Investment objective & strategy
As of March 27, 2025 · prospectusObjective. The fund seeks as high a level of current income exempt from federal income tax and New York State and City personal income taxes as the Investment Manager (as defined below) believes is consistent with preservation of capital.
Strategy. Investments We invest mainly in bonds that pay interest that is exempt from federal income tax and New York State and City personal income taxes (but that may be subject to federal alternative minimum tax (AMT)), are investment-grade in quality, and have intermediate- to long-term maturities (i.e., three years or longer). Under normal circumstances, we invest so that at least 90% of the funds income distributions are exempt from federal income tax and New York State and City personal income taxes, except during times of adverse market conditions, when more than 10% of the funds income distributions could be subject to these taxes. Such tax-exempt investments in which the fund invests are issued by or for states, territories or possessions … Investments We invest mainly in bonds that pay interest that is exempt from federal income tax and New York State and City personal income taxes (but that may be subject to federal alternative minimum tax (AMT)), are investment-grade in quality, and have intermediate- to long-term maturities (i.e., three years or longer). Under normal circumstances, we invest so that at least 90% of the funds income distributions are exempt from federal income tax and New York State and City personal income taxes, except during times of adverse market conditions, when more than 10% of the funds income distributions could be subject to these taxes. Such tax-exempt investments in which the fund invests are issued by or for states, territories or possessions of the United States or by their political subdivisions, agencies, authorities or other government entities, and the income from these investments is exempt from both federal and New York State and City personal income tax. This investment policy cannot be changed without the approval of the funds shareholders. We may consider, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell investments.
Top holdings
As of Aug. 31, 2025 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| NY LIBERTY DEV 3% 9/15/2043 | — | $22.72M | 3.32% |
| NY NYCDEV 5 11/15/2044 | NYCDEV | $15.52M | 2.27% |
| TSASC NY TOBAC 5% 6/1/2041 | TSA | $12.87M | 1.88% |
| LONG ISLAND PWR -A | — | $12.62M | 1.84% |
| NYC TRANS FIN AUTH-A1 | NYCGEN | $12.26M | 1.79% |
| NYC TRANSITIONAL FIN | — | $10.49M | 1.53% |
| NYC WTR 5.25% 6/15/53 | — | $10.33M | 1.51% |
| NY ST URBAN DEV-A | NYSFAC | $10.27M | 1.50% |
| NYC TRANSITIONAL-C-1 | — | $10.11M | 1.48% |
| MTA NY TRANS-C-GREEN | — | $10.02M | 1.46% |
Portfolio moves
May 31, 2025 → Aug 31, 2025How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| Franklin New York Municipal Income ETF | 85% | 0.36% |
| Franklin New York Tax-Free Income Fund · FNYTX, FNYIX, FNYAX, FKTJX, FNYQX | 13% | 0.49% |
| PIMCO New York Municipal Income Fund | 12% | — |
Advisers
| Firm | Role |
|---|---|
| Franklin Advisers, Inc. | Adviser |
| Franklin Templeton Investment Management Limited | Sub-adviser |
| Putnam Investment Management, LLC | Sub-adviser |
Footnotes
- Expense ratio as of March 28, 2024, from the fund's prospectus.
- Net assets and holdings count as of August 31, 2025, from the fund's N-PORT filing.
- Total return for calendar year 2023, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2023 (the latest prospectus does not yet chart this year).
Machine-readable: JSON · Markdown. Programmatic access via the agent surface.