# EDGAR Filing Document

**Accession Number:** 0000773478
**File Stem:** 0001133228-25-009025
**Filing Date:** 2025-8
**Character Count:** 229077
**Document Hash:** b5ca5fc987d7c4b52d81785340790609
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-009025.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001133228-25-009025

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 37

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**EFFECTIVENESS DATE**: 20250827

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Franklin California Tax Free Trust
- **CENTRAL INDEX KEY:** 0000773478

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04356
- **FILM NUMBER:** 251264434

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906
- **BUSINESS PHONE:** 650-312-2000

**MAIL ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FRANKLIN CALIFORNIA TAX FREE TRUST
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### FRANKLIN CALIFORNIA INTERMEDIATE-TERM TAX-FREE INCOME FUND (Series ID: S000006719)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018281 | Class A1      | FKCIX           |
| C000018282 | Class C       | FCCIX           |
| C000073519 | Advisor Class | FRCZX           |
| C000194407 | Class R6      | FCCRX           |
| C000198605 | Class A       | FCCQX           |

?xml version='1.0' encoding='ASCII'? 2025-07-1774200001100_FranklinCaliforniaIntermediate-TermTax-FreeIncomeFund_ClassA_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 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

Franklin Templeton

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: **June 30**

Date of reporting period: **June 30, 2025**

ITEM 1. REPORT TO STOCKHOLDERS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is filed herewith

---

| | |
|:---|:---|
| **Franklin California Intermediate-Term Tax-Free** **Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FCCQX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin California Intermediate-Term Tax-Free Income Fund for the period July 1, 2024, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class A | $75 | 0.74% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended June 30, 2025, Class A shares of Franklin California Intermediate-Term Tax-Free Income Fund returned 1.39%. The Fund compares its performance to the Bloomberg Municipal M.F. CA Intermediate Index, which returned 3.40% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Underweight bonds with 10 years to maturity |
| ↑ | Overweight bonds with two years to maturity |
| ↑ | Security selection in BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in AA rated bonds |
| ↓ | Overweight bonds with 20 to 30 years to maturity |
| ↓ | Overweight bonds with no external credit rating |

---

Franklin California Intermediate-Term Tax-Free Income Fund PAGE 1 1152-ATSR-0825

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,775 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 6/30/2015 — 6/30/2025

![image](ts4346img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 1.39 | 0.26 | 1.51 |
| **Class A (with sales charge)**  | -0.89 | -0.20 | 1.28 |
| **Bloomberg Municipal Bond Index**  | 1.11 | 0.51 | 2.20 |
| **Bloomberg Municipal M.F. CA Intermediate Index**  | 3.40 | 0.51 | 1.95 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class A shares on 9/10/2018. Returns for periods before 9/10/2018, are based on the Fund's Class A1 performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1299143665 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 460 |
| **Total Management Fee Paid** | $5304036 |
| **Portfolio Turnover Rate** | 22.85% |

---

\* Does not include derivatives, except purchased options, if any.

Franklin California Intermediate-Term Tax-Free Income Fund PAGE 2 1152-ATSR-0825

------

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4346img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive 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 shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin California Intermediate-Term Tax-Free Income Fund PAGE 3 1152-ATSR-0825

9775104551033110412109011118811486105861082711175113311000010765107131088011610121261263211549119171230012437100001060710588106511131411821120481122411539117291212715.611.810.910.99.99.28.68.44.84.53.61.8 ------

---

| | |
|:---|:---|
| **Franklin California Intermediate-Term Tax-Free** **Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A1 [FKCIX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin California Intermediate-Term Tax-Free Income Fund for the period July 1, 2024, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class A1 | $59 | 0.59% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended June 30, 2025, Class A1 shares of Franklin California Intermediate-Term Tax-Free Income Fund returned 1.55%. The Fund compares its performance to the Bloomberg Municipal M.F. CA Intermediate Index, which returned 3.40% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Underweight bonds with 10 years to maturity |
| ↑ | Overweight bonds with two years to maturity |
| ↑ | Security selection in BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in AA rated bonds |
| ↓ | Overweight bonds with 20 to 30 years to maturity |
| ↓ | Overweight bonds with no external credit rating |

---

Franklin California Intermediate-Term Tax-Free Income Fund PAGE 1 152-ATSR-0825

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,775 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A1** 6/30/2015 — 6/30/2025

![image](ts4345img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A1**  | 1.55 | 0.41 | 1.61 |
| **Class A1 (with sales charge)**  | -0.72 | -0.05 | 1.38 |
| **Bloomberg Municipal Bond Index**  | 1.11 | 0.51 | 2.20 |
| **Bloomberg Municipal M.F. CA Intermediate Index**  | 3.40 | 0.51 | 1.95 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

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.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1299143665 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 460 |
| **Total Management Fee Paid** | $5304036 |
| **Portfolio Turnover Rate** | 22.85% |

---

\* Does not include derivatives, except purchased options, if any.

Franklin California Intermediate-Term Tax-Free Income Fund PAGE 2 152-ATSR-0825

------

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4345img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive 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 shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin California Intermediate-Term Tax-Free Income Fund PAGE 3 152-ATSR-0825

9775104561033310414109321123711554106731093311292114661000010765107131088011610121261263211549119171230012437100001060710588106511131411821120481122411539117291212715.611.810.910.99.99.28.68.44.84.53.61.8 ------

---

| | |
|:---|:---|
| **Franklin California Intermediate-Term Tax-Free** **Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FCCIX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin California Intermediate-Term Tax-Free Income Fund for the period July 1, 2024, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class C | $115 | 1.14% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended June 30, 2025, Class C shares of Franklin California Intermediate-Term Tax-Free Income Fund returned 0.98%. The Fund compares its performance to the Bloomberg Municipal M.F. CA Intermediate Index, which returned 3.40% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Underweight bonds with 10 years to maturity |
| ↑ | Overweight bonds with two years to maturity |
| ↑ | Security selection in BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in AA rated bonds |
| ↓ | Overweight bonds with 20 to 30 years to maturity |
| ↓ | Overweight bonds with no external credit rating |

---

Franklin California Intermediate-Term Tax-Free Income Fund PAGE 1 252-ATSR-0825

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 6/30/2015 — 6/30/2025

![image](ts4349img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 0.98 | -0.14 | 1.05 |
| **Class C (with sales charge)**  | 0.00 | -0.14 | 1.05 |
| **Bloomberg Municipal Bond Index**  | 1.11 | 0.51 | 2.20 |
| **Bloomberg Municipal M.F. CA Intermediate Index**  | 3.40 | 0.51 | 1.95 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1299143665 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 460 |
| **Total Management Fee Paid** | $5304036 |
| **Portfolio Turnover Rate** | 22.85% |

---

\* Does not include derivatives, except purchased options, if any.

Franklin California Intermediate-Term Tax-Free Income Fund PAGE 2 252-ATSR-0825

------

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4349img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive 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 shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin California Intermediate-Term Tax-Free Income Fund PAGE 3 252-ATSR-0825

10000106361045310476109361117811430104941069010988110961000010765107131088011610121261263211549119171230012437100001060710588106511131411821120481122411539117291212715.611.810.910.99.99.28.68.44.84.53.61.8 ------

---

| | |
|:---|:---|
| **Franklin California Intermediate-Term Tax-Free** **Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FCCRX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin California Intermediate-Term Tax-Free Income Fund for the period July 1, 2024, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R6 | $46 | 0.46% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended June 30, 2025, Class R6 shares of Franklin California Intermediate-Term Tax-Free Income Fund returned 1.67%. The Fund compares its performance to the Bloomberg Municipal M.F. CA Intermediate Index, which returned 3.40% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Underweight bonds with 10 years to maturity |
| ↑ | Overweight bonds with two years to maturity |
| ↑ | Security selection in BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in AA rated bonds |
| ↓ | Overweight bonds with 20 to 30 years to maturity |
| ↓ | Overweight bonds with no external credit rating |

---

Franklin California Intermediate-Term Tax-Free Income Fund PAGE 1 8152-ATSR-0825

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 6/30/2015 — 6/30/2025

![image](ts4350img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 1.67 | 0.52 | 1.73 |
| **Bloomberg Municipal Bond Index**  | 1.11 | 0.51 | 2.20 |
| **Bloomberg Municipal M.F. CA Intermediate Index**  | 3.40 | 0.51 | 1.95 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class R6 shares on 8/1/2017. Returns for periods before 8/1/2017, are based on the Fund's Advisor Class performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1299143665 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 460 |
| **Total Management Fee Paid** | $5304036 |
| **Portfolio Turnover Rate** | 22.85% |

---

\* Does not include derivatives, except purchased options, if any.

Franklin California Intermediate-Term Tax-Free Income Fund PAGE 2 8152-ATSR-0825

------

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4350img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive 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 shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin California Intermediate-Term Tax-Free Income Fund PAGE 3 8152-ATSR-0825

10000106971057210666112091154611877109881126911653118711000010765107131088011610121261263211549119171230012437100001060710588106511131411821120481122411539117291212715.611.810.910.99.99.28.68.44.84.53.61.8 ------

---

| | |
|:---|:---|
| **Franklin California Intermediate-Term Tax-Free** **Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FRCZX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin California Intermediate-Term Tax-Free Income Fund for the period July 1, 2024, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Advisor Class | $49 | 0.49% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended June 30, 2025, Advisor Class shares of Franklin California Intermediate-Term Tax-Free Income Fund returned 1.64%. The Fund compares its performance to the Bloomberg Municipal M.F. CA Intermediate Index, which returned 3.40% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Underweight bonds with 10 years to maturity |
| ↑ | Overweight bonds with two years to maturity |
| ↑ | Security selection in BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in AA rated bonds |
| ↓ | Overweight bonds with 20 to 30 years to maturity |
| ↓ | Overweight bonds with no external credit rating |

---

Franklin California Intermediate-Term Tax-Free Income Fund PAGE 1 653-ATSR-0825

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 6/30/2015 — 6/30/2025

![image](ts4344img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 1.64 | 0.49 | 1.71 |
| **Bloomberg Municipal Bond Index**  | 1.11 | 0.51 | 2.20 |
| **Bloomberg Municipal M.F. CA Intermediate Index**  | 3.40 | 0.51 | 1.95 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1299143665 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 460 |
| **Total Management Fee Paid** | $5304036 |
| **Portfolio Turnover Rate** | 22.85% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4344img004.jpg)

\* Does not include derivatives, except purchased options, if any.

Franklin California Intermediate-Term Tax-Free Income Fund PAGE 2 653-ATSR-0825

------

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive 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 shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin California Intermediate-Term Tax-Free Income Fund PAGE 3 653-ATSR-0825

10000107051059010683112331155711884109921127011650118411000010765107131088011610121261263211549119171230012437100001060710588106511131411821120481122411539117291212715.611.810.910.99.99.28.68.44.84.53.61.8 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

ITEM 2. CODE OF ETHICS.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Pursuant to Item 19(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.

The Board of Trustees of the Registrant has determined that Mary C. Choksi, possesses the technical attributes identified in Item 3 to Form N-CSR to qualify as an "audit committee financial expert," and has designated Mary C. Choksi as the Audit Committee's financial expert. Mary C. Choksi is an "independent" Trustee pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Audit Fees</u>. The aggregate fees billed in the last two fiscal years ending June 30, 2024 and June 30, 2025 (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $38,629 in June 30, 2024 and $43,242 in June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Audit-Related Fees</u>. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant's financial statements were $0 in June 30, 2024 and $0 in June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $0 in June 30, 2024 and $9,750 in June 30, 2025. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

The aggregate fees billed for tax services by the Auditors to the Registrant's investment manager and any entity controlling, controlled by, or under common control with the investment manager that provides ongoing services to the Registrant ("Service Affiliates") during the Reporting Periods that required pre-approval by the Audit Committee were $140,000 in June 30, 2024 and $0 in June 30, 2025. The services for which these fees were paid included global access to tax platform International Tax View.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u>. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in June 30, 2024 and $0 in June 30, 2025.

The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Service Affiliates, other than the services reported in paragraphs (a) through (c) of this item, were $150,926 in June 30, 2024 and $0 in June 30, 2025. The services for which these fees were paid included professional fees in connection with SOC 1 Reports and professional fees relating to security counts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Audit Committee's pre–approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Registrant's Audit Committee is directly responsible for approving the services to be provided by the Auditors, including:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) pre-approval of all non-audit related services to be provided to the Registrant by the Auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) pre-approval of all non-audit related services to be provided by the Auditors to the Registrant and the Service Affiliates where the non-audit services relate directly to the operations or financial reporting of the Registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $290,926 in June 30, 2024 and $507,023 in June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Yes. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence. All services provided by the Auditor to the Registrant or to the Service Affiliates, which were required to be pre-approved, were pre-approved as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable*.*

ITEM 6. SCHEDULE OF INVESTMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

**Franklin**

#### California

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Annual
\|

June

30,

2025

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Annual

Financial

Highlights

and

Schedule

of

Investments

#### 2
Financial

Statements

#### 20
Notes

to

Financial

Statements

#### 24
Report

of

Independent

Registered

Public

Accounting

Firm

#### 32
Tax

Information

#### 33
Changes

In

and

Disagreements

with

Accountants

#### 34
Results

of

Meeting(s)

of

Shareholders

Remuneration

Paid

to

Directors,

Officers

and

Others

Board

Approval

of

Management

and

Subadvisory

Agreements

Franklin

California

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### California

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### June

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$10.97

$10.94

$10.98

$12.16

$12.09

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.33 0.32 0.29 0.24 0.25 Net

realized

and

unrealized

gains

(losses)

...........

(0.18)

0.03 (0.04)

(1.18)

0.07 Total

from

investment

operations

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

0.15 0.35 0.25 (0.94)

0.32 Less

distributions

from:

Net

investment

income

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

(0.33)

(0.32)

(0.29)

(0.24)

(0.25)

Net

asset

value,

end

of

year

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

$10.79

$10.97

$10.94

$10.98

$12.16

Total

return

c

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

1.39%

3.22%

2.28%

(7.84)%

2.68%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.81%

0.82%

0.81%

0.81%

0.79%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.74%

0.74%

0.74%

0.74%

0.74%

Net

investment

income

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

3.05%

2.92%

2.66%

2.05%

2.05%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$396,193

$374,818

$364,175

$339,459

$365,239

Portfolio

turnover

rate

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

22.85%

16.05%

18.50%

29.01%

9.20%

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

a

#### Year

#### Ended

#### June

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$10.96

$10.94

$10.98

$12.15

$12.08

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.35 0.33 0.31 0.26 0.27 Net

realized

and

unrealized

gains

(losses)

...........

(0.18)

0.02 (0.05)

(1.17)

0.07 Total

from

investment

operations

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

0.17 0.35 0.26 (0.91)

0.34 Less

distributions

from:

Net

investment

income

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

(0.35)

(0.33)

(0.30)

(0.26)

(0.27)

Net

asset

value,

end

of

year

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

$10.78

$10.96

$10.94

$10.98

$12.15

Total

return

c

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

1.55%

3.28%

2.44%

(7.62)%

2.84%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.66%

0.67%

0.66%

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

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

3.19%

3.06%

2.80%

2.20%

2.22%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$281,711

$348,839

$418,383

$515,347

$668,093

Portfolio

turnover

rate

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

22.85%

16.05%

18.50%

29.01%

9.20%

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.

a

#### Year

#### Ended

#### June

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$11.01

$10.98

$11.02

$12.20

$12.13

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.29 0.27 0.25 0.19 0.20 Net

realized

and

unrealized

gains

(losses)

...........

