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)

Alison Baur, One Franklin Parkway, San Mateo, CA  94403-1906

(Name and address of agent for service)

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

Date of fiscal year end: 6/30

Date of reporting period: 6/30/23

Item 1. Reports to Stockholders.

a.)

The following is a copy of the report transmitted to shareholders pursuant to Rule30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1.)

b.)

Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.

Not Applicable

.

ANNUAL

REPORT

AND

SHAREHOLDER

LETTER

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

A

Series

of

Franklin

California

Tax-Free

Trust

June

30,

2023

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

.

The

Securities

and

Exchange

Commission

has

adopted

new

regulations

that

will

result

in

changes

to

the

design

and

delivery

of

annual

and

semiannual

shareholder

reports

beginning

in

July

2024.

If

you

have

previously

elected

to

receive

shareholder

reports

electronically,

you

will

continue

to

do

so

and

need

not

take

any

action.

Otherwise,

paper

copies

of

the

Fund’s

shareholder

reports

will

be

mailed

to

you

beginning

in

July

2024.

If

you

would

like

to

receive

shareholder

reports

and

other

communications

from

the

Fund

electronically

instead

of

by

mail,

you

may

make

that

request

at

any

time

by

contacting

your

financial

intermediary

(such

as

a

broker-dealer

or

bank)

or,

if

you

are

a

direct

investor,

enrolling

at

franklintempleton.com.

You

may

access

franklintempleton.com

by

scanning

the

code

below.

Franklin

California

Tax-Free

Trust

1

franklintempleton.com

Annual

Report

SHAREHOLDER

LETTER

Dear

Shareholder,

We

are

pleased

to

provide

the

annual

report

of

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

for

the

12-month

reporting

period

ended

June

30,

2023.

Please

read

on

for

a

detailed

look

at

prevailing

economic

and

market

conditions

during

the

Fund’s

reporting

period

and

to

learn

how

those

conditions

have

affected

Fund

performance.

As

always,

we

remain

committed

to

providing

you

with

excellent

service

and

a

full

spectrum

of

investment

choices.

We

also

remain

committed

to

supplementing

the

support

you

receive

from

your

financial

advisor.

One

way

we

accomplish

this

is

through

our

website,

www.franklintempleton.com

.

Here

you

can

gain

immediate

access

to

market

and

investment

information,

including:

•

Fund

prices

and

performance.

•

Market

insights

and

commentaries

from

our

portfolio

Managers,

and

•

A

host

of

educational

resources.

We

look

forward

to

helping

you

meet

your

financial

goals.

Sincerely,

Gregory

E.

Johnson

Chairman

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

Ben

Barber

Senior

Vice

President

Director

of

Municipal

Bonds

franklintempleton.com

Annual

Report

2

Contents

Fund

Overview

3

Performance

Summary

5

Your

Fund’s

Expenses

8

Financial

Highlights

and

Schedule

of

Investments

9

Financial

Statements

29

Notes

to

Financial

Statements

33

Report

of

Independent

Registered

Public

Accounting

Firm

41

Tax

Information

42

Board

Members

and

Officers

43

Shareholder

Information

48

Visit

franklintempleton.com

for

fund

updates,

to

access

your

account,

or

to

find

helpful

financial

planning

tools.

3

franklintempleton.com

Annual

Report

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

Fund

Overview

Q.

What

is

the

Fund’s

investment

strategy?

A.

Under

normal

market

conditions,

the

Fund

invests

at

least

80%

of

its

total

assets

in

securities

that

pay

interest

free

from

federal

income

taxes,

including

the

federal

alternative

minimum

tax,

and

from

California

personal

income

taxes.

1

We

select

securities

that

we

believe

will

provide

the

best

balance

between

risk

and

return

within

the

Fund’s

range

of

allowable

investments

and

typically

invest

with

a

long-term

horizon.

This

means

we

generally

hold

securities

in

the

Fund’s

portfolio

for

income

purposes,

although

we

may

sell

a

security

at

any

time

if

we

believe

it

could

help

the

Fund

meet

its

goal.

Q.

What

were

the

overall

market

conditions

during

the

Fund’s

reporting

period?

A.

During

the

12

months

ended

June

30,

2023,

the

U.S.

Federal

Reserve

(Fed)

continued

to

tighten

monetary

policy

as

it

tried

to

get

inflation

under

control

without

tipping

the

economy

into

recession.

After

several

outsized

hikes

of

75

basis

points

(bps),

the

Fed

slowed

the

pace

of

tightening

to

50

bps

in

December

2022,

followed

by

25-bp

increases

in

February,

March

and

May

2023.

The

Fed

then

opted

for

a

pause

in

June

to

allow

policymakers

some

time

to

assess

the

effects

of

the

campaign.

However,

the

accompanying

projections

(the

so-called

"dot-plot")

indicated

that

two

more

25-bp

increases

were

likely

by

the

end

of

this

year.

The

municipal

bond

(muni)

market

witnessed

a

challenging

year

in

2022,

primarily

driven

by

the

Fed’s

monetary

policy

tightening.

High

levels

of

uncertainty

led

to

significant

outflows

from

muni

retail

vehicles.

However,

year-to-date

in

2023

investor

interest

has

returned

and

flows

into

the

asset

class

have

remained

positive

as

investors

look

for

high-

quality

alternatives.

Supply

continued

to

be

limited,

however,

with

new

issuance

over

the

first

six

months

of

2023

down

over

20%

compared

with

the

same

period

in

2022.

Q.

How

did

we

respond

to

these

changing

market

conditions?

A.

The

past

12

months

witnessed

high

levels

of

uncertainty.

However,

market

volatility

was

largely

interest-rate

driven.

Credit

fundamentals

have

remained

solid,

in

our

view,

as

many

state

and

local

governments

have

built

up

large

rainy-day

funds

over

the

past

two

years

as

a

result

of

federal

COVID-19

aid

and

the

post-pandemic

recovery.

Furthermore,

over

this

past

budgeting

season,

surpluses

were

used

to

increase

reserves

or

pay

down

liabilities.

Additionally,

one-time

revenues

were

used

on

one-time

spending

items

instead

of

starting

new

spending

programs

that

would

require

additional

funds

in

the

years

to

come.

The

Fund

is

therefore

tilted

towards

lower-rated

investment-grade

issuers

or

those

with

no

external

credit

rating

as

we

believe

in

the

overall

fundamental

strength

of

the

muni

market.

Over

the

period,

we

looked

for

opportunities

that

had

the

potential

to

improve

the

overall

yield

of

the

portfolio

and

used

our

rigorous

bottom-up

research

process

to

help

us

identify

credits

that

represented

good

relative

value,

in

our

view.

Performance

Overview

The

Fund’s

Class

A

share

price,

as

measured

by

net

asset

value,

decreased

from

$10.98

on

June

30,

2022,

to

$10.94

on

June

30,

2023.

The

Fund’s

Class

A

shares

paid

dividends

totaling

28.6461

cents

per

share

for

the

reporting

period.

2

The

Performance

Summary

beginning

on

page

5

shows

that

at

the

end

of

this

reporting

period

the

Fund’s

Class

A

shares’

distribution

rate

was

2.88%,

based

on

an

annualization

of

June’s

2.6874

cents

per

share

dividend

and

the

maximum

Portfolio

Composition

6/30/23

%

of

Total

Investments*

Utilities

18.04%

Transportation

14.80%

Special

Tax

12.81%

Housing

12.07%

Health

Care

8.86%

Education

8.42%

Local

6.79%

Industrial

Dev.

Revenue

and

Pollution

Control

6.15%

State

General

Obligation

4.47%

Refunded

2.94%

Lease

2.44%

Other

Revenue

Bonds

2.21%

*

Does

not

include

cash

and

cash

equivalents.

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

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

Schedule

of

Investments

(SOI).

The

SOI

begins

on

page

14.

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

4

franklintempleton.com

Annual

Report

offering

price

of

$11.19

on

June

30,

2023.

An

investor

in

the

2023

maximum

combined

effective

federal

and

California

personal

income

tax

bracket

of

53.10%

(including

3.80%

Medicare

tax)

would

need

to

earn

a

distribution

rate

of

6.14%

from

a

taxable

investment

to

match

the

Fund’s

Class

A

tax-

free

distribution

rate.

For

other

performance

data,

please

see

the

Performance

Summary.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Q.

What

were

the

leading

contributors

to

performance?

A.

The

portfolio

outperformed

its

benchmark

over

the

period.

Security

selection

was

the

main

contributor

to

relative

returns,

particularly

in

AA,

BBB

and

A

rated

issues.

At

the

same

time,

an

asset

allocation

tilt

toward

lower-rated

investment-grade

issuers

also

modestly

supported

results,

driven

by

our

overweights

to

bonds

with

no

external

credit

rating

and

A

rated

bonds.

Q.

What

were

the

leading

detractors

from

performance?

A.

Yield

curve

positioning

modestly

curbed

relative

returns

over

the

year,

led

by

an

overweight

to

muni

bonds

with

10

or

more

years

to

maturity.

Lastly,

security

selection

in

AAA

rated

bonds

also

detracted

from

relative

returns.

Q.

Were

there

any

significant

changes

to

the

Fund

during

the

reporting

period?

A.

There

were

no

significant

changes

to

the

Fund’s

overall

strategy.

Over

the

period,

the

Fund

remained

underweight

muni

bonds

with

five

years

to

maturity,

though

it

also

moved

to

an

underweight

position

in

bonds

with

10

years

to

maturity

(from

an

overweight

at

the

start

of

the

period).

In

terms

of

rating

allocations,

the

Fund

maintained

a

tilt

towards

lower-

rated

issuers,

with

an

overweight

to

A

and

BBB

rated

bonds,

as

well

as

those

with

no

external

credit

rating.

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,

2023,

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.

Performance

Summary

as

of

June

30,

2023

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

5

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

6/30/23

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

+2.28%

-0.02%

5-Year

+4.24%

+0.38%

10-Year

+20.80%

+1.68%

Advisor

1-Year

+2.53%

+2.53%

5-Year

+5.50%

+1.08%

10-Year

+22.96%

+2.09%

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

2.88%

6.14%

2.84%

2.70%

6.06%

5.76%

Advisor

3.20%

6.82%

3.14%

3.01%

6.70%

6.42%

See

page

7

for

Performance

Summary

footnotes.

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

Performance

Summary

6

franklintempleton.com

Annual

Report

See

page

7

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

index

includes

reinvestment

of

any

income

or

distributions.

It

differs

from

the

Fund

in

composition

and

does

not

pay

management

fees

or

expenses.

One

cannot

invest

directly

in

an

index.

Class

A

(6/30/13–6/30/23)

Advisor

Class

(6/30/13–6/30/23)

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

Performance

Summary

7

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.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

All

investments

involve

risks,

including

possible

loss

of

principal.

Fixed

income

securities

involve

interest

rate,

credit,

inflation

and

reinvestment

risks,

and

possible

loss

of

principal.

As

interest

rates

rise,

the

value

of

fixed

income

securities

falls.

Portfolios

focused

on

a

single

state

are

subject

to

greater

risk

of

adverse

economic

and

regulatory

changes

in

that

state

than

a

geographically

diversified

fund.

Changes

in

the

credit

rating

of

a

bond,

or

in

the

credit

rating

or

financial

strength

of

a

bond’s

issuer,

insurer

or

guarantor,

may

affect

the

bond’s

value.

The

Fund’s

prospectus

also

includes

a

description

of

the

main

investment

risks.

1.

Gross

expenses

are

the

Fund’s

total

annual

operating

expenses

as

of

the

Fund's

prospectus

available

at

the

time

of

publication.

Actual

expenses

may

be

higher

and

may

impact

portfolio

returns.

Net

expenses

reflect

contractual

fee

waivers,

expense

caps

and/or

reimbursements,

which

cannot

be

terminated

prior

to

10/31/23

without

Board

consent.

Additional

amounts

may

be

voluntarily

waived

and/or

reimbursed

and

may

be

modified

or

discontinued

at

any

time

without

notice.

2.

Cumulative

total

return

represents

the

change

in

value

of

an

investment

over

the

periods

indicated.

3.

Average

annual

total

return

represents

the

average

annual

change

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

4.

Effective

9/10/18,

Class

A

shares

closed

to

new

investors,

were

renamed

Class

A1

shares,

and

a

new

Class

A

share

with

a

different

expense

structure

became

available.

Class

A

performance

shown

has

been

calculated

as

follows:

(a)

for

periods

prior

to

9/10/18,

a

restated

figure

is

used

based

on

the

Fund’s

Class

A1

performance

that

includes

any

Rule

12b-1

rate

differential

that

exists

between

Class

A1

and

Class

A;

and

(b)

for

periods

after

9/10/18,

actual

Class

A

performance

is

used,

reflecting

all

charges

and

fees

applicable

to

that

class.

5.

Distribution

rate

is

based

on

an

annualization

of

the

respective

class’s

June

dividend

and

the

maximum

offering

price

(NAV

for

Advisor

Class)

per

share

on

6/30/23.

6.

Taxable

equivalent

distribution

rate

and

yield

assume

the

published

rates

as

of

6/22/23

for

the

maximum

combined

effective

federal

and

California

personal

income

tax

rate

of

53.10%,

based

on

the

federal

income

tax

rate

of

37.00%

plus

3.80%

Medicare

tax.

This

combined

rate

does

not

consider

the

impact

of

California’s

surcharge

on

taxable

income

in

excess

of

$1

million.

7.

The

Fund’s

30-day

standardized

yield

is

calculated

over

a

trailing

30-day

period

using

the

yield

to

maturity

on

bonds

and/or

the

dividends

accrued

on

stocks.

It

may

not

equal

the

Fund’s

actual

income

distribution

rate,

which

reflects

the

Fund’s

past

dividends

paid

to

shareholders.

8.

Source:

FactSet:

Bloomberg

Municipal

M.F.

California

Intermediate

Index

measures

the

performance

of

investment-grade

California

municipal

bonds

with

maturities

of

at

least

five

years

and

less

than

10

years.

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

(7/1/22–6/30/23)

Share

Class

Net

Investment

Income

A

$0.286461

A1

$0.302968

C

$0.242067

R6

$0.317130

Advisor

$0.313956

Total

Annual

Operating

Expenses

9

Share

Class

With

Fee

Waiver

Without

Fee

Waiver

A

0.74%

0.81%

Advisor

0.49%

0.56%

Your

Fund’s

Expenses

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

8

franklintempleton.com

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

181/365

to

reflect

the

one-half

year

period.

2.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Share

Class

Beginning

Account

Value

1/1/23

Ending

Account

Value

6/30/23

Expenses

Paid

During

Period

1/1/23–6/30/23

1,2

Ending

Account

Value

6/30/23

Expenses

Paid

During

Period

1/1/23–6/30/23

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,017.40

$3.70

$1,021.12

$3.71

0.74%

A1

$1,000

$1,019.10

$2.96

$1,021.87

$2.96

0.59%

C

$1,000

$1,015.30

$5.69

$1,019.15

$5.70

1.14%

R6

$1,000

$1,019.70

$2.30

$1,022.51

$2.31

0.46%

Advisor

$1,000

$1,019.50

$2.45

$1,022.37

$2.46

0.49%

Franklin

California

Tax-Free

Trust

Financial

Highlights

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

9

a

Year

Ended

June

30,

Year

Ended

June

30,

2019

a

2023

2022

2021

2020

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$10.98

$12.16

$12.09

$12.05

$11.76

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.29

0.24

0.25

0.27

0.25

Net

realized

and

unrealized

gains

(losses)

...........

(0.04)

(1.18)

0.07

0.04

0.30

Total

from

investment

operations

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

0.25

(0.94)

0.32

0.31

0.55

Less

distributions

from:

Net

investment

income

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

(0.29)

(0.24)

(0.25)

(0.27)

(0.26)

Net

asset

value,

end

of

year

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

$10.94

$10.98

$12.16

$12.09

$12.05

Total

return

d

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

2.28%

(7.84)%

2.68%

2.63%

4.76%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

......

0.81%

0.81%

0.79%

0.81%

0.80%

Expenses

net

of

waiver

and

payments

by

affiliates

f

......

