According to CoinMeta, comments from Franklin Federal Intermediate - Term Tax - Free Income Fund in the second quarter of 2026 indicated that the new issuance volume of municipal bonds continued to remain above 8% compared to the same period last year. The valuation of municipal bonds remains attractive compared to other fixed-income sectors, especially for tax-sensitive investors seeking stable income. In the second quarter, the fund's yield curve positioning had a positive impact on its relative performance, mainly due to our overweight allocation to municipal bonds with maturities exceeding 20 years.