(0.18)

0.03 (0.05)

(1.18)

0.07 Total

from

investment

operations

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

0.11 0.30 0.20 (0.99)

0.27 Less

distributions

from:

Net

investment

income

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

(0.29)

(0.27)

(0.24)

(0.19)

(0.20)

Net

asset

value,

end

of

year

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

$10.83

$11.01

$10.98

$11.02

$12.20

Total

return

c

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

0.98%

2.80%

1.86%

(8.18)%

2.26%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.21%

1.21%

1.21%

1.20%

1.20%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

1.14%

1.14%

1.14%

1.14%

1.14%

Net

investment

income

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

2.62%

2.49%

2.24%

1.63%

1.66%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$20,672

$27,535

$40,150

$54,420

$101,559

Portfolio

turnover

rate

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

22.85%

16.05%

18.50%

29.01%

9.20%

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

a

#### Year

#### Ended

#### June

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$10.99

$10.97

$11.01

$12.18

$12.12

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.36 0.35 0.32 0.28 0.28 Net

realized

and

unrealized

gains

(losses)

...........

(0.18)

0.02 (0.04)

(1.18)

0.07 Total

from

investment

operations

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

0.18 0.37 0.28 (0.90)

0.35 Less

distributions

from:

Net

investment

income

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

(0.36)

(0.35)

(0.32)

(0.27)

(0.29)

Net

asset

value,

end

of

year

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

$10.81

$10.99

$10.97

$11.01

$12.18

Total

return

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

1.67%

3.40%

2.56%

(7.48)%

2.88%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.51%

0.52%

0.53%

0.52%

0.51%

Expenses

net

of

waiver

and

payments

by

affiliates

c

......

0.46%

0.46%

0.46%

0.46%

0.45%

Net

investment

income

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

3.33%

3.20%

2.95%

2.35%

2.33%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$65,695

$58,357

$50,131

$36,294

$28,080

Portfolio

turnover

rate

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

22.85%

16.05%

18.50%

29.01%

9.20%

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

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.

a

#### Year

#### Ended

#### June

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$10.99

$10.97

$11.01

$12.18

$12.12

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.36 0.35 0.32 0.27 0.28 Net

realized

and

unrealized

gains

(losses)

...........

(0.18)

0.01 (0.05)

(1.17)

0.06 Total

from

investment

operations

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

0.18 0.36 0.27 (0.90)

0.34 Less

distributions

from:

Net

investment

income

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

(0.36)

(0.34)

(0.31)

(0.27)

(0.28)

Net

asset

value,

end

of

year

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

$10.81

$10.99

$10.97

$11.01

$12.18

Total

return

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

1.64%

3.37%

2.53%

(7.51)%

2.85%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.56%

0.57%

0.56%

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

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

3.29%

3.16%

2.89%

2.30%

2.31%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$534,874

$542,009

$516,585

$613,805

$716,600

Portfolio

turnover

rate

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

22.85%

16.05%

18.50%

29.01%

9.20%

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,

2025

#### Franklin

#### California

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds

#### 97.0%

#### Arizona

#### 0.7%
a

Maricopa

County

Industrial

Development

Authority

,

Grand

Canyon

University

Obligated

Group

,

Revenue

,

144A,

2024

,

7.375 %

,

10/01/29

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

$

9,340,000

$

9,678,204

#### California

#### 94.9%
Align

Affordable

Housing

Bond

Fund

LP

,

a

Breezewood

2019

LP

,

Revenue

,

144A,

2020-3

TR

,

A

,

2.625 %

,

8/01/25

..........

14,300,000

14,273,313

Parkwood

Apartments

,

2021-1

,

2.25 %

,

8/01/31

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

11,250,000

10,431,450

Beaumont

Unified

School

District

,

Community

Facilities

District

No.

2020-1

Improvement

Area

No.

,

Special

Tax

,

2023

,

%

,

9/01/38

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

300,000

310,359

Community

Facilities

District

No.

2020-1

Improvement

Area

No.

,

Special

Tax

,

2023

,

%

,

9/01/43

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

1,295,000

1,307,242

Community

Facilities

District

No.

2020-1

Improvement

Area

No.

,

Special

Tax

,

2023

,

%

,

9/01/48

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

660,000

663,459

Community

Facilities

District

No.

2020-1

Improvement

Area

No.

,

Special

Tax

,

2023

,

%

,

9/01/53

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

725,000

718,869

California

Affordable

Housing

Agency

,

Butte

County

Housing

Authority

,

Revenue

,

2020

A

,

%

,

10/01/35

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

500,000

401,480

b

California

Community

Choice

Financing

Authority

,

Revenue

,

2021

A

,

Mandatory

Put

,

%

,

12/01/27

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

13,200,000

13,240,837

Revenue

,

2021

,

Mandatory

Put

,

%

,

8/01/31

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

9,150,000

9,099,203

Revenue

,

2022

,

Mandatory

Put

,

%

,

8/01/28

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

20,000,000

20,177,732

Revenue

,

2024

B

,

Mandatory

Put

,

%

,

12/01/32

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

35,485,000

36,682,062

Revenue

,

2024

D

,

Mandatory

Put

,

%

,

9/01/32

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

15,000,000

15,964,141

California

Community

College

Financing

Authority

,

NCCD-Orange

Coast

Properties

LLC

,

Revenue

,

2018

,

%

,

5/01/32

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

1,750,000

1,829,235

NCCD-Orange

Coast

Properties

LLC

,

Revenue

,

2018

,

%

,

5/01/33

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

600,000

625,117

NCCD-Orange

Coast

Properties

LLC

,

Revenue

,

2018

,

%

,

5/01/35

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

3,040,000

3,145,915

NCCD-Orange

Coast

Properties

LLC

,

Revenue

,

2018

,

%

,

5/01/37

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

1,600,000

1,645,285

NCCD-Orange

Coast

Properties

LLC

,

Revenue

,

2018

,

%

,

5/01/38

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

1,320,000

1,352,539

a

California

Community

Housing

Agency

,

Aster

Apartments

,

Revenue,

Junior

Lien

,

144A,

2021

,

%

,

2/01/43

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

3,315,000

2,924,971

California

County

Tobacco

Securitization

Agency

,

Los

Angeles

County

Securitization

Corp.

,

Revenue,

Senior

Lien

,

2020

A

,

Refunding

,

%

,

6/01/35

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

1,505,000

1,467,628

Los

Angeles

County

Securitization

Corp.

,

Revenue,

Senior

Lien

,

2020

A

,

Refunding

,

%

,

6/01/39

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

1,300,000

1,221,716

California

Educational

Facilities

Authority

,

Art

Center

College

of

Design

,

Revenue

,

2022

A

,

%

,

12/01/32

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

275,000

294,739

Art

Center

College

of

Design

,

Revenue

,

2022

A

,

%

,

12/01/33

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

545,000

580,028

Art

Center

College

of

Design

,

Revenue

,

2022

A

,

%

,

12/01/36

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

595,000

619,776

Leland

Stanford

Junior

University

(The)

,

Revenue

,

,

%

,

5/01/45

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

1,135,000

1,242,092

Leland

Stanford

Junior

University

(The)

,

Revenue

,

,

%

,

6/01/46

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

9,485,000

10,337,322

Leland

Stanford

Junior

University

(The)

,

Revenue

,

,

%

,

5/01/49

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

10,350,000

11,222,001

Loma

Linda

University

,

Revenue

,

2017

A

,

Refunding

,

%

,

4/01/29

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

1,020,000

1,047,323

Loma

Linda

University

,

Revenue

,

2017

A

,

Refunding

,

%

,

4/01/32

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

1,235,000

1,261,414

Loma

Linda

University

,

Revenue

,

2017

A

,

Refunding

,

%

,

4/01/33

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

1,000,000

1,019,116

Loma

Linda

University

,

Revenue

,

2017

A

,

Refunding

,

%

,

4/01/34

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

1,750,000

1,779,300

Loma

Linda

University

,

Revenue

,

2017

A

,

Refunding

,

%

,

4/01/35

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

1,500,000

1,522,456

Loma

Linda

University

,

Revenue

,

2017

A

,

Refunding

,

%

,

4/01/36

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

2,000,000

2,025,991

Loma

Linda

University

,

Revenue

,

2017

A

,

Refunding

,

%

,

4/01/37

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

2,000,000

2,022,478

St.

Mary's

College

of

California

,

Revenue

,

2023

A

,

Refunding

,

%

,

10/01/36

......

750,000

771,753

St.

Mary's

College

of

California

,

Revenue

,

2023

A

,

Refunding

,

%

,

10/01/37

......

725,000

741,015

St.

Mary's

College

of

California

,

Revenue

,

2023

A

,

Refunding

,

%

,

10/01/38

......

1,025,000

1,040,629

St.

Mary's

College

of

California

,

Revenue

,

2023

A

,

Refunding

,

5.25 %

,

10/01/44

...

4,450,000

4,383,570

California

Enterprise

Development

Authority

,

Provident

Group-SDSU

Properties

LLC

,

Revenue,

First

Tier

,

2020

A

,

%

,

8/01/26

..

540,000

548,704

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.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

California

Enterprise

Development

Authority,

(continued)

Provident

Group-SDSU

Properties

LLC

,

Revenue,

First

Tier

,

2020

A

,

%

,

8/01/28

..

$

615,000

$

641,430

Provident

Group-SDSU

Properties

LLC

,

Revenue,

First

Tier

,

2020

A

,

%

,

8/01/30

..

250,000

264,851

Provident

Group-SDSU

Properties

LLC

,

Revenue,

First

Tier

,

2020

A

,

%

,

8/01/35

..

450,000

466,648

California

Health

Facilities

Financing

Authority

,

Cedars-Sinai

Medical

Center

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

%

,

8/15/31

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

3,500,000

3,569,636

Children's

Hospital

Los

Angeles

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

%

,

8/15/36

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

2,045,000

2,056,538

Children's

Hospital

Los

Angeles

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

%

,

8/15/37

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

2,530,000

2,537,843

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2024

A

,

%

,

12/01/54

.........

7,835,000

7,846,074

El

Camino

Hospital

LP

,

Revenue

,

2017

,

%

,

2/01/28

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

2,100,000

2,180,138

El

Camino

Hospital

LP

,

Revenue

,

2017

,

%

,

2/01/29

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

2,460,000

2,551,328

El

Camino

Hospital

LP

,

Revenue

,

2017

,

%

,

2/01/30

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

1,250,000

1,294,998

El

Camino

Hospital

LP

,

Revenue

,

2017

,

%

,

2/01/31

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

1,200,000

1,241,713

Kaiser

Foundation

Hospitals

,

Revenue

,

2017

,

%

,

11/01/47

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

7,000,000

7,410,608

Marshall

Medical

Center

,

Revenue

,

2015

,

Refunding

,

California

Mortgage

Insured

,

%

,

11/01/33

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

1,000,000

1,001,098

California

Housing

Finance

Agency

,

Revenue

,

2019-2

,

A

,

%

,

3/20/33

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

4,748,455

4,756,954

Lakeside

Drive

Senior

Housing

LP

,

Revenue

,

2019

N

,

FNMA

Insured

,

2.35 %

,

12/01/35

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

9,000,539

7,581,224

California

Infrastructure

&

Economic

Development

Bank

,

Academy

of

Motion

Picture

Arts

and

Sciences

Obligated

Group

,

Revenue

,

2020

A

,

%

,

11/01/30

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

7,260,000

8,067,364

Infrastructure

State

Revolving

Fund

(The)

,

Revenue

,

2015

A

,

Pre-Refunded

,

%

,

10/01/32

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

2,915,000

2,931,120

California

Municipal

Finance

Authority

,

Revenue

,

2024

,

Refunding

,

%

,

12/01/43

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

2,000,000

1,808,512

Special

Tax

,

2025

B

,

%

,

9/01/45

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

1,250,000

1,217,631

ACI

Royal

York,

Inc.

,

Revenue

,

2020

A

,

3.125 %

,

2/15/33

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

620,000

565,494

Aldersly

,

Revenue

,

2023

,

Refunding

,

California

Mortgage

Insured

,

%

,

11/15/28

595,000

600,099

California

Home

for

the

Aged,

Inc.

(The)

,

Revenue

,

2018

,

California

Mortgage

Insured

,

%

,

5/15/36

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

1,000,000

1,043,239

California

Institute

of

the

Arts

,

Revenue

,

2021

,

%

,

10/01/32

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

120,000

119,743

California

Institute

of

the

Arts

,

Revenue

,

2021

,

%

,

10/01/33

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

120,000

118,660

California

Institute

of

the

Arts

,

Revenue

,

2021

,

%

,

10/01/34

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

155,000

151,631

California

Institute

of

the

Arts

,

Revenue

,

2021

,

%

,

10/01/35

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

160,000

154,823

California

Institute

of

the

Arts

,

Revenue

,

2021

,

%

,

10/01/36

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

185,000

176,729

California

Institute

of

the

Arts

,

Revenue

,

2021

,

%

,

10/01/37

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

170,000

159,749

Caritas

Corp.

CMFA

Mobile

Home

Park

Financing

,

Revenue

,

2021

B

,

Refunding

,

%

,

8/15/31

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

95,000

91,124

Caritas

Corp.

CMFA

Mobile

Home

Park

Financing

,

Revenue

,

2021

B

,

Refunding

,

%

,

8/15/41

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

590,000

527,603

Caritas

Corp.

CMFA

Mobile

Home

Park

Financing

,

Revenue

,

2021

B

,

Refunding

,

%

,

8/15/56

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

540,000

427,308

a

Century

CityView

LP

,

Revenue

,

144A,

2021

A

,

%

,

11/01/36

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

8,125,000

7,484,999

CHF-Riverside

II

LLC

,

Revenue

,

2019

,

%

,

5/15/30

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

3,635,000

3,858,365

CHF-Riverside

II

LLC

,

Revenue

,

2019

,

%

,

5/15/36

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

1,260,000

1,299,131

CHF-Riverside

II

LLC

,

Revenue

,

2019

,

%

,

5/15/38

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

1,500,000

1,532,135

Community

Facilities

District

No.

2021-9

Improvement

Area

No.

,

Special

Tax

,

2025

,

%

,

9/01/45

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

1,130,000

1,111,821

Community

Hospitals

of

Central

California

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

%

,

2/01/26

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

2,010,000

2,024,250

Community

Hospitals

of

Central

California

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

%

,

2/01/29

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

6,270,000

6,413,665

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

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

California

Municipal

Finance

Authority,

(continued)

Community

Hospitals

of

Central

California

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

%

,

2/01/30

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

$

4,680,000

$

4,771,199

Community

Hospitals

of

Central

California

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

%

,

2/01/32

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

3,300,000

3,345,598

Community

Hospitals

of

Central

California

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

%

,

2/01/33

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

7,440,000

7,524,527

Community

Hospitals

of

Central

California

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

%

,

2/01/34

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

5,000,000

5,045,447

Community

Hospitals

of

Central

California

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

%

,

2/01/36

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

2,295,000

2,305,835

Community

Hospitals

of

Central

California

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

%

,

2/01/37

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

2,000,000

2,005,240

Concordia

University

Irvine

,

Revenue

,

2021

,

%

,

1/01/28

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

150,000

150,154

Concordia

University

Irvine

,

Revenue

,

2021

,

%

,

1/01/29

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

300,000

299,693

Concordia

University

Irvine

,

Revenue

,

2021

,

%

,

1/01/30

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

400,000

397,940

Concordia

University

Irvine

,

Revenue

,

2021

,

%

,

1/01/31

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

350,000

346,339

Concordia

University

Irvine

,

Revenue

,

2021

,

%

,

1/01/32

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

250,000

245,531

Concordia

University

Irvine

,

Revenue

,

2021

,

%

,

1/01/33

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

155,000

150,594

Concordia

University

Irvine

,

Revenue

,

2021

,

%

,

1/01/34

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

110,000

105,487

Concordia

University

Irvine

,

Revenue

,

2021

,

%

,

1/01/35

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

250,000

236,372

Congregational

Homes,

Inc.