0.74%

0.74%

0.74%

0.74%

0.74%

Net

investment

income

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

2.66%

2.05%

2.05%

2.26%

2.58%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$364,175

$339,459

$365,239

$226,216

$96,795

Portfolio

turnover

rate

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

18.50%

29.01%

9.20%

18.85%

15.26%

a

For

the

period

September

10,

2018

(effective

date)

to

June

30,

2019.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

California

Tax-Free

Trust

Financial

Highlights

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

10

a

Year

Ended

June

30,

2023

2022

2021

2020

2019

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$10.98

$12.15

$12.08

$12.04

$11.80

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.31

0.26

0.27

0.29

0.32

Net

realized

and

unrealized

gains

(losses)

...........

(0.05)

(1.17)

0.07

0.04

0.26

Total

from

investment

operations

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

0.26

(0.91)

0.34

0.33

0.58

Less

distributions

from:

Net

investment

income

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

(0.30)

(0.26)

(0.27)

(0.29)

(0.34)

Net

asset

value,

end

of

year

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

$10.94

$10.98

$12.15

$12.08

$12.04

Total

return

c

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

2.44%

(7.62)%

2.84%

2.79%

4.98%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

0.66%

0.66%

0.65%

0.66%

0.65%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.59%

0.59%

0.59%

0.59%

0.59%

Net

investment

income

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

2.80%

2.20%

2.22%

2.42%

2.73%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$418,383

$515,347

$668,093

$710,743

$761,434

Portfolio

turnover

rate

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

18.50%

29.01%

9.20%

18.85%

15.26%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

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

11

a

Year

Ended

June

30,

2023

2022

2021

2020

2019

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$11.02

$12.20

$12.13

$12.09

$11.85

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.25

0.19

0.20

0.23

0.26

Net

realized

and

unrealized

gains

(losses)

...........

(0.05)

(1.18)

0.07

0.04

0.25

Total

from

investment

operations

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

0.20

(0.99)

0.27

0.27

0.51

Less

distributions

from:

Net

investment

income

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

(0.24)

(0.19)

(0.20)

(0.23)

(0.27)

Net

asset

value,

end

of

year

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

$10.98

$11.02

$12.20

$12.13

$12.09

Total

return

c

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

1.86%

(8.18)%

2.26%

2.22%

4.39%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

1.21%

1.20%

1.20%

1.21%

1.20%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

1.14%

1.14%

1.14%

1.14%

1.14%

Net

investment

income

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

2.24%

1.63%

1.66%

1.87%

2.18%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$40,150

$54,420

$101,559

$139,835

$170,241

Portfolio

turnover

rate

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

18.50%

29.01%

9.20%

18.85%

15.26%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

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,

2023

2022

2021

2020

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$11.01

$12.18

$12.12

$12.07

$11.83

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.32

0.28

0.28

0.31

0.34

Net

realized

and

unrealized

gains

(losses)

...........

(0.04)

(1.18)

0.07

0.05

0.25

Total

from

investment

operations

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

0.28

(0.90)

0.35

0.36

0.59

Less

distributions

from:

Net

investment

income

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

(0.32)

(0.27)

(0.29)

(0.31)

(0.35)

Net

asset

value,

end

of

year

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

$10.97

$11.01

$12.18

$12.12

$12.07

Total

return

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

2.56%

(7.48)%

2.88%

3.00%

5.09%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

0.53%

0.52%

0.51%

0.53%

0.53%

Expenses

net

of

waiver

and

payments

by

affiliates

c

......

0.46%

0.46%

0.45%

0.46%

0.46%

Net

investment

income

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

2.95%

2.35%

2.33%

2.55%

2.87%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$50,131

$36,294

$28,080

$19,007

$16,310

Portfolio

turnover

rate

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

18.50%

29.01%

9.20%

18.85%

15.26%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

dail

y

shares

outstanding.

c

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,

2023

2022

2021

2020

2019

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$11.01

$12.18

$12.12

$12.08

$11.83

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.32

0.27

0.28

0.30

0.34

Net

realized

and

unrealized

gains

(losses)

...........

(0.05)

(1.17)

0.06

0.04

0.26

Total

from

investment

operations

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

0.27

(0.90)

0.34

0.34

0.60

Less

distributions

from:

Net

investment

income

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

(0.31)

(0.27)

(0.28)

(0.30)

(0.35)

Net

asset

value,

end

of

year

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

$10.97

$11.01

$12.18

$12.12

$12.08

Total

return

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

2.53%

(7.51)%

2.85%

2.89%

5.15%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

0.56%

0.56%

0.55%

0.56%

0.55%

Expenses

net

of

waiver

and

payments

by

affiliates

c

......

0.49%

0.49%

0.49%

0.49%

0.49%

Net

investment

income

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

2.89%

2.30%

2.31%

2.52%

2.83%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$516,585

$613,805

$716,600

$637,015

$592,893

Portfolio

turnover

rate

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

18.50%

29.01%

9.20%

18.85%

15.26%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

California

Tax-Free

Trust

Schedule

of

Investments,

June

30,

2023

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

14

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

98.2%

California

96.9%

ABAG

Finance

Authority

for

Nonprofit

Corp.

,

Odd

Fellows

Home

of

California

,

Revenue

,

2012

A

,

California

Mortgage

Insured

,

5

%

,

4/01/24

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

$

1,000,000

$

1,001,321

Align

Affordable

Housing

Bond

Fund

LP

,

a

Breezewood

2019

LP,

Revenue,

144A,

2020-3

TR,

A,

2.625%,

8/01/25

..........

14,300,000

13,679,411

Parkwood

Apartments,

2021-1,

2.25%,

8/01/31

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

11,250,000

10,199,138

California

Affordable

Housing

Agency

,

Butte

County

Housing

Authority

,

Revenue

,

2020

A

,

2

%

,

10/01/35

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

500,000

425,331

b

California

Community

Choice

Financing

Authority

,

Revenue,

2021

A,

Mandatory

Put,

4%,

12/01/27

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

13,200,000

13,148,871

Revenue,

2021

B-1,

Mandatory

Put,

4%,

8/01/31

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

9,150,000

9,095,992

Revenue,

2021

B-2,

Mandatory

Put,

4.46%,

8/01/31

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

25,000,000

23,590,698

Revenue,

2022

A-1,

Mandatory

Put,

4%,

8/01/28

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

20,000,000

20,008,660

California

Community

College

Financing

Authority

,

NCCD-Orange

Coast

Properties

LLC,

Revenue,

2018,

5%,

5/01/32

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

1,750,000

1,833,784

NCCD-Orange

Coast

Properties

LLC,

Revenue,

2018,

5%,

5/01/33

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

600,000

627,383

NCCD-Orange

Coast

Properties

LLC,

Revenue,

2018,

5%,

5/01/35

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

3,040,000

3,153,051

NCCD-Orange

Coast

Properties

LLC,

Revenue,

2018,

5%,

5/01/37

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

1,600,000

1,640,507

NCCD-Orange

Coast

Properties

LLC,

Revenue,

2018,

5%,

5/01/38

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

1,320,000

1,349,390

a

California

Community

Housing

Agency

,

Aster

Apartments

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

2/01/43

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

3,795,000

3,271,238

California

County

Tobacco

Securitization

Agency

,

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/35

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

1,505,000

1,533,171

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/37

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

1,075,000

1,076,899

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/39

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

1,300,000

1,284,879

Gold

Country

Settlement

Funding

Corp.,

Revenue,

2020

A,

Refunding,

5%,

6/01/29

250,000

272,768

Gold

Country

Settlement

Funding

Corp.,

Revenue,

2020

A,

Refunding,

5%,

6/01/31

1,065,000

1,180,846

Merced

County

Tobacco

Funding

Corp.,

Revenue,

Senior

Lien,

2020

A,

Refunding,

5%,

6/01/30

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

315,000

347,818

Merced

County

Tobacco

Funding

Corp.,

Revenue,

Senior

Lien,

2020

A,

Refunding,

5%,

6/01/31

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

300,000

332,633

Merced

County

Tobacco

Funding

Corp.,

Revenue,

Senior

Lien,

2020

A,

Refunding,

5%,

6/01/33

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

245,000

270,128

Merced

County

Tobacco

Funding

Corp.,

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/34

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

420,000

431,926

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

5%,

6/01/30

..

425,000

469,278

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

5%,

6/01/31

..

225,000

249,474

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

5%,

6/01/32

..

250,000

276,503

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

5%,

6/01/33

..

300,000

330,770

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

4%,

6/01/34

..

365,000

375,364

California

Educational

Facilities

Authority

,

Art

Center

College

of

Design,

Revenue,

2022

A,

5%,

12/01/32

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

275,000

296,778

Art

Center

College

of

Design,

Revenue,

2022

A,

5%,

12/01/33

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

545,000

585,355

Art

Center

College

of

Design,

Revenue,

2022

A,

5%,

12/01/34

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

995,000

1,063,499

Art

Center

College

of

Design,

Revenue,

2022

A,

5%,

12/01/35

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

1,045,000

1,106,485

Art

Center

College

of

Design,

Revenue,

2022

A,

5%,

12/01/36

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

595,000

624,945

Art

Center

College

of

Design,

Revenue,

2022

A,

4%,

12/01/37

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

1,150,000

1,091,322

Art

Center

College

of

Design,

Revenue,

2022

A,

4%,

12/01/38

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

1,195,000

1,125,747

Loma

Linda

University,

Revenue,

2017

A,

Refunding,

5%,

4/01/29

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

1,020,000

1,082,445

Loma

Linda

University,

Revenue,

2017

A,

Refunding,

5%,

4/01/32

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

1,235,000

1,307,997

Loma

Linda

University,

Revenue,

2017

A,

Refunding,

5%,

4/01/33

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

1,000,000

1,057,069

Loma

Linda

University,

Revenue,

2017

A,

Refunding,

5%,

4/01/34

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

1,750,000

1,849,251

Loma

Linda

University,

Revenue,

2017

A,

Refunding,

5%,

4/01/35

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

1,500,000

1,580,935

Loma

Linda

University,

Revenue,

2017

A,

Refunding,

5%,

4/01/36

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

2,000,000

2,098,791

Loma

Linda

University,

Revenue,

2017

A,

Refunding,

5%,

4/01/37

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

2,000,000

2,089,711

University

of

San

Francisco,

Revenue,

2018

A,

5%,

10/01/37

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

1,365,000

1,445,908

California

Enterprise

Development

Authority

,

Provident

Group-SDSU

Properties

LLC,

Revenue,

First

Tier,

2020

A,

5%,

8/01/24

..

230,000

232,191

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

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

Municipal

Bonds

(continued)

California

(continued)

California

Enterprise

Development

Authority,

(continued)

Provident

Group-SDSU

Properties

LLC,

Revenue,

First

Tier,

2020

A,

5%,

8/01/26

..

$

540,000

$

557,342

Provident

Group-SDSU

Properties

LLC,

Revenue,

First

Tier,

2020

A,

5%,

8/01/28

..

615,000

649,901

Provident

Group-SDSU

Properties

LLC,

Revenue,

First

Tier,

2020

A,

5%,

8/01/30

..

250,000

268,927

Provident

Group-SDSU

Properties

LLC,

Revenue,

First

Tier,

2020

A,

5%,

8/01/35

..

450,000

475,198

California

Health

Facilities

Financing

Authority

,

Casa

Milagro

LLC,

Revenue,

2011

A,

California

Mortgage

Insured,

6%,

2/01/24

...

2,000,000

2,004,135

Cedars-Sinai

Medical

Center

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

11/15/30

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

3,000,000

3,152,856

Cedars-Sinai

Medical

Center

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

8/15/31

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

3,500,000

3,721,974

Children's

Hospital

Los

Angeles

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

8/15/36

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

2,045,000

2,105,865

Children's

Hospital

Los

Angeles

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

8/15/37

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

2,530,000

2,591,832

El

Camino

Hospital,

Revenue,

2017,

5%,

2/01/28

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

2,100,000

2,238,678

El

Camino

Hospital,

Revenue,

2017,

5%,

2/01/29

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

2,460,000

2,622,306

El

Camino

Hospital,

Revenue,

2017,

5%,

2/01/30

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

1,250,000

1,333,061

El

Camino

Hospital,

Revenue,

2017,

5%,

2/01/31

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

1,200,000

1,279,282

Marshall

Medical

Center,

Revenue,

2015,

Refunding,

California

Mortgage

Insured,

5%,

11/01/33

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

1,000,000

1,033,056

California

Housing

Finance

Agency

,

Revenue,

2019-2,

A,

4%,

3/20/33

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

5,190,704

5,100,230

Lakeside

Drive

Senior

Housing

LP,

Revenue,

2019

N,

FNMA

Insured,

2.35%,

12/01/35

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

9,336,350

7,721,145

California

Infrastructure

&

Economic

Development

Bank

,

Academy

of

Motion

Picture

Arts

and

Sciences

Obligated

Group,

Revenue,

2020

A,

5%,

11/01/30

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

7,260,000

8,443,598

Academy

of

Motion

Picture

Arts

and

Sciences

Obligated

Group,

Revenue,

2020

B,

Refunding,

5%,

11/01/29

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

2,000,000

2,275,593

Infrastructure

State

Revolving

Fund

(The),

Revenue,

2015

A,

Pre-Refunded,

5%,

10/01/32

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

2,915,000

3,049,493

California

Municipal

Finance

Authority

,

a,b

Revenue,

144A,

2009

A,

Mandatory

Put,

1.3%,

2/03/25

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

1,800,000

1,731,966

Revenue,

2022

A-1,

4.25%,

12/01/37

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

5,800,000

4,834,866

Revenue,

2022

A-2,

6.25%,

12/01/32

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

3,105,000

2,709,310

ACI

Royal

York,

Inc.,

Revenue,

2020

A,

3.125%,

2/15/33

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

620,000

548,696

Aldersly,

Revenue,

2023

B-1,

Refunding,

California

Mortgage

Insured,

4%,

11/15/28

595,000

596,395

Biola

University,

Inc.,

Revenue,

2017,

Refunding,

5%,

10/01/29

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

1,350,000

1,409,138

Biola

University,

Inc.,

Revenue,

2017,

Refunding,

5%,

10/01/30

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

1,165,000

1,215,233

Biola

University,

Inc.,

Revenue,

2017,

Refunding,

5%,

10/01/33

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

1,070,000

1,112,229

Biola

University,

Inc.,

Revenue,

2017,

Refunding,

5%,

10/01/35

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

1,000,000

1,033,789

California

Home

for

the

Aged,

Inc.

(The),

Revenue,

2018,

California

Mortgage

Insured,

5%,

5/15/36

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

1,000,000

1,088,237

California

Institute

of

the

Arts,

Revenue,

2021,

4%,

10/01/32

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

120,000

118,594

California

Institute

of

the

Arts,

Revenue,

2021,

4%,

10/01/33

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

120,000

117,940

California

Institute

of

the

Arts,

Revenue,

2021,

4%,

10/01/34

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

155,000

151,627

California

Institute

of

the

Arts,

Revenue,

2021,

4%,

10/01/35

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

160,000

154,700

California

Institute

of

the

Arts,

Revenue,

2021,

4%,

10/01/36

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

185,000

176,211

California

Institute

of

the

Arts,

Revenue,

2021,

4%,

10/01/37

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

170,000

159,212

Caritas

Corp.

(The),

Revenue,

2021

B,

Refunding,

3%,

8/15/31

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

115,000

106,613

Caritas

Corp.

(The),

Revenue,

2021

B,

Refunding,

4%,

8/15/41

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

590,000

545,821

Caritas

Corp.

(The),

Revenue,

2021

B,

Refunding,

4%,

8/15/56

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

540,000

456,101

a

Century

CityView

LP,

Revenue,

144A,

2021

A,

4%,

11/01/36

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

8,125,000

7,482,691

CHF-Riverside

II

LLC,

Revenue,

2019,

5%,

5/15/30

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

3,635,000

3,917,586

CHF-Riverside

II

LLC,

Revenue,

2019,

5%,

5/15/32

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

1,000,000

1,073,040

CHF-Riverside

II

LLC,

Revenue,

2019,

5%,

5/15/35

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

1,430,000

1,512,838

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

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

Municipal

Finance

Authority,

(continued)

CHF-Riverside

II

LLC,

Revenue,

2019,

5%,

5/15/36

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

$

1,260,000

$

1,323,589

CHF-Riverside

II

LLC,

Revenue,

2019,

5%,

5/15/38

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

1,500,000

1,559,510

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2015

A,

Pre-

Refunded,

5%,

2/01/26

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

2,010,000

2,073,825

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2015

A,

Pre-

Refunded,

5%,

2/01/28

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

1,500,000

1,547,630

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/25

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

2,000,000

2,037,232

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/26

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

2,010,000

2,064,091

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/29

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

6,270,000

6,553,829

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/30

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

4,680,000

4,897,203

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/32

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

3,300,000

3,453,249

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/33

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

7,440,000

7,781,271

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/34

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

5,000,000

5,228,565

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/36

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

2,295,000

2,384,257

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/37

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

2,000,000

2,069,173

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/24

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

300,000

299,434

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/25

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

300,000

298,489

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/26

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

250,000

249,291

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/27

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

350,000

349,700

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/28

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

250,000

250,391

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/29

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

350,000

351,175

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/30

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

400,000

401,493

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/31

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

350,000

350,804

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/32

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

250,000

249,809

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/33

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

300,000

298,654

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/34

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

300,000

297,730

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/35

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

400,000

393,610

Congregational

Homes,

Inc.

