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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number 811-03741

 

Putnam New York Tax Exempt Income Fund

(Exact name of registrant as specified in charter)

 

100 Federal Street, Boston, Massachusetts 02110

(Address of principal executive offices) (Zip code)

 

Stephen Tate, Vice President

100 Federal Street

Boston, Massachusetts 02110

 

Copy to:

 

Bryan Chegwidden, Esq.

Ropes & Gray LLP

1211 Avenue of the Americas

New York, New York 10036

 

James E. Thomas, Esq.

Ropes & Gray LLP

800 Boylston Street

Boston, Massachusetts 02199

(Name and address of agent for service)

 

Registrant’s telephone number, including area code: (617) 292-1000

 

Date of fiscal year end: November 30

 

Date of reporting period: May 31, 2025

 

 

 

ITEM 1. REPORT TO STOCKHOLDERS.

 

(a) The Report to Shareholders is filed herewith

Putnam New York Tax Exempt Income Fund
image
Class A   [PTEIX]
Semi-Annual Shareholder Report | May 31, 2025
image
This semi-annual shareholder report contains important information about Putnam New York Tax Exempt Income Fund for the period December 1, 2024, to May 31, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.  
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment†
Class A
$38
0.77%
† Annualized.
KEY FUND STATISTICS (as of May 31, 2025)
Total Net Assets
$703,447,818
Total Number of Portfolio Holdings*
309
Portfolio Turnover Rate
11%
* Does not include derivatives, except purchased options, if any.  
WHAT DID THE FUND INVEST IN? (as of May 31, 2025)
Portfolio Composition* (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
image
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
Putnam New York Tax Exempt Income Fund  PAGE 1  38912-STSA-0725
18.417.615.613.09.08.66.55.03.42.10.8
 
Putnam New York Tax Exempt Income Fund
image
Class C   [PNNCX]
Semi-Annual Shareholder Report | May 31, 2025
image
This semi-annual shareholder report contains important information about Putnam New York Tax Exempt Income Fund for the period December 1, 2024, to May 31, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.  
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment†
Class C
$74
1.52%
† Annualized.
KEY FUND STATISTICS (as of May 31, 2025)
Total Net Assets
$703,447,818
Total Number of Portfolio Holdings*
309
Portfolio Turnover Rate
11%
* Does not include derivatives, except purchased options, if any.  
WHAT DID THE FUND INVEST IN? (as of May 31, 2025)
Portfolio Composition* (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
image
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
Putnam New York Tax Exempt Income Fund  PAGE 1  38912-STSC-0725
18.417.615.613.09.08.66.55.03.42.10.8
 
Putnam New York Tax Exempt Income Fund
image
Class R6   [PNYRX]
Semi-Annual Shareholder Report | May 31, 2025
image
This semi-annual shareholder report contains important information about Putnam New York Tax Exempt Income Fund for the period December 1, 2024, to May 31, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.  
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment†
Class R6
$25
0.51%
† Annualized.
KEY FUND STATISTICS (as of May 31, 2025)
Total Net Assets
$703,447,818
Total Number of Portfolio Holdings*
309
Portfolio Turnover Rate
11%
* Does not include derivatives, except purchased options, if any.  
WHAT DID THE FUND INVEST IN? (as of May 31, 2025)
Portfolio Composition* (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
image
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
Putnam New York Tax Exempt Income Fund  PAGE 1  38912-STSR6-0725
18.417.615.613.09.08.66.55.03.42.10.8
 
Putnam New York Tax Exempt Income Fund
image
Class Y   [PNYYX]
Semi-Annual Shareholder Report | May 31, 2025
image
This semi-annual shareholder report contains important information about Putnam New York Tax Exempt Income Fund for the period December 1, 2024, to May 31, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.  
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment†
Class Y
$25
0.52%
† Annualized.
KEY FUND STATISTICS (as of May 31, 2025)
Total Net Assets
$703,447,818
Total Number of Portfolio Holdings*
309
Portfolio Turnover Rate
11%
* Does not include derivatives, except purchased options, if any.  
WHAT DID THE FUND INVEST IN? (as of May 31, 2025)
Portfolio Composition* (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
image
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
Putnam New York Tax Exempt Income Fund  PAGE 1  38912-STSY-0725
18.417.615.613.09.08.66.55.03.42.10.8
 

(b) Not applicable

 

ITEM 2. CODE OF ETHICS.

