Franklin California Tax Free Income Fund N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-02790

Franklin California Tax-Free Income Fund

(Exact name of registrant as specified in charter)

One Franklin Parkway, San Mateo, CA 94403-1906

(Address of principal executive offices) (Zip code)

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

(Name and address of agent for service)

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

Date of fiscal year end: 3/31

Date of reporting period: 9/30/21

Item 1. Reports to Stockholders.

a.)

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

b.)

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

Not Applicable

.

SEMIANNUAL

REPORT

AND

SHAREHOLDER

LETTER

Franklin

California

Tax-Free

Income

Fund

September

30,

2021

Sign

up

for

electronic

delivery

at

franklintempleton.com/edelivery

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

franklintempleton.com

Semiannual

Report

1

Shareholder

Letter

Dear

Shareholder:

During

the

six

months

ended

September

30,

2021,

the

U.S.

economy

continued

to

recover

from

the

COVID-19

pandemic.

Gross

domestic

product

(GDP)

accelerated

in

2021’s

first

and

second

quarters

as

the

reopening

of

businesses,

widespread

COVID-19

vaccinations

and

federal

assistance

programs

continued

to

boost

consumer

spending.

During

the

summer,

however,

investors

became

concerned

that

the

swiftly

spreading

Delta

variant

of

COVID-19

could

hinder

the

economic

recovery.

During

the

reporting

period,

the

U.S.

Federal

Reserve,

in

its

efforts

to

support

U.S.

economic

activity,

held

the

federal

funds

rate

unchanged

at

0.25%,

and

it

continued

broad

quantitative

easing

measures

to

bolster

credit

markets.

The

Federal

Reserve

also

adjusted

its

GDP

and

inflation

projections

higher

and

expected

to

begin

decreasing

its

asset

purchases

later

this

year,

while

delaying

any

interest

rate

increases

until

reaching

its

goal

of

maximum

U.S.

employment.

During

the

six-month

period,

municipal

bonds,

as

measured

by

the

Bloomberg

Municipal

Bond

Index,

posted

a

+1.15%

cumulative

total

return

as

investors

were

attracted

to

tax-

free

income

in

a

stable

interest-rate

environment.

1

Factors

contributing

to

this

positive

investment

environment

for

municipals

included

strong

demand,

higher

sales

tax

collections

and

federal

relief

that

benefited

municipal

issuers,

and

actions

by

the

Federal

Reserve

to

help

maintain

a

low

interest-rate

environment.

Franklin

California

Tax-Free

Income

Fund’s

semiannual

report

includes

more

detail

about

municipal

bond

market

conditions

and

a

discussion

from

the

portfolio

managers.

In

addition,

on

our

website,

franklintempleton.com,

you

can

find

updated

commentary

by

our

municipal

bond

experts.

Municipal

bonds

provide

tax-free

income

and

diversification

from

equities.

Despite

periods

of

volatility,

municipal

bonds

historically

have

had

a

solid

long-term

record

of

performance,

driven

mostly

by

their

compounding

tax-free

income

component.

As

you

know,

all

securities

markets

fluctuate

in

value,

as

do

mutual

fund

share

prices.

As

always,

we

recommend

investors

consult

their

financial

professionals

to

help

them

make

the

best

decisions

for

the

long

term.

In

a

constantly

changing

market

environment,

we

remain

committed

to

our

disciplined

strategy

as

we

manage

the

Fund,

keeping

in

mind

the

trust

you

have

placed

in

us.

We

appreciate

your

confidence

in

us

and

encourage

you

to

contact

us

or

your

financial

professional

when

you

have

questions

about

your

Franklin

tax-free

investment.

Sincerely,

Rupert

H.

Johnson,

Jr.

Chairman

Franklin

California

Tax-Free

Income

Fund

Ben

Barber

Senior

Vice

President

Director

of

Municipal

Bonds

This

letter

reflects

our

analysis

and

opinions

as

of

September

30,

2021,

unless

otherwise

indicated.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

state,

industry,

security

or

fund.

Statements

of

fact

are

from

sources

considered

reliable.

1.

Source:

Morningstar.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

franklintempleton.com

Semiannual

Report

2

Contents

Semiannual

Report

Franklin

California

Tax-Free

Income

Fund

3

Performance

Summary

6

Your

Fund’s

Expenses

8

Financial

Highlights

and

Statement

of

Investments

9

Financial

Statements

36

Notes

to

Financial

Statements

40

Shareholder

Information

47

Visit

franklintempleton.com

for

fund

updates,

to

access

your

account,

or

to

find

helpful

financial

planning

tools.

3

franklintempleton.com

Semiannual

Report

SEMIANNUAL

REPORT

Franklin

California

Tax-Free

Income

Fund

This

semiannual

report

for

Franklin

California

Tax-Free

Income

Fund

covers

the

period

ended

September

30,

2021.

Your

Fund’s

Goal

and

Main

Investments

The

Fund

seeks

to

provide

investors

with

as

high

a

level

of

income

exempt

from

federal

income

taxes,

including

alternative

minimum

tax,

and

exempt

from

California

personal

income

taxes

for

California

residents

as

is

consistent

with

prudent

investment

management

and

the

preservation

of

shareholders’

capital

by

normally

investing

at

least

80%

of

its

total

assets

in

investment-grade

municipal

securities

that

pay

interest

free

from

such

taxes.

1

Performance

Overview

The

Fund’s

Class

A

share

price,

as

measured

by

net

asset

value,

increased

from

$7.71

on

March

31,

2021,

to

$7.72

on

September

30,

2021.

The

Fund’s

Class

A

shares

paid

dividends

totaling

9.5480

cents

per

share

for

the

reporting

period.

2

The

Performance

Summary

beginning

on

page

6

shows

that

at

the

end

of

this

reporting

period

the

Fund’s

Class

A

shares’

distribution

rate

was

2.27%,

based

on

an

annualization

of

September’s

1.5154

cents

per

share

monthly

dividend

and

the

maximum

offering

price

of

$8.02

on

September

30,

2021.

An

investor

in

the

2021

maximum

combined

effective

federal

and

California

personal

income

tax

bracket

of

53.10%

(including

3.80%

Medicare

tax)

would

need

to

earn

a

distribution

rate

of

4.84%

from

a

taxable

investment

to

match

the

Fund’s

Class

A

tax-free

distribution

rate.

For

other

performance

data,

please

see

the

Performance

Summary.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Municipal

Bond

Market

Overview

The

U.S.

and

the

rest

of

the

world

continued

to

manage

the

recovery

from

the

COVID-19

pandemic

that

has

caused

significant

economic

and

personal

hardship

throughout

the

past

six

months

ended

September

30,

2021.

Fifty-six

percent

of

the

U.S.

population

had

been

fully

immunized

by

period-end,

but

the

remaining

population

were

either

hesitant

to

receive

the

vaccine

or

did

not

have

ready

access

to

it,

stalling

vaccination

growth.

After

falling

from

an

all-time

high

in

January

2021,

infections

fell

through

the

spring

and

beginning

summer

months

of

2021.

However,

starting

in

mid-

July

2021,

daily

new

case

rates

rose

throughout

the

U.S.

to

levels

last

seen

in

February

2021.

U.S.

state

and

local

authorities

were

hesitant

to

return

to

restrictions,

keeping

most

businesses

and

schools

open,

but

many

extended

face-mask

requirements.

Although

most

new

cases

were

confined

to

unvaccinated

individuals,

there

were

a

growing

number

of

breakthrough

infections

of

the

vaccinated,

leading

the

U.S.

Food

and

Drug

Administration

to

authorize

booster

shots

for

the

elderly

and

essential

workers.

Second

quarter

2021

U.S.

gross

domestic

product

(GDP)

growth

disappointed

many

economists

at

just

6.7%

but,

for

the

first

time,

overall

real

GDP

exceeded

pre-COVID-19

levels

from

the

fourth

quarter

2019.

Employment

improved,

driving

the

unemployment

rate

to

4.8%

in

September

2021,

down

from

a

peak

of

14.8%

seen

in

April

2020.

Inflation

picked

up

through

the

summer

months

of

2021

as

global

supply-chain

bottlenecks

and

rising

input

prices

limited

output

growth

that

was

met

with

pent-up

demand

for

goods.

U.S.

political

tensions

increased

over

a

proposed

new

government

spending

bill

for

infrastructure

projects.

Additionally,

the

U.S.

Congress

did

not

reach

a

deal

to

increase

the

current

debt

ceiling

which

is

projected

to

be

exhausted

sometime

later

in

2021,

potentially

adding

to

near-term

volatility.

The

U.S.

Federal

Reserve

(Fed)

continued

on

its

path

toward

tapering

its

current

level

of

U.S.

Treasury

(UST)

and

agency

mortgage-backed

securities

purchases,

changing

the

language

of

its

September

2021

meeting

statement

to

“a

moderation

in

the

pace

of

asset

purchases

may

soon

be

1.

For

investors

subject

to

alternative

minimum

tax,

a

small

portion

of

Fund

dividends

may

be

taxable.

Distributions

of

capital

gains

are

generally

taxable.

To

avoid

imposition

of

28%

backup

withholding

on

all

Fund

distributions

and

redemption

proceeds,

U.S.

investors

must

be

properly

certified

on

Form

W-9

and

non-U.S.

investors

on

Form

W-8BEN.

2.

The

distribution

amount

is

the

sum

of

all

estimated

tax-basis

net

investment

income

distributions

for

the

period

shown.

A

portion

or

all

of

the

distribution

may

be

reclassified

as

return

of

capital

or

short-term

or

long-term

capital

gains

once

final

tax

designations

are

known.

Assumes

shares

were

purchased

and

held

for

the

entire

accrual

period.

Since

dividends

accrue

daily,

your

actual

distributions

will

vary

depending

on

the

date

you

purchased

your

shares

and

any

account

activity.

All

Fund

distributions

will

vary

depending

upon

current

market

conditions,

and

past

distributions

are

not

indicative

of

future

trends.

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Statement

of

Investments

(SOI).

The

SOI

begins

on

page

14

.

Franklin

California

Tax-Free

Income

Fund

4

franklintempleton.com

Semiannual

Report

warranted”

so

long

as

economic

progress

continues

broadly

as

expected.

Fed

Chair

Jerome

Powell

noted

there

was

unanimous

support

among

Fed

participants

to

conclude

tapering

by

mid-2022.

The

updated

economic

projections

from

participants

showed

that

the

Fed

remains

evenly

divided

between

hiking

and

holding

the

federal

funds

rate

steady

in

2022.

The

median

projections

remain

divided

between

three

to

four

hikes

by

the

end

of

2023,

followed

by

another

three

hikes

by

the

end

of

2024.

However,

the

wide

dispersion

of

policy

rate

forecasts

over

2023

and

2024

suggests

that

there

is

much

less

consensus

on

the

amount

of

rate

hikes

per

year.

Strong

demand

for

municipal

(muni)

bonds

continued

throughout

the

period

under

review,

pushing

ratios

of

30-

year

muni

bonds

versus

UST

yields

in

June

2021

to

all-time

lows.

Although

these

and

other

maturity

ratios

have

since

increased,

they

remain

at

historically

rich

levels.

In

times

of

increased

UST

volatility

throughout

the

six

months,

muni

bond

valuations

suffered

declines

only

to

rally

once

stability

returned

to

the

market.

Muni

issuers

had

projected

severe

budget

deficits

in

2020

and

2021,

but

these

proved

unfounded

as

consumer

spending

recovered

more

quickly

than

anticipated,

leading

to

higher

sales

tax

collections.

Additionally,

the

U.S.

federal

government

provided

$350

billion

in

relief

to

muni

issuers

as

part

of

the

fiscal

stimulus

package

passed

in

March

2021.

A

strong

U.S.

housing

market

also

provided

support

to

local

and

state

governments

as

home

price

appreciation

rates

reached

historic

highs.

The

U.S.

Congress

has

taken

up

a

number

of

initiatives

that

may

have

an

impact

on

the

muni

bond

market.

While

the

size

and

composition

has

yet

to

be

settled

on,

Congress

has

been

debating

large

infrastructure

bills

that

could

lead

to

increased

issuance

of

muni

bonds.

In

addition,

potential

changes

to

the

tax

code

could

increase

taxes

on

wealthy

individuals

which,

in

time,

could

increase

demand

for

tax-exempt

muni

bonds.

For

the

six-month

period,

U.S.

fixed

income

sectors

broadly

underperformed

relative

to

equities,

as

measured

by

the

Standard

&

Poor’s

500

®

Index,

which

posted

a

+9.18%

total

return

for

the

period.

3

Investment-grade

muni

bonds,

as

measured

by

the

Bloomberg

Municipal

Bond

Index,

posted

a

+1.15%

total

return,

while

USTs,

as

measured

by

the

Bloomberg

U.S.

Treasury

Index,

posted

a

+1.83%

total

return,

and

investment-grade

corporate

bonds,

as

measured

by

the

Bloomberg

U.S.

Corporate

Bond

Index,

posted

a

+3.54%

total

return.

3

State

Update

During

the

six-month

period,

California’s

large,

diverse

economy,

with

its

recent

trend

of

strong

revenue

performance,

and

the

use

of

surplus

funds

to

build

reserves,

has

enabled

the

state

to

deal

with

economic

and

fiscal

challenges

due

to

COVID-19.

California’s

unemployment

rate

began

the

period

at

8.3%

and

ended

at

7.5%,

compared

with

the

4.8%

national

rate.

The

State’s

enacted

fiscal

year

(FY)

2021

budget

provided

increased

spending,

including

tax

rebates

for

low-income

families,

while

maintaining

strong

reserves

as

a

result

of

the

FY

2020

budget

surplus,

which

was

in

contrast

to

the

estimated

budget

shortfall

estimated

a

year

ago.

California’s

net

tax-supported

debt

was

$2,144

per

capita

and

3.0%

of

personal

income,

compared

with

the

$1,030

and

1.9%

national

medians,

respectively.

4

Independent

credit

rating

agency

Moody’s

Investors

Service

assigned

California’s

general

obligation

bonds

an

Aa-

rating

with

a

stable

outlook.

5

Moody’s

rating

reflected

it’s

view

of

the

state’s

massive

economy

and

wealth

and

its

ability

to

generate

resources

and

sustain

structural

balance

during

periods

of

economic

stability

or

weakness.

The

rating

also

recognizes

California’s

challenges

of

a

volatile

revenue

structure,

vulnerability

to

federal

policy

and

funding,

especially

with

regards

to

healthcare

given

the

state’s

broad

expansion

of

Medicaid,

a

high

cost

of

living

and

the

potential

need

to

expand

financial

support

for

rapidly

rising

school

district

pensions.

*Does

not

include

cash

and

cash

equivalents.

Portfolio

Composition

9/30/21

%

of

Total

Investments*

Transportation

23.67%

Refunded

14.05%

Local

12.98%

Utilities

10.35%

Health

Care

9.37%

Industrial

Dev.

Revenue

and

Pollution

Control

5.66%

Education

5.53%

Housing

5.01%

State

General

Obligation

4.72%

Special

Tax

3.99%

Lease

3.62%

Other

Revenue

Bonds

1.05%

3.

Source:

Morningstar.

Treasuries,

if

held

to

maturity,

offer

a

fixed

rate

of

return

and

a

fixed

principal

value;

their

interest

payments

and

principal

are

guaranteed.

4.

Source:

Moody’s

Investors

Service,

State

government

–

US:

Medians

–

State

debt

rose

2.5%

in

2020,

spurred

by

pandemic-linked

borrowing,

6/14/21

.

5.

This

does

not

indicate

Moody’s

rating

of

the

Fund.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Franklin

California

Tax-Free

Income

Fund

5

franklintempleton.com

Semiannual

Report

Investment

Strategy

We

select

securities

that

we

believe

will

provide

the

best

balance

between

risk

and

return

within

the

Fund’s

range

of

allowable

investments

and

typically

use

a

buy-and-hold

strategy.

This

means

we

generally

hold

securities

in

the

Fund’s

portfolio

for

income

purposes,

rather

than

trading

securities

for

capital

gains,

although

we

may

sell

a

security

at

any

time

if

we

believe

it

could

help

the

Fund

meet

its

goal.

Manager’s

Discussion

Based

on

the

combination

of

our

value-oriented

philosophy

of

investing

primarily

for

income

and

a

positive-sloping

municipal

yield

curve,

we

favored

the

use

of

longer-term

bonds.

Consistent

with

our

strategy,

we

sought

to

purchase

bonds

that

ranged

from

10

to

30

years

in

maturity

with

good

call

features.

We

believe

our

conservative,

buy-and-hold

investment

strategy

can

help

us

achieve

high,

current,

tax-

free

income

for

shareholders.

Thank

you

for

your

continued

participation

in

Franklin

California

Tax-Free

Income

Fund.

We

look

forward

to

serving

your

future

investment

needs.

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

September

30,

2021,

the

end

of

the

reporting

period.

The

way

we

implement

our

main

investment

strategies

and

the

resulting

portfolio

holdings

may

change

depending

on

factors

such

as

market

and

economic

conditions.

These

opinions

may

not

be

relied

upon

as

investment

advice

or

an

offer

for

a

particular

security.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

state,

industry,

security

or

the

Fund.

Statements

of

fact

are

from

sources

considered

reliable,

but

the

investment

manager

makes

no

representation

or

warranty

as

to

their

completeness

or

accuracy.

Although

historical

performance

is

no

guarantee

of

future

results,

these

insights

may

help

you

understand

our

investment

management

philosophy.

Performance

Summary

as

of

September

30,

2021

Franklin

California

Tax-Free

Income

Fund

6

franklintempleton.com

Semiannual

Report

The

performance

tables

do

not

reflect

any

taxes

that

a

shareholder

would

pay

on

Fund

dividends,

capital

gain

distributions,

if

any,

or

any

realized

gains

on

the

sale

of

Fund

shares.

Total

return

reflects

reinvestment

of

the

Fund’s

dividends

and

capital

gain

distributions,

if

any,

and

any

unrealized

gains

or

losses.

Your

dividend

income

will

vary

depending

on

dividends

or

interest

paid

by

securities

in

the

Fund’s

portfolio,

adjusted

for

operating

expenses

of

each

class.

Capital

gain

distributions

are

net

profits

realized

from

the

sale

of

portfolio

securities.

Performance

as

of

9/30/21

Cumulative

total

return

excludes

sales

charges.

Average

annual

total

return

includes

maximum

sales

charges.

Sales

charges

will

vary

depending

on

the

size

of

the

investment

and

the

class

of

share

purchased.

The

maximum

is

3.75%

and

the

minimum

is

0%.

Class

A:

3.75%

maximum

initial

sales

charge;

Advisor

Class:

no

sales

charges.

For

other

share

classes,

visit

franklintempleton.com.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Share

Class

Cumulative

Total

Return

1

Average

Annual

Total

Return

2

–

A

3,4

6-Month

+1.36%

-2.44%

1-Year

+2.85%

-1.01%

5-Year

+16.61%

+2.34%

10-Year

+57.74%

+4.26%

Advisor

6-Month

+1.49%

+1.49%

1-Year

+3.12%

+3.12%

5-Year

+17.75%

+3.32%

10-Year

+59.99%

+4.81%

Share

Class

Distribution

Rate

5

Taxable

Equivalent

Distribution

Rate

6

30-Day

Standardized

Yield

7

Taxable

Equivalent

30-Day

Standardized

Yield

6

A

2.27%

4.84%

1.14%

2.43%

Advisor

2.61%

5.57%

1.44%

3.07%

See

page

7

for

Performance

Summary

footnotes.

Franklin

California

Tax-Free

Income

Fund

Performance

Summary

7

franklintempleton.com

Semiannual

Report

Each

class

of

shares

is

available

to

certain

eligible

investors

and

has

different

annual

fees

and

expenses,

as

described

in

the

prospectus.

All

investments

involve

risks,

including

possible

loss

of

principal.

Because

municipal

bonds

are

sensitive

to

interest

rate

movements,

the

Fund’s

yield

and

share

price

will

fluctuate

with

market

conditions.

Bond

prices

generally

move

in

the

opposite

direction

of

interest

rates.

Thus,

as

prices

of

bonds

in

the

Fund

adjust

to

a

rise

in

interest

rates,

the

Fund’s

share

price

may

decline.

The

price

of

debt

securities

generally

falls

as

inflation

increases,

and

debt

securities

that

pay

a

fixed

rather

than

variable

interest

rate

are

more

vulnerable

to

inflation

risk.

Because

the

Fund

invests

principally

in

a

single

state,

it

is

subject

to

greater

risk

of

adverse

economic

and

regulatory

changes

in

that

state

than

a

geographically

diversified

fund.

Puerto

Rico

municipal

bonds

have

been

impacted

by

recent

adverse

eco-

nomic

and

market

changes,

which

may

cause

the

Fund’s

share

price

to

decline.

Changes

in

the

credit

rating

of

a

bond,

or

in

the

credit

rating

or

financial

strength

of

a

bond’s

issuer,

insurer

or

guarantor,

may

affect

the

bond’s

value.

The

Fund

may

invest

a

significant

part

of

its

assets

in

municipal

securities

that

finance

similar

types

of

projects,

such

as

utilities,

hospitals,

higher

education

and

transportation.

A

change

that

affects

one

project

would

likely

affect

all

similar

projects,

thereby

increasing

market

risk.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

The

Fund’s

prospectus

also

includes

a

description

of

the

main

investment

risks.

1.

Cumulative

total

return

represents

the

change

in

value

of

an

investment

over

the

periods

indicated.

2.

Average

annual

total

return

represents

the

average

annual

change

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

3.

Effective

9/10/18,

Class

A

shares

closed

to

new

investors,

were

renamed

Class

A1

shares,

and

a

new

Class

A

share

with

a

different

expense

structure

became

available.

Class

A

performance

shown

has

been

calculated

as

follows:

(a)

for

periods

prior

to

9/10/18,

a

restated

figure

is

used

based

on

the

Fund’s

Class

A1

performance

that

includes

any

Rule

12b-1

rate

differential

that

exists

between

Class

A1

and

Class

A;

and

(b)

for

periods

after

9/10/18,

actual

Class

A

performance

is

used,

reflecting

all

charges

and

fees

applicable

to

that

class.

4.

Prior

to

3/1/19,

these

shares

were

offered

at

a

higher

initial

sales

charge

of

4.25%,

thus

actual

returns

(with

sales

charges)

would

have

differed.

Average

annual

total

returns

(with

sales

charges)

have

been

restated

to

reflect

the

current

maximum

initial

sales

charge

of

3.75%.

5.

Distribution

rate

is

based

on

an

annualization

of

the

respective

class’s

September

dividend

and

the

maximum

offering

price

(NAV

for

Advisor

Class)

per

share

on

9/30/21.

6.

Taxable

equivalent

distribution

rate

and

yield

assume

the

published

rates

as

of

6/24/21

for

the

maximum

combined

effective

federal

and

California

personal

income

tax

rate

of

53.10%,

based

on

the

federal

income

tax

rate

of

37.00%

plus

3.80%

Medicare

tax.