Obligated

Group,

Revenue,

2022

A,

5%,

11/15/26

....

105,000

105,727

Congregational

Homes,

Inc.

Obligated

Group,

Revenue,

2022

A,

5%,

11/15/27

....

110,000

110,585

Congregational

Homes,

Inc.

Obligated

Group,

Revenue,

2022

A,

5%,

11/15/28

....

115,000

115,590

Congregational

Homes,

Inc.

Obligated

Group,

Revenue,

2022

A,

5%,

11/15/29

....

240,000

241,334

Congregational

Homes,

Inc.

Obligated

Group,

Revenue,

2022

A,

4%,

11/15/30

....

125,000

117,855

Congregational

Homes,

Inc.

Obligated

Group,

Revenue,

2022

A,

4%,

11/15/31

....

265,000

248,120

Congregational

Homes,

Inc.

Obligated

Group,

Revenue,

2022

A,

4%,

11/15/32

....

280,000

260,142

Congregational

Homes,

Inc.

Obligated

Group,

Revenue,

2022

B-1,

2.75%,

11/15/27

525,000

497,716

Del

Harbor

Foundation,

Revenue,

2015,

Refunding,

5%,

11/01/26

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

1,085,000

1,136,070

a

IH

Lakes

Concord

LLC,

Revenue,

144A,

2022

A,

4.375%,

12/01/32

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

15,000,000

13,339,115

a

IH

Lakes

Concord

LLC,

Revenue,

144A,

2022

A-2,

6.75%,

12/01/32

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

930,000

833,121

Inland

Christian

Home,

Inc.,

Revenue,

2020,

California

Mortgage

Insured,

4%,

12/01/30

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

995,000

1,031,940

Inland

Counties

Regional

Center,

Inc.,

Revenue,

2015,

Refunding,

5%,

6/15/24

...

1,000,000

1,017,149

Inland

Counties

Regional

Center,

Inc.,

Revenue,

2015,

Refunding,

5%,

6/15/32

...

6,625,000

6,911,831

LAX

Integrated

Express

Solutions

LLC,

Revenue,

Senior

Lien,

2018,

5%,

6/30/25

.

1,000,000

1,019,645

LAX

Integrated

Express

Solutions

LLC,

Revenue,

Senior

Lien,

2018

A,

5%,

12/31/34

3,000,000

3,134,873

LAX

Integrated

Express

Solutions

LLC,

Revenue,

Senior

Lien,

2018

A,

5%,

12/31/35

5,500,000

5,715,280

LAX

Integrated

Express

Solutions

LLC,

Revenue,

Senior

Lien,

2018

A,

5%,

12/31/36

10,570,000

10,922,379

LAX

Integrated

Express

Solutions

LLC,

Revenue,

Senior

Lien,

2018

A,

5%,

12/31/37

2,930,000

3,014,480

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

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)

LAX

Integrated

Express

Solutions

LLC,

Revenue,

Senior

Lien,

2018

A,

5%,

12/31/38

$

7,600,000

$

7,806,836

a

NCCD-Claremont

Properties

LLC,

Revenue,

144A,

2023

A,

Refunding,

5%,

7/01/35

3,960,000

3,963,515

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5%,

11/01/25

....

1,000,000

1,021,593

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5%,

11/01/26

....

900,000

927,182

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5%,

11/01/27

....

1,300,000

1,338,158

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5%,

11/01/28

....

1,400,000

1,439,948

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5.25%,

11/01/29

..

1,000,000

1,034,479

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5%,

11/01/30

....

1,350,000

1,380,355

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5.25%,

11/01/31

..

1,250,000

1,285,629

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5.25%,

11/01/36

..

4,620,000

4,649,049

Northern

California

Retired

Officers

Community,

Revenue,

2016,

Refunding,

California

Mortgage

Insured,

5%,

1/01/37

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

1,310,000

1,389,885

Palomar

Health

Obligated

Group,

COP,

2022

A,

Refunding,

AGMC

Insured,

5%,

11/01/27

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

100,000

105,286

Palomar

Health

Obligated

Group,

COP,

2022

A,

Refunding,

AGMC

Insured,

5%,

11/01/28

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

250,000

265,916

Palomar

Health

Obligated

Group,

COP,

2022

A,

Refunding,

AGMC

Insured,

5%,

11/01/29

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

250,000

269,229

Palomar

Health

Obligated

Group,

COP,

2022

A,

Refunding,

AGMC

Insured,

5%,

11/01/30

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

210,000

228,555

Palomar

Health

Obligated

Group,

COP,

2022

A,

Refunding,

AGMC

Insured,

5%,

11/01/31

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

435,000

477,856

Palomar

Health

Obligated

Group,

COP,

2022

A,

Refunding,

AGMC

Insured,

5%,

11/01/33

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

1,200,000

1,325,834

Palomar

Health

Obligated

Group,

COP,

2022

A,

Refunding,

AGMC

Insured,

5.25%,

11/01/34

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

1,430,000

1,608,693

Palomar

Health

Obligated

Group,

COP,

2022

A,

Refunding,

AGMC

Insured,

5.25%,

11/01/35

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

1,200,000

1,339,240

Palomar

Health

Obligated

Group,

COP,

2022

A,

Refunding,

AGMC

Insured,

5.25%,

11/01/36

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

1,550,000

1,713,470

Pilgrim

Place

in

Claremont,

Revenue,

2016

A,

Refunding,

California

Mortgage

Insured,

5%,

5/15/31

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

2,750,000

2,985,355

South

Central

Los

Angeles

Regional

Center

for

Developmentally

Disabled

Persons,

Revenue,

2013,

5.25%,

12/01/27

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

3,440,000

3,462,050

System

Management

Group,

Revenue,

2019

A,

5%,

4/01/35

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

1,780,000

1,925,531

System

Management

Group,

Revenue,

2019

A,

5%,

4/01/37

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

2,945,000

3,134,480

University

of

La

Verne,

Revenue,

2017

A,

Refunding,

5%,

6/01/31

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

1,000,000

1,070,030

University

of

La

Verne,

Revenue,

2017

A,

Refunding,

5%,

6/01/32

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

1,000,000

1,065,643

University

of

La

Verne,

Revenue,

2017

A,

Refunding,

5%,

6/01/33

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

1,010,000

1,075,678

University

of

La

Verne,

Revenue,

2017

A,

Refunding,

5%,

6/01/35

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

1,440,000

1,521,453

a

California

Pollution

Control

Financing

Authority

,

Poseidon

Resources

Channelside

LP,

Revenue,

144A,

2019,

Refunding,

5%,

7/01/29

4,350,000

4,552,189

Poseidon

Resources

Channelside

LP,

Revenue,

144A,

2023,

5%,

7/01/26

.......

2,680,000

2,780,791

Poseidon

Resources

Channelside

LP,

Revenue,

144A,

2023,

5%,

7/01/27

.......

4,170,000

4,367,735

California

Public

Finance

Authority

,

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

10/15/23

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

285,000

285,194

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

10/15/24

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

380,000

380,282

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

10/15/25

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

400,000

400,756

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

10/15/26

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

420,000

421,858

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

10/15/27

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

400,000

402,978

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

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

Public

Finance

Authority,

(continued)

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

10/15/28

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

$

360,000

$

363,505

b

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2021

B,

Mandatory

Put,

4%,

10/15/31

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

690,000

676,563

a

California

School

Finance

Authority

,

Revenue,

144A,

2022

A,

Refunding,

4%,

10/01/27

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

570,000

569,931

Revenue,

144A,

2022

A,

Refunding,

5%,

10/01/32

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

755,000

805,848

Aspire

Public

Schools

Obligated

Group,

Revenue,

144A,

2022

A,

5%,

8/01/32

....

640,000

665,504

Camino

Nuevo

Charter

Academy

Obligated

Group,

Revenue,

144A,

2023

A,

Refunding,

5%,

6/01/33

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

1,655,000

1,712,086

Green

Dot

Public

Schools

Obligated

Group,

Revenue,

144A,

2018

A,

5%,

8/01/26

.

300,000

306,752

Green

Dot

Public

Schools

Obligated

Group,

Revenue,

144A,

2018

A,

5%,

8/01/27

.

320,000

330,383

Green

Dot

Public

Schools

Obligated

Group,

Revenue,

144A,

2022

A,

Refunding,

5%,

8/01/32

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

750,000

783,484

Green

Dot

Public

Schools

Obligated

Group,

Revenue,

144A,

2022

A,

Refunding,

5.375%,

8/01/42

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

1,500,000

1,560,833

KIPP

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

7/01/24

100,000

100,936

KIPP

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

7/01/25

105,000

106,604

KIPP

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

7/01/26

110,000

112,942

KIPP

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

7/01/27

100,000

103,869

KIPP

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

7/01/28

100,000

104,985

KIPP

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

7/01/29

100,000

106,033

KIPP

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

7/01/30

100,000

106,757

STEM

Preparatory

Schools

-

Obligated

Group,

Revenue,

144A,

2023

A,

5%,

6/01/33

300,000

314,057

California

State

Public

Works

Board

,

Revenue,

2021

A,

Refunding,

5%,

2/01/31

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

2,175,000

2,545,702

State

of

California

Department

of

Corrections

&

Rehabilitation,

Revenue,

2014

A,

5%,

9/01/26

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

10,000,000

10,231,537

State

of

California

Department

of

Corrections

&

Rehabilitation,

Revenue,

2014

D,

5%,

9/01/26

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

6,835,000

6,993,256

California

State

University

,

Revenue,

2016

A,

Refunding,

5%,

11/01/29

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

16,000,000

17,061,811

Revenue,

2016

A,

Refunding,

5%,

11/01/30

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

5,000,000

5,330,662

California

Statewide

Communities

Development

Authority

,

Revenue,

2019

A,

Refunding,

California

Mortgage

Insured,

5%,

11/15/34

........

750,000

843,151

Revenue,

2019

A,

Refunding,

California

Mortgage

Insured,

5%,

11/15/37

........

735,000

811,403

Special

Tax,

2023

A,

5%,

9/01/36

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

460,000

472,710

Special

Tax,

2023

A,

5%,

9/01/43

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

215,000

215,661

Aldersly

Obligated

Group,

Revenue,

2015

A,

ETM,

4.5%,

5/15/25

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

420,000

427,203

Community

Facilities

District

No.

2020-02

Improvement

Area

No.

2,

Special

Tax,

2022,

5.125%,

9/01/42

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

500,000

506,075

Front

Porch

Communities

&

Services

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

4/01/24

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

400,000

403,528

Front

Porch

Communities

&

Services

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

4/01/25

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

615,000

626,055

Front

Porch

Communities

&

Services

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

4/01/26

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

400,000

410,298

Front

Porch

Communities

&

Services

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

4/01/27

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

670,000

694,798

Front

Porch

Communities

&

Services

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

4/01/28

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

425,000

445,003

Front

Porch

Communities

&

Services

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

4/01/29

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

725,000

766,890

Front

Porch

Communities

&

Services

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

4/01/30

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

450,000

479,875

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

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)

California

Statewide

Communities

Development

Authority,

(continued)

Front

Porch

Communities

&

Services

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

4/01/31

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

$

450,000

$

484,541

Front

Porch

Communities

&

Services

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

4/01/32

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

1,470,000

1,583,656

Front

Porch

Communities

&

Services

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

4/01/33

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

1,520,000

1,631,577

Front

Porch

Communities

&

Services

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

4/01/34

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

1,565,000

1,680,981

Hebrew

Home

for

Aged

Disabled,

Revenue,

2016,

California

Mortgage

Insured,

5%,

11/01/36

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

9,000,000

9,541,454

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2014,

Pre-Refunded,

AGMC

Insured,

5%,

10/01/26

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

1,000,000

1,026,087

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2014,

Pre-Refunded,

AGMC

Insured,

5%,

10/01/28

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

1,250,000

1,282,608

Poway

RHF

Housing,

Inc.,

Revenue,

2013

A,

Pre-Refunded,

California

Mortgage

Insured,

5%,

11/15/28

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

500,000

503,657

Redwoods

(The),

A

Community

of

Seniors,

Revenue,

2013,

Pre-Refunded,

California

Mortgage

Insured,

5%,

11/15/28

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

1,000,000

1,007,313

Campbell

Union

School

District

,

GO

,

2015

,

Refunding

,

5

%

,

8/01/28

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

3,235,000

3,383,513

Carson

Public

Financing

Authority

,

City

of

Carson

Reassessment

District

No.

2001-1,

Revenue,

2019,

Refunding,

5%,

9/02/25

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

1,000,000

1,025,493

City

of

Carson

Reassessment

District

No.

2001-1,

Revenue,

2019,

Refunding,

5%,

9/02/31

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

1,000,000

1,083,094

Chino

Valley

Unified

School

District

,

GO,

2020

B,

5%,

8/01/35

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

100,000

113,543

GO,

2020

B,

5%,

8/01/36

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

125,000

140,501

GO,

2020

B,

5%,

8/01/37

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

250,000

278,269

GO,

2020

B,

5%,

8/01/38

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

350,000

387,337

GO,

2020

B,

5%,

8/01/39

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

400,000

440,550

City

&

County

of

San

Francisco

,

GO

,

2021

B-1

,

4

%

,

6/15/37

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

2,000,000

2,066,343

City

of

Chino

,

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

9,

Special

Tax,

2022,

5%,

9/01/30

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

1,280,000

1,368,289

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

9,

Special

Tax,

2022,

4.5%,

9/01/31

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

725,000

748,205

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

9,

Special

Tax,

2022,

4.625%,

9/01/32

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

755,000

788,367

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

9,

Special

Tax,

2022,

4.75%,

9/01/34

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

1,620,000

1,700,332

City

of

Chula

Vista

,

Community

Facilities

District

No.

06-I

Improvement

Area

No.

2

,

Special

Tax

,

2021

,

4

%

,

9/01/46

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

2,000,000

1,785,678

City

of

Clovis

,

Sewer,

Revenue,

2013,

Refunding,

BAM

Insured,

5%,

8/01/28

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

1,200,000

1,201,425

Water,

Revenue,

2013,

Refunding,

BAM

Insured,

5%,

3/01/26

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

2,620,000

2,622,746

Water,

Revenue,

2013,

Refunding,

BAM

Insured,

5%,

3/01/27

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

1,000,000

1,001,048

City

of

Corona

,

Community

Facilities

District

No.

2018-1

Improvement

Area

No.

1

,

Special

Tax

,

2020

,

4

%

,

9/01/40

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

350,000

314,314

City

of

Dublin

,

Community

Facilities

District

No.

2015-1

Improvement

Area

No.

4

,

Special

Tax

,

2015-1

,

5

%

,

9/01/37

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

955,000

986,374

City

of

Fontana

,

Community

Facilities

District

No.

85,

Special

Tax,

2020,

4%,

9/01/32

...........

250,000

250,112

Community

Facilities

District

No.

85,

Special

Tax,

2020,

4%,

9/01/36

...........

550,000

533,614

Community

Facilities

District

No.

85,

Special

Tax,

2020,

4%,

9/01/40

...........

625,000

578,897

Community

Facilities

District

No.

87,

Special

Tax,

2021,

4%,

9/01/41

...........

400,000

363,566

Community

Facilities

District

No.

88,

Special

Tax,

2020,

4%,

9/01/40

...........

550,000

508,814

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

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)

City

of

Irvine

,

Reassessment

District

No.

15-2

,

1915

Act,

Special

Assessment

,

Refunding

,

5

%

,

9/02/25

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

$

1,000,000

$

1,023,823

City

of

Lake

Elsinore

,

Community

Facilities

District

No.