 

Not applicable.

 

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

 

Not applicable.

 

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

 

Not applicable.

 

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

 

Not applicable.

 

ITEM 6. SCHEDULE OF INVESTMENTS.

 

(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

 

(b) Not applicable.
 

 

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

 

Putnam
New
York
Tax
Exempt
Income
Fund
Financial
Statements
and
Other
Important
Information
Semi-Annual
|
May
31, 2025
Table
of
Contents
franklintempleton.com
Financial
Statements
and
Other
Important
Information—Semiannual
1
Financial
Highlights
and
Schedule
of
Investments
2
Financial
Statements
15
Notes
to
Financial
Statements
19
Changes
In
and
Disagreements
with
Accountants
28
Results
of
Meeting(s)
of
Shareholders
28
Remuneration
Paid
to
Directors,
Officers
and
Others
28
Board
Approval
of
Management
and
Subadvisory
Agreements
28
Putnam
New
York
Tax
Exempt
Income
Fund
Financial
Highlights
franklintempleton.com
Semiannual
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
2
a
Six
Months
Ended
May
31,
2025
(unaudited)
Year
Ended
November
30,
2024
2023
2022
2021
2020
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$8.10
$7.82
$7.75
$8.90
$8.80
$8.72
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.14
0.26
0.24
0.20
0.18
0.20
Net
realized
and
unrealized
gains
(losses)
(0.49)
0.27
0.06
(1.13)
0.10
0.09
Total
from
investment
operations
........
(0.35)
0.53
0.30
(0.93)
0.28
0.29
Less
distributions
from:
Net
investment
income
..............
(0.14)
(0.25)
(0.23)
(0.20)
(0.18)
(0.21)
Net
realized
gains
.................
—
—
—
(0.02)
—
—
Total
distributions
...................
(0.14)
(0.25)
(0.23)
(0.22)
(0.18)
(0.21)
Net
asset
value,
end
of
period
..........
$7.61
$8.10
$7.82
$7.75
$8.90
$8.80
Total
return
c
.......................
(4.41)%
6.94%
3.98%
(10.50)%
3.23%
3.34%
Ratios
to
average
net
assets
d
Expenses
e
........................
0.77%
0.79%
0.87%
0.83%
0.77%
0.77%
Net
investment
income
...............
3.55%
3.28%
3.05%
2.49%
2.05%
2.37%
Supplemental
data
Net
assets
,
end
of
period
(000’s)
........
$494,851
$547,470
$576,953
$603,940
$756,976
$770,842
Portfolio
turnover
rate
................
11%
17%
41%
35%
12%
29%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Putnam
New
York
Tax
Exempt
Income
Fund
Financial
Highlights
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
3
a
Six
Months
Ended
May
31,
2025
(unaudited)
Year
Ended
November
30,
2024
2023
2022
2021
2020
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$8.10
$7.82
$7.74
$8.90
$8.80
$8.72
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.11
0.20
0.18
0.14
0.12
0.14
Net
realized
and
unrealized
gains
(losses)
(0.49)
0.27
0.07
(1.14)
0.10
0.08
Total
from
investment
operations
........
(0.38)
0.47
0.25
(1.00)
0.22
0.22
Less
distributions
from:
Net
investment
income
..............
(0.11)
(0.19)
(0.17)
(0.14)
(0.12)
(0.14)
Net
realized
gains
.................
—
—
—
(0.02)
—
—
Total
distributions
...................
(0.11)
(0.19)
(0.17)
(0.16)
(0.12)
(0.14)
Net
asset
value,
end
of
period
..........
$7.61
$8.10
$7.82
$7.74
$8.90
$8.80
Total
return
c
.......................
(4.77)%
6.14%
3.34%
(11.26)%
2.46%
2.55%
Ratios
to
average
net
assets
d
Expenses
e
........................
1.52%
1.54%
1.62%
1.58%
1.52%
1.54%
Net
investment
income
...............
2.79%
2.53%
2.29%
1.72%
1.31%
1.60%
Supplemental
data
Net
assets
,
end
of
period
(000’s)
........
$8,013
$9,464
$12,223
$15,924
$24,416
$34,757
Portfolio
turnover
rate
................
11%
17%
41%
35%
12%