Obligated

Group

,

Revenue

,

2022

A

,

%

,

11/15/26

....

210,000

211,697

Congregational

Homes,

Inc.

Obligated

Group

,

Revenue

,

2022

A

,

%

,

11/15/27

....

110,000

111,963

Congregational

Homes,

Inc.

Obligated

Group

,

Revenue

,

2022

A

,

%

,

11/15/28

....

115,000

118,017

Congregational

Homes,

Inc.

Obligated

Group

,

Revenue

,

2022

A

,

%

,

11/15/29

....

240,000

247,554

Congregational

Homes,

Inc.

Obligated

Group

,

Revenue

,

2022

A

,

%

,

11/15/30

....

125,000

123,817

Congregational

Homes,

Inc.

Obligated

Group

,

Revenue

,

2022

A

,

%

,

11/15/31

....

265,000

261,471

Congregational

Homes,

Inc.

Obligated

Group

,

Revenue

,

2022

A

,

%

,

11/15/32

....

280,000

275,067

Del

Harbor

Foundation

,

Revenue

,

2015

,

Refunding

,

%

,

11/01/26

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

1,085,000

1,091,355

a

IH

Lakes

Concord

LLC

,

Revenue

,

144A,

2022

,

4.375 %

,

12/01/32

...........

15,000,000

14,455,573

a

IH

Lakes

Concord

LLC

,

Revenue

,

144A,

2022

,

6.75 %

,

12/01/32

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

930,000

897,742

Inland

Counties

Regional

Center,

Inc.

,

Revenue

,

2015

,

Refunding

,

%

,

6/15/32

...

6,625,000

6,629,922

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

,

4.25 %

,

12/01/37

........

5,800,000

4,856,965

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

,

6.25 %

,

12/01/32

........

3,105,000

2,810,965

LAX

Integrated

Express

Solutions

LLC

,

Revenue,

Senior

Lien

,

2018

A

,

%

,

12/31/34

3,000,000

3,035,861

LAX

Integrated

Express

Solutions

LLC

,

Revenue,

Senior

Lien

,

2018

A

,

%

,

12/31/35

5,500,000

5,550,767

LAX

Integrated

Express

Solutions

LLC

,

Revenue,

Senior

Lien

,

2018

A

,

%

,

12/31/36

10,570,000

10,660,221

LAX

Integrated

Express

Solutions

LLC

,

Revenue,

Senior

Lien

,

2018

A

,

%

,

12/31/37

2,930,000

2,950,392

LAX

Integrated

Express

Solutions

LLC

,

Revenue,

Senior

Lien

,

2018

A

,

%

,

12/31/38

7,600,000

7,642,284

a

NCCD-Claremont

Properties

LLC

,

Revenue

,

144A,

2023

A

,

Refunding

,

%

,

7/01/35

3,960,000

4,092,186

Northbay

Healthcare

Group

Obligated

Group

,

Revenue

,

2017

A

,

%

,

11/01/25

....

1,000,000

1,000,763

Northbay

Healthcare

Group

Obligated

Group

,

Revenue

,

2017

A

,

%

,

11/01/26

....

900,000

908,520

Northbay

Healthcare

Group

Obligated

Group

,

Revenue

,

2017

A

,

%

,

11/01/27

....

1,300,000

1,316,447

Northbay

Healthcare

Group

Obligated

Group

,

Revenue

,

2017

A

,

%

,

11/01/28

....

1,400,000

1,416,992

Northbay

Healthcare

Group

Obligated

Group

,

Revenue

,

2017

A

,

5.25 %

,

11/01/29

..

1,000,000

1,014,518

Northbay

Healthcare

Group

Obligated

Group

,

Revenue

,

2017

A

,

%

,

11/01/30

....

1,350,000

1,364,072

Northbay

Healthcare

Group

Obligated

Group

,

Revenue

,

2017

A

,

5.25 %

,

11/01/31

..

1,250,000

1,265,766

Northbay

Healthcare

Group

Obligated

Group

,

Revenue

,

2017

A

,

5.25 %

,

11/01/41

..

4,620,000

4,376,977

Northern

California

Retired

Officers

Community

,

Revenue

,

2016

,

Refunding

,

California

Mortgage

Insured

,

%

,

1/01/37

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

1,310,000

1,340,372

Palomar

Health

Obligated

Group

,

COP

,

2022

A

,

Refunding

,

AG

Insured

,

%

,

11/01/27

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

100,000

103,848

Palomar

Health

Obligated

Group

,

COP

,

2022

A

,

Refunding

,

AG

Insured

,

%

,

11/01/28

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

250,000

262,402

Palomar

Health

Obligated

Group

,

COP

,

2022

A

,

Refunding

,

AG

Insured

,

%

,

11/01/29

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

250,000

265,201

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.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

California

Municipal

Finance

Authority,

(continued)

Palomar

Health

Obligated

Group

,

COP

,

2022

A

,

Refunding

,

AG

Insured

,

%

,

11/01/30

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

$

210,000

$

224,735

Palomar

Health

Obligated

Group

,

COP

,

2022

A

,

Refunding

,

AG

Insured

,

%

,

11/01/31

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

435,000

466,340

Palomar

Health

Obligated

Group

,

COP

,

2022

A

,

Refunding

,

AG

Insured

,

%

,

11/01/33

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

1,200,000

1,278,711

Palomar

Health

Obligated

Group

,

COP

,

2022

A

,

Refunding

,

AG

Insured

,

5.25 %

,

11/01/34

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

1,430,000

1,535,308

Palomar

Health

Obligated

Group

,

COP

,

2022

A

,

Refunding

,

AG

Insured

,

5.25 %

,

11/01/35

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

1,200,000

1,278,334

Palomar

Health

Obligated

Group

,

COP

,

2022

A

,

Refunding

,

AG

Insured

,

5.25 %

,

11/01/36

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

1,550,000

1,638,613

Pilgrim

Place

in

Claremont

,

Revenue

,

2016

A

,

Refunding

,

California

Mortgage

Insured

,

%

,

5/15/31

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

2,750,000

2,863,375

System

Management

Group

,

Revenue

,

2019

A

,

%

,

4/01/35

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

1,780,000

1,885,120

System

Management

Group

,

Revenue

,

2019

A

,

%

,

4/01/37

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

2,945,000

3,095,416

University

of

La

Verne

,

Revenue

,

2017

A

,

Refunding

,

%

,

6/01/31

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

1,000,000

1,031,039

University

of

La

Verne

,

Revenue

,

2017

A

,

Refunding

,

%

,

6/01/32

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

1,000,000

1,028,122

University

of

La

Verne

,

Revenue

,

2017

A

,

Refunding

,

%

,

6/01/33

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

1,010,000

1,035,482

University

of

La

Verne

,

Revenue

,

2017

A

,

Refunding

,

%

,

6/01/35

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

1,440,000

1,467,267

a

California

Pollution

Control

Financing

Authority

,

Channelside

Water

Resources

LP

,

Revenue

,

144A,

2019

,

Refunding

,

%

,

7/01/29

.

4,350,000

4,453,187

Channelside

Water

Resources

LP

,

Revenue

,

144A,

2023

,

%

,

7/01/26

..........

2,680,000

2,708,233

Channelside

Water

Resources

LP

,

Revenue

,

144A,

2023

,

%

,

7/01/28

..........

4,170,000

4,305,718

b

California

Public

Finance

Authority

,

Henry

Mayo

Newhall

Hospital

Obligated

Group

,

Revenue

,

2021

B

,

Mandatory

Put

,

%

,

10/15/31

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

690,000

653,180

a

California

School

Finance

Authority

,

Aspire

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2022

A

,

%

,

8/01/32

....

640,000

657,509

Camino

Nuevo

Charter

Academy

Obligated

Group

,

Revenue

,

144A,

2023

A

,

Refunding

,

%

,

6/01/33

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

1,655,000

1,709,920

Classical

Academy

Obligated

Group

,

Revenue

,

144A,

2022

A

,

Refunding

,

%

,

10/01/27

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

390,000

391,336

Classical

Academy

Obligated

Group

,

Revenue

,

144A,

2022

A

,

Refunding

,

%

,

10/01/32

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

1,455,000

1,519,815

Green

Dot

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2018

A

,

%

,

8/01/26

.

300,000

304,132

Green

Dot

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2018

A

,

%

,

8/01/27

.

320,000

329,589

Green

Dot

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2022

A

,

Refunding

,

%

,

8/01/32

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

690,000

716,151

Green

Dot

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2022

A

,

Refunding

,

5.375 %

,

8/01/42

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

1,500,000

1,534,717

STEM

Preparatory

Schools

-

Obligated

Group

,

Revenue

,

144A,

2023

A

,

%

,

6/01/33

300,000

313,184

California

State

Public

Works

Board

,

Revenue

,

2025

A

,

%

,

4/01/50

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

30,500,000

31,451,033

California

Statewide

Communities

Development

Authority

,

Special

Tax

,

2023

A

,

%

,

9/01/36

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

460,000

479,003

Special

Tax

,

2023

A

,

%

,

9/01/43

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

215,000

216,401

Special

Tax

,

2025

A

,

%

,

9/02/45

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

5,745,000

5,786,355

Community

Facilities

District

No.

2020-02

Improvement

Area

No.

,

Special

Tax

,

2022

,

5.125 %

,

9/01/42

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

500,000

510,257

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2023

,

4.75 %

,

9/01/38

......

500,000

509,416

Community

Facilities

District

No.

2022-10

,

Special

Tax

,

2023

,

5.25 %

,

9/01/43

.....

650,000

666,381

Hebrew

Home

for

Aged

Disabled

,

Revenue

,

2016

,

California

Mortgage

Insured

,

%

,

11/01/36

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

9,000,000

9,158,139

Carlsbad

Unified

School

District

,

GO

,

2018

C

,

%

,

8/01/50

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

5,000,000

4,505,295

Carson

Public

Financing

Authority

,

City

of

Carson

Reassessment

District

No.

2001-1

,

Revenue

,

2019

,

Refunding

,

%

,

9/02/31

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

1,000,000

1,076,423

c

Cerritos

Community

College

District

,

GO

,

2012

D

,

3.72 %,

8/01/36

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

6,130,000

4,087,507

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

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

Chino

Community

Facilities

District

,

City

of

Chino

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

,

Special

Tax

,

2022

,

%

,

9/01/30

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

$

1,280,000

$

1,380,505

City

of

Chino

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

,

Special

Tax

,

2022

,

4.5 %

,

9/01/31

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

725,000

752,398

City

of

Chino

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

,

Special

Tax

,

2022

,

4.625 %

,

9/01/32

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

755,000

789,148

City

of

Chino

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

,

Special

Tax

,

2022

,

4.75 %

,

9/01/34

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

1,620,000

1,687,223

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2023

,

%

,

9/01/38

........

1,090,000

1,128,242

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2023

,

5.375 %

,

9/01/43

.....

1,000,000

1,035,585

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2023

,

5.5 %

,

9/01/48

.......

1,200,000

1,243,707

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2023

,

5.625 %

,

9/01/53

.....

375,000

389,099

City

&

County

of

San

Francisco

,

GO

,

2021

,

%

,

6/15/37

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

2,000,000

2,006,648

GO

,

2021

,

%

,

6/15/36

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

1,140,000

1,146,024

a

District

No.

2020-1

Development

,

Special

Tax

,

144A,

2023

A

,

5.25 %

,

9/01/38

.....

875,000

915,644

a

District

No.

2020-1

Office

,

Special

Tax

,

144A,

2023

B

,

%

,

9/01/33

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

955,000

997,610

a

District

No.

2020-1

Office

,

Special

Tax

,

144A,

2023

B

,

5.5 %

,

9/01/43

...........

1,060,000

1,095,732

a

District

No.

2020-1

Shoreline

Tax

Zone

,

Special

Tax

,

144A,

2023

C

,

%

,

9/01/33

.

525,000

548,525

a

District

No.

2020-1

Shoreline

Tax

Zone

,

Special

Tax

,

144A,

2023

C

,

5.25 %

,

9/01/38

880,000

920,877

a

District

No.

2020-1

Shoreline

Tax

Zone

,

Special

Tax

,

144A,

2023

C

,

5.5 %

,

9/01/43

1,005,000

1,038,878

City

of

Chula

Vista

,

Community

Facilities

District

No.

16-1

Area

No.

,

Special

Tax

,

2021

,

%

,

9/01/46

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

1,500,000

1,305,111

City

of

Clovis

,

Sewer

,

Revenue

,

2013

,

Refunding

,

BAM

Insured

,

%

,

8/01/28

.......

1,200,000

1,202,141

City

of

Dublin

,

Community

Facilities

District

No.

2015-1

Improvement

Area

No.

,

Special

Tax

,

2022

,

%

,

9/01/37

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

955,000

994,712

Community

Facilities

District

No.

2015-1

Improvement

Area

No.

,

Special

Tax

,

2023

,

%

,

9/01/38

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

785,000

813,082

City

of

Fontana

,

Community

Facilities

District

No.

,

Special

Tax

,

2020

,

%

,

9/01/32

...........

250,000

251,791

Community

Facilities

District

No.

,

Special

Tax

,

2020

,

%

,

9/01/36

...........

550,000

536,410

Community

Facilities

District

No.

,

Special

Tax

,

2021

,

%

,

9/01/41

...........

400,000

367,658

Community

Facilities

District

No.

,

Special

Tax

,

2024

,

%

,

9/01/54

..........

1,400,000

1,378,947

City

of

Irvine

,

Reassessment

District

No.

15-2

,

1915

Act,

Special

Assessment

,

ETM,

%

,

9/02/25

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

1,000,000

1,003,683

City

of

Lake

Elsinore

,

Community

Facilities

District

No.

2006-1

Improvement

Area

KK

,

Special

Tax

,

2021

,

%

,

9/01/46

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

400,000

345,207

City

of

Lincoln

,

Community

Facilities

District

No.

2019-1

,

Special

Tax

,

2022

,

%

,

9/01/37

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

1,215,000

1,265,524

City

of

Long

Beach

,

Harbor

,

Revenue

,

2019

A

,

%

,

5/15/38

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

2,000,000

2,098,782

City

of

Los

Angeles

,

Department

of

Airports

,

Revenue

,

2017

A

,

%

,

5/15/31

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

2,815,000

2,884,554

Department

of

Airports

,

Revenue

,

2018

B

,

Refunding

,

%

,

5/15/32

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

3,325,000

3,440,249

Department

of

Airports

,

Revenue

,

2018

C

,

%

,

5/15/35

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

5,800,000

5,902,542

Department

of

Airports

,

Revenue

,

2019

D

,

%

,

5/15/31

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

2,685,000

2,801,457

Department

of

Airports

,

Revenue

,

2019

D

,

%

,

5/15/36

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

2,500,000

2,552,412

Department

of

Airports

,

Revenue

,

2019

F

,

%

,

5/15/37

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

5,715,000

5,854,472

Department

of

Airports

,

Revenue

,

2019

F

,

%

,

5/15/38

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

4,500,000

4,581,466

Department

of

Airports

,

Revenue

,

2020

A

,

Refunding

,

%

,

5/15/35

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

2,115,000

2,258,693

Department

of

Airports

,

Revenue

,

2020

A

,

Refunding

,

%

,

5/15/37

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

7,380,000

7,791,924

Department

of

Airports

,

Revenue

,

2020

A

,

Refunding

,

%

,

5/15/40

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

5,485,000

5,703,967

Department

of

Airports

,

Revenue

,

2022

C

,

Refunding

,

%

,

5/15/39

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

2,800,000

2,695,788

Department

of

Airports

,

Revenue,

Senior

Lien

,

2022

G

,

5.5 %

,

5/15/36

..........

