Franklin Federal Intermediate-Term Tax-Free Income Fund
Franklin Tax Free Trust · 5 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
Franklin Federal Intermediate-Term Tax-Free Income Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
Fund profile
As filed in the prospectus · 2026 Q2
To provide investors with as high a level of income exempt from federal income taxes as is consistent with prudent investment management and the preservation of shareholders capital.
The fund invests at least 80% of its assets in municipal securities whose interest is exempt from federal income taxes, selecting securities rated in the top four categories by nationally recognized rating services and maintaining a dollar-weighted average maturity of six to 12 years. Up to 35% of assets may be allocated to municipal securities issued by U.S. territories. Because the fund may hold significant positions in municipal securities financing similar types of projects based on economic conditions, concentration risk in particular project types can arise.
| Share class | Gross | Net |
|---|---|---|
| FKITX | 0.68% | 0.56% |
| FCITX | 1.23% | 1.11% |
| FITZX | 0.58% | 0.46% |
| FITQX | 0.51% | 0.40% |
| FKQTX | 0.83% | 0.71% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 27.20% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 97.61% |
| Cash & short-term | 1.68% |
| Other | 0.26% |
Latest quarter
What changed since the fund's previous filing
Largest new: Minnesota Municipal Gas Agency, San Francisco City & County Airport Comm-San Francisco International Airport, New Hampshire Business Finance Authority ×3, State of Illinois, Redevelopment Authority of the City of Philadelphia, State of California
Largest exited: University of California, Tarrant Regional Water District, State of Washington, City of New York NY, Ohio Housing Finance Agency, University of Connecticut, Michigan Finance Authority, City of Rochester MN
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +6.19% | +11.97% | +6.08% | 3.51% | -4.17% | |
| +5.59% | +10.10% | +3.18% | 3.56% | -4.20% | |
| +6.28% | +12.28% | +6.59% | 3.55% | -4.13% | |
| +6.35% | +12.46% | +6.80% | 3.50% | -4.12% | |
| +5.93% | +11.36% | +5.19% | 3.58% | -4.11% |
These classes hold the same portfolio, so the 3.62pp spread over 5 years is the cost difference between them — roughly 0.72pp a year — not a difference in what they own.
May 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 83.7% |
| Floating rate | 14.8% |
| Zero-coupon or unclassified | 1.5% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.4% |
| 1-3y | 3.3% |
| 3-5y | 6.1% |
| 5-10y | 27.3% |
| 10y+ | 62.9% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 50% |
| Credit spreads | 50% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +4.92 yr |
| High yield | +0.82 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.06 yr | 1% |
| 5 yr | 0.63 yr | 11% |
| 10 yr | 3.00 yr | 52% |
| 30 yr | 2.12 yr | 36% |
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.06 yr | 1% |
| 5 yr | 0.63 yr | 11% |
| 10 yr | 2.97 yr | 52% |
| 30 yr | 2.08 yr | 36% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.00 | +0.00 | +0.00 | $120 | $0 |
| 1 yr | +0.06 | +0.04 | +0.02 | $8.5k | $3.3k |
| 5 yr | +0.63 | +0.50 | +0.13 | $101.4k | $26.0k |
| 10 yr | +3.00 | +2.50 | +0.47 | $504.0k | $93.9k |
| 30 yr | +2.12 | +1.87 | +0.21 | $377.1k | $42.5k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | Patriots Energy Group Financing Agency5.25% floating · due 2054-10-01 | 1.46% | $29.47M | — |
| — | Public Finance Authority5.38% · due 2036-12-01 | 1.22% | $24.63M | — |
| — | Public Finance Authority4.50% · due 2031-12-01 | 1.21% | $24.45M | — |
| — | Philadelphia Authority for Industrial Development | 1.18% | $23.84M | — |
| — | Tennergy Corp.5.50% floating · due 2053-10-01 | 1.16% | $23.27M | — |
| — | Texas Transportation Finance Corp.5.50% · due 2055-10-01 | 1.11% | $22.37M | — |
| — | Texas Municipal Gas Acquisition & Supply Corp. IV5.50% floating · due 2054-01-01 | 1.02% | $20.61M | — |
| — | Maricopa County Industrial Development Authority7.38% · due 2029-10-01 | 0.96% | $19.41M | — |
| — | New Jersey Economic Development Authority5.00% · due 2039-11-01 | 0.86% | $17.30M | — |
| — | San Francisco City & County Airport Comm-San Francisco International Airport5.00% · due 2033-05-01 | 0.83% | $16.64M | — |
Top 10 positions are 11.03% of net assets, top 25 21.71%, across 247 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
Sign in free