29%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Putnam
New
York
Tax
Exempt
Income
Fund
Financial
Highlights
franklintempleton.com
Semiannual
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
4
a
Six
Months
Ended
May
31,
2025
(unaudited)
Year
Ended
November
30,
2024
2023
2022
2021
2020
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$8.10
$7.83
$7.75
$8.90
$8.81
$8.73
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.15
0.28
0.26
0.22
0.20
0.23
Net
realized
and
unrealized
gains
(losses)
(0.48)
0.27
0.07
(1.13)
0.10
0.08
Total
from
investment
operations
........
(0.33)
0.55
0.33
(0.91)
0.30
0.31
Less
distributions
from:
Net
investment
income
..............
(0.15)
(0.28)
(0.25)
(0.22)
(0.21)
(0.23)
Net
realized
gains
.................
—
—
—
(0.02)
—
—
Total
distributions
...................
(0.15)
(0.28)
(0.25)
(0.24)
(0.21)
(0.23)
Net
asset
value,
end
of
period
..........
$7.62
$8.10
$7.83
$7.75
$8.90
$8.81
Total
return
c
.......................
(4.17)%
7.08%
4.39%
(10.27)%
3.38%
3.58%
Ratios
to
average
net
assets
d
Expenses
e
........................
0.51%
0.53%
0.60%
0.57%
0.52%
0.53%
Net
investment
income
...............
3.81%
3.54%
3.31%
2.75%
2.30%
2.60%
Supplemental
data
Net
assets
,
end
of
period
(000’s)
........
$142,779
$151,504
$137,817
$135,650
$173,483
$130,200
Portfolio
turnover
rate
................
11%
17%
41%
35%
12%
29%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Putnam
New
York
Tax
Exempt
Income
Fund
Financial
Highlights
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
5
a
Six
Months
Ended
May
31,
2025
(unaudited)
Year
Ended
November
30,
2024
2023
2022
2021
2020
Class
Y
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$8.10
$7.83
$7.75
$8.90
$8.81
$8.72
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.15
0.28
0.26
0.22
0.20
0.22
Net
realized
and
unrealized
gains
(losses)
(0.48)
0.27
0.07
(1.13)
0.09
0.10
Total
from
investment
operations
........
(0.33)
0.55
0.33
(0.91)
0.29
0.32
Less
distributions
from:
Net
investment
income
..............
(0.15)
(0.28)
(0.25)
(0.22)
(0.20)
(0.23)
Net
realized
gains
.................
—
—
—
(0.02)
—
—
Total
distributions
...................
(0.15)
(0.28)
(0.25)
(0.24)
(0.20)
(0.23)
Net
asset
value,
end
of
period
..........
$7.62
$8.10
$7.83
$7.75
$8.90
$8.81
Total
return
c
.......................
(4.17)%
7.07%
4.38%
(10.27)%
3.37%
3.69%
Ratios
to
average
net
assets
d
Expenses
e
........................
0.52%
0.54%
0.62%
0.58%
0.52%
0.54%
Net
investment
income
...............
3.80%
3.53%
3.30%
2.73%
2.29%
2.59%
Supplemental
data
Net
assets
,
end
of
period
(000’s)
........
$57,805
$62,551
$64,280
$58,684
$83,032
$66,571
Portfolio
turnover
rate
................
11%
17%
41%
35%
12%
29%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Putnam
New
York
Tax
Exempt
Income
Fund
Schedule
of
Investments
(unaudited),
May
31,
2025
franklintempleton.com
Semiannual
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
97.8%
Alaska
1.2%
Alaska
Industrial
Development
&
Export
Authority
,
Dena'
Nena'
Henash
,
Revenue
,
2019
A
,
4
%
,
10/01/35
......................
$
4,280,000
$
4,173,549
Dena'
Nena'
Henash
,
Revenue
,
2019
A
,
4
%
,
10/01/37
......................
4,635,000
4,419,405
8,592,954
New
York
94.9%
Albany
Capital
Resource
Corp.
,
Albany
College
of
Pharmacy
and
Health
Sciences
,
Revenue
,
2014
A
,
Refunding
,
5
%
,
12/01/30
.......................................................
250,000
250,116
Albany
College
of
Pharmacy
and
Health
Sciences
,
Revenue
,
2014
A
,
Refunding
,
5
%
,
12/01/31
.......................................................
115,000
115,045
Albany
College
of
Pharmacy
