Two investment commentaries for intermediate-term tax-exempt funds are published for the first quarter of 2026. The first is for the Northern Funds Intermediate Tax-Exempt Fund, and the second is for the Franklin New York Intermediate-Term Tax-Free Income Fund. Each commentary is presented as an update covering the fund’s performance and relevant market or portfolio factors during Q1 2026. While specific performance figures, portfolio changes, holdings details, and cited drivers are not provided in the supplied text, both sources indicate that the funds deliver quarterly commentary to inform investors about results and conditions affecting tax-exempt bond strategies in the intermediate-term segment. The commentaries typically function as narrative alongside standard fund reporting, aiming to contextualize how interest rates, credit conditions, and portfolio positioning may influence returns and yield for municipal or other tax-exempt fixed-income exposure. Based on the information available here, the shared commonality is that both outlets publish Q1 2026 commentary for their respective intermediate-term tax-exempt funds, offering an investor-facing review for that period.