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Managed Fund Since 2020
Fixed Income
FKNRX Franklin New York Intermediate-Term Tax-Free Income Fund
- Tax-Free Income. Monthly income exempt from federal income taxes and New York State and New York City personal income taxes.
- Broad access. Invests across all sectors within the investment grade rated municipal bond universe.
- Portfolio diversification. Can be used as a core portfolio holding, providing diversification from equities.
Popular Documents
Total Net Assets
$522.92M
As of 01/31/2026 (Updated Monthly)
Overview
Fund Facts
Fund description
The fund seeks to provide investors with as high a level of income exempt from regular federal income taxes and 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 maintains a dollar-weighted average portfolio maturity of six to twelve years.
- Benchmark
4 - Linked Bloomberg New York Muni Bond/10-Year Muni Bond Index
- Fund Inception Date
- 09/21/1992
- Dividend Frequency, if any
- Monthly
- Distribution Rate at NAV
5 As of 02/09/2026 (Updated Daily) - 2.97%
- Taxable Equivalent Yield—With Waiver
As of 01/31/2026 (Updated Monthly) - 6.39%
- Taxable Equivalent Yield—Without Waiver
As of 01/31/2026 (Updated Monthly) - 6.39%
Identifiers
- Ticker
- FKNRX
- Fund Number
- 8153
- CUSIP Code
- 354128878
Average Annual Total Returns As of 01/31/2026
Class R6
- 5.05%1 Year
- 3.15%3 Years
- 0.80%5 Years
- 1.73%10 Years
- 3.95%Since Inception
09/21/1992
Performance data quoted represents past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the figures shown.
Top Sectors
As of 01/31/2026 % of Total (Updated Monthly)
Special Tax17.96% | |
Transportation16.97% | |
Education11.85% | |
Utilities11.71% | |
Industrial Dev. Revenue and Pollution Control8.53% |
Additional Fund Info
- Share Class Inception Date
- 08/01/2017
- Investment Style
- Municipals
- Lipper Classification
- New York Intermdt Municipal Debt Funds
- Morningstar Category
11 - Muni New York Intermediate
Manager and Commentary
About the Team
Franklin Templeton Fixed Income
A global leader in fixed income, the team strives to provide consistent and resilient returns by combining deep fundamental research with rigorous portfolio construction. This solutions-drives approach means maintaining portfolio and risk exposures that align with client expectations.
Commentary Highlights
12/31/2025- Markets : In the fourth quarter of 2025 (Q4) new issuance of municipal (muni) bonds increased 14% year-over-year compared to 2024, culminating in a new annual record with tax-exempt issuance surpassing $500 billion, per Barclays. By quarter end, the yield on the benchmark 10-year UST note moved two basis points (bps) higher to 4.17%, and the yield on the 30-year UST bond increased by 11 bps to 4.84%. US market sentiment dipped in throughout the quarter due to consumers concerns over personal finances problems, driven by weak labor and persistent inflation expectations, according to the latest University of Michigan's consumer surveys. The mid-November resolution of the US federal government shutdown supported sentiment through year-end. Federal Reserve (Fed) policy also drove overall returns, with three consecutive 25-bp rate cuts which were well received by the market. However, the future path of cuts grew ambiguous as Fed members were split on the need for further adjustments.
- Contributors: Overweight allocations to muni bonds with maturities of 10 or more years, security selection in A rated bonds and an overweight allocation to BBB rated bonds.
- Detractors: Security selection in AA and BBB rated bonds, an underweight allocation to muni bonds with five years to maturity and an overweight allocation to A rated bonds.
- Outlook: Municipal bond valuations continue to appear attractive, particularly on a tax-adjusted basis. In a more challenging environment, strong bottom-up research and disciplined security selection will be essential to identifying relative value and preserving portfolio quality.
Franklin Templeton Fixed Income
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Managed Fund Since 2020
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Managed Fund Since 2020
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Managed Fund Since 2020
Latest Insights
January 26, 2026
January 8, 2026
Performance
Calendar Year Returns
As of 01/31/2026
Class R6 - With Sales Charge (POP) (%)
Class R6 - Without Sales Charge (NAV) (%)
Linked Bloomberg New York Muni Bond/10-Year Muni Bond Index (%)
Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Performance would have been lower if fees had not been waived in various periods. Total returns assume the reinvestment of all distributions and the deduction of all Fund expenses. Returns with sales charge reflect a deduction of the stated maximum sales charge. Returns without sales charge would have been lower had sales charges been reflected. An investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges. Returns for periods of less than one year are not annualized.
Ratings 3
©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Portfolio
Assets
As of01/31/2026 (Updated Monthly)
- Total Net Assets
- $522.92 Million
Positions
As of 01/31/2026 (Updated Monthly)
Number of Holdings
- Fund
- 200
- Benchmark
- 6,891
Portfolio Statistics
As of 01/31/2026 (Updated Monthly)
Effective Duration
- Fund
- 5.79 Years
- Benchmark
- —
- Fund
- 10.96 Years
- Benchmark
- 14.78 Years
Asset Allocation
As of 01/31/2026 % of Total (Updated Monthly)
| Holdings | Fund |
|---|---|
Fixed Income | 96.74% |
Cash & Cash Equivalents | 3.26% |
Holdings
As of 12/31/2025 (Updated Monthly)
Metropolitan Transportation Authority Dedicated Tax Fund
Long Island Power Authority
New York Liberty Development Corp
New York State Dormitory Authority
Triborough Bridge & Tunnel Authority
Port Authority of New York & New Jersey
New York City Transitional Finance Authority Building Aid Revenue
New York State Dormitory Authority
New York State Dormitory Authority
Nassau County Industrial Development Agency DV&DP
Portfolio holdings are based on the total portfolio and are subject to change at any time. Holdings are provided for informational purposes only and should not be construed as a recommendation to purchase or sell any security.