2006-1

Summerly,

Special

Tax,

2021,

4%,

9/01/46

400,000

352,529

Community

Facilities

District

No.

2019-1,

Special

Tax,

2021,

4%,

9/01/41

........

350,000

320,918

Community

Facilities

District

No.

2019-1,

Special

Tax,

2021,

4%,

9/01/46

........

450,000

393,437

Community

Facilities

District

No.

2019-1,

Special

Tax,

2021,

4%,

9/01/51

........

700,000

595,785

City

of

Lincoln

,

Community

Facilities

District

No.

2019-1

,

Special

Tax

,

2019-1

,

5

%

,

9/01/37

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

1,215,000

1,241,220

City

of

Long

Beach

,

Harbor,

Revenue,

2019

A,

5%,

5/15/38

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

2,000,000

2,193,594

Marina

System,

Revenue,

2015,

5%,

5/15/27

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

1,285,000

1,314,525

Marina

System,

Revenue,

2015,

5%,

5/15/32

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

1,250,000

1,281,695

City

of

Los

Angeles

,

Revenue,

2018

C,

5%,

5/15/35

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

5,800,000

6,109,557

Department

of

Airports,

Revenue,

2017

A,

5%,

5/15/31

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

2,815,000

2,969,013

Department

of

Airports,

Revenue,

2018

B,

Refunding,

5%,

5/15/32

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

3,325,000

3,554,139

Department

of

Airports,

Revenue,

2018

D,

Refunding,

5%,

5/15/31

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

2,900,000

3,139,375

Department

of

Airports,

Revenue,

2019

D,

5%,

5/15/31

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

2,685,000

2,889,390

Department

of

Airports,

Revenue,

2019

D,

5%,

5/15/36

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

2,500,000

2,650,250

Department

of

Airports,

Revenue,

2019

F,

5%,

5/15/37

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

5,715,000

6,047,921

Department

of

Airports,

Revenue,

2019

F,

5%,

5/15/38

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

4,500,000

4,748,174

Department

of

Airports,

Revenue,

2020

A,

Refunding,

5%,

5/15/32

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

3,205,000

3,671,981

Department

of

Airports,

Revenue,

2020

A,

Refunding,

5%,

5/15/33

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

3,000,000

3,434,016

Department

of

Airports,

Revenue,

2020

A,

Refunding,

5%,

5/15/35

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

2,115,000

2,395,718

Department

of

Airports,

Revenue,

2020

A,

Refunding,

5%,

5/15/37

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

7,380,000

8,243,038

Department

of

Airports,

Revenue,

2020

A,

Refunding,

5%,

5/15/40

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

5,485,000

6,056,510

Department

of

Airports,

Revenue,

2022

C,

Refunding,

5%,

5/15/28

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

300,000

321,452

Department

of

Airports,

Revenue,

2022

C,

Refunding,

5%,

5/15/29

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

250,000

271,371

Department

of

Airports,

Revenue,

Senior

Lien,

2022

G,

5.5%,

5/15/36

..........

1,325,000

1,510,336

Department

of

Airports,

Revenue,

Senior

Lien,

2022

G,

5.5%,

5/15/37

..........

9,960,000

11,255,257

Department

of

Airports,

Revenue,

Senior

Lien,

2022

G,

5.5%,

5/15/38

..........

1,080,000

1,216,487

Department

of

Airports,

Revenue,

Senior

Lien,

2022

G,

5.5%,

5/15/40

..........

580,000

646,197

Wastewater

System,

Revenue,

2013

A,

Refunding,

5%,

6/01/27

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

9,145,000

9,153,667

City

of

Newport

Beach

,

Assessment

District

No.

113,

1915

Act,

Special

Assessment,

2021

A,

2%,

9/02/34

.

230,000

175,376

Assessment

District

No.

113,

1915

Act,

Special

Assessment,

2021

A,

2.125%,

9/02/35

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

235,000

176,097

Assessment

District

No.

113,

1915

Act,

Special

Assessment,

2021

A,

2.125%,

9/02/36

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

240,000

173,956

City

of

Ontario

,

Community

Facilities

District

No.

55

,

Special

Tax

,

2022

,

5

%

,

9/01/37

.

350,000

364,960

City

of

Palm

Desert

,

Section

29

Assessment

District

No.

2004-02,

1915

Act,

Special

Assessment,

2021,

Refunding,

4%,

9/02/26

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

670,000

668,227

Section

29

Assessment

District

No.

2004-02,

1915

Act,

Special

Assessment,

2021,

Refunding,

4%,

9/02/31

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

800,000

797,489

Section

29

Assessment

District

No.

2004-02,

1915

Act,

Special

Assessment,

2021,

Refunding,

4%,

9/02/37

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

1,200,000

1,131,998

City

of

Palo

Alto

,

University

Avenue

Off-Street

Parking

Assessment

District,

1915

Act,

Special

Assessment,

2012,

Refunding,

5%,

9/02/28

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

895,000

898,021

University

Avenue

Off-Street

Parking

Assessment

District,

1915

Act,

Special

Assessment,

2012,

Refunding,

5%,

9/02/29

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

1,155,000

1,158,957

City

of

Pasadena

,

Water

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

6/01/38

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

1,480,000

1,627,840

City

of

Porterville

,

Water,

COP,

2021,

AGMC

Insured,

4%,

8/15/35

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

230,000

239,488

Water,

COP,

2021,

AGMC

Insured,

4%,

8/15/36

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

200,000

205,161

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

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)

City

of

Porterville,

(continued)

Water,

COP,

2021,

AGMC

Insured,

4%,

8/15/37

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

$

175,000

$

177,832

City

of

Riverside

,

Sewer,

Revenue,

2015

A,

Refunding,

5%,

8/01/28

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

3,870,000

4,047,665

Sewer,

Revenue,

2015

A,

Refunding,

5%,

8/01/29

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

4,670,000

4,889,716

Water,

Revenue,

2019

A,

Refunding,

5%,

10/01/37

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

7,295,000

8,037,459

City

of

Sacramento

,

North

Natomas

Community

Facilities

District

No.

4,

Special

Tax,

2015

F,

Refunding,

5%,

9/01/26

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

615,000

633,456

North

Natomas

Community

Facilities

District

No.

4,

Special

Tax,

2015

F,

Refunding,

5%,

9/01/28

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

1,220,000

1,261,447

North

Natomas

Community

Facilities

District

No.

4,

Special

Tax,

2015

F,

Refunding,

5%,

9/01/29

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

1,555,000

1,608,211

North

Natomas

Community

Facilities

District

No.

4,

Special

Tax,

2015

F,

Refunding,

5%,

9/01/30

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

1,045,000

1,078,198

North

Natomas

Community

Facilities

District

No.

4,

Special

Tax,

2015

F,

Refunding,

5%,

9/01/31

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

1,800,000

1,856,460

Transient

Occupancy

Tax,

Revenue,

2018

A,

5%,

6/01/34

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

1,485,000

1,610,388

Transient

Occupancy

Tax,

Revenue,

2018

A,

5%,

6/01/35

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

2,000,000

2,157,567

Transient

Occupancy

Tax,

Revenue,

2018

A,

5%,

6/01/37

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

2,250,000

2,400,446

City

of

San

Francisco

,

Public

Utilities

Commission

Water

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

11/01/28

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

5,000,000

5,196,508

City

of

Vernon

,

Electric

System,

Revenue,

2021

A,

5%,

4/01/26

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

1,265,000

1,296,907

Electric

System,

Revenue,

2021

A,

5%,

10/01/26

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

1,670,000

1,722,789

Electric

System,

Revenue,

2021

A,

5%,

4/01/28

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

2,000,000

2,100,316

Electric

System,

Revenue,

2022

A,

Refunding,

5%,

8/01/23

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

580,000

580,373

Electric

System,

Revenue,

2022

A,

Refunding,

5%,

8/01/24

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

700,000

707,188

Electric

System,

Revenue,

2022

A,

Refunding,

5%,

8/01/25

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

500,000

508,944

Electric

System,

Revenue,

2022

A,

Refunding,

5%,

8/01/26

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

605,000

622,836

Electric

System,

Revenue,

2022

A,

Refunding,

5%,

8/01/30

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

1,105,000

1,190,354

City

of

Woodland

,

Community

Facilities

District

No.

2004-1

,

Special

Tax

,

2019

,

5

%

,

9/01/36

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

1,510,000

1,580,471

a

CMFA

Special

Finance

Agency

VIII

,

Elan

Huntington

Beach

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

8/01/47

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

1,500,000

1,264,040

Compton

Community

Redevelopment

Agency

,

Successor

Agency,

Tax

Allocation,

2022

A,

Refunding,

AGMC

Insured,

5%,

8/01/37

4,090,000

4,522,952

Successor

Agency,

Tax

Allocation,

2022

A,

Refunding,

AGMC

Insured,

5%,

8/01/42

3,115,000

3,397,651

Contra

Costa

Water

District

,

Revenue

,

T

,

Refunding

,

5

%

,

10/01/26

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

3,400,000

3,484,506

Corona-Norco

Unified

School

District

,

GO

,

2011

E

,

5.3

%

,

8/01/25

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

4,645,000

4,867,605

County

of

Sacramento

,

Airport

System,

Revenue,

2016

B,

Refunding,

5%,

7/01/35

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

1,000,000

1,051,223

Airport

System,

Revenue,

2016

B,

Refunding,

5%,

7/01/36

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

2,000,000

2,095,012

County

of

San

Diego

,

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020

A,

4%,

9/01/35

......

50,000

49,756

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020

A,

4%,

9/01/37

......

175,000

169,174

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020

A,

4%,

9/01/38

......

375,000

359,071

Community

Facilities

District

No.

2008-01,

Special

Tax,

2020

A,

4%,

9/01/40

......

115,000

107,946

a

CSCDA

Community

Improvement

Authority

,

1818

Platinum

Triangle-Anaheim,

Revenue,

Senior

Lien,

144A,

2021

A-1,

3.35%,

4/01/47

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

10,000,000

7,756,251

Oceanaire

Apartments,

Revenue,

144A,

2021

A-1,

3.2%,

9/01/46

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

7,500,000

5,365,301

Towne

at

Glendale

Apartments,

Revenue,

144A,

2022

B,

5%,

9/01/37

..........

13,100,000

13,108,668

Del

Mar

Race

Track

Authority

,

Revenue,

2015,

Refunding,

5%,

10/01/23

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

1,510,000

1,510,887

Revenue,

2015,

Refunding,

5%,

10/01/28

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

1,925,000

1,926,756

Revenue,

2015,

Refunding,

5%,

10/01/30

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

1,125,000

1,122,211

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

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)

Dublin

Unified

School

District

,

GO

,

2016

,

Refunding

,

5

%

,

8/01/32

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

$

3,220,000

$

3,460,462

East

Bay

Municipal

Utility

District

,

Wastewater

System,

Revenue,

2014

A,

Refunding,

5%,

6/01/25

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

2,845,000

2,956,710

Wastewater

System,

Revenue,

2014

A,

Refunding,

5%,

6/01/26

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

3,650,000

3,881,677

Wastewater

System,

Revenue,

2014

A,

Refunding,

5%,

6/01/27

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

1,500,000

1,634,426

Wastewater

System,

Revenue,

2014

A,

Refunding,

5%,

6/01/29

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

1,000,000

1,141,947

Water

System,

Revenue,

2015

A,

Refunding,

5%,

6/01/29

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

5,000,000

5,219,982

El

Dorado

Irrigation

District

,

COP,

2020

A,

5%,

3/01/34

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

375,000

426,294

COP,

2020

A,

5%,

3/01/37

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

325,000

359,969

COP,

2020

A,

5%,

3/01/38

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

750,000

823,425

COP,

2020

A,

5%,

3/01/39

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

720,000

788,238

Revenue,

2016

C,

Pre-Refunded,

5%,

3/01/31

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

2,500,000

2,639,884

Elk

Grove

Finance

Authority

,

Special

Tax

,

2015

,

Refunding

,

BAM

Insured

,

5

%

,

9/01/30

1,130,000

1,184,375

FHLMC,

Multi-family

ML

Pass-Through

Certificates

,

Revenue

,

2019-ML06

,

ACA

,

Revenue

,

2.493

%

,

7/25/35

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

23,749,521

19,908,371

Foothill-De

Anza

Community

College

District

,

GO,

2015,

Refunding,

5%,

8/01/27

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

1,250,000

1,306,626

GO,

2015,

Refunding,

5%,

8/01/28

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

2,500,000

2,614,770

Foothill-Eastern

Transportation

Corridor

Agency

,

Revenue,

2013

A,

Refunding,

Zero

Cpn.,

1/15/25

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

2,500,000

2,478,000

Revenue,

2013

A,

Refunding,

Zero

Cpn.,

1/15/26

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

3,760,000

3,884,660

Revenue,

2013

A,

Refunding,

Zero

Cpn.,

1/15/27

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

6,395,000

6,806,108

Revenue,

2013

A,

Refunding,

AGMC

Insured,

Zero

Cpn.,

1/15/29

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

19,895,000

21,900,056

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

1/15/26

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

305,000

314,814

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

1/15/27

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

350,000

366,788

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

1/15/28

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

320,000

340,787

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

1/15/29

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

360,000

389,009

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

1/15/30

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

400,000

438,319

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

1/15/31

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

470,000

520,756

Revenue,

Junior

Lien,

2021

C,

Refunding,

4%,

1/15/32

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

300,000

312,444

Revenue,

Junior

Lien,

2021

C,

Refunding,

4%,

1/15/33

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

445,000

462,657

Fullerton

School

District

Financing

Authority

,

Special

Tax,

Senior

Lien,

2013

A,

Pre-Refunded,

AGMC

Insured,

5%,

9/01/27

....

1,000,000

1,002,770

Special

Tax,

Senior

Lien,

2013

A,

Pre-Refunded,

AGMC

Insured,

5%,

9/01/28

....

1,040,000

1,042,881

Golden

State

Tobacco

Securitization

Corp.

,

Revenue

,

2018

A-1

,

Pre-Refunded

,

5

%

,

6/01/35

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

9,000,000

10,037,967

Imperial

Irrigation

District

,

Electric

System,

Revenue,

2019,

Refunding,

5%,

11/01/33

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

1,000,000

1,120,740

Electric

System,

Revenue,

2019,

Refunding,

5%,

11/01/34

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

1,100,000

1,225,047

Electric

System,

Revenue,

2019,

Refunding,

5%,

11/01/35

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

1,520,000

1,682,768

Electric

System,

Revenue,

2019,

Refunding,

5%,

11/01/37

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

3,885,000

4,234,579

Independent

Cities

Finance

Authority

,

Augusta

Communities

LLC,

Revenue,

2022

A,

Refunding,

5.25%,

5/15/56

.......

2,010,000

2,090,735

Millennium

Housing

LLC,

Revenue,

2021,

Refunding,

3%,

5/15/41

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

1,395,000

1,157,517

Millennium

Housing

LLC,

Revenue,

2022,

Refunding,

3.7%,

9/15/32

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

965,000

963,269

San

Juan

Mobile

Estates,

Revenue,

2015,

Refunding,

5%,

8/15/30

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

1,575,000

1,615,316

Irvine

Unified

School

District

,

Special

Tax,

2020

A,

4%,

9/01/27

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

1,735,000

1,740,955

Special

Tax,

2020

A,

4%,

9/01/28

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

1,130,000

1,135,658

Special

Tax,

2020

A,

5%,

9/01/30

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

1,900,000

2,038,416

Special

Tax,

2020

A,

5%,

9/01/31

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

1,830,000

1,957,512

Special

Tax,

2020

A,

5%,

9/01/32

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

750,000

798,536

Special

Tax,

2020

A,

4%,

9/01/33

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

2,095,000

2,098,340

Special

Tax,

2020

A,

4%,

9/01/35

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

1,450,000

1,431,961

Special

Tax,

2020

A,

4%,

9/01/36

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

2,625,000

2,551,939

Special

Tax,

2020

A,

4%,

9/01/37

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

2,695,000

2,577,715

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

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)

Irvine

Unified

School

District,

(continued)

Special

Tax,

2020

A,

4%,

9/01/39

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

$

2,890,000

$

2,701,151

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

5%,

9/01/29

........

185,000

198,973

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

5%,

9/01/30

........

210,000

224,351

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

5%,

9/01/31

........

175,000

186,472

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

5%,

9/01/32

........