1,325,000

1,433,932

Department

of

Airports

,

Revenue,

Senior

Lien

,

2022

G

,

5.5 %

,

5/15/37

..........

9,960,000

10,707,018

Department

of

Airports

,

Revenue,

Senior

Lien

,

2022

G

,

5.5 %

,

5/15/38

..........

1,080,000

1,151,881

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.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

City

of

Los

Angeles,

(continued)

Department

of

Airports

,

Revenue,

Senior

Lien

,

2022

G

,

5.5 %

,

5/15/40

..........

$

580,000

$

610,654

City

of

Menifee

,

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2023

A

,

%

,

9/01/43

......

240,000

242,413

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2023

A

,

%

,

9/01/48

......

325,000

324,039

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2023

A

,

%

,

9/01/53

......

750,000

731,558

Community

Facilities

District

No.

2023-2

Improvement

Area

No.

,

Special

Tax

,

2025

A

,

%

,

9/01/45

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

1,295,000

1,283,806

Community

Facilities

District

No.

2023-2

Improvement

Area

No.

,

Special

Tax

,

2025

A

,

%

,

9/01/50

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

605,000

593,187

Community

Facilities

District

No.

2023-2

Improvement

Area

No.

,

Special

Tax

,

2025

A

,

%

,

9/01/55

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

610,000

590,565

City

of

Mountain

House

,

Community

Facilities

District

No.

2024-1

Improvement

Area

,

Special

Tax

,

2025

,

5.125 %

,

9/01/50

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

750,000

742,241

City

of

Newport

Beach

,

Assessment

District

No.

,

1915

Act,

Special

Assessment

,

2021

A

,

%

,

9/02/34

.

230,000

180,530

Assessment

District

No.

,

1915

Act,

Special

Assessment

,

2021

A

,

2.125 %

,

9/02/35

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

235,000

180,879

Assessment

District

No.

,

1915

Act,

Special

Assessment

,

2021

A

,

2.125 %

,

9/02/36

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

240,000

179,067

Assessment

District

No.

,

1915

Act,

Special

Assessment

,

2023

A

,

%

,

9/02/25

.

150,000

150,302

Assessment

District

No.

,

1915

Act,

Special

Assessment

,

2023

A

,

%

,

9/02/26

.

220,000

223,262

Assessment

District

No.

,

1915

Act,

Special

Assessment

,

2023

A

,

%

,

9/02/27

.

250,000

255,855

Assessment

District

No.

,

1915

Act,

Special

Assessment

,

2023

A

,

%

,

9/02/28

.

250,000

256,570

Assessment

District

No.

,

1915

Act,

Special

Assessment

,

2023

A

,

%

,

9/02/29

.

275,000

282,926

Assessment

District

No.

,

1915

Act,

Special

Assessment

,

2023

A

,

%

,

9/02/30

.

225,000

231,638

Assessment

District

No.

,

1915

Act,

Special

Assessment

,

2023

A

,

%

,

9/02/31

.

260,000

267,055

Assessment

District

No.

,

1915

Act,

Special

Assessment

,

2023

A

,

%

,

9/02/32

.

280,000

286,558

Assessment

District

No.

,

1915

Act,

Special

Assessment

,

2023

A

,

%

,

9/02/33

.

225,000

227,939

Assessment

District

No.

,

1915

Act,

Special

Assessment

,

2023

A

,

4.125 %

,

9/02/38

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

625,000

609,638

Assessment

District

No.

,

1915

Act,

Special

Assessment

,

2023

A

,

%

,

9/02/43

.

720,000

730,990

City

of

Ontario

,

Community

Facilities

District

No.

,

Special

Tax

,

2022

,

%

,

9/01/37

.

350,000

364,773

City

of

Palo

Alto

,

University

Avenue

Off-Street

Parking

Assessment

District

,

1915

Act,

Special

Assessment

,

2012

,

Refunding

,

%

,

9/02/28

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

895,000

898,356

University

Avenue

Off-Street

Parking

Assessment

District

,

1915

Act,

Special

Assessment

,

2012

,

Refunding

,

%

,

9/02/29

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

1,155,000

1,159,167

City

of

Pasadena

,

Water

,

Revenue

,

2020

A

,

Refunding

,

%

,

6/01/38

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

1,480,000

1,578,882

City

of

Rancho

Cordova

,

Arista

Del

Sol

Community

Facilities

District

No.

2022-1

Improvement

Area

No.

,

Special

Tax

,

2023

,

%

,

9/01/38

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

250,000

259,254

City

of

Rialto

,

Community

Facilities

District

No.

2020-1

,

Special

Tax

,

2023

,

%

,

9/01/38

1,445,000

1,506,741

City

of

Riverside

,

Sewer

,

Revenue

,

2015

A

,

Refunding

,

%

,

8/01/28

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

3,870,000

3,877,353

Sewer

,

Revenue

,

2015

A

,

Refunding

,

%

,

8/01/29

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

4,670,000

4,678,544

Water

,

Revenue

,

2019

A

,

Refunding

,

%

,

10/01/37

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

7,295,000

7,752,365

City

of

Sacramento

,

North

Natomas

Community

Facilities

District

No.

,

Special

Tax

,

2015

F

,

Refunding

,

%

,

9/01/26

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

615,000

616,655

North

Natomas

Community

Facilities

District

No.

,

Special

Tax

,

2015

F

,

Refunding

,

%

,

9/01/28

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

1,220,000

1,223,077

North

Natomas

Community

Facilities

District

No.

,

Special

Tax

,

2015

F

,

Refunding

,

%

,

9/01/29

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

1,555,000

1,558,783

North

Natomas

Community

Facilities

District

No.

,

Special

Tax

,

2015

F

,

Refunding

,

%

,

9/01/30

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

1,045,000

1,047,457

North

Natomas

Community

Facilities

District

No.

,

Special

Tax

,

2015

F

,

Refunding

,

%

,

9/01/31

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

1,800,000

1,803,887

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

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

City

of

Sacramento,

(continued)

Transient

Occupancy

Tax

,

Revenue

,

2018

A

,

%

,

6/01/34

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

$

1,485,000

$

1,549,851

Transient

Occupancy

Tax

,

Revenue

,

2018

A

,

%

,

6/01/35

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

2,000,000

2,077,324

Transient

Occupancy

Tax

,

Revenue

,

2018

A

,

%

,

6/01/37

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

2,250,000

2,315,582

City

of

Vernon

,

Electric

System

,

Revenue

,

2021

A

,

%

,

10/01/26

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

1,670,000

1,705,753

City

of

Woodland

,

Community

Facilities

District

No.

2004-1

,

Special

Tax

,

2019

,

%

,

9/01/36

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

1,510,000

1,547,630

a

CMFA

Special

Finance

Agency

VIII

,

Elan

Huntington

Beach

,

Revenue,

Junior

Lien

,

144A,

2021

,

%

,

8/01/47

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

2,200,000

1,926,630

Compton

Community

Redevelopment

Agency

,

Successor

Agency

,

Tax

Allocation

,

2022

A

,

Refunding

,

AG

Insured

,

%

,

8/01/37

...

4,090,000

4,424,960

Successor

Agency

,

Tax

Allocation

,

2022

A

,

Refunding

,

AG

Insured

,

%

,

8/01/42

...

3,115,000

3,214,329

Corona-Norco

Unified

School

District

,

GO

,

2011

E

,

5.3 %

,

8/01/25

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

4,645,000

4,654,086

County

of

El

Dorado

,

Community

Facilities

District

No.

2014-1

,

Special

Tax

,

2023

,

%

,

9/01/38

........

500,000

517,542

Community

Facilities

District

No.

2014-1

,

Special

Tax

,

2023

,

%

,

9/01/43

........

1,000,000

1,005,179

County

of

Sacramento

,

Airport

System

,

Revenue

,

2016

B

,

Refunding

,

%

,

7/01/35

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

1,000,000

1,009,578

Airport

System

,

Revenue

,

2016

B

,

Refunding

,

%

,

7/01/36

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

2,000,000

2,016,885

County

of

San

Diego

,

Community

Facilities

District

No.

2008-01

Area

No.

,

Special

Tax

,

2020

A

,

%

,

9/01/37

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

175,000

168,800

Community

Facilities

District

No.

2008-01

Area

No.

,

Special

Tax

,

2020

A

,

%

,

9/01/38

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

375,000

354,672

Community

Facilities

District

No.

2008-01

Area

No.

,

Special

Tax

,

2020

A

,

%

,

9/01/40

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

115,000

105,808

Community

Facilities

District

No.

2008-01

Area

No.

,

Special

Tax

,

2020

A

,

%

,

9/01/35

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

50,000

48,957

a

CSCDA

Community

Improvement

Authority

,

1818

Platinum

Triangle-Anaheim

,

Revenue,

Senior

Lien

,

144A,

2021

,

3.35 %

,

4/01/47

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

9,500,000

7,479,742

Oceanaire

Apartments

,

Revenue

,

144A,

2021

,

3.2 %

,

9/01/46

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

7,500,000

5,315,079

Towne

at

Glendale

Apartments

,

Revenue

,

144A,

2022

B

,

%

,

9/01/37

..........

10,500,000

10,395,677

Del

Mar

Race

Track

Authority

,

Revenue

,

2015

,

Refunding

,

%

,

10/01/28

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

1,925,000

1,931,293

Revenue

,

2015

,

Refunding

,

%

,

10/01/30

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

1,125,000

1,128,550

Desert

Sands

Unified

School

District

,

GO

,

2025

,

%

,

8/01/50

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

8,000,000

7,135,302

Dublin

Unified

School

District

,

GO

,

2016

,

Refunding

,

%

,

8/01/32

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

3,220,000

3,302,708

East

Bay

Municipal

Utility

District

,

Wastewater

System

,

Revenue

,

2014

A

,

Refunding

,

%

,

6/01/29

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

1,000,000

1,098,691

East

Whittier

City

School

District

,

GO

,

2024

A

,

4.125 %

,

8/01/54

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

2,500,000

2,262,560

Eastern

Municipal

Water

District

,

Community

Facilities

District

No.

2019-86

,

Special

Tax

,

2023

,

%

,

9/01/43

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

1,085,000

1,092,070

El

Dorado

Irrigation

District

,

Revenue

,

2016

C

,

Pre-Refunded

,

%

,

3/01/31

........

2,500,000

2,541,029

Elk

Grove

Finance

Authority

,

Special

Tax

,

2015

,

Refunding

,

BAM

Insured

,

%

,

9/01/30

1,130,000

1,133,711

c

Escondido

Union

High

School

District

,

GO

,

2009

,

AG

Insured

,

3.74 %,

8/01/36

......

4,225,000

2,811,122

Foothill-Eastern

Transportation

Corridor

Agency

,

Revenue

,

2013

A

,

Refunding

,

5.8 %

,

1/15/26

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

3,760,000

3,815,440

Revenue

,

2013

A

,

Refunding

,

5.9 %

,

1/15/27

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

6,395,000

6,692,437

Revenue

,

2013

A

,

Refunding

,

AG

Insured

,

5.3 %

,

1/15/29

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

19,895,000

21,717,919

Golden

State

Tobacco

Securitization

Corp.

,

Revenue

,

2018

,

Pre-Refunded

,

%

,

6/01/35

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

9,000,000

9,616,237

Hemet

Unified

School

District

,

Special

Tax

,

2025

,

%

,

9/01/50

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

1,190,000

1,180,046

Imperial

Irrigation

District

,

Electric

System

,

Revenue

,

2019

,

Refunding

,

%

,

11/01/34

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

1,100,000

1,173,423

Electric

System

,

Revenue

,

2019

,

Refunding

,

%

,

11/01/37

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

3,885,000

4,096,006

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.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

Independent

Cities

Finance

Authority

,

Augusta

Communities

LLC

,

Revenue

,

2022

A

,

Refunding

,

5.25 %

,

5/15/56

.......

$

2,010,000

$

2,037,613

Millennium

Housing

LLC

,

Revenue

,

2021

,

Refunding

,

%

,

5/15/41

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

1,395,000

1,116,868

Millennium

Housing

LLC

,

Revenue

,

2022

,

Refunding

,

3.7 %

,

9/15/32

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

790,000

794,537

San

Juan

Mobile

Estates

,

Revenue

,

2015

,

Refunding

,

%

,

8/15/30

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

1,460,000

1,462,586

Irvine

Unified

School

District

,

Special

Tax

,

2020

A

,

%

,

9/01/30

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

1,900,000

2,046,383

Special

Tax

,

2020

A

,

%

,

9/01/31

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

1,830,000

1,950,981

Special

Tax

,

2020

A

,

%

,

9/01/32

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

750,000

793,812

Special

Tax

,

2020

A

,

%

,

9/01/33

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

2,095,000

2,109,389

Special

Tax

,

2020

A

,

%

,

9/01/35

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

1,450,000

1,444,629

Special

Tax

,

2020

A

,

%

,

9/01/36

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

2,625,000

2,585,333

Special

Tax

,

2020

A

,

%

,

9/01/37

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

2,695,000

2,621,841

Special

Tax

,

2020

A

,

%

,

9/01/39

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

2,890,000

2,698,645

Community

Facilities

District

No.

09-1

,

Special

Tax

,

2019

A

,

%

,

9/01/29

........

185,000

198,379

Community

Facilities

District

No.

09-1

,

Special

Tax

,

2019

A

,

%

,

9/01/36

........

265,000

274,445

Community

Facilities

District

No.

09-1

,

Special

Tax

,

2019

A

,

%

,

9/01/37

........

280,000

276,845

Community

Facilities

District

No.

09-1

,

Special

Tax

,

2019

A

,

%

,

9/01/38

........

270,000

261,608

Community

Facilities

District

No.

09-1

,

Special

Tax

,

2019

A

,

%

,

9/01/39

........

315,000

299,807

Community

Facilities

District

No.

09-1

,

Special

Tax

,

2019

A

,

%

,

9/01/40

........

350,000

327,793

Jurupa

Public

Financing

Authority

,

Special

Tax

,

2015

A

,

Refunding

,

%

,

9/01/26

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

1,855,000

1,861,248

Special

Tax

,

2015

A

,

Refunding

,

%

,

9/01/27

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

1,000,000

1,003,368

Special

Tax

,

2015

A

,

Refunding

,

%

,

9/01/28

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

1,025,000

1,028,453

Special

Tax

,

2015

A

,

Refunding

,

%

,

9/01/29

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

1,155,000

1,158,891

Special

Tax

,

2015

A

,

Refunding

,

%

,

9/01/30

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

1,510,000

1,515,086

Special

Tax

,

2015

A

,

Refunding

,

%

,

9/01/31

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

1,190,000

1,194,008

Special

Tax

,

2015

A

,

Refunding

,

%

,

9/01/32

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

2,505,000

2,513,438

Special

Tax

,

2015

A

,

Refunding

,

%

,

9/01/33

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

2,635,000

2,643,876

Jurupa

Unified

School

District

,

GO

,

2019

C

,

5.25 %

,

8/01/43

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

14,675,000

15,181,528

Lake

Elsinore

Public

Financing

Authority

,

Special

Tax

,

2015

,

Refunding

,

%

,

9/01/30

.

