%

4.39%

0.22%

(1.72)%

6.36%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

1.21%

1.20%

1.19%

1.18%

1.18%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

1.14%

d

1.14%

d

1.16%

d

1.18%

1.18%

Net

investment

income

...........................

1.87%

2.18%

2.19%

2.13%

2.20%

Supplemental

data

Net

assets,

end

of

year

(000’s)

.....................

$139,835

$170,241

$221,016

$252,254

$282,917

Portfolio

turnover

rate

............................

18.85%

15.26%

3.32%

21.19%

3.91%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

d

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.

Annual

Report

13

a

Year

Ended

June

30,

Year

Ended

June

30,

2018

a

2020

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

............................................

$12.07

$11.83

$12.12

Income

from

investment

operations

b

:

Net

investment

income

c

..................................................

0.31

0.34

0.32

Net

realized

and

unrealized

gains

(losses)

....................................

0.05

0.25

(0.30)

Less

distributions

from:

Net

investment

income

...................................................

(0.31)

(0.35)

(0.31)

Net

asset

value,

end

of

year

................................................

$12.12

$12.07

$11.83

Total

return

d

............................................................

3.00%

5.09%

0.16%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

...............................

0.53%

0.53%

0.52%

Expenses

net

of

waiver

and

payments

by

affiliates

f

...............................

0.46%

0.46%

0.49%

Net

investment

income

....................................................

2.55%

2.87%

2.86%

Supplemental

data

Net

assets,

end

of

year

(000’s)

..............................................

$19,007

$16,310

$12,773

Portfolio

turnover

rate

.....................................................

18.85%

15.26%

3.32%

a

For

the

period

August

1,

2017

(effective

date)

to

June

30,

2018.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

California

Tax-Free

Trust

Financial

Highlights

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

14

a

Year

Ended

June

30,

2020

2019

2018

2017

2016

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$12.08

$11.83

$12.06

$12.53

$12.04

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.30

0.34

0.34

0.34

0.35

Net

realized

and

unrealized

gains

(losses)

...........

0.04

0.26

(0.23)

(0.48)

0.49

Total

from

investment

operations

....................

0.34

0.60

0.11

(0.14)

0.84

Less

distributions

from:

Net

investment

income

..........................

(0.30)

(0.35)

(0.34)

(0.33)

(0.35)

Net

asset

value,

end

of

year

.......................

$12.12

$12.08

$11.83

$12.06

$12.53

Total

return

....................................

2.89%

5.15%

0.88%

(1.08)%

7.05%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

0.56%

0.55%

0.54%

0.53%

0.53%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.49%

c

0.49%

c

0.51%

c

0.53%

0.53%

Net

investment

income

...........................

2.52

%

2.83%

2.84%

2.78%

2.85%

Supplemental

data

Net

assets,

end

of

year

(000’s)

.....................

$637,015

$592,893

$600,698

$639,716

$583,200

Portfolio

turnover

rate

............................

18.85%

15.26%

3.32%

21.19%

3.91%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

California

Tax-Free

Trust

Schedule

of

Investments,

June

30,

2020

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

15

a

a

Principal

Amount

a

Value

a

a

a

a

a

Commercial

Mortgage-Backed

Securities

2.1%

Diversified

Financial

Services

0.6%

California

Housing

Finance

,

2019-N

,

A

,

2.35

%

,

12/01/35

......................

$

9,823,580

$

10,134,595

Thrifts

&

Mortgage

Finance

1.5%

FHLMC,

Multi-family

,

2019-ML06

,

ACA

,

2.493

%

,

7/25/35

......................

24,820,431

26,527,828

Total

Commercial

Mortgage-Backed

Securities

(Cost

$35,386,911)

................

36,662,423

Municipal

Bonds

96.8%

California

96.0%

ABAG

Finance

Authority

for

Nonprofit

Corp.

,

Covia

Communities

Obligated

Group,

Revenue,

2011,

Refunding,

5.25%,

7/01/22

.

3,510,000

3,605,858

Jackson

Laboratory

(The),

Revenue,

2012,

5%,

7/01/21

.....................

1,000,000

1,046,660

Jackson

Laboratory

(The),

Revenue,

2012,

5%,

7/01/22

.....................

820,000

887,593

Jackson

Laboratory

(The),

Revenue,

2012,

5%,

7/01/23

.....................

460,000

497,499

Jackson

Laboratory

(The),

Revenue,

2012,

5%,

7/01/24

.....................

1,000,000

1,078,750

Odd

Fellows

Home

of

California,

Revenue,

2012A,

California

Mortgage

Insured,

5%,

4/01/23

........................................................

1,000,000

1,111,470

Odd

Fellows

Home

of

California,

Revenue,

2012A,

California

Mortgage

Insured,

5%,

4/01/24

........................................................

1,000,000

1,110,890

Antelope

Valley

Community

College

District

,

GO

,

2014A

,

Pre-Refunded

,

5

%

,

8/01/25

4,210,000

5,009,984

Bay

Area

Toll

Authority

,

Revenue

,

2012F-1

,

5

%

,

4/01/22

......................

15,000,000

16,189,050

California

Community

College

Financing

Authority

,

Coast

Community

College

District,

Revenue,

2011-A,

Pre-Refunded,

5%,

6/01/26

..

1,220,000

1,272,399

NCCD-Orange

Coast

Properties

LLC,

Revenue,

2018,

5%,

5/01/32

............

1,750,000

1,846,408

NCCD-Orange

Coast

Properties

LLC,

Revenue,

2018,

5%,

5/01/33

............

600,000

628,758

NCCD-Orange

Coast

Properties

LLC,

Revenue,

2018,

5%,

5/01/35

............

3,040,000

3,167,984

NCCD-Orange

Coast

Properties

LLC,

Revenue,

2018,

5%,

5/01/37

............

1,600,000

1,657,488

NCCD-Orange

Coast

Properties

LLC,

Revenue,

2018,

5%,

5/01/38

............

1,320,000

1,363,784

California

County

Tobacco

Securitization

Agency

,

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/34

.....................

340,000

398,538

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/35

.....................

400,000

466,524

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/36

.....................

615,000

713,216

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/37

.....................

660,000

762,610

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/38

.....................

615,000

708,375

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/39

.....................

600,000

688,902

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/40

.....................

615,000

704,169

California

Educational

Facilities

Authority

,

Chapman

University,

Revenue,

2011,

5%,

4/01/25

.........................

5,000,000

5,143,500

Loma

Linda

University,

Revenue,

2017A,

Refunding,

5%,

4/01/29

..............

1,020,000

1,180,334

Loma

Linda

University,

Revenue,

2017A,

Refunding,

5%,

4/01/32

..............

1,235,000

1,408,270

Loma

Linda

University,

Revenue,

2017A,

Refunding,

5%,

4/01/33

..............

1,000,000

1,133,300

Loma

Linda

University,

Revenue,

2017A,

Refunding,

5%,

4/01/34

..............

1,750,000

1,978,900

Loma

Linda

University,

Revenue,

2017A,

Refunding,

5%,

4/01/35

..............

1,500,000

1,691,940

Loma

Linda

University,

Revenue,

2017A,

Refunding,

5%,

4/01/36

..............

2,000,000

2,249,780

Loma

Linda

University,

Revenue,

2017A,

Refunding,

5%,

4/01/37

..............

2,000,000

2,243,740

University

of

San

Francisco,

Revenue,

2011,

ETM,

5%,

10/01/21

..............

3,000,000

3,173,430

University

of

San

Francisco,

Revenue,

2018A,

5%,

10/01/37

.................

1,365,000

1,628,841

California

Health

Facilities

Financing

Authority

,

California-Nevada

Methodist

Homes,

Revenue,

2015,

Refunding,

California

Mortgage

Insured,

5%,

7/01/30

..............................................

1,825,000

2,150,397

Casa

Milagro

LLC,

Revenue,

2011A,

California

Mortgage

Insured,

6%,

2/01/24

....

2,000,000

2,067,020

Cedars-Sinai

Medical

Center

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

11/15/30

.......................................................

3,000,000

3,609,210

Cedars-Sinai

Medical

Center

Obligated

Group,

Revenue,

2016A,

5%,

8/15/31

....

3,500,000

4,280,465

Children's

Hospital

Los

Angeles

Obligated

Group,

Revenue,

2017A,

Refunding,

5%,

8/15/35

........................................................

1,650,000

1,918,703

Children's

Hospital

Los

Angeles

Obligated

Group,

Revenue,

2017A,

Refunding,

5%,

8/15/36

........................................................

2,045,000

2,370,094

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

franklintempleton.com

Annual

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

Health

Facilities

Financing

Authority,

(continued)

Children's

Hospital

Los

Angeles

Obligated

Group,

Revenue,

2017A,

Refunding,

5%,

8/15/37

........................................................

$

1,330,000

$

1,537,427

El

Camino

Hospital,

Revenue,

2017,

5%,

2/01/28

..........................

2,100,000

2,602,299

El

Camino

Hospital,

Revenue,

2017,

5%,

2/01/29

..........................

2,460,000

3,038,198

El

Camino

Hospital,

Revenue,

2017,

5%,

2/01/30

..........................

1,250,000

1,530,112

El

Camino

Hospital,

Revenue,

2017,

5%,

2/01/31

..........................

1,200,000

1,457,856

Marshall

Medical

Center,

Revenue,

2015,

Refunding,

California

Mortgage

Insured,

5%,

11/01/33

...................................................

1,000,000

1,185,030

California

Housing

Finance

,

Revenue,

2019-2,

A,

4%,

3/20/33

......................................

5,458,906

5,860,626

Longshore

Cove

LP,

Revenue,

2020

E,

FNMA

Insured,

2.5%,

2/01/38

..........

3,763,604

3,869,738

California

Infrastructure

&

Economic

Development

Bank

,

Revenue,

2015A,

Refunding,

5%,

10/01/32

..............................

2,915,000

3,532,076

a

Academy

of

Motion

Picture

Arts

and

Sciences

Obligated

Group,

Revenue,

2020B,

Refunding,

5%,

11/01/29

...........................................

2,000,000

2,632,680

Broad

Collection

LLC,

Revenue,

2011A,

5%,

6/01/21

.......................

5,000,000

5,213,800

California

Municipal

Finance

Authority

,

b,c

Revenue,

144A,

2009

A,

Mandatory

Put,

1.3%,

2/03/25

.....................

1,800,000

1,811,214

ACI

Royal

York,

Inc.,

Revenue,

2020

A,

3.125%,

2/15/33

....................

620,000

562,607

Biola

University,

Inc.,

Revenue,

2017,

Refunding,

5%,

10/01/29

...............

1,350,000

1,543,171

Biola

University,

Inc.,

Revenue,

2017,

Refunding,

5%,

10/01/31

...............

1,000,000

1,128,600

Biola

University,

Inc.,

Revenue,

2017,

Refunding,

5%,

10/01/33

...............

1,070,000

1,193,221

Biola

University,

Inc.,

Revenue,

2017,

Refunding,

5%,

10/01/35

...............

1,000,000

1,108,980

California

Home

for

the

Aged,

Inc.

(The),

Revenue,

2018,

California

Mortgage

Insured,

5%,

5/15/36

..............................................

1,000,000

1,206,090

CHF-Riverside

II

LLC,

Revenue,

2019,

5%,

5/15/32

........................

1,000,000

1,197,240

CHF-Riverside

II

LLC,

Revenue,

2019,

5%,

5/15/34

........................

3,120,000

3,675,922

CHF-Riverside

II

LLC,

Revenue,

2019,

5%,

5/15/35

........................

1,000,000

1,172,870

CHF-Riverside

II

LLC,

Revenue,

2019,

5%,

5/15/37

........................

2,260,000

2,626,256

CHF-Riverside

II

LLC,

Revenue,

2019,

5%,

5/15/38

........................

1,000,000

1,159,370

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2015A,

Refunding,

5%,

2/01/26

............................................

2,010,000

2,324,464

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2015A,

Refunding,

5%,

2/01/28

............................................

1,500,000

1,716,675

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017A,

Refunding,

5%,

2/01/25

............................................

2,000,000

2,319,020

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017A,

Refunding,

5%,

2/01/26

............................................

2,010,000

2,378,554

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017A,

Refunding,

5%,

2/01/27

............................................

1,750,000

2,109,747

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017A,

Refunding,

5%,

2/01/28

............................................

2,250,000

2,678,332

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017A,

Refunding,

5%,

2/01/29

............................................

2,140,000

2,538,896

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017A,

Refunding,

5%,

2/01/30

............................................

2,000,000

2,365,400

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017A,

Refunding,

5%,

2/01/31

............................................

2,700,000

3,178,467

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017A,

Refunding,

5%,

2/01/32

............................................

2,200,000

2,576,354

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017A,

Refunding,

5%,

2/01/33

............................................

3,500,000

4,078,025

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017A,

Refunding,

5%,

2/01/34

............................................

5,000,000

5,807,300

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017A,

Refunding,

5%,

2/01/35

............................................

5,000,000

5,790,900

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

17

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

Municipal

Finance

Authority,

(continued)

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017A,

Refunding,

5%,

2/01/36

............................................

$

2,295,000

$

2,649,348

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017A,

Refunding,

5%,

2/01/37

............................................

2,000,000

2,302,400

Del

Harbor

Foundation,

Revenue,

2015,

Refunding,

5%,

11/01/26

.............

1,085,000

1,305,038

Inland

Christian

Home,

Inc.,

Revenue,

2020,

California

Mortgage

Insured,

4%,

12/01/30

.......................................................

1,200,000

1,470,264

Inland

Christian

Home,

Inc.,

Revenue,

2020,

California

Mortgage

Insured,

4%,

12/01/39

.......................................................

1,245,000

1,445,993

Inland

Counties

Regional

Center,

Inc.,

Revenue,

2015,

Refunding,

5%,

6/15/21

...

1,435,000

1,497,710

Inland

Counties

Regional

Center,

Inc.,

Revenue,

2015,

Refunding,

5%,

6/15/23

...

1,580,000

1,793,031

Inland

Counties

Regional

Center,

Inc.,

Revenue,

2015,

Refunding,

5%,

6/15/24

...

1,000,000

1,175,320

Inland

Counties

Regional

Center,

Inc.,

Revenue,

2015,

Refunding,

5%,

6/15/32

...

6,625,000

7,906,275

LAX

Integrated

Express

Solutions

LLC,

Revenue,

Senior

Lien,

2018

A,

5%,

12/31/37

5,500,000

6,335,010

LAX

Integrated

Express

Solutions

LLC,

Revenue,

Senior

Lien,

2018

A,

5%,

12/31/38

21,100,000

24,241,579

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5%,

11/01/25

....

1,000,000

1,140,350

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5%,

11/01/26

....

900,000

1,039,167

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5%,

11/01/27

....

1,300,000

1,491,139

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5%,

11/01/28

....

1,400,000

1,601,096

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5.25%,

11/01/29

..

1,000,000

1,163,840

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5%,

11/01/30

....

1,350,000

1,532,736

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5.25%,

11/01/31

..

1,250,000

1,439,075

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5.25%,

11/01/36

..

4,500,000

5,078,745

Northern

California

Retired

Officers

Community,

Revenue,

2016,

Refunding,

California

Mortgage

Insured,

5%,

1/01/37

..............................

1,310,000

1,580,187

Pilgrim

Place

in

Claremont,

Revenue,

2016A,

Refunding,

California

Mortgage

Insured,

5%,

5/15/31

..............................................

2,750,000

3,307,150

South

Central

Los

Angeles

Regional

Center

for

Developmentally

Disabled

Persons,

Revenue,

2013,

5.25%,

12/01/27

....................................

3,990,000

4,474,785

System

Management

Group,

Revenue,

2019A,

5%,

4/01/35

..................

1,780,000

2,154,441

System

Management

Group,

Revenue,

2019A,

5%,

4/01/37

..................

2,945,000

3,537,770

University

of

La

Verne,

Revenue,

2017A,

Refunding,

5%,

6/01/31

..............

1,000,000

1,192,130

University

of

La

Verne,

Revenue,

2017A,

Refunding,

5%,

6/01/32

..............

1,000,000

1,181,720

University

of

La

Verne,

Revenue,

2017A,

Refunding,

5%,

6/01/33

..............

1,010,000

1,187,619

University

of

La

Verne,

Revenue,

2017A,

Refunding,

5%,

6/01/35

..............

1,440,000

1,683,446

b

California

Pollution

Control

Financing

Authority

,

San

Diego

County

Water

Authority,

Revenue,

144A,

2019,

Refunding,

5%,

7/01/20

.

575,000

575,000

San

Diego

County

Water

Authority,

Revenue,

144A,

2019,

Refunding,

5%,

7/01/21

.

