Franklin New York Tax-Free Income Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Franklin New York Tax-Free Income Fund held 447 positions with $2.62B in net assets. Its ten largest holdings made up 13.9% of the fund. The FNYTX share class costs 0.65% a year. Over the 12 months to May 2026, FNYTX returned 7.6%, with dividends reinvested. In 2026 Q2 it added 11 new positions and exited 14.
To provide investors with as high a level of income exempt from federal, New York State and New York City personal income taxes as is consistent with prudent investment management and the preservation of shareholders' capital.
The fund invests at least 80% of assets in municipal securities whose interest is exempt from federal income tax and New York State personal income tax, with a focus on securities also exempt from New York City tax; it selects individual securities based on credit quality, risk, pricing, and duration management rather than tracking an index. As a non-diversified fund, it invests a greater portion of assets in securities of one or more issuers and in a smaller number of issuers overall than a diversified fund, which concentrates its returns on the credit performance and market value of those holdings. The fund may hold up to 20% in securities subject to federal alternative minimum tax or taxable interest, and up to 35% in U.S. territory municipal securities.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
New York Liberty Development Corp. 5.25% · due 2035-10-01 | 3.98% | $104.12M | — |
Public Finance Authority 0.00% · due 2045-12-01 | 1.40% | $36.54M | — |
New York City Housing Development Corp. 4.00% · due 2048-11-01 | 1.27% | $33.14M | — |
New York Liberty Development Corp. 5.50% · due 2037-10-01 | 1.21% | $31.58M | — |
Metropolitan Transportation Authority Dedicated Tax Fund 5.00% · due 2049-11-15 | 1.18% | $30.80M | — |
New York City Municipal Water Finance Authority 5.25% · due 2055-06-15 | 1.01% | $26.38M | — |
New York State Thruway Authority 5.00% · due 2048-03-15 | 0.99% | $25.96M | — |
New York State Dormitory Authority 5.00% · due 2049-07-01 | 0.97% | $25.50M | — |
New York Transportation Development Corp. 4.38% · due 2045-10-01 | 0.97% | $25.38M | — |
New York State Dormitory Authority 4.00% · due 2046-03-15 | 0.90% | $23.66M | — |
The 200 largest of 447 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 97.06% |
| Cash & short-term | 2.08% |
How it has done
FNYTX share class · total returns with dividends reinvested
Volatility over the last 12 months: 4.79%. Past returns are a record, not a forecast.
The 5 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.65% | +7.65% | +11.36% | +1.37% | -6.60% | |
| 1.20% | +7.07% | +9.55% | -1.38% | -6.73% | |
| 0.55% | +7.86% | +11.68% | +1.88% | -6.57% | |
| 0.50% | +7.81% | +11.68% | +2.00% | -6.66% | |
| 0.80% | +7.49% | +10.76% | +0.61% | -6.63% |
These classes hold the same portfolio, so the 3.38pp spread over 5 years is the cost difference between them — roughly 0.68pp a year — not a difference in what they own.
Fees & fund details
Franklin New York 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
- Long duration
- Features
- Non-diversified
- Expense ratio, by class
- 0.50% – 1.20%· FNYTX 0.65%
- Portfolio turnover
- 14.51% a year · as of 2026 Q2
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
11 new· the largest 5
14 exited· the largest 6
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 | 95.2% |
| Zero-coupon or unclassified | 4.3% |
| Floating rate | 0.5% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.2% |
| 1-3y | 0.8% |
| 3-5y | 1.6% |
| 5-10y | 8.7% |
| 10y+ | 88.7% |
Based on what filers reported; a filer that never reported a flag also reads as none.
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 | +6.75 yr |
| High yield | +0.84 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 | 0.01 yr | 0% |
| 5 yr | 0.16 yr | 2% |
| 10 yr | 2.99 yr | 39% |
| 30 yr | 4.59 yr | 59% |
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.01 yr | 0% |
| 5 yr | 0.16 yr | 2% |
| 10 yr | 2.94 yr | 39% |
| 30 yr | 4.49 yr | 59% |
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 | $50 | $0 |
| 1 yr | +0.01 | +0.00 | +0.00 | $1.0k | $1.1k |
| 5 yr | +0.16 | +0.14 | +0.02 | $37.3k | $4.8k |
| 10 yr | +2.99 | +2.52 | +0.42 | $660.6k | $108.9k |
| 30 yr | +4.59 | +4.08 | +0.40 | $1.07m | $105.7k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Understand how this fund fits with the rest.
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