4,970,000

4,986,741

Lake

Elsinore

Unified

School

District

,

Community

Facilities

District

No.

2007-2

,

Special

Tax

,

2021

,

%

,

9/01/45

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

760,000

658,898

Lammersville

Joint

Unified

School

District

,

Community

Facilities

District

No.

2002

,

Special

Tax

,

2017

,

Refunding

,

%

,

9/01/33

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

1,575,000

1,616,475

Los

Angeles

County

Metropolitan

Transportation

Authority

,

Sales

Tax

,

Revenue

,

2017

A

,

%

,

7/01/39

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

7,520,000

7,682,900

Sales

Tax

,

Revenue

,

2021

A

,

%

,

6/01/35

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

1,485,000

1,523,340

Sales

Tax

,

Revenue,

Senior

Lien

,

2021

A

,

%

,

7/01/38

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

1,910,000

2,071,070

Los

Angeles

Department

of

Water

&

Power

,

Power

System

,

Revenue

,

2017

B

,

Refunding

,

%

,

7/01/34

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

23,350,000

23,715,925

Power

System

,

Revenue

,

2020

B

,

Refunding

,

%

,

7/01/39

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

2,860,000

2,952,584

Power

System

,

Revenue

,

2024

C

,

Refunding

,

%

,

7/01/45

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

2,300,000

2,359,504

Power

System

,

Revenue

,

2024

D

,

%

,

7/01/47

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

2,900,000

2,951,020

Water

System

,

Revenue

,

2016

A

,

Refunding

,

%

,

7/01/37

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

10,450,000

10,472,824

Water

System

,

Revenue

,

2018

B

,

Refunding

,

%

,

7/01/34

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

2,500,000

2,581,148

Water

System

,

Revenue

,

2018

B

,

Refunding

,

%

,

7/01/38

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

4,500,000

4,562,133

Water

System

,

Revenue

,

2020

C

,

Refunding

,

%

,

7/01/33

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

1,410,000

1,512,084

Water

System

,

Revenue

,

2020

C

,

Refunding

,

%

,

7/01/39

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

10,535,000

10,885,620

Los

Angeles

Unified

School

District

,

GO

,

2020

RYQ

,

%

,

7/01/38

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

5,000,000

4,958,552

GO

,

2024

A

,

Refunding

,

%

,

7/01/26

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

13,000,000

13,335,219

Menifee

Union

School

District

,

GO

,

2025

A

,

4.125 %

,

8/01/54

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

2,500,000

2,255,257

Community

Facilities

District

No.

2011-1

Improvement

Area

No.

,

Special

Tax

,

2021

,

%

,

9/01/41

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

800,000

737,022

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

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

Menifee

Union

School

District,

(continued)

Community

Facilities

District

No.

2011-1

Improvement

Area

No.

,

Special

Tax

,

2021

,

%

,

9/01/36

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

$

445,000

$

439,058

Community

Facilities

District

No.

2011-1

Improvement

Area

No.

,

Special

Tax

,

2021

,

%

,

9/01/46

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

875,000

767,556

Community

Facilities

District

No.

2011-1

Improvement

Area

No.

,

Special

Tax

,

2022

,

%

,

9/01/37

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

1,100,000

1,152,650

Menifee

Union

School

District

Public

Financing

Authority

,

Special

Tax

,

2016

A

,

Refunding

,

%

,

9/01/25

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

1,200,000

1,203,677

Special

Tax

,

2017

A

,

%

,

9/01/25

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

1,405,000

1,409,543

Special

Tax

,

2017

A

,

%

,

9/01/28

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

1,250,000

1,283,584

Special

Tax

,

2017

A

,

%

,

9/01/30

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

1,550,000

1,588,711

Metropolitan

Water

District

of

Southern

California

,

Revenue

,

2020

C

,

Refunding

,

%

,

7/01/38

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

12,500,000

13,387,105

Mid-Peninsula

Water

District

,

COP

,

2025

,

4.125 %

,

12/01/50

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

5,965,000

5,476,826

COP

,

2025

,

4.25 %

,

12/01/54

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

7,060,000

6,504,269

Moreno

Valley

Unified

School

District

,

Community

Facilities

District

No.

2016-1

,

Special

Tax

,

2020

,

%

,

9/01/31

........

120,000

120,686

Community

Facilities

District

No.

2016-1

,

Special

Tax

,

2020

,

%

,

9/01/32

........

130,000

130,146

Community

Facilities

District

No.

2016-1

,

Special

Tax

,

2020

,

%

,

9/01/33

........

140,000

139,211

Community

Facilities

District

No.

2016-1

,

Special

Tax

,

2020

,

2.625 %

,

9/01/38

.....

200,000

155,046

Community

Facilities

District

No.

2023-1

,

Special

Tax

,

2025

,

%

,

9/01/45

........

1,455,000

1,449,704

Mount

San

Antonio

Community

College

District

,

GO

,

2013

A

,

5.875 %

,

8/01/28

......

6,000,000

6,494,620

Orange

County

Community

Facilities

District

,

Community

Facilities

District

No.

2023-1

,

Special

Tax

,

2023

A

,

%

,

8/15/38

......

1,360,000

1,424,945

Community

Facilities

District

No.

2023-1

,

Special

Tax

,

2023

A

,

5.25 %

,

8/15/43

....

1,350,000

1,392,109

Orange

Unified

School

District

,

GO

,

2022

,

%

,

8/01/41

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

2,130,000

2,298,321

Oro

Grande

Elementary

School

District

,

COP

,

2020

,

Refunding

,

%

,

9/15/29

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

2,595,000

2,615,212

COP

,

2020

,

Refunding

,

%

,

9/15/30

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

2,700,000

2,710,775

COP

,

2020

,

Refunding

,

%

,

9/15/31

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

2,805,000

2,804,879

COP

,

2020

,

Refunding

,

%

,

9/15/32

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

1,600,000

1,590,102

Perris

Joint

Powers

Authority

,

Special

Tax

,

2025

,

%

,

9/01/45

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

2,825,000

2,804,105

Port

of

Oakland

,

Revenue

,

2017

D

,

%

,

11/01/28

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

2,195,000

2,277,295

Revenue

,

2017

D

,

Pre-Refunded

,

%

,

11/01/28

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

55,000

57,927

Poway

Unified

School

District

,

Community

Facilities

District

No.

Area

A

,

Special

Tax

,

2020

,

AG

Insured

,

%

,

9/01/32

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

100,000

108,829

Community

Facilities

District

No.

Area

A

,

Special

Tax

,

2020

,

AG

Insured

,

%

,

9/01/34

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

500,000

511,095

Community

Facilities

District

No.

Area

A

,

Special

Tax

,

2020

,

AG

Insured

,

%

,

9/01/36

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

715,000

723,292

Community

Facilities

District

No.

Area

A

,

Special

Tax

,

2020

,

AG

Insured

,

%

,

9/01/40

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

965,000

939,805

Poway

Unified

School

District

Public

Financing

Authority

,

Special

Tax

,

2017

A

,

Refunding

,

%

,

9/01/27

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

1,375,000

1,408,291

Special

Tax

,

2017

A

,

Refunding

,

%

,

9/01/30

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

2,225,000

2,273,714

River

Islands

Public

Financing

Authority

,

Community

Facilities

District

No.

2016-1

,

Special

Tax

,

2025

,

AG

Insured

,

%

,

9/01/45

600,000

613,935

Community

Facilities

District

No.

2016-1

,

Special

Tax

,

2025

,

AG

Insured

,

%

,

9/01/50

815,000

818,580

Community

Facilities

District

No.

2020-1

Public

Improvements

,

Special

Tax

,

2025

,

AG

Insured

,

%

,

9/01/45

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

1,100,000

1,125,547

Community

Facilities

District

No.

2020-1

Public

Improvements

,

Special

Tax

,

2025

,

AG

Insured

,

%

,

9/01/50

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

1,950,000

1,958,566

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.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

Riverside

County

Transportation

Commission

,

Sales

Tax

,

Revenue

,

2017

B

,

Refunding

,

%

,

6/01/36

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

$

9,750,000

$

9,841,732

Sales

Tax

,

Revenue

,

2017

B

,

Refunding

,

%

,

6/01/39

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

5,000,000

5,151,738

Riverside

Unified

School

District

,

Community

Facilities

District

No.

,

Special

Tax

,

2021

,

%

,

9/01/45

...........

375,000

325,168

Community

Facilities

District

No.

,

Special

Tax

,

2025

A

,

%

,

9/01/40

..........

1,500,000

1,520,313

Community

Facilities

District

No.

,

Special

Tax

,

2025

A

,

%

,

9/01/45

..........

1,780,000

1,775,757

a

RMA

Capital

Series

Trust

,

Revenue

,

144A,

2022-1

,

A

,

5.67 %

,

8/01/58

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

5,000,000

4,695,947

RNR

School

Financing

Authority

,

Community

Facilities

District

No.

92-1

,

Special

Tax

,

2017

A

,

BAM

Insured

,

%

,

9/01/27

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

1,035,000

1,064,067

Romoland

School

District

,

Community

Facilities

District

No.

2004-1

,

Special

Tax

,

2015

,

Refunding

,

%

,

9/01/27

1,000,000

1,002,630

Community

Facilities

District

No.

2004-1

,

Special

Tax

,

2015

,

Refunding

,

%

,

9/01/28

1,960,000

1,964,579

Community

Facilities

District

No.

2004-1

,

Special

Tax

,

2015

,

Refunding

,

%

,

9/01/29

2,130,000

2,134,751

Community

Facilities

District

No.

2004-1

,

Special

Tax

,

2015

,

Refunding

,

%

,

9/01/30

2,310,000

2,314,847

Community

Facilities

District

No.

2004-1

,

Special

Tax

,

2015

,

Refunding

,

%

,

9/01/31

2,495,000

2,499,967

Community

Facilities

District

No.

2004-1

,

Special

Tax

,

2015

,

Refunding

,

%

,

9/01/32

2,690,000

2,695,224

Community

Facilities

District

No.

2017-1

Improvement

Area

No.

,

Special

Tax

,

2023

,

%

,

9/01/38

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

250,000

261,031

Community

Facilities

District

No.

2017-1

Improvement

Area

No.

,

Special

Tax

,

2023

,

%

,

9/01/43

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

440,000

446,417

Community

Facilities

District

No.

2020-2

Improvement

Area

No.

,

Special

Tax

,

2025

,

%

,

9/01/55

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

1,800,000

1,761,406

Community

Facilities

District

No.

91-1

,

Special

Tax

,

2017

,

Refunding

,

%

,

9/01/36

.

1,130,000

1,152,224

Root

Creek

Water

District

,

Community

Facilities

District

No.

2016-1

Improvement

Area

No.

,

Special

Tax

,

2021

,

%

,

9/01/41

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

430,000

392,499

Community

Facilities

District

No.

2016-1

Improvement

Area

No.

,

Special

Tax

,

2021

,

%

,

9/01/46

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

1,300,000

1,128,027

Sacramento

Municipal

Utility

District

,

Revenue

,

2019

G

,

%

,

8/15/38

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

2,695,000

2,827,009

Revenue

,

2023

K

,

%

,

8/15/39

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

1,000,000

1,097,964

San

Diego

Community

College

District

,

GO

,

2024

,

%

,

8/01/55

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

22,975,000

24,029,543

San

Diego

County

Regional

Airport

Authority

,

Revenue

,

2019

A

,

Refunding

,

%

,

7/01/35

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

7,500,000

7,967,416

Revenue

,

2019

A

,

Refunding

,

%

,

7/01/39

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

6,500,000

6,766,349

Revenue

,

2019

A

,

Refunding

,

%

,

7/01/44

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

4,000,000

4,076,884

Revenue

,

2021

B

,

%

,

7/01/30

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

2,260,000

2,420,620

Revenue,

Senior

Lien

,

2023

B

,

5.25 %

,

7/01/38

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

2,500,000

2,655,370

Revenue,

Senior

Lien

,

2023

B

,

%

,

7/01/39

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

5,000,000

5,134,610

Revenue,

Senior

Lien

,

2023

B

,

%

,

7/01/40

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

7,000,000

7,136,522

San

Diego

Unified

School

District

,

GO

,

2019

L

,

%

,

7/01/38

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

605,000

605,825

San

Francisco

Bay

Area

Rapid

Transit

District

,

GO

,

2013

C

,

%

,

8/01/27

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

2,640,000

2,644,217

GO

,

2013

C

,

%

,

8/01/28

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

3,500,000

3,505,055

GO

,

2020

,

%

,

8/01/33

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

2,250,000

2,294,818

Sales

Tax

,

Revenue

,

2015

A

,

Refunding

,

%

,

7/01/28

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

2,510,000

2,513,217

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

,

Revenue

,

2019

A

,

Refunding

,

%

,

5/01/36

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

4,000,000

4,115,060

Revenue,

Second

Series

,

2019

E

,

%

,

5/01/35

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

2,000,000

2,066,605

Revenue,

Second

Series

,

2019

H

,

Refunding

,

%

,

5/01/30

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

2,895,000

3,048,392

Revenue,

Second

Series

,

2024

A

,

Refunding

,

5.25 %

,

5/01/44

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

5,000,000

5,123,947

San

Francisco

City

&

County

Public

Utilities

Commission

,

Wastewater

,

Revenue

,

2018

A

,

%

,

10/01/43

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

9,220,000

8,392,692

San

Francisco

City

&

County

Redevelopment

Agency

Successor

Agency

,

Mission

Bay

South

Redevelopment

Area

Tax

Increment

Financing

District

,

Tax

Allocation

,

2014

A

,

%

,

8/01/30

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

1,080,000

1,081,131

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

a

a

#### Principal

#### Amount
a

#### Value
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

,

%

,

8/01/34

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

$

1,110,000

$

1,110,498

San

Jacinto

Unified

School

District

,

Community

Facilities

District

No.

2022-1

Improvement

Area

No.

,

Special

Tax

,

2023

,

5.25 %

,

9/01/48

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

350,000

355,754

San

Jacinto

Unified

School

District

Financing

Authority

,

Community

Facilities

District

No.

2003-2

,

Special

Tax

,

2019

,

%

,

9/01/36

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

1,200,000

1,224,314

c

San

Joaquin

Hills

Transportation

Corridor

Agency

,

Revenue

,

1997

A

,

Refunding

,

NATL

Insured

,

3.42 %,

1/15/26

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

19,000,000

18,652,186

San

Juan

Unified

School

District

,

GO

,

2020

,

%

,

8/01/34

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

2,765,000

2,782,087

c

San

Mateo

County

Community

College

District

,

GO

,

2005

A

,

NATL

Insured

,

3.03 %,

9/01/30

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

5,000,000

4,284,346

San

Rafael

City

Elementary

School

District

,

GO

,

2022

B

,

%

,

8/01/54

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

10,000,000

8,718,069

San

Ysidro

School

District

,

COP

,

2015

,

Refunding

,

BAM

Insured

,

%

,

9/01/29

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

1,100,000

1,104,577

COP

,

2015

,

Refunding

,

BAM

Insured

,

%

,

9/01/31

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

1,000,000

1,003,751

COP

,

2015

,

Refunding

,

BAM

Insured

,

%

,

9/01/33

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

1,050,000

1,053,417

Santa

Cruz

County

Redevelopment

Successor

Agency

,

Tax

Allocation

,

2015

A

,

Refunding

,

AG

Insured

,

%

,

9/01/29

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

4,475,000

4,489,695

Sierra

View

Local

Health

Care

District

,

Revenue

,

2020

,

Refunding

,

%

,

7/01/26

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

100,000

100,550

Revenue

,

2020

,

Refunding

,

%

,

7/01/28

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

660,000

692,167

Revenue

,

2020

,

Refunding

,

%

,

7/01/30

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

520,000

557,698

Sonoma

Community

Development

Agency

Successor

Agency

,

Tax

Allocation

,

2015

,

Refunding

,

NATL

Insured

,

%

,

6/01/29

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

1,000,000

1,023,398

Tax

Allocation

,

2015

,

Refunding

,

NATL

Insured

,

%

,

6/01/33

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

1,200,000

1,221,403

b

Southern

California

Public

Power

Authority

,

City

of

Anaheim

Electric

System

,

Revenue

,

2024

A

,

Mandatory

Put

,

%

,

9/01/30

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

4,355,000

4,582,041

State

of

California

,

GO

,

Refunding

,

%

,

11/01/29

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

5,000,000

5,483,180

GO

,

%

,

4/01/30

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

3,725,000

4,025,188

GO

,

Refunding

,

%

,

11/01/30

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

15,540,000

17,300,795

GO

,

5.75 %

,

10/01/31

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

15,000,000

16,096,683

GO

,

Refunding

,

%

,

10/01/32

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

5,780,000

6,236,919

GO

,

2017

,

%

,

11/01/28

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

7,230,000

7,628,306

Tobacco

Securitization

Authority

of

Northern

California

,

Sacramento

County

Tobacco

Securitization

Corp.