845,000

871,009

San

Diego

County

Water

Authority,

Revenue,

144A,

2019,

Refunding,

5%,

7/01/22

.

855,000

906,009

San

Diego

County

Water

Authority,

Revenue,

144A,

2019,

Refunding,

5%,

7/01/29

.

4,350,000

5,126,954

b

California

School

Finance

Authority

,

Green

Dot

Public

Schools

Obligated

Group,

Revenue,

144A,

2018

A,

5%,

8/01/26

.

300,000

348,381

Green

Dot

Public

Schools

Obligated

Group,

Revenue,

144A,

2018

A,

5%,

8/01/27

.

320,000

376,749

California

State

Public

Works

Board

,

Revenue,

2012D,

Pre-Refunded,

5%,

9/01/25

............................

2,920,000

3,218,453

Revenue,

2012D,

Pre-Refunded,

5%,

9/01/26

............................

4,650,000

5,125,277

California

State

University,

Revenue,

2010B-1,

5.375%,

3/01/25

...............

2,500,000

2,509,925

State

of

California

Department

of

Corrections

&

Rehabilitation,

Revenue,

2014A,

5%,

9/01/26

........................................................

10,000,000

11,769,100

State

of

California

Department

of

Corrections

&

Rehabilitation,

Revenue,

2014D,

5%,

9/01/26

........................................................

6,835,000

8,044,180

California

State

University

,

Revenue,

2011

A,

Pre-Refunded,

5%,

11/01/25

...........................

4,695,000

4,978,062

Revenue,

2011

A,

5%,

11/01/25

.......................................

5,305,000

5,633,326

Revenue,

2012

A,

5%,

11/01/26

.......................................

11,000,000

12,181,620

Revenue,

2016A,

Refunding,

5%,

11/01/29

...............................

16,000,000

19,781,440

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

18

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

State

University,

(continued)

Revenue,

2016A,

Refunding,

5%,

11/01/30

...............................

$

5,000,000

$

6,156,100

California

Statewide

Communities

Development

Authority

,

Revenue,

2019A,

Refunding,

California

Mortgage

Insured,

5%,

11/15/34

........

750,000

946,058

Revenue,

2019A,

Refunding,

California

Mortgage

Insured,

5%,

11/15/37

........

735,000

916,339

Aldersly,

Revenue,

2015A,

Refunding,

4.5%,

5/15/25

.......................

985,000

1,044,563

Community

Church

Retirement

Center,

Revenue,

2013,

California

Mortgage

Insured,

5%,

11/15/28

...................................................

1,000,000

1,151,430

Enloe

Medical

Center,

Revenue,

2008A,

California

Mortgage

Insured,

5.5%,

8/15/23

3,000,000

3,011,910

Hebrew

Home

for

Aged

Disabled,

Revenue,

2016,

California

Mortgage

Insured,

5%,

11/01/36

.......................................................

9,000,000

10,724,040

Henry

Mayo

Newhall

Memorial

Hospital,

Revenue,

2014,

AGM

Insured,

5%,

10/01/26

1,000,000

1,148,850

Henry

Mayo

Newhall

Memorial

Hospital,

Revenue,

2014,

AGM

Insured,

5%,

10/01/28

1,250,000

1,430,775

Olive

Street

Preservation

LP,

Revenue,

2009L,

GNMA

Insured,

4.25%,

7/20/24

...

3,225,000

3,294,047

Poway

RHF

Housing,

Inc.,

Revenue,

2013A,

California

Mortgage

Insured,

5%,

11/15/28

.......................................................

500,000

563,750

Sutter

Health

Obligated

Group,

Revenue,

2012

A,

5%,

8/15/24

................

2,000,000

2,179,300

Sutter

Health

Obligated

Group,

Revenue,

2012

A,

5%,

8/15/25

................

4,715,000

5,127,327

Sutter

Health

Obligated

Group,

Revenue,

2012

A,

5%,

8/15/27

................

7,005,000

7,593,280

Campbell

Union

School

District

,

GO

,

2015

,

Refunding

,

5

%

,

8/01/28

..............

3,235,000

3,936,477

Carson

Public

Financing

Authority

,

City

of

Carson

Reassessment

District

No.

2001-1,

Revenue,

2019,

5%,

9/02/25

...

1,000,000

1,175,280

City

of

Carson

Reassessment

District

No.

2001-1,

Revenue,

2019,

5%,

9/02/31

...

1,000,000

1,261,920

Carson

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation,

2010A,

5%,

10/01/22

....................................

1,975,000

1,993,960

Tax

Allocation,

2010A,

5%,

10/01/23

....................................

2,135,000

2,155,219

Tax

Allocation,

2010A,

5%,

10/01/24

....................................

2,245,000

2,265,766

Tax

Allocation,

2010A,

5%,

10/01/25

....................................

1,700,000

1,715,283

Castaic

Lake

Water

Agency

,

Santa

Clarita

Valley

Water

Agency

,

COP

,

1999

A

,

AMBAC

Insured

,

Zero

Cpn.,

8/01/22

..........................................

10,445,000

10,350,682

Ceres

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation

,

2020

,

Refunding

,

BAM

Insured

,

4

%

,

12/15/35

..........................................

1,000,000

1,191,570

Chabot-Las

Positas

Community

College

District

,

GO

,

2013

,

Refunding

,

5

%

,

8/01/24

.

6,715,000

7,657,383

Chino

Valley

Unified

School

District

,

GO,

2020

B,

5%,

8/01/35

............................................

100,000

133,325

GO,

2020

B,

5%,

8/01/36

............................................

125,000

165,616

GO,

2020

B,

5%,

8/01/37

............................................

250,000

330,057

GO,

2020

B,

5%,

8/01/38

............................................

350,000

459,813

GO,

2020

B,

5%,

8/01/39

............................................

400,000

523,928

City

of

Clovis

,

Sewer,

Revenue,

2013,

Refunding,

BAM

Insured,

5%,

8/01/28

................

1,200,000

1,372,380

Water,

Revenue,

2013,

Refunding,

BAM

Insured,

5%,

3/01/26

................

2,620,000

2,949,439

Water,

Revenue,

2013,

Refunding,

BAM

Insured,

5%,

3/01/27

................

1,000,000

1,125,740

City

of

Irvine

,

Reassessment

District

No.

15-2

,

1915

Act,

Special

Assessment

,

Refunding

,

5

%

,

9/02/25

.............................................

1,000,000

1,182,930

City

of

Long

Beach

,

Harbor,

Revenue,

2019A,

5%,

5/15/37

..................................

2,475,000

3,122,311

Harbor,

Revenue,

2019A,

5%,

5/15/38

..................................

2,250,000

2,830,028

Marina

System,

Revenue,

2015,

5%,

5/15/27

.............................

1,285,000

1,396,345

Marina

System,

Revenue,

2015,

5%,

5/15/32

.............................

1,250,000

1,323,338

City

of

Los

Angeles

,

Wastewater

System,

Revenue,

2012

B,

Refunding,

5%,

6/01/28

...............

11,700,000

12,722,229

Wastewater

System,

Revenue,

2013-A,

Refunding,

5%,

6/01/27

...............

9,145,000

10,362,382

City

of

Los

Angeles

Department

of

Airports

,

Revenue,

2018

D,

Refunding,

5%,

5/15/31

...............................

5,715,000

7,279,938

Revenue,

2019

A,

Refunding,

5%,

5/15/34

...............................

5,430,000

6,803,464

Revenue,

2019

D,

5%,

5/15/30

........................................

2,000,000

2,535,260

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

19

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

City

of

Los

Angeles

Department

of

Airports,

(continued)

Revenue,

2019

D,

5%,

5/15/31

........................................

$

2,685,000

$

3,381,596

Revenue,

2019

D,

5%,

5/15/33

........................................

2,670,000

3,320,145

Revenue,

2019

D,

5%,

5/15/34

........................................

1,415,000

1,754,275

Revenue,

2019

F,

5%,

5/15/37

........................................

1,285,000

1,591,370

Revenue,

2019

F,

5%,

5/15/38

........................................

7,500,000

9,260,625

Revenue,

2019

F,

5%,

5/15/39

........................................

5,000,000

6,157,000

Revenue,

2020

A,

Refunding,

5%,

5/15/32

...............................

3,205,000

4,223,934

Revenue,

2020

A,

Refunding,

5%,

5/15/33

...............................

3,000,000

3,921,780

Revenue,

2020

A,

Refunding,

5%,

5/15/37

...............................

7,380,000

9,468,761

City

of

Palo

Alto

,

1915

Act,

Special

Assessment,

2012,

Refunding,

5%,

9/02/28

................

1,000,000

1,089,140

1915

Act,

Special

Assessment,

2012,

Refunding,

5%,

9/02/29

................

1,280,000

1,390,963

City

of

Riverside

,

Sewer,

Revenue,

2015A,

Refunding,

5%,

8/01/28

..........................

3,870,000

4,676,856

Sewer,

Revenue,

2015A,

Refunding,

5%,

8/01/29

..........................

4,670,000

5,638,465

City

of

Sacramento

,

North

Natomas

Community

Facilities

District

No.

4,

Special

Tax,

2015

F,

Refunding,

5%,

9/01/26

....................................................

615,000

711,869

North

Natomas

Community

Facilities

District

No.

4,

Special

Tax,

2015

F,

Refunding,

5%,

9/01/28

....................................................

1,220,000

1,399,425

North

Natomas

Community

Facilities

District

No.

4,

Special

Tax,

2015

F,

Refunding,

5%,

9/01/29

....................................................

1,555,000

1,774,799

North

Natomas

Community

Facilities

District

No.

4,

Special

Tax,

2015

F,

Refunding,

5%,

9/01/30

....................................................

1,045,000

1,190,453

North

Natomas

Community

Facilities

District

No.

4,

Special

Tax,

2015

F,

Refunding,

5%,

9/01/31

....................................................

1,800,000

2,042,568

Transient

Occupancy

Tax,

Revenue,

2018

A,

5%,

6/01/34

....................

1,485,000

1,689,381

Transient

Occupancy

Tax,

Revenue,

2018

A,

5%,

6/01/35

....................

2,000,000

2,271,220

Transient

Occupancy

Tax,

Revenue,

2018

A,

5%,

6/01/36

....................

2,220,000

2,511,597

City

of

San

Francisco

,

Public

Utilities

Commission

Water

,

Revenue

,

2015A

,

Refunding

,

5

%

,

11/01/28

............................................

5,000,000

6,057,300

City

of

Woodland

,

Community

Facilities

District

No.

2004-1

,

Special

Tax

,

2019

,

5

%

,

9/01/36

.........................................................

1,610,000

1,822,987

Compton

Community

Redevelopment

Agency

,

Tax

Allocation,

Second

Lien

,

2010A

,

5

%

,

8/01/25

.........................................................

8,275,000

8,297,839

Contra

Costa

Water

District

,

Revenue

,

T

,

Refunding

,

5

%

,

10/01/26

..............

3,400,000

4,065,720

Corona-Norco

Unified

School

District

,

GO

,

2011

E

,

Zero

Cpn.,

8/01/25

...........

4,645,000

5,408,081

Corona-Norco

Unified

School

District

Public

Financing

Authority

,

Special

Tax,

Senior

Lien,

2013A,

Refunding,

5%,

9/01/24

....................

1,565,000

1,766,087

Special

Tax,

Senior

Lien,

2013A,

Refunding,

5%,

9/01/25

....................

1,000,000

1,126,790

County

of

Sacramento

,

COP,

2010,

Refunding,

5.375%,

2/01/23

.................................

3,400,000

3,418,326

COP,

2010,

Refunding,

5.5%,

2/01/25

..................................

3,770,000

3,790,999

Airport

System,

Revenue,

2016B,

Refunding,

5%,

7/01/35

...................

1,000,000

1,153,340

Airport

System,

Revenue,

2016B,

Refunding,

5%,

7/01/36

...................

2,000,000

2,299,820

Community

Facilities

District

No.

1,

Special

Tax,

2011B,

Refunding,

5%,

9/01/20

...

1,510,000

1,521,385

County

of

San

Diego

,

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020

A,

4%,

9/01/26

......

105,000

118,861

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020

A,

4%,

9/01/27

......

120,000

136,648

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020

A,

4%,

9/01/28

......

140,000

160,240

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020

A,

4%,

9/01/29

......

75,000

85,425

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020

A,

4%,

9/01/31

......

100,000

111,934

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020

A,

4%,

9/01/33

......

245,000

271,235

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020

A,

4%,

9/01/35

......

295,000

323,571

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020

A,

4%,

9/01/37

......

175,000

190,512

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020

A,

4%,

9/01/38

......

375,000

406,920

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

franklintempleton.com

Annual

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)

County

of

San

Diego,

(continued)

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020

A,

4%,

9/01/40

......

$

115,000

$

123,593

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020A,

4%,

9/01/27

......

315,000

358,700

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020A,

4%,

9/01/28

......

355,000

406,322

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020A,

4%,

9/01/30

......

200,000

225,906

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020A,

4%,

9/01/31

......

120,000

134,321

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020A,

4%,

9/01/33

......

100,000

110,708

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020A,

4%,

9/01/34

......

100,000

110,461

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020A,

4%,

9/01/35

......

125,000

137,106

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020A,

4%,

9/01/37

......

590,000

642,297

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020A,

4%,

9/01/39

......

920,000

993,692

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020A,

4%,

9/01/40

......

475,000

510,492

Cupertino

Union

School

District

,

GO,

2010,

Pre-Refunded,

5%,

8/01/22

..................................

1,690,000

1,696,608

GO,

B,

5%,

8/01/26

................................................

1,285,000

1,524,280

GO,

B,

Pre-Refunded,

5%,

8/01/27

.....................................

1,500,000

1,785,030

GO,

B,

Pre-Refunded,

5%,

8/01/28

.....................................

1,000,000

1,190,020

Del

Mar

Race

Track

Authority

,

Revenue,

2015,

Refunding,

5%,

10/01/22

................................

1,435,000

1,441,544

Revenue,

2015,

Refunding,

5%,

10/01/23

................................

1,510,000

1,516,614

Revenue,

2015,

Refunding,

5%,

10/01/28

................................

1,925,000

1,912,025

Revenue,

2015,

Refunding,

5%,

10/01/30

................................

1,125,000

1,112,490

Dublin

Unified

School

District

,

GO

,

2016

,

Refunding

,

5

%

,

8/01/32

...............

3,220,000

3,991,802

East

Bay

Municipal

Utility

District

,

Wastewater

System,

Revenue,

2014A,

Refunding,

5%,

6/01/25

...............

2,845,000

3,492,835

Wastewater

System,

Revenue,

2014A,

Refunding,

5%,

6/01/26

...............

3,650,000

4,611,154

Wastewater

System,

Revenue,

2014A,

Refunding,

5%,

6/01/27

...............

1,500,000

1,943,580

Wastewater

System,

Revenue,

2014A,

Refunding,

5%,

6/01/29

...............

1,000,000

1,359,830

Water

System,

Revenue,

2015A,

Refunding,

5%,

6/01/29

....................

5,000,000

6,070,450

East

Side

Union

High

School

District

,

GO,

2010,

Refunding,

AGM

Insured,

5%,

8/01/20

..........................

2,800,000

2,810,976

GO,

2010,

Refunding,

AGM

Insured,

5%,

8/01/21

..........................

2,140,000

2,148,196

GO,

2010,

Refunding,

AGM

Insured,

5%,

8/01/22

..........................

3,090,000

3,101,835

El

Dorado

Irrigation

District

,

COP,

2020

A,

5%,

3/01/34

...........................................

375,000

500,565

COP,

2020

A,

5%,

3/01/37

...........................................

325,000

428,077

COP,

2020

A,

5%,

3/01/38

...........................................

750,000

983,070

COP,

2020

A,

5%,

3/01/39

...........................................

720,000

940,169

Revenue,

2016C,

Refunding,

5%,

3/01/31

...............................

2,500,000

3,057,450

Elk

Grove

Finance

Authority

,

Special

Tax

,

2015

,

Refunding

,

BAM

Insured

,

5

%

,

9/01/30

1,130,000

1,364,249

Folsom

Public

Financing

Authority

,

Special

Tax,

2010A,

5%,

9/01/20

......................................

1,270,000

1,279,601

Special

Tax,

2010A,

5%,

9/01/21

......................................

1,335,000

1,345,199

Special

Tax,

2010A,

5%,

9/01/22

......................................

1,400,000

1,410,234

Special

Tax,

2011A,

AGM

Insured,

5%,

9/01/23

...........................

1,005,000

1,057,632

Special

Tax,

2011A,

AGM

Insured,

5%,

9/01/24

...........................

1,055,000

1,109,860

Foothill-De

Anza

Community

College

District

,

GO,

2015,

Refunding,

5%,

8/01/27

.....................................

