Fund Evaluator:
Franklin NY Tax Free Income A (FNYQX)
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Best Performing in Muni New York Long Over the Last Year
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Fund Details
Franklin NY Tax Free Income A Overview
Franklin NY Tax Free Income A (FNYQX) is an actively managed Municipal Bond Muni New York Long fund. Franklin Templeton Investments launched the fund in 2018.
The investment seeks 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 its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax, and from New York State personal income taxes. It also normally invests at least 65% of its total assets, although it generally invests more, in securities that pay interest free from New York City personal income taxes. The fund is non-diversified.
About Franklin NY Tax Free Income A (FNYQX)
There are 4 members of the management team with an average tenure of 5.36 years: Michael Conn (2020), John Bonelli (2016), James Conn (2026), Christopher Sperry (2020). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100% and Bloomberg Municipal New York Exempt TR index with a weighting of 100%. Franklin NY Tax Free Income A has 450 securities in its portfolio. The top 10 holdings constitute 14.1% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Franklin NY Tax Free Income A is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Franklin NY Tax Free Income A has 2.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 99.8% (97.2% domestic bond, 2.6% foreign bond and 0.0% convertible bond). Franklin NY Tax Free Income A has 0.2% of the portfolio in cash.
Assets Under Management
The fund has $327 million in total assets, which is above the $287 million average for the Muni New York Long category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
FNYQX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Franklin NY Tax Free Income A expense ratio is high compared to funds in the Muni New York Long category. Franklin NY Tax Free Income A has an expense ratio of 0.80%, which is 6% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Franklin NY Tax Free Income A has a portfolio turnover rate of 14%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 27% for the Muni New York Long category.
Recently, in the month of July 2026, Franklin NY Tax Free Income A returned -2.0%, which earned it a grade of B, as the Muni New York Long category had an average return of -2.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Franklin NY Tax Free Income A has a trailing yield of 3.48%, which is below the 3.63% category average. The fund normally distributes its income monthly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Franklin NY Tax Free Income A Grades
Year to date, the fund has returned 0.8%, 0.1 percentage points worse than the category, which translates into a grade of D. The fund has returned 6.6% over the past year (grade of D), 2.7% over the past three years (grade of D) and -0.3% per year over the past five years (grade of D) and 1.2% per year over the past 10 years (grade of F).
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FNYQX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FNYQX Return (NAV) | -2.0% | -0.4% | 6.6% | 2.7% | -0.3% | 1.2% |
| FNYQX Grade | B | C | D | D | D | F |
| +/- Category | 0.1% | 0.0% | -0.1% | -0.2% | -0.2% | -0.5% |
| Muni New York Long Avg | -2.1% | -0.5% | 6.7% | 2.9% | -0.1% | 1.7% |
| FNYQX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | na |
FNYQX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FNYQX Return (NAV) | 0.8% | 2.5% | 1.7% | 7.2% | -12.1% | 1.7% | 4.6% | 6.8% | 0.4% | 2.3% | 0.7% |
| FNYQX Grade | D | C | D | D | C | F | C | F | D | F | B |
| +/- Category | -0.1% | 0.0% | -0.2% | -0.3% | -0.2% | -1.6% | 0.5% | -1.0% | -1.0% | -2.4% | -0.0% |
| Muni New York Long Avg | 0.9% | 2.4% | 2.0% | 7.5% | -11.9% | 3.3% | 4.1% | 7.8% | 1.4% | 4.7% | 0.7% |
| Risk Measures | |
| Standard Deviation: | 6.6% |
| Total Risk Index: | 0.53 - Below Average |
| Category Risk Index: | 0.94 - Below Average |
| Category Risk Grade: | B (32% Rank) |
| Beta: | 1.12 |
| R-Squared: | 96% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 3.5% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $2558 Mil |
| Fund Total Assets: | $ 327 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 15% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 9.8 years | |||
| Average Tenure: 5.4 years | |||
| Managers (Year): Bonelli John (2016), Conn Michael (2020), Sperry Christopher (2020), Conn James (2026) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 450 |
| % in Top 10 Holdings: | 14.1% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 2.6% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 97.2% |
| Foreign Bond: | 2.6% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.2% |
Purchase Information
| Fund Family: | Franklin Templeton Investments |
| Phone Number: | 800-342-5236 |
| Website: | www.franklintempleton.com |
| Status: | Open |
| Inception Date: | September 10, 2018 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 3.75% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 0.80% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.85% |
| Share Class: | Franklin NY Tax Free Income A1 |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