This

combined

rate

does

not

consider

the

impact

of

California’s

surcharge

on

taxable

income

in

excess

of

$1

million.

7.

The

Fund’s

30-day

standardized

yield

is

calculated

over

a

trailing

30-day

period

using

the

yield

to

maturity

on

bonds

and/or

the

dividends

accrued

on

stocks.

It

may

not

equal

the

Fund’s

actual

income

distribution

rate,

which

reflects

the

Fund’s

past

dividends

paid

to

shareholders.

8.

Figures

are

as

stated

in

the

Fund’s

current

prospectus

and

may

differ

from

the

expense

ratios

disclosed

in

the

Your

Fund’s

Expenses

and

Financial

Highlights

sections

in

this

report.

In

periods

of

market

volatility,

assets

may

decline

significantly,

causing

total

annual

Fund

operating

expenses

to

become

higher

than

the

figures

shown.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Distributions

(4/1/21–9/30/21)

Share

Class

Net

Investment

Income

A

$0.095480

A1

$0.101529

C

$0.079816

R6

$0.106722

Advisor

$0.105275

Total

Annual

Operating

Expenses

8

Share

Class

A

0.76%

Advisor

0.51%

Your

Fund’s

Expenses

Franklin

California

Tax-Free

Income

Fund

8

franklintempleton.com

Semiannual

Report

As

a

Fund

shareholder,

you

can

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

on

Fund

purchases

and

redemptions;

and

(2)

ongoing

Fund

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

Fund

expenses.

All

mutual

funds

have

ongoing

costs,

sometimes

referred

to

as

operating

expenses.

The

table

below

shows

ongoing

costs

of

investing

in

the

Fund

and

can

help

you

understand

these

costs

and

compare

them

with

those

of

other

mutual

funds.

The

table

assumes

a

$1,000

investment

held

for

the

six

months

indicated.

Actual

Fund

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses

in

the

columns

under

the

heading

“Actual.”

In

these

columns

the

Fund’s

actual

return,

which

includes

the

effect

of

Fund

expenses,

is

used

to

calculate

the

“Ending

Account

Value”

for

each

class

of

shares.

You

can

estimate

the

expenses

you

paid

during

the

period

by

following

these

steps

(

of

course,

your

account

value

and

expenses

will

differ

from

those

in

this

illustration

):

Divide

your

account

value

by

$1,000

(

if

your

account

had

an

$8,600

value,

then

$8,600

÷

$1,000

=

8.6

).

Then

multiply

the

result

by

the

number

in

the

row

for

your

class

of

shares

under

the

headings

“Actual”

and

“Expenses

Paid

During

Period”

(

if

Actual

Expenses

Paid

During

Period

were

$7.50,

then

8.6

x

$7.50

=$64.50

).

In

this

illustration,

the

actual

expenses

paid

this

period

are

$64.50.

Hypothetical

Example

for

Comparison

with

Other

Funds

Under

the

heading

“Hypothetical”

in

the

table,

information

is

provided

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

This

information

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period,

but

it

can

help

you

compare

ongoing

costs

of

investing

in

the

Fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

for

the

class

of

shares

you

hold

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

expenses

shown

in

the

table

are

meant

to

highlight

ongoing

costs

and

do

not

reflect

any

transactional

costs.

Therefore,

information

under

the

heading

“Hypothetical”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

compare

total

costs

of

owning

different

funds.

In

addition,

if

transactional

costs

were

included,

your

total

costs

would

have

been

higher.

1.

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

six-month

period

as

indicated

above—in

the

far

right

column—multiplied

by

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

by

183/365

to

reflect

the

one-half

year

period.

2.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements,

for

Class

R6.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Share

Class

Beginning

Account

Value

4/1/21

Ending

Account

Value

9/30/21

Expenses

Paid

During

Period

4/1/21–9/30/21

1,2

Ending

Account

Value

9/30/21

Expenses

Paid

During

Period

4/1/21–9/30/21

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,013.60

$3.74

$1,021.35

$3.76

0.74%

A1

$1,000

$1,014.40

$2.97

$1,022.12

$2.98

0.59%

C

$1,000

$1,011.60

$5.79

$1,019.32

$5.81

1.15%

R6

$1,000

$1,015.10

$2.34

$1,022.75

$2.34

0.46%

Advisor

$1,000

$1,014.90

$2.50

$1,022.59

$2.51

0.49%

Franklin

California

Tax-Free

Income

Fund

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

9

a

Six

Months

Ended

September

30,

2021

(unaudited)

Year

Ended

March

31,

Year

Ended

March

31,

2019

a

2021

2020

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$7.71

$7.50

$7.44

$7.27

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.10

0.22

0.22

0.14

Net

realized

and

unrealized

gains

(losses)

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

0.01

0.20

0.08

0.15

Total

from

investment

operations

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

0.11

0.42

0.30

0.29

Less

distributions

from:

Net

investment

income

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

(0.10)

(0.21)

(0.24)

(0.12)

Net

asset

value,

end

of

period

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

$7.72

$7.71

$7.50

$7.44

Total

return

d

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

1.36%

5.66%

3.98%

4.11%

Ratios

to

average

net

assets

e

Expenses

f

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

0.74%

0.75%

0.76%

0.76%

Net

investment

income

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

2.49%

2.79%

2.97%

3.38%

Supplemental

data

Net

assets,

end

of

period

(000’s)

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

$2,478,689

$2,074,343

$1,395,165

$524,756

Portfolio

turnover

rate

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

11.45%

14.41%

15.74%

14.12%

a

For

the

period

September

10,

2018

(effective

date)

to

March

31,

2019.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

California

Tax-Free

Income

Fund

Financial

Highlights

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

10

a

Six

Months

Ended

September

30,

2021

(unaudited)

Year

Ended

March

31,

2021

2020

2019

2018

2017

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$7.70

$7.49

$7.43

$7.31

$7.38

$7.59

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.10

0.23

0.24

0.26

0.26

0.27

Net

realized

and

unrealized

gains

(losses)

0.01

0.20

0.07

0.12

(0.06)

(0.22)

Total

from

investment

operations

........

0.11

0.43

0.31

0.38

0.20

0.05

Less

distributions

from:

Net

investment

income

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

(0.10)

(0.22)

(0.25)

(0.26)

(0.27)

(0.26)

Net

asset

value,

end

of

period

..........

$7.71

$7.70

$7.49

$7.43

$7.31

$7.38

Total

return

c

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

1.44%

5.83%

4.14%

5.34%

2.66%

0.68%

Ratios

to

average

net

assets

d

Expenses

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

0.59%

e

0.60%

e

0.61%

e

0.60%

e

0.59%

0.59%

Net

investment

income

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

2.66%

2.97%

3.12%

3.54%

3.53%

3.54%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$10,849,181

$11,084,478

$11,448,334

$11,824,206

$12,154,752

$12,425,129

Portfolio

turnover

rate

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

11.45%

14.41%

15.74%

14.12%

13.05%

19.37%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

California

Tax-Free

Income

Fund

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

11

a

Six

Months

Ended

September

30,

2021

(unaudited)

Year

Ended

March

31,

2021

2020

2019

2018

2017

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$7.69

$7.47

$7.41

$7.30

$7.36

$7.58

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.08

0.19

0.20

0.22

0.22

0.23

Net

realized

and

unrealized

gains

(losses)

0.01

0.21

0.07

0.11

(0.06)

(0.23)

Total

from

investment

operations

........

0.09

0.40

0.27

0.33

0.16

—

Less

distributions

from:

Net

investment

income

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

(0.08)

(0.18)

(0.21)

(0.22)

(0.22)

(0.22)

Net

asset

value,

end

of

period

..........

$7.70

$7.69

$7.47

$7.41

$7.30

$7.36

Total

return

c

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

1.16%

5.40%

3.57%

4.63%

2.23%

(0.02)%

Ratios

to

average

net

assets

d

Expenses

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

1.15%

e

1.16%

e

1.16%

e

1.16%

e

1.15%

1.14%

Net

investment

income

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

2.12%

2.42%

2.57%

2.98%

2.97%

2.99%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$837,329

$1,018,197

$1,118,612

$1,124,954

$1,527,772

$1,659,070

Portfolio

turnover

rate

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

11.45%

14.41%

15.74%

14.12%

13.05%

19.37%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

California

Tax-Free

Income

Fund

Financial

Highlights

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

12

a

Six

Months

Ended

September

30,

2021

(unaudited)

Year

Ended

March

31,

Year

Ended

March

31,

2018

a

2021

2020

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$7.69

$7.48

$7.42

$7.30

$7.46

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.11

0.24

0.25

0.27

0.18

Net

realized

and

unrealized

gains

(losses)

...........

0.01

0.20

0.07

0.12

(0.18)

Total

from

investment

operations

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

0.12

0.44

0.32

0.39

—

Less

distributions

from:

Net

investment

income

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

(0.11)

(0.23)

(0.26)

(0.27)

(0.16)

Net

asset

value,

end

of

period

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

$7.70

$7.69

$7.48

$7.42

$7.30

Total

return

d

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

1.51%

5.97%

4.28%

5.45%

(0.05)%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

......

0.47%

0.47%

0.47%

0.47%

0.49%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.46%

f

0.47%

f,g

0.46%

f

0.46%

f

0.48%

Net

investment

income

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

2.78%

3.08%

3.27%

3.68%

3.64%

Supplemental

data

Net

assets,

end

of

period

(000’s)

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

$338,235

$281,038

$186,078

$103,760

$85,534

Portfolio

turnover

rate

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

11.45%

14.41%

15.74%

14.12%

13.05%

a

For

the

period

August

1,

2017

(effective

date)

to

March

31,

2018.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

California

Tax-Free

Income

Fund

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

13

a

Six

Months

Ended

September

30,

2021

(unaudited)

Year

Ended

March

31,

2021

2020

2019

2018

2017

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$7.69

$7.48

$7.42

$7.30

$7.36

$7.58

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.11

0.24

0.24

0.26

0.27

0.28

Net

realized

and

unrealized

gains

(losses)

0.01

0.20

0.08

0.13

(0.06)

(0.23)

Total

from

investment

operations

........

0.12

0.44

0.32

0.39

0.21

0.05

Less

distributions

from:

Net

investment

income

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

(0.11)

(0.23)

(0.26)

(0.27)

(0.27)

(0.27)

Net

asset

value,

end

of

period

..........

$7.70

$7.69

$7.48

$7.42

$7.30

$7.36

Total

return

c

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

1.49%

5.94%

4.24%

5.44%

2.89%

0.65%

Ratios

to

average

net

assets

d

Expenses

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

0.49%

e

0.51%

e

0.51%

e

0.51%

e

0.50%

0.49%

Net

investment

income

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

2.76%

3.06%

3.22%

3.63%

3.62%

3.64%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$2,687,903

$2,498,587

$1,888,402

$1,641,388

$1,572,721

$1,463,633

Portfolio

turnover

rate

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

11

.45%

14.41%

15.74%

14.12%

13.05%

19.37%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

California

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited),

September

30,

2021

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

14

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

94.8%

California

94.0%

ABAG

Finance

Authority

for

Nonprofit

Corp.

,

Eskaton

Properties,

Inc.

Obligated

Group

,

Revenue

,

2013

,

Refunding

,

5

%

,

11/15/35

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

$

10,000,000

$

10,639,140

Alameda

Corridor

Transportation

Authority

,

Revenue,

Sub.

Lien,

2004

A,

Refunding,

AMBAC

Insured,

Zero

Cpn

.,

10/01/29

....

20,000,000

17,613,780

Revenue,

Sub.

Lien,

2004

A,

Refunding,

AMBAC

Insured,

Zero

Cpn

.,

10/01/30

....

41,665,000

35,774,165

Alameda

Unified

School

District

,

GO

,

2015

A

,

5

%

,

8/01/39

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

18,000,000

20,779,067

Alhambra

City

Elementary

School

District

,

Alhambra

Unified

School

District

,

GO

,

2004

B

,

NATL

Insured

,

Zero

Cpn

.,

9/01/27

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

3,035,000

2,816,278

Alisal

Union

School

District

,

GO,

2009

B,

AGMC

Insured,

Zero

Cpn

.,

8/01/32

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

3,355,000

2,745,874

GO,

2009

B,

AGMC

Insured,

Zero

Cpn

.,

8/01/33

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

3,610,000

2,875,029

GO,

2009

B,

AGMC

Insured,

Zero

Cpn

.,

2/01/34

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

3,345,000

2,621,556

Alvord

Unified

School

District

,

GO,

2011

B,

AGMC

Insured,

Zero

Cpn

.,

8/01/36

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

15,000,000

10,175,830

GO,

2011

B,

AGMC

Insured,

Zero

Cpn

.,

8/01/46

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

42,500,000

54,206,744

GO,

A,

Pre-Refunded,

AGMC

Insured,

5%,

8/01/42

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

34,690,000

37,748,399

Anaheim

Public

Financing

Authority

,

City

of

Anaheim,

Revenue,

1997

C,

AGMC

Insured,

Zero

Cpn

.,

9/01/24

.........

26,855,000

26,404,435

City

of

Anaheim,

Revenue,

1997

C,

AGMC

Insured,

Zero

Cpn

.,

9/01/26

.........

29,430,000

28,025,597

City

of

Anaheim,

Revenue,

1997

C,

AGMC

Insured,

Zero

Cpn

.,

9/01/27

.........

22,860,000

21,312,447

City

of

Anaheim,

Revenue,

1997

C,

AGMC

Insured,

Zero

Cpn

.,

9/01/28

.........

14,425,000

13,132,279

City

of

Anaheim,

Revenue,

1997

C,

AGMC

Insured,

Zero

Cpn

.,

9/01/29

.........

24,810,000

21,998,233

City

of

Anaheim,

Revenue,

1997

C,

AGMC

Insured,

Zero

Cpn

.,

9/01/32

.........

13,665,000

11,126,356

City

of

Anaheim,

Revenue,

1997

C,

AGMC

Insured,

Zero

Cpn

.,

9/01/33

.........

37,070,000

29,289,103

City

of

Anaheim,

Revenue,

1997

C,

AGMC

Insured,

Zero

Cpn

.,

9/01/34

.........

24,970,000

19,108,313

City

of

Anaheim,

Revenue,

1997

C,

AGMC

Insured,

ETM,

Zero

Cpn

.,

3/01/37

.....

15,080,000

11,529,355

Anaheim

Union

High

School

District

,

GO

,

2002

A

,

AGMC

Insured

,

Zero

Cpn

.,

8/01/26

8,570,000

8,133,247

Antelope

Valley

Community

College

District

,

GO

,

2015

,

Pre-Refunded

,

5

%

,

8/01/39

..

11,750,000

13,584,090

Baldwin

Park

Unified

School

District

,

GO,

2013,

Pre-Refunded,

BAM

Insured,

5%,

8/01/43

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

5,000,000

5,436,007

GO,

2013,

Pre-Refunded,

BAM

Insured,

Zero

Cpn

.,

8/01/48

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

25,000,000

4,312,760

GO,

2013,

Pre-Refunded,

BAM

Insured,

Zero

Cpn

.,

8/01/53

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

60,000,000

7,042,782

Bay

Area

Toll

Authority

,

Revenue,

2013

S-4,

Pre-Refunded,

5%,

4/01/43

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

36,040,000

38,637,821

Revenue,

2013

S-4,

Pre-Refunded,

5.125%,

4/01/48

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

47,355,000

50,856,580

Revenue,

2013

S-4,

Pre-Refunded,

5.25%,

4/01/53

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

33,000,000

35,501,559

Revenue,

2017

F-1,

Pre-Refunded,

5%,

4/01/56

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

60,000,000

74,021,496

Revenue,

2017

S-7,

Refunding,

4%,

4/01/42

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

84,260,000

95,953,131

Revenue,

2017

S-7,

Refunding,

4%,

4/01/47

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

72,000,000

81,492,386

Revenue,

2019

S-8,

Refunding,

5%,

4/01/56

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

25,000,000

30,987,095

a

Revenue,

2021

A,

Refunding,

Mandatory

Put,

2%,

4/01/28

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

12,000,000

12,716,563

Beaumont

Public

Improvement

Authority

,

City

of

Beaumont

Wastewater

,

Revenue

,

2018

A

,

AGMC

Insured

,

5

%

,

9/01/49

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

10,000,000

11,852,886

Beaumont

Unified

School

District

,

GO

,

2011

C

,

AGMC

Insured

,

Zero

Cpn

.,

8/01/40

..

11,000,000

6,481,000

California

Affordable

Housing

Agency

,

Butte

County

Housing

Authority,

Revenue,

2020

A,

4%,

10/01/40

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

1,580,000

1,795,012

Butte

County

Housing

Authority,

Revenue,

2020

A,

4%,

10/01/45

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

1,930,000

2,165,033

Butte

County

Housing

Authority,

Revenue,

2020

A,

4%,

10/01/50

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

1,855,000

2,070,939

California

Community

College

Financing

Authority

,

Revenue,

2001

A,

NATL

Insured,

5.125%,

4/01/31

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

880,000

899,580

NCCD-Orange

Coast

Properties

LLC,

Revenue,

2018,

5.25%,

5/01/53

..........

8,150,000

9,426,070

b

California

Community

Housing

Agency

,

Aster

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-1,

4%,

2/01/56

..........

17,000,000

18,588,228

Brio

Apartments

&

Next

on

Lex

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-1,

4%,

2/01/56

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

25,000,000

26,958,265

Franklin

California

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

15

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

b

California

Community

Housing

Agency,

(continued)

Exchange

at

Bayfront

Apartments,

Revenue,

Senior

Lien,

144A,

201

A-1

T,

4.25%,

2/01/38

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

$

7,095,000

$

6,964,115

Exchange

at

Bayfront

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-1,

3%,

2/01/57

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

59,855,000

56,482,668

Fountains

at

Emerald

Park,

Revenue,

Junior

Lien,

144A,

2021

A-2,

4%,

8/01/46

...

9,050,000

9,742,967

Fountains

at

Emerald

Park,

Revenue,

Senior

Lien,

144A,

2021

A-1,

3%,

8/01/56

..

35,440,000

35,468,781

c

K

Street

Flats,

Revenue,

144A,

2021

A-1,

3%,

2/01/57

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

27,500,000

25,568,790

Summit

at

Sausalito

Apartments,

Revenue,

144A,

2021

A-1,

3%,

2/01/57

........

20,000,000

18,953,592

California

County

Tobacco

Securitization

Agency

,

Revenue,

2020

B-1,

Refunding,

5%,

6/01/49

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

1,000,000

1,223,379

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/49

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

3,525,000

4,087,317

Alameda

County

Tobacco

Asset

Securitization

Corp.,

Revenue,

2002,

5.875%,

6/01/35

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

5,705,000

5,713,824

Gold

Country

Settlement

Funding

Corp.,

Revenue,

2020

A,

Refunding,

4%,

6/01/40

1,120,000

1,329,145

Gold

Country

Settlement

Funding

Corp.,

Revenue,

2020

A,

Refunding,

4%,

6/01/49

1,000,000

1,154,797

Gold

Country

Settlement

Funding

Corp.,

Revenue,

2020

B-1,

Refunding,

4%,

6/01/49

225,000

253,685

Kern

County

Tobacco

Funding

Corp.,

Revenue,

2014,

Refunding,

5%,

6/01/34

....

10,295,000

10,699,963

Kern

County

Tobacco

Funding

Corp.,

Revenue,

2014,

Refunding,

5%,

6/01/40

....

17,650,000

18,637,438

Merced

County

Tobacco

Funding

Corp.,

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/36

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

470,000

564,743

Merced

County

Tobacco

Funding

Corp.,

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/38

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

530,000

632,662

Merced

County

Tobacco

Funding

Corp.,

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/40

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

625,000

741,711

Merced

County

Tobacco

Funding

Corp.,

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/42

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

100,000

117,983

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

4%,

6/01/35

..

350,000

422,067

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

4%,

6/01/36

..

600,000

720,956

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

4%,

6/01/37

..

530,000

634,742

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

4%,

6/01/38

..

790,000

943,200

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

4%,

6/01/39

..

620,000

737,856

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

4%,

6/01/40

..

830,000

985,315

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

4%,

6/01/49

..

1,120,000

1,293,402

Sonoma

County

Securitization

Corp.,

Revenue,

2020

B-1,

Refunding,

5%,

6/01/49

.

1,200,000

1,461,724

Stanislaus

County

Tobacco

Funding

Corp.,

Revenue,

2002

A,

5.875%,

6/01/43

...

6,575,000

6,585,191

California

Educational

Facilities

Authority

,

Chapman

University,

Revenue,

2015,

5%,

4/01/45

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

10,000,000

11,255,150

Chapman

University,

Revenue,

2021

A,

Refunding,

5%,

4/01/27

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

475,000

584,820

Chapman

University,

Revenue,

2021

A,

Refunding,

5%,

4/01/28

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

395,000

498,809

Chapman

University,

Revenue,

2021

A,

Refunding,

5%,

4/01/29

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

400,000

513,878

Chapman

University,

Revenue,

2021

A,

Refunding,

5%,

4/01/30

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

425,000

557,040

Chapman

University,

Revenue,

2021

A,

Refunding,

5%,

4/01/31

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

475,000

634,800

Loma

Linda

University,

Revenue,

2017

A,

Refunding,

5%,

4/01/47

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

11,000,000

12,801,011

Loyola

Marymount

University,

Revenue,

2001

A,

NATL

Insured,

Zero

Cpn

.,

10/01/26

7,620,000

7,249,760

Loyola

Marymount

University,

Revenue,

2001

A,

NATL

Insured,

Zero

Cpn

.,

10/01/27

7,365,000

6,858,919

Loyola

Marymount

University,

Revenue,

2001

A,

NATL

Insured,

Zero

Cpn

.,

10/01/28

4,120,000

3,751,700

Loyola

Marymount

University,

Revenue,

2001

A,

NATL

Insured,

Zero

Cpn

.,

10/01/30

5,685,000

4,916,170

Loyola

Marymount

University,

Revenue,

2001

A,

NATL

Insured,

Zero

Cpn

.,

10/01/31

7,615,000

6,408,501

Loyola

Marymount

University,

Revenue,

2001

A,

NATL

Insured,

Zero

Cpn

.,

10/01/32

7,615,000

6,249,131

Santa

Clara

University,

Revenue,

1999,

AMBAC

Insured,

Zero

Cpn

.,

9/01/26

.....

3,655,000

3,189,065

Santa

Clara

University,

Revenue,

2015,

Refunding,

5%,

4/01/45

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

15,495,000

17,699,587

University

of

San

Francisco,

Revenue,

2018

A,

5%,

10/01/48

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

10,000,000

11,998,574

University

of

San

Francisco,

Revenue,

2018

A,

5%,

10/01/53

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

10,000,000

11,975,211

California

Enterprise

Development

Authority

,

Provident

Group-SDSU

Properties

LLC,

Revenue,

First

Tier,

2020

A,

5%,

8/01/40

..

650,000

805,241

Provident

Group-SDSU

Properties

LLC,

Revenue,

First

Tier,

2020

A,

5%,

8/01/45

..