1,250,000

1,530,875

GO,

2015,

Refunding,

5%,

8/01/28

.....................................

2,500,000

3,060,350

Foothill-Eastern

Transportation

Corridor

Agency

,

Revenue,

2013

A,

Refunding,

Zero

Cpn.,

1/15/25

..........................

2,500,000

2,378,700

Revenue,

2013

A,

Refunding,

Zero

Cpn.,

1/15/26

..........................

3,760,000

3,673,783

Revenue,

2013

A,

Refunding,

Zero

Cpn.,

1/15/27

..........................

6,395,000

6,420,133

Revenue,

2013

A,

Refunding,

AGM

Insured,

Zero

Cpn.,

1/15/29

...............

19,895,000

22,218,338

Revenue,

2015A,

Refunding,

AGM

Insured,

Zero

Cpn.,

1/15/34

...............

3,000,000

2,082,090

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

21

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Fullerton

School

District

Financing

Authority

,

Special

Tax,

Senior

Lien,

2013

A,

Refunding,

AGM

Insured,

5%,

9/01/27

.........

$

1,000,000

$

1,125,330

Special

Tax,

Senior

Lien,

2013

A,

Refunding,

AGM

Insured,

5%,

9/01/28

.........

1,040,000

1,168,586

Golden

State

Tobacco

Securitization

Corp.

,

Revenue,

2018A-1,

Refunding,

5%,

6/01/31

..............................

1,000,000

1,215,940

Revenue,

2018A-1,

Refunding,

5%,

6/01/32

..............................

8,135,000

9,823,826

Revenue,

2018A-1,

Refunding,

5%,

6/01/33

..............................

10,000,000

12,023,300

Revenue,

2018A-1,

Refunding,

5%,

6/01/35

..............................

9,000,000

10,725,930

Imperial

Community

College

District

,

GO,

2012,

Refunding,

AGM

Insured,

5%,

8/01/21

..........................

1,010,000

1,062,752

GO,

2012,

Refunding,

AGM

Insured,

5%,

8/01/22

..........................

1,170,000

1,277,897

GO,

2012,

Pre-Refunded,

AGM

Insured,

5%,

8/01/23

.......................

1,350,000

1,481,207

Imperial

Irrigation

District

,

Electric

System,

Revenue,

2019,

5%,

11/01/36

............................

2,500,000

3,151,975

Electric

System,

Revenue,

2019,

5%,

11/01/37

............................

3,885,000

4,882,979

Electric

System,

Revenue,

2019,

5%,

11/01/38

............................

4,075,000

5,107,238

Independent

Cities

Finance

Authority

,

San

Juan

Mobile

Estates

,

Revenue

,

2015

,

Refunding

,

5

%

,

8/15/30

.............................................

1,575,000

1,796,004

Irvine

Unified

School

District

,

Special

Tax,

2020

A,

4%,

9/01/27

......................................

1,745,000

2,037,933

Special

Tax,

2020

A,

4%,

9/01/28

......................................

1,135,000

1,342,807

Special

Tax,

2020

A,

5%,

9/01/29

......................................

1,920,000

2,463,590

Special

Tax,

2020

A,

5%,

9/01/30

......................................

1,910,000

2,494,326

Special

Tax,

2020

A,

5%,

9/01/32

......................................

755,000

965,698

Special

Tax,

2020

A,

4%,

9/01/34

......................................

2,300,000

2,667,563

Special

Tax,

2020

A,

4%,

9/01/35

......................................

1,460,000

1,687,833

Special

Tax,

2020

A,

4%,

9/01/36

......................................

1,320,000

1,517,670

Special

Tax,

2020

A,

4%,

9/01/37

......................................

1,355,000

1,550,960

Special

Tax,

2020

A,

4%,

9/01/38

......................................

2,735,000

3,122,823

Special

Tax,

2020

A,

4%,

9/01/39

......................................

2,905,000

3,306,849

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

5%,

9/01/29

........

185,000

237,559

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

5%,

9/01/30

........

210,000

267,996

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

5%,

9/01/31

........

175,000

221,557

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

5%,

9/01/32

........

185,000

232,519

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

5%,

9/01/33

........

200,000

249,384

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

5%,

9/01/34

........

225,000

279,479

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

5%,

9/01/36

........

265,000

324,887

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

4%,

9/01/37

........

285,000

319,596

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

4%,

9/01/38

........

275,000

307,208

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

4%,

9/01/39

........

315,000

350,646

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

4%,

9/01/40

........

350,000

388,259

Jurupa

Public

Financing

Authority

,

Special

Tax,

2013

A,

AGM

Insured,

5%,

9/01/30

...........................

2,750,000

3,074,500

Special

Tax,

2013

A,

AGM

Insured,

5%,

9/01/33

...........................

5,000,000

5,546,400

Special

Tax,

2014A,

Refunding,

5%,

9/01/27

.............................

1,000,000

1,159,710

Special

Tax,

2014A,

Refunding,

5%,

9/01/28

.............................

1,275,000

1,475,774

Special

Tax,

2014A,

Refunding,

5%,

9/01/29

.............................

530,000

611,858

Special

Tax,

2015A,

Refunding,

5%,

9/01/26

.............................

1,855,000

2,227,261

Special

Tax,

2015A,

Refunding,

5%,

9/01/27

.............................

1,000,000

1,196,470

Special

Tax,

2015A,

Refunding,

5%,

9/01/28

.............................

1,025,000

1,223,502

Special

Tax,

2015A,

Refunding,

5%,

9/01/29

.............................

1,155,000

1,374,300

Special

Tax,

2015A,

Refunding,

5%,

9/01/30

.............................

1,510,000

1,788,293

Special

Tax,

2015A,

Refunding,

5%,

9/01/31

.............................

1,190,000

1,403,795

Special

Tax,

2015A,

Refunding,

5%,

9/01/32

.............................

2,505,000

2,940,620

Special

Tax,

2015A,

Refunding,

5%,

9/01/33

.............................

2,635,000

3,082,581

Special

Tax,

2020A,

Refunding,

BAM

Insured,

4%,

9/01/32

...................

700,000

844,732

Special

Tax,

2020A,

Refunding,

BAM

Insured,

4%,

9/01/36

...................

1,175,000

1,381,166

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

franklintempleton.com

Annual

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)

Lake

Elsinore

Public

Financing

Authority

,

Special

Tax

,

2015

,

Refunding

,

5

%

,

9/01/30

.

$

4,970,000

$

5,680,064

Lammersville

Joint

Unified

School

District

,

Community

Facilities

District

No.

200

,

Special

Tax

,

2017

,

Refunding

,

5

%

,

9/01/33

...............................

1,575,000

1,815,817

Lee

Lake

Public

Financing

Authority

,

Special

Tax,

Junior

Lien,

2013B,

5%,

9/01/27

.............................

1,400,000

1,514,310

Special

Tax,

Junior

Lien,

2013B,

5.25%,

9/01/29

...........................

810,000

879,984

Los

Angeles

Community

College

District

,

GO

,

2015A

,

Refunding

,

5

%

,

8/01/26

......

15,000,000

17,806,500

Los

Angeles

County

Metropolitan

Transportation

Authority

,

Revenue,

2010A,

Refunding,

5.25%,

7/01/23

.............................

15,000,000

15,000,000

Revenue,

2014-A,

Refunding,

5%,

7/01/26

...............................

6,315,000

7,469,319

Revenue,

2014-A,

Refunding,

5%,

7/01/27

...............................

6,630,000

7,827,378

Revenue,

2017A,

5%,

7/01/38

........................................

1,755,000

2,182,430

Revenue,

Senior

Lien,

2012-B,

Refunding,

5%,

7/01/23

.....................

5,000,000

5,479,950

Los

Angeles

County

Sanitation

Districts

Financing

Authority

,

Revenue

,

2011A

,

5

%

,

10/01/22

........................................................

2,750,000

2,915,302

Los

Angeles

Department

of

Water

,

Revenue,

2016

A,

Refunding,

5%,

7/01/37

...............................

10,450,000

12,558,810

Revenue,

2018

B,

Refunding,

5%,

7/01/34

...............................

2,500,000

3,243,650

a

Revenue,

2020A,

Refunding,

5%,

7/01/35

...............................

335,000

453,754

a

Revenue,

2020A,

Refunding,

5%,

7/01/36

...............................

725,000

977,423

a

Revenue,

2020A,

Refunding,

5%,

7/01/37

...............................

950,000

1,276,202

a

Revenue,

2020A,

Refunding,

5%,

7/01/40

...............................

10,000,000

13,280,000

Los

Angeles

Department

of

Water

&

Power

,

Power

System,

Revenue,

2013A,

5%,

7/01/25

............................

5,135,000

5,723,625

Power

System,

Revenue,

2014

C,

5%,

7/01/27

............................

10,000,000

11,814,700

Power

System,

Revenue,

2014

D,

5%,

7/01/26

............................

2,600,000

3,076,372

Power

System,

Revenue,

2014

D,

5%,

7/01/27

............................

2,000,000

2,362,940

Power

System,

Revenue,

2014

D,

5%,

7/01/28

............................

2,550,000

3,007,190

Power

System,

Revenue,

2016B,

5%,

7/01/30

............................

3,000,000

3,684,300

Power

System,

Revenue,

2016B,

5%,

7/01/31

............................

6,700,000

8,191,822

Power

System,

Revenue,

2017B,

Refunding,

5%,

7/01/34

...................

23,350,000

29,038,994

Los

Angeles

Unified

School

District

,

COP,

2010B-2,

5%,

12/01/20

.........................................

3,830,000

3,897,752

GO,

2011A-1,

Refunding,

5%,

7/01/23

..................................

13,335,000

15,189,232

GO,

2011A-2,

Refunding,

5%,

7/01/21

..................................

5,000,000

5,238,450

GO,

2016

A,

Refunding,

5%,

7/01/29

...................................

5,000,000

6,020,400

GO,

2016B,

Refunding,

5%,

7/01/30

....................................

30,000,000

37,108,200

GO,

2020

RYQ,

4%,

7/01/36

.........................................

5,000,000

6,002,900

Manteca

Unified

School

District

,

Community

Facilities

District

No.

1989-2,

Special

Tax,

2013

F,

AGM

Insured,

5%,

9/01/22

........................................................

1,000,000

1,097,410

Community

Facilities

District

No.

1989-2,

Special

Tax,

2013

F,

AGM

Insured,

5%,

9/01/26

........................................................

1,280,000

1,443,213

Martinez

Unified

School

District

,

GO

,

2011

,

5.375

%

,

8/01/26

...................

5,000,000

5,955,300

Menifee

Union

School

District

Public

Financing

Authority

,

Special

Tax,

2016A,

Refunding,

5%,

9/01/25

.............................

1,200,000

1,407,012

Special

Tax,

2017A,

5%,

9/01/25

......................................

1,405,000

1,651,184

Special

Tax,

2017A,

5%,

9/01/28

......................................

1,250,000

1,484,063

Special

Tax,

2017A,

5%,

9/01/30

......................................

1,550,000

1,823,451

Metropolitan

Water

District

of

Southern

California

,

Revenue,

2011

C,

Refunding,

5%,

10/01/26

..............................

8,010,000

8,491,481

Revenue,

2014E,

Refunding,

5%,

7/01/23

...............................

20,000,000

22,910,200

Revenue,

2014E,

Refunding,

5%,

7/01/24

...............................

1,110,000

1,322,154

Revenue,

2016A,

Refunding,

5%,

7/01/28

...............................

5,000,000

6,216,700

a

Revenue,

2020

C,

Refunding,

5%,

7/01/38

...............................

18,000,000

24,201,180

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

23

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Moreno

Valley

Unified

School

District

,

GO,

2007,

Refunding,

NATL

Insured,

Zero

Cpn.,

8/01/24

....................

$

7,500,000

$

7,255,125

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

4%,

9/01/31

........

120,000

137,209

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

4%,

9/01/32

........

130,000

147,471

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

4%,

9/01/33

........

140,000

157,973

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

4%,

9/01/34

........

150,000

168,400

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

4%,

9/01/35

........

165,000

183,292

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

2.5%,

9/01/36

.......

175,000

161,599

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

2.5%,

9/01/37

.......

190,000

173,749

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

2.625%,

9/01/38

.....

200,000

184,566

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

2.625%,

9/01/39

.....

210,000

191,279

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

2.75%,

9/01/40

......

225,000

206,926

Mount

Diablo

Unified

School

District

,

GO

,

B-2

,

Refunding

,

5

%

,

7/01/27

...........

3,200,000

3,477,568

Mount

San

Antonio

Community

College

District

,

GO

,

2013

A

,

Zero

Cpn.,

8/01/28

....

6,000,000

6,905,340

Murrieta

Financing

Authority

,

Special

Tax,

2012,

Refunding,

5%,

9/01/20

...............................

1,225,000

1,233,293

Special

Tax,

2012,

Refunding,

5%,

9/01/22

...............................

1,495,000

1,629,087

Special

Tax,

2012,

Refunding,

5%,

9/01/24

...............................

1,810,000

1,963,633

Special

Tax,

2012,

Refunding,

5%,

9/01/25

...............................

1,000,000

1,082,170

New

Haven

Unified

School

District

,

GO,

2012,

Refunding,

AGM

Insured,

Zero

Cpn.,

8/01/22

.....................

11,750,000

11,607,707

GO,

2012,

Refunding,

AGM

Insured,

Zero

Cpn.,

8/01/23

.....................

3,200,000

3,134,656

Oro

Grande

Elementary

School

District

,

COP,

2020,

Refunding,

4%,

9/15/29

....................................

2,595,000

2,908,554

COP,

2020,

Refunding,

4%,

9/15/30

....................................

2,700,000

3,007,179

COP,

2020,

Refunding,

4%,

9/15/31

....................................

2,805,000

3,101,068

COP,

2020,

Refunding,

4%,

9/15/32

....................................

1,600,000

1,757,248

Oxnard

Financing

Authority

,

Special

Tax,

Senior

Lien

,

2012A

,

5

%

,

9/02/26

.........

1,020,000

1,111,066

Poway

Unified

School

District

,

Community

Facilities

District

No.

16,

Special

Tax,

2020,

AGM

Insured,

5%,

9/01/32

100,000

123,952

Community

Facilities

District

No.

16,

Special

Tax,

2020,

AGM

Insured,

4%,

9/01/34

500,000

562,945

Community

Facilities

District

No.

16,

Special

Tax,

2020,

AGM

Insured,

4%,

9/01/36

715,000

799,406

Community

Facilities

District

No.

16,

Special

Tax,

2020,

AGM

Insured,

4%,

9/01/38

835,000

927,151

Community

Facilities

District

No.

16,

Special

Tax,

2020,

AGM

Insured,

4%,

9/01/40

965,000

1,063,333

Poway

Unified

School

District

Public

Financing

Authority

,

Special

Tax,

2014,

BAM

Insured,

5%,

10/01/31

............................

1,700,000

1,926,372

Special

Tax,

2014,

BAM

Insured,

5%,

10/01/32

............................

1,845,000

2,088,761

Special

Tax,

2017A,

Refunding,

5%,

9/01/27

.............................

1,375,000

1,731,785

Special

Tax,

2017A,

Refunding,

5%,

9/01/30

.............................

2,260,000

2,813,994

Riverside

Community

College

District

,

GO

,

2014

A

,

Refunding

,

5

%

,

8/01/27

.......

3,550,000

4,163,759

Riverside

County

Redevelopment

Successor

Agency

,

Tax

Allocation,

2011B,

6.5%,

10/01/25

..................................

1,225,000

1,317,549

Tax

Allocation,

Second

Lien,

2011D,

ETM,

6.5%,

12/01/21

...................

310,000

326,616

Tax

Allocation,

Second

Lien,

2011D,

Pre-Refunded,

6.75%,

12/01/26

...........

1,025,000

1,116,368

Riverside

County

Transportation

Commission

,

Revenue,

2013

A,

Pre-Refunded,

5.25%,

6/01/25

..........................

3,500,000

4,004,455

Revenue,

2013

A,

Pre-Refunded,

5.25%,

6/01/27

..........................

4,000,000

4,576,520

Revenue,

2017B,

Refunding,

5%,

6/01/38

...............................

7,805,000

9,641,829

RNR

School

Financing

Authority

,

Special

Tax

,

2017

A

,

BAM

Insured

,

5

%

,

9/01/27

...

1,035,000

1,284,114

Romoland

School

District

,

Community

Facilities

District

No.

2004-1,

Special

Tax,

2015,

Refunding,

5%,

9/01/27

1,000,000

1,160,430

Community

Facilities

District

No.

2004-1,

Special

Tax,

2015,

Refunding,

5%,

9/01/28

1,960,000

2,267,015

Community

Facilities

District

No.