185,000

196,635

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

5%,

9/01/33

........

195,000

206,699

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

5%,

9/01/34

........

225,000

238,109

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

5%,

9/01/36

........

265,000

276,696

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

4%,

9/01/37

........

280,000

267,815

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

4%,

9/01/38

........

270,000

255,094

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

4%,

9/01/39

........

315,000

294,416

Community

Facilities

District

No.

09-1,

Special

Tax,

2019

A,

4%,

9/01/40

........

350,000

323,791

Jurupa

Public

Financing

Authority

,

Special

Tax,

2013

A,

AGMC

Insured,

5%,

9/01/30

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

2,750,000

2,757,617

Special

Tax,

2013

A,

AGMC

Insured,

5%,

9/01/33

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

5,000,000

5,013,849

Special

Tax,

2014

A,

Refunding,

5%,

9/01/27

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

1,000,000

1,022,007

Special

Tax,

2014

A,

Refunding,

5%,

9/01/28

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

1,275,000

1,303,205

Special

Tax,

2014

A,

Refunding,

5%,

9/01/29

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

530,000

541,481

Special

Tax,

2015

A,

Refunding,

5%,

9/01/26

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

1,855,000

1,928,285

Special

Tax,

2015

A,

Refunding,

5%,

9/01/27

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

1,000,000

1,042,287

Special

Tax,

2015

A,

Refunding,

5%,

9/01/28

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

1,025,000

1,071,354

Special

Tax,

2015

A,

Refunding,

5%,

9/01/29

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

1,155,000

1,209,994

Special

Tax,

2015

A,

Refunding,

5%,

9/01/30

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

1,510,000

1,582,661

Special

Tax,

2015

A,

Refunding,

5%,

9/01/31

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

1,190,000

1,247,286

Special

Tax,

2015

A,

Refunding,

5%,

9/01/32

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

2,505,000

2,624,665

Special

Tax,

2015

A,

Refunding,

5%,

9/01/33

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

2,635,000

2,773,254

Special

Tax,

2020

A,

Refunding,

BAM

Insured,

4%,

9/01/32

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

700,000

735,214

Special

Tax,

2020

A,

Refunding,

BAM

Insured,

4%,

9/01/36

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

1,175,000

1,206,502

Lake

Elsinore

Public

Financing

Authority

,

Special

Tax

,

2015

,

Refunding

,

5

%

,

9/01/30

.

4,970,000

5,127,887

Lake

Elsinore

Unified

School

District

,

Community

Facilities

District

2007-2

,

Special

Tax

,

2021

,

4

%

,

9/01/45

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

760,000

666,965

Lammersville

Joint

Unified

School

District

,

Community

Facilities

District

No.

2002

,

Special

Tax

,

2017

,

Refunding

,

5

%

,

9/01/33

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

1,575,000

1,645,495

Lee

Lake

Public

Financing

Authority

,

Special

Tax,

Junior

Lien,

2013

B,

5%,

9/01/27

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

1,385,000

1,387,258

Special

Tax,

Junior

Lien,

2013

B,

5.25%,

9/01/29

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

800,000

801,773

Los

Angeles

County

Metropolitan

Transportation

Authority

,

Sales

Tax,

Revenue,

2014

A,

Refunding,

5%,

7/01/26

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

6,315,000

6,444,308

Sales

Tax,

Revenue,

2014

A,

Refunding,

5%,

7/01/27

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

6,630,000

6,764,454

Sales

Tax,

Revenue,

2017

A,

5%,

7/01/39

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

7,520,000

8,056,224

Sales

Tax,

Revenue,

2021

A,

4%,

6/01/35

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

1,485,000

1,600,836

Los

Angeles

Department

of

Water

,

Water

System,

Revenue,

2020

C,

Refunding,

5%,

7/01/40

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

7,000,000

7,756,994

Water

System,

Revenue,

2020

C,

Refunding,

5%,

7/01/41

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

3,535,000

3,901,739

Los

Angeles

Department

of

Water

&

Power

,

Power

System,

Revenue,

2014

C,

5%,

7/01/27

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

10,000,000

10,201,814

Power

System,

Revenue,

2014

D,

5%,

7/01/26

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

2,600,000

2,654,517

Power

System,

Revenue,

2016

B,

5%,

7/01/30

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

3,000,000

3,170,461

Power

System,

Revenue,

2016

B,

5%,

7/01/31

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

6,700,000

7,076,478

Power

System,

Revenue,

2017

B,

Refunding,

5%,

7/01/34

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

23,350,000

25,156,230

Power

System,

Revenue,

2020

B,

Refunding,

5%,

7/01/39

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

2,860,000

3,178,924

Water

System,

Revenue,

2014

A,

5%,

7/01/31

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

4,690,000

4,782,347

Water

System,

Revenue,

2016

A,

Refunding,

5%,

7/01/37

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

10,450,000

10,926,046

Water

System,

Revenue,

2018,

Refunding,

5%,

7/01/38

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

4,500,000

4,888,864

Water

System,

Revenue,

2018

B,

Refunding,

5%,

7/01/34

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

2,500,000

2,776,137

Water

System,

Revenue,

2020

C,

Refunding,

5%,

7/01/33

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

1,410,000

1,640,093

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

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)

Los

Angeles

Unified

School

District

,

GO,

2011

A-1,

Refunding,

5%,

7/01/23

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

$

13,335,000

$

13,335,000

GO,

2016

A,

Refunding,

5%,

7/01/29

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

5,000,000

5,223,011

GO,

2016

B,

Refunding,

5%,

7/01/30

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

30,000,000

32,087,478

GO,

2020

RYQ,

4%,

7/01/38

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

5,000,000

5,104,687

Manteca

Unified

School

District

,

Community

Facilities

District

No.

1989-2

,

Special

Tax

,

2013

F

,

AGMC

Insured

,

5

%

,

9/01/26

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

1,280,000

1,283,424

Martinez

Unified

School

District

,

GO

,

2011

,

Refunding

,

5.375

%

,

8/01/26

..........

4,285,000

4,384,222

Menifee

Union

School

District

,

Community

Facilities

District

No.

2011-1,

Special

Tax,

2021,

4%,

9/01/36

........

445,000

433,489

Community

Facilities

District

No.

2011-1,

Special

Tax,

2021,

4%,

9/01/46

........

1,750,000

1,557,959

Community

Facilities

District

No.

2011-1

Improvement

Area

No.

5,

Special

Tax,

2021,

4%,

9/01/36

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

500,000

483,638

Community

Facilities

District

No.

2011-1

Improvement

Area

No.

5,

Special

Tax,

2021,

4%,

9/01/41

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

800,000

727,132

Community

Facilities

District

No.

2011-1

Improvement

Area

No.

7,

Special

Tax,

2022,

5%,

9/01/37

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

1,100,000

1,146,176

Menifee

Union

School

District

Public

Financing

Authority

,

Special

Tax,

2016

A,

Refunding,

5%,

9/01/25

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

1,200,000

1,226,288

Special

Tax,

2017

A,

5%,

9/01/25

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

1,405,000

1,437,239

Special

Tax,

2017

A,

5%,

9/01/28

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

1,250,000

1,322,328

Special

Tax,

2017

A,

5%,

9/01/30

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

1,550,000

1,644,739

Metropolitan

Water

District

of

Southern

California

,

Revenue,

2014

E,

Refunding,

5%,

7/01/24

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

1,110,000

1,133,056

Revenue,

2020

C,

Refunding,

5%,

7/01/38

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

12,500,000

14,077,203

Moreno

Valley

Unified

School

District

,

GO,

2007,

Refunding,

NATL

Insured,

Zero

Cpn.,

8/01/24

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

7,500,000

7,224,331

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

4%,

9/01/31

........

120,000

119,542

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

4%,

9/01/32

........

130,000

129,285

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

4%,

9/01/33

........

140,000

138,915

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

2.625%,

9/01/38

.....

200,000

154,330

Mount

San

Antonio

Community

College

District

,

GO

,

2013

A

,

Zero

Cpn.,

8/01/28

....

6,000,000

6,629,854

Mountain

House

Public

Financing

Authority

,

Mountain

House

Community

Services

District,

Revenue,

2020

A,

BAM

Insured,

4%,

12/01/32

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

400,000

420,976

Mountain

House

Community

Services

District,

Revenue,

2020

A,

BAM

Insured,

4%,

12/01/33

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

325,000

340,826

Mountain

House

Community

Services

District,

Revenue,

2020

A,

BAM

Insured,

4%,

12/01/34

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

300,000

312,906

New

Haven

Unified

School

District

,

GO

,

2012

,

Refunding

,

AGMC

Insured

,

Zero

Cpn.,

8/01/23

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

3,200,000

3,191,971

Oro

Grande

Elementary

School

District

,

COP,

2020,

Refunding,

4%,

9/15/29

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

2,595,000

2,561,974

COP,

2020,

Refunding,

4%,

9/15/30

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

2,700,000

2,654,563

COP,

2020,

Refunding,

4%,

9/15/31

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

2,805,000

2,749,946

COP,

2020,

Refunding,

4%,

9/15/32

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

1,600,000

1,565,694

Port

of

Oakland

,

Revenue,

2017

D,

Refunding,

5%,

11/01/28

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

2,250,000

2,384,074

Revenue,

2021

H,

Refunding,

5%,

11/01/29

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

2,000,000

2,170,296

Poway

Unified

School

District

,

Community

Facilities

District

No.

16,

Special

Tax,

2020,

AGMC

Insured,

5%,

9/01/32

100,000

111,616

Community

Facilities

District

No.

16,

Special

Tax,

2020,

AGMC

Insured,

4%,

9/01/34

500,000

516,505

Community

Facilities

District

No.

16,

Special

Tax,

2020,

AGMC

Insured,

4%,

9/01/36

715,000

728,421

Community

Facilities

District

No.

16,

Special

Tax,

2020,

AGMC

Insured,

4%,

9/01/38

835,000

838,258

Community

Facilities

District

No.

16,

Special

Tax,

2020,

AGMC

Insured,

4%,

9/01/40

965,000

958,175

Poway

Unified

School

District

Public

Financing

Authority

,

Special

Tax,

2014,

BAM

Insured,

5%,

10/01/31

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

1,700,000

1,706,982

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

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)

Poway

Unified

School

District

Public

Financing

Authority,

(continued)

Special

Tax,

2014,

BAM

Insured,

5%,

10/01/32

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

$

1,845,000

$

1,852,533

Special

Tax,

2017

A,

Refunding,

5%,

9/01/27

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

1,375,000

1,460,199

Special

Tax,

2017

A,

Refunding,

5%,

9/01/30

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

2,225,000

2,365,833

River

Islands

Public

Financing

Authority

,

Lathrop

Irrigation

District

Electric

,

Revenue

,

2020

,

AGMC

Insured

,

4

%

,

9/01/40

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

1,665,000

1,682,261

Riverside

County

Transportation

Commission

,

Sales

Tax,

Revenue,

2017

B,

Refunding,

5%,

6/01/38

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

2,805,000

3,008,920

Sales

Tax,

Revenue,

2017

B,

Refunding,

5%,

6/01/39

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

5,000,000

5,346,521

Riverside

Unified

School

District

,

Community

Facilities

District

No.

33,

Special

Tax,

2021,

4%,

9/01/45

...........

375,000

328,572

Community

Facilities

District

No.

33,

Special

Tax,

2021,

4%,

9/01/50

...........

600,000

508,911

a

RMA

Capital

Series

Trust

,

Revenue

,

144A,

2022-1

,

A

,

5.67

%

,

8/01/58

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

5,000,000

5,049,500

RNR

School

Financing

Authority

,

Community

Facilities

District

No.

92-1

,

Special

Tax

,

2017

A

,

BAM

Insured

,

5

%

,

9/01/27

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

1,035,000

1,094,324

Romoland

School

District

,

Community

Facilities

District

No.

2004-1,

Special

Tax,

2015,

Refunding,

5%,

9/01/27

1,000,000

1,029,398

Community

Facilities

District

No.

2004-1,

Special

Tax,

2015,

Refunding,

5%,

9/01/28

1,960,000

2,019,990

Community

Facilities

District

No.

2004-1,

Special

Tax,

2015,

Refunding,

5%,

9/01/29

2,130,000

2,190,800

Community

Facilities

District

No.

2004-1,

Special

Tax,

2015,

Refunding,

5%,

9/01/30

2,310,000

2,368,388

Community

Facilities

District

No.

2004-1,

Special

Tax,

2015,

Refunding,

5%,

9/01/31

2,495,000

2,558,110

Community

Facilities

District

No.

2004-1,

Special

Tax,

2015,

Refunding,

5%,

9/01/32

2,690,000

2,754,837

Community

Facilities

District

No.

91-1,

Special

Tax,

2017,

Refunding,

5%,

9/01/36

.

1,130,000

1,168,505

Root

Creek

Water

District

,

Community

Facilities

District

No.

2016-1

Improvement

Area

No.

1,

Special

Tax,

2021,

4%,

9/01/41

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

430,000

393,284

Community

Facilities

District

No.

2016-1

Improvement

Area

No.

1,

Special

Tax,

2021,

4%,

9/01/46

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

1,300,000

1,145,720

Sacramento

County

Sanitation

Districts

Financing

Authority

,

Sacramento

Regional

County

Sanitation

District

,

Revenue

,

2014

A

,

Refunding

,

5

%

,

12/01/29

..........

2,000,000

2,038,528

Sacramento

Municipal

Utility

District

,

Revenue

,

2020

H

,

5

%

,

8/15/38

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

685,000

768,572

San

Bernardino

County

Transportation

Authority

,

Revenue,

2014

A,

5%,

3/01/30

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

2,685,000

2,718,782

Revenue,

2014

A,

5%,

3/01/31

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

5,090,000

5,154,042

San

Diego

County

Regional

Airport

Authority

,

Revenue,

2019

A,

Refunding,

5%,

7/01/35

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

7,500,000

8,321,221

Revenue,

2019

A,

Refunding,

5%,

7/01/39

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

6,500,000

7,049,606

Revenue,

2019

A,

Refunding,

5%,

7/01/44

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

4,000,000

4,257,820

San

Diego

Public

Facilities

Financing

Authority

,

City

of

San

Diego

Water

Utility

,

Revenue

,

2020

A

,

5

%

,

8/01/34

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

850,000

989,712

San

Francisco

Bay

Area

Rapid

Transit

District

,

GO,

2013

C,

5%,

8/01/27

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

2,640,000

2,643,369

GO,

2013

C,

5%,

8/01/28

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

3,500,000

3,504,442

GO,

2020

C-1,

4%,

8/01/33

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

2,250,000

2,412,831

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

,

Revenue,

2019

A,

Refunding,

5%,

5/01/36

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

4,000,000

4,257,870

Revenue,

Second

Series,

2019

E,

5%,

5/01/35

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

2,000,000

2,143,790

Revenue,

Second

Series,

2019

E,

5%,

5/01/37

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

1,000,000

1,057,642

SFO

Fuel

Co.

LLC,

Revenue,

2019

A,

Refunding,

5%,

1/01/35

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

1,000,000

1,070,374

SFO

Fuel

Co.

LLC,

Revenue,

2019

A,

Refunding,

5%,

1/01/36

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

1,000,000

1,063,358

San

Francisco

City

&

County

Public

Utilities

Commission

,

Wastewater

,

Revenue

,

2018

A

,

4

%

,

10/01/43

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

9,220,000

9,249,759

San

Francisco

City

&

County

Redevelopment

Agency

Successor

Agency

,

Hotel

Tax,

Revenue,

2011,

Refunding,

AGMC

Insured,

5%,

6/01/24

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

3,680,000

3,684,707

Mission

Bay

South

Redevelopment

Area

Tax

Increment

Financing

District,

Tax

Allocation,

2014

A,

5%,

8/01/30

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

1,080,000

1,105,409

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

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)

San

Francisco

City

&

County

Redevelopment

Agency

Successor

Agency,

(continued)

Mission

Bay

South

Redevelopment

Area

Tax

Increment

Financing

District,

Tax

Allocation,

2014

A,

5%,

8/01/34

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

$

1,110,000

$

1,137,803

San

Jacinto

Unified

School

District

Financing

Authority

,

Community

Facilities

District

No.