650,000

794,659

Franklin

California

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

16

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

Enterprise

Development

Authority,

(continued)

Provident

Group-SDSU

Properties

LLC,

Revenue,

First

Tier,

2020

A,

5%,

8/01/50

..

$

650,000

$

791,748

Provident

Group-SDSU

Properties

LLC,

Revenue,

First

Tier,

2020

A,

5%,

8/01/55

..

1,000,000

1,209,177

Provident

Group-SDSU

Properties

LLC,

Revenue,

First

Tier,

2020

A,

5%,

8/01/57

..

500,000

602,379

California

Health

Facilities

Financing

Authority

,

Revenue,

1992

A,

California

Mortgage

Insured,

6.5%,

12/01/22

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

270,000

271,288

California-Nevada

Methodist

Homes,

Revenue,

2015,

Refunding,

California

Mortgage

Insured,

5%,

7/01/35

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

1,000,000

1,132,540

Casa

Milagro

LLC,

Revenue,

2011

A,

California

Mortgage

Insured,

6.25%,

2/01/26

.

5,000,000

5,021,902

Children's

Hospital

Los

Angeles

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

8/15/42

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

7,750,000

9,181,816

Children's

Hospital

Los

Angeles

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

8/15/47

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

10,370,000

12,220,816

Children's

Hospital

of

Orange

County

Obligated

Group,

Revenue,

2011

A,

Refunding,

5.25%,

11/01/41

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

10,000,000

10,038,375

Children's

Hospital

of

Orange

County

Obligated

Group,

Revenue,

2021

B,

Refunding,

5%,

11/01/27

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

1,000,000

1,249,106

Children's

Hospital

of

Orange

County

Obligated

Group,

Revenue,

2021

B,

Refunding,

5%,

11/01/29

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

1,350,000

1,769,728

City

of

Hope

Obligated

Group,

Revenue,

2019,

5%,

11/15/49

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

37,000,000

44,018,053

CommonSpirit

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/35

.

3,500,000

4,149,577

CommonSpirit

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/36

.

2,550,000

3,012,284

CommonSpirit

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/37

.

3,000,000

3,533,467

CommonSpirit

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/38

.

8,950,000

10,500,764

CommonSpirit

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/40

.

7,500,000

8,733,020

CommonSpirit

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

3%,

4/01/44

.

4,340,000

4,564,020

CommonSpirit

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/44

.

17,215,000

19,737,294

CommonSpirit

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/49

.

28,500,000

32,469,548

El

Camino

Hospital,

Revenue,

2017,

4.125%,

2/01/47

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

11,000,000

12,251,002

El

Camino

Hospital,

Revenue,

2017,

5%,

2/01/47

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

12,500,000

14,935,300

Kaiser

Foundation

Hospitals,

Revenue,

2017

A-2,

4%,

11/01/38

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

25,000,000

28,912,552

Kaiser

Foundation

Hospitals,

Revenue,

2017

A-2,

4%,

11/01/44

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

385,000,000

442,213,425

Lucile

Salter

Packard

Children's

Hospital

at

Stanford

Obligated

Group,

Revenue,

2012

A,

Refunding,

5%,

8/15/51

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

39,455,000

41,106,346

Lucile

Salter

Packard

Children's

Hospital

at

Stanford

Obligated

Group,

Revenue,

2016

B,

5%,

8/15/55

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

12,960,000

15,231,042

Lucile

Salter

Packard

Children's

Hospital

at

Stanford

Obligated

Group,

Revenue,

2017

A,

5%,

11/15/56

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

22,000,000

26,506,454

Marshall

Medical

Center,

Revenue,

2020

A,

Refunding,

California

Mortgage

Insured,

4%,

11/01/40

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

3,750,000

4,365,926

Marshall

Medical

Center,

Revenue,

2020

A,

Refunding,

California

Mortgage

Insured,

5%,

11/01/50

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

25,065,000

30,890,835

On

Lok

Senior

Health

Services

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

8/01/40

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

800,000

989,983

On

Lok

Senior

Health

Services

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

8/01/50

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

1,625,000

1,978,866

On

Lok

Senior

Health

Services

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

8/01/55

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

1,600,000

1,934,290

Providence

St.

Joseph

Health

Obligated

Group,

Revenue,

2014

A,

Pre-Refunded,

5%,

10/01/38

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

3,890,000

4,432,859

Providence

St.

Joseph

Health

Obligated

Group,

Revenue,

2014

A,

5%,

10/01/38

..

5,110,000

5,757,773

Sequoia

Living,

Inc.,

Revenue,

2015,

Refunding,

California

Mortgage

Insured,

5%,

7/01/34

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

1,000,000

1,140,746

Sequoia

Living,

Inc.,

Revenue,

2015,

Refunding,

California

Mortgage

Insured,

5%,

7/01/39

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

1,450,000

1,643,828

Sequoia

Living,

Inc.,

Revenue,

2015,

Refunding,

California

Mortgage

Insured,

5%,

7/01/44

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

1,160,000

1,309,579

Sutter

Health

Obligated

Group,

Revenue,

2013

A,

Pre-Refunded,

5%,

8/15/52

....

89,990,000

97,915,806

Franklin

California

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

17

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

Health

Facilities

Financing

Authority,

(continued)

Sutter

Health

Obligated

Group,

Revenue,

2015

A,

Pre-Refunded,

5%,

8/15/43

....

$

20,000,000

$

23,498,584

Sutter

Health

Obligated

Group,

Revenue,

2016

B,

Pre-Refunded,

5%,

11/15/46

...

36,705,000

44,847,109

Sutter

Health

Obligated

Group,

Revenue,

2016

B,

5%,

11/15/46

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

53,265,000

63,426,518

Sutter

Health

Obligated

Group,

Revenue,

2017

A,

Refunding,

4%,

11/15/48

......

36,810,000

41,567,991

Sutter

Health

Obligated

Group,

Revenue,

2018

A,

4%,

11/15/42

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

11,680,000

13,329,570

Sutter

Health

Obligated

Group,

Revenue,

2018

A,

5%,

11/15/48

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

34,500,000

41,616,936

California

Housing

Finance

,

Revenue,

2019-1,

A,

4.25%,

1/15/35

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

48,731,140

59,240,796

Revenue,

2019-2,

A,

4%,

3/20/33

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

14,819,544

17,474,925

Revenue,

2021-1,

A,

3.5%,

11/20/35

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

4,964,421

5,762,915

a,b

Shermanair

Apartments

Owner

LP,

Revenue,

144A,

2021

Q-1,

Mandatory

Put,

3%,

9/01/36

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

22,535,000

21,882,501

b

Shermanair

Apartments

Owner

LP,

Revenue,

144A,

2021

Q-2,

Zero

Cpn

.,

9/01/36

.

1,940,000

1,921,764

California

Infrastructure

&

Economic

Development

Bank

,

Revenue,

2015

A,

Pre-Refunded,

5%,

10/01/40

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

4,015,000

4,749,146

Revenue,

2015

A,

Pre-Refunded,

5%,

10/01/43

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

1,900,000

2,247,416

Revenue,

2018,

5%,

10/01/48

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

10,000,000

12,316,878

Academy

of

Motion

Picture

Arts

and

Sciences

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

11/01/41

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

8,000,000

8,763,051

Academy

of

Motion

Picture

Arts

and

Sciences

Obligated

Group,

Revenue,

2020

B,

Refunding,

5%,

11/01/29

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

5,000,000

6,499,474

Broad

(The),

Revenue,

2021

A,

Refunding,

5%,

6/01/26

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

4,500,000

5,428,055

Broad

(The),

Revenue,

2021

A,

Refunding,

5%,

6/01/28

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

5,750,000

7,315,736

a

California

Academy

of

Sciences,

Revenue,

2018

B,

Refunding,

Mandatory

Put,

0.4%,

8/01/24

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

26,900,000

27,002,110

California

State

Teachers'

Retirement

System,

Revenue,

2019,

5%,

8/01/44

......

8,000,000

9,922,101

California

State

Teachers'

Retirement

System,

Revenue,

2019,

5%,

8/01/49

......

30,300,000

37,363,391

a,b

DesertXpress

Enterprises

LLC,

Revenue,

144A,

2020

A,

Mandatory

Put,

0.2%,

2/01/22

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

57,000,000

56,994,500

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2020

B,

4%,

11/01/45

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

850,000

973,680

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2020

B,

4%,

11/01/50

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

860,000

980,367

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2020

B,

4%,

11/01/55

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

915,000

1,039,105

Los

Angeles

County

Museum

of

Natural

History

Foundation,

Revenue,

2020,

Refunding,

3%,

7/01/50

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

18,995,000

19,776,456

Los

Angeles

County

Museum

of

Natural

History

Foundation,

Revenue,

2020,

Refunding,

4%,

7/01/50

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

10,000,000

11,378,483

a

Museum

Associates,

Revenue,

2021

A,

Refunding,

Mandatory

Put,

1.2%,

6/01/28

.

15,000,000

15,053,571

State

of

California

Department

of

Transportation

Seismic

Surcharge,

Revenue,

First

Lien,

2003

A,

Pre-Refunded,

FGIC

Insured,

5%,

7/01/29

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

50,985,000

63,835,596

State

of

California

Department

of

Transportation

Seismic

Surcharge,

Revenue,

First

Lien,

2003

A,

Pre-Refunded,

AMBAC

Insured,

5%,

7/01/33

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

13,460,000

16,895,028

California

Municipal

Finance

Authority

,

Revenue,

Senior

Lien,

2017

A,

Refunding,

4%,

8/15/52

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

27,350,000

29,430,512

1717

University

Associates

LLC,

Revenue,

2020

A,

4.5%,

6/01/52

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

11,413,000

11,468,482

1717

University

Associates

LLC,

Revenue,

2020

A-T,

5.25%,

6/01/52

...........

3,407,000

3,415,431

California

Institute

of

the

Arts,

Revenue,

2021,

4%,

10/01/46

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

965,000

1,116,858

California

Institute

of

the

Arts,

Revenue,

2021,

4%,

10/01/51

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

1,205,000

1,389,575

Channing

House,

Revenue,

2017

B,

California

Mortgage

Insured,

5%,

5/15/47

....

10,000,000

11,584,163

CHF-Davis

I

LLC,

Revenue,

2018,

5%,

5/15/51

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

10,000,000

12,009,247

CHF-Davis

II

LLC,

Revenue,

2021,

BAM

Insured,

5%,

5/15/24

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

500,000

558,531

CHF-Davis

II

LLC,

Revenue,

2021,

BAM

Insured,

5%,

5/15/25

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

400,000

462,295

CHF-Davis

II

LLC,

Revenue,

2021,

BAM

Insured,

5%,

5/15/26

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

400,000

475,393

CHF-Davis

II

LLC,

Revenue,

2021,

BAM

Insured,

5%,

5/15/27

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

500,000

608,350

Franklin

California

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

18

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

Municipal

Finance

Authority,

(continued)

CHF-Davis

II

LLC,

Revenue,

2021,

BAM

Insured,

5%,

5/15/28

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

$

400,000

$

497,286

CHF-Davis

II

LLC,

Revenue,

2021,

BAM

Insured,

5%,

5/15/29

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

600,000

760,235

CHF-Davis

II

LLC,

Revenue,

2021,

BAM

Insured,

5%,

5/15/30

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

700,000

903,644

CHF-Davis

II

LLC,

Revenue,

2021,

BAM

Insured,

5%,

5/15/31

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

650,000

854,266

CHF-Davis

II

LLC,

Revenue,

2021,

BAM

Insured,

4%,

5/15/32

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

1,000,000

1,210,043

CHF-Davis

II

LLC,

Revenue,

2021,

BAM

Insured,

4%,

5/15/33

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

850,000

1,024,809

CHF-Davis

II

LLC,

Revenue,

2021,

BAM

Insured,

4%,

5/15/34

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

950,000

1,141,141

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

2/01/46

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

15,000,000

17,030,973

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/42

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

5,500,000

6,556,658

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/47

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

20,750,000

24,592,414

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/37

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

1,040,000

1,225,400

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/38

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

1,000,000

1,175,227

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/39

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

1,100,000

1,290,270

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/40

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

1,175,000

1,372,918

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/41

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

1,280,000

1,491,391

Eisenhower

Medical

Center,

Revenue,

2017

A,

Refunding,

5%,

7/01/42

.........

5,100,000

6,060,373

Eisenhower

Medical

Center,

Revenue,

2017

A,

Refunding,

5%,

7/01/47

.........

4,000,000

4,723,700

Inland

Christian

Home,

Inc.,

Revenue,

2020,

California

Mortgage

Insured,

4%,

12/01/49

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

2,670,000

3,104,288

Inland

Counties

Regional

Center,

Inc.,

Revenue,

2015,

Refunding,

5%,

6/15/45

...

23,300,000

26,467,957

LAX

Integrated

Express

Solutions

LLC,

Revenue,

Senior

Lien,

2018

A,

5%,

12/31/37

5,000,000

6,032,667

LAX

Integrated

Express

Solutions

LLC,

Revenue,

Senior

Lien,

2018

A,

5%,

12/31/43

22,400,000

26,856,493

LAX

Integrated

Express

Solutions

LLC,

Revenue,

Senior

Lien,

2018

A,

5%,

12/31/47

61,850,000

73,746,600

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5.25%,

11/01/41

..

5,500,000

6,392,877

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5%,

11/01/47

....

8,650,000

9,793,221

Northern

California

Retired

Officers

Community,

Revenue,

2019

A,

California

Mortgage

Insured,

5%,

1/01/43

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

10,000,000

12,108,999

Northern

California

Retired

Officers

Community,

Revenue,

2019

A,

California

Mortgage

Insured,

5%,

1/01/49

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

18,990,000

22,922,406

South

Central

Los

Angeles

Regional

Center

for

Developmentally

Disabled

Persons,

Revenue,

2013,

5.75%,

12/01/43

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

33,895,000

36,606,163

University

of

La

Verne,

Revenue,

2017

A,

Refunding,

4%,

6/01/47

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

10,500,000

11,700,870

California

Pollution

Control

Financing

Authority

,

a,b

Republic

Services,

Inc.,

Revenue,

144A,

2010

A,

Refunding,

Mandatory

Put,

0.18%,

11/01/21

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

26,000,000

25,998,812

a,b

Republic

Services,

Inc.,

Revenue,

144A,

2010

B,

Refunding,

Mandatory

Put,

0.13%,

11/01/21

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

4,500,000

4,499,794

a,b

Republic

Services,

Inc.,

Revenue,

144A,

2017

A-1,

Mandatory

Put,

0.2%,

10/15/21

12,000,000

11,999,856

b

San

Diego

County

Water

Authority,

Revenue,

144A,

2019,

Refunding,

5%,

7/01/39

.

7,250,000

8,731,002

b

San

Diego

County

Water

Authority,

Revenue,

144A,

2019,

Refunding,

5%,

11/21/45

1,905,000

2,265,823

San

Jose

Water

Co.,

Revenue,

2016,

4.75%,

11/01/46

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

15,000,000

16,913,402

California

Public

School

District

Financing

Authority

,

Southern

Kern

Unified

School

District

,

Revenue

,

1996

B

,

AGMC

Insured

,

ETM,

5.9

%

,

9/01/26

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

995,000

1,148,976

b

California

School

Finance

Authority

,

Granada

Hills

Charter

High

School

Obligated

Group,

Revenue,

144A,

2021

A,

Refunding,

4%,

7/01/29

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

350,000

402,554

Granada

Hills

Charter

High

School

Obligated

Group,

Revenue,

144A,

2021

A,

Refunding,

4%,

7/01/38

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

465,000

519,287

Granada

Hills

Charter

High

School

Obligated

Group,

Revenue,

144A,

2021

A,

Refunding,

4%,

7/01/48

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

675,000

741,375

Kipp

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

4%,

7/01/40

800,000

912,911

California

State

Public

Works

Board

,

Revenue,

2012

A,

Refunding,

5%,

4/01/31

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

48,070,000

49,215,412

Franklin

California

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

19

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

State

Public

Works

Board,

(continued)

Revenue,

2012

A,

Refunding,

5%,

4/01/32

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

$

17,885,000

$

18,311,164

Revenue,

2012

A,

Refunding,

5%,

4/01/37

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

29,000,000

29,691,012

Revenue,

2012

G,

Refunding,

5%,

11/01/31

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

16,520,000

17,361,654

Revenue,

2013

I,

5%,

11/01/38

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

40,000,000

43,727,840

Revenue,

2021

B,

5%,

5/01/30

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

1,250,000

1,630,231

d

Revenue,

2022

A,

Refunding,

5%,

8/01/32

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

6,500,000

8,456,035

d

Revenue,

2022

A,

Refunding,

5%,

8/01/36

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

7,500,000

9,629,463

Judicial

Council

of

California,

Revenue,

2011

D,

Refunding,

5%,

12/01/31

........

15,000,000

15,114,369

State

of

California

Department

of

Corrections

&

Rehabilitation,

Revenue,

2019

C,

5%,

11/01/38

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

5,000,000

6,373,589

California

State

University

,

Revenue,

2014

A,

Pre-Refunded,

5%,

11/01/39

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

1,530,000

1,746,898

Revenue,

2014

A,

Pre-Refunded,

5%,

11/01/39

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

21,470,000

24,584,823

Revenue,

2014

A,

Pre-Refunded,

5%,

11/01/44

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

30,045,000

34,403,866

Revenue,

2014

A,

Pre-Refunded,

5%,

11/01/44

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

2,300,000

2,626,056

Revenue,

2015

A,

Refunding,

5%,

11/01/43

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

11,000,000

12,871,611

a

Revenue,

2016

B-2,

Refunding,

Mandatory

Put,

0.55%,

11/01/26

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

12,000,000

11,921,052

Revenue,

2017

A,

Refunding,

5%,

11/01/42

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

29,105,000

35,194,529

Revenue,

2017

A,

Refunding,

5%,

11/01/47

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

63,000,000

75,906,967

Revenue,

2018

A,

Refunding,

5%,

11/01/39

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

19,920,000

24,892,944

Revenue,

2018

A,

Refunding,

5%,

11/01/43

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

16,870,000

20,913,469

Revenue,

2018

A,

Refunding,

5%,

11/01/50

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

17,385,000

21,384,633

Revenue,

2019

A,

5%,

11/01/44

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

13,100,000

16,635,466

Revenue,

2019

A,

5%,

11/01/49

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

90,295,000

113,983,216

Revenue,

2019

A,

5%,

11/01/51

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

40,470,000

51,018,817

California

Statewide

Communities

Development

Authority

,

Revenue,

2004

A,

Pre-Refunded,

AGMC

Insured,

5.25%,

10/01/24

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

225,000

225,874

Adventist

Health

System/West

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

3/01/35

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

9,250,000

10,842,181

Adventist

Health

System/West

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

3/01/48

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

67,585,000

80,797,212

CHF-Irvine

LLC,

Revenue,

2011,

Refunding,

5.125%,

5/15/31

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

8,000,000

8,027,306

CHF-Irvine

LLC,

Revenue,

2011,

Refunding,

5.375%,

5/15/38

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

8,500,000

8,529,032

Collis

P

and

Howard

Huntington

Memorial

Hospital

Obligated

Group,

Revenue,

2018,

5%,

7/01/48

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

7,980,000

9,521,227

Community

Church

Retirement

Center,

Revenue,

2013,

California

Mortgage

Insured,

5.125%,

11/15/35

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

2,000,000

2,160,490

Community

Church

Retirement

Center,

Revenue,

2013,

California

Mortgage

Insured,

5.375%,

11/15/44

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

7,250,000

7,864,484

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2014,

Pre-Refunded,

AGMC

Insured,

5.25%,

10/01/43

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

3,000,000

3,421,651

a

Kaiser

Foundation

Hospitals,

Revenue,

2004

L,

Mandatory

Put,

5%,

11/01/29

.....

38,270,000

49,720,391

a

Kaiser

Foundation

Hospitals,

Revenue,

2009

C-2,

Mandatory

Put,

5%,

11/01/29

...

10,000,000

12,992,002

a

Kaiser

Foundation

Hospitals,

Revenue,

2009

C-3,

Mandatory

Put,

5%,

11/01/29

...

6,720,000

8,730,625

Kaiser

Foundation

Hospitals,

Revenue,

2012

A,

5%,

4/01/42

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

88,945,000

91,106,346

Marin

General

Hospital

Obligated

Group,

Revenue,

2018

A,

5%,

8/01/34

........

1,225,000

1,463,200

Methodist

Hospital

of

Southern

California

Obligated

Group,

Revenue,

2018,

Refunding,

4%,

1/01/34

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

3,485,000

3,948,134

Poway

RHF

Housing,

Inc.,

Revenue,

2013

A,

California

Mortgage

Insured,

5.25%,

11/15/35

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

2,000,000

2,165,687

Carlsbad

Unified

School

District

,

GO,

2009

B,

Refunding,

6%,

5/01/34

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

14,000,000

16,024,375

GO,

2011

C,

Zero

Cpn

.,

8/01/35

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

33,000,000

40,934,358

GO,

B,

2%,

8/01/23

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

1,000,000

1,032,854

GO,

B,

2%,

8/01/24

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

1,000,000

1,047,917

Franklin

California

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

20

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Centinela

Valley

Union

High

School

District

,

GO,

2004

A,

Refunding,

NATL

Insured,

5.5%,

8/01/33

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

$

15,630,000

$

19,784,527

GO,

2012

B,

Refunding,

AGMC

Insured,

5%,

8/01/50

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

3,850,000

4,001,930

Cerritos

Public

Financing

Authority

,

Tax

Allocation

,

2002

A

,

AMBAC

Insured

,

5

%

,

11/01/22

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

1,675,000

1,680,199

Chabot-Las

Positas

Community

College

District

,

GO,

B,

5%,

8/01/22

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

14,000,000

14,562,010

GO,

B,

5%,

8/01/23

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

14,400,000

15,670,768

GO,

B,

5%,

8/01/24

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

5,500,000

6,240,732

Chaffey

Joint

Union

High

School

District

,

GO

,

B

,

5

%

,

8/01/44

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

27,500,000

31,252,584

Charter

Oak

Unified

School

District

,

GO

,

2015

A

,

Pre-Refunded

,

AGMC

Insured

,

5

%

,

8/01/40

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

5,000,000

5,767,879

Chico

Unified

School

District

,

GO

,

2012

A

,

Pre-Refunded

,

5

%

,

8/01/43

...........

8,000,000

8,705,310

Chino

Valley

Unified

School

District

,

GO,

2020

B,

4%,

8/01/45

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

3,000,000

3,504,106

GO,

2020

B,

3.375%,

8/01/50

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

20,500,000

22,024,075

GO,

2020

B,

5%,

8/01/55

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

12,500,000

15,770,141

City

of

Fontana

,

Community

Facilities

District

No.

85,

Special

Tax,

2020,

4%,

9/01/45

...........

850,000

950,626

Community

Facilities

District

No.

85,

Special

Tax,

2020,

4%,

9/01/50

...........

900,000

1,003,728

Community

Facilities

District

No.