2004-1,

Special

Tax,

2015,

Refunding,

5%,

9/01/29

2,130,000

2,450,203

Community

Facilities

District

No.

2004-1,

Special

Tax,

2015,

Refunding,

5%,

9/01/30

2,310,000

2,637,581

Community

Facilities

District

No.

2004-1,

Special

Tax,

2015,

Refunding,

5%,

9/01/31

2,495,000

2,827,309

Community

Facilities

District

No.

2004-1,

Special

Tax,

2015,

Refunding,

5%,

9/01/32

2,690,000

3,033,513

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

franklintempleton.com

Annual

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)

Romoland

School

District,

(continued)

Community

Facilities

District

No.

91-1,

Special

Tax,

2017,

Refunding,

5%,

9/01/36

.

$

1,130,000

$

1,293,782

Sacramento

City

Financing

Authority

,

Special

Tax

,

2013

A

,

Refunding

,

AGM

Insured

,

5

%

,

9/01/21

......................................................

1,305,000

1,377,310

Sacramento

County

Sanitation

Districts

Financing

Authority

,

Revenue

,

2014A

,

Refunding

,

5

%

,

12/01/29

............................................

2,000,000

2,352,620

Sacramento

Municipal

Utility

District

,

Revenue,

2011

X,

Pre-Refunded,

5%,

8/15/25

............................

2,555,000

2,689,086

Revenue,

2011

X,

5%,

8/15/25

........................................

7,445,000

7,839,064

Electric

System,

Revenue,

2020

H,

5%,

8/15/36

...........................

7,465,000

10,055,654

San

Bernardino

County

Transportation

Authority

,

Revenue,

2014A,

5%,

3/01/30

........................................

2,685,000

3,106,169

Revenue,

2014A,

5%,

3/01/31

........................................

5,090,000

5,872,435

San

Diego

County

Regional

Airport

Authority

,

Revenue,

2019

A,

Refunding,

5%,

7/01/34

...............................

3,600,000

4,572,252

Revenue,

2019

A,

Refunding,

5%,

7/01/35

...............................

3,750,000

4,738,312

Revenue,

2019

A,

Refunding,

5%,

7/01/36

...............................

5,000,000

6,295,750

Revenue,

2019

A,

Refunding,

5%,

7/01/39

...............................

5,500,000

6,868,840

San

Diego

Public

Facilities

Financing

Authority

,

City

of

San

Diego,

Revenue,

2010A,

Pre-Refunded,

5%,

9/01/26

..............

8,000,000

8,063,040

City

of

San

Diego

Water

Utility,

Revenue,

2020

A,

5%,

8/01/34

................

850,000

1,148,273

City

of

San

Diego

Water

Utility,

Revenue,

2020

A,

5%,

8/01/35

................

850,000

1,142,706

San

Diego

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation

,

2010A

,

Pre-

Refunded

,

5

%

,

9/01/25

.............................................

1,000,000

1,007,960

San

Francisco

Bay

Area

Rapid

Transit

District

,

GO,

2013C,

5%,

8/01/27

............................................

2,640,000

3,011,369

GO,

2013C,

5%,

8/01/28

............................................

3,500,000

3,990,035

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

,

Revenue,

Second

Series,

2011G,

Pre-Refunded,

5%,

5/01/23

................

3,570,000

3,709,087

Revenue,

Second

Series,

2011G,

5%,

5/01/23

............................

1,400,000

1,451,660

Revenue,

Second

Series,

2019E,

5%,

5/01/37

............................

5,000,000

6,147,250

Revenue,

Second

Series,

2019H,

Refunding,

5%,

5/01/24

...................

15,040,000

17,299,309

SFO

Fuel

Co.

LLC,

Revenue,

2019

A,

Refunding,

5%,

1/01/33

................

1,000,000

1,241,690

SFO

Fuel

Co.

LLC,

Revenue,

2019

A,

Refunding,

5%,

1/01/34

................

1,335,000

1,650,647

SFO

Fuel

Co.

LLC,

Revenue,

2019

A,

Refunding,

5%,

1/01/35

................

1,000,000

1,232,220

SFO

Fuel

Co.

LLC,

Revenue,

2019

A,

Refunding,

5%,

1/01/36

................

1,000,000

1,227,180

San

Francisco

City

&

County

Redevelopment

Agency

Successor

Agency

,

Hotel

Tax,

Revenue,

2011,

Refunding,

AGM

Insured,

5%,

6/01/24

..............

10,275,000

10,614,383

Mission

Bay

South

Redevelopment

Area

Tax

Increment

Financing

District,

Tax

Allocation,

2014A,

5%,

8/01/30

......................................

1,080,000

1,217,128

Mission

Bay

South

Redevelopment

Area

Tax

Increment

Financing

District,

Tax

Allocation,

2014A,

5%,

8/01/34

......................................

1,110,000

1,237,139

San

Francisco

City

&

County

Redevelopment

Financing

Authority

,

Tax

Allocation

,

2011B

,

Pre-Refunded

,

6.125

%

,

8/01/26

.................................

1,000,000

1,033,940

San

Jacinto

Unified

School

District

Financing

Authority

,

Community

Facilities

District

No.

2003-2

,

Special

Tax

,

2019

,

5

%

,

9/01/36

..............................

1,200,000

1,381,308

San

Joaquin

Hills

Transportation

Corridor

Agency

,

Revenue,

1997

A,

Refunding,

NATL

Insured,

Zero

Cpn.,

1/15/26

...............

19,000,000

16,503,210

Revenue,

Senior

Lien,

2014A,

Refunding,

5%,

1/15/29

......................

10,000,000

11,447,300

San

Luis

&

Delta

Mendota

Water

Authority

,

Revenue

,

2013

A

,

Refunding

,

BAM

Insured

,

5

%

,

3/01/29

......................................................

1,000,000

1,119,770

San

Mateo

County

Transit

District

,

Revenue,

2015A,

Refunding,

5%,

6/01/28

...............................

3,000,000

3,629,310

Revenue,

2015A,

Refunding,

5%,

6/01/29

...............................

4,300,000

5,185,800

San

Mateo

Foster

City

Public

Financing

Authority

,

City

of

San

Mateo

Sewer,

Revenue,

2019,

5%,

8/01/34

.....................

1,000,000

1,318,080

City

of

San

Mateo

Sewer,

Revenue,

2019,

5%,

8/01/36

.....................

1,135,000

1,480,869

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

25

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

San

Mateo

Foster

City

Public

Financing

Authority,

(continued)

City

of

San

Mateo

Sewer,

Revenue,

2019,

5%,

8/01/38

.....................

$

1,500,000

$

1,944,885

San

Ysidro

School

District

,

COP,

2015,

Refunding,

BAM

Insured,

5%,

9/01/29

.........................

1,100,000

1,315,567

COP,

2015,

Refunding,

BAM

Insured,

5%,

9/01/31

.........................

1,000,000

1,186,800

COP,

2015,

Refunding,

BAM

Insured,

5%,

9/01/33

.........................

1,050,000

1,236,343

Sanger

Public

Financing

Authority

,

Revenue

,

2014

,

Refunding

,

AGM

Insured

,

5

%

,

6/15/34

.........................................................

7,000,000

8,246,000

Santa

Ana

Community

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation

,

2011A

,

Pre-Refunded

,

6

%

,

9/01/22

....................................

5,000,000

5,192,950

Santa

Cruz

County

Redevelopment

Successor

Agency

,

Tax

Allocation

,

2015A

,

Refunding

,

AGM

Insured

,

5

%

,

9/01/29

..................................

4,475,000

5,290,211

Sonoma

Community

Development

Agency

Successor

Agency

,

Tax

Allocation,

2015,

Refunding,

NATL

Insured,

5%,

6/01/29

..................

1,000,000

1,211,980

Tax

Allocation,

2015,

Refunding,

NATL

Insured,

5%,

6/01/33

..................

1,200,000

1,428,600

Sonoma-Marin

Area

Rail

Transit

District

,

Revenue,

2011

A,

5%,

3/01/25

........................................

15,410,000

16,549,878

Revenue,

2011

A,

5%,

3/01/27

........................................

11,945,000

12,816,149

Southern

California

Public

Power

Authority

,

Revenue

,

2015C

,

Refunding

,

5

%

,

7/01/26

5,000,000

5,958,750

State

of

California

,

GO,

Refunding,

5.25%,

9/01/22

.......................................

16,330,000

18,094,783

GO,

Refunding,

5%,

10/01/22

.........................................

15,785,000

17,466,734

GO,

Refunding,

5%,

9/01/29

.........................................

1,000,000

1,249,580

GO,

Refunding,

5%,

4/01/30

.........................................

10,000,000

13,407,200

GO,

2012,

Refunding,

5%,

2/01/22

.....................................

15,000,000

16,118,250

GO,

2014,

5%,

12/01/27

.............................................

5,000,000

5,709,700

GO,

2014,

5%,

12/01/28

.............................................

5,000,000

5,700,600

State

of

California

Department

of

Water

Resources

,

Revenue,

AM,

5%,

12/01/23

..........................................

10,000,000

11,387,500

Revenue,

AM,

5%,

12/01/24

..........................................

8,495,000

9,663,063

Revenue,

AM,

5%,

12/01/25

..........................................

5,000,000

5,684,350

Revenue,

AS,

ETM,

5%,

12/01/24

.....................................

35,000

42,020

Revenue,

AS,

5%,

12/01/24

..........................................

11,090,000

13,418,789

Revenue,

AS,

Pre-Refunded,

5%,

12/01/25

..............................

5,000

6,015

Revenue,

AS,

5%,

12/01/25

..........................................

6,125,000

7,378,175

Revenue,

AS,

Pre-Refunded,

5%,

12/01/26

..............................

45,000

54,025

Revenue,

AS,

5%,

12/01/26

..........................................

22,455,000

27,005,506

Revenue,

BA,

5%,

12/01/35

..........................................

12,180,000

15,918,651

Tobacco

Securitization

Authority

of

Southern

California

,

San

Diego

County

Tobacco

Asset

Securitization

Corp.,

Revenue,

2019

A,

1,

Refunding,

5%,

6/01/35

............................................

1,500,000

1,879,380

San

Diego

County

Tobacco

Asset

Securitization

Corp.,

Revenue,

2019

A,

1,

Refunding,

5%,

6/01/37

............................................

1,000,000

1,242,660

San

Diego

County

Tobacco

Asset

Securitization

Corp.,

Revenue,

2019

A,

1,

Refunding,

5%,

6/01/38

............................................

500,000

619,405

Transbay

Joint

Powers

Authority

,

Transbay

Redevelopment

Project

Tax

Increment

Re-Development

Project,

Tax

Allocation,

Senior

Lien,

2020

A,

5%,

10/01/30

...........................

500,000

643,220

Transbay

Redevelopment

Project

Tax

Increment

Re-Development

Project,

Tax

Allocation,

Senior

Lien,

2020

A,

5%,

10/01/32

...........................

1,500,000

1,900,455

Transbay

Redevelopment

Project

Tax

Increment

Re-Development

Project,

Tax

Allocation,

Senior

Lien,

2020

A,

5%,

10/01/34

...........................

1,050,000

1,318,327

Tulare

County

Board

of

Education

,

COP

,

Pre-Refunded

,

BAM

Insured

,

5

%

,

5/01/28

..

1,040,000

1,176,718

Tustin

Community

Facilities

District

,

City

of

Tustin

Community

Facilities

District

No.

06-1,

Special

Tax,

2015A,

Refunding,

5%,

9/01/30

....................................................

1,000,000

1,182,100

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

26

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Tustin

Community

Facilities

District,

(continued)

City

of

Tustin

Community

Facilities

District

No.

06-1,

Special

Tax,

2015A,

Refunding,

5%,

9/01/32

....................................................

$

1,565,000

$

1,843,977

Tustin

Community

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation,

2010,

Pre-Refunded,

AGM

Insured,

5%,

9/01/24

...............

1,000,000

1,007,880

Tax

Allocation,

2010,

Pre-Refunded,

AGM

Insured,

5%,

9/01/25

...............

1,000,000

1,007,880

Twin

Rivers

Unified

School

District

,

GO

,

2020

A

,

Refunding

,

AGM

Insured

,

4

%

,

8/01/35

5,000,000

6,037,000

University

of

California

,

Revenue,

2014AM,

5%,

5/15/27

.......................................

3,000,000

3,514,590

Revenue,

2014AM,

5%,

5/15/28

.......................................

1,835,000

2,145,133

Revenue,

2016K,

5%,

5/15/37

........................................

1,000,000

1,199,470

Vacaville

Unified

School

District

,

GO,

D,

4%,

8/01/35

................................................

250,000

296,410

GO,

D,

4%,

8/01/36

................................................

300,000

354,060

GO,

D,

4%,

8/01/37

................................................

300,000

352,992

GO,

D,

4%,

8/01/38

................................................

545,000

639,045

GO,

D,

4%,

8/01/39

................................................

750,000

877,193

GO,

D,

4%,

8/01/40

................................................

735,000

856,988

Washington

Township

Health

Care

District

,

Revenue

,

2010-A

,

5

%

,

7/01/25

........

3,035,000

3,043,953

West

Basin

Municipal

Water

District

,

Revenue,

2016A,

Refunding,

5%,

8/01/32

...............................

1,975,000

2,400,751

Revenue,

2016A,

Refunding,

5%,

8/01/33

...............................

2,630,000

3,190,584

a

Western

Municipal

Water

District

Facilities

Authority

,

Revenue

,

2020A

,

Refunding

,

5

%

,

10/01/38

........................................................

2,750,000

3,693,360

Yorba

Linda

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation,

Sub.

Lien

,

2011A

,

Pre-Refunded

,

6

%

,

9/01/26

....................................

1,435,000

1,529,610

1,664,269,951

U.S.

Territories

0.8%

Guam

0.3%

Guam

Power

Authority

,

Revenue,

2012A,

Refunding,

AGM

Insured,

5%,

10/01/21

...................

2,000,000

2,090,620

Revenue,

2012A,

Refunding,

AGM

Insured,

5%,

10/01/22

...................

2,000,000

2,160,860

4,251,480

Puerto

Rico

0.5%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

UU,

Refunding,

AGM

Insured,

5%,

7/01/23

.......................

5,000,000

5,033,400

d

Revenue,

WW-RSA-1,

5.375%,

7/01/23

.................................

5,000,000

3,506,250

8,539,650

Total

U.S.

Territories

....................................................................

12,791,130

Total

Municipal

Bonds

(Cost

$1,563,029,231)

...................................

1,677,061,081

Total

Long

Term

Investments

(Cost

$1,598,416,142)

.............................

1,713,723,504

a

a

a

a

a

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

27

s

Short

Term

Investments

2.6%

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

2.6%

California

2.6%

e

Eastern

Municipal

Water

District

,

Revenue

,

2018

A

,

Refunding

,

SPA

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

0.07

%

,

7/01/46

................................

$

500,000

$

500,000

e

Irvine

Ranch

Water

District

,

Special

Assessment

,

2009B

,

LOC

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

0.08

%

,

10/01/41

..................................

1,000,000

1,000,000

e

Santa

Clara

Valley

Transportation

Authority

,

Revenue

,

2008D

,

Refunding

,

SPA

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.05

%

,

4/01/36

...........................

2,300,000

2,300,000

e

State

of

California

,

GO

,

2004

A5

,

LOC

Citibank

NA

,

Daily

VRDN

and

Put

,

0.05

%

,

5/01/34

.........................................................

900,000

900,000

e

University

of

California

,

Revenue,

2013

AL-1,

Daily

VRDN

and

Put,

0.07%,

5/15/48

..................

7,025,000

7,025,000

Revenue,

2013

AL-2,

Refunding,

Daily

VRDN

and

Put,

0.05%,

5/15/48

..........

30,000,000

30,000,000

Revenue,

2013

AL-4,

Refunding,

Daily

VRDN

and

Put,

0.06%,

5/15/48

..........

4,000,000

4,000,000

45,725,000

Total

Municipal

Bonds

(Cost

$45,725,000)

......................................

45,725,000

a

Total

Investments

(Cost

$1,644,141,142)

101.5%

................................

$1,759,448,504

Other

Assets,

less

Liabilities

(1.5)%

...........................................

(26,631,582)

Net

Assets

100.0%

...........................................................

$1,732,816,922

See

Abbreviations

on

page

39

.

a

Security

purchased

on

a

when-issued

basis.

See

Note

1(b).

b

Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

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.

At

June

30,

2020,

the

aggregate

value

of

these

securities

was

$10,015,316,

representing

0.6%

of

net

assets.

c

The

maturity

date

shown

represents

the

mandatory

put

date.

d

See

Note

7

regarding

defaulted

securities.

e

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

California

Tax-Free

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

June

30,

2020

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

28

Franklin

California

Intermediate-

Term

Tax-Free

Income

Fund

Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

...................................................................