2003-2

,

Special

Tax

,

2019

,

5

%

,

9/01/36

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

1,200,000

1,236,535

San

Joaquin

Hills

Transportation

Corridor

Agency

,

Revenue

,

1997

A

,

Refunding

,

NATL

Insured

,

Zero

Cpn.,

1/15/26

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

19,000,000

17,286,025

San

Mateo

County

Transit

District

,

Sales

Tax,

Revenue,

2015

A,

Refunding,

5%,

6/01/28

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

3,000,000

3,126,247

Sales

Tax,

Revenue,

2015

A,

Refunding,

5%,

6/01/29

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

4,300,000

4,485,918

San

Mateo

Foster

City

Public

Financing

Authority

,

City

of

San

Mateo

Sewer

,

Revenue

,

2019

,

5

%

,

8/01/34

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

1,000,000

1,137,366

San

Ysidro

School

District

,

COP,

2015,

Refunding,

BAM

Insured,

5%,

9/01/29

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

1,100,000

1,150,726

COP,

2015,

Refunding,

BAM

Insured,

5%,

9/01/31

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

1,000,000

1,044,928

COP,

2015,

Refunding,

BAM

Insured,

5%,

9/01/33

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

1,050,000

1,095,188

Santa

Cruz

County

Redevelopment

Successor

Agency

,

Tax

Allocation

,

2015

A

,

Refunding

,

AGMC

Insured

,

5

%

,

9/01/29

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

4,475,000

4,659,407

Sierra

View

Local

Health

Care

District

,

Revenue,

2020,

Refunding,

4%,

7/01/24

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

240,000

240,589

Revenue,

2020,

Refunding,

4%,

7/01/26

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

100,000

100,923

Revenue,

2020,

Refunding,

5%,

7/01/28

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

660,000

706,178

Revenue,

2020,

Refunding,

5%,

7/01/30

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

520,000

565,751

Sonoma

Community

Development

Agency

Successor

Agency

,

Tax

Allocation,

2015,

Refunding,

NATL

Insured,

5%,

6/01/29

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

1,000,000

1,064,507

Tax

Allocation,

2015,

Refunding,

NATL

Insured,

5%,

6/01/33

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

1,200,000

1,277,843

Southern

California

Public

Power

Authority

,

Revenue

,

2015

C

,

Refunding

,

5

%

,

7/01/26

5,000,000

5,165,900

State

of

California

,

GO,

Refunding,

5%,

12/01/27

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

10,000,000

10,971,609

GO,

Refunding,

5%,

4/01/29

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

3,190,000

3,594,407

GO,

Refunding,

5%,

9/01/29

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

1,000,000

1,064,428

GO,

Refunding,

5%,

11/01/29

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

5,000,000

5,699,400

GO,

5%,

4/01/30

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

3,725,000

4,204,902

GO,

Refunding,

5%,

11/01/30

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

15,540,000

18,062,217

GO,

Refunding,

5%,

10/01/32

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

5,780,000

6,562,044

GO,

2014,

5%,

12/01/27

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

5,000,000

5,036,205

GO,

2014,

5%,

12/01/28

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

5,000,000

5,034,180

State

of

California

Department

of

Water

Resources

,

Revenue,

AS,

ETM,

5%,

12/01/24

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

35,000

36,029

Revenue,

AS,

5%,

12/01/24

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

11,090,000

11,414,691

Revenue,

AS,

5%,

12/01/25

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

6,125,000

6,299,198

Revenue,

AS,

Pre-Refunded,

5%,

12/01/25

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

5,000

5,147

Revenue,

AS,

Pre-Refunded,

5%,

12/01/26

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

45,000

46,324

Revenue,

BA,

Pre-Refunded,

5%,

12/01/35

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

12,180,000

13,844,250

Revenue,

BB,

Refunding,

5%,

12/01/33

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

3,290,000

3,843,942

Tobacco

Securitization

Authority

of

Northern

California

,

Sacramento

County

Tobacco

Securitization

Corp.

,

Revenue,

Senior

Lien

,

2021

A

,

1

,

Refunding

,

4

%

,

6/01/38

....

1,300,000

1,295,622

Tobacco

Securitization

Authority

of

Southern

California

,

San

Diego

County

Tobacco

Asset

Securitization

Corp.,

Revenue,

2019

A,

1,

Refunding,

5%,

6/01/36

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

1,600,000

1,724,339

San

Diego

County

Tobacco

Asset

Securitization

Corp.,

Revenue,

2019

A,

1,

Refunding,

5%,

6/01/37

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

1,000,000

1,070,491

San

Diego

County

Tobacco

Asset

Securitization

Corp.,

Revenue,

2019

A,

1,

Refunding,

5%,

6/01/38

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

500,000

532,961

Transbay

Joint

Powers

Authority

,

Transbay

Redevelopment

Project

Tax

Increment

Re-Development

Project,

Tax

Allocation,

Senior

Lien,

2020

A,

5%,

10/01/30

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

500,000

546,996

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

Annual

Report

27

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Transbay

Joint

Powers

Authority,

(continued)

Transbay

Redevelopment

Project

Tax

Increment

Re-Development

Project,

Tax

Allocation,

Senior

Lien,

2020

A,

5%,

10/01/32

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

$

500,000

$

545,172

Transbay

Redevelopment

Project

Tax

Increment

Re-Development

Project,

Tax

Allocation,

Senior

Lien,

2020

A,

5%,

10/01/33

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

1,000,000

1,087,582

Transbay

Redevelopment

Project

Tax

Increment

Re-Development

Project,

Tax

Allocation,

Senior

Lien,

2020

A,

5%,

10/01/34

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

1,050,000

1,136,237

Tustin

Community

Facilities

District

,

City

of

Tustin

Community

Facilities

District

No.

06-1,

Special

Tax,

2015

A,

Refunding,

5%,

9/01/30

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

1,000,000

1,040,434

City

of

Tustin

Community

Facilities

District

No.

06-1,

Special

Tax,

2015

A,

Refunding,

5%,

9/01/32

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

1,565,000

1,627,074

University

of

California

,

Revenue,

2014

AM,

5%,

5/15/27

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

3,000,000

3,053,265

Revenue,

2014

AM,

5%,

5/15/28

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

1,835,000

1,868,210

Revenue,

2016

K,

5%,

5/15/37

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

1,000,000

1,055,298

Washington

Township

Health

Care

District

,

Revenue,

2020

A,

Refunding,

5%,

7/01/23

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

200,000

200,000

Revenue,

2020

A,

Refunding,

5%,

7/01/24

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

200,000

202,279

Revenue,

2020

A,

Refunding,

5%,

7/01/25

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

215,000

219,769

Revenue,

2020

A,

Refunding,

5%,

7/01/26

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

275,000

284,862

Revenue,

2020

A,

Refunding,

5%,

7/01/27

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

400,000

418,632

Revenue,

2020

A,

Refunding,

5%,

7/01/28

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

400,000

423,474

Revenue,

2020

A,

Refunding,

5%,

7/01/29

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

350,000

374,397

Revenue,

2020

A,

Refunding,

5%,

7/01/30

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

325,000

351,297

Revenue,

2020

A,

Refunding,

5%,

7/01/31

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

350,000

376,190

Revenue,

2020

A,

Refunding,

3%,

7/01/32

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

800,000

710,499

Revenue,

2020

A,

Refunding,

4%,

7/01/33

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

275,000

277,076

Revenue,

2020

A,

Refunding,

3%,

7/01/34

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

870,000

737,890

Revenue,

2020

A,

Refunding,

4%,

7/01/35

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

300,000

295,797

Revenue,

2020

A,

Refunding,

3%,

7/01/36

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

1,400,000

1,125,199

Revenue,

2020

A,

Refunding,

3%,

7/01/37

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

725,000

564,571

Revenue,

2020

A,

Refunding,

3%,

7/01/38

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

750,000

569,637

West

Basin

Municipal

Water

District

,

Revenue,

2016

A,

Refunding,

5%,

8/01/32

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

1,975,000

2,096,181

Revenue,

2016

A,

Refunding,

5%,

8/01/33

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

2,630,000

2,790,096

Revenue,

2021

A,

Refunding,

5%,

8/01/34

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

1,635,000

1,904,294

1,346,308,566

Wisconsin

0.6%

a

Public

Finance

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2021

,

5.25

%

,

12/01/23

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

9,000,000

9,001,170

U.S.

Territories

0.7%

Puerto

Rico

0.7%

HTA

TRRB

Custodial

Trust

,

Revenue

,

2007

N

,

5.25

%

,

7/01/36

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

2,200,000

2,217,314

Puerto

Rico

Electric

Power

Authority

,

Revenue,

UU,

Refunding,

AGMC

Insured,

5%,

7/01/23

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

5,000,000

5,000,000

c

Revenue,

WW,

5.375%,

7/01/23

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

5,000,000

1,875,000

9,092,314

Total

U.S.

Territories

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

9,092,314

Total

Municipal

Bonds

(Cost

$1,383,785,593)

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

1,364,402,050

a

a

a

a

Franklin

California

Tax-Free

Trust

Schedule

of

Investments

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements

28

See

abbreviations

on

page

40

.

Short

Term

Investments

0.8%

a

a

Principal

Amount

a

Value

Municipal

Bonds

0.8%

California

0.8%

d

California

Health

Facilities

Financing

Authority

,

Adventist

Health

System/West

Obligated

Group

,

Revenue

,

2009

B

,

LOC

US

Bank

NA

,

Daily

VRDN

and

Put

,

3

%

,

9/01/38

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

$

4,000,000

$

4,000,000

d

Irvine

Ranch

Water

District

,

Special

Assessment

,

2009

B

,

LOC

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

2.45

%

,

10/01/41

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

5,000,000

5,000,000

d

University

of

California

,

Revenue,

2013

AL-1,

Daily

VRDN

and

Put,

3.12%,

5/15/48

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

1,200,000

1,200,000

Revenue,

2013

AL-3,

Refunding,

Daily

VRDN

and

Put,

2.9%,

5/15/48

...........

700,000

700,000

10,900,000

Total

Municipal

Bonds

(Cost

$10,900,000)

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

10,900,000

Total

Short

Term

Investments

(Cost

$10,900,000

)

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

10,900,000

a

Total

Investments

(Cost

$1,394,685,593)

99.0%

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

$1,375,302,050

Other

Assets,

less

Liabilities

1.0%

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

14,122,534

Net

Assets

100.0%

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

$1,389,424,584

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

June

30,

2023,

the

aggregate

value

of

these

securities

was

$105,337,706,

representing

7.6%

of

net

assets.

b

The

maturity

date

shown

represents

the

mandatory

put

date.

c

See

Note

7

regarding

defaulted

securities.

d

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

California

Tax-Free

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

June

30,

2023

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

29

Franklin

California

Intermediate-

Term

Tax-Free

Income

Fund

Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$1,394,685,593

Value

-

Unaffiliated

issuers

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

$1,375,302,050

Cash

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

80,567

Receivables:

Capital

shares

sold

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

1,245,905

Interest

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

15,966,246

Total

assets

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

1,392,594,768

Liabilities:

Payables:

Capital

shares

redeemed

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

2,029,657

Management

fees

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

347,160

Distribution

fees

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

131,227

Transfer

agent

fees

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

200,625

Trustees'

fees

and

expenses

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

183

Distributions

to

shareholders

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

328,793

Accrued

expenses

and

other

liabilities

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

132,539

Total

liabilities

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

3,170,184

Net

assets,

at

value

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

$1,389,424,584

Net

assets

consist

of:

Paid-in

capital

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

$1,507,056,246

Total

distributable

earnings

(losses)

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

(117,631,662)

Net

assets,

at

value

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

$1,389,424,584

Franklin

California

Tax-Free

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

June

30,

2023

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

30

Franklin

California

Intermediate-

Term

Tax-Free

Income

Fund

Class

A:

Net

assets,

at

value

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

$364,174,810

Shares

outstanding

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

33,277,610

Net

asset

value

per

share

a

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

$10.94

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

97.75%)

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

$11.19

Class

A1:

Net

assets,

at

value

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

$418,382,919

Shares

outstanding

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

38,255,051

Net

asset

value

per

share

a

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

$10.94

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

97.75%)

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

$11.19

Class

C:

Net

assets,

at

value

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

$40,150,391

Shares

outstanding

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

3,656,168

Net

asset

value

and

maximum

offering

price

per

share

a

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

$10.98

Class

R6:

Net

assets,

at

value

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

$50,130,979

Shares

outstanding

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

4,571,818

Net

asset

value

and

maximum

offering

price

per

share

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

$10.97

Advisor

Class:

Net

assets,

at

value

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

$516,585,485

Shares

outstanding

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

47,106,343

Net

asset

value

and

maximum

offering

price

per

share

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

$10.97

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,

2023

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

31

Franklin

California

Intermediate-

Term

Tax-Free

Income

Fund

Investment

income:

Interest:

Unaffiliated

issuers

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

$49,216,679

Expenses:

Management

fees

(Note

3

a

)

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

6,719,506

Distribution

fees:

(Note

3c

)

    Class

A

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

884,347

    Class

A1

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

466,018

    Class

C

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

305,591

Transfer

agent

fees:

(Note

3e

)

    Class

A

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

239,577

    Class

A1

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

317,412

    Class

C

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

32,084

    Class

R6

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

12,901

    Advisor

Class

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

368,302

Custodian

fees

(Note

4

)

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

6,485

Reports

to

shareholders

fees

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

16,904

Registration

and

filing

fees

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

18,985

Professional

fees

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

70,409

Trustees'

fees

and

expenses

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

17,317

Other

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

313,411

Total

expenses

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

9,789,249

Expense

reductions

(Note

4

)

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

(13,816)

Expenses

waived/paid

by

affiliates

(Not

e

3f)

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

(1,023,028)

Net

expenses

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

8,752,405

Net

investment

income

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

40,464,274

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

(21,255,521)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

13,668,411

Net

realized

and

unrealized

gain

(loss)

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

(7,587,110)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$32,877,164

Franklin

California

Tax-Free

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

32

Franklin

California

Intermediate-Term

Tax-

Free

Income

Fund

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$40,464,274

$38,965,892

Net

realized

gain

(loss)

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

(21,255,521)

(19,403,129)

Net

change

in

unrealized

appreciation

(depreciation)

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

13,668,411

(157,308,215)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

32,877,164

(137,745,452)

Distributions

to

shareholders:

Class

A

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

(9,213,522)

(7,647,861)

Class

A1

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

(12,767,392)

(13,290,453)

Class

C

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

(1,021,338)

(1,178,242)

Class

R6

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

(1,248,436)

(798,481)

Advisor

Class

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

(15,311,509)

(15,619,501)

Total

distributions

to

shareholders

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

(39,562,197)

(38,534,538)

Capital

share

transactions:

(Note

2

)

Class

A

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

25,903,070

11,666,915

Class

A1

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

(94,872,296)

(93,011,453)

Class

C

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

(14,092,824)

(40,400,834)

Class

R6

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

13,892,987

11,950,077

Advisor

Class

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

(94,046,093)

(34,171,679)

Total

capital

share

transactions

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

(163,215,156)

(143,966,974)

Net

increase

(decrease)

in

net

assets

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

(169,900,189)

(320,246,964)

Net

assets:

Beginning

of

year

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

1,559,324,773

1,879,571,737

End

of

year

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

$1,389,424,584

$1,559,324,773

Franklin

California

Tax-Free

Trust

33

franklintempleton.com

Annual

Report

Notes

to

Financial

Statements

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

1.

Organization

and

Significant

Accounting

Policies

Franklin

California

Tax-Free

Trust (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of

one fund,

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(Fund).

The

Fund

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

The

Fund

offers five

classes

of

shares:

Class

A,

Class

A1,

Class

C,

Class

R6,

and

Advisor

Class.

Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

8

years.

Each

class

of

shares

may

differ

by

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees. 

The

following

summarizes

the Fund's

significant

accounting

policies.

a.

Financial

Instrument

Valuation 

The

Fund's

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates

the

net

asset

value

(NAV)

per

share

each business

day as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the

Trust’s

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Fund’s

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund’s

administrator

in

performing

this

responsibility,

including

leading

the

cross-

functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Debt

securities

generally

trade

in

the

over-the-counter

market

rather

than

on

a

securities

exchange.

The

Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-

based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value. 

The

Fund

has

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the Fund

primarily

employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

b.

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,

2023,

the

Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the

Fund

invests. 

Franklin

California

Tax-Free

Trust

Notes

to

Financial

Statements

34

franklintempleton.com

Annual

Report

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

c.