88,

Special

Tax,

2020,

4%,

9/01/45

...........

1,100,000

1,230,221

Community

Facilities

District

No.

88,

Special

Tax,

2020,

4%,

9/01/51

...........

1,545,000

1,722,216

Community

Facilities

District

No.

89,

Special

Tax,

2020,

4%,

9/01/40

...........

750,000

847,548

Community

Facilities

District

No.

89,

Special

Tax,

2020,

4%,

9/01/51

...........

1,500,000

1,672,055

Community

Facilities

District

No.

90,

Special

Tax,

2021,

4%,

9/01/41

...........

530,000

604,835

Community

Facilities

District

No.

90,

Special

Tax,

2021,

4%,

9/01/46

...........

475,000

537,233

Community

Facilities

District

No.

90,

Special

Tax,

2021,

4%,

9/01/51

...........

525,000

591,790

City

of

Irvine

,

Assessment

District

No.

21-1,

1915

Act,

Special

Assessment,

Refunding,

4%,

9/02/23

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

1,630,000

1,746,796

Assessment

District

No.

21-1,

1915

Act,

Special

Assessment,

Refunding,

4%,

9/02/26

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

1,245,000

1,448,270

Assessment

District

No.

21-1,

1915

Act,

Special

Assessment,

Refunding,

4%,

9/02/27

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

1,500,000

1,778,417

City

of

Lincoln

,

Community

Facilities

District

No.

2006-1,

Special

Tax,

2021,

Refunding,

4%,

9/01/39

290,000

327,357

Community

Facilities

District

No.

2006-1,

Special

Tax,

2021,

Refunding,

4%,

9/01/40

160,000

180,522

Community

Facilities

District

No.

2006-1,

Special

Tax,

2021,

Refunding,

4%,

9/01/43

320,000

359,107

City

of

Long

Beach

,

Harbor,

Revenue,

2017

C,

Refunding,

5%,

5/15/47

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

12,210,000

14,654,835

Harbor,

Revenue,

2019

A,

5%,

5/15/49

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

18,205,000

22,694,069

City

of

Los

Angeles

,

Revenue,

1993-1,

Refunding,

NATL,

FHA

Insured,

6.5%,

7/01/22

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

80,000

80,345

Department

of

Airports,

Revenue,

2015

D,

5%,

5/15/41

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

14,500,000

16,595,718

Department

of

Airports,

Revenue,

2016

B,

5%,

5/15/41

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

12,500,000

14,631,351

Department

of

Airports,

Revenue,

2016

B,

5%,

5/15/46

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

53,000,000

61,837,411

Department

of

Airports,

Revenue,

2017

A,

5%,

5/15/47

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

50,350,000

60,220,614

Department

of

Airports,

Revenue,

2018

A,

5%,

5/15/44

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

60,000,000

72,893,952

Department

of

Airports,

Revenue,

2018

C,

5%,

5/15/37

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

9,550,000

11,652,486

Department

of

Airports,

Revenue,

2018

E,

Refunding,

5%,

5/15/43

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

15,005,000

18,677,082

Department

of

Airports,

Revenue,

2018

E,

Refunding,

5%,

5/15/48

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

33,145,000

40,977,067

Department

of

Airports,

Revenue,

2019

A,

Refunding,

5%,

5/15/49

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

10,000,000

12,161,324

Department

of

Airports,

Revenue,

2019

E,

5%,

5/15/44

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

22,135,000

27,433,617

Department

of

Airports,

Revenue,

2019

E,

5%,

5/15/49

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

62,940,000

77,591,261

Department

of

Airports,

Revenue,

2019

F,

5%,

5/15/44

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

2,950,000

3,607,866

Department

of

Airports,

Revenue,

2020

A,

Refunding,

5%,

5/15/35

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

10,500,000

13,518,092

Department

of

Airports,

Revenue,

2020

A,

Refunding,

5%,

5/15/37

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

8,000,000

10,237,940

Franklin

California

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

21

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

City

of

Los

Angeles,

(continued)

Department

of

Airports,

Revenue,

2020

A,

Refunding,

5%,

5/15/38

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

$

9,925,000

$

12,672,685

Department

of

Airports,

Revenue,

2020

A,

Refunding,

5%,

5/15/39

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

10,265,000

13,075,738

Department

of

Airports,

Revenue,

2020

A,

Refunding,

5%,

5/15/40

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

10,000,000

12,712,549

Department

of

Airports,

Revenue,

2021

A,

Refunding,

5%,

5/15/36

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

3,665,000

4,692,905

Wastewater

System,

Revenue,

2015

A,

5%,

6/01/44

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

9,000,000

10,373,963

Wastewater

System,

Revenue,

2015

C,

Refunding,

5%,

6/01/45

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

24,690,000

28,430,239

Wastewater

System,

Revenue,

2018

A,

5%,

6/01/48

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

11,275,000

13,750,149

City

of

Newport

Beach

,

Assessment

District

No.

113

,

1915

Act,

Special

Assessment

,

2021

A

,

2.25

%

,

9/02/41

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

1,315,000

1,277,648

City

of

Ontario

,

Community

Facilities

District

No.

13,

Special

Tax,

2021,

Refunding,

4%,

9/01/38

...

400,000

454,795

Community

Facilities

District

No.

45,

Special

Tax,

2020,

4%,

9/01/43

...........

410,000

460,350

Community

Facilities

District

No.

45,

Special

Tax,

2020,

4%,

9/01/51

...........

1,565,000

1,744,510

Community

Facilities

District

No.

53,

Special

Tax,

2021,

4%,

9/01/36

...........

525,000

604,363

Community

Facilities

District

No.

53,

Special

Tax,

2021,

4%,

9/01/42

...........

650,000

742,800

Community

Facilities

District

No.

53,

Special

Tax,

2021,

4%,

9/01/51

...........

1,375,000

1,557,504

City

of

Orange

,

Community

Facilities

District

No.

06-1

,

Special

Tax

,

2015

,

Refunding

,

AGMC

Insured

,

5

%

,

10/01/40

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

7,500,000

8,693,177

City

of

Pasadena

,

Electric

,

Revenue

,

2016

A

,

Refunding

,

4

%

,

6/01/46

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

22,625,000

25,162,984

City

of

Perris

,

Revenue

,

1988

A

,

GNMA

Insured

,

ETM,

Zero

Cpn

.,

6/01/23

.........

19,095,000

18,884,363

City

of

Riverside

,

Electric,

Revenue,

2013

A,

Refunding,

5%,

10/01/43

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

11,535,000

12,527,898

Sewer,

Revenue,

2015

A,

Refunding,

5%,

8/01/40

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

25,000,000

28,839,398

City

of

Roseville

,

Electric

System

,

COP

,

2004

,

AGMC

Insured

,

5

%

,

2/01/34

........

5,000

5,017

City

of

Sacramento

,

Transient

Occupancy

Tax,

Revenue,

2018

A,

5%,

6/01/43

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

6,035,000

7,143,307

Transient

Occupancy

Tax,

Revenue,

2018

A,

5%,

6/01/48

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

19,830,000

23,330,903

Transient

Occupancy

Tax,

Revenue,

2018

C,

5%,

6/01/48

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

9,415,000

11,045,279

Water,

Revenue,

2013,

Pre-Refunded,

5%,

9/01/38

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

21,630,000

23,623,944

City

of

San

Francisco

,

Public

Utilities

Commission

Water

,

Revenue

,

2012

A

,

Pre-

Refunded

,

5

%

,

11/01/43

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

71,735,000

73,754,993

City

of

San

Jose

,

Hotel

Tax,

Special

Tax,

2011,

6.5%,

5/01/36

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

10,000,000

10,039,246

Hotel

Tax,

Special

Tax,

2011,

6.5%,

5/01/42

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

10,000,000

10,039,093

City

of

Santa

Rosa

,

Wastewater,

Revenue,

2020

A,

5%,

9/01/34

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

6,700,000

8,724,176

Wastewater,

Revenue,

2020

A,

5%,

9/01/35

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

3,100,000

4,019,980

City

of

Upland

,

San

Antonio

Regional

Hospital

Obligated

Group

,

COP

,

Refunding

,

5

%

,

1/01/47

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

14,400,000

16,921,941

b

CMFA

Special

Finance

Agency

VII

,

Breakwater

Apartments

(The)

,

Revenue

,

144A,

2021

A-1

,

3

%

,

8/01/56

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

74,500,000

70,334,519

b

CMFA

Special

Finance

Agency

VIII

,

Revenue,

Senior

Lien

,

144A,

2021

A-1

,

3

%

,

8/01/56

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

71,000,000

67,313,666

Coachella

Valley

Unified

School

District

,

GO,

C,

AGMC

Insured,

Zero

Cpn

.,

8/01/36

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

8,000,000

5,776,743

GO,

C,

AGMC

Insured,

Zero

Cpn

.,

8/01/37

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

8,000,000

5,598,386

GO,

C,

AGMC

Insured,

Zero

Cpn

.,

8/01/40

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

7,500,000

4,764,384

GO,

C,

AGMC

Insured,

Zero

Cpn

.,

8/01/43

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

10,000,000

5,506,766

Coalinga-Huron

Joint

Unified

School

District

,

GO

,

B

,

BAM

Insured

,

5

%

,

8/01/48

.....

13,210,000

16,066,927

Colton

Joint

Unified

School

District

,

GO

,

2010

B

,

AGMC

Insured

,

Zero

Cpn

.,

8/01/42

.

16,365,000

8,887,362

Compton

Community

Redevelopment

Agency

,

Tax

Allocation,

Second

Lien,

2010

B,

5.7%,

8/01/30

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

10,000,000

10,032,309

Tax

Allocation,

Second

Lien,

2010

B,

6%,

8/01/35

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

11,160,000

11,195,956

Tax

Allocation,

Second

Lien,

2010

B,

6%,

8/01/42

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

10,000,000

10,030,511

Franklin

California

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

22

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Contra

Costa

Community

College

District

,

GO,

2020

C,

4%,

8/01/33

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

$

1,500,000

$

1,845,828

GO,

2020

C,

4%,

8/01/34

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

1,375,000

1,684,889

Corona

Community

Facilities

District

,

Community

Facilities

District

No.

2018-1

Improvement

Area

No.

1,

Special

Tax,

2020,

4%,

9/01/45

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

650,000

725,409

Community

Facilities

District

No.

2018-1

Improvement

Area

No.

1,

Special

Tax,

2020,

4%,

9/01/50

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

1,500,000

1,665,802

Corona-Norco

Unified

School

District

,

GO,

1998

B,

AGMC

Insured,

Zero

Cpn

.,

9/01/23

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

2,320,000

2,301,084

GO,

1998

B,

AGMC

Insured,

Zero

Cpn

.,

9/01/24

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

2,620,000

2,575,296

GO,

1998

B,

AGMC

Insured,

Zero

Cpn

.,

3/01/25

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

1,400,000

1,365,065

GO,

1998

C,

NATL

Insured,

Zero

Cpn

.,

9/01/25

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

4,655,000

4,503,541

GO,

1998

C,

NATL

Insured,

Zero

Cpn

.,

9/01/26

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

6,080,000

5,778,563

GO,

A,

Pre-Refunded,

5%,

8/01/44

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

20,000,000

23,505,326

County

of

Madera

,

Childrens

Hospital

Central

California

Obligated

Group

,

COP

,

1998

,

NATL

Insured

,

5

%

,

3/15/23

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

3,650,000

3,679,245

County

of

Riverside

,

Revenue

,

1988

B

,

GNMA

Insured

,

ETM,

Zero

Cpn

.,

6/01/23

...

26,160,000

25,935,673

County

of

Sacramento

,

Airport

System,

Revenue,

2016

B,

Refunding,

5%,

7/01/41

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

9,000,000

10,616,846

Airport

System,

Revenue,

Senior

Lien,

2016

A,

Refunding,

5%,

7/01/41

.........

10,000,000

11,796,496

Community

Facilities

District

No.

2014-2,

Special

Tax,

2021,

4%,

9/01/41

........

325,000

370,889

Community

Facilities

District

No.

2014-2,

Special

Tax,

2021,

4%,

9/01/46

........

325,000

367,581

County

of

San

Bernardino

,

Revenue

,

1989

A

,

GNMA

Insured

,

ETM,

Zero

Cpn

.,

5/01/22

2,905,000

2,846,172

b

CSCDA

Community

Improvement

Authority

,

d

Revenue,

Senior

Lien,

144A,

2021

A,

4%,

10/01/56

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

13,000,000

14,029,158

Cameo/Garrison

Apartments,

Revenue,

144A,

2021

B,

4%,

3/01/57

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

12,000,000

12,745,477

Cameo/Garrison

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-1,

2.8%,

3/01/47

22,000,000

21,069,728

Cameo/Garrison

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-2,

3%,

3/01/57

.

20,000,000

18,927,446

Dublin,

Revenue,

144A,

2021

B,

4%,

2/01/57

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

12,610,000

13,241,245

Dublin,

Revenue,

Senior

Lien,

144A,

2021

A-1,

2.45%,

2/01/47

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

39,000,000

35,407,281

Dublin,

Revenue,

Senior

Lien,

144A,

2021

A-2,

3%,

2/01/57

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

45,500,000

42,936,453

Jefferson

Platinum

Triangle

Apartments,

Revenue,

144A,

2021

A-1,

2.875%,

8/01/41

3,110,000

3,075,103

Jefferson

Platinum

Triangle

Apartments,

Revenue,

144A,

2021

A-2,

3.125%,

8/01/56

18,465,000

17,604,354

Pasadena

Portfolio,

Revenue,

Senior

Lien,

144A,

2021

A-1,

2.65%,

12/01/46

.....

22,250,000

20,951,167

Pasadena

Portfolio,

Revenue,

Senior

Lien,

144A,

2021

A-2,

3%,

12/01/56

.......

43,510,000

41,186,897

Waterscape

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A,

3%,

9/01/56

......

24,500,000

23,177,507

Daly

City

Housing

Development

Finance

Agency

,

Franciscan

Park

LLC

,

Revenue

,

2007

A

,

Refunding

,

5

%

,

12/15/47

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

17,870,000

17,886,040

Day

Creek

Square

Public

Facilities

,

Community

Facilities

District

No.

2018-1,

Special

Tax,

2020,

4%,

9/01/40

........

625,000

705,165

Community

Facilities

District

No.

2018-1,

Special

Tax,

2020,

4%,

9/01/45

........

700,000

783,284

Delano

Joint

Union

High

School

District

,

GO

,

2003

A

,

Refunding

,

NATL

Insured

,

5.15

%

,

2/01/32

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

8,520,000

10,558,899

Delano

Union

School

District

,

COP

,

1999

,

NATL

Insured

,

5.125

%

,

1/01/22

.........

365,000

368,514

East

Bay

Municipal

Utility

District

,

Water

System,

Revenue,

2014

A,

Refunding,

5%,

6/01/35

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

10,000,000

11,200,644

Water

System,

Revenue,

2014

C,

5%,

6/01/44

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

14,000,000

15,609,790

Water

System,

Revenue,

2015

A,

Refunding,

5%,

6/01/36

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

7,355,000

8,521,184

Water

System,

Revenue,

2015

C,

4%,

6/01/45

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

9,070,000

10,058,560

Water

System,

Revenue,

2019

A,

5%,

6/01/44

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

4,000,000

5,046,655

Water

System,

Revenue,

2019

A,

5%,

6/01/49

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

11,700,000

14,677,662

Eastern

Municipal

Water

District

,

Revenue,

2021

A,

Refunding,

4%,

7/01/26

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

2,250,000

2,619,075

Revenue,

2021

A,

Refunding,

4%,

7/01/27

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

1,750,000

2,079,169

Revenue,

2021

A,

Refunding,

4%,

7/01/29

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

1,815,000

2,238,172

Revenue,

2021

A,

Refunding,

4%,

7/01/30

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

1,850,000

2,321,168

Franklin

California

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

23

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Eastern

Municipal

Water

District,

(continued)

a

Revenue,

2021

B,

Refunding,

Mandatory

Put,

0.15%,

7/01/24

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

$

7,500,000

$

7,501,803

c

Community

Facilities

District

No.

2017-79,

Special

Tax,

2021,

4%,

9/01/46

.......

2,815,000

3,173,814

c

Community

Facilities

District

No.

2017-79,

Special

Tax,

2021,

4%,

9/01/51

.......

3,405,000

3,826,143

Eastern

Municipal

Water

District

Financing

Authority

,

Revenue

,

2015

B

,

5

%

,

7/01/46

.

30,705,000

35,334,875

Elk

Grove

Finance

Authority

,

Special

Tax

,

2015

,

Refunding

,

BAM

Insured

,

5

%

,

9/01/38

1,500,000

1,747,718

Fairfax

Elementary

School

District

,

GO

,

2010

,

AGMC

Insured

,

Zero

Cpn

.,

11/01/48

..

10,380,000

4,208,869

FHLMC,

Multi-family

ML

Pass-Through

Certificates

,

Revenue

,

2019-ML06

,

ACA

,

2.493

%

,

7/25/35

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

1,055,331

1,090,947

Folsom

Cordova

Unified

School

District

School

Facilities

Improvement

Dist

No.

5

,

GO

,

C

,

4

%

,

10/01/43

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

17,500,000

20,209,856

Foothill-Eastern

Transportation

Corridor

Agency

,

Revenue,

2013

A,

Refunding,

AGMC

Insured,

5%,

1/15/42

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

10,000,000

10,899,945

Revenue,

2013

A,

Pre-Refunded,

6%,

1/15/49

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

305,000,000

344,780,327

Revenue,

2013

A,

Pre-Refunded,

6%,

1/15/53

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

190,000,000

214,781,187

Revenue,

2013

A,

Refunding,

AGMC

Insured,

Zero

Cpn

.,

1/15/31

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

35,000,000

41,464,917

Revenue,

2013

A,

Refunding,

AGMC

Insured,

Zero

Cpn

.,

1/15/32

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

37,260,000

44,266,411

Revenue,

2013

A,

Refunding,

AGMC

Insured,

Zero

Cpn

.,

1/15/37

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

41,250,000

28,872,335

Revenue,

2013

A,

Refunding,

AGMC

Insured,

Zero

Cpn

.,

1/15/38

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

77,650,000

52,646,351

Revenue,

2013

A,

Refunding,

AGMC

Insured,

Zero

Cpn

.,

1/15/39

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

56,100,000

36,795,132

Revenue,

2013

A,

Refunding,

Zero

Cpn

.,

1/15/42

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

130,000,000

72,238,894

Revenue,

2013

A,

Refunding,

Zero

Cpn

.,

1/15/42

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

98,000,000

116,268,660

Revenue,

Senior

Lien,

1995

A,

ETM,

Zero

Cpn

.,

1/01/23

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

5,765,000

5,747,143

Revenue,

Senior

Lien,

1995

A,

ETM,

Zero

Cpn

.,

1/01/24

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

72,045,000

71,482,451

Revenue,

Senior

Lien,

1995

A,

ETM,

Zero

Cpn

.,

1/01/25

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

20,660,000

20,347,976

Revenue,

Senior

Lien,

1995

A,

ETM,

Zero

Cpn

.,

1/01/26

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

23,475,000

22,876,296

Revenue,

Senior

Lien,

1995

A,

ETM,

Zero

Cpn

.,

1/01/27

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

15,000,000

14,340,225

Revenue,

Senior

Lien,

1995

A,

ETM,

Zero

Cpn

.,

1/01/28

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

2,000,000

1,876,942

Revenue,

Senior

Lien,

1995

A,

ETM,

Zero

Cpn

.,

1/01/29

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

35,310,000

32,636,991

Fowler

Unified

School

District

,

GO,

2010

C,

AGMC

Insured,

Zero

Cpn

.,

8/01/41

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

3,095,000

1,898,392

GO,

2010

C,

AGMC

Insured,

Zero

Cpn

.,

8/01/42

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

3,005,000

1,780,822

Franklin-

Mckinley

School

District

,

GO

,

C

,

Pre-Refunded

,

BAM

Insured

,

5

%

,

8/01/44

.

5,000,000

5,440,819

Fremont

Union

High

School

District

,

GO

,

2021

A

,

2

%

,

8/01/23

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

3,000,000

3,099,678

Fresno

Unified

School

District

,

GO

,

1999

C

,

Refunding

,

NATL

Insured

,

5.9

%

,

8/01/22

1,540,000

1,578,890

Fullerton

School

District

,

GO

,

2002

A

,

NATL

Insured

,

Zero

Cpn

.,

8/01/23

..........

3,030,000

3,006,580

Fullerton

School

District

Financing

Authority

,

Special

Tax,

Senior

Lien

,

2013

A

,

Refunding

,

AGMC

Insured

,

5

%

,

9/01/31

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

2,500,000

2,711,451

Glendale

Community

College

District

,

GO

,

2003

C

,

NATL

Insured

,

Zero

Cpn

.,

8/01/28

15,000,000

12,155,860

Glendora

Public

Finance

Authority

,

Glendora

Community

Redevelopment

Agency

,

Tax

Allocation

,

2003

A

,

NATL

Insured

,

5

%

,

9/01/24

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

2,850,000

2,859,499

Golden

State

Tobacco

Securitization

Corp.

,

Revenue,

2015

A,

Pre-Refunded,

5%,

6/01/35

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

25,000,000

29,211,958

Revenue,

2015

A,

5%,

6/01/40

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

95,490,000

109,083,947

Revenue,

2015

A,

Pre-Refunded,

5%,

6/01/40

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

117,035,000

136,287,831

Revenue,

2015

A,

Refunding,

5%,

6/01/45

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

308,395,000

350,679,809

Revenue,

2018

A-1,

Refunding,

5%,

6/01/35

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

28,340,000

34,160,384

Golden

Valley

Unified

School

District

Financing

Authority

,

Community

Facilities

District

No.

2017-1,

Revenue,

2021

A,

4%,

9/01/46

........

250,000

280,011

Community

Facilities

District

No.

2017-1,

Revenue,

2021

A,

4%,

9/01/51

........

500,000

559,504

Community

Facilities

District

No.

2017-1,

Revenue,

2021

A,

4%,

9/01/56

........

745,000

831,634

Franklin

California

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

24

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Grossmont

Union

High

School

District

,

GO

,

2004

,

AGMC

Insured

,

Zero

Cpn

.,

8/01/24

$

5,110,000

$

5,044,751

Grossmont-

Cuyamaca

Community

College

District

,

GO

,

2018

B

,

4

%

,

8/01/47

......

10,000,000

11,447,753

Hacienda

La

Puente

Unified

School

District

,

GO

,

2017

A

,

4

%

,

8/01/47

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

655,000

740,112

Hartnell

Community

College

District

,

GO

,

2009

C

,

Zero

Cpn

.,

8/01/33

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

20,000,000

27,101,344

Hawthorne

School

District

,

GO

,

2008

C

,

AGMC

Insured

,

Zero

Cpn

.,

8/01/48

.......

