Franklin California Intermediate-Term Tax-Free Income Fund Q3 2025 Commentary

Franklin Templeton 4.62K Follower s Follow 5 Share Save Play ( 4min ) Comments Summary In Q3 2025, a new issuance of municipal bonds exceeded the average seen in the past few years, driven by a 34% YoY surge in July issuance, per Bloomberg. Over the quarter, Franklin California Intermediate-Term Tax-Free Income Fund underperformed its benchmark, the Linked Bloomberg Muni M.F. CA Intermediate/10-Year Muni Bond Index. Muni bond issuance exceeded historical averages in Q3 as issuers, who had been reluctant to issue new bonds under the looming threat to their tax-exempt status, came to market. Maximusnd/iStock via Getty Images Key Takeaways Markets: In the third quarter of 2025 (Q3), a new issuance of municipal (muni) bonds exceeded the average seen in the past few years, driven by a 34% year-over-year surge in July issuance, per Bloomberg. By quarter end, the yield on the This article was written by Franklin Templeton 4.62K Follower s Follow Franklin Resources, Inc. [NYSE:BEN] is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton’s mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With more than 1,300 investment professionals, and offices in major financial markets around the world, the California-based company has over 75 years of investment experience and over $1.4 trillion in assets under management as of June 30, 2023. For more information, please visit franklintempleton.com and follow us on LinkedIn, Twitter and Facebook.

Preview: ~272 words