Security

Transactions,

Investment

Income,

Expenses

and

Distributions

Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Dividends

from

net

investment

income

are

normally

declared

daily;

these

dividends

may

be

reinvested

or

paid

monthly

to

shareholders.

Distributions

from

realized

capital

gains

and

other

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Common

expenses

incurred

by

the

Trust

are

allocated

among

the

Funds

based

on

the

ratio

of

net

assets

of

each

Fund

to

the

combined

net

assets

of

the

Trust

or

based

on

the

ratio

of

number

of

shareholders

of

each

Fund

to

the

combined

number

of

shareholders

of

the

Trust.

Fund

specific

expenses

are

charged

directly

to

the

Fund

that

incurred

the

expense.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

d.

Insurance

The

scheduled

payments

of

interest

and

principal

for

each

insured

municipal

security

in

the

Trust

are

insured

by

either

a

new

issue

insurance

policy

or

a

secondary

insurance

policy.

Some

municipal

securities

in

the

Fund

are

secured

by

collateral

guaranteed

by

an

agency

of

the

U.S.

government.

Depending

on

the

type

of

coverage,

premiums

for

insurance

are

either

added

to

the

cost

basis

of

the

security

or

paid

by

a

third

party.

Insurance

companies

typically

insure

municipal

bonds

that

tend

to

be

of

very

high

quality,

with

the

majority

of

underlying

municipal

bonds

rated

A

or

better.

However,

an

event

involving

an

insurer

could

have

an

adverse

effect

on

the

value

of

the

securities

insured

by

that

insurance

company.

There

can

be

no

assurance

the

insurer

will

be

able

to

fulfill

its

obligations

under

the

terms

of

the

policy.

e.

Accounting

Estimates

The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

f.

Guarantees

and

Indemnifications

Under

the

Trust's

organizational

documents,

its

officers

and

trustees

are

indemnified

by

the

Trust

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the

Trust on

behalf

of

the

Fund,

enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The

Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Trust

that

have

not

yet

occurred.

Currently,

the

Trust

expects

the

risk

of

loss

to

be

remote.

1.

Organization

and

Significant

Accounting

Policies

(continued)

Franklin

California

Tax-Free

Trust

Notes

to

Financial

Statements

35

franklintempleton.com

Annual

Report

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

2.

Shares

of

Beneficial

Interest

At

June

30,

2023,

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,

2023

Year

Ended

June

30,

2022

Shares

Amount

Shares

Amount

Class

A

Shares:

Shares

sold

a

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

15,255,123

$166,550,059

13,257,948

$154,643,104

Shares

issued

in

reinvestment

of

distributions

..........

756,713

8,269,271

577,101

6,749,531

Shares

redeemed

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

(13,641,681)

(148,916,260)

(12,968,080)

(149,725,720)

Net

increase

(decrease)

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

2,370,155

$25,903,070

866,969

$11,666,915

Class

A1

Shares:

Shares

sold

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

2,980,939

$32,566,655

2,611,294

$29,974,263

Shares

issued

in

reinvestment

of

distributions

..........

1,030,929

11,254,542

987,999

11,555,381

Shares

redeemed

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

(12,707,526)

(138,693,493)

(11,632,278)

(134,541,097)

Net

increase

(decrease)

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

(8,695,658)

$(94,872,296)

(8,032,985)

$(93,011,453)

Class

C

Shares:

Shares

sold

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

945,625

$10,369,758

625,869

$7,213,981

Shares

issued

in

reinvestment

of

distributions

..........

88,506

970,166

93,269

1,097,853

Shares

redeemed

a

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

(2,315,622)

(25,432,748)

(4,105,637)

(48,712,668)

Net

increase

(decrease)

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

(1,281,491)

$(14,092,824)

(3,386,499)

$(40,400,834)

Class

R6

Shares:

Shares

sold

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

3,049,129

$33,277,046

2,295,790

$26,783,119

Shares

issued

in

reinvestment

of

distributions

..........

70,677

773,919

58,899

688,531

Shares

redeemed

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

(1,845,709)

(20,157,978)

(1,361,761)

(15,521,573)

Net

increase

(decrease)

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

1,274,097

$13,892,987

992,928

$11,950,077

Advisor

Class

Shares:

Shares

sold

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

34,779,666

$380,358,826

28,955,989

$330,894,521

Shares

issued

in

reinvestment

of

distributions

..........

1,119,819

12,258,774

1,002,043

11,739,574

Shares

redeemed

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

(44,562,743)

(486,663,693)

(33,003,356)

(376,805,774)

Net

increase

(decrease)

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

(8,663,258)

$(94,046,093)

(3,045,324)

$(34,171,679)

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A.

Subsidiary

Affiliation

Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Franklin

California

Tax-Free

Trust

Notes

to

Financial

Statements

36

franklintempleton.com

Annual

Report

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

a.

Management

Fees

The

Fund

pays

an

investment

management

fee,

calculated

daily

and

paid

monthly,

to

Advisers

based

on

the

month-end

net

assets

of

the

Fund

as

follows:

For

the

year

ended

June

30,

2023,

the

gross

effective

investment

management

fee

rate

was 0.464%

of

the

Fund’s

average daily

net

assets. 

b.

Administrative

Fees

Under

an

agreement

with

Advisers,

FT

Services

provides

administrative

services

to

the

Fund.

The

fee

is

paid

by

Advisers

based

on

the

Fund's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund.

c.

Distribution

Fees

The

Board

has

adopted

distribution

plans

for

each

share

class,

with

the

exception

of

Class

R6

and

Advisor

Class

shares,

pursuant

to

Rule

12b-1

under

the

1940

Act.

Under

the

Fund’s

Class

A

and

A1

reimbursement

distribution

plan,

the

Fund

reimburses

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of the

Fund's

shares

up

to

the

maximum

annual

plan

rate

for

each

class.

Under

the

Class

A

and

A1

reimbursement

distribution

plans,

costs

exceeding

the

maximum

for

the

current

plan

year

cannot

be

reimbursed

in

subsequent

periods.

In

addition,

under

the

Fund’s

Class

C

compensation

distribution

plan,

the

Fund

pays

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of

the

Fund's

shares

up

to

the

maximum

annual

plan

rate.

The

plan

year,

for

purposes

of

monitoring

compliance

with

the

maximum

annual

plan

rates,

is

February

1

through

January

31.

The

maximum

annual

plan

rates,

based

on

the

average

daily

net

assets,

for

each

class,

are

as

follows:

d.

Sales

Charges/Underwriting

Agreements

Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Fund.

These

charges

are

deducted

from

the

proceeds

of

sales

of

Fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Fund

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Fund's

shares

for

the

year:

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

Class

A

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

0.25%

Class

A1

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

0.10%

Class

C

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

0.65%

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

Income

Fund

(continued)

e.

Transfer

Agent

Fees

Each

class

of

shares pays

transfer

agent

fees

to

Investor

Services

for

its

performance

of

shareholder

servicing

obligations.

Effective

October

1,

2022,

the

fees

are

based

on

an

annualized

asset

based

fee

of

0.016%

plus

a

reduced

transaction

based

fee.

Prior

to

October

1,

2022,

the

fees

were

based

on

an

annualized

asset

based

fee

of

0.02%

plus

a

transaction

based

fee.

In

addition,

each

class reimburses

Investor

Services

for

out

of

pocket

expenses

incurred

and,

except

for

Class

R6, reimburses

shareholder

servicing

fees

paid

to

third

parties.

These

fees

are

allocated

daily

based

upon

their

relative

proportion

of

such

classes'

aggregate

net

assets.

Class

R6

pays

Investor

Services

transfer

agent

fees

specific

to

that

class.

For

the

year

ended

June

30,

2023,

the

Fund

paid

transfer

agent

fees

of

$970,276,

of

which

$327,062

was

retained

by

Investor

Services.

f.

Waiver

and

Expense

Reimbursements

Advisers

has

contractually

agreed

in

advance

to

waive

or

limit

its

fees

and

to

assume

as

its

own

expense

certain

expenses

otherwise

payable

by

the

Fund

so

that

the

operating expenses

(excluding

distribution

fees and

acquired

fund

fees

and

certain

non-routine

expenses

or

costs,

including

those

relating

to

litigation,

indemnification,

reorganizations,

and

liquidations)

for

each

class

of

the

Fund

do not

exceed

0.49%,

based

on

the

average

net

assets

of

each

class

until

October

31,

2023.

Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund's

fiscal

year

end.

Investor

Services

has

contractually

agreed

in

advance

to

waive

or

limit

its

fees

so

that

the

Class

R6

transfer

agent

fees

do

not

exceed

0.03%

based

on

the

average

net

assets

of

the

class

until

October

31,

2023.

g.

Interfund

Transactions

The

Fund

engaged

in

purchases

and

sales

of

investments

with

funds

or

other

accounts

that

have

common

investment

managers

(or

affiliated

investment

managers),

directors,

trustees

or

officers.

During

the

year

ended

June

30,

2023,

these

purchase

and

sale

transactions

aggregated

$144,230,000

and

$140,729,610,

respectively,

with

net

realized

losses

of

$255,234.

4.

Expense

Offset

Arrangement

The Fund has

entered

into

an

arrangement

with

its

custodian

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Fund's

custodian

expenses.

During

the

year

ended

June

30,

2023,

the

custodian

fees

were

reduced

as

noted

in

the

Statement

of

Operations. 

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

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

$9,583

CDSC

retained

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

$51,339

3.

Transactions

with

Affiliates

(continued)

d.

Sales

Charges/Underwriting

Agreements

(continued)

Franklin

California

Tax-Free

Trust

Notes

to

Financial

Statements

38

franklintempleton.com

Annual

Report

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

5.

Income

Taxes

For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

June

30,

2023,

the

capital

loss

carryforwards

were

as

follows:

The

tax

character

of

distributions

paid

during

the

years

ended

June

30,

2023

and

2022,

was

as

follows:

At

June

30,

2023,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation)

and

undistributed

tax

exempt

income

for

income

tax

purposes

were

as

follows:

6.

Investment

Transactions

Purchases

and

sales

of

investments

(excluding

short

term

securities) for

the

year

ended

June

30,

2023,

aggregated

$262,332,609 and

$391,918,912

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,

2023,

the

value

of

this

security

was

$1,875,000,

representing

0.13%

of

the

Fund's

net

assets.

The

Fund

discontinues

accruing

income

on

securities

for

which

income

has

been

deemed

uncollectible

and

provides

an

estimate

for

losses

on

interest

receivable.

The

security

has

been

identified

in

the

accompanying

Schedule

of

Investments.

8.

Concentration

of

Risk

The

Fund

invests

a

large

percentage

of

its total

assets

in

obligations

of

issuers

within

its California

and

U.S.

territories.

Such

concentration

may

subject

the

Fund

to

risks

associated

with

industrial

or

regional

matters,

and

economic,

political

or

legal

developments

occurring

within

California

and

U.S.

territories. Investments

in

these

securities

are

sensitive

to

interest

rate

changes

and

credit

risk

of

the

issuer

and

may

subject

the

Fund

to

increased

market

volatility.

The

market

for

these

investments

may

be

limited,

which

may

make

them

difficult

to

buy

or

sell.

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

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

$51,260,172

Long

term

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

47,970,839

Total

capital

loss

carryforwards

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

$99,231,011

2023

2022

Distributions

paid

from:

Ordinary

income

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

$300,247

$—

Tax

exempt

income

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

39,261,950

38,534,538

$39,562,197

$38,534,538

Cost

of

investments

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

$1,394,756,705

Unrealized

appreciation

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

$19,804,146

Unrealized

depreciation

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

(39,258,801)

Net

unrealized

appreciation

(depreciation)

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

$(19,454,655)

Distributable

earnings:

Undistributed

tax

exempt

income

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

$1,350,214

Franklin

California

Tax-Free

Trust

Notes

to

Financial

Statements

39

franklintempleton.com

Annual

Report

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

9.

Credit

Facility

The

Fund,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.675

billion

(Global

Credit

Facility)

which

matures

on

February

2,

2024.

This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

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,

2023,

the Fund

did

not

use

the

Global

Credit

Facility.

10.

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,

2023,

all

of

the

Fund’s

investments

in

financial

instruments

carried

at

fair

value

were

valued

using

Level

2

inputs.

11.

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.

Franklin

California

Tax-Free

Trust

Notes

to

Financial

Statements

40

franklintempleton.com

Annual

Report

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Abbreviations

Selected

Portfolio

1915

Act

Improvement

Bond

Act

of

1915

ABAG

Association

of

Bay

Area

Governments

AGMC

Assured

Guaranty

Municipal

Corp.

BAM

Build

America

Mutual

Assurance

Co.

COP

Certificate

of

Participation

ETM

Escrowed

to

Maturity

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GO

General

Obligation

LOC

Letter

of

Credit

NATL

National

Reinsurance

Corp.

Franklin

California

Tax-Free

Trust

Report

of

Independent

Registered

Public

Accounting

Firm

41

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

schedule

of

investments,

of

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

(the

"Fund")

as

of

June

30,

2023,

the

related

statement

of

operations

for

the

year

ended

June

30,

2023,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

June

30,

2023,

including

the

related

notes,

and

the

financial

highlights

for

the

five

years

in

the

period

ended

June

30,

2023

(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,

2023,

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,

2023

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

June

30,

2023

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,

2023

by

correspondence

with

the

custodian.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

PricewaterhouseCoopers

LLP

San

Francisco,

California

August

16,

2023

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)

42

franklintempleton.com

Annual

Report

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

By

mid-February,

tax

information

related

to

a

shareholder's

proportionate

share

of

distributions

paid

during

the

preceding

calendar

year

will

be

received,

if

applicable.

Please

also

refer

to

www.franklintempleton.com

for

per

share

tax

information

related

to

any

distributions

paid

during

the

preceding

calendar

year.

Shareholders

are

advised

to

consult

with

their

tax

advisors

for

further

information

on

the

treatment

of

these

amounts

on

their

tax

returns.

The

following

tax

information

for

the

Fund

is

required

to

be

furnished

to

shareholders

with

respect

to

income

earned

and

distributions

paid

during

its

fiscal

year.

The

Fund

hereby

reports

the

following

amount,

or

if

subsequently

determined

to

be

different,

the

maximum

allowable

amount,

for

the

fiscal

year

ended

June

30,

2023:

Pursuant

to:

Amount

Reported

Exempt-Interest

Dividends

Distributed

§852(b)(5)(A)

$39,261,950

Franklin

California

Tax-Free

Trust

Board

Members

and

Officers

43

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

1

Other

Directorships

Held

During

at

Least

the

Past

5

Years

Harris

J.

Ashton

(1932)

Trustee

Since

1985

118

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

118

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);

member

of

the

board

of

directors

of

Council

of

the

Americas

(2007-present)

and

the

Tallberg

Foundation

(2018-present);

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

118

Omnicom

Group

Inc.

(advertising

and

marketing

communications

services)

(2011-present)

and

White

Mountains

Insurance

Group,

Ltd.

(holding

company)

(2017-present);

and

formerly

,

Avis

Budget

Group

Inc.

(car

rental)

(2007-2020).

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).

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

1

Other

Directorships

Held

During

at

Least

the

Past

5

Years

Edith

E.

Holiday

(1952)

Lead

Independent

Trustee

Trustee

since

2006

and

Lead

Independent

Trustee

since

2019

118

Hess

Corporation

(exploration

of

oil

and

gas)

(1993-present),

Santander

Consumer

USA

Holdings,

Inc.

(consumer

finance)

(2016-present);

Santander

Holdings

USA

(holding

company)

(2019-present);

and

formerly

,

Canadian

National

Railway

(railroad)

(2001-2021),

White

Mountains

Insurance

Group,

Ltd.

(holding

company)

(2004-

2021),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).

J.

Michael

Luttig

(1954)

Trustee

Since

2009

118

Boeing

Capital

Corporation

(aircraft

financing)

(2006-2010).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Counselor

and

Special

Advisor

to

the

CEO

and

Board

of

Directors

of

The

Coca-Cola

Company

(beverage

company)

(2021-present);

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

(2019-2020);

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

118

Graham

Holdings

Company

(education

and

media

organization)

(2011-2021);

The

Southern

Company

(energy

company)

(2014-2020;

previously

2010-

2012)

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);

John

A.

Sibley

Professor

of

Corporate

and

Business

Law,

University

of

Georgia

School

of

Law

(2015-present;

previously

2011-2012);

and

formerly

,

Independent

Compliance

Monitor

and

Auditor,

Volkswagen

AG

(manufacturer

of

automobiles

and

commercial

vehicles)

(2017-2020);

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).