$1,644,141,142

Value

-

Unaffiliated

issuers

..................................................................

$1,759,448,504

Cash

....................................................................................

1,693,722

Receivables:

Capital

shares

sold

........................................................................

3,451,489

Interest

.................................................................................

18,450,196

Other

assets

..............................................................................

1,412

Total

assets

..........................................................................

1,783,045,323

Liabilities:

Payables:

Investment

securities

purchased

..............................................................

46,068,812

Capital

shares

r

edeemed

...................................................................

2,448,887

Management

fees

.........................................................................

652,114

Distribution

fees

..........................................................................

189,949

Transfer

agent

fees

........................................................................

109,843

Distributions

to

shareholders

.................................................................

616,382

Accrued

expenses

and

other

liabilities

...........................................................

142,414

Total

liabilities

.........................................................................

50,228,401

Net

assets,

at

value

.................................................................

$1,732,816,922

Net

assets

consist

of:

Paid-in

capital

.............................................................................

$1,676,327,986

Total

distributable

earnings

(losses)

.............................................................

56,488,936

Net

assets,

at

value

.................................................................

$1,732,816,922

Franklin

California

Tax-Free

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

June

30,

2020

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

29

Franklin

California

Intermediate-

Term

Tax-Free

Income

Fund

Class

A:

Net

assets,

at

value

.......................................................................

$226,216,393

Shares

outstanding

........................................................................

18,709,974

Net

asset

value

per

share

a

..................................................................

$12.09

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

97.75%)

................................

$12.37

Class

A1:

Net

assets,

at

value

.......................................................................

$710,743,283

Shares

outstanding

........................................................................

58,821,866

Net

asset

value

per

share

...................................................................

$12.08

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

97.75%)

................................

$12.36

Class

C:

Net

assets,

at

value

.......................................................................

$139,835,083

Shares

outstanding

........................................................................

11,525,542

Net

asset

value

per

share

a

..................................................................

$12.13

Class

R6:

Net

assets,

at

value

.......................................................................

$19,007,118

Shares

outstanding

........................................................................

1,568,844

Net

asset

value

per

share

...................................................................

$12.12

Advisor

Class:

Net

assets,

at

value

.......................................................................

$637,015,045

Shares

outstanding

........................................................................

52,576,308

Net

asset

value

per

share

...................................................................

$12.12

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

year

ended

June

30,

2020

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

30

Franklin

California

Intermediate-

Term

Tax-Free

Income

Fund

Investment

income:

Interest:

Unaffiliated

issuers

........................................................................

$51,098,989

Expenses:

Management

fees

(Note

3

a

)

...................................................................

7,966,830

Distribution

fees:

(Note

3c

)

Class

A

................................................................................

427,013

Class

A1

...............................................................................

743,314

Class

C

................................................................................

996,352

Transfer

agent

fees:

(Note

3e

)

Class

A

..................................................................................

116,460

Class

A1

.................................................................................

504,188

Class

C

..................................................................................

103,915

Class

R6

.................................................................................

6,892

Advisor

Class

.............................................................................

418,378

Custodian

fees

(Note

4

)

......................................................................

11,818

Reports

to

shareholders

......................................................................

41,135

Registration

and

filing

fees

....................................................................

28,130

Professional

fees

...........................................................................

95,176

Trustees'

fees

and

expenses

..................................................................

61,063

Other

....................................................................................

139,807

Total

expenses

.........................................................................

11,660,471

Expense

reductions

(Note

4

)

...............................................................

(12,246)

Expenses

waived/paid

by

affiliates

(Note

3

f

)

....................................................

(1,164,801)

Net

expenses

.........................................................................

10,483,424

Net

investment

income

................................................................

40,615,565

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

......................................................................

(10,319,679)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

......................................................................

14,220,451

Net

realized

and

unrealized

gain

(loss)

............................................................

3,900,772

Net

increase

(decrease)

in

net

assets

resulting

from

operations

..........................................

$44,516,337

Franklin

California

Tax-Free

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

31

Franklin

California

Intermediate-

Term

Tax-Free

Income

Fund

Year

Ended

June

30,

2020

Year

Ended

June

30,

2019

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

.................................................

$40,615,565

$43,320,569

Net

realized

gain

(loss)

.................................................

(10,319,679)

(1,109,097)

Net

change

in

unrealized

appreciation

(depreciation)

...........................

14,220,451

34,606,140

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

44,516,337

76,817,612

Distributions

to

shareholders:

Class

A

.............................................................

(3,842,496)

(1,206,811)

Class

A1

............................................................

(17,989,228)

(22,516,946)

Class

C

.............................................................

(2,863,087)

(4,349,832)

Class

R6

............................................................

(453,747)

(424,070)

Advisor

Class

........................................................

(15,508,053)

(16,543,152)

Total

distributions

to

shareholders

..........................................

(40,656,611)

(45,040,811)

Capital

share

transactions:

(Note

2

)

Class

A

.............................................................

128,751,161

94,620,290

Class

A1

............................................................

(52,242,538)

(100,336,383)

Class

C

.............................................................

(30,816,445)

(53,989,458)

Class

R6

............................................................

2,713,268

3,207,130

Advisor

Class

........................................................

42,878,725

(18,948,102)

Total

capital

share

transactions

............................................

91,284,171

(75,446,523)

Net

increase

(decrease)

in

net

assets

...................................

95,143,897

(43,669,722)

Net

assets:

Beginning

of

year

.......................................................

1,637,673,025

1,681,342,747

End

of

year

...........................................................

$1,732,816,922

$1,637,673,025

Franklin

California

Tax-Free

Trust

Notes

to

Financial

Statements

Franklin

California

Intermediate-Term

Tax

Free

Trust

32

franklintempleton.com

Annual

Report

1.

Organization

and

Significant

Accounting

Policies

Franklin

California

Tax-Free

Trust (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-

end

management

investment

company,

consisting

of one

fund,

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(Fund),

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP).

The

Fund

offers five

classes

of

shares:

Class

A,

Class

A1,

Class

C,

Class

R6,

and

Advisor

Class. Class

C

shares

automatically

convert

to

Class

A

shares

after

they

have

been

held

for

10

years.

Each

class

of

shares

may

differ

by

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees. 

The

following

summarizes

the

Fund's

significant

accounting

policies.

a.

Financial

Instrument

Valuation 

The

Fund’s

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates

the

net

asset

value

(NAV)

per

share

each business

day as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the

Trust's

Board

of

Trustees

(the

Board),

the

Fund's

administrator

has

responsibility

for

oversight

of

valuation,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Debt

securities

generally

trade

in

the

over-the-counter

market

rather

than

on

a

securities

exchange.

The

Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-

based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

The

Fund

has

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the Fund

primarily

employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

book

values,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

b.

Securities

Purchased

on

a

When-Issued

Basis

The

Fund

purchases

securities

on

a

when-issued

basis,

with

payment

and

delivery

scheduled

for

a

future

date.

These

transactions

are

subject

to

market

fluctuations

and

are

subject

to

the

risk

that

the

value

at

delivery

may

be

more

or

less

than

the

trade

date

purchase

price.

Although

the

Fund

will

generally

purchase

these

securities

with

the

intention

of

holding

the

securities,

it

may

sell

the

securities

before

the

settlement

date.

Sufficient

assets

have

been

segregated

for

these

securities.

c.

Income

Taxes

It

is the

Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The

Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

income

and

net

realized

gains

to

relieve

it

from

federal

income

and excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The

Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

June

30,

2020,

the

Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

Franklin

California

Tax-Free

Trust

Notes

to

Financial

Statements

33

franklintempleton.com

Annual

Report

Franklin

California

Intermediate-Term

Tax

Free

Trust

(continued)

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the

Fund

invests. 

d.

Security

Transactions,

Investment

Income,

Expenses

and

Distributions

Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Dividends

from

net

investment

income

are

normally

declared

daily;

these

dividends

may

be

reinvested

or

paid

monthly

to

shareholders.

Distributions

from

net

realized

capital

gains

and

other

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Common

expenses

incurred

by

the

Trust

are

allocated

among

the

Funds

based

on

the

ratio

of

net

assets

of

each

Fund

to

the

combined

net

assets

of

the

Trust

or

based

on

the

ratio

of

number

of

shareholders

of

each

Fund

to

the

combined

number

of

shareholders

of

the

Trust.

Fund

specific

expenses

are

charged

directly

to

the

Fund

that

incurred

the

expense.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

e.

Insurance

The

scheduled

payments

of

interest

and

principal

for

each

insured

municipal

security

in

the

Trust

are

insured

by

either

a

new

issue

insurance

policy

or

a

secondary

insurance

policy.

Some

municipal

securities

in

the

Fund

are

secured

by

collateral

guaranteed

by

an

agency

of

the

U.S.

government.

Depending

on

the

type

of

coverage,

premiums

for

insurance

are

either

added

to

the

cost

basis

of

the

security

or

paid

by

a

third

party.

Insurance

companies

typically

insure

municipal

bonds

that

tend

to

be

of

very

high

quality,

with

the

majority

of

underlying

municipal

bonds

rated

A

or

better.

However,

an

event

involving

an

insurer

could

have

an

adverse

effect

on

the

value

of

the

securities

insured

by

that

insurance

company.

There

can

be

no

assurance

the

insurer

will

be

able

to

fulfill

its

obligations

under

the

terms

of

the

policy.

f.

Accounting

Estimates

The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

g.

Guarantees

and

Indemnifications

Under

the

Trust's

organizational

documents,

its

officers

and

trustees

are

indemnified

by

the

Trust

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the

Trust,

on

behalf

of

the

Fund,

enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The

Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Trust

that

have

not

yet

occurred.

Currently,

the

Trust

expects

the

risk

of

loss

to

be

remote.

1.

Organization

and

Significant

Accounting

Policies

(continued)

c.

Income

Taxes

(continued)

Franklin

California

Tax-Free

Trust

Notes

to

Financial

Statements

34

franklintempleton.com

Annual

Report

Franklin

California

Intermediate-Term

Tax

Free

Trust

(continued)

2.

Shares

of

Beneficial

Interest

At

June

30,

2020,

there

were

an

unlimited

number

of

shares

authorized

($0.01

par

value).

Transactions

in

the

Fund’s

shares

were

as

follows:

3.

Transactions

with

Affiliates

Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and

trustees

of

the

Fund

are

also

officers

and/or

directors

of

the

following

subsidiaries:

Year

Ended

June

30,

2020

2019

a

Shares

Shares

Class

A

Shares:

Shares

sold

b

...................................

14,155,850

$170,035,956

10,138,500

$119,613,053

Shares

issued

in

reinvestment

of

distributions

..........

288,583

3,480,753

90,668

1,079,389

Shares

redeemed

...............................

(3,767,748)

(44,765,548)

(2,195,879)

(26,072,152)

Net

increase

(decrease)

..........................

10,676,685

$128,751,161

8,033,289

$94,620,290

Class

A1

Shares:

Shares

sold

...................................

3,063,608

$37,000,018

5,636,808

$66,518,676

Shares

issued

in

reinvestment

of

distributions

..........

1,278,324

15,427,161

1,609,968

19,038,784

Shares

redeemed

...............................

(8,751,517)

(104,669,717)

(15,793,814)

(185,893,843)

Net

increase

(decrease)

..........................

(4,409,585)

$(52,242,538)

(8,547,038)

$(100,336,383)

Class

C

Shares:

Shares

sold

...................................

1,534,412

$18,590,074

1,389,798

$16,460,255

Shares

issued

in

reinvestment

of

distributions

..........

190,358

2,306,804

295,034

3,500,924

Shares

redeemed

b

..............................

(4,279,274)

(51,713,323)

(6,263,458)

(73,950,637)

Net

increase

(decrease)

..........................

(2,554,504)

$(30,816,445)

(4,578,626)

$(53,989,458)

Class

R6

Shares:

Shares

sold

...................................

667,978

$8,095,642

725,034

$8,567,143

Shares

issued

in

reinvestment

of

distributions

..........

33,905

410,092

33,248

394,639

Shares

redeemed

...............................

(483,829)

(5,792,466)

(487,423)

(5,754,652)

Net

increase

(decrease)

..........................

218,054

$2,713,268

270,859

$3,207,130

Advisor

Class

Shares:

Shares

sold

...................................

15,601,119

$188,008,778

19,740,958

$233,554,024

Shares

issued

in

reinvestment

of

distributions

..........

987,052

11,945,168

1,080,942

12,822,654

Shares

redeemed

...............................

(13,112,732)

(157,075,221)

(22,505,002)

(265,324,780)

Net

increase

(decrease)

..........................

3,475,439

$42,878,725

(1,683,102)

$(18,948,102)

a

For

the

period

September

10,

2018

(effective

date)

to

June

30,

2019

for

Class

A.

b

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A.

Subsidiary

Affiliation

Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Templeton

Distributors,

Inc.

(Distributors)

Principal

underwriter

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

Franklin

California

Tax-Free

Trust

Notes

to

Financial

Statements

35

franklintempleton.com

Annual

Report

Franklin

California

Intermediate-Term

Tax

Free

Trust

(continued)

a.

Management

Fees

The

Fund

pays

an

investment

management

fee

to

Advisers

based

on

the

month-end

net

assets

of

the

Fund

as

follows:

For

the

year

ended

June

30,

2020,

the

gross

effective

investment

management

fee

rate

was

0.469%

of

the

Fund’s

average

daily

net

assets.

b.

Administrative

Fees

Under

an

agreement

with

Advisers,

FT

Services

provides

administrative

services

to

the

Fund.

The

fee

is

paid

by

Advisers

based

on

the

Fund's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund.

c.

Distribution

Fees

The

Board

has

adopted

distribution

plans

for

each

share

class,

with

the

exception

of

Class

R6

and

Advisor

Class

shares,

pursuant

to

Rule

12b-1

under

the

1940

Act.

Under

the

Fund’s

Class

A

and

A1

reimbursement

distribution

plan,

the

Fund

reimburses

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of

the

Fund's

shares

up

to

the

maximum

annual

plan

rate

for

each

class.

Under

the

Class

A

and

A1

reimbursement

distribution

plan,

costs

exceeding

the

maximum

for

the

current

plan

year

cannot

be

reimbursed

in

subsequent

periods.

In

addition,

under

the

Fund’s

Class

C

compensation

distribution

plan,

the

Fund

pays

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of

the

Fund's

shares

up

to

the

maximum

annual

plan

rate.

The

plan

year,

for

purposes

of

monitoring

compliance

with

the

maximum

annual

plan

rate,

is

February

1

through

January

31.

 The

maximum

annual

plan

rates,

based

on

the

average

daily

net

assets,

for

each

class,

are

as

follows:

Annualized

Fee

Rate

Net

Assets

0.625%

Up

to

and

including

$100

million

0.500%

Over

$100

million,

up

to

and

including

$250

million

0.450%

Over

$250

million,

up

to

and

including

$7.5

billion

0.440%

Over

$7.5

billion,

up

to

and

including

$10

billion

0.430%

Over

$10

billion,

up

to

and

including

$12.5

billion

0.420%

Over

$12.5

billion,

up

to

and

including

$15

billion

0.400%

Over

$15

billion,

up

to

and

including

$17.5

billion

0.380%

Over

$17.5

billion,

up

to

and

including

$20

billion

0.360%

In

excess

of

$20

billion

Reimbursement

Plans:

Class

A

..................................................................................

0.25%

Class

A1

.................................................................................

0.10%

Compensation

Plans:

Class

C

..................................................................................

0.65%

3.

Transactions

with

Affiliates

(continued)

Franklin

California

Tax-Free

Trust

Notes

to

Financial

Statements

36

franklintempleton.com

Annual

Report

Franklin

California

Intermediate-Term

Tax

Free

Trust

(continued)

d.

Sales

Charges/Underwriting

Agreements

Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Fund.

These

charges

are

deducted

from

the

proceeds

of

sales

of

fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

have

advised

the

Fund

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Fund's

shares

for

the

year:

e.

Transfer

Agent

Fees

Each

class

of

shares

pays

transfer

agent

fees

to

Investor

Services

for

its

performance

of

shareholder

servicing

obligations.

The

fees

are

based

on

an

annualized

asset

based

fee

of

0.02%

plus

a

transaction

based

fee.

In

addition,

each

class

reimburses

Investor

Services

for

out

of

pocket

expenses

incurred

and,

except

for

Class

R6,

reimburses

shareholder

servicing

fees

paid

to

third

parties.

These

fees

are

allocated

daily

based

upon

their

relative

proportion

of

such

classes'

aggregate

net

assets.

Class

R6

pays

Investor

Services

transfer

agent

fees

specific

to

that

class.