and
Health
Sciences
,
Revenue
,
2014
A
,
Refunding
,
5
%
,
12/01/32
.......................................................
495,000
495,148
Albany
College
of
Pharmacy
and
Health
Sciences
,
Revenue
,
2014
A
,
Refunding
,
5
%
,
12/01/33
.......................................................
325,000
325,068
Empire
Commons
Student
Housing,
Inc.
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
5/01/28
600,000
606,179
Empire
Commons
Student
Housing,
Inc.
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
5/01/29
1,090,000
1,099,966
Empire
Commons
Student
Housing,
Inc.
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
5/01/30
1,050,000
1,058,820
Empire
Commons
Student
Housing,
Inc.
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
5/01/31
1,500,000
1,511,928
Empire
Commons
Student
Housing,
Inc.
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
5/01/32
505,000
508,449
KIPP
Capital
Region
Public
Charter
Schools
,
Revenue
,
2024
,
5
%
,
6/01/64
.......
2,600,000
2,422,200
Brookhaven
Local
Development
Corp.
,
Active
Retirement
Community,
Inc.
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5.25
%
,
11/01/36
.................................................
1,200,000
1,215,148
Long
Island
Community
Hospital
at
NYU
Langone
Health
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
10/01/45
....................................
2,000,000
1,773,020
Broome
County
Local
Development
Corp.
,
Good
Shepherd
Village
at
Endwell
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/41
........................................................
2,690,000
2,309,062
United
Health
Services
Hospitals
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
AGMC
Insured
,
4
%
,
4/01/40
........................................
1,350,000
1,235,948
United
Health
Services
Hospitals
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
AGMC
Insured
,
4
%
,
4/01/50
........................................
1,300,000
1,095,652
Buffalo
&
Erie
County
Industrial
Land
Development
Corp.
,
Charter
School
for
Applied
Technologies
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
6/01/35
2,000,000
2,027,853
D'Youville
University
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
11/01/50
..............
6,535,000
4,814,101
Orchard
Park
CCRC,
Inc.
,
Revenue
,
2015
,
Refunding
,
5
%
,
11/15/30
...........
500,000
502,086
Orchard
Park
CCRC,
Inc.
,
Revenue
,
2015
,
Refunding
,
5
%
,
11/15/37
...........
4,470,000
4,473,235
Build
NYC
Resource
Corp.
,
1232
Southern
Blvd
LLC
,
Revenue
,
2015
,
5
%
,
7/01/45
......................
2,500,000
2,355,461
Academic
Leadership
Charter
School
,
Revenue
,
2021
,
4
%
,
6/15/27
............
100,000
100,348
Academic
Leadership
Charter
School
,
Revenue
,
2021
,
4
%
,
6/15/28
............
100,000
100,359
Academic
Leadership
Charter
School
,
Revenue
,
2021
,
4
%
,
6/15/29
............
110,000
110,107
Academic
Leadership
Charter
School
,
Revenue
,
2021
,
4
%
,
6/15/30
............
100,000
99,738
Academic
Leadership
Charter
School
,
Revenue
,
2021
,
4
%
,
6/15/31
............
100,000
99,269
Academic
Leadership
Charter
School
,
Revenue
,
2021
,
4
%
,
6/15/36
............
400,000
383,441
a
Brilla
College
Preparatory
Charter
Schools
,
Revenue
,
144A,
2021
A
,
4
%
,
11/01/31
.
1,265,000
1,238,932
a
Brilla
College
Preparatory
Charter
Schools
,
Revenue
,
144A,
2021
A
,
4
%
,
11/01/41
.
1,780,000
1,512,961
a
Brilla
College
Preparatory
Charter
Schools
,
Revenue
,
144A,
2021
A
,
4
%
,
11/01/51
.
1,000,000
779,388
Children's
Aid
Society
(The)
,
Revenue
,
2019
,
4
%
,
7/01/38
...................
290,000
284,447
Children's
Aid
Society
(The)
,
Revenue
,
2019
,
4
%
