Franklin California Tax-Free Income Fund Q1 2026 Commentary
The Franklin California Tax-Free Income Fund performed better than its benchmark in the first quarter of 2026. There was a notable increase in new issuance of municipal bonds compared to previous years. However, demand has started to decline as market conditions change.
- ▪The fund outperformed the Linked Bloomberg Muni Bond California Exempt/Muni Bond Index in Q1 2026.
- ▪New issuance of municipal bonds in early 2026 surpassed the average of recent years.
- ▪Demand for municipal bonds has begun to soften amid changing market conditions.
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