For

the

year

ended

June

30,

2020,

the

Fund

paid

transfer

agent

fees

of

$1,149,833,

of

which

$440,285

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

expenses

(excluding

distribution

fees, acquired

fund

fees

and

expenses

and

certain

non-routine

expenses

or

costs,

including

those

relating

to

litigation,

indemnification,

reorganizations,

and

liquidations)

and

expenses for

each

class

of

the

Fund

do

not

exceed

0.49%,

and

for

Class

R6

do

not

exceed

0.46%,

based

on

the

average

net

assets

of

each

class

until

October

31,

2020.

Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund's

fiscal

year

end.

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

year

ended

June

30,

2020,

these

purchase

and

sale

transactions

aggregated

$138,547,000

and

$80,078,000,

respectively.

4.

Expense

Offset

Arrangement

The

Fund has

entered

into

an

arrangement

with

their

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

year

ended

June

30,

2020,

the

custodian

fees

were

reduced

as

noted

in

the

Statement

of

Operations. 

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..............................

$7,566

CDSC

retained

..............................................................................

$82,581

3.

Transactions

with

Affiliates

(continued)

Franklin

California

Tax-Free

Trust

Notes

to

Financial

Statements

37

franklintempleton.com

Annual

Report

Franklin

California

Intermediate-Term

Tax

Free

Trust

(continued)

5.

Income

Taxes

For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

June

30,

2020,

the

capital

loss

carryforwards

were

as

follows:

The

tax

character

of

distributions

paid

during

the

years

ended

June

30,

2020

and

2019,

was

as

follows:

At

June

30,

2020,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation)

and

undistributed

tax

exempt

income

for

income

tax

purposes

were

as

follows:

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatment

of

bond

discounts

and

premiums

and

bond

workout

expenditures.

6.

Investment

Transactions

Purchases

and

sales

of

investments

(excluding

short

term

securities)

for

the

year

ended

June

30,

2020,

aggregated

$429,303,352

and

$309,152,549,

respectively.

7.

Defaulted

Securities

The

Fund

held

a

defaulted

security

and/or

other

securities

for

which

the

income

has

been

deemed

uncollectible.

At

June

30,

2020,

the

value

of

this

security

was

$3,506,250,

representing

0.2%

of

the

Fund's

net

assets.

The

Fund

discontinues

accruing

income

on

securities

for

which

income

has

been

deemed

uncollectible

and

provides

an

estimate

for

losses

on

interest

receivable.

The

security

has

been

identified

in

the

accompanying

Statement

of

Investments.

8.

Concentration

of

Risk

The

Fund

invests

a

large

percentage

of

its

total

assets

in

obligations

of

issuers

within

California

and

U.S.

territories.

Such

concentration

may

subject

the

Fund

to

risks

associated

with

industrial

or

regional

matters,

and

economic,

political

or

legal

developments

occurring

within

California

and

U.S.

territories.

Investing

in

Puerto

Rico

securities

may

expose

the

Fund

to

heightened

risks

due

to

recent

adverse

economic

and

market

changes,

credit

downgrades

and

ongoing

restructuring

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

................................................................................

$35,414,671

Long

term

................................................................................

24,083,889

Total

capital

loss

carryforwards

...............................................................

$59,498,560

2020

2019

Distributions

paid

from:

Ordinary

income

..........................................................

$40,656,611

$45,040,811

Cost

of

investments

..........................................................................

$1,643,971,814

Unrealized

appreciation

........................................................................

$118,548,572

Unrealized

depreciation

........................................................................

(3,071,882)

Net

unrealized

appreciation

(depreciation)

..........................................................

$115,476,690

Distributable

earnings:

Undistributed

tax

exempt

income

.................................................................

$4,037,786

Franklin

California

Tax-Free

Trust

Notes

to

Financial

Statements

38

franklintempleton.com

Annual

Report

Franklin

California

Intermediate-Term

Tax

Free

Trust

(continued)

discussions.

In

addition,

investments

in

these

securities

are

sensitive

to

interest

rate

changes

and

credit

risk

of

the

issuer

and

may

subject

the

Fund

to

increased

market

volatility.

The

market

for

these

investments

may

be

limited,

which

may

make

them

difficult

to

buy

or

sell.

9. Novel

Coronavirus

Pandemic 

The

global

outbreak

of

the

novel

coronavirus

disease,

known

as

COVID-19, has

caused

adverse

effects

on

many

companies,

sectors,

nations,

regions

and

the

markets

in

general, and

may

continue for

an unpredictable duration.

The

effects

of

this

pandemic

may

materially

impact

the

value

and

performance

of

the Fund, its ability

to

buy

and

sell

fund

investments

at

appropriate

valuations

and its ability

to

achieve its investment

objectives.

10.

Credit

Facility

The

Fund,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2

billion

(Global

Credit

Facility)

which

matures

on

February

5,

2021.

This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

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

year

ended

June

30,

2020,

the

Fund

did

not

use

the

Global

Credit

Facility.

11.

Fair

Value

Measurements

The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund’s

financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

3

–

significant

unobservable

inputs

(including

the

Fund’s

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

At

June

30,

2020,

all

of

the

Fund’s

investments

in

financial

instruments

carried

at

fair

value

were

valued

using

Level

2

inputs.

12.

New

Accounting

Pronouncements

In

March

2020,

the

Financial

Accounting

Standards

Board

issued

Accounting

Standards

Update

(ASU)

No.

2020-04,

Reference

Rate

Reform

(Topic

848)

–

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting.

The

amendments

in

the

ASU

provides

optional

temporary

financial

reporting

relief

from

the

effect

of

certain

types

of

contract

modifications

due

to

the

planned

discontinuation

of

the

London

Interbank

Offered

Rate

and

other

interbank-offered

based

8.

Concentration

of

Risk

(continued)

Franklin

California

Tax-Free

Trust

Notes

to

Financial

Statements

39

franklintempleton.com

Annual

Report

Franklin

California

Intermediate-Term

Tax

Free

Trust

(continued)

reference

rates

as

of

the

end

of

2021.

The

ASU

is

effective

for

certain

reference

rate-related

contract

modifications

that

occur

during

the

period

March

12,

2020

through

December

31,

2022.

Management

is

currently

evaluating

the

impact,

if

any,

of

applying

this

ASU. 

13.

Subsequent

Events

The

Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

Abbreviations

Selected

Portfolio

1915

Act

Improvement

Bond

Act

of

1915

ABAG

Association

of

Bay

Area

Governments

AGM

Assured

Guaranty

Municipal

Corp.

AMBAC

American

Municipal

Bond

Assurance

Corp.

BAM

Build

America

Mutual

Assurance

Co.

COP

Certificate

of

Participation

ETM

Escrow

to

Maturity

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

FRN

Floating

Rate

Note

GNMA

Government

National

Mortgage

Association

GO

General

Obligation

LOC

Letter

of

Credit

NATL

National

Reinsurance

Corp.

SPA

Standby

Purchase

Agreement

12.

New

Accounting

Pronouncements

(continued)

Franklin

California

Tax-Free

Trust

Report

of

Independent

Registered

Public

Accounting

Firm

40

franklintempleton.com

Annual

Report

To

the

Board

of

Trustees

of

Franklin

California

Tax-Free

Trust

and

Shareholders

of

Franklin

California

Intermediate-Term

Tax-

Free

Income

Fund

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

statement

of

investments,

of

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(the

"Fund")

as

of

June

30,

2020,

the

related

statement

of

operations

for

the

year

ended

June

30,

2020,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

June

30,

2020,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

periods

indicated

therein

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

June

30,

2020,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

June

30,

2020

and

the

financial

highlights

for

each

of

the

periods

indicated

therein

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

June

30,

2020

by

correspondence

with

the

custodian,

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

PricewaterhouseCoopers

LLP

San

Francisco,

California

August

17,

2020

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Franklin

Templeton

Group

of

Funds

since

1948.

Franklin

California

Tax-Free

Trust

Tax

Information

(unaudited)

41

franklintempleton.com

Annual

Report

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

Under

Section

852(b)(5)(A)

of

the

Internal

Revenue

Code,

the

Fund

hereby

reports

100%

of

the

distributions

paid

from

net

investment

income

as

exempt-interest

dividends

for

the

fiscal

year

ended

June

30,

2020.

A

portion

of

the

Fund’s

exempt-

interest

dividends

may

be

subject

to

the

federal

alternative

minimum

tax.

By

mid-February

2021,

shareholders

will

be

notified

of

amounts

for

use

in

preparing

their

2020

income

tax

returns.

Franklin

California

Tax-Free

Trust

Board

Members

and

Officers

42

franklintempleton.com

Annual

Report

The

name,

year

of

birth

and

address

of

the

officers

and

board

members,

as

well

as

their

affiliations,

positions

held

with

the

Trust,

principal

occupations

during

at

least

the

past

five

years

and

number

of

U.S.

registered

portfolios

overseen

in

the

Franklin

Templeton

fund

complex,

are

shown

below.

Generally,

each

board

member

serves

until

that

person’s

successor

is

elected

and

qualified.

Independent

Board

Members

Name,

Year

of

Birth

and

Address

Position

Length

of

Time

Served

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member*

Other

Directorships

Held

During

at

Least

the

Past

5

Years

Harris

J.

Ashton

(1932)

Trustee

Since

1985

129

Bar-S

Foods

(meat

packing

company)

(1981-2010).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director

of

various

companies;

and

formerly

,

Director,

RBC

Holdings,

Inc.

(bank

holding

company)

(until

2002);

and

President,

Chief

Executive

Officer

and

Chairman

of

the

Board,

General

Host

Corporation

(nursery

and

craft

centers)

(until

1998).

Terrence

J.

Checki

(1945)

Trustee

Since

2017

110

Hess

Corporation

(exploration

of

oil

and

gas)

(2014-present).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Member

of

the

Council

on

Foreign

Relations

(1996-present);

Member

of

the

National

Committee

on

U.S.-China

Relations

(1999-present);

member

of

the

Board

of

Trustees

of

the

Economic

Club

of

New

York

(2013-present);

member

of

the

Board

of

Trustees

of

the

Foreign

Policy

Association

(2005-present)

and

member

of

various

other

boards

of

trustees

and

advisory

boards;

and

formerly

,

Executive

Vice

President

of

the

Federal

Reserve

Bank

of

New

York

and

Head

of

its

Emerging

Markets

and

Internal

Affairs

Group

and

Member

of

Management

Committee

(1995-2014);

and

Visiting

Fellow

at

the

Council

on

Foreign

Relations

(2014).

Mary

C.

Choksi

(1950)

Trustee

Since

2014

129

Avis

Budget

Group

Inc.

(car

rental)

(2007-present),

Omnicom

Group

Inc.

(advertising

and

marketing

communications

services)

(2011-present)

and

White

Mountains

Insurance

Group,

Ltd.

(holding

company)

(2017-present).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director

of

various

companies;

and

formerly

,

Founder

and

Senior

Advisor,

Strategic

Investment

Group

(investment

management

group)

(2015-2017);

Founding

Partner

and

Senior

Managing

Director,

Strategic

Investment

Group

(1987-2015);

Founding

Partner

and

Managing

Director,

Emerging

Markets

Management

LLC

(investment

management

firm)

(1987-2011);

and

Loan

Officer/Senior

Loan

Officer/Senior

Pension

Investment

Officer,

World

Bank

Group

(international

financial

institution)

(1977-1987).

Edith

E.

Holiday

(1952)

Lead

Independent

Trustee

Trustee

since

2006

and

Lead

Independent

Trustee

since

2019

129

Hess

Corporation

(exploration

of

oil

and

gas)

(1993-present),

Canadian

National

Railway

(railroad)

(2001-present),

White

Mountains

Insurance

Group,

Ltd.

(holding

company)

(2004-present),

Santander

Consumer

USA

Holdings,

Inc.

(consumer

finance)

(2016-present);

formerly

,

RTI

International

Metals,

Inc.

(manufacture

and

distribution

of

titanium)

(1999-2015)

and

H.J.

Heinz

Company

(processed

foods

and

allied

products)

(1994-2013).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director

or

Trustee

of

various

companies

and

trusts;

and

formerly

,

Assistant

to

the

President

of

the

United

States

and

Secretary

of

the

Cabinet

(1990-1993);

General

Counsel

to

the

United

States

Treasury

Department

(1989-1990);

and

Counselor

to

the

Secretary

and

Assistant

Secretary

for

Public

Affairs

and

Public

Liaison–United

States

Treasury

Department

(1988-1989).

Franklin

California

Tax-Free

Trust

43

franklintempleton.com

Annual

Report

Interested

Board

Members

and

Officers

Name,

Year

of

Birth

and

Address

Position

Length

of

Time

Served

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member*

Other

Directorships

Held

During

at

Least

the

Past

5

Years

J.

Michael

Luttig

(1954)

Trustee

Since

2009

129

Boeing

Capital

Corporation

(aircraft

financing)

(2006-2010).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Private

investor;

and

formerly

,

Counselor

and

Senior

Advisor

to

the

Chairman,

CEO,

and

Board

of

Directors,

of

The

Boeing

Company

(aerospace

company),

and

member

of

the

Executive

Council

(May

2019-January

1,

2020);

Executive

Vice

President,

General

Counsel

and

member

of

the

Executive

Council,

The

Boeing

Company

(2006-2019);

and

Federal

Appeals

Court

Judge,

United

States

Court

of

Appeals

for

the

Fourth

Circuit

(1991-2006).

Larry

D.

Thompson

(1945)

Trustee

Since

2007

129

The

Southern

Company

(energy

company)

(2014-present;

previously

2010-2012),

Graham

Holdings

Company

(education

and

media

organization)

(2011-present)

and

Cbeyond,

Inc.

(business

communications

provider)

(2010-

2012).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director

of

various

companies;

Counsel,

Finch

McCranie,

LLP

(law

firm)

(2015-present);

Independent

Compliance

Monitor

and

Auditor,

Volkswagen

AG

(manufacturer

of

automobiles

and

commercial

vehicles)

(2017-present);

John

A.

Sibley

Professor

of

Corporate

and

Business

Law,

University

of

Georgia

School

of

Law

(2015-present;

previously

2011-2012);

and

formerly

,

Executive

Vice

President

-

Government

Affairs,

General

Counsel

and

Corporate

Secretary,

PepsiCo,

Inc.

(consumer

products)

(2012-2014);

Senior

Vice

President

-

Government

Affairs,

General

Counsel

and

Secretary,

PepsiCo,

Inc.

(2004-2011);

Senior

Fellow

of

The

Brookings

Institution

(2003-2004);

Visiting

Professor,

University

of

Georgia

School

of

Law

(2004);

and

Deputy

Attorney

General,

U.S.

Department

of

Justice

(2001-2003).

Name,

Year

of

Birth

and

Address

Position

Length

of

Time

Served

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member*

Other

Directorships

Held

During

at

Least

the

Past

5

Years

**Gregory

E.

Johnson

(1961)

Trustee

Since

2007

140

None

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Executive

Chairman,

Chairman

of

the

Board

and

Director,

Franklin

Resources,

Inc.;

officer

and/or

director

or

trustee,

as

the

case

may

be,

of

some

of

the

other

subsidiaries

of

Franklin

Resources,

Inc.

and

of

39

of

the

investment

companies

in

Franklin

Templeton;

Vice

Chairman,

Investment

Company

Institute;

and

formerly

,

Chief

Executive

Officer

(2013-2020)

and

President

(1994-2015),

Franklin

Resources,

Inc.

**Rupert

H.

Johnson,

Jr.

(1940)

Chairman

of

the

Board

and

Trustee

Since

2013

129

None

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director

(Vice

Chairman),

Franklin

Resources,

Inc.;

Director,

Franklin

Advisers,

Inc.;

and

officer

and/or

director

or

trustee,

as

the

case

may

be,

of

some

of

the

other

subsidiaries

of

Franklin

Resources,

Inc.

and

of

37

of

the

investment

companies

in

Franklin

Templeton.

Ben

Barber

(1969)

Vice

President

Since

July

2020

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director,

Municipal

Bonds;

formerly

,

Co-Head

of

Municipal

Bonds,

Goldman

Sachs

Asset

Management

(1999-April

2020);

and

officer

of

seven

of

the

investment

companies

in

Franklin

Templeton.

Independent

Board

Members

(continued)

Franklin

California

Tax-Free

Trust

44

franklintempleton.com

Annual

Report

Name,

Year

of

Birth

and

Address

Position

Length

of

Time

Served

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member*

Other

Directorships

Held

During

at

Least

the

Past

5

Years

Alison

E.

Baur

(1964)

Vice

President

Since

2012

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Deputy

General

Counsel,

Franklin

Templeton;

and

officer

of

some

of

the

other

subsidiaries

of

Franklin

Resources,

Inc.

and

of

41

of

the

investment

companies

in

Franklin

Templeton.

Breda

M.