Independent

Board

Members

(continued)

Franklin

California

Tax-Free

Trust

45

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

1

Other

Directorships

Held

During

at

Least

the

Past

5

Years

Valerie

M.

Williams

(1956)

Trustee

Since

2021

110

Omnicom

Group,

Inc.

(advertising

and

marketing

communications

services)

(2016-present),

DTE

Energy

Co.

(gas

and

electric

utility)

(2018-present),

Devon

Energy

Corporation

(exploration

and

production

of

oil

and

gas)

(2021-present);

and

formerly

,

WPX

Energy,

Inc.

(exploration

and

production

of

oil

and

gas)

(2018-

2021).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director

of

various

companies;

and

formerly

,

Regional

Assurance

Managing

Partner,

Ernst

&

Young

LLP

(public

accounting)

(2005-2016)

and

various

roles

of

increasing

responsibility

at

Ernst

&

Young

(1981-2005).

Name,

Year

of

Birth

and

Address

Position

Length

of

Time

Served

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member

1

Other

Directorships

Held

During

at

Least

the

Past

5

Years

Gregory

E.

Johnson

2

(1961)

Chairman

of

the

Board

and

Trustee

Chairman

of

the

Board

since

January

2023

and

Trustee

since

2007

129

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

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex;

Vice

Chairman,

Investment

Company

Institute;

and

formerly

,

Chief

Executive

Officer

(2013-2020)

and

President

(1994-2015)

Franklin

Resources,

Inc.

Rupert

H.

Johnson,

Jr.

3

(1940)

Trustee

Since

2013

118

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

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex.

Ben

Barber

(1969)

Vice

President

Since

2020

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.;

Director,

Municipal

Bonds;

officer

of

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex;

and

formerly

,

Co-Head

of

Municipal

Bonds,

Goldman

Sachs

Asset

Management

(1999-2020).

Independent

Board

Members

(continued)

Franklin

California

Tax-Free

Trust

46

franklintempleton.com

Annual

Report

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.

1.

We

base

the

number

of

portfolios

on

each

separate

series

of

the

U.S.

registered

investment

companies

within

the

Franklin

Templeton/Legg

Mason

fund

complex.

These

portfolios

have

a

common

investment

manager

or

affiliated

investment

managers.

2.

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.

Name,

Year

of

Birth

and

Address

Position

Length

of

Time

Served

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member

1

Other

Directorships

Held

During

at

Least

the

Past

5

Years

Ted

P.

Becker

(1951)

Chief

Compliance

Officer

Since

June

2023

Not

Applicable

Not

Applicable

280

Park

Avenue

New

York,

NY

10017

Principal

Occupation

During

at

Least

the

Past

5

Years:

Vice

President,

Global

Compliance

of

Franklin

Templeton

(since

2020);

Chief

Compliance

Officer

of

Legg

Mason

Partners

Fund

Advisor,

LLC

(since

2006);

Chief

Compliance

Officer

of

certain

funds

associated

with

Legg

Mason

&

Co.

or

its

affiliates

(since

2006);

formerly

,

Director

of

Global

Compliance

at

Legg

Mason

(2006

to

2020);

Managing

Director

of

Compliance

of

Legg

Mason

&

Co.

(2005

to

2020).

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

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex.

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

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex;

and

formerly

,

Vice

President,

Global

Tax

(2012-April

2017)

and

Treasurer/Assistant

Treasurer,

Franklin

Templeton

(2009-2017).

Susan

Kerr

(1949)

Vice

President

–

AML

Compliance

Since

2021

Not

Applicable

Not

Applicable

280

Park

Avenue

New

York,

NY

10017

Principal

Occupation

During

at

Least

the

Past

5

Years:

Senior

Compliance

Analyst,

Franklin

Templeton;

Chief

Anti-Money

Laundering

Compliance

Officer,

Legg

Mason

&

Co.,

or

its

affiliates;

Anti

Money

Laundering

Compliance

Officer;

Senior

Compliance

Officer,

LMIS;

and

officer

of

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex.

Christopher

Kings

(1974)

Chief

Financial

Officer,

Chief

Accounting

Officer

and

Treasurer

Since

2022

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

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex.

Navid

J.

Tofigh

(1972)

Vice

President

and

Secretary

Vice

President

since

2015

and

Secretary

since

June

2023

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;

and

officer

of

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex.

Interested

Board

Members

and

Officers

(continued)

Franklin

California

Tax-Free

Trust

47

franklintempleton.com

Annual

Report

3.

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

a

major

shareholder

of

Resources,

which

is

the

parent

company

of

the

Fund's

investment

manager

and

distributor.

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

served

as

a

director

of

Avis

Budget

Group,

Inc.

(2007

to

2020)

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

48

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

April

18,

2023

(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

virtual

contract

renewal

meeting

at

which

the

Independent

Trustees

first

conferred

amongst

themselves

and

Independent

Trustee

counsel

about

contract

renewal

matters;

and

then

met

with

management

to

request

additional

information

that

the

Independent

Trustees

reviewed

and

considered

prior

to

and

at

the

Meeting.

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

the

Management

Agreement

is

in

the

best

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.

The

Board

acknowledged

management’s

continued

development

of

strategies

to

address

areas

of

heightened

concern

in

the

mutual

fund

industry,

including

various

regulatory

initiatives

and

continuing

geopolitical

concerns.

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

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

technological

innovation

and

advancement

and

investments

to

promote

alternative

investing.

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.

Franklin

California

Tax-Free

Trust

Shareholder

Information

49

franklintempleton.com

Annual

Report

Fund

Performance

The

Board

reviewed

and

considered

the

performance

results

of

the

Fund

over

various

time

periods

ended

December

31,

2022.

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

of

its

Performance

Universe.

The

Board

also

noted

that

the

Fund’s

annualized

total

return

for

the

one-,

three-

and

five-year

periods

was

below

the

median

of

its

Performance

Universe,

but

the

10-year

period

was

above

the

median

of

its

Performance

Universe.

The

Board

further

noted

management’s

view

regarding

the

income-related

attributes

of

the

Fund

(e.g.,

a

fund’s

investment

objective)

as

set

forth

in

the

Fund’s

registration

statement

and

that

the

evaluation

of

the

Fund’s

performance

relative

to

its

peers

on

an

income

return

basis

was

appropriate

given

these

attributes.

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

or

semi-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

less

than

five

basis

points

above

the

median

of

its

Expense

Group.

The

Board

also

noted

that

the

actual

total

expense

ratio

for

the

Fund

was

below

the

median

and

in

the

first

quintile

(least

expensive)

of

its

Expense

Group.

The

Board

further

noted

that

the

actual

total

expense

ratio

for

the

Fund

reflected

a

fee

waiver

from

management.

After

consideration

of

the

above,

the

Board

concluded

that

the

Management

Rate

charged

to

the

Fund

is

reasonable.

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,

2022,

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.

The

Board

also

noted

that

PricewaterhouseCoopers

LLP,

auditor

to

FRI

and

certain

FT

funds,

has

been

engaged

by

the

Manager

to

periodically

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

Franklin

California

Tax-Free

Trust

Shareholder

Information

50

franklintempleton.com

Annual

Report

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

management’s

outsourcing

of

certain

operations,

which

effort

has

required

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.

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

Each

of

the

Franklin

Templeton

and

Legg

Mason

Funds

has

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

“Liquidity

Rule”).

The

LRMP

is

designed

to

assess

and

manage

each

Fund’s

liquidity

risk,

which

is

defined

as

the

risk

that

the

Fund

could

not

meet

requests

to

redeem

shares

issued

by

the

Fund

without

significant

dilution

of

remaining

investors’

interests

in

the

Fund.

In

accordance

with

the

Liquidity

Rule,

the

LRMP

includes

policies

and

procedures

that

provide

for:

(1)

assessment,

management,

and

review

(no

less

frequently

than

annually)

of

each

Fund’s

liquidity

risk;

(2)

classification

of

each

Fund’s

portfolio

holdings

into

one

of

four

liquidity

categories

(Highly

Liquid,

Moderately

Liquid,

Less

Liquid,

and

Illiquid);

(3)

for

Funds

that

do

not

primarily

hold

assets

that

are

Highly

Liquid,

establishing

and

maintaining

a

minimum

percentage

of

the

Fund’s

net

assets

in

Highly

Liquid

investments

(called

a

“Highly

Liquid

Investment

Minimum”

or

“HLIM”);

and

(4)

prohibiting

the

Fund’s

acquisition

of

Illiquid

investments

that

would

result

in

the

Fund

holding

more

than

15%

of

its

net

assets

in

Illiquid

assets.

The

LRMP

also

requires

reporting

to

the

Securities

and

Exchange

Commission

(“SEC”)

(on

a

non-public

basis)

and

to

the

Board

if

the

Fund’s

holdings

of

Illiquid

assets

exceed

15%

of

the

Fund’s

net

assets.

Funds

with

HLIMs

must

have

procedures

for

addressing

HLIM

shortfalls,

including

reporting

to

the

Board

and,

with

respect

to

HLIM

shortfalls

lasting

more

than

seven

consecutive

calendar

days,

reporting

to

the

SEC

(on

a

non-public

basis).

The

Director

of

Liquidity

Risk

within

the

Investment

Risk

Management

Group

(the

“IRMG”)

is

the

appointed

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

Franklin

Templeton

and

Legg

Mason

products

and

portfolios.

The

ILC

includes

representatives

from

Franklin

Templeton’s

Risk,

Trading,

Global

Compliance,

Legal,

Investment

Compliance,

Investment

Operations,

Valuation

Committee,

Product

Management

and

Global

Product

Strategy.

In

assessing

and

managing

each

Fund’s

liquidity

risk,

the

ILC

considers,

as

relevant,

a

variety

of

factors,

including

the

Fund’s

investment

strategy

and

the

liquidity

of

its

portfolio

investments

during

both

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.

Classification

of

the

Fund’s

portfolio

holdings

in

the

four

liquidity

categories

is

based

on

the

Franklin

California

Tax-Free

Trust

Shareholder

Information

51

franklintempleton.com

Annual

Report

number

of

days

it

is

reasonably

expected

to

take

to

convert

the

investment

to

cash

(for

Highly

Liquid

and

Moderately

Liquid

holdings)

or

sell

or

dispose

of

the

investment

(for

Less

Liquid

and

Illiquid

investments),

in

current

market

conditions

without

significantly

changing

the

investment’s

market

value.

Each

Fund

primarily

holds

liquid

assets

that

are

defined

under

the

Liquidity

Rule

as

"Highly

Liquid

Investments,"

and

therefore

is

not

required

to

establish

an

HLIM.

Highly

Liquid

Investments

are

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.

At

meetings

of

the

Funds’

Board

of

Trustees

held

in

May

2023,

the

Program

Administrator

provided

a

written

report

to

the

Board

addressing

the

adequacy

and

effectiveness

of

the

program

for

the

year

ended

December

31,

2022.

The

Program

Administrator

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.

Proxy

Voting

Policies

and

Procedures

The

Fund’s

investment

manager

has

established

Proxy

Voting

Policies

and

Procedures

(Policies)

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities.

Shareholders

may

view

the

Fund’s

complete

Policies

online

at

franklintempleton.com.

Alternatively,

shareholders

may

request

copies

of

the

Policies

free

of

charge

by

calling

the

Proxy

Group

collect

at

(954)

527-

7678

or

by

sending

a

written

request

to:

Franklin

Templeton

Companies,

LLC,

300

S.E.

2nd

Street,

Fort

Lauderdale,

FL

33301,

Attention:

Proxy

Group.

Copies

of

the

Fund’s

proxy

voting

records

are

also

made

available

online

at

franklintempleton.com

and

posted

on

the

U.S.

Securities

and

Exchange

Commission’s

website

at

sec.gov

and

reflect

the

most

recent

six

month

period

ended

December

31.

Quarterly

Schedule

of

Investments

The

Trust,

on

behalf

of

the

Fund,

files

a

complete

schedule

of

investments

with

the

U.S.

Securities

and

Exchange

Commission

for

the

first

and

third

quarters

for

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

Shareholders

may

view

the

filed

Form

N-PORT

by

visiting

the

Commission’s

website

at

sec.gov.

The

filed

form

may

also

be

viewed

and

copied

at

the

Commission’s

Public

Reference

Room

in

Washington,

DC.

Information

regarding

the

operations

of

the

Public

Reference

Room

may

be

obtained

by

calling

(800)

SEC-0330.

Householding

of

Reports

and

Prospectuses

You

will

receive,

or

receive

notice

of

the

availability

of,

the

Fund’s

financial

reports

every

six

months.

In

addition,

you

will

receive

as

an

annual

updated

summary

prospectus

(detail

prospectus

available

upon

request).

To

reduce

Fund

expenses,

we

try

to

identify

related

shareholders

in

a

household

and

send

only

one

copy

of

the

financial

reports

(to

the

extent

received

by

mail)

and

summary

prospectus.

This

process,

called

“householding,”

will

continue

indefinitely

unless

you

instruct

us

otherwise.

If

you

prefer

not

to

have

these

documents

householded,

please

call

us

at

(800)

632-2301.

At

any

time

you

may

view

current

prospectuses/

summary

prospectuses

and

financial

reports

on

our

website.

If

you

choose,

you

may

receive

these

documents

through

electronic

delivery.

CAT

A

08/23

©

2023

Franklin

Templeton

Investments.

All

rights

reserved.

Authorized

for

distribution

only

when

accompanied

or

preceded

by

a

summary

prospectus

and/or

prospectus.

Investors

should

carefully

consider

a

fund’s

investment

goals,

risks,

charges

and

expenses

before

investing.

A

prospectus

contains

this

and

other

information;

please

read

it

carefully

before

investing.

To

help

ensure

we

provide

you

with

quality

service,

all

calls

to

and

from

our

service

areas

are

monitored

and/or

recorded.

Annual

Report

and

Shareholder

Letter

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund

Investment

Manager

Distributor

Shareholder

Services

Franklin

Advisers,

Inc.

Franklin

Distributors,

LLC

(800)

DIAL

BEN

®

/

342-5236

franklintempleton.com

(800)

632-2301

Item 2. Code of Ethics.

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

(c) N/A

(d) N/A

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

Item 3. Audit Committee Financial Expert.

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

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

Item 4.

Principal Accountant Fees and Services.

                        

(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 $35,869 for the fiscal year ended June 30, 2023 and $36,016 for the fiscal year ended June 30, 2022.

(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

The aggregate 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.

There were no 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 $70,000 for the fiscal year ended June 30, 2023, and $0 for the fiscal year ended June 30, 2022. The services for which these fees were paid included global access to tax platform International Tax View.

(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 $0 for the fiscal year ended June 30, 2023 and $801 for the fiscal year ended June 30, 2022. 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 $83,211 for the fiscal year ended June 30, 2023 and $243,743 for the fiscal year ended June 30, 2022. The services for which these fees were paid included professional fees in connection with determining the feasibility of a U.S. direct lending structure, professional services relating to the readiness assessment over Greenhouse Gas Emissions and Energy, fees in connection with license for employee development tool ProEdge, professional fees in connection with SOC 1 Reports, professional fees relating to security counts and fees in connection with a license for accounting and business knowledge platform Viewpoint.

(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 $153,211 for the fiscal year ended June 30, 2023 and $244,544 for the fiscal year ended June 30, 2022.

(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.

(i) N/A

(j) N/A

Item 5. Audit Committee

 

of Listed Registrants.             N/A

Item 6. Schedule of Investments.                            N/A

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

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

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

Affiliated Purchasers.             N/A

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

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

Item 11. Controls and Procedures.

(a) Evaluation of Disclosure Controls and Procedures.

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

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

(b) Changes in Internal Controls.

There have been no changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect the internal control over financial reporting.

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

Item 13. Exhibits.

(a)(1) Code of Ethics

codeofethics

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

section302

(a)(2)(1) There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.

(a)(2)(2) There was no change in the Registrant’s independent public accountant during the period covered by the report.

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

section906

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 28, 2023

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

By S\MATTHEW T. HINKLE______________________

Matthew T. Hinkle

      Chief Executive Officer - Finance and Administration

Date  August 28, 2023

By S\CHRISTOPHER KINGS______________________

      Christopher Kings

      Chief Financial Officer, Chief Accounting Officer and Treasurer

Date  August 28, 2023