,
7/01/44
...................
450,000
388,425
Children's
Aid
Society
(The)
,
Revenue
,
2019
,
4
%
,
7/01/49
...................
1,000,000
839,354
Classical
Charter
School,
Inc.
,
Revenue
,
2023
A
,
4.5
%
,
6/15/43
...............
700,000
642,816
Classical
Charter
School,
Inc.
,
Revenue
,
2023
A
,
4.75
%
,
6/15/53
..............
850,000
764,943
Classical
Charter
School,
Inc.
,
Revenue
,
2023
A
,
4.75
%
,
6/15/58
..............
725,000
644,252
Putnam
New
York
Tax
Exempt
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
7
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
Build
NYC
Resource
Corp.,
(continued)
a
East
Harlem
Scholars
Academy
Charter
School
Obligated
Group
,
Revenue
,
144A,
2022
,
5.75
%
,
6/01/52
.............................................
$
1,000,000
$
973,458
Global
Community
Charter
School
,
Revenue
,
2022
A
,
5
%
,
6/15/42
.............
850,000
747,170
Global
Community
Charter
School
,
Revenue
,
2022
A
,
5
%
,
6/15/52
.............
1,520,000
1,266,793
Global
Community
Charter
School
,
Revenue
,
2022
A
,
5
%
,
6/15/57
.............
1,300,000
1,061,889
Grand
Concourse
Academy
Charter
School
,
Revenue
,
2022
A
,
5
%
,
7/01/42
......
550,000
534,441
Grand
Concourse
Academy
Charter
School
,
Revenue
,
2022
A
,
5
%
,
7/01/52
......
1,425,000
1,314,162
a
Inwood
Academy
for
Leadership
Charter
School
,
Revenue
,
144A,
2018
A
,
4.875
%
,
5/01/31
........................................................
285,000
286,578
a
Inwood
Academy
for
Leadership
Charter
School
,
Revenue
,
144A,
2018
A
,
5.125
%
,
5/01/38
........................................................
1,100,000
1,099,463
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2022
,
5.25
%
,
7/01/62
............
6,250,000
6,116,428
Manhattan
College
,
Revenue
,
2017
,
Refunding
,
5
%
,
8/01/47
.................
1,000,000
905,874
a
NEW
World
Preparatory
Charter
School
,
Revenue
,
144A,
2021
A
,
4
%
,
6/15/41
....
525,000
441,466
a
NEW
World
Preparatory
Charter
School
,
Revenue
,
144A,
2021
A
,
4
%
,
6/15/51
....
975,000
744,293
a
NEW
World
Preparatory
Charter
School
,
Revenue
,
144A,
2021
A
,
4
%
,
6/15/56
....
450,000
333,327
a
Pratt
Paper
NY,
Inc.
,
Revenue
,
144A,
2014
,
Refunding
,
5
%
,
1/01/35
............
1,750,000
1,750,456
Success
Academy
Charter
Schools,
Inc.
Obligated
Group
,
Revenue
,
2025
,
4
%
,
9/01/44
........................................................
1,050,000
935,424
b
TrIPs
Obligated
Group
,
Revenue
,
2025
,
5.5
%
,
7/01/55
......................
1,000,000
1,010,479
a
Unity
Preparatory
Charter
School
of
Brooklyn
,
Revenue
,
144A,
2023
A
,
5.25
%
,
6/15/43
........................................................
680,000
670,129
a
Unity
Preparatory
Charter
School
of
Brooklyn
,
Revenue
,
144A,
2023
A
,
5.5
%
,
6/15/53
........................................................
1,000,000
983,013
a
Unity
Preparatory
Charter
School
of
Brooklyn
,
Revenue
,
144A,
2023
A
,
5.5
%
,
6/15/63
........................................................
1,600,000
1,544,806
City
of
New
Rochelle
,
Iona
College
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
7/01/40
.....
350,000
350,000
City
of
New
York
,
GO
,
2020
A-1
,
4
%
,
8/01/42
..........................................
3,500,000
3,181,196
GO
,
2021
C
,
5
%
,
8/01/42
............................................
5,350,000
5,473,569
GO
,
2023
B-1
,
5.25
%
,
10/01/43
.......................................
1,500,000
1,568,200
GO
,
2023
B-1
,
5.25
%
,
10/01/47
.......................................
4,800,000
4,935,893
GO
,
2024
A
,
5
%
,
8/01/46
............................................
1,450,000
1,484,060
GO
,
2024
A
,
5
%