Beckerle

(1958)

Interim

Chief

Compliance

Officer

Since

January

2020

Not

Applicable

Not

Applicable

280

Park

Avenue

New

York,

NY

10017

Principal

Occupation

During

at

Least

the

Past

5

Years:

Chief

Compliance

Officer,

Fiduciary

Investment

Management

International,

Inc.,

Franklin

Advisers,

Inc.,

Franklin

Advisory

Services,

LLC,

Franklin

Mutual

Advisers,

LLC,

Franklin

Templeton

Institutional,

LLC;

and

officer

of

41

of

the

investment

companies

in

Franklin

Templeton.

Sonal

Desai,

Ph.D.

(1963)

President

and

Chief

Executive

Officer

–

Investment

Management

Since

2018

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director

and

Executive

Vice

President,

Franklin

Advisers,

Inc.;

Executive

Vice

President,

Franklin

Templeton

Institutional,

LLC;

and

officer

of

17

of

the

investment

companies

in

Franklin

Templeton.

Gaston

Gardey

(1967)

Treasurer,

Chief

Financial

Officer

and

Chief

Accounting

Officer

Since

2009

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Treasurer,

U.S.

Fund

Administration

&

Reporting

and

officer

of

24

of

the

investment

companies

in

Franklin

Templeton.

Steven

J.

Gray

(1955)

Vice

President

and

Co-Secretary

Vice

President

since

2009

and

Co-Secretary

since

2019

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Senior

Associate

General

Counsel,

Franklin

Templeton;

Vice

President,

Franklin

Templeton

Distributors,

Inc.

and

FASA,

LLC;

and

officer

of

41

of

the

investment

companies

in

Franklin

Templeton.

Matthew

T.

Hinkle

(1971)

Chief

Executive

Officer

–

Finance

and

Administration

Since

2017

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Senior

Vice

President,

Franklin

Templeton

Services,

LLC;

officer

of

41

of

the

investment

companies

in

Franklin

Templeton;

and

formerly

,

Vice

President,

Global

Tax

(2012-April

2017)

and

Treasurer/Assistant

Treasurer,

Franklin

Templeton

(2009-2017).

Interested

Board

Members

and

Officers

(continued)

Franklin

California

Tax-Free

Trust

45

franklintempleton.com

Annual

Report

Name,

Year

of

Birth

and

Address

Position

Length

of

Time

Served

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member*

Other

Directorships

Held

During

at

Least

the

Past

5

Years

Robert

Lim

(1948)

Vice

President

–

AML

Compliance

Since

2016

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Vice

President,

Franklin

Templeton

Companies,

LLC;

Chief

Compliance

Officer,

Franklin

Templeton

Distributors,

Inc.

and

Franklin

Templeton

Investor

Services,

LLC;

and

officer

of

41

of

the

investment

companies

in

Franklin

Templeton.

Robert

C.

Rosselot

(1960)

Chief

Compliance

Officer

Since

2013

Not

Applicable

Not

Applicable

300

S.E.

2nd

Street

Fort

Lauderdale,

FL

33301-

1923

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director,

Global

Compliance,

Franklin

Templeton;

Vice

President,

Franklin

Templeton

Companies,

LLC;

officer

of

41

of

the

investment

companies

in

Franklin

Templeton;

and

formerly

,

Senior

Associate

General

Counsel,

Franklin

Templeton

(2007-2013);

and

Secretary

and

Vice

President,

Templeton

Group

of

Funds

(2004-2013).

Navid

J.

Tofigh

(1972)

Vice

President

Since

2015

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Associate

General

Counsel

and

officer

of

41

of

the

investment

companies

in

Franklin

Templeton.

Craig

S.

Tyle

(1960)

Vice

President

Since

2005

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

General

Counsel

and

Executive

Vice

President,

Franklin

Resources,

Inc.;

and

officer

of

some

of

the

other

subsidiaries

of

Franklin

Resources,

Inc.

and

of

41

of

the

investment

companies

in

Franklin

Templeton.

Thomas

Walsh

(1961)

Vice

President

Since

1999

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Senior

Vice

President,

Franklin

Advisers,

Inc.;

and

officer

of

seven

of

the

investment

companies

in

Franklin

Templeton.

Lori

A.

Weber

(1964)

Vice

President

and

Co-Secretary

Vice

President

since

2011

and

Co-Secretary

since

2019

Not

Applicable

Not

Applicable

300

S.E.

2nd

Street

Fort

Lauderdale,

FL

33301-

1923

Principal

Occupation

During

at

Least

the

Past

5

Years:

Senior

Associate

General

Counsel,

Franklin

Templeton;

Assistant

Secretary,

Franklin

Resources,

Inc.;

Vice

President

and

Secretary,

Templeton

Investment

Counsel,

LLC;

and

officer

of

41

of

the

investment

companies

in

Franklin

Templeton.

Interested

Board

Members

and

Officers

(continued)

Franklin

California

Tax-Free

Trust

46

franklintempleton.com

Annual

Report

*We

base

the

number

of

portfolios

on

each

separate

series

of

the

U.S.

registered

investment

companies

within

the

Franklin

Templeton

fund

complex.

These

portfolios

have

a

common

investment

manager

or

affiliated

investment

managers.

**Gregory

E.

Johnson

is

considered

to

be

an

interested

person

of

the

Fund

under

the

federal

securities

laws

due

to

his

position

as

an

officer

and

director

of

Franklin

Resources,

Inc.

(Resources),

which

is

the

parent

company

of

the

Fund’s

investment

manager

and

distributor.

Rupert

H.

Johnson,

Jr.

is

considered

to

be

an

interested

person

of

the

Fund

under

the

federal

securities

laws

due

to

his

position

as

an

officer

and

director

and

major

shareholder

of

Resources.

Note

1:

Rupert

H.

Johnson,

Jr.

is

the

uncle

of

Gregory

E.

Johnson.

Note

2:

Officer

information

is

current

as

of

the

date

of

this

report.

It

is

possible

that

after

this

date,

information

about

officers

may

change.

The

Sarbanes-Oxley

Act

of

2002

and

Rules

adopted

by

the

Securities

and

Exchange

Commission

require

the

Fund

to

disclose

whether

the

Fund’s

Audit

Committee

includes

at

least

one

member

who

is

an

audit

committee

financial

expert

within

the

meaning

of

such

Act

and

Rules.

The

Fund’s

Board

has

determined

that

there

is

at

least

one

such

financial

expert

on

the

Audit

Committee

and

has

designated

Mary

C.

Choksi

as

its

audit

committee

financial

expert.

The

Board

believes

that

Ms.

Choksi

qualifies

as

such

an

expert

in

view

of

her

extensive

business

background

and

experience.

She

currently

serves

as

a

director

of

Avis

Budget

Group,

Inc.

(2007-present)

and

formerly,

Founder

and

Senior

Advisor,

Strategic

Investment

Group

(1987

to

2017).

Ms.

Choksi

has

been

a

Member

of

the

Fund’s

Audit

Committee

since

2014.

As

a

result

of

such

background

and

experience,

the

Board

believes

that

Ms.

Choksi

has

acquired

an

understanding

of

generally

accepted

accounting

principles

and

financial

statements,

the

general

application

of

such

principles

in

connection

with

the

accounting

estimates,

accruals

and

reserves,

and

analyzing

and

evaluating

financial

statements

that

present

a

breadth

and

level

of

complexity

of

accounting

issues

generally

comparable

to

those

of

the

Fund,

as

well

as

an

understanding

of

internal

controls

and

procedures

for

financial

reporting

and

an

understanding

of

audit

committee

functions.

Ms.

Choksi

is

an

independent

Board

member

as

that

term

is

defined

under

the

relevant

Securities

and

Exchange

Commission

Rules

and

Releases.

The

Statement

of

Additional

Information

(SAI)

includes

additional

information

about

the

board

members

and

is

available,

without

charge,

upon

request.

Shareholders

may

call

(800)

DIAL

BEN/342-5236

to

request

the

SAI.

Interested

Board

Members

and

Officers

(continued)

Franklin

California

Tax-Free

Trust

Shareholder

Information

47

franklintempleton.com

Annual

Report

Board

Approval

of

Investment

Management

Agreements

FRANKLIN

CALIFORNIA

TAX-FREE

TRUST

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(Fund)

At

an

in-person

meeting

held

on

February

25,

2020

(Meeting),

the

Board

of

Trustees

(Board)

of

Franklin

California

Tax-Free

Trust

(Trust),

including

a

majority

of

the

trustees

who

are

not

“interested

persons”

as

defined

in

the

Investment

Company

Act

of

1940

(Independent

Trustees),

reviewed

and

approved

the

continuance

of

the

investment

management

agreement

between

Franklin

Advisers,

Inc.

(Manager)

and

the

Trust,

on

behalf

of

the

Fund

(Management

Agreement)

for

an

additional

one-year

period.

The

Independent

Trustees

received

advice

from

and

met

separately

with

Independent

Trustee

counsel

in

considering

whether

to

approve

the

continuation

of

the

Management

Agreement.

In

considering

the

continuation

of

the

Management

Agreement,

the

Board

reviewed

and

considered

information

provided

by

the

Manager

at

the

Meeting

and

throughout

the

year

at

meetings

of

the

Board

and

its

committees.

The

Board

also

reviewed

and

considered

information

provided

in

response

to

a

detailed

set

of

requests

for

information

submitted

to

the

Manager

by

Independent

Trustee

counsel

on

behalf

of

the

Independent

Trustees

in

connection

with

the

annual

contract

renewal

process.

In

addition,

prior

to

the

Meeting,

the

Independent

Trustees

held

a

telephonic

contract

renewal

meeting

at

which

the

Independent

Trustees

conferred

amongst

themselves

and

Independent

Trustee

counsel

about

contract

renewal

matters

and,

in

some

cases,

requested

additional

information

from

the

Manager

relating

to

the

contract.

The

Board

reviewed

and

considered

all

of

the

factors

it

deemed

relevant

in

approving

the

continuance

of

the

Management

Agreement,

including,

but

not

limited

to:

(i)

the

nature,

extent

and

quality

of

the

services

provided

by

the

Manager;

(ii)

the

investment

performance

of

the

Fund;

(iii)

the

costs

of

the

services

provided

and

profits

realized

by

the

Manager

and

its

affiliates

from

the

relationship

with

the

Fund;

(iv)

the

extent

to

which

economies

of

scale

are

realized

as

the

Fund

grows;

and

(v)

whether

fee

levels

reflect

these

economies

of

scale

for

the

benefit

of

Fund

investors.

In

approving

the

continuance

of

the

Management

Agreement,

the

Board,

including

a

majority

of

the

Independent

Trustees,

determined

that

the

terms

of

the

Management

Agreement

are

fair

and

reasonable

and

that

the

continuance

of

such

Management

Agreement

is

in

the

interests

of

the

Fund

and

its

shareholders.

While

attention

was

given

to

all

information

furnished,

the

following

discusses

some

primary

factors

relevant

to

the

Board’s

determination.

Nature,

Extent

and

Quality

of

Services

The

Board

reviewed

and

considered

information

regarding

the

nature,

extent

and

quality

of

investment

management

services

provided

by

the

Manager

and

its

affiliates

to

the

Fund

and

its

shareholders.

This

information

included,

among

other

things,

the

qualifications,

background

and

experience

of

the

senior

management

and

investment

personnel

of

the

Manager,

as

well

as

information

on

succession

planning

where

appropriate;

the

structure

of

investment

personnel

compensation;

oversight

of

third-

party

service

providers;

investment

performance

reports

and

related

financial

information

for

the

Fund;

reports

on

expenses

and

shareholder

services;

legal

and

compliance

matters;

risk

controls;

pricing

and

other

services

provided

by

the

Manager

and

its

affiliates;

and

management

fees

charged

by

the

Manager

and

its

affiliates

to

US

funds

and

other

accounts,

including

management’s

explanation

of

differences

among

accounts

where

relevant.

The

Board

also

reviewed

and

considered

an

annual

report

on

payments

made

by

Franklin

Templeton

(FT)

or

the

Fund

to

financial

intermediaries,

as

well

as

a

memorandum

relating

to

third-

party

servicing

arrangements,

which

included

discussion

of

the

changing

distribution

landscape

for

the

Fund.

The

Board

noted

management’s

continuing

efforts

and

expenditures

in

establishing

effective

business

continuity

plans

and

developing

strategies

to

address

areas

of

heightened

concern

in

the

mutual

fund

industry,

such

as

cybersecurity

and

liquidity

risk

management.

The

Board

also

reviewed

and

considered

the

benefits

provided

to

Fund

shareholders

of

investing

in

a

fund

that

is

part

of

the

FT

family

of

funds.

The

Board

noted

the

financial

position

of

Franklin

Resources,

Inc.

(FRI),

the

Manager’s

parent,

and

its

commitment

to

the

mutual

fund

business

as

evidenced

by

its

continued

introduction

of

new

funds,

reassessment

of

the

fund

offerings

in

response

to

the

market

environment

and

project

initiatives

and

capital

investments

relating

to

the

services

provided

to

the

Fund

by

the

FT

organization.

The

Board

specifically

noted

FT’s

commitment

to

enhancing

services

and

controlling

costs,

Franklin

California

Tax-Free

Trust

Shareholder

Information

48

franklintempleton.com

Annual

Report

as

reflected

in

its

plan

to

outsource

certain

administrative

functions,

and

growth

opportunities,

as

evidenced

by

its

upcoming

acquisition

of

the

Legg

Mason

companies.

The

Board

acknowledged

the

change

in

leadership

at

FRI

and

the

opportunity

to

hear

from

Jennifer

Johnson,

President

and

Chief

Executive

Officer

of

FR,

about

goals

she

has

for

the

company

that

will

benefit

the

Fund.

Following

consideration

of

such

information,

the

Board

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

by

the

Manager

and

its

affiliates

to

the

Fund

and

its

shareholders.

Fund

Performance

The

Board

reviewed

and

considered

the

performance

results

of

the

Fund

over

various

time

periods

ended

December

31,

2019.

The

Board

considered

the

performance

returns

for

the

Fund

in

comparison

to

the

performance

returns

of

mutual

funds

deemed

comparable

to

the

Fund

included

in

a

universe

(Performance

Universe)

selected

by

Broadridge

Financial

Solutions,

Inc.

(Broadridge),

an

independent

provider

of

investment

company

data.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

a

Performance

Universe.

The

Board

also

reviewed

and

considered

Fund

performance

reports

provided

and

discussions

that

occurred

with

portfolio

managers

at

Board

meetings

throughout

the

year.

A

summary

of

the

Fund’s

performance

results

is

below.

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

California

intermediate

municipal

debt

funds.

The

Board

noted

that

the

Fund’s

annualized

income

return

for

the

one-,

three-,

five-

and

10-

year

periods

was

above

the

median

and

in

the

first

quintile

(best)

of

its

Performance

Universe.

The

Board

also

noted

that

the

Fund’s

annualized

total

return

for

the

one-

and

three-year

periods

was

below

the

median

of

its

Performance

Universe,

but

for

the

five-year

period

was

equal

to

and

for

the

10-year

period

was

above

the

median

of

its

Performance

Universe.

Given

the

Fund’s

income-oriented

investment

objective,

the

Board

concluded

that

the

Fund’s

performance

was

satisfactory.

Comparative

Fees

and

Expenses

The

Board

reviewed

and

considered

information

regarding

the

Fund’s

actual

total

expense

ratio

and

its

various

components,

including,

as

applicable,

management

fees;

transfer

agent

expenses;

underlying

fund

expenses;

Rule

12b-1

and

non-Rule

12b-1

service

fees;

and

other

non-

management

fees.

The

Board

also

noted

the

quarterly

and

annual

reports

it

receives

on

all

marketing

support

payments

made

by

FT

to

financial

intermediaries.

The

Board

considered

the

actual

total

expense

ratio

and,

separately,

the

contractual

management

fee

rate,

without

the

effect

of

fee

waivers,

if

any

(Management

Rate)

of

the

Fund

in

comparison

to

the

median

expense

ratio

and

median

Management

Rate,

respectively,

of

other

mutual

funds

deemed

comparable

to

and

with

a

similar

expense

structure

to

the

Fund

selected

by

Broadridge

(Expense

Group).

Broadridge

fee

and

expense

data

is

based

upon

information

taken

from

each

fund’s

most

recent

annual

report,

which

reflects

historical

asset

levels

that

may

be

quite

different

from

those

currently

existing,

particularly

in

a

period

of

market

volatility.

While

recognizing

such

inherent

limitation

and

the

fact

that

expense

ratios

and

Management

Rates

generally

increase

as

assets

decline

and

decrease

as

assets

grow,

the

Board

believed

the

independent

analysis

conducted

by

Broadridge

to

be

an

appropriate

measure

of

comparative

fees

and

expenses.

