Investing in municipal debt is a good way to earn a decent return and reduce investment risk. Moreover, income from these bonds is generally free from federal and state taxes. Investing in a portfolio of such securities is a better option as it helps to stabilize the return and further diversify risk. If you are in New York, then investing in New York muni intermediate funds will bring you all the above benefits. Such funds usually invest at least 80% of their assets in New York municipal debt with durations of less than seven years. Let’s take a look at the top 10 New York muni intermediate funds.
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Top Ten New York Muni Intermediate Funds
We have ranked the top 10 New York muni intermediate funds on the basis of their past one-year return data. We used the return data from money.usnews.com. Here are the top 10 New York muni intermediate funds:
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Columbia New York Itmt Muncpl Bd Fd (LNYAX, 4%)
Columbia New York Intermediate Municipal Bond Fund (MUTF:LNYAX) has returned more than 1% in the last six months and over 4% in the last three years. It has about $219 million in total assets and an expense ratio of 0.75. The fund's top two holdings are: NEW YORK CONVENTION CTR DEV CORP N Y REV 5% and NEW YORK N Y CITY TRANSITIONAL FIN AUTH REV 5%.
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BNY Mellon NY Intermediate T/E Bond Fund (MNYIX, 4%)
BNY Mellon New York Intermediate Tax-Exempt Bond Fund (MUTF:MNYIX)’s average effective portfolio maturity is usually three to 10 years. It has returned more than 1% in the last six months and over 4% in the last three years. MNYIX has about $160 million in total assets and an expense ratio of 0.84. The fund's top two holdings are: NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT 5% and METROPOLITAN TRANSN AUTH N Y REV 5%.
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PIMCO New York Municipal Fund (PNYAX, 4%)
PIMCO New York Municipal Bond Fund (MUTF:PNYAX) may also invest in “private activity" bonds and derivative instruments. It has returned more than 1% in the last six months and over 4% in the last three years. PNYAX has about $700 million in total assets and an expense ratio of 0.78. The fund's top two holdings are: Pimco Fds and NEW YORK N Y 0.06%.
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BNY Mellon New York Tax Exempt Bond Fd (DRNYX, 4%)
BNY Mellon New York Tax Exempt Bond Fund (MUTF:DRNYX) may invest a maximum of 20% of its assets in municipal bonds with a rating below investment-grade. It has returned more than 1% in the last six months and over 4% in the last three years. DRNYX has about $1 billion in total assets and an expense ratio of 0.75. The fund's top two holdings are: NEW YORK ST DORM AUTH REVS 5.75% and NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS REV 5%.
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BNY Mellon NY AMT-Free Municipal Bond Fd (PSNYX, 5%)
BNY Mellon New York AMT-Free Municipal Bond Fund (MUTF:PSNYX) usually invests a minimum of 70% of its assets in investment-grade municipal bonds or the unrated equivalent, as determined by the adviser. It has returned more than 1% in the last six months and over 4% in the last three years. PSNYX has more than $307 million in total assets and an expense ratio of 0.87. The fund's top two holdings are: NEW YORK N Y 5% and UTILITY DEBT SECURITIZATION AUTH N Y 5%.
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Eaton Vance NY Municipal Opps Fd (EXNYX, 5%)
Eaton Vance New York Municipal Opportunities Fund (MUTF:EXNYX) may invest a maximum of 50% of its net assets in securities with a rating below investment-grade. It has returned more than 1% in the last six months and over 5% in the last three years. EXNYX has more than $84 million in total assets and an expense ratio of 0.74. The fund's top two holdings are: NEW YORK ST DORM AUTH SALES TAX REV ST SUPPORTED DEBT 5% and PUERTO RICO ELEC PWR AUTH PWR REV 5.25%.
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USAA New York Bond Fund (USNYX, 6%)
USAA New York Bond Fund (MUTF:USNYX) generally invests in long-term investment-grade securities. It has returned more than 3% in the last six months and over 5% in the last three years. It has more than $218 million in total assets and an expense ratio of 0.62. The fund's top two holdings are: NEW YORK ST DORM AUTH ST PERS INCOME TAX REV 4% and NEW YORK N Y 4%.
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Western Asset Interm Maturity NY Muni Fd (IMNYX, 6%)
In addition to municipal debt, Western Asset Intermediate Maturity New York Municipals Fund (MUTF:IMNYX) may invest a maximum of 20% in unrated securities. IMNYX has returned more than 2% in the last six months and over 4% in the last three years. It has more than $165 million in total assets and an expense ratio of 0.75. The fund's top two holdings are: PORT AUTH N Y & N J 5% and NASSAU HEALTH CARE CORP N Y REV 5%.
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AB Municipal Income New York Portfolio (ALNYX, 7%)
AB Municipal Income Fund New York Portfolio (MUTF:ALNYX) has returned more than 2% in the last six months and over 4% in the last three years. It has more than $650 million in total assets and an expense ratio of 0.75. The fund's top three holdings are: NEW YORK TRANSN DEV CORP SPL FAC REV 5%, METROPOLITAN TRANSN AUTH N Y REV 4% and NEW YORK ST DORM AUTH ST PERS INCOME TAX REV 5%.
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BlackRock New York Municipal Opps Fd (MANKX, 9%)
BlackRock New York Municipal Opportunities Fund (MUTF:MANKX) aims for an average portfolio duration of zero to 10 years. It has returned more than 3% in the last six months and over 4% in the last three years. MANKX has more than $1.59 billion in total assets and an expense ratio of 0.60. The fund's top two holdings are: HUDSON YDS INFRASTRUCTURE CORP N Y SECOND INDENTURE REV 5% and BlackRock Liquidity NY Mny Institutional.