37,665,000

15,385,618

Huntington

Beach

City

School

District

,

GO

,

2003

A

,

NATL

Insured

,

Zero

Cpn

.,

8/01/28

10,005,000

8,602,276

Independent

Cities

Finance

Authority

,

b

City

of

Compton

Sales

Tax,

Revenue,

144A,

2021,

AGMC

Insured,

4%,

6/01/36

...

700,000

819,815

b

City

of

Compton

Sales

Tax,

Revenue,

144A,

2021,

AGMC

Insured,

4%,

6/01/41

...

900,000

1,039,337

b

City

of

Compton

Sales

Tax,

Revenue,

144A,

2021,

AGMC

Insured,

4%,

6/01/46

...

925,000

1,055,518

b

City

of

Compton

Sales

Tax,

Revenue,

144A,

2021,

AGMC

Insured,

4%,

6/01/51

...

1,250,000

1,423,458

Millennium

Housing

LLC,

Revenue,

2021

A,

Refunding,

3%,

9/15/46

...........

1,000,000

1,033,290

Millennium

Housing

LLC,

Revenue,

2021

A,

Refunding,

3%,

9/15/56

...........

2,000,000

2,039,251

Irvine

Unified

School

District

,

Special

Tax,

2020

A,

4%,

9/01/40

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

2,960,000

3,450,056

Special

Tax,

2020

A,

4%,

9/01/44

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

6,250,000

7,222,998

Special

Tax,

2020

A,

BAM

Insured,

4%,

9/01/50

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

8,000,000

9,318,348

Special

Tax,

2020

A,

BAM

Insured,

4%,

9/01/54

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

12,285,000

14,299,347

Community

Facilities

District

No.

01-1,

Special

Tax,

2015,

Refunding,

BAM

Insured,

5%,

9/01/38

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

7,000,000

7,900,357

Community

Facilities

District

No.

09-1,

Special

Tax,

2017

D,

5%,

3/01/57

........

10,000,000

11,668,150

Jefferson

Union

High

School

District

,

GO,

2000

A,

Refunding,

NATL

Insured,

6.45%,

8/01/25

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

2,515,000

2,803,687

GO,

2000

A,

Refunding,

NATL

Insured,

6.45%,

8/01/29

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

3,075,000

3,938,109

Jurupa

Community

Services

District

,

Community

Facilities

District

No.

52,

Special

Tax,

2021

A,

4%,

9/01/39

..........

135,000

152,228

Community

Facilities

District

No.

52,

Special

Tax,

2021

A,

4%,

9/01/40

..........

140,000

157,957

Community

Facilities

District

No.

52,

Special

Tax,

2021

A,

4%,

9/01/50

..........

1,000,000

1,115,253

Community

Facilities

District

No.

54,

Special

Tax,

2021

A,

4%,

9/01/46

..........

900,000

1,017,916

Community

Facilities

District

No.

54,

Special

Tax,

2021

A,

4%,

9/01/51

..........

875,000

986,917

Jurupa

Public

Financing

Authority

,

Special

Tax,

2013

A,

AGMC

Insured,

5.125%,

9/01/37

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

4,000,000

4,332,652

Special

Tax,

2013

A,

AGMC

Insured,

5.25%,

9/01/42

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

3,250,000

3,524,091

Jurupa

Unified

School

District

,

GO

,

2015

A

,

Pre-Refunded

,

5

%

,

8/01/39

..........

10,165,000

11,946,582

La

Mirada

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation

,

2010

A

,

Refunding

,

AGMC

Insured

,

5

%

,

8/15/28

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

1,855,000

1,861,217

La

Palma

Community

Development

Commission

Successor

Agency

,

Tax

Allocation

,

1993

,

Refunding

,

6.1

%

,

6/01/22

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

145,000

145,747

Lakeside

Union

School

District

,

GO

,

2010

B

,

Zero

Cpn

.,

8/01/45

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

11,540,000

6,027,969

Lammersville

Joint

Unified

School

District

,

GO

,

2016

A

,

4

%

,

8/01/46

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

41,340,000

46,096,523

Lancaster

School

District

,

GO,

1999,

NATL

Insured,

Zero

Cpn

.,

8/01/25

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

5,495,000

5,290,179

GO,

1999,

NATL

Insured,

Zero

Cpn

.,

7/01/26

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

5,965,000

5,642,565

d

Lassen

Municipal

Utility

District

,

COP

,

2021

,

4

%

,

5/01/46

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

3,000,000

3,370,066

Lawndale

Redevelopment

Agency

,

Tax

Allocation,

2009,

AGMC

Insured,

5.5%,

8/01/39

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

10,280,000

10,320,267

Tax

Allocation,

2009,

AGMC

Insured,

5.5%,

8/01/44

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

6,085,000

6,109,069

Lemon

Grove

School

District

,

GO

,

2010

B

,

AGMC

Insured

,

Zero

Cpn

.,

8/01/50

.....

20,990,000

9,016,544

Lodi

Unified

School

District

,

GO

,

2017

,

4

%

,

8/01/41

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

15,000,000

17,191,476

Long

Beach

Bond

Finance

Authority

,

Revenue,

2007

A,

5.5%,

11/15/28

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

8,000,000

10,214,738

Revenue,

2007

A,

5%,

11/15/29

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

17,465,000

22,088,579

Revenue,

2007

A,

5.5%,

11/15/30

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

5,000,000

6,622,498

Revenue,

2007

A,

5%,

11/15/35

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

69,855,000

95,251,994

Revenue,

2007

A,

5.5%,

11/15/37

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

35,000,000

50,905,008

Franklin

California

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

25

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Los

Angeles

Community

College

District

,

GO

,

2016

,

Refunding

,

5

%

,

8/01/38

.......

$

10,000,000

$

12,001,199

Los

Angeles

County

Metropolitan

Transportation

Authority

,

Revenue,

2016

A,

Refunding,

5%,

6/01/35

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

17,655,000

21,098,009

Revenue,

2016

A,

Refunding,

5%,

6/01/37

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

10,970,000

13,064,909

Revenue,

2016

A,

Refunding,

5%,

6/01/38

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

28,160,000

33,480,793

Revenue,

2016

A,

Refunding,

5%,

6/01/39

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

10,000,000

11,869,341

Revenue,

2019

A,

5%,

7/01/44

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

32,030,000

39,686,483

Revenue,

2020

A,

Refunding,

5%,

6/01/35

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

21,325,000

27,964,300

Revenue,

2020

A,

Refunding,

5%,

6/01/36

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

30,950,000

40,391,393

Revenue,

2020

A,

Refunding,

5%,

6/01/37

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

6,500,000

8,458,047

Revenue,

2021

A,

5%,

6/01/22

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

7,000,000

7,224,622

Revenue,

2021

A,

5%,

6/01/23

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

7,000,000

7,559,888

Revenue,

2021

A,

5%,

6/01/24

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

5,500,000

6,197,846

Revenue,

2021

A,

5%,

6/01/25

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

10,000,000

11,684,598

Revenue,

2021

A,

5%,

6/01/26

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

4,000,000

4,833,149

Los

Angeles

County

Sanitation

Districts

Financing

Authority

,

Revenue

,

2016

A

,

Refunding

,

4

%

,

10/01/42

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

16,430,000

17,887,182

Los

Angeles

Department

of

Water

&

Power

,

Revenue,

2020

B,

Refunding,

5%,

7/01/39

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

16,420,000

21,164,905

Revenue,

2020

B,

Refunding,

5%,

7/01/40

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

45,465,000

58,305,848

Power

System,

Revenue,

2014

B,

5%,

7/01/43

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

62,000,000

68,028,148

Power

System,

Revenue,

2014

D,

5%,

7/01/44

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

85,940,000

96,110,845

Power

System,

Revenue,

2015

A,

Refunding,

5%,

7/01/35

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

15,105,000

17,215,623

Power

System,

Revenue,

2015

A,

Refunding,

5%,

7/01/36

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

17,795,000

20,263,012

Power

System,

Revenue,

2016

A,

Refunding,

5%,

7/01/46

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

15,000,000

17,508,893

Power

System,

Revenue,

2016

B,

5%,

7/01/35

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

11,995,000

14,132,699

Power

System,

Revenue,

2017

A,

5%,

7/01/42

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

7,710,000

9,277,355

Power

System,

Revenue,

2017

A,

5%,

7/01/47

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

16,000,000

19,177,925

Power

System,

Revenue,

2019

A,

5%,

7/01/45

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

18,980,000

23,491,741

Power

System,

Revenue,

2019

A,

5%,

7/01/49

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

9,185,000

11,373,556

Power

System,

Revenue,

2019

D,

Refunding,

5%,

7/01/44

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

8,450,000

10,613,278

Water

System,

Revenue,

2012

A,

5%,

7/01/43

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

81,095,000

83,974,278

Water

System,

Revenue,

2014

A,

5%,

7/01/44

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

50,000,000

55,975,565

Water

System,

Revenue,

2016

A,

Refunding,

5%,

7/01/46

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

62,660,000

73,254,377

Water

System,

Revenue,

2017

A,

Refunding,

5%,

7/01/44

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

72,060,000

86,797,459

Water

System,

Revenue,

2018

A,

5%,

7/01/43

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

13,805,000

16,823,928

Water

System,

Revenue,

2018

A,

5%,

7/01/48

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

22,375,000

27,112,441

Water

System,

Revenue,

2018

B,

Refunding,

5%,

7/01/48

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

10,000,000

12,278,855

Water

System,

Revenue,

2020

A,

Refunding,

5%,

7/01/41

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

15,000,000

19,242,335

Water

System,

Revenue,

2020

C,

Refunding,

5%,

7/01/37

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

6,035,000

7,857,889

Water

System,

Revenue,

2020

C,

Refunding,

5%,

7/01/38

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

20,350,000

26,374,491

Water

System,

Revenue,

2020

C,

Refunding,

5%,

7/01/39

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

14,535,000

18,790,392

Los

Angeles

Unified

School

District

,

GO,

2020

A,

Refunding,

5%,

7/01/32

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

18,480,000

24,370,123

GO,

2020

A,

Refunding,

5%,

7/01/33

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

16,520,000

21,665,572

GO,

2020

C,

4%,

7/01/33

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

2,000,000

2,448,404

GO,

2020

C,

4%,

7/01/36

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

16,685,000

20,032,071

GO,

2021

A,

Refunding,

5%,

7/01/24

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

24,190,000

27,321,574

Los

Gatos-Saratoga

Joint

High

School

District

,

GO,

A,

4%,

8/01/39

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

10,635,000

11,513,438

GO,

A,

4%,

8/01/44

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

16,090,000

17,432,664

Los

Rios

Community

College

District

,

GO,

E,

3%,

8/01/23

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

10,560,000

11,107,162

GO,

E,

3%,

8/01/24

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

8,250,000

8,894,218

GO,

E,

3%,

8/01/25

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

10,000,000

10,987,689

Franklin

California

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

26

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

McFarland

Public

Financing

Authority

,

Revenue

,

2010

A

,

AGMC

Insured

,

5

%

,

10/01/40

$

5,115,000

$

5,132,648

Mendocino-Lake

Community

College

District

,

GO

,

2011

B

,

AGMC

Insured

,

5.125

%

,

8/01/41

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

7,500,000

7,526,579

Menifee

Union

School

District

,

Community

Facilities

District

No.

2011-1,

Special

Tax,

2021,

4%,

9/01/26

........

75,000

83,581

Community

Facilities

District

No.

2011-1,

Special

Tax,

2021,

4%,

9/01/27

........

140,000

157,607

Community

Facilities

District

No.

2011-1,

Special

Tax,

2021,

4%,

9/01/28

........

105,000

119,257

Metropolitan

Water

District

of

Southern

California

,

Revenue,

2015

A,

5%,

7/01/40

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

10,000,000

11,583,968

a

Revenue,

2017

C,

Mandatory

Put,

0.19%,

5/21/24

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

13,000,000

13,004,445

a

Revenue,

2017

D,

Refunding,

Mandatory

Put,

0.19%,

5/21/24

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

23,000,000

23,007,864

Revenue,

2020

A,

5%,

10/01/45

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

16,665,000

21,113,170

Revenue,

2020

C,

Refunding,

5%,

7/01/39

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

25,245,000

32,804,512

Revenue,

2020

C,

Refunding,

5%,

7/01/40

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

20,000,000

25,856,922

Revenue,

2021

A,

5%,

10/01/38

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

5,220,000

6,922,246

Revenue,

2021

A,

5%,

10/01/39

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

6,150,000

8,133,402

Revenue,

2021

B,

Refunding,

4%,

10/01/24

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

4,070,000

4,527,199

Revenue,

2021

B,

Refunding,

4%,

10/01/25

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

2,000,000

2,285,633

Revenue,

2021

B,

Refunding,

5%,

10/01/26

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

6,250,000

7,627,804

Middle

Fork

Project

Finance

Authority

,

Revenue

,

2020

,

Refunding

,

5

%

,

4/01/27

.....

3,000,000

3,634,132

Midpeninsula

Regional

Open

Space

District

,

GO

,

2018

,

4

%

,

9/01/48

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

11,220,000

12,942,287

Milpitas

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation

,

1997

,

NATL

Insured

,

ETM,

5.5

%

,

1/15/24

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

5,595,000

5,952,254

Modesto

High

School

District

,

GO,

2002

A,

NATL

Insured,

Zero

Cpn

.,

8/01/23

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

10,815,000

10,711,885

GO,

2002

A,

NATL

Insured,

Zero

Cpn

.,

5/01/27

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

12,770,000

11,917,724

Monterey

Peninsula

Unified

School

District

,

GO

,

2016

C

,

Refunding

,

5

%

,

8/01/41

...

11,190,000

13,202,190

Moorpark

Unified

School

District

,

GO

,

2009

A

,

AGMC

Insured

,

Zero

Cpn

.,

8/01/32

...

5,870,000

4,747,925

Moreno

Valley

Unified

School

District

,

GO,

2004

A,

AGMC

Insured,

ETM,

Zero

Cpn

.,

8/01/27

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

6,315,000

5,965,436

GO,

2004

A,

AGMC

Insured,

ETM,

Zero

Cpn

.,

8/01/28

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

6,625,000

6,134,600

GO,

A,

AGMC

Insured,

5%,

8/01/44

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

29,220,000

33,707,488

Mount

San

Antonio

Community

College

District

,

GO

,

2013

A

,

Zero

Cpn

.,

8/01/43

....

55,000,000

61,700,804

M-S-R

Energy

Authority

,

Revenue

,

2009

B

,

6.5

%

,

11/01/39

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

25,000,000

39,201,805

M-S-R

Public

Power

Agency

,

Revenue

,

E

,

NATL

Insured

,

ETM,

6

%

,

7/01/22

.......

1,925,000

2,007,993

Murrieta

Valley

Unified

School

District

,

Community

Facilities

District

No.

2018-1,

Special

Tax,

2021,

4%,

9/01/24

........

60,000

65,088

Community

Facilities

District

No.

2018-1,

Special

Tax,

2021,

4%,

9/01/29

........

75,000

85,880

Community

Facilities

District

No.

2018-1,

Special

Tax,

2021,

4%,

9/01/35

........

120,000

137,802

Community

Facilities

District

No.

2018-1,

Special

Tax,

2021,

4%,

9/01/44

........

500,000

567,271

Community

Facilities

District

No.

2018-1,

Special

Tax,

2021,

4%,

9/01/51

........

1,000,000

1,127,905

Needles

Public

Financing

Authority

,

Revenue

,

1992

A

,

7.5

%

,

8/15/22

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

150,000

150,473

Newport

Mesa

Unified

School

District

,

GO

,

2011

,

6.3

%

,

8/01/42

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

20,000,000

28,295,456

Norman

Y

Mineta

San

Jose

International

Airport

SJC

,

Revenue,

2017

A,

Refunding,

5%,

3/01/41

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

10,000,000

11,822,507

Revenue,

2017

A,

Refunding,

5%,

3/01/47

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

20,000,000

23,588,016

Revenue,

2017

B,

Refunding,

5%,

3/01/47

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

10,000,000

11,885,492

Revenue,

2021

A,

Refunding,

5%,

3/01/29

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

1,505,000

1,899,406

Revenue,

2021

A,

Refunding,

5%,

3/01/30

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

1,550,000

1,996,756

Revenue,

2021

A,

Refunding,

5%,

3/01/31

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

1,600,000

2,089,961

Revenue,

2021

A,

Refunding,

5%,

3/01/32

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

2,000,000

2,591,389

Revenue,

2021

A,

Refunding,

5%,

3/01/33

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

2,000,000

2,582,534

Revenue,

2021

B,

Refunding,

5%,

3/01/29

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

500,000

642,026

Revenue,

2021

B,

Refunding,

5%,

3/01/30

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

600,000

782,361

Revenue,

2021

B,

Refunding,

5%,

3/01/31

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

1,000,000

1,325,812

Revenue,

2021

B,

Refunding,

5%,

3/01/32

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

2,000,000

2,640,513

Franklin

California

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

27

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Norman

Y

Mineta

San

Jose

International

Airport

SJC,

(continued)

Revenue,

2021

B,

Refunding,

5%,

3/01/33

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

$

1,400,000

$

1,842,021

Oceanside

Unified

School

District

,

GO,

2010

B,

AGMC

Insured,

Zero

Cpn

.,

8/01/38

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

10,590,000

7,206,110

GO,

2010

B,

AGMC

Insured,

Zero

Cpn

.,

8/01/39

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

7,860,000

5,177,597

GO,

2015,

Refunding,

5%,

8/01/48

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

12,000,000

13,842,911

Ontario

International

Airport

Authority

,

Revenue,

2021

B,

AGMC

Insured,

5%,

5/15/28

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

300,000

374,697

Revenue,

2021

B,

AGMC

Insured,

5%,

5/15/29

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

830,000

1,055,104

Revenue,

2021

B,

AGMC

Insured,

5%,

5/15/30

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

1,315,000

1,702,501

Revenue,

2021

B,

AGMC

Insured,

5%,

5/15/31

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

1,000,000

1,318,452

Revenue,

2021

B,

AGMC

Insured,

5%,

5/15/32

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

2,000,000

2,616,045

Revenue,

2021

B,

AGMC

Insured,

5%,

5/15/33

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

1,000,000

1,303,407

Revenue,

2021

B,

AGMC

Insured,

5%,

5/15/34

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

1,000,000

1,298,715

Ontario

Montclair

School

District

,

GO

,

2017

A

,

5

%

,

8/01/46

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

11,765,000

14,341,197

Orange

County

Sanitation

District

,

Revenue,

2015

A,

Refunding,

5%,

2/01/36

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

8,350,000

9,416,404

Revenue,

2021

A,

Refunding,

5%,

2/01/25

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

10,975,000

12,692,053

Orange

County

Transportation

Authority

,

Revenue,

2021,

4%,

10/15/24

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

40,000,000

44,428,044

Revenue,

2021,

5%,

10/15/24

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

25,000,000

28,520,820

Orange

County

Water

District

,

COP,

2003

B,

NATL

Insured,

ETM,

5%,

8/15/28

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

13,740,000

16,639,111

COP,

2003

B,

Pre-Refunded,

NATL

Insured,

5%,

8/15/34

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

4,140,000

5,707,404

COP,

2003

B,

NATL

Insured,

ETM,

5%,

8/15/34

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

3,305,000

4,389,322

Oxnard

School

District

,

GO

,

C

,

Pre-Refunded

,

BAM

Insured

,

4

%

,

8/01/44

.........

10,755,000

11,876,755

Palomar

Community

College

District

,

GO,

2010

B,

Zero

Cpn

.,

8/01/39

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

69,410,000

89,579,005

GO,

C,

Pre-Refunded,

5%,

8/01/44

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

35,120,000

41,275,353

Palomar

Health

,

GO,

2009

A,

AGMC

Insured,

7%,

8/01/38

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

36,000,000

50,303,725

GO,

2010

A,

6.75%,

8/01/40

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

60,000,000

82,570,374

Obligated

Group,

Revenue,

2017,

Refunding,

AGMC

Insured,

5%,

11/01/47

......

35,000,000

42,767,806

Panoche

Financing

Authority

,

Panoche

Water

District,

Revenue,

2021

A,

4%,

9/01/43

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

1,120,000

1,296,832

Panoche

Water

District,

Revenue,

2021

A,

4%,

9/01/51

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

3,070,000

3,508,737

Panoche

Water

District,

Revenue,

2021

B,

0.882%,

3/01/22

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

100,000

100,008

Panoche

Water

District,

Revenue,

2021

B,

0.932%,

9/01/22

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

125,000

125,014

Panoche

Water

District,

Revenue,

2021

B,

1.182%,

9/01/23

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

125,000

124,923

Panoche

Water

District,

Revenue,

2021

B,

1.408%,

9/01/24

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

125,000

124,630

Panoche

Water

District,

Revenue,

2021

B,

1.553%,

9/01/25

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

130,000

129,164

Panoche

Water

District,

Revenue,

2021

B,

2.006%,

9/01/27

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

395,000

389,670

Panoche

Water

District,

Revenue,

2021

B,

2.456%,

9/01/29

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

415,000

407,465

Panoche

Water

District,

Revenue,

2021

B,

2.756%,

9/01/31

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

435,000

426,785

Panoche

Water

District,

Revenue,

2021

B,

3.106%,

9/01/35

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

880,000

863,829

Panoche

Water

District,

Revenue,

2021

B,

3.571%,

9/01/40

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

1,155,000

1,131,368

Paramount

Unified

School

District

,

GO,

2013,

Pre-Refunded,

BAM

Insured,

5%,

8/01/48

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

2,450,000

2,666,001

GO,

2013,

Pre-Refunded,

BAM

Insured,

Zero

Cpn

.,

8/01/43

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

32,000,000

8,279,235

GO,

2013,

Pre-Refunded,

BAM

Insured,

Zero

Cpn

.,

8/01/48

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

28,000,000

4,869,836

Patterson

Joint

Unified

School

District

,

GO,

2001

A,

NATL

Insured,

Zero

Cpn

.,

8/01/22

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

1,900,000

1,890,637

GO,

2001

A,

NATL

Insured,

Zero

Cpn

.,

8/01/23

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

1,985,000

1,958,221

GO,

2001

A,

NATL

Insured,

Zero

Cpn

.,

8/01/24

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

2,075,000

2,021,578

GO,

2001

A,

NATL

Insured,

Zero

Cpn

.,

8/01/25

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

2,170,000

2,079,598

GO,

2001

A,

NATL

Insured,

Zero

Cpn

.,

8/01/26

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

2,265,000

2,127,006

Franklin

California

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

28

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Perris

Joint

Powers

Authority

,

Community

Facilities

District

No.