,
8/01/47
............................................
5,300,000
5,411,343
GO
,
2024
C
,
5.25
%
,
3/01/53
.........................................
3,335,000
3,448,052
GO
,
2024
D
,
5.25
%
,
4/01/54
.........................................
2,500,000
2,583,278
GO
,
2025
C-1
,
5.25
%
,
9/01/46
........................................
5,000,000
5,230,689
GO
,
2025
G-1
,
5.25
%
,
2/01/53
........................................
350,000
363,373
City
of
Poughkeepsie
,
GO
,
2019
,
Refunding
,
5
%
,
6/01/25
.....................................
230,000
230,000
GO
,
2019
,
Refunding
,
5
%
,
6/01/31
.....................................
600,000
606,366
a
Clinton
County
Capital
Resource
Corp.
,
Clinton-Essex-Warren-Washington
Board
of
Cooperative
Educational
Services
,
Revenue
,
144A,
2025
,
4.5
%
,
7/01/40
.................................
1,100,000
1,071,034
Clinton-Essex-Warren-Washington
Board
of
Cooperative
Educational
Services
,
Revenue
,
144A,
2025
,
4.75
%
,
7/01/43
................................
1,000,000
951,181
Clinton-Essex-Warren-Washington
Board
of
Cooperative
Educational
Services
,
Revenue
,
144A,
2025
,
5
%
,
7/01/46
...................................
800,000
773,348
Dutchess
County
Local
Development
Corp.
,
Bard
College
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
7/01/40
....................
1,000,000
1,014,003
Bard
College
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
7/01/45
....................
3,400,000
3,380,827
Bard
College
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
7/01/51
....................
4,000,000
3,866,458
Culinary
Institute
of
America
(The)
,
Revenue
,
2016
A-1
,
Refunding
,
5
%
,
7/01/32
...
1,065,000
1,077,315
Culinary
Institute
of
America
(The)
,
Revenue
,
2016
A-1
,
Refunding
,
5
%
,
7/01/35
...
155,000
156,308
Culinary
Institute
of
America
(The)
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/35
......
175,000
172,708
Putnam
New
York
Tax
Exempt
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
Dutchess
County
Local
Development
Corp.,
(continued)
Culinary
Institute
of
America
(The)
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/36
......
$
175,000
$
170,426
Culinary
Institute
of
America
(The)
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/37
......
175,000
168,047
Culinary
Institute
of
America
(The)
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/38
......
200,000
188,178
Culinary
Institute
of
America
(The)
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/39
......
100,000
92,903
Culinary
Institute
of
America
(The)
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/40
......
100,000
91,706
Marist
College
,
Revenue
,
2022
,
5
%
,
7/01/52
.............................
9,000,000
8,792,296
Empire
State
Development
Corp.
,
State
of
New
York
Sales
Tax
,
Revenue
,
2023
A
,
5
%
,
3/15/45
.........................................................
10,000,000
10,317,783
Erie
County
Industrial
Development
Agency
(The)
,
Westchester
Park
Predervation
LP
,
Revenue
,
2023
,
FNMA
Insured
,
4.25
%
,
2/01/41
...........................
4,455,000
4,178,325
Hempstead
Town
Local
Development
Corp.
,
Adelphi
University
,
Revenue
,
2019
,
Refunding
,
4
%
,
2/01/39
..................
1,000,000
937,480
Evergreen
Charter
School,
Inc.
,
Revenue
,
2022
A
,
5.25
%
,
6/15/52
.............
2,000,000
1,922,078
Hofstra
University
,
Revenue
,
2017
,
Refunding
,
5
%
,
7/01/42
..................
1,200,000
1,203,445
Hofstra
University
,
Revenue
,
2017
,
Refunding
,
5
%
,
7/01/47
..................
1,000,000
981,904
Molloy
College
,
Revenue
,
2017
,
Refunding
,
5
%
,
7/01/37
....................
315,000
316,756
