Franklin Federal Intermediate-Term Tax-Free Income Fund Class A is an actively managed municipal bond mutual fund focused on generating income exempt from regular federal income taxes, including the federal alternative minimum tax. The strategy invests at least 80% of assets in tax-exempt securities and maintains a dollar‑weighted average portfolio maturity of roughly three to ten years, positioning the portfolio in the intermediate segment of the muni curve. The fund purchases municipal bonds rated within the top four investment-grade categories at the time of purchase, seeking broad diversification across states, issuers, and revenue sectors such as general obligation, essential services, transportation, and healthcare. It distributes income on a monthly schedule and is managed within the Muni National Intermediate category, aiming to balance interest-rate sensitivity with credit quality. Supported by Franklin Templeton’s municipal research platform, the fund’s role in the market is to provide federally tax‑advantaged income and intermediate‑duration exposure to U.S. municipal credit, serving investors who prioritize tax efficiency and a diversified, investment‑grade muni allocation.
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