2018-1

,

Special

Tax

,

2020

,

4

%

,

9/01/50

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

$

1,125,000

$

1,250,676

Perris

Union

High

School

District

,

COP,

2019,

Refunding,

BAM

Insured,

5%,

10/01/48

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

10,000,000

12,371,594

GO,

2013

A,

Pre-Refunded,

AGMC

Insured,

5%,

9/01/42

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

5,000,000

5,455,882

Pittsburg

Unified

School

District

,

GO

,

2016

,

Refunding

,

4

%

,

8/01/44

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

11,000,000

12,249,910

Placentia-Yorba

Linda

Unified

School

District

,

GO,

2008

D,

Zero

Cpn

.,

8/01/43

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

27,955,000

16,729,933

GO,

2008

D,

Zero

Cpn

.,

8/01/46

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

89,200,000

46,083,664

GO,

2008

D,

Zero

Cpn

.,

8/01/49

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

85,000,000

39,850,286

Port

of

Los

Angeles

,

Revenue

,

2014

B

,

Refunding

,

5

%

,

8/01/44

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

10,300,000

11,430,441

Poway

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation,

2015

A,

Refunding,

5%,

12/15/31

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

10,180,000

13,670,495

Tax

Allocation,

2015

A,

Refunding,

5%,

12/15/32

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

11,215,000

15,305,973

Tax

Allocation,

2015

A,

Refunding,

5%,

6/15/33

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

5,835,000

8,041,986

Poway

Unified

School

District

,

Community

Facilities

District

No.

16,

Special

Tax,

2020,

AGMC

Insured,

4%,

9/01/50

7,500,000

8,630,142

Facilities

Improvement

District

No.

2007-1,

GO,

B,

Zero

Cpn

.,

8/01/46

..........

45,000,000

21,782,376

Regents

of

the

University

of

California

,

Medical

Center,

Revenue,

2013

J,

5%,

5/15/48

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

75,000,000

80,448,112

Medical

Center,

Revenue,

2016

L,

Refunding,

5%,

5/15/47

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

49,575,000

57,664,361

Rialto

Unified

School

District

,

GO

,

2011

A

,

AGMC

Insured

,

Zero

Cpn

.,

8/01/41

......

27,000,000

35,247,582

Rio

Hondo

Community

College

District

,

GO

,

2010

C

,

Zero

Cpn

.,

8/01/35

..........

10,000,000

7,650,496

Ripon

Unified

School

District

,

GO,

2013

A,

Refunding,

BAM

Insured,

5%,

8/01/42

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

2,315,000

2,508,181

GO,

2013

A,

Pre-Refunded,

BAM

Insured,

5%,

8/01/42

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

705,000

767,156

Riverside

County

Asset

Leasing

Corp.

,

County

of

Riverside,

Revenue,

1997

A,

NATL

Insured,

Zero

Cpn

.,

6/01/23

.......

14,160,000

14,027,444

County

of

Riverside,

Revenue,

1997

A,

NATL

Insured,

Zero

Cpn

.,

6/01/24

.......

13,005,000

12,751,787

Riverside

County

Transportation

Commission

,

Revenue,

2013

A,

Pre-Refunded,

5.25%,

6/01/39

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

11,000,000

11,926,875

Revenue,

Senior

Lien,

2013

A,

5.75%,

6/01/48

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

10,000,000

10,712,025

RNR

School

Financing

Authority

,

Community

Facilities

District

No.

92-1

,

Special

Tax

,

2015

A

,

Refunding

,

BAM

Insured

,

5

%

,

9/01/36

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

11,145,000

12,840,921

Rocklin

Unified

School

District

,

GO,

2003,

NATL

Insured,

Zero

Cpn

.,

8/01/25

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

8,160,000

7,930,998

GO,

2003,

NATL

Insured,

Zero

Cpn

.,

8/01/26

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

8,695,000

8,311,513

GO,

2003,

NATL

Insured,

Zero

Cpn

.,

8/01/27

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

9,080,000

8,513,918

GO,

2003,

NATL

Insured,

Zero

Cpn

.,

8/01/28

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

16,615,000

15,246,378

Community

Facilities

District

No.

3,

Special

Tax,

2019,

BAM

Insured,

4%,

9/15/49

..

11,825,000

13,430,623

Rohnert

Park

Community

Development

Commission

Successor

Agency

,

Tax

Allocation

,

2007

R

,

NATL

Insured

,

ETM,

5

%

,

8/01/37

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

1,380,000

1,444,512

Roseville

Natural

Gas

Financing

Authority

,

Revenue

,

2007

,

5

%

,

2/15/26

..........

5,000,000

5,876,810

Sacramento

City

Unified

School

District

,

GO

,

2017

E

,

4

%

,

5/01/47

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

20,000,000

22,362,892

Sacramento

County

Sanitation

Districts

Financing

Authority

,

Revenue,

2014

A,

Refunding,

5%,

12/01/44

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

25,000,000

27,790,363

Sacramento

Regional

County

Sanitation

District,

Revenue,

2021,

Refunding,

5%,

12/01/29

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

4,100,000

5,387,766

Sacramento

Municipal

Utility

District

,

Revenue,

2019

G,

5%,

8/15/39

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

3,135,000

3,976,409

Revenue,

2019

G,

5%,

8/15/41

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

2,500,000

3,157,152

Revenue,

2021

I,

Refunding,

5%,

8/15/25

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

5,500,000

6,470,994

Revenue,

2021

I,

Refunding,

5%,

8/15/26

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

6,500,000

7,888,860

Revenue,

2021

I,

Refunding,

5%,

8/15/27

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

6,500,000

8,114,049

Revenue,

2021

I,

Refunding,

5%,

8/15/28

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

4,000,000

5,114,161

Franklin

California

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

29

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

San

Bernardino

Community

College

District

,

GO

,

2009

B

,

Zero

Cpn

.,

8/01/48

......

$

66,390,000

$

30,908,230

San

Buenaventura

Public

Facilities

Financing

Authority

,

Revenue,

2014

C,

Pre-Refunded,

5%,

1/01/39

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

8,500,000

9,407,115

Revenue,

2014

C,

Pre-Refunded,

5%,

1/01/44

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

19,395,000

21,464,823

San

Diego

Community

College

District

,

GO

,

2009

B

,

6

%

,

8/01/33

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

26,880,000

34,616,830

San

Diego

County

Regional

Airport

Authority

,

Revenue,

2019

A,

Refunding,

5%,

7/01/44

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

9,000,000

11,074,791

Revenue,

2019

A,

Refunding,

5%,

7/01/49

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

5,000,000

6,117,564

Revenue,

2019

B,

Refunding,

4%,

7/01/44

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

3,000,000

3,380,881

Revenue,

2019

B,

Refunding,

5%,

7/01/49

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

5,000,000

6,065,398

Special

Facilities,

Revenue,

2014

A,

5%,

7/01/44

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

5,645,000

6,293,429

San

Diego

County

Regional

Transportation

Commission

,

Revenue,

2014

A,

Pre-Refunded,

5%,

4/01/44

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

54,915,000

61,419,380

Revenue,

2014

A,

Pre-Refunded,

5%,

4/01/48

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

20,000,000

22,368,890

Revenue,

2016

A,

5%,

4/01/48

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

25,000,000

29,332,880

San

Diego

County

Water

Authority

,

Revenue,

2021

A,

Refunding,

5%,

5/01/29

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

2,335,000

3,042,567

Revenue,

Sub.

Lien,

2021

S-1,

Refunding,

5%,

5/01/28

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

44,020,000

55,827,141

San

Diego

Unified

School

District

,

GO,

1999

A,

NATL

Insured,

Zero

Cpn

.,

7/01/22

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

8,440,000

8,429,605

GO,

1999

A,

NATL

Insured,

Zero

Cpn

.,

7/01/23

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

11,120,000

11,073,297

GO,

2009-1,

Pre-Refunded,

6%,

7/01/33

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

104,505,000

120,881,540

GO,

2010

C,

Zero

Cpn

.,

7/01/48

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

29,840,000

32,729,109

GO,

2012

E,

Zero

Cpn

.,

7/01/47

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

74,270,000

70,723,125

GO,

2019

L,

4%,

7/01/49

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

30,000

34,906

GO,

F,

5%,

7/01/40

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

69,510,000

80,520,161

GO,

F,

5%,

7/01/45

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

34,370,000

39,676,164

GO,

R-2,

Refunding,

Zero

Cpn

.,

7/01/40

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

79,760,000

92,751,548

San

Francisco

City

&

County

Airport

Comm

-San

Francisco

International

Airport

,

Revenue,

2016

B,

5%,

5/01/46

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

28,040,000

32,677,314

Revenue,

2019

A,

Refunding,

5%,

5/01/49

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

25,000,000

30,279,795

Revenue,

Second

Series,

2014

B,

5%,

5/01/44

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

31,000,000

34,443,003

Revenue,

Second

Series,

2017

A,

5%,

5/01/42

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

20,910,000

24,960,257

Revenue,

Second

Series,

2017

A,

5%,

5/01/47

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

49,090,000

58,388,186

Revenue,

Second

Series,

2017

B,

5%,

5/01/47

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

70,725,000

84,834,213

Revenue,

Second

Series,

2018,

5.25%,

5/01/48

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

120,000,000

146,389,428

Revenue,

Second

Series,

2018

D,

5%,

5/01/48

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

117,910,000

142,013,492

Revenue,

Second

Series,

2018

E,

5%,

5/01/48

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

44,650,000

54,429,172

Revenue,

Second

Series,

2019

E,

5%,

5/01/50

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

6,500,000

7,862,497

Revenue,

Second

Series,

2021

A,

Refunding,

5%,

5/01/34

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

14,000,000

18,097,240

Revenue,

Second

Series,

2021

A,

Refunding,

5%,

5/01/35

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

5,000,000

6,426,378

San

Francisco

City

&

County

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation,

Third

Lien

,

2017

B

,

AGMC

Insured

,

5

%

,

8/01/46

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

10,000,000

12,014,535

San

Gabriel

Unified

School

District

,

GO,

2002

A,

AGMC

Insured,

Zero

Cpn

.,

8/01/26

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

3,530,000

3,374,312

GO,

2002

A,

AGMC

Insured,

Zero

Cpn

.,

2/01/27

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

1,850,000

1,751,747

San

Joaquin

Hills

Transportation

Corridor

Agency

,

Revenue,

1997

A,

Refunding,

5.65%,

1/15/38

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

106,465,000

150,040,635

Revenue,

1997

A,

Refunding,

5.7%,

1/15/40

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

142,645,000

201,646,652

Revenue,

1997

A,

Refunding,

5.75%,

1/15/43

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

161,250,000

232,232,879

Revenue,

1997

A,

Refunding,

5.75%,

1/15/45

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

143,336,000

208,231,890

Revenue,

1997

A,

Refunding,

5.75%,

1/15/46

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

143,336,000

209,552,989

Revenue,

1997

A,

Refunding,

NATL

Insured,

Zero

Cpn

.,

1/15/26

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

13,155,000

12,508,250

Revenue,

Senior

Lien,

1993,

ETM,

Zero

Cpn

.,

1/01/25

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

5,700,000

5,623,001

Revenue,

Senior

Lien,

1993,

ETM,

Zero

Cpn

.,

1/01/28

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

33,545,000

31,286,170

Revenue,

Senior

Lien,

1993,

ETM,

Zero

Cpn

.,

1/01/29

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

37,050,000

33,999,570

Franklin

California

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

30

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

San

Joaquin

Hills

Transportation

Corridor

Agency,

(continued)

Revenue,

Senior

Lien,

2014

A,

Refunding,

5%,

1/15/44

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

$

125,000,000

$

139,690,325

Revenue,

Senior

Lien,

2014

A,

Refunding,

5%,

1/15/50

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

430,000,000

479,698,669

San

Jose

Unified

School

District

,

COP,

2002,

AGMC

Insured,

ETM,

Zero

Cpn

.,

1/01/27

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

7,105,000

6,739,536

COP,

2002,

AGMC

Insured,

ETM,

Zero

Cpn

.,

1/01/29

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

7,105,000

6,473,269

San

Juan

Unified

School

District

,

GO,

2003

B,

NATL

Insured,

Zero

Cpn

.,

8/01/26

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

15,825,000

14,130,641

GO,

2003

B,

NATL

Insured,

Zero

Cpn

.,

8/01/27

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

18,605,000

17,526,143

GO,

2003

B,

NATL

Insured,

Zero

Cpn

.,

8/01/28

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

19,470,000

17,939,064

San

Luis

Obispo

County

Financing

Authority

,

Revenue

,

2015

A

,

Refunding

,

BAM

Insured

,

5

%

,

9/01/37

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

10,000,000

11,571,785

San

Marcos

Public

Financing

Authority

,

Revenue

,

1994

A

,

ETM,

6.25

%

,

9/02/22

....

15,000,000

15,828,483

San

Marino

Unified

School

District

,

GO

,

2000

A

,

NATL

Insured

,

Zero

Cpn

.,

7/01/25

..

6,080,000

5,893,798

San

Mateo

Foster

City

Public

Financing

Authority

,

City

of

San

Mateo,

Revenue,

2021

B,

5%,

8/01/25

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

30,000,000

35,276,046

City

of

San

Mateo

Sewer,

Revenue,

2019,

5%,

8/01/49

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

29,000,000

36,556,518

Estero

Municipal

Improvement

District,

Revenue,

2021

A,

5%,

8/01/25

..........

14,235,000

16,738,484

San

Mateo

Union

High

School

District

,

COP,

2007,

Pre-Refunded,

AMBAC

Insured,

5%,

12/15/43

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

11,535,000

13,214,963

GO,

2002

B,

NATL

Insured,

Zero

Cpn

.,

9/01/22

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

5,000,000

4,991,682

San

Rafael

City

High

School

District

,

GO

,

2018

B

,

4

%

,

8/01/47

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

17,060,000

19,529,867

Sanger

Public

Financing

Authority

,

Revenue,

2013,

AGMC

Insured,

5%,

6/15/35

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

2,360,000

2,534,651

Revenue,

2013,

AGMC

Insured,

5%,

6/15/43

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

6,155,000

6,602,884

Sanger

Unified

School

District

,

GO

,

A

,

BAM

Insured

,

4

%

,

8/01/41

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

10,000,000

11,257,968

Santa

Ana

Unified

School

District

,

COP

,

1999

,

AGMC

Insured

,

Zero

Cpn

.,

4/01/24

...

8,295,000

7,749,439

Santa

Cruz

County

Redevelopment

Successor

Agency

,

Tax

Allocation

,

2015

A

,

Refunding

,

AGMC

Insured

,

5

%

,

9/01/35

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

20,000,000

23,134,894

Santa

Maria

Joint

Union

High

School

District

,

GO

,

2014

,

4

%

,

8/01/37

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

14,230,000

15,346,297

Santa

Paula

Utility

Authority

,

Revenue,

2015

A,

Pre-Refunded,

5%,

2/01/45

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

16,495,000

19,040,137

Revenue,

2015

A,

Pre-Refunded,

5%,

2/01/50

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

21,050,000

24,297,963

Santaluz

Community

Facilities

District

No.

2

,

Community

Facilities

District

No.

2,

Special

Tax,

2021,

Refunding,

4%,

9/01/25

....

470,000

532,452

Community

Facilities

District

No.

2,

Special

Tax,

2021,

Refunding,

4%,

9/01/26

....

490,000

566,891

Community

Facilities

District

No.

2,

Special

Tax,

2021,

Refunding,

4%,

9/01/27

....

635,000

747,618

Community

Facilities

District

No.

2,

Special

Tax,

2021,

Refunding,

4%,

9/01/28

....

880,000

1,053,603

Community

Facilities

District

No.

2,

Special

Tax,

2021,

Refunding,

4%,

9/01/29

....

690,000

839,593

Community

Facilities

District

No.

2,

Special

Tax,

2021,

Refunding,

4%,

9/01/30

....

430,000

530,460

School

Facilities

Financing

Authority

,

Twin

Rivers

Unified

School

District

,

Revenue

,

A

,

AGMC

Insured

,

Zero

Cpn

.,

8/01/42

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

49,000,000

26,907,424

Semitropic

Improvement

District

of

the

Semitropic

Water

Storage

District

,

Revenue,

Second

Lien

,

2015

A

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/45

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

10,000,000

11,645,581

Sonoma

Community

Development

Agency

Successor

Agency

,

Tax

Allocation

,

2011

,

7.125

%

,

12/01/36

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

10,775,000

10,874,894

Southern

California

Public

Power

Authority

,

Revenue

,

2007

A

,

5

%

,

11/01/33

.......

17,500,000

23,585,160

Southern

Mono

Health

Care

District

,

GO,

A,

NATL

Insured,

Zero

Cpn

.,

8/01/28

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

2,340,000

2,091,250

GO,

A,

NATL

Insured,

Zero

Cpn

.,

8/01/29

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

2,440,000

2,117,903

GO,

A,

NATL

Insured,

Zero

Cpn

.,

8/01/30

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

2,550,000

2,143,983

GO,

A,

NATL

Insured,

Zero

Cpn

.,

8/01/31

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

2,660,000

2,171,975

Southwestern

Community

College

District

,

GO

,

D

,

Pre-Refunded

,

5

%

,

8/01/44

.....

10,000,000

11,731,821

State

of

California

,

GO,

5%,

10/01/22

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

18,500,000

19,391,189

GO,

Refunding,

4%,

10/01/23

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

31,000,000

33,351,046

Franklin

California

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

31

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

State

of

California,

(continued)

GO,

5%,

10/01/23

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

$

20,000,000

$

21,914,228

GO,

6%,

5/01/24

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

1,920,000

1,928,432

GO,

NATL

Insured,

6%,

8/01/24

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

745,000

759,155

GO,

5.625%,

9/01/24

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

255,000

260,735

GO,

Refunding,

4%,

10/01/24

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

17,340,000

19,287,872

GO,

5%,

10/01/24

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

7,000,000

7,994,916

GO,

AMBAC

Insured,

5.9%,

3/01/25

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

140,000

143,306

GO,

Refunding,

5%,

9/01/26

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

25,000,000

30,341,263

GO,

Refunding,

5%,

11/01/28

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

10,000,000

12,785,851

GO,

Refunding,

5%,

12/01/28

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

24,000,000

30,744,202

GO,

Refunding,

5%,

9/01/29

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

4,000,000

5,204,182

GO,

5%,

11/01/29

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

10,000,000

13,054,902

GO,

Refunding,

5%,

11/01/29

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

17,000,000

22,193,333

GO,

Refunding,

5%,

12/01/29

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

3,015,000

3,942,705

GO,

Refunding,

5%,

9/01/30

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

4,000,000

5,286,960

GO,

Refunding,

5%,

12/01/30

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

4,000,000

5,313,391

GO,

Refunding,

5%,

4/01/31

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

10,295,000

13,769,351

GO,

Refunding,

5%,

3/01/33

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

5,000,000

6,466,441

GO,

5%,

12/01/34

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

34,235,000

44,858,360

GO,

Refunding,

5%,

3/01/35

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

51,980,000

66,836,461

GO,

5%,

12/01/35

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

9,745,000

12,743,770

GO,

Refunding,

4%,

3/01/36

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

10,000,000

11,943,140

GO,

5%,

12/01/36

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

16,560,000

21,620,193

GO,

5%,

10/01/39

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

15,000,000

17,759,126

GO,

Refunding,

5%,

10/01/41

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

15,250,000

15,272,678

GO,

5%,

4/01/43

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

44,745,000

47,677,923

GO,

5%,

10/01/44

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

25,000,000

28,153,273

GO,

5%,

8/01/45

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

22,500,000

26,047,487

GO,

5%,

8/01/46

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

20,000,000

23,751,598

GO,

5%,

10/01/47

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

81,000,000

95,155,366

GO,

5%,

4/01/49

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

5,000,000

6,202,357

GO,

1992,

NATL

Insured,

6%,

10/01/21

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

35,000

35,000

GO,

1996,

Pre-Refunded,

FGIC

Insured,

5.375%,

6/01/26

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

1,335,000

1,346,141

GO,

1997,

NATL,

FGIC

Insured,

5.625%,

10/01/26

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

5,005,000

5,140,479

GO,

2004,

5.125%,

4/01/24

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

5,000

5,019

GO,

2004,

5.2%,

4/01/26

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

20,000

20,076

GO,

2012,

5%,

4/01/42

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

85,000,000

86,945,769

GO,

2017,

5%,

11/01/47

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

10,000,000

12,338,119

Department

of

Water

Resources,

Revenue,

BD,

5%,

12/01/25

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

3,000,000

3,566,617

Department

of

Water

Resources,

Revenue,

BD,

5%,

12/01/26

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

3,250,000

3,989,375

Department

of

Water

Resources,

Revenue,

BD,

5%,

12/01/27

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

8,240,000

10,393,448

Department

of

Water

Resources,

Revenue,

BD,

5%,

12/01/28

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

4,650,000

6,012,587

Department

of

Water

Resources,

Revenue,

BD,

5%,

12/01/29

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

6,665,000

8,813,545

Department

of

Water

Resources,

Revenue,

BD,

5%,

12/01/30

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

9,075,000

12,222,695

State

of

California

Department

of

Water

Resources

,

Revenue,

BB,

Refunding,

5%,

12/01/32

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

17,110,000

22,883,277

Revenue,

BB,

Refunding,

5%,

12/01/33

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

21,785,000

29,034,224

Revenue,

BB,

Refunding,

5%,

12/01/35

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

3,100,000

4,110,266

Sulphur

Springs

Union

School

District

,

COP,

2010,

AGMC

Insured,

6.5%,

12/01/37

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

6,175,000

7,584,894

COP,

2010,

Pre-Refunded,

AGMC

Insured,

6.5%,

12/01/37

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

5,215,000

6,466,987

COP,

2010,

AGMC

Insured,

ETM,

6.5%,

12/01/37

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

1,725,000

1,875,910

Temple

City

Unified

School

District

,

GO

,

A

,

Pre-Refunded

,

5

%

,

8/01/43

...........

10,000,000

10,881,637

Three

Rivers

Levee

Improvement

Authority

,

Special

Tax,

2021

A,

Refunding,

3%,

9/01/22

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

105,000

107,189

Special

Tax,

2021

A,

Refunding,

3%,

9/01/23

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

220,000

229,192

Franklin

California

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

32

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Three

Rivers

Levee

Improvement

Authority,

(continued)

Special

Tax,

2021

A,

Refunding,

3%,

9/01/24

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

$

245,000

$

258,991

Special

Tax,

2021

A,

Refunding,

4%,

9/01/25

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

280,000

309,300

Special

Tax,

2021

A,

Refunding,

4%,

9/01/36

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

1,080,000

1,237,952

Special

Tax,

2021

A,

Refunding,

4%,

9/01/41

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

2,840,000

3,239,025

Special

Tax,

2021

A,

Refunding,

4%,

9/01/46

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

2,700,000

3,051,885

Special

Tax,

2021

A,

Refunding,

4%,

9/01/51

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

5,065,000

5,685,061

Tobacco

Securitization

Authority

of

Northern

California

,

Sacramento

County

Tobacco

Securitization

Corp.,

Revenue,

Senior

Lien,

2021

A,

1,

Refunding,

5%,

6/01/29

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

1,500,000

1,920,095

Sacramento

County

Tobacco

Securitization

Corp.,

Revenue,

Senior

Lien,

2021

A,

1,

Refunding,

5%,

6/01/31

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

1,290,000

1,691,817

Sacramento

County

Tobacco

Securitization

Corp.,

Revenue,

Senior

Lien,

2021

A,

1,

Refunding,

5%,

6/01/33

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

1,520,000

1,975,114

Sacramento

County

Tobacco

Securitization

Corp.,

Revenue,

Senior

Lien,

2021

A,

1,

Refunding,

4%,

6/01/35

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

1,020,000

1,230,030

Sacramento

County

Tobacco

Securitization

Corp.,

Revenue,

Senior

Lien,

2021

A,

1,

Refunding,

4%,

6/01/49

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

5,500,000

6,413,588

Sacramento

County

Tobacco

Securitization

Corp.,

Revenue,

Senior

Lien,

2021

B,

2,

Refunding,

4%,

6/01/49

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

2,500,000

2,886,991

Town

of

Tiburon

,

Assessment

District

No.