Distributions & Tax
- Distribution Frequency
- MonthlyThis fund is an Accrual fund.
- Capital Gain Distributions
- December
Rates and Yields
Distribution Rate
At Net Asset Value (NAV) 2.97%
Taxable Equivalent Distribution Rate
6.69%
Final composition of the current year’s distribution—income, capital gains and/or return of capital—are based on US tax rules and will be determined by February of the following year. For tax characterization of a distribution, such as return of capital and tax-exempt income, click on the “Tax Information” tab above.
Distributions Per Share
01/30/2026
Annually, a fund must distribute all realized capital gains net of realized losses, so the fund will not be subject to an entity level income tax. A fund’s capital gain distribution in a particular year may be a result of the disposition of holdings that appreciated in value during prior years. Thus, while the fund may gain or lose value over the course of a year, a capital gain distribution paid by the fund may not be indicative of current performance of the fund.
The distributable amount of net capital gains are paid on a per-share basis to all investors who hold shares of the fund on the record date of the distribution and are recognized by the shareholder for tax purposes as of the ex-date of the distribution, regardless of when the gains or losses arose in the fund. Net gains on holdings held long term by the fund would be distributed to shareholders as a long-term capital gain distribution no matter how long the shareholder has owned shares in the fund.
Refer to the fund’s annual report or statement of additional information for specific information regarding distributions.
Pricing
Documents
Fund Literature
| Name | Download | Add to Cart | |
|---|---|---|---|
| Factsheet - Franklin New York Intermediate-Term Tax-Free Income Fund | |||
| Product Commentary - Franklin New York Intermediate-Term Tax-Free Income Fund | |||
| Market commentary - Franklin Municipal Tax-Free Income Update |
Regulatory Documents
| Name | Download | Add to Cart | |
|---|---|---|---|
| Annual Report - Franklin New York Intermediate-Term Tax-Free Income Fund - Class R6 | |||
| Annual Financial Statements and Other Information - Franklin New York Intermediate–Term Tax–Free Income | |||
| Semi-Annual Report - Franklin New York Intermediate-Term Tax-Free Income Fund - Class R6 | |||
| Semi-Annual Financial Statements and Other Information - Franklin New York Intermediate–Term Tax–Free Income Fund | |||
| Prospectus - Franklin New York Intermediate-Term Tax-Free Income Fund | |||
| Summary Prospectus - Franklin New York Intermediate-Term Tax-Free Income Fund | |||
| Statement of Additional Information - Franklin New York Intermediate-Term Tax-Free Income Fund | |||
| Fiscal Q1 Holdings - Franklin New York Intermediate-Term Tax-Free Income Fund | |||
| Fiscal Q3 Holdings - Franklin New York Intermediate-Term Tax-Free Income Fund |
Risks
All investments involve risks, including possible loss of principal. Fixed income securities involve interest rate, credit, inflation and reinvestment risks, and possible loss of principal. As interest rates rise, the value of fixed income securities falls. Portfolios focused on a single state are subject to greater risk of adverse economic and regulatory changes in that state than a geographically diversified fund. Changes in the credit rating of a bond, or in the credit rating or financial strength of a bond’s issuer, insurer or guarantor, may affect the bond’s value. An investor may be subject to the federal Alternative Minimum Tax, and state and local taxes may apply. These and other risks are discussed in the fund’s prospectus.
Important Information
Total Returns include change in share price, assume reinvestment of all distributions, and reflect the deduction of fund expenses and applicable fees. Total returns, distribution rate, and yields reflect any applicable expense reductions and fee waivers; without these reductions, the results would have been lower.
Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance.
Certain share classes are only offered to eligible investors as stated in the prospectus. Different minimums may apply to clients of certain service agents. All classes of shares are not available through all distribution channels. See the Fund's prospectus for additional information.
Franklin Distributors, LLC. Member FINRA, SIPC. All entities mentioned are Franklin Templeton affiliated companies. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.
Reports and other information about the funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.
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Important data provider notices and terms available at www.franklintempletondatasources.com.
Performance data quoted represents past performance, which does not guarantee future results.
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.
Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.
Investors should carefully consider a fund's investment goals, risks, sales charges and expenses before investing. The prospectus contains this and other information. Please read the prospectus carefully before investing or sending money.
The Bloomberg New York Municipal Bond Index is a market value weighted index of New York investment-grade fixed-rate municipal bonds with maturities of one year or more.
The fund’s benchmark is the Bloomberg New York Municipal Bond Index. The Linked Bloomberg New York Muni Bond/10-Year Muni Bond Index reflects performance of the Bloomberg 10-Year Municipal Bond Index from the fund's inception through 7/31/1993 and the Linked Bloomberg New York Muni Bond/10-Year Muni Bond Index thereafter.
Source: Bloomberg Indices.