,

Revenue,

Senior

Lien

,

2021

A

,

,

Refunding

,

%

,

6/01/38

....

1,300,000

1,244,953

Tobacco

Securitization

Authority

of

Southern

California

,

San

Diego

County

Tobacco

Asset

Securitization

Corp.

,

Revenue

,

2019

A

,

,

Refunding

,

%

,

6/01/36

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

1,600,000

1,642,617

San

Diego

County

Tobacco

Asset

Securitization

Corp.

,

Revenue

,

2019

A

,

,

Refunding

,

%

,

6/01/38

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

1,500,000

1,524,876

Tracy

Community

Facilities

District

,

City

of

Tracy

Community

Facilities

District

No.

2016-01

Improvement

Area

No.

,

Special

Tax

,

2023

,

5.25 %

,

9/01/38

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

600,000

628,341

City

of

Tracy

Community

Facilities

District

No.

2016-01

Improvement

Area

No.

,

Special

Tax

,

2023

,

5.625 %

,

9/01/43

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

1,350,000

1,406,696

Transbay

Joint

Powers

Authority

,

Transbay

Redevelopment

Project

Tax

Increment

Re-Development

Project

,

Tax

Allocation,

Senior

Lien

,

2020

A

,

%

,

10/01/32

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

500,000

520,009

Transbay

Redevelopment

Project

Tax

Increment

Re-Development

Project

,

Tax

Allocation,

Senior

Lien

,

2020

A

,

%

,

10/01/33

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

1,735,000

1,798,597

Transbay

Redevelopment

Project

Tax

Increment

Re-Development

Project

,

Tax

Allocation,

Senior

Lien

,

2020

A

,

%

,

10/01/34

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

1,050,000

1,084,560

Tustin

Community

Facilities

District

,

City

of

Tustin

Community

Facilities

District

No.

06-1

,

Special

Tax

,

2015

A

,

Refunding

,

%

,

9/01/30

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

1,000,000

1,003,453

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.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

Tustin

Community

Facilities

District,

(continued)

City

of

Tustin

Community

Facilities

District

No.

06-1

,

Special

Tax

,

2015

A

,

Refunding

,

%

,

9/01/32

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

$

1,565,000

$

1,570,404

University

of

California

,

Revenue

,

2016

K

,

%

,

5/15/37

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

1,000,000

1,009,846

Revenue

,

2024

BS

,

Refunding

,

%

,

5/15/43

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

2,000,000

2,114,174

Revenue

,

2025

CC

,

%

,

5/15/55

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

5,000,000

4,339,402

Val

Verde

Unified

School

District

,

Community

Facilities

District

No.

2018-2

Improvement

Area

No.

,

Special

Tax

,

2023

,

%

,

9/01/43

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

555,000

561,587

Community

Facilities

District

No.

2018-2

Improvement

Area

No.

,

Special

Tax

,

2023

,

%

,

9/01/48

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

625,000

626,778

Community

Facilities

District

No.

2018-2

Improvement

Area

No.

,

Special

Tax

,

2023

,

%

,

9/01/54

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

1,000,000

992,469

Washington

Township

Health

Care

District

,

Revenue

,

2020

A

,

Refunding

,

%

,

7/01/32

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

800,000

750,301

Revenue

,

2020

A

,

Refunding

,

%

,

7/01/33

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

275,000

275,833

Revenue

,

2020

A

,

Refunding

,

%

,

7/01/34

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

870,000

790,340

Revenue

,

2020

A

,

Refunding

,

%

,

7/01/35

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

300,000

293,865

Revenue

,

2020

A

,

Refunding

,

%

,

7/01/36

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

1,400,000

1,212,776

Revenue

,

2020

A

,

Refunding

,

%

,

7/01/37

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

725,000

615,133

Revenue

,

2020

A

,

Refunding

,

%

,

7/01/38

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

750,000

620,377

Revenue

,

2023

A

,

%

,

7/01/40

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

400,000

400,663

Revenue

,

2023

A

,

%

,

7/01/41

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

375,000

370,927

Revenue

,

2023

A

,

%

,

7/01/42

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

325,000

318,354

Revenue

,

2023

A

,

%

,

7/01/43

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

275,000

267,331

West

Basin

Municipal

Water

District

,

Revenue

,

2016

A

,

Refunding

,

%

,

8/01/32

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

1,975,000

1,998,033

Revenue

,

2016

A

,

Refunding

,

%

,

8/01/33

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

2,630,000

2,660,060

Revenue

,

2021

A

,

Refunding

,

%

,

8/01/34

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

1,635,000

1,824,716

1,233,363,239

#### Florida

#### 0.8%
a

,c

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.32 %,

3/01/29

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

11,800,000

9,757,289

#### Virgin

#### Islands

#### 0.4%
Virgin

Islands

Transportation

&

Infrastructure

Corp.

,

Revenue

,

2025

,

Refunding

,

%

,

9/01/42

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

1,250,000

1,282,759

Revenue

,

2025

,

Refunding

,

%

,

9/01/43

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

1,500,000

1,532,146

Revenue

,

2025

,

Refunding

,

%

,

9/01/44

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

1,715,000

1,743,622

4,558,527

#### U.S.

#### Territories

#### 0.2%

#### Guam

#### 0.2%
Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

%

,

1/01/50

.........

2,810,000

2,780,097

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 1,275,362,836

####)
...................................

#### 1,260,137,356

#### Shares

#### Escrows

#### and

#### Litigation

#### Trusts

#### 0.0%

#### †
d

,e

Puerto

Rico

Electric

Power

Authority,

Escrow

Account

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

254,001

203,200

#### Total

#### Escrows

#### and

#### Litigation

#### Trusts

#### (Cost

#### $

#### –

####)
...................................

#### 203,200

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 1,275,362,836

####)
.............................

#### 1,260,340,556

#### a
a

a

a

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

See

A

bbreviations

on

.

#### Short

#### Term

#### Investments

#### 1.8%
a

a

#### Principal

#### Amount
a

#### Value

#### Municipal

#### Bonds

#### 1.8%

#### California

#### 1.8%
f

Los

Angeles

Department

of

Water

&

Power

,

Power

System

,

Revenue

,

2002

,

Refunding

,

SPA

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

3.25 %

,

7/01/35

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

$

200,000

$

200,000

Power

System

,

Revenue

,

2002

,

Refunding

,

SPA

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

3.85 %

,

7/01/35

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

1,500,000

1,500,000

Power

System

,

Revenue

,

2002

,

Refunding

,

SPA

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

3.25 %

,

7/01/35

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

1,600,000

1,600,000

Power

System

,

Revenue

,

2023

,

Refunding

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

%

,

7/01/48

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

15,300,000

15,300,000

Power

System

,

Revenue

,

2023

,

Refunding

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

3.25 %

,

7/01/47

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

4,300,000

4,300,000

22,900,000

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 22,900,000

####)
......................................

#### 22,900,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 22,900,000

####)
................................

#### 22,900,000

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 1,298,262,836

####)
98.8 #### %
..................................

#### $1,283,240,556

#### Other

#### Assets,

#### less

#### Liabilities
1.2 #### %
.............................................

#### 15,903,109

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $1,299,143,665
†

Rounds

to

less

than

0.1%

of

net

assets.

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,

2025,

the

aggregate

value

of

these

securities

was

$117,838,109,

representing

9.1%

of

net

assets.

b

The

maturity

date

shown

represents

the

mandatory

put

date.

c

The

rate

shown

represents

the

yield

at

period

end.

d

Non-income

producing.

e

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

f

Variable

rate

demand

notes

(VRDN)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

pay-

ment

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,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### California

#### Intermediate-

#### Term

#### Tax-Free

#### Income

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$1,298,262,836

Value

-

Unaffiliated

issuers

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

$1,283,240,556

Cash

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

2,647,983

Receivables:

Capital

shares

sold

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

1,028,111

Interest

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

16,387,404

Unrealized

appreciation

on

unfunded

commitments

(Note

b)

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

134,219

Total

assets

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

1,303,438,273

Liabilities:

Payables:

Capital

shares

redeemed

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

2,894,845

Management

fees

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

361,252

Distribution

fees

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

114,506

Transfer

agent

fees

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

227,101

Trustees'

fees

and

expenses

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

1,331

Distributions

to

shareholders

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

618,239

Accrued

expenses

and

other

liabilities

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

77,334

Total

liabilities

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

4,294,608

Net

assets,

at

value

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

$1,299,143,665

Net

assets

consist

of:

Paid-in

capital

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

$1,435,098,821

Total

distributable

earnings

(losses)

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

(135,955,156)

Net

assets,

at

value

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

$1,299,143,665

Franklin

California

Tax-Free

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

June

30,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Franklin

#### California

#### Intermediate-

#### Term

#### Tax-Free

#### Income

#### Fund

#### Class

#### A:
Net

assets,

at

value

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

$396,192,789

Shares

outstanding

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

36,720,808

Net

asset

value

per

share

a

,b

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

$10.79

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.75

%)

b

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

$11.04

#### Class

#### A1:
Net

assets,

at

value

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

$281,710,516

Shares

outstanding

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

26,126,659

Net

asset

value

per

share

a

,b

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

$10.78

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.75

%)

b

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

$11.03

#### Class

#### C:
Net

assets,

at

value

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

$20,672,149

Shares

outstanding

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

1,909,247

Net

asset

value

and

maximum

offering

price

per

share

a

,b

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

$10.83

#### Class

#### R6:
Net

assets,

at

value

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

$65,694,557

Shares

outstanding

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

6,077,291

Net

asset

value

and

maximum

offering

price

per

share

b

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

$10.81

#### Advisor

#### Class:
Net

assets,

at

value

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

$534,873,654

Shares

outstanding

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

49,470,931

Net

asset

value

and

maximum

offering

price

per

share

b

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

$10.81

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Franklin

California

Tax-Free

Trust

Financial

Statements

Statement

of

Operations

for

the

year

ended

June

30,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### California

#### Intermediate-

#### Term

#### Tax-Free

#### Income

#### Fund
Investment

income:

Interest:

Unaffiliated

issuers

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

$50,628,739

Expenses:

Management

fees

(Note

a)

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

6,263,922

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

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

968,178

&nbsp;&nbsp;&nbsp;&nbsp;Class

A1

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

317,519

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

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

155,882

Transfer

agent

fees:

(Note

3e)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

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

273,820

&nbsp;&nbsp;&nbsp;&nbsp;Class

A1

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

223,156

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

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

16,822

&nbsp;&nbsp;&nbsp;&nbsp;Class

R6

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

10,278

&nbsp;&nbsp;&nbsp;&nbsp;Advisor

Class

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

385,066

Custodian

fees

(Note

4)

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

11,830

Reports

to

shareholders

fees

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

21,392

Registration

and

filing

fees

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

29,943

Professional

fees

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

85,199

Trustees'

fees

and

expenses

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

14,380

Other

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

173,196

Total

expenses

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

8,950,583

Expense

reductions

(Note

4)

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

(11,203)

Expenses

waived/paid

by

affiliates

(Note

f)

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

(959,886)

Net

expenses

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

7,979,494

Net

investment

income

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

42,649,245

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

(16,371,222)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

(5,443,091)

Net

realized

and

unrealized

gain

(loss)

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

(21,814,313)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$20,834,932

Franklin

California

Tax-Free

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Franklin

#### California

#### Intermediate-Term

#### Tax-

#### Free

#### Income

#### Fund

#### Year

#### Ended

#### June

#### 30,

#### 2025

#### Year

#### Ended

#### June

#### 30,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$42,649,245

$41,546,566

Net

realized

gain

(loss)

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

(16,371,222)

(6,636,665)

Net

change

in

unrealized

appreciation

(depreciation)

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

(5,443,091)

9,938,573

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

20,834,932

44,848,474

Distributions

to

shareholders:

Class

A

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

(11,784,742)

(10,686,055)

Class

A1

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

(10,107,456)

(11,575,010)

Class

C

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

(626,979)

(839,119)

Class

R6

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

(2,151,486)

(1,687,251)

Advisor

Class

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

(17,885,078)

(16,663,724)

Total

distributions

to

shareholders

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

(42,555,741)

(41,451,159)

Capital

share

transactions:

(Note

2)

Class

A

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

28,007,962

9,923,227

Class

A1

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

(62,246,762)

(70,037,439)

Class

C

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

(6,501,779)

(12,654,101)

Class

R6

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

8,496,902

8,093,579

Advisor

Class

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

1,548,898

23,412,088

Total

capital

share

transactions

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

(30,694,779)

(41,262,646)

Net

increase

(decrease)

in

net

assets

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

(52,415,588)

(37,865,331)

Net

assets:

Beginning

of

year

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

1,351,559,253

1,389,424,584

End

of

year

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

$1,299,143,665

$1,351,559,253

Franklin

California

Tax-Free

Trust

Notes

to

Financial

Statements

#### Franklin

#### California

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund

franklintempleton.com

Annual

Report

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Franklin

California

Tax-Free

Trust (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of one fund,

Franklin

California

Intermediate-Term

Tax-Free

Income

Fund (Fund).

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

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

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

(OTC)

market

rather

than

on

a

securities

exchange.

The

Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

The

Fund

has

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the Fund

primarily

employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

b. #### Securities

#### Purchased

#### on

#### a

#### When-Issued,

#### Forward

#### Commitment or

#### Delayed

#### Delivery

#### Basis
The

Fund

may purchase

securities

on

a when-issued,

forward

commitment or

delayed

delivery basis,

with

payment

and

delivery

scheduled

for

a

future

date.

These

transactions

are

subject

to

market

fluctuations

and

are

subject

to

the

risk

that

the

value

at

delivery

may

be

more

or

less

than

the

trade

date

purchase

price.

Although

the

Fund

will

generally

purchase

these

securities

with

the

intention

of

holding

the

securities, it

may

sell

the

securities

before

the

settlement

date.

These

types

of

securities

may

be

considered

unfunded

and

the

Fund

may

be

obligated

to

perform

on

such

agreements

at

a

future

date.

Unfunded

commitments

are

marked

to

market

daily

and

any

unrealized

appreciation

or

depreciation

is

included

in

the

Statement

of

Assets

and

Liabilities

and

the

Statement

of

Operations.