2017-1,

1915

Act,

Special

Assessment,

2021

A,

2.375%,

9/02/41

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

550,000

543,462

Assessment

District

No.

2017-1,

1915

Act,

Special

Assessment,

2021

A,

2.5%,

9/02/51

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

1,250,000

1,200,703

d

Tracy

Community

Facilities

District

,

City

of

Tracy

Community

Facilities

District

No.

2016-02

ECFD,

Special

Tax,

2021,

3%,

9/01/24

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

100,000

105,487

City

of

Tracy

Community

Facilities

District

No.

2016-02

ECFD,

Special

Tax,

2021,

4%,

9/01/25

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

115,000

126,591

City

of

Tracy

Community

Facilities

District

No.

2016-02

ECFD,

Special

Tax,

2021,

4%,

9/01/28

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

120,000

136,570

City

of

Tracy

Community

Facilities

District

No.

2016-02

ECFD,

Special

Tax,

2021,

4%,

9/01/30

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

110,000

126,619

City

of

Tracy

Community

Facilities

District

No.

2016-02

ECFD,

Special

Tax,

2021,

4%,

9/01/36

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

430,000

491,520

City

of

Tracy

Community

Facilities

District

No.

2016-02

ECFD,

Special

Tax,

2021,

4%,

9/01/41

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

665,000

756,802

City

of

Tracy

Community

Facilities

District

No.

2016-02

ECFD,

Special

Tax,

2021,

4%,

9/01/46

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

885,000

1,000,649

City

of

Tracy

Community

Facilities

District

No.

2016-02

ECFD,

Special

Tax,

2021,

4%,

9/01/51

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

2,210,000

2,488,916

Transbay

Joint

Powers

Authority

,

Transbay

Redevelopment

Project

Tax

Increment

Re-Development

Project,

Tax

Allocation,

Senior

Lien,

2020

A,

5%,

10/01/45

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

10,410,000

12,919,885

Transbay

Redevelopment

Project

Tax

Increment

Re-Development

Project,

Tax

Allocation,

Senior

Lien,

2020

A,

5%,

10/01/49

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

7,985,000

9,873,047

Tulare

County

Board

of

Education

,

COP,

Pre-Refunded,

BAM

Insured,

5.375%,

5/01/33

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

3,185,000

3,443,526

COP,

Pre-Refunded,

BAM

Insured,

5.5%,

5/01/38

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

8,305,000

8,995,432

COP,

Pre-Refunded,

BAM

Insured,

5.5%,

5/01/43

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

10,855,000

11,757,425

Turlock

Irrigation

District

,

Revenue,

2020,

Refunding,

5%,

1/01/37

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

2,090,000

2,670,244

Revenue,

2020,

Refunding,

5%,

1/01/38

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

940,000

1,198,217

Revenue,

2020,

Refunding,

5%,

1/01/39

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

2,250,000

2,861,186

Revenue,

2020,

Refunding,

5%,

1/01/41

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

3,500,000

4,430,549

Franklin

California

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

33

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Union

Elementary

School

District

,

GO,

1999

A,

NATL

Insured,

Zero

Cpn

.,

9/01/24

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

$

2,000,000

$

1,965,875

GO,

2001

B,

NATL

Insured,

Zero

Cpn

.,

9/01/25

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

5,500,000

5,327,264

GO,

2001

B,

NATL

Insured,

Zero

Cpn

.,

9/01/26

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

5,850,000

5,568,117

University

of

California

,

Revenue,

2015

I,

Refunding,

5%,

5/15/40

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

22,990,000

26,499,056

Revenue,

2015

I,

Refunding,

5%,

5/15/50

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

25,420,000

29,142,889

Revenue,

2016

AR,

Refunding,

5%,

5/15/41

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

13,760,000

16,291,772

Revenue,

2016

K,

4%,

5/15/46

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

19,850,000

22,056,230

Revenue,

2017

M,

5%,

5/15/37

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

15,410,000

18,777,600

Revenue,

2018

AZ,

Refunding,

5%,

5/15/48

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

72,325,000

88,611,765

Revenue,

2018

O,

Refunding,

5%,

5/15/39

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

14,400,000

17,770,411

Revenue,

2018

O,

Refunding,

5%,

5/15/43

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

30,120,000

36,911,720

Revenue,

2018

O,

Refunding,

5%,

5/15/48

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

20,000,000

24,433,128

Revenue,

2018

O,

Refunding,

5%,

5/15/58

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

10,000,000

12,193,795

Upland

Community

Facilities

District

,

City

of

Upland

Community

Facilities

District

No.

2016-1,

Special

Tax,

2021

A,

4%,

9/01/40

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

260,000

295,082

City

of

Upland

Community

Facilities

District

No.

2016-1,

Special

Tax,

2021

A,

4%,

9/01/45

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

165,000

185,205

City

of

Upland

Community

Facilities

District

No.

2016-1,

Special

Tax,

2021

A,

4%,

9/01/51

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

260,000

290,467

Upland

Unified

School

District

,

GO

,

2011

C

,

Zero

Cpn

.,

8/01/45

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

62,900,000

31,705,091

Vacaville

Unified

School

District

,

GO

,

D

,

4

%

,

8/01/45

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

2,000,000

2,324,502

Val

Verde

Unified

School

District

,

GO,

2010

B,

AGMC

Insured,

Zero

Cpn

.,

8/01/34

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

1,000,000

1,340,460

GO,

2015

B,

Refunding,

BAM

Insured,

5%,

8/01/44

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

15,000,000

17,303,639

GO,

2020

A,

BAM

Insured,

4%,

8/01/46

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

1,450,000

1,654,225

Vallejo

Public

Financing

Authority

,

Vallejo

CA-

Hiddenbrooke

Improvement

District

No.

1

,

Revenue

,

2004

A

,

5.8

%

,

9/01/31

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

3,370,000

3,416,731

Vista

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation

,

2015

B-1

,

Refunding

,

AGMC

Insured

,

5

%

,

9/01/37

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

3,020,000

3,488,339

Vista

Unified

School

District

,

GO,

2002

A,

AGMC

Insured,

Zero

Cpn

.,

8/01/26

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

7,150,000

6,814,992

GO,

2002

A,

AGMC

Insured,

Zero

Cpn

.,

2/01/27

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

4,795,000

4,516,356

Washington

Township

Health

Care

District

,

GO

,

2015

B

,

5

%

,

8/01/45

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

15,000,000

17,145,322

West

Basin

Municipal

Water

District

,

Revenue,

2021

A,

Refunding,

5%,

8/01/23

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

2,170,000

2,361,080

Revenue,

2021

A,

Refunding,

5%,

8/01/24

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

1,100,000

1,246,476

Revenue,

2021

A,

Refunding,

5%,

8/01/25

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

1,365,000

1,602,782

Revenue,

2021

A,

Refunding,

5%,

8/01/26

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

1,000,000

1,214,413

West

Sacramento

Area

Flood

Control

Agency

,

Special

Assessment,

2015,

AGMC

Insured,

5%,

9/01/40

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

3,000,000

3,469,031

Special

Assessment,

2015,

AGMC

Insured,

5%,

9/01/45

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

7,500,000

8,672,577

West

Sacramento

Financing

Authority

,

Special

Tax

,

A

,

AGMC

Insured

,

5

%

,

9/01/34

..

4,940,000

6,636,288

Western

Placer

Unified

School

District

,

COP

,

2011

,

Pre-Refunded

,

AGMC

Insured

,

5.2

%

,

11/01/41

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

1,000,000

1,003,800

Western

Riverside

Water

&

Wastewater

Financing

Authority

,

Revenue,

2009,

AGMC

Insured,

5.5%,

9/01/34

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

1,750,000

1,757,030

Revenue,

2009,

AGMC

Insured,

5.625%,

9/01/39

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

2,500,000

2,510,450

16,154,257,079

U.S.

Territories

0.8%

Guam

0.2%

Antonio

B

Won

Pat

International

Airport

Authority

,

Revenue,

2021

A,

Refunding,

2.499%,

10/01/25

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

1,480,000

1,500,630

Franklin

California

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

34

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Guam

(continued)

Antonio

B

Won

Pat

International

Airport

Authority,

(continued)

Revenue,

2021

A,

Refunding,

2.699%,

10/01/26

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

$

2,445,000

$

2,475,638

Revenue,

2021

A,

Refunding,

2.899%,

10/01/27

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

1,325,000

1,339,156

Revenue,

2021

A,

Refunding,

3.099%,

10/01/28

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

2,375,000

2,397,938

Revenue,

2021

A,

Refunding,

3.189%,

10/01/29

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

3,560,000

3,595,177

Revenue,

2021

A,

Refunding,

3.339%,

10/01/30

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

2,400,000

2,435,046

Revenue,

2021

A,

Refunding,

3.489%,

10/01/31

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

2,155,000

2,198,373

Revenue,

2021

A,

Refunding,

3.839%,

10/01/36

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

9,650,000

9,958,543

Revenue,

2021

A,

Refunding,

4.46%,

10/01/43

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

2,400,000

2,496,504

28,397,005

Puerto

Rico

0.6%

Children's

Trust

Fund

,

Revenue,

5.5%,

5/15/39

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

6,210,000

6,363,996

Revenue,

2002,

5.625%,

5/15/43

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

16,000,000

16,086,104

e

Puerto

Rico

Electric

Power

Authority

,

Revenue,

2012

A

RSA-1

2012

A,

5%,

7/01/29

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

20,000,000

19,600,000

Revenue,

2012

A

RSA-1

2013

A,

7%,

7/01/33

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

50,000,000

50,437,500

Revenue,

WW-RSA-1,

5%,

7/01/28

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

12,030,000

11,789,400

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

AES

Puerto

Rico

LP

,

Revenue

,

2000

A

,

6.625

%

,

6/01/26

.....

5,800,000

6,003,000

110,280,000

Total

U.S.

Territories

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

138,677,005

Total

Municipal

Bonds

(Cost

$14,061,337,213)

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

16,292,934,084

a

a

a

a

Short

Term

Investments

2.6%

Municipal

Bonds

2.6%

California

2.6%

f

California

Health

Facilities

Financing

Authority

,

Adventist

Health

System/West

Obligated

Group

,

Revenue

,

2009

B

,

LOC

US

Bank

NA

,

Daily

VRDN

and

Put

,

0.05

%

,

9/01/38

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

12,150,000

12,150,000

f

California

Statewide

Communities

Development

Authority

,

Rady

Children's

Hospital

Obligated

Group

,

Revenue

,

2008

B

,

LOC

Wells

Fargo

Bank

NA

,

Daily

VRDN

and

Put

,

0.04

%

,

8/15/47

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

28,435,000

28,435,000

f

Eastern

Municipal

Water

District

,

Revenue

,

2018

A

,

Refunding

,

SPA

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

0.05

%

,

7/01/46

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

10,500,000

10,500,000

f

Irvine

Ranch

Water

District

,

Special

Assessment

,

2009

B

,

LOC

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

0.05

%

,

10/01/41

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

41,165,000

41,165,000

f

Los

Angeles

Department

of

Water

&

Power

,

Power

System

,

Revenue

,

2001

B-6

,

Refunding

,

SPA

Barclays

Bank

plc

,

Daily

VRDN

and

Put

,

0.05

%

,

7/01/34

........

10,300,000

10,300,000

f

Metropolitan

Water

District

of

Southern

California

,

Revenue

,

2018

A-1

,

Refunding

,

SPA

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.04

%

,

7/01/37

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

6,575,000

6,575,000

f

Orange

County

Water

District

,

COP

,

2003

A

,

LOC

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

0.03

%

,

8/01/42

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

25,000,000

25,000,000

f

Santa

Clara

Valley

Transportation

Authority

,

2000

Measure

A

Sales

Tax,

Revenue,

2008

C,

Refunding,

SPA

TD

Bank

NA,

Daily

VRDN

and

Put,

0.07%,

4/01/36

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

26,160,000

26,160,000

2000

Measure

A

Sales

Tax,

Revenue,

2008

D,

Refunding,

SPA

TD

Bank

NA,

Daily

VRDN

and

Put,

0.05%,

4/01/36

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

28,895,000

28,895,000

f

Southern

California

Public

Power

Authority

,

Revenue

,

2020-3

,

Refunding

,

LOC

US

Bank

NA

,

Daily

VRDN

and

Put

,

0.05

%

,

7/01/36

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

33,100,000

33,100,000

f

State

of

California

,

GO,

2003

C-4,

LOC

US

Bank

NA,

Daily

VRDN

and

Put,

0.03%,

5/01/33

.........

27,700,000

27,700,000

Franklin

California

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

35

Short

Term

Investments

(continued)

a

a

Principal

Amount

a

Value

Municipal

Bonds

(continued)

California

(continued)

f

State

of

California,

(continued)

GO,

2004

A-2,

LOC

State

Street

Bank

&

Trust

Co.,

Daily

VRDN

and

Put,

0.07%,

5/01/34

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

$

16,730,000

$

16,730,000

f

University

of

California

,

Revenue,

2013

AL-1,

Daily

VRDN

and

Put,

0.04%,

5/15/48

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

73,025,000

73,025,000

Revenue,

2013

AL-2,

Refunding,

Daily

VRDN

and

Put,

0.07%,

5/15/48

..........

16,000,000

16,000,000

Revenue,

2013

AL-3,

Refunding,

Daily

VRDN

and

Put,

0.04%,

5/15/48

..........

24,105,000

24,105,000

Revenue,

2013

AL-4,

Refunding,

Daily

VRDN

and

Put,

0.03%,

5/15/48

..........

59,735,000

59,735,000

439,575,000

Total

Municipal

Bonds

(Cost

$439,575,000)

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

439,575,000

Total

Short

Term

Investments

(Cost

$439,575,000

)

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

439,575,000

a

Total

Investments

(Cost

$14,500,912,213)

97.4%

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

$16,732,509,084

Other

Assets,

less

Liabilities

2.6%

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

458,827,971

Net

Assets

100.0%

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

$17,191,337,055

See

Abbreviations

on

page

46

.

a

The

maturity

date

shown

represents

the

mandatory

put

date.

b

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

September

30,

2021,

the

aggregate

value

of

these

securities

was

$741,935,714,

representing

4.3%

of

net

assets.

c

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

1(b).

d

Security

purchased

on

a

when-issued

basis.

See

Note

1(b).

e

See

Note

7

regarding

defaulted

securities.

f

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

California

Tax-Free

Income

Fund

Financial

Statements

Statement

of

Assets

and

Liabilities

September

30,

2021

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

36

Franklin

California

Tax-

Free

Income

Fund

Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$14,500,912,213

Value

-

Unaffiliated

issuers

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

$16,732,509,084

Cash

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

359,162,239

Receivables:

Investment

securities

sold

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

42,626,550

Capital

shares

sold

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

16,045,642

Interest

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

169,403,545

Total

assets

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

17,319,747,060

Liabilities:

Payables:

Investment

securities

purchased

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

78,787,398

Capital

shares

redeemed

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

34,706,251

Management

fees

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

6,306,919

Distribution

fees

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

1,824,240

Transfer

agent

fees

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

1,335,088

Distributions

to

shareholders

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

4,885,988

Accrued

expenses

and

other

liabilities

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

564,121

Total

liabilities

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

128,410,005

Net

assets,

at

value

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

$17,191,337,055

Net

assets

consist

of:

Paid-in

capital

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

$15,725,412,342

Total

distributable

earnings

(losses)

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

1,465,924,713

Net

assets,

at

value

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

$17,191,337,055

Franklin

California

Tax-Free

Income

Fund

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

September

30,

2021

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

37

Franklin

California

Tax-

Free

Income

Fund

Class

A:

Net

assets,

at

value

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

$2,478,688,958

Shares

outstanding

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

320,996,023

Net

asset

value

per

share

a

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

$7.72

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.25%)

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

$8.02

Class

A1:

Net

assets,

at

value

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

$10,849,180,675

Shares

outstanding

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

1,407,004,870

Net

asset

value

per

share

a

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

$7.71

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.25%)

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

$8.01

Class

C:

Net

assets,

at

value

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

$837,329,063

Shares

outstanding

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

108,812,374

Net

asset

value

and

maximum

offering

price

per

share

a

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

$7.70

Class

R6:

Net

assets,

at

value

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

$338,235,072

Shares

outstanding

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

43,916,386

Net

asset

value

and

maximum

offering

price

per

share

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

$7.70

Advisor

Class:

Net

assets,

at

value

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

$2,687,903,287

Shares

outstanding

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

349,215,559

Net

asset

value

and

maximum

offering

price

per

share

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

$7.70

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

Franklin

California

Tax-Free

Income

Fund

Financial

Statements

Statement

of

Operations

for

the

period

ended

September

30,

2021

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

38

Franklin

California

Tax-

Free

Income

Fund

Investment

income:

Interest:

Unaffiliated

issuers

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

$282,107,067

Expenses:

Management

fees

(Note

3

a

)

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

37,779,555

Distribution

fees:

(Note

3c

)

    Class

A

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

2,851,335

    Class

A1

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

5,293,224

    Class

C

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

3,164,543

Transfer

agent

fees:

(Note

3e

)

    Class

A

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

581,266

    Class

A1

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

2,839,457

    Class

C

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

248,096

    Class

R6

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

39,369

    Advisor

Class

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

675,391

Custodian

fees

(Note

4

)

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

33,212

Reports

to

shareholders

fees

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

81,601

Registration

and

filing

fees

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

131,619

Professional

fees

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

121,490

Trustees'

fees

and

expenses

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

69,695

Other

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

246,920

Total

expenses

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

54,156,773

Expense

reductions

(Note

4

)

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

(16,748)

Expenses

waived/paid

by

affiliates

(Not

e

3f

)

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

(7,744)

Net

expenses

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

54,132,281

Net

investment

income

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

227,974,786

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

107,491,184

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

(98,622,565)

Net

realized

and

unrealized

gain

(loss)

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

8,868,619

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$236,843,405

Franklin

California

Tax-Free

Income

Fund

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

39

Franklin

California

Tax-Free

Income

Fund

Six

Months

Ended

September

30,

2021

(unaudited)

Year

Ended

March

31,

2021

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

.................................................

$227,974,786

$490,235,889

Net

realized

gain

(loss)

.................................................

107,491,184

22,797,752

Net

change

in

unrealized

appreciation

(depreciation)

...........................

(98,622,565)

421,902,497

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

236,843,405

934,936,138

Distributions

to

shareholders:

Class

A

.............................................................

(27,712,575)

(48,518,935)

Class

A1

............................................................

(144,408,637)

(328,240,709)

Class

C

.............................................................

(9,947,857)

(25,424,832)

Class

R6

............................................................

(4,304,158)

(6,958,278)

Advisor

Class

........................................................

(35,656,075)

(70,956,814)

Total

distributions

to

shareholders

..........................................

(222,029,302)

(480,099,568)

Capital

share

transactions:

(Note

2

)

Class

A

.............................................................

408,207,258

639,600,509

Class

A1

............................................................

(250,411,189)

(679,834,875)

Class

C

.............................................................

(184,636,654)

(132,618,274)

Class

R6

............................................................

57,699,760

90,043,567

Advisor

Class

........................................................

189,020,813

548,024,489

Total

capital

share

transactions

............................................

219,879,988

465,215,416

Net

increase

(decrease)

in

net

assets

...................................

234,694,091

920,051,986

Net

assets:

Beginning

of

period

.....................................................

16,956,642,964

16,036,590,978

End

of

period

..........................................................

$17,191,337,055

$16,956,642,964

Franklin

California

Tax-Free

Income

Fund

Notes

to

Financial

Statements

(unaudited)

40

franklintempleton.com

Semiannual

Report

1.

Organization

and

Significant

Accounting

Policies

Franklin

California

Tax-Free

Income

Fund (Fund)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP).

The

Fund

offers

five

classes

of

shares:

Class

A,

Class

A1,

Class

C,

Class

R6

and

Advisor

Class.

Effective

August

2,

2021,

Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

8

years.

Prior

to

August

2,

2021,

Class

C

shares

converted

to

Class

A

shares

after

a

10-year

holding

period.

Each

class

of

shares

may

differ

by

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees. 

The

following

summarizes

the Fund's

significant

accounting

policies.

a.

Financial

Instrument

Valuation 

The

Fund’s

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates

the

net

asset

value

(NAV)

per

share

each business

day as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the

Fund's

Board

of

Trustees

(the

Board),

the

Fund's

administrator

has

responsibility

for

oversight

of

valuation,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Debt

securities

generally

trade

in

the

over-the-counter

market

rather

than

on

a

securities

exchange.

The

Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-

based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

The

Fund

has

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the Fund

primarily

employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

book

values,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

b.

Securities

Purchased

on

a

When-Issued

or

Delayed

Delivery

Basis

The

Fund

purchases

securities

on

a

when-issued

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.

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

September

30,

2021,

the

Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

Franklin

California

Tax-Free

Income

Fund

Notes

to

Financial

Statements

(unaudited)

41

franklintempleton.com

Semiannual

Report

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

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Dividends

from

net

investment

income

are

normally

declared

daily;

these

dividends

may

be

reinvested

or

paid

monthly

to

shareholders.

Distributions

from

net

realized

capital

gains

and

other

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

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

Fund

are

insured

by

either

a

new

issue

insurance

policy

or

a

secondary

insurance

policy.

Some

municipal

securities

in

the

Fund

are

secured

by

collateral

guaranteed

by

an

agency

of

the

U.S.

government.

Depending

on

the

type

of

coverage,

premiums

for

insurance

are

either

added

to

the

cost

basis

of

the

security

or

paid

by

a

third

party.

Insurance

companies

typically

insure

municipal

bonds

that

tend

to

be

of

very

high

quality,

with

the

majority

of

underlying

municipal

bonds

rated

A

or

better.

However,

an

event

involving

an

insurer

could

have

an

adverse

effect

on

the

value

of

the

securities

insured

by

that

insurance

company.

There

can

be

no

assurance

the

insurer

will

be

able

to

fulfill

its

obligations

under

the

terms

of

the

policy.

f.

Accounting

Estimates

The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

g.

Guarantees

and

Indemnifications

Under

the

Fund's

organizational

documents,

its

officers

and

trustees

are

indemnified

by

the

Fund

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

Additionally,

in

the

normal

course

of

business,

the

Fund

enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The

Fund's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not

yet

occurred.

Currently,

the

Fund

expects

the

risk

of

loss

to

be

remote.

1.