The

Broadridge

Management

Rate

includes

administrative

charges,

and

the

actual

total

expense

ratio,

for

comparative

consistency,

was

shown

for

Class

A1

shares

for

the

Fund

and

for

Class

A

shares

for

the

other

funds

in

the

Expense

Group.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

an

Expense

Group.

The

Expense

Group

for

the

Fund

included

the

Fund

and

six

other

California

intermediate

municipal

debt

funds.

The

Board

noted

that

the

Management

Rate

for

the

Fund

was

equal

to

the

median

of

its

Expense

Group.

The

Board

also

noted

that

the

annual

total

expense

ratio

for

the

Fund

was

below

the

median

and

the

least

expensive

of

its

Expense

Group.

The

Board

concluded

that

the

Management

Rate

charged

to

the

Fund

is

reasonable.

In

doing

so,

the

Board

noted

that

the

actual

total

expense

ratio

for

the

Fund

reflected

a

fee

waiver

from

management.

Profitability

The

Board

reviewed

and

considered

information

regarding

the

profits

realized

by

the

Manager

and

its

affiliates

in

connection

with

the

operation

of

the

Fund.

In

this

respect,

the

Board

considered

the

Fund

profitability

analysis

provided

by

the

Manager

that

addresses

the

overall

profitability

of

FT’s

US

fund

business,

as

well

as

its

profits

in

providing

investment

management

and

other

services

to

each

of

the

individual

funds

during

the

12-month

period

ended

September

30,

2019,

being

the

most

recent

fiscal

year-

end

for

FRI.

The

Board

noted

that

although

management

continually

makes

refinements

to

its

methodologies

used

in

calculating

profitability

in

response

to

organizational

and

product-related

changes,

the

overall

methodology

has

remained

consistent

with

that

used

in

the

Fund’s

profitability

report

presentations

from

prior

years.

Additionally,

Franklin

California

Tax-Free

Trust

Shareholder

Information

49

franklintempleton.com

Annual

Report

PricewaterhouseCoopers

LLP,

auditor

to

FRI

and

certain

FT

funds,

was

engaged

by

the

Manager

to

review

and

assess

the

allocation

methodologies

to

be

used

solely

by

the

Fund’s

Board

with

respect

to

the

profitability

analysis.

The

Board

noted

management’s

belief

that

costs

incurred

in

establishing

the

infrastructure

necessary

for

the

type

of

mutual

fund

operations

conducted

by

the

Manager

and

its

affiliates

may

not

be

fully

reflected

in

the

expenses

allocated

to

the

Fund

in

determining

its

profitability,

as

well

as

the

fact

that

the

level

of

profits,

to

a

certain

extent,

reflected

operational

cost

savings

and

efficiencies

initiated

by

management.

As

part

of

this

evaluation,

the

Board

considered

the

initiative

currently

underway

to

outsource

certain

operations,

which

effort

would

require

considerable

up

front

expenditures

by

the

Manager

but,

over

the

long

run

is

expected

to

result

in

greater

efficiencies.

The

Board

also

noted

management’s

expenditures

in

improving

shareholder

services

provided

to

the

Fund,

as

well

as

the

need

to

implement

systems

and

meet

additional

regulatory

and

compliance

requirements

resulting

from

recent

US

Securities

and

Exchange

Commission

and

other

regulatory

requirements,

notably

in

the

area

of

cybersecurity

protections.

The

Board

also

considered

the

extent

to

which

the

Manager

and

its

affiliates

might

derive

ancillary

benefits

from

fund

operations,

including

revenues

generated

from

transfer

agent

services,

potential

benefits

resulting

from

personnel

and

systems

enhancements

necessitated

by

fund

growth,

as

well

as

increased

leverage

with

service

providers

and

counterparties.

Based

upon

its

consideration

of

all

these

factors,

the

Board

concluded

that

the

level

of

profits

realized

by

the

Manager

and

its

affiliates

from

providing

services

to

the

Fund

was

not

excessive

in

view

of

the

nature,

extent

and

quality

of

services

provided

to

the

Fund.

Economies

of

Scale

The

Board

reviewed

and

considered

the

extent

to

which

the

Manager

may

realize

economies

of

scale,

if

any,

as

the

Fund

grows

larger

and

whether

the

Fund’s

management

fee

structure

reflects

any

economies

of

scale

for

the

benefit

of

shareholders.

With

respect

to

possible

economies

of

scale,

the

Board

noted

the

existence

of

management

fee

breakpoints,

which

operate

generally

to

share

any

economies

of

scale

with

the

Fund’s

shareholders

by

reducing

the

Fund’s

effective

management

fees

as

the

Fund

grows

in

size.

The

Board

considered

the

Manager’s

view

that

any

analyses

of

potential

economies

of

scale

in

managing

a

particular

fund

are

inherently

limited

in

light

of

the

joint

and

common

costs

and

investments

the

Manager

incurs

across

the

FT

family

of

funds

as

a

whole.

The

Board

concluded

that

to

the

extent

economies

of

scale

may

be

realized

by

the

Manager

and

its

affiliates,

the

Fund’s

management

fee

structure

provided

a

sharing

of

benefits

with

the

Fund

and

its

shareholders

as

the

Fund

grows.

Conclusion

Based

on

its

review,

consideration

and

evaluation

of

all

factors

it

believed

relevant,

including

the

above-described

factors

and

conclusions,

the

Board

unanimously

approved

the

continuation

of

the

Management

Agreement

for

an

additional

one-year

period.

Liquidity

Risk

Management

Program

The

Funds

have

adopted

and

implemented

a

written

Liquidity

Risk

Management

Program

(the

“LRMP”)

as

required

by

Rule

22e-4

under

the

Investment

Company

Act

of

1940.

The

program

is

designed

to

assess

and

manage

each

Fund’s

liquidity

risk,

taking

into

consideration

the

Fund’s

investment

strategy

and

the

liquidity

of

its

portfolio

investments

during

normal

and

reasonably

foreseeable

stressed

conditions;

its

short

and

long-term

cash

flow

projections;

and

its

cash

holdings

and

access

to

other

funding

sources

including

the

Funds’

interfund

lending

facility

and

line

of

credit.

The

Funds’

Board

of

Trustees

approved

the

appointment

of

the

Director

of

Liquidity

Risk

within

the

Investment

Risk

Management

Group

(the

“IRMG”)

as

the

Administrator

of

the

LRMP.

The

IRMG

maintains

the

Investment

Liquidity

Committee

(the

“ILC”)

to

provide

oversight

and

administration

of

policies

and

procedures

governing

liquidity

risk

management

for

FT

products

and

portfolios.

The

ILC

includes

representatives

from

Franklin

Templeton’s

Risk,

Trading,

Global

Compliance,

Investment

Compliance,

Investment

Operations,

Valuation

Committee

and

Product

Management

groups.

The

LRMP

Administrator

Annual

Report

was

presented

to

the

Fund(s)

Board

of

Trustees

at

their

meetings

in

May

2020.

The

report

covered

the

adequacy

and

effectiveness

of

the

program

during

the

period

December

1,

2018

to

December

31,

2019

(the

“covered

period”).

The

report

concluded

that

(i.)

the

LRMP,

as

adopted

and

implemented,

remains

reasonably

designed

to

assess

and

manage

each

Fund’s

liquidity

risk;

(ii.)

the

LRMP,

including

the

Highly

Liquid

Investment

Minimum

(“HLIM”)

where

applicable,

was

implemented

and

operated

effectively

to

achieve

the

goal

of

assessing

and

managing

each

Fund’s

liquidity

risk;

and

(iii.)

each

fund

was

able

to

meet

requests

for

redemption

without

significant

dilution

of

remaining

investors’

interests

in

the

Fund.

In

addition,

the

LRMP

Administrator

presented

the

Fund

Board

of

Trustees

an

update

on

liquidity

during

the

first

quarter

of

2020

in

relation

to

the

COVID-19

pandemic.

Franklin

California

Tax-Free

Trust

Shareholder

Information

50

franklintempleton.com

Annual

Report

During

the

reporting

period,

the

Fund

maintained

a

high

level

of

liquid

assets

that

are

defined

under

the

Liquidity

Rule

as

"Highly

Liquid

Investments."

As

a

result,

the

Fund

was

designated

a

“Primarily

Highly

Liquid

Fund”

as

defined

under

the

Liquidity

Rule

and

has

not

adopted

a

"Highly

Liquid

Investment

Minimum."

A

Highly

Liquid

Investment

is

defined

as

cash

and

any

investment

reasonably

expected

to

be

convertible

to

cash

in

current

market

conditions

in

three

business

days

or

less

without

the

conversion

to

cash

significantly

changing

the

market

value

of

the

investment.

There

can

be

no

assurance

that

the

program

will

achieve

its

objectives

in

the

future.

Please

refer

to

your

Fund’s

prospectus

for

more

information

regarding

the

Fund’s

exposure

to

liquidity

risk

and

other

principal

risks

to

which

an

investment

in

the

Fund

may

be

subject.

Proxy

Voting

Policies

and

Procedures

The

Fund’s

investment

manager

has

established

Proxy

Voting

Policies

and

Procedures

(Policies)

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities.

Shareholders

may

view

the

Fund’s

complete

Policies

online

at

franklintempleton.com.

Alternatively,

shareholders

may

request

copies

of

the

Policies

free

of

charge

by

calling

the

Proxy

Group

collect

at

(954)

527-

7678

or

by

sending

a

written

request

to:

Franklin

Templeton

Companies,

LLC,

300

S.E.

2nd

Street,

Fort

Lauderdale,

FL

33301,

Attention:

Proxy

Group.

Copies

of

the

Fund’s

proxy

voting

records

are

also

made

available

online

at

franklintempleton.com

and

posted

on

the

U.S.

Securities

and

Exchange

Commission’s

website

at

sec.gov

and

reflect

the

most

recent

12-month

period

ended

June

30.

Quarterly

Statement

of

Investments

The

Trust,

on

behalf

of

the

Fund,

files

a

complete

statement

of

investments

with

the

U.S.

Securities

and

Exchange

Commission

for

the

first

and

third

quarters

for

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

Shareholders

may

view

the

filed

Form

N-PORT

by

visiting

the

Commission’s

website

at

sec.gov.

The

filed

form

may

also

be

viewed

and

copied

at

the

Commission’s

Public

Reference

Room

in

Washington,

DC.

Information

regarding

the

operations

of

the

Public

Reference

Room

may

be

obtained

by

calling

(800)

SEC-0330.

Householding

of

Reports

and

Prospectuses

You

will

receive

the

Fund’s

financial

reports

every

six

months

as

well

as

an

annual

updated

summary

prospectus

(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

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

A

08/20

©

2020

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.

Annual

Report

and

Shareholder

Letter

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

Investment

Manager

Distributor

Shareholder

Services

Franklin

Advisers,

Inc.

Franklin

Templeton

Distributors,

Inc.

(800)

DIAL

BEN

®

/

342-5236

franklintempleton.com

(800)

632-2301

Item 2. Code of Ethics.

(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. 

(c) N/A

(d) N/A

(f) Pursuant to Item 13(a)(1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

Item 3. Audit Committee Financial Expert.

(a)(1) The Registrant has an audit committee financial expert serving on its audit committee.

(2) The audit committee financial expert is Mary C. Choksi and she is "independent" as defined under the relevant Securities and Exchange Commission Rules and Releases.

Item 4.

Principal Accountant Fees and Services.

                        

(a)      Audit Fees

The aggregate fees paid to the principal accountant for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or for services that are normally provided by the principal accountant in connection with statutory and regulatory filings or engagements were $43,271 for the fiscal year ended June 30, 2020 and $39,958 for the fiscal year ended June 30, 2019.

(b)      Audit-Related Fees

There were no fees paid to the principal accountant for assurance and related services rendered by the principal accountant to the registrant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of Item 4.

There were no fees paid to the principal accountant for assurance and related services rendered by the principal accountant to the registrant's investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant that are reasonably related to the performance of the audit of their financial statements.  

(c)      Tax Fees

There were no fees paid to the principal accountant for professional services rendered by the principal accountant to the registrant for tax compliance, tax advice and tax planning.

The aggregate fees paid to the principal accountant for professional services rendered by the principal accountant to the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant for tax compliance, tax advice and tax planning were $0 for the fiscal year ended June 30, 2020 and $25,000 for the fiscal year ended June 30, 2019. The services for which these fees were paid included professional fees in connection with tax treatment of equipment lease transactions, professional fees in connection with an Indonesia withholding tax refund claim and tax consulting services related to the operating agreement and term sheet for the launch of a new fund.

(d)      All Other Fees

The aggregate fees paid to the principal accountant for products and services rendered by the principal accountant to the registrant not reported in paragraphs (a)-(c) of Item 4 were $676 for the fiscal year ended June 30, 2020 and $0 for the fiscal year ended June 30, 2019.  The services for which these fees were paid included review of materials provided to the fund Board in connection with the investment management contract renewal process.

The aggregate fees paid to the principal accountant for products and services rendered by the principal accountant to the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant not reported in paragraphs (a)-(c) of Item 4 were $183,444 for the fiscal year ended June 30, 2020 and $22,000 for the fiscal year ended June 30, 2019. The services for which these fees were paid included for the issuance of an Auditor’s Certificate for South Korean regulatory shareholder disclosures, professional fees in connection with determining the feasibility of a U.S. direct lending structure, valuation services related to a fair value engagement and benchmarking services in connection with the ICI TA survey.

(e) (1) The registrant’s audit committee is directly responsible for approving the services to be provided by the auditors, including:

      (i)   pre-approval of all audit and audit related services;

      (ii)  pre-approval of all non-audit related services to be provided to the Fund by the auditors;

      (iii) pre-approval of all non-audit related services to be provided to the registrant by the auditors to the registrant’s investment adviser or to any entity that controls, is controlled by or is under common control with the registrant’s investment adviser and that provides ongoing services to the registrant where the non-audit services relate directly to the operations or financial reporting of the registrant; and

      (iv)  establishment by the audit committee, if deemed necessary or appropriate, as an alternative to committee pre-approval of services to be provided by the auditors, as required by paragraphs (ii) and (iii) above, of policies and procedures to permit such services to be pre-approved by other means, such as through establishment of guidelines or by action of a designated member or members of the committee; provided the policies and procedures are detailed as to the particular service and the committee is informed of each service and such policies and procedures do not include delegation of audit committee responsibilities, as contemplated under the Securities Exchange Act of 1934, to management; subject, in the case of (ii) through (iv), to any waivers, exceptions or exemptions that may be available under applicable law or rules.

(e) (2) None of the services provided to the registrant described in paragraphs (b)-(d) of Item 4 were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of regulation S-X.

(f) No disclosures are required by this Item 4(f).

(g) The aggregate non-audit fees paid to the principal accountant for services rendered by the principal accountant to the registrant and the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant were $184,120 for the fiscal year ended June 30, 2020 and $47,000 for the fiscal year ended June 30, 2019.

(h) The registrant’s audit committee of the board has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee

 

of Listed Registrants.              N/A

Item 6. Schedule of Investments.                            N/A

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.              N/A

Item 8. Portfolio Managers of Closed-End Management Investment Companies.                                        N/A

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and

Affiliated Purchasers.             N/A

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

Item 11. Controls and Procedures.

(a) Evaluation of Disclosure Controls and Procedures.

The Registrant maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the Registrant’s filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940 is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the Registrant’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Registrant’s management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

Within 90 days prior to the filing date of this Shareholder Report on Form N-CSR, the Registrant had carried out an evaluation, under the supervision and with the participation of the Registrant’s management, including the Registrant’s principal executive officer and the Registrant’s principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on such evaluation, the Registrant’s principal executive officer and principal financial officer concluded that the Registrant’s disclosure controls and procedures are effective.

(b) Changes in Internal Controls.

During the period covered by this report, a third-party service provider commenced performing certain accounting and administrative services for the Registrant that are subject to Franklin Templeton’s oversight.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Company.                            N/A

Item 13. Exhibits.

(a)(1) Code of Ethics

Code Of Ethics

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Gaston Gardey, Chief Financial Officer and Chief Accounting Officer

Section 302

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Gaston Gardey, Chief Financial Officer and Chief Accounting Officer

Section 906

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

FRANKLIN

CALIFORNIA TAX-FREE TRUST

By __S\MATTHEW T. HINKLE_______________________

Matthew T. Hinkle

      Chief Executive Officer - Finance and Administration

Date August 25, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By __S\MATTHEW T. HINKLE________________________

Matthew T. Hinkle

      Chief Executive Officer - Finance and Administration

Date August 25, 2020

By __S\GASTON GARDEY_______________________

Gaston Gardey

      Chief Financial Officer and Chief Accounting Officer

Date August 25, 2020