At

June

30,

2025,

unfunded

commitments

were

as

follows:

Franklin

California

Tax-Free

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Franklin

#### California

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

c. #### Income

#### Taxes
It

is the Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

to

distribute

to

shareholders

substantially

all

of

its income

and

net

realized

gains

to

relieve

it

from

federal

income

and excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

June

30,

2025, 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.

d. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

(including

interest

income

from

payment-in-kind

securities,

if

any)

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Paydown

gains

and

losses

are

recorded

as

an

adjustment

to

interest

income. Dividends from

net

investment

income

are

normally

declared

daily;

these

dividends

may

be

reinvested

or

paid

monthly

to

shareholders.

Distributions

from realized

capital

gains

and

other

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Common

expenses

incurred

by

the

Trust

are

allocated

among

the

Funds

based

on

the

ratio

of

net

assets

of

each

Fund

to

the

combined

net

assets

of

the

Trust

or

based

on

the

ratio

of

number

of

shareholders

of

each

Fund

to

the

combined

number

of

shareholders

of

the

Trust.

Fund

specific

expenses

are

charged

directly

to

the

Fund

that

incurred

the

expense.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

e. #### Insurance
The

scheduled

payments

of

interest

and

principal

for

each

insured

municipal

security

in

the

Trust are

insured

by

either

a

new

issue

insurance

policy

or

a

secondary

insurance

policy.

Some

municipal

securities

in

the

Fund

are

secured

by

collateral

guaranteed

by

an

agency

of

the

U.S.

government.

Depending

on

the

type

of

coverage,

premiums

for

insurance

are

either

added

to

the

cost

basis

of

the

security

or

paid

by

a

third

party.

Insurance

companies

typically

insure

municipal

bonds

that

tend

to

be

of

very

high

quality,

with

the

majority

of

underlying

municipal

bonds

rated

A

or

better.

However,

an

event

involving

an

insurer

could

have

an

adverse

effect

on

the

value

of

the

securities

insured

by

that

insurance

company.

There

can

be

no

assurance

the

insurer

will

be

able

to

fulfill

its

obligations

under

the

terms

of

the

policy.

f. #### Accounting

#### Estimates
The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

#### Borrower

#### Unfunded

#### Commitment

#### Franklin

#### California

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
Puerto

Rico

Electric

Power

Authority,

Restructured

Power

Revenue

,

B-1,

6%,

7/01/41

$562,159

B-2,

7.125%,

7/01/59

2,730,152

$3,292,311

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

b. #### Securities

#### Purchased

#### on

#### a

#### When-Issued,

#### Forward

#### Commitment or

#### Delayed

#### Delivery

#### Basis
(continued)

Franklin

California

Tax-Free

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Franklin

#### California

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

g. #### Guarantees

#### and

#### Indemnifications
Under

the Trust's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the Trust against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the Trust,

on

behalf

of

the

Fund, enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Trust

that

have

not

yet

occurred.

Currently,

the Trust

expects

the

risk

of

loss

to

be

remote.

2. #### Shares

#### of

#### Beneficial

#### Interest
At

June

30,

2025,

there

were

an

unlimited

number

of

shares

authorized

($0.01

par

value).

Transactions

in

the

Fund's

shares

were

as

follows:

#### Year

#### Ended

#### June

#### 30,

#### 2025

#### Year

#### Ended

#### June

#### 30,

#### 2024

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### A

#### Shares:
Shares

sold

a

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

11,699,294

$127,975,904

10,594,782

$115,542,347

Shares

issued

in

reinvestment

of

distributions

..........

972,306

10,648,254

880,310

9,593,040

Shares

redeemed

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

(10,112,729)

(110,616,196)

(10,590,765)

(115,212,160)

Net

increase

(decrease)

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

2,558,871

$28,007,962

884,327

$9,923,227

#### Class

#### A1

#### Shares:
Shares

sold

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

706,363

$7,751,891

952,440

$10,396,078

Shares

issued

in

reinvestment

of

distributions

..........

812,959

8,902,559

929,913

10,121,059

Shares

redeemed

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

(7,206,770)

(78,901,212)

(8,323,297)

(90,554,576)

Net

increase

(decrease)

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

(5,687,448)

$(62,246,762)

(6,440,944)

$(70,037,439)

#### Class

#### C

#### Shares:
Shares

sold

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

396,137

$4,361,149

611,881

$6,638,303

Shares

issued

in

reinvestment

of

distributions

..........

54,001

594,040

71,863

785,441

Shares

redeemed

a

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

(1,041,757)

(11,456,968)

(1,839,046)

(20,077,845)

Net

increase

(decrease)

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

(591,619)

$(6,501,779)

(1,155,302)

$(12,654,101)

#### Class

#### R6

#### Shares:
Shares

sold

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

3,038,656

$33,369,985

2,143,640

$23,418,130

Shares

issued

in

reinvestment

of

distributions

..........

112,085

1,229,499

83,640

913,256

Shares

redeemed

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

(2,381,966)

(26,102,582)

(1,490,582)

(16,237,807)

Net

increase

(decrease)

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

768,775

$8,496,902

736,698

$8,093,579

#### Advisor

#### Class

#### Shares:
Shares

sold

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

19,098,548

$208,371,299

21,314,092

$232,123,970

Shares

issued

in

reinvestment

of

distributions

..........

1,264,266

13,873,603

1,200,929

13,115,618

Shares

redeemed

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

(20,188,743)

(220,696,004)

(20,324,504)

(221,827,500)

Net

increase

(decrease)

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

174,071

$1,548,898

2,190,517

$23,412,088

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A. 1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

Franklin

California

Tax-Free

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Franklin

#### California

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

3. #### Transactions

#### with

#### Affiliates
Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and trustees

of

the Fund are

also

officers

and/or

directors

of

the

following

subsidiaries:

a. #### Management

#### Fees
The

Fund

pays

an

investment

management

fee,

calculated

daily

and

paid

monthly,

to

Advisers

based

on

the

month-end

net

assets

of

the

Fund

as

follows:

For

the

year

ended

June

30,

2025,

the

gross

effective

investment

management

fee

rate

was 0.468%

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

plans,

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

through

January

31. The

maximum

annual

plan

rates,

based

on

the

average

daily

net

assets,

for

each

class,

are

as

follows:

#### Subsidiary

#### Affiliation
Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.625%

Up

to

and

including

$100

million

0.500%

Over

$100

million,

up

to

and

including

$250

million

0.450%

Over

$250

million,

up

to

and

including

$7.5

billion

0.440%

Over

$7.5

billion,

up

to

and

including

$10

billion

0.430%

Over

$10

billion,

up

to

and

including

$12.5

billion

0.420%

Over

$12.5

billion,

up

to

and

including

$15

billion

0.400%

Over

$15

billion,

up

to

and

including

$17.5

billion

0.380%

Over

$17.5

billion,

up

to

and

including

$20

billion

0.360%

In

excess

of

$20

billion

Franklin

California

Tax-Free

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Franklin

#### California

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

d. #### Sales

#### Charges/Underwriting

#### Agreements
Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Fund.

These

charges

are

deducted

from

the

proceeds

of

sales

of

fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Fund

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Fund's

shares

for

the

year:

e. #### Transfer

#### Agent

#### Fees
Each

class

of

shares

pays

transfer

agent

fees,

calculated

monthly

and

paid

monthly, to

Investor

Services

for

its

performance

of

shareholder

servicing

obligations. The

fees

are based

on

a

fixed

margin

earned

by

Investor

Services

and

are allocated

to

the Fund

based

upon

relative

assets

and

relative

transactions. In

addition,

each

class reimburses

Investor

Services

for

out

of

pocket

expenses

incurred

and,

except

for

Class

R6, reimburses

shareholder

servicing

fees

paid

to

third

parties.

These

fees

paid

to

third

parties

are

accrued

and

allocated

daily

based

upon

their

relative

proportion

of

such

classes'

aggregate

net

assets.

Class

R6

pays

Investor

Services

transfer

agent

fees

allocated

specifically

to

that

class

based

upon

its

relative

assets

and

relative

transactions.

For

the

year

ended

June

30,

2025,

the Fund

paid

transfer

agent

fees

as

noted

in

the

Statement of

Operations,

of

which

$209,420

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

interest

expense,

distribution

fees,

acquired

fund

fees

and

expenses 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,

2025. Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund's

fiscal

year

end.

Transfer

agent

fees

on

Class

R6

shares

of

the

Fund have

been

capped

so

that

transfer

agent

fees

for

that

class

do

not

exceed

0.03%

based

on

the

average

net

assets

of

the

class

until

October

31,

2025. 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,

2025,

these

purchase

and

sale

transactions

aggregated

$169,690,000

and

$198,820,000,

respectively.

Class

A

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

0.25%

Class

A1

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

0.10%

Class

C

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

0.65%

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

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

$12,556

CDSC

retained

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

$44,270

3. #### with

#### Affiliates
(continued)

c. #### Distribution

#### Fees
(continued)

Franklin

California

Tax-Free

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Franklin

#### California

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

4. #### Expense

#### Offset

#### Arrangement
The Fund has

entered

into

an

arrangement

with

its

custodian

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Fund's

custodian

expenses.

During

the

year

ended

June

30,

2025,

the

custodian

fees

were

reduced

as

noted

in

the

Statement

of

Operations.

5. #### Income

#### Taxes
For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

June

30,

2025,

the

capital

loss

carryforwards

were

as

follows:

The

tax

character

of

distributions

paid

during

the

years

ended

June

30,

2025

and

2024,

was

as

follows:

At

June

30,

2025,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation)

and

undistributed

tax

exempt

income for

income

tax

purposes

were

as

follows:

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatment

of

bond

discounts

and

premiums.

6. #### Investment

#### Transactions
Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

year

ended

June

30,

2025,

aggregated

$300,927,951 and

$331,907,759,

respectively.

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

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

$

55,775,089

Long

term

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

66,453,523

Total

capital

loss

carryforwards

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

$122,228,612

#### 2025

#### 2024
Distributions

paid

from:

Ordinary

income

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

$1,540,998

$1,055,559

Tax

exempt

income

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

41,014,743

40,395,600

$42,555,741

$41,451,159

Cost

of

investments

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

$1,298,095,796

Unrealized

appreciation

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

$11,783,268

Unrealized

depreciation

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

(26,638,508)

Net

unrealized

appreciation

(depreciation)

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

$(14,855,240)

Distributable

earnings:

Undistributed

tax

exempt

income

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

$1,612,715

Franklin

California

Tax-Free

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Franklin

#### California

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

7. #### Concentration

#### of

#### Risk
The

Fund

invests

a

large

percentage

of

its total

assets

in

obligations

of

issuers

within California

and

U.S.

territories.

Such

concentration

may

subject

the

Fund

to

risks

associated

with

industrial

or

regional

matters,

and

economic,

political

or

legal

developments

occurring

within California

and

U.S.

territories. 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.

8. #### 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

$2.995

billion

(Global

Credit

Facility)

which

matures

on

January

30,

2026. 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

may,

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,

2025,

the Fund

did

not

use

the

Global

Credit

Facility.

9. #### 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

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

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.

A

summary

of

inputs

used

as

of

June

30,

2025,

in

valuing

the

Fund's assets carried

at

fair

value,

is

as

follows:

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### California

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

Municipal

Bonds

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

$

—

$

1,260,137,356

$

—

$

1,260,137,356

Escrows

and

Litigation

Trusts

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

—

—

203,200

203,200

Short

Term

Investments

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

—

22,900,000

—

22,900,000

Total

Investments

in

Securities

...........

$—

$1,283,037,356

$203,200

$1,283,240,556

Other

Financial

Instruments:

Unfunded

Commitments

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

$—

$—

$134,219

$134,219

Total

Other

Financial

Instruments

.........

$—

$—

$134,219

$134,219

Franklin

California

Tax-Free

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Franklin

#### California

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

A

reconciliation

in

which

Level

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the year.

10. #### Operating

#### Segments
The

Fund has adopted

the

FASB

Accounting

Standards

Update

(ASU)

2023-07,

*Segment* 

*Reporting* 

*(Topic* 

*280)* 

*-* 

*Improvements* 

*to* 

*Reportable* 

*Segment* 

*Disclosures.*

The

update

is

limited

to

disclosure

requirements

and

does

not

impact

the Fund's

financial

position

or

results

of

operations.

The Fund operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

Fund's Investment

manager

serves

as

the

Chief

Operating

Decision

Maker

(CODM),

evaluating

fund-wide

results

and

performance

under

a

unified

investment

strategy.

The

CODM

uses

these

measures

to

assess

fund

performance

and

allocate

resources

effectively.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the financial

statements.

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the Statement

of

Assets

and

Liabilities

and

the Statement

of

Operations,

along

with

the

related

notes

to

the financial

statements.

The Schedule

of

Investments

provides

details

of

the Fund's

investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the Financial

Highlights.

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.

#### Abbreviations

#### Selected

#### Portfolio

#### 1915

#### Act
Improvement

Bond

Act

of

1915

#### BAM
Build

America

Mutual

Assurance

Co.

#### COP
Certificate

of

Participation

#### ETM
Escrowed

to

Maturity

#### FNMA
Federal

National

Mortgage

Association

#### GO
General

Obligation

#### NATL
National

Reinsurance

Corp.

#### SPA
Standby

Purchase

Agreement

9. #### Fair

#### Value

#### Measurements
(continued)

Franklin

California

Tax-Free

Trust

Report

of

Independent

Registered

Public

Accounting

Firm

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,

2025,

the

related

statement

of

operations

for

the

year

ended

June

30,

2025,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

June

30,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

June

30,

2025

(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,

2025,

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,

2025

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

June

30,

2025

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,

2025

by

correspondence

with

the

custodian

and

private

placement

agents;

when

replies

were

not

received,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/PricewaterhouseCoopers

LLP

San

Francisco,

California

August

19,

2025

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)

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

amounts,

or

if

subsequently

determined

to

be

different,

the

maximum

allowable

amounts,

for

the

fiscal

year

ended

June

30,

2025:

#### Pursuant

#### to:

#### Amount

#### Reported
Exempt-Interest

Dividends

Distributed

§852(b)(5)(A)

$41,014,743

Section

163(j)

Interest

Earned

§163(j)

$1,540,998

Franklin

California

Tax-Free

Trust

franklintempleton.com

Annual

Report

#### FRANKLIN

#### CALIFORNIA

#### TAX-FREE

#### TRUST

#### Franklin

#### California

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(Fund)

At

an

in-person

meeting

held

on

April

15,

2025

(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

to

consider

the

renewal

of

the

Management

Agreement.

In

considering

the

continuance

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

also

considered

prior

to

and

at

the

Meeting.

The

Board

further

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.

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

Refer

to

the

financial

statements

included

herein.

Remuneration

to

officers

is

paid

by

the

Fund's

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Franklin

California

Tax-Free

Trust

franklintempleton.com

Annual

Report

In

approving

the

continuance

of

the

Management

Agreement,

the

Board,

including

a

majority

of

the

Independent

Trustees,

determined,

through

the

exercise

of

its

business

judgment,

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

the

information

it

received

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

the

ongoing

integration

of

acquired

third-party

fund

families

into

the

FT

family

of

funds

and

management's

continued

development

of

strategies

to

address

evolving

changes

in

domestic

policy

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

continued

reassessment

of

the

fund

offerings

in

response

to

FT

acquisitions

and

the

market

environment,

as

well

as

its

evaluation

of

ways

to

incorporate

private

assets

into

more

traditional

investment

vehicles.

The

Board

specifically

noted

FT's

commitment

to

technological

innovation

and

advancement,

including

its

continued

focus

on

developing

potential

use

cases

for

tokenization

and

the

blockchain

and

the

use

of

artificial

intelligence

tools

to

help

streamline

day-to-day

tasks.