Organization

and

Significant

Accounting

Policies

(continued)

c.

Income

Taxes

(continued)

Franklin

California

Tax-Free

Income

Fund

Notes

to

Financial

Statements

(unaudited)

42

franklintempleton.com

Semiannual

Report

2.

Shares

of

Beneficial

Interest

At

September

30,

2021,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund’s

shares

were

as

follows:

3.

Transactions

with

Affiliates

Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and

trustees

of

the

Fund

are

also

officers

and/or

directors

of

the

following

subsidiaries:

Six

Months

Ended

September

30,

2021

Year

Ended

March

31,

2021

Shares

Amount

Shares

Amount

Class

A

Shares:

Shares

sold

a

...................................

72,336,662

$566,600,980

116,764,837

$900,106,033

Shares

issued

in

reinvestment

of

distributions

..........

3,189,595

24,913,199

5,649,675

43,540,099

Shares

redeemed

...............................

(23,444,538)

(183,306,921)

(39,521,104)

(304,045,623)

Net

increase

(decrease)

..........................

52,081,719

$408,207,258

82,893,408

$639,600,509

Class

A1

Shares:

Shares

sold

...................................

16,937,985

$132,316,124

38,448,447

$295,862,358

Shares

issued

in

reinvestment

of

distributions

..........

15,533,358

121,168,275

35,578,222

273,460,524

Shares

redeemed

...............................

(64,514,427)

(503,895,588)

(163,644,176)

(1,249,157,757)

Net

increase

(decrease)

..........................

(32,043,084)

$(250,411,189)

(89,617,507)

$(679,834,875)

Class

C

Shares:

Shares

sold

...................................

6,291,152

$49,075,960

21,886,128

$168,140,968

Shares

issued

in

reinvestment

of

distributions

..........

1,217,940

9,486,532

3,102,271

23,791,412

Shares

redeemed

a

..............................

(31,163,799)

(243,199,146)

(42,202,150)

(324,550,654)

Net

increase

(decrease)

..........................

(23,654,707)

$(184,636,654)

(17,213,751)

$(132,618,274)

Class

R6

Shares:

Shares

sold

...................................

11,182,742

$87,305,670

18,408,171

$141,741,350

Shares

issued

in

reinvestment

of

distributions

..........

544,507

4,241,621

897,010

6,895,210

Shares

redeemed

...............................

(4,338,181)

(33,847,531)

(7,653,152)

(58,592,993)

Net

increase

(decrease)

..........................

7,389,068

$57,699,760

11,652,029

$90,043,567

Advisor

Class

Shares:

Shares

sold

...................................

47,093,341

$367,118,588

129,992,816

$988,998,367

Shares

issued

in

reinvestment

of

distributions

..........

4,019,496

31,306,601

8,037,135

61,706,862

Shares

redeemed

...............................

(26,861,381)

(209,404,376)

(65,656,687)

(502,680,740)

Net

increase

(decrease)

..........................

24,251,456

$189,020,813

72,373,264

$548,024,489

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A.

Subsidiary

Affiliation

Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

(formerly

Franklin

Templeton

Distributors,

Inc.)

Principal

underwriter

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

Franklin

California

Tax-Free

Income

Fund

Notes

to

Financial

Statements

(unaudited)

43

franklintempleton.com

Semiannual

Report

a.

Management

Fees

The

Fund

pays

an

investment

management

fee

to

Advisers

based

on

the

month-end

net

assets

of

the

Fund

as

follows:

For

the

period

ended

September

30,

2021,

the

annualized

gross

effective

investment

management

fee

rate

was

0.435%

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

rates

for

each

class.

Under

the

Class

A

and

A1

reimbursement

distribution

plans,

costs

exceeding

the

maximum

for

the

current

plan

year

cannot

be

reimbursed

in

subsequent

periods.

In

addition,

under

the

Fund’s

Class

C

compensation

distribution

plan,

the

Fund

pays

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of

the

Fund's

shares

up

to

the

maximum

annual

plan

rate.

The

plan

year,

for

purposes

of

monitoring

compliance

with

the

maximum

annual

plan

rates,

is

February

1

through

January

31.

 The

maximum

annual

plan

rates,

based

on

the

average

daily

net

assets,

for

each

class,

are

as

follows:

d.

Sales

Charges/Underwriting

Agreements

Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Fund.

These

charges

are

deducted

from

the

proceeds

of

sales

of

Fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Fund

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Fund's

shares

for

the

period:

Annualized

Fee

Rate

Net

Assets

0.625%

Up

to

and

including

$100

million

0.500%

Over

$100

million,

up

to

and

including

$250

million

0.450%

Over

$250

million,

up

to

and

including

$7.5

billion

0.440%

Over

$7.5

billion,

up

to

and

including

$10

billion

0.430%

Over

$10

billion,

up

to

and

including

$12.5

billion

0.420%

Over

$12.5

billion,

up

to

and

including

$15

billion

0.400%

Over

$15

billion,

up

to

and

including

$17.5

billion

0.380%

Over

$17.5

billion,

up

to

and

including

$20

billion

0.360%

In

excess

of

$20

billion

Class

A

....................................................................................

0.25%

Class

A1

...................................................................................

0.10%

Class

C

....................................................................................

0.65%

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..............................

$273,498

CDSC

retained

..............................................................................

$25,558

3.

Transactions

with

Affiliates

(continued)

Franklin

California

Tax-Free

Income

Fund

Notes

to

Financial

Statements

(unaudited)

44

franklintempleton.com

Semiannual

Report

e.

Transfer

Agent

Fees

Each

class

of

shares pays

transfer

agent

fees

to

Investor

Services

for

its

performance

of

shareholder

servicing

obligations.

The

fees

are

based

on

an

annualized

asset

based

fee

of

0.02%

plus

a

transaction

based

fee.

In

addition,

each

class reimburses

Investor

Services

for

out

of

pocket

expenses

incurred

and,

except

for

Class

R6,

reimburses

shareholder

servicing

fees

paid

to

third

parties.

These

fees

are

allocated

daily

based

upon

their

relative

proportion

of

such

classes'

aggregate

net

assets.

Class

R6

pays

Investor

Services

transfer

agent

fees

specific

to

that

class.

For

the

period

ended

September

30,

2021,

the

Fund

paid

transfer

agent

fees

of

$4,383,579,

of

which $2,222,477

was

retained

by

Investor

Services.

f.

Waiver

and

Expense

Reimbursements

Investor

Services

has

contractually

agreed

in

advance

to

waive

or

limit

its

fees

so

that

the

Class

R6

transfer

agent

fees

do

not

exceed

0.03%

based

on

the

average

net

assets

of

the

class

until

July

31,

2022.

g.

Interfund

Transactions

The

Fund

engaged

in

purchases

and

sales

of

investments

with

funds

or

other

accounts

that

have

common

investment

managers

(or

affiliated

investment

managers),

directors,

trustees

or

officers.

During

the

period

ended

September

30,

2021,

these

purchase

and

sale

transactions

aggregated

$88,480,000

and

$0,

respectively.

4.

Expense

Offset

Arrangement

The Fund has

entered

into

an

arrangement

with

its

custodian

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Fund's

custodian

expenses.

During

the

period

ended

September

30,

2021,

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

March

31,

2021,

the

capital

loss

carryforwards

were

as

follows:

At

September

30,

2021,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

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.

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

................................................................................

$460,332,105

Long

term

................................................................................

433,219,537

Total

capital

loss

carryforwards

...............................................................

$893,551,642

Cost

of

investments

..........................................................................

$14,501,273,678

Unrealized

appreciation

........................................................................

$2,284,205,956

Unrealized

depreciation

........................................................................

(52,970,550)

Net

unrealized

appreciation

(depreciation)

..........................................................

$2,231,235,406

3.

Transactions

with

Affiliates

(continued)

Franklin

California

Tax-Free

Income

Fund

Notes

to

Financial

Statements

(unaudited)

45

franklintempleton.com

Semiannual

Report

6.

Investment

Transactions

Purchases

and

sales

of

investments

(excluding

short

term

securities)

for

the

period

ended

September

30,

2021,

aggregated

$1,903,832,805

and

$2,196,578,153,

respectively.

7.

Defaulted

Securities

The

Fund

held

defaulted

securities

and/or

other

securities

for

which

the

income

has

been

deemed

uncollectible.

At

September

30,

2021,

the

aggregate

value

of

these

securities

was

$81,826,900,

representing

0.5%

of

the

Fund's

net

assets.

The

Fund

discontinues

accruing

income

on

securities

for

which

income

has

been

deemed

uncollectible

and

provides

an

estimate

for

losses

on

interest

receivable.

The

securities

have

been

identified

in

the

accompanying

Statement

of

Investments.

8.

Concentration

of

Risk

The

Fund

invests

a

large

percentage

of

its total

assets

in

obligations

of

issuers

within California

and

U.S.

territories.

Such

concentration

may

subject

the

Fund

to

risks

associated

with

industrial

or

regional

matters,

and

economic,

political

or

legal

developments

occurring

within

California

and

U.S.

territories.

Investing

in

Puerto

Rico

securities

may

expose

the

Fund

to

heightened

risks

due

to

recent

adverse

economic

and

market

changes,

credit

downgrades

and

ongoing

restructuring

discussions.

In

addition,

investments

in

these

securities

are

sensitive

to

interest

rate

changes

and

credit

risk

of

the

issuer

and

may

subject

the

Fund

to

increased

market

volatility.

The

market

for

these

investments

may

be

limited,

which

may

make

them

difficult

to

buy

or

sell.

9.

Novel

Coronavirus

Pandemic 

The

global

outbreak

of

the

novel

coronavirus

disease,

known

as

COVID-19, has

caused

adverse

effects

on

many

companies,

sectors,

nations,

regions

and

the

markets

in

general, and

may

continue for

an unpredictable duration.

The

effects

of

this

pandemic

may

materially

impact

the

value

and

performance

of

the Fund, its ability

to

buy

and

sell

fund

investments

at

appropriate

valuations

and its ability

to

achieve its investment

objectives.

10.

Credit

Facility

The

Fund,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.675

billion

(Global

Credit

Facility)

which

matures

on

February

4,

2022.

This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Under

the

terms

of

the

Global

Credit

Facility,

the

Fund

shall,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Fund

and

other

costs

incurred

by

the

Fund,

pay

its

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon

its

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

Statement

of

Operations.

During

the

period

ended

September

30,

2021,

the Fund

did

not

use

the

Global

Credit

Facility.

11.

Fair

Value

Measurements

The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Franklin

California

Tax-Free

Income

Fund

Notes

to

Financial

Statements

(unaudited)

46

franklintempleton.com

Semiannual

Report

Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

3

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

At

September

30,

2021,

all

of

the

Fund’s

investments

in

financial

instruments

carried

at

fair

value

were

valued

using

Level

2

inputs.

12.

New

Accounting

Pronouncements

In

March

2020,

the

Financial

Accounting

Standards

Board

(FASB)

issued

Accounting

Standards

Update

(ASU)

No.

2020-04,

Reference

Rate

Reform

(Topic

848)

–

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting.

In

January

2021,

the

FASB

issued

ASU

No.

2021-01,

with

further

amendments

to

Topic

848.

The

amendments

in

the

ASUs

provide

optional

temporary

accounting

recognition

and financial

reporting

relief

from

the

effect

of

certain

types

of

contract

modifications

due

to

the

planned

discontinuation

of

the

London

Interbank

Offered

Rate

(LIBOR)

and

other

interbank-offered

based

reference

rates

as

of

the

end

of

2021

for

certain

LIBOR

settings

and

2023

for

the

remainder. The

ASUs

are

effective

for

certain

reference

rate-related

contract

modifications

that

occur

during

the

period

March

12,

2020

through

December

31,

2022.

Management

has

reviewed

the

requirements

and

believes

the

adoption

of

these

ASUs

will

not

have

a

material

impact

on

the

financial

statements. 

13.

Subsequent

Events

The

Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

Abbreviations

Selected

Portfolio

1915

Act

Improvement

Bond

Act

of

1915

ABAG

Association

of

Bay

Area

Governments

AGMC

Assured

Guaranty

Municipal

Corp.

AMBAC

American

Municipal

Bond

Assurance

Corp.

BAM

Build

America

Mutual

Assurance

Co.

COP

Certificate

of

Participation

ETM

Escrowed

to

Maturity

FGIC

Financial

Guaranty

Insurance

Co.

FHA

Federal

Housing

Administration

FHLMC

Federal

Home

Loan

Mortgage

Corp.

GNMA

Government

National

Mortgage

Association

GO

General

Obligation

LOC

Letter

of

Credit

NATL

National

Reinsurance

Corp.

SPA

Standby

Purchase

Agreement

11.

Fair

Value

Measurements

(continued)

Franklin

California

Tax-Free

Income

Fund

Shareholder

Information

47

franklintempleton.com

Semiannual

Report

Liquidity

Risk

Management

Program-

Funds

no

HLIM

Each

Fund

has

adopted

and

implemented

a

written

Liquidity

Risk

Management

Program

(the

“LRMP”)

as

required

by

Rule

22e-4

under

the

Investment

Company

Act

of

1940

(the

“Liquidity

Rule”).

The

LRMP

is

designed

to

assess

and

manage

each

Fund’s

liquidity

risk,

which

is

defined

as

the

risk

that

the

Fund

could

not

meet

requests

to

redeem

shares

issued

by

the

Fund

without

significant

dilution

of

remaining

investors’

interests

in

the

Fund.

In

accordance

with

the

Liquidity

Rule,

the

LRMP

includes

policies

and

procedures

that

provide

for:

(1)

assessment,

management,

and

review

(no

less

frequently

than

annually)

of

each

Fund’s

liquidity

risk;

(2)

classification

of

each

Fund’s

portfolio

holdings

into

one

of

four

liquidity

categories

(Highly

Liquid,

Moderately

Liquid,

Less

Liquid,

and

Illiquid);

(3)

for

Funds

that

do

not

primarily

hold

assets

that

are

Highly

Liquid,

establishing

and

maintaining

a

minimum

percentage

of

the

Fund’s

net

assets

in

Highly

Liquid

investments

(called

a

“Highly

Liquid

Investment

Minimum”

or

“HLIM”);

and

(4)

prohibiting

the

Fund’s

acquisition

of

Illiquid

investments

that

would

result

in

the

Fund

holding

more

than

15%

of

its

net

assets

in

Illiquid

assets.

The

LRMP

also

requires

reporting

to

the

Securities

and

Exchange

Commission

(“SEC”)

(on

a

non-public

basis)

and

to

the

Board

if

the

Fund’s

holdings

of

Illiquid

assets

exceed

15%

of

the

Fund’s

net

assets.

Funds

with

HLIMs

must

have

procedures

for

addressing

HLIM

shortfalls,

including

reporting

to

the

Board

and,

with

respect

to

HLIM

shortfalls

lasting

more

than

seven

consecutive

calendar

days,

reporting

to

the

SEC

(on

a

non-public

basis).

The

Director

of

Liquidity

Risk

within

the

Investment

Risk

Management

Group

(the

“IRMG”)

is

the

appointed

Administrator

of

the

LRMP.

The

IRMG

maintains

the

Investment

Liquidity

Committee

(the

“ILC”)

to

provide

oversight

and

administration

of

policies

and

procedures

governing

liquidity

risk

management

for

FT

products

and

portfolios.

The

ILC

includes

representatives

from

Franklin

Templeton’s

Risk,

Trading,

Global

Compliance,

Investment

Compliance,

Investment

Operations,

Valuation

Committee,

Product

Management

and

Global

Product

Strategy.

In

assessing

and

managing

each

Fund’s

liquidity

risk,

the

ILC

considers,

as

relevant,

a

variety

of

factors,

including

the

Fund’s

investment

strategy

and

the

liquidity

of

its

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

its

short

and

long-term

cash

flow

projections;

and

its

cash

holdings

and

access

to

other

funding

sources

including

the

Funds’

interfund

lending

facility

and

line

of

credit.

Classification

of

the

Fund’s

portfolio

holdings

in

the

four

liquidity

categories

is

based

on

the

number

of

days

it

is

reasonably

expected

to

take

to

convert

the

investment

to

cash

(for

Highly

Liquid

and

Moderately

Liquid

holdings)

or

sell

or

dispose

of

the

investment

(for

Less

Liquid

and

Illiquid

investments),

in

current

market

conditions

without

significantly

changing

the

investment’s

market

value.

Each

Fund

primarily

holds

liquid

assets

that

are

defined

under

the

Liquidity

Rule

as

"Highly

Liquid

Investments,"

and

therefore

is

not

required

to

establish

an

HLIM.

Highly

Liquid

Investments

are

defined

as

cash

and

any

investment

reasonably

expected

to

be

convertible

to

cash

in

current

market

conditions

in

three

business

days

or

less

without

the

conversion

to

cash

significantly

changing

the

market

value

of

the

investment.

At

meetings

of

the

Funds’

Board

of

Trustees

held

in

May

2021,

the

Program

Administrator

provided

a

written

report

to

the

Board

addressing

the

adequacy

and

effectiveness

of

the

program

for

the

year

ended

December

31,

2020.

The

Program

Administrator

report

concluded

that

(i.)

the

LRMP,

as

adopted

and

implemented,

remains

reasonably

designed

to

assess

and

manage

each

Fund’s

liquidity

risk;

(ii.)

the

LRMP,

including

the

Highly

Liquid

Investment

Minimum

(“HLIM”)

where

applicable,

was

implemented

and

operated

effectively

to

achieve

the

goal

of

assessing

and

managing

each

Fund’s

liquidity

risk;

and

(iii.)

each

Fund

was

able

to

meet

requests

for

redemption

without

significant

dilution

of

remaining

investors’

interests

in

the

Fund.

Proxy

Voting

Policies

and

Procedures

The

Fund’s

investment

manager

has

established

Proxy

Voting

Policies

and

Procedures

(Policies)

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities.

Shareholders

may

view

the

Fund’s

complete

Policies

online

at

franklintempleton.com.

Alternatively,

shareholders

may

request

copies

of

the

Policies

free

of

charge

by

calling

the

Proxy

Group

collect

at

(954)

527-

7678

or

by

sending

a

written

request

to:

Franklin

Templeton

Companies,

LLC,

300

S.E.

2nd

Street,

Fort

Lauderdale,

FL

33301,

Attention:

Proxy

Group.

Copies

of

the

Fund’s

proxy

voting

records

are

also

made

available

online

at

franklintempleton.com

and

posted

on

the

U.S.

Securities

and

Exchange

Commission’s

website

at

sec.gov

and

reflect

the

most

recent

12-month

period

ended

June

30.

Franklin

California

Tax-Free

Income

Fund

Shareholder

Information

48

franklintempleton.com

Semiannual

Report

Quarterly

Statement

of

Investments

The

Fund

files

a

complete

statement

of

investments

with

the

U.S.

Securities

and

Exchange

Commission

for

the

first

and

third

quarters

for

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

Shareholders

may

view

the

filed

Form

N-PORT

by

visiting

the

Commission’s

website

at

sec.

gov.

The

filed

form

may

also

be

viewed

and

copied

at

the

Commission’s

Public

Reference

Room

in

Washington,

DC.

Information

regarding

the

operations

of

the

Public

Reference

Room

may

be

obtained

by

calling

(800)

SEC-0330.

Householding

of

Reports

and

Prospectuses

You

will

receive,

or

receive

notice

of

the

availability

of,

the

Fund’s

financial

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

financial

reports

(to

the

extent

received

by

mail)

and

summary

prospectus.

This

process,

called

“householding,”

will

continue

indefinitely

unless

you

instruct

us

otherwise.

If

you

prefer

not

to

have

these

documents

householded,

please

call

us

at

(800)

632-2301.

At

any

time

you

may

view

current

prospectuses/

summary

prospectuses

and

financial

reports

on

our

website.

If

you

choose,

you

may

receive

these

documents

through

electronic

delivery.

1112

S

11/21

©

2021

Franklin

Templeton

Investments.

All

rights

reserved.

Authorized

for

distribution

only

when

accompanied

or

preceded

by

a

summary

prospectus

and/or

prospectus.

Investors

should

carefully

consider

a

fund’s

investment

goals,

risks,

charges

and

expenses

before

investing.

A

prospectus

contains

this

and

other

information;

please

read

it

carefully

before

investing.

To

help

ensure

we

provide

you

with

quality

service,

all

calls

to

and

from

our

service

areas

are

monitored

and/or

recorded.

Semiannual

Report

and

Shareholder

Letter

Franklin

California

Tax-Free

Income

Fund

Investment

Manager

Distributor

Shareholder

Services

Franklin

Advisers,

Inc.

Franklin

Distributors,

LLC

(800)

DIAL

BEN

®

/

342-5236

franklintempleton.com

(800)

632-2301

Item 2. Code of Ethics.

(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.

(c) N/A

(d) N/A

(f) Pursuant to Item 13(a)(1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

Item 3. Audit Committee Financial Expert.

(a)(1) The Registrant has an audit committee financial expert serving on its audit committee.

(2) The audit committee financial expert is Mary C. Choksi and she is "independent" as defined under the relevant Securities and Exchange Commission Rules and Releases.

Item 4. Principal Accountant Fees and Services.       N/A

Item 5. Audit Committee of Listed Registrants.        N/A            

Item 6. Schedule of Investments.                      N/A

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.               N/A

Item 8. Portfolio Managers of Closed-End Management Investment Companies.                                               N/A

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and

Affiliated Purchasers.        N/A

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

Item 11. Controls and Procedures.

(a) Evaluation of Disclosure Controls and Procedures.

The Registrant maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the Registrant’s filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940 is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the Registrant’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Registrant’s management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

Within 90 days prior to the filing date of this Shareholder Report on Form N-CSR, the Registrant had carried out an evaluation, under the supervision and with the participation of the Registrant’s management, including the Registrant’s principal executive officer and the Registrant’s principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on such evaluation, the Registrant’s principal executive officer and principal financial officer concluded that the Registrant’s disclosure controls and procedures are effective.

(b) Changes in Internal Controls.

There have been no changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect the internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Company.                             N/A

Item 13. Exhibits.

(a) (1) Code of Ethics

codeofethics

(a) (2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of

Matthew T. Hinkle

, Chief Executive Officer - Finance and Administration, and Jeffrey W. White, Interim Chief Financial Officer, Chief Accounting Officer and Treasurer

section302

(b)   Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of

Matthew T. Hinkle

, Chief Executive Officer - Finance and Administration, and Jeffrey W. White, Interim Chief Financial Officer, Chief Accounting Officer and Treasurer

section906

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

FRANKLIN CALIFORNIA TAX-FREE INCOME FUND

By S\MATTHEW T. HINKLE______________________

      Matthew T. Hinkle

      Chief Executive Officer – Finance and Administration

Date November

29, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By S\MATTHEW T. HINKLE______________________

      Matthew T. Hinkle

      Chief Executive Officer – Finance and Administration

Date November

29, 2021

By S\Jeffrey W. White________________________

Jeffrey W. White

     Interim Chief Financial Officer, Chief Accounting Officer and Treasurer

Date November

29, 2021