Following

consideration

of

such

information,

the

Board

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

by

the

Manager

and

its

affiliates

to

the

Fund

and

its

shareholders.

#### Fund

#### Performance
The

Board

reviewed

and

considered

the

performance

results

of

the

Fund

over

various

time

periods

ended

December

31,

2024. 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

class

Broadridge

used

to

calculate

the

performance

(and

expense)

data

for

the

Fund

was

changed

from

Class

A1

to

Class

A

this

year.

Class

A1

was

historically

used

to

calculate

the

performance

data

as

the

class

has

a

longer

track

record

than

Class

A;

however,

Class

A

has

a

Rule

12b-1

fee

that

is

more

aligned

with

the

fee

charged

by

a

majority

of

the

Fund's

Performance

Universe

peers

and

is

available

for

new

investor

purchases,

unlike

Class

A1

which

is

only

available

to

existing

Class

A1

shareholders.

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-

and

five-year

periods

was

above

the

median

and

in

the

second

quintile

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.

The

Board

further

noted

Franklin

California

Tax-Free

Trust

franklintempleton.com

Annual

Report

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

also

noted

that

the

Fund's

annualized

total

return

was

only

two

basis

points

below

the

median

for

the

one-year

period.

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

A

shares

for

the

Fund

and

each

other

fund

in

its

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

and

actual

total

expense

ratio

for

the

Fund

were

above

the

medians

of

its

Expense

Group.

The

Board

discussed

the

above

median

Management

Rate

and

actual

total

expense

ratio

with

management

and

management

explained

that

the

Management

Rate

was

4.4 basis

points

and

the

actual

total

expense

ratio

was

1.1 basis

points

above

the

medians

of

the

Fund's

Expense

Group.

The

Board

also

noted

that

the

Fund's

actual

total

expense

ratio

reflected

an

expense

cap

on

operating

expenses.

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,

2024,

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

an

independent

registered

public

accounting

firm

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

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.

Franklin

California

Tax-Free

Trust

franklintempleton.com

Annual

Report

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

noted

that

the

Fund

had

experienced

a

significant

decrease

in

assets

and

would

not

be

expected

to

demonstrate

additional

economies

of

scale

in

the

near

term,

but

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

continuance

of

the

Management

Agreement

for

an

additional

one-year

period.

CAT-AFSOI

08/25©

2025

Franklin

Templeton.

All

rights

reserved.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | 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 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's chief executive officer and chief financial officer have concluded that the Registrant's disclosure controls
 and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective
 as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their
 evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange
 Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940
 Act) that occurred during the period covered by this report that have materially affected or are likely to materially affect the Registrant's
 internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (1) Code of Ethics attached hereto.](fcitfif-efp17197_ex99code.htm)

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](fcitfif-efp17197_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](fcitfif-efp17197_ex99906cert.htm)

Exhibit 99.906CERT

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, there unto duly authorized.

---

| | |
|:---|:---|
| **Franklin California Tax-Free Trust** | **Franklin California Tax-Free Trust** |
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer – Finance and Administration |
| Date: | August 26, 2025 |

---

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

---

| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer – Finance and Administration |
| Date: | August 26, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Chief Financial Officer, Chief Accounting Officer and Treasurer |
| Date: | August 26, 2025 |

---

## Ex-99.Codeeth

**Code of Ethics for Principal Executives & Senior Financial Officers**

---

| | |
|:---|:---|
| **Procedures** | &nbsp;&nbsp;&nbsp;Revised [September 27, 2024] |

---

**FRANKLIN TEMPLETON AFFILIATED FUNDS**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVES AND**

**SENIOR FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Covered Officers
 and Purpose of the Code

This code of ethics (the "Code") applies to the Principal Executive Officers, Principal Financial Officer and Principal Accounting Officer (the "Covered Officers") of each investment company advised by a Franklin Resources subsidiary and that is registered with the United States Securities & Exchange Commission ("SEC") (collectively, "FT Funds") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Honest
 and ethical conduct, including the ethical resolution of actual or apparent conflicts of
 interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full,
 fair, accurate, timely and understandable disclosure in reports and documents that a registrant
 files with, or submits to, the SEC and in other public communications made by or on behalf
 of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance
 with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 prompt internal reporting of violations of the Code to an appropriate person or persons identified
 in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accountability
 for adherence to the Code.

Each Covered Officer will be expected to adhere to a high standard of business ethics and must be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

*\** Rule 38a-1 under the Investment Company Act of 1940 ("1940 Act") and Rule 206(4)-7 under the Investment Advisers Act of 1940 ("Advisers Act") (together the "Compliance Rule") require registered investment companies and registered investment advisers to, among other things, adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws ("Compliance Rule Policies and Procedures").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Other Policies
 and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder.

Franklin Resources, Inc. has separately adopted the <u>Code of Ethics and Business Conduct</u> ("Business Conduct"), which is applicable to all officers, directors and employees of Franklin Resources, Inc., including Covered Officers. It summarizes the values, principles and business practices that guide the employee's business conduct and also provides a set of basic principles to guide officers, directors and employees regarding the minimum ethical requirements expected of them. It supplements the values, principles and business conduct identified in the Code and other existing employee policies.

Additionally, the Franklin Templeton Funds have separately adopted the <u>FTI Personal Investments and Insider Trading Policy</u> governing personal securities trading and other related matters. The Code for Insider Trading provides for separate requirements that apply to the Covered Officers and others, and therefore is not part of this Code.

Insofar as other policies or procedures of Franklin Resources, Inc., the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. Please review these other documents or consult with the Legal Department if have questions regarding the applicability of these policies to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Covered
 Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the FT Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of a position with the FT Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the FT Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the FT Funds because of their status as "affiliated persons" of the FT Funds. The FT Funds' and the investment advisers' compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the FT Funds, the investment advisers and the fund administrator of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the FT Funds, for the adviser, the administrator, or for all three), be involved in establishing policies and implementing decisions that will have different effects on the

adviser, administrator and the FT Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the FT Funds, the adviser, and the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the FT Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the FT Funds' Boards of Directors ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the FT Funds.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 use his or her personal influence or personal relationships improperly to influence investment
 decisions or financial reporting by the FT Funds whereby the Covered Officer would benefit
 personally to the detriment of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 cause the FT Funds to take action, or fail to take action, for the individual personal benefit
 of the Covered Officer rather than the benefit of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 retaliate against any other Covered Officer or any employee of the FT Funds or their affiliated
 persons for reports of potential violations that are made in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report
 at least annually the following affiliations or other relationships:<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all
 directorships for public companies and all companies that are required to file reports with
 the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent directors of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent public accounting firm (which
 are not related to the routine issues related to the firm's service as the Covered
 Persons accountant); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect interest in any transaction with any FT Fund that will benefit the officer
 (not including benefits derived from the advisory, sub-advisory, distribution or service
 agreements with affiliates of Franklin Resources).

These reports will be reviewed by the Legal Department for compliance with the Code.

There are some conflict of interest situations that should always be approved in writing by Franklin Resources General Counsel or Deputy General Counsel, if material. Examples of these include<sup>2</sup>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Service
 as a director on the board of any public or private Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any gifts in excess of $100 from any person, from any corporation or association.

<sup>1</sup> Reporting of these affiliations or other relationships shall be made by completing the annual Directors and Officers Questionnaire and returning the questionnaire to Franklin Resources Inc, General Counsel or Deputy General Counsel.

<sup>2</sup> Any activity or relationship that would present a conflict for a Covered Officer may also present a conflict for the Covered Officer if a member of the Covered Officer's immediate family engages in such an activity or has such a relationship. The Covered Person should also obtain written approval by FT's General Counsel in such situations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any entertainment from any Company with which the FT Funds has current or prospective
 business dealings unless such entertainment is business related, reasonable in cost, appropriate
 as to time and place, and not so frequent as to raise any question of impropriety. Notwithstanding
 the foregoing, the Covered Officers must obtain prior approval from the Franklin Resources
 General Counsel for any entertainment with a value in excess of $1000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 ownership interest in, or any consulting or employment relationship with, any of the FT Fund's
 service providers, other than an investment adviser, principal underwriter, administrator
 or any affiliated person thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A
 direct or indirect financial interest in commissions, transaction charges or spreads paid
 by the FT Funds for effecting portfolio transactions or for selling or redeeming shares other
 than an interest arising from the Covered Officer's employment, such as compensation
 or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel, or the Chief Compliance Officer, will
 provide a report to the FT Funds Audit Committee of any approvals granted at the next regularly
 scheduled meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Disclosure
 and Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should familiarize himself with the disclosure requirements generally applicable
 to the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts
 about the FT Funds to others, whether within or outside the FT Funds, including to the FT
 Funds' directors and auditors, and to governmental regulators and self- regulatory
 organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should, to the extent appropriate within his or her area of responsibility,
 consult with other officers and employees of the FT Funds, the FT Fund's adviser and
 the administrator with the goal of promoting full, fair, accurate, timely and understandable
 disclosure in the reports and documents the FT Funds file with, or submit to, the SEC and
 in other public communications made by the FT Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It
 is the responsibility of each Covered Officer to promote compliance with the standards and
 restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Reporting
 and Accountability

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon
 becoming a covered officer affirm in writing to the Board that he or she has received, read,
 and understands the Code (see Exhibit A);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annually
 thereafter affirm to the Board that he has complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notify
 Franklin Resources' General Counsel or Deputy General Counsel promptly if he or she
 knows of any violation of this Code. Failure to do so is itself is a violation of this Code.

Franklin Resources' General Counsel and Deputy General Counsel are responsible for applying this Code to specific situations in which questions are presented under it and have the authority to interpret this Code in any particular situation.<sup>3</sup> However, the Independent Directors of the respective FT Funds will consider any approvals or waivers<sup>4</sup> sought by any Chief Executive Officers of the Funds.

The FT Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel will take all appropriate action to investigate
 any potential violations reported to the Legal Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If,
 after such investigation, the General Counsel or Deputy General Counsel believes that no
 violation has occurred, The General Counsel is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 matter that the General Counsel or Deputy General Counsel believes is a violation will be
 reported to the Independent Directors of the appropriate FT Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If
 the Independent Directors concur that a violation has occurred, it will inform and make a
 recommendation to the Board of the appropriate FT Fund or Funds, which will consider appropriate
 action, which may include review of, and appropriate modifications to, applicable policies
 and procedures; notification to appropriate personnel of the investment adviser or its board;
 or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 Independent Directors will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 changes to or waivers of this Code will, to the extent required, are disclosed as provided
 by SEC rules.<sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Other
 Policies and Procedures

This Code shall be the sole code of ethics adopted by the FT Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the FT Funds, the FT Funds' advisers, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The FTI Personal Investments and Insider Trading Policy, adopted by the FT Funds, FT investment advisers and FT Fund's principal underwriter pursuant to Rule 17j-1 under the Investment Company Act, the Code of Ethics and Business Conduct and more detailed policies and procedures set forth in FT's Employee Handbook are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Amendments

Any amendments to this Code must be approved or ratified by a majority vote of the FT Funds' Board including a majority of independent directors.

<sup>3</sup> Franklin Resources General Counsel and Deputy General Counsel are authorized to consult, as appropriate, with members of the Audit Committee, counsel to the FT Funds and counsel to the Independent Directors, and are encouraged to do so.

<sup>4</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant. See Part X.

<sup>5</sup> See Part X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the FT Funds' Board and their counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Internal
 Use

The Code is intended solely for the internal use by the FT Funds and does not constitute an admission, by or on behalf of any FT Funds, as to any fact, circumstance, or legal conclusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Disclosure
 on Form N-CSR

Item 2 of Form N-CSR requires a registered management investment company to disclose annually whether, as of the end of the period covered by the report, it has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these officers are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, it must explain why it has not done so.

The registrant must also: (1) file with the SEC a copy of the code as an exhibit to its annual report; (2) post the text of the code on its Internet website and disclose, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the code on its Internet website; or (3) undertake in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of the code and explain the manner in which such request may be made. Disclosure is also required of amendments to, or waivers (including implicit waivers) from, a provision of the code in the registrant's annual report on Form N-CSR or on its website. If the registrant intends to satisfy the requirement to disclose amendments and waivers by posting such information on its website, it will be required to disclose its Internet address and this intention.

The Legal Department shall be responsible for ensuring that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a
 copy of the Code is filed with the SEC as an exhibit to each Fund's annual report;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 amendments to, or waivers (including implicit waivers) from, a provision of the Code is disclosed
 in the registrant's annual report on Form N-CSR.

In the event that the foregoing disclosure is omitted or is determined to be incorrect, the Legal Department shall promptly file such information with the SEC as an amendment to Form N- CSR.

In such an event, the Fund Chief Compliance Officer shall review the Code and propose such changes to the Code as are necessary or appropriate to prevent reoccurrences.

**Exhibit A**

**ACKNOWLEDGMENT FORM**

**Franklin Templeton Funds Code of Ethics**

**For Principal Executives and Senior Financial Officers**

**Instructions:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Complete
 all sections of this form.

&nbsp;&nbsp;&nbsp;&nbsp;2. Print
 the completed form, sign, and date.

&nbsp;&nbsp;&nbsp;&nbsp;3. Submit
 completed form to FT's General Counsel c/o Code of Ethics Administration within 10
 days of becoming a Covered Officer and by February 15<sup>th</sup> of each subsequent year.

---

| | |
|:---|:---|
| **E-mail:** | Code of Ethics Inquiries & Requests (internal address);<br> lpreclear@franklintempleton.com (external address) |

---

---

| |
|:---|
| **Covered Officer's Name:** |
| **Title:** |
| **Department:** |
| **Location:** |
| **Certification for Year Ending:** |

---

***To: Franklin Resources General Counsel, Legal Department***

I acknowledge receiving, reading and understanding the Franklin Templeton Fund's Code of Ethics for Principal Executive Officers and Senior Financial Officers (the "Code"). I will comply fully with all provisions of the Code to the extent they apply to me during the period of my employment. I further understand and acknowledge that any violation of the Code may subject me to disciplinary action, including termination of employment.

---

| | |
|:---|:---|
| ***Signature*** | ***Date signed*** |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Christopher Kings, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Franklin California Tax-Free Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change 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
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | August 26, 2025 |
| /s/ Christopher Kings | /s/ Christopher Kings |
| Christopher Kings | Christopher Kings |
| Executive Officer - Finance and Administration | Executive Officer - Finance and Administration |

---

**<u>CERTIFICATIONS</u>**

I, Jeffrey White, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Franklin California Tax-Free Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial information included in this report, and the financial statements
on which the financial information is based, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures
and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90
days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change 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 registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal
control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize,
and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have
a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: | August 26, 2025 |
| /s/ Jeffrey White | /s/ Jeffrey White |
| Jeffrey White | Jeffrey White |
| Chief Financial Officer, Chief Accounting Officer and Treasurer | Chief Financial Officer, Chief Accounting Officer and Treasurer |

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## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Christopher Kings,** Chief Executive Officer – Finance and Administration, and **Jeffrey White,** Chief Financial Officer, Chief Accounting Officer and Treasurer of **Franklin California Tax-Free Trust** (the "Registrant"), each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **June 30, 2025** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| **Chief Executive Officer - <br>Finance and Administration** | **Chief Financial Officer, Chief<br> Accounting Officer and Treasurer** |
| Franklin California Tax-Free Trust | Franklin California Tax-Free Trust |
| /s/ Christopher Kings | /s/ Jeffrey White |
| Christopher Kings | Jeffrey White |
| Date: August 26, 2025 | Date: August 26, 2025 |

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This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.