Molloy
College
,
Revenue
,
2017
,
Refunding
,
5
%
,
7/01/38
....................
480,000
481,377
Molloy
College
,
Revenue
,
2018
,
5
%
,
7/01/38
.............................
865,000
868,603
Molloy
College
,
Revenue
,
2018
,
5
%
,
7/01/43
.............................
1,025,000
998,357
Long
Island
Power
Authority
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
9/01/40
...............................
1,000,000
799,102
Revenue
,
2024
A
,
Refunding
,
5
%
,
9/01/49
...............................
12,500,000
12,691,986
Metropolitan
Transportation
Authority
,
Revenue
,
2019
C
,
BAM
Insured
,
5
%
,
11/15/44
............................
10,000,000
10,191,326
Revenue
,
2020
D
,
4
%
,
11/15/47
.......................................
2,000,000
1,707,336
Revenue
,
2021
A-1
,
4
%
,
11/15/47
.....................................
3,000,000
2,538,857
Revenue
,
2024
A
,
Refunding
,
BAM
Insured
,
4
%
,
11/15/48
...................
4,000,000
3,447,216
Revenue
,
2025
A
,
Refunding
,
5.25
%
,
11/15/55
............................
1,000,000
1,022,268
Dedicated
Tax
Fund
,
Special
Tax
,
2024
A
,
5.25
%
,
11/15/54
...................
5,000,000
5,203,122
Monroe
County
Industrial
Development
Corp.
,
a
Eugenio
Maria
de
Hostos
Charter
School
,
Revenue
,
144A,
2024
A
,
5
%
,
7/01/44
...
1,320,000
1,189,880
a
Eugenio
Maria
de
Hostos
Charter
School
,
Revenue
,
144A,
2024
A
,
5
%
,
7/01/54
...
2,000,000
1,715,797
a
Eugenio
Maria
de
Hostos
Charter
School
,
Revenue
,
144A,
2024
A
,
5
%
,
7/01/59
...
1,350,000
1,139,007
Highland
Hospital
of
Rochester
,
Revenue
,
2020
,
Refunding
,
4
%
,
7/01/40
........
3,890,000
3,596,422
Rochester
Regional
Health
Obligated
Group
,
Revenue
,
2013
A
,
Refunding
,
5
%
,
12/01/32
.......................................................
1,250,000
1,251,790
Rochester
Regional
Health
Obligated
Group
,
Revenue
,
2013
A
,
Refunding
,
5
%
,
12/01/37
.......................................................
2,000,000
2,002,741
Rochester
Regional
Health
Obligated
Group
,
Revenue
,
2017
,
5
%
,
12/01/35
......
600,000
606,115
Rochester
Regional
Health
Obligated
Group
,
Revenue
,
2017
,
5
%
,
12/01/46
......
3,000,000
2,968,827
Rochester
Regional
Health
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
12/01/46
.......................................................
1,250,000
1,068,792
St.
John
Fisher
University
,
Revenue
,
2024
,
Refunding
,
5.25
%
,
6/01/49
..........
635,000
653,561
St.
John
Fisher
University
,
Revenue
,
2024
,
Refunding
,
5.25
%
,
6/01/54
..........
850,000
865,730
a
True
North
Rochester
Prep
Charter
School
,
Revenue
,
144A,
2020
A
,
5
%
,
6/01/59
.
4,120,000
3,755,701
MTA
Hudson
Rail
Yards
Trust
Obligations
,
Revenue
,
2016
A
,
5
%
,
11/15/51
........
9,500,000
9,352,947
Nassau
County
Local
Economic
Assistance
Corp.
,
Roosevelt
Children's
Academy
Charter
School
,
Revenue
,
2023
A
,
5
%
,
7/01/55
...........................
2,750,000
2,574,250
Nassau
County
Tobacco
Settlement
Corp.
,
Revenue
,
2006
A-2
,
5.25
%
,
6/01/26
.....
4,537,648
4,462,837
New
York
City
Health
and
Hospitals
Corp.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
2/15/48
880,000
759,216
New
York
City
Housing
Development
Corp.
,
Revenue
,
2019
J
,
3.15
%
,
11/01/54
.....................................
6,190,000
4,346,898
Revenue
,
2020
A
,
2.8
%
,
2/01/50
......................................
3,585,000
2,382,817
Revenue
,
2020
D
1-B
,
Refunding
,
FHA
Insured
,
2.4
%
,
11/01/50
...............
5,000,000
2,924,538
Putnam
New
York
Tax
Exempt
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
9
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
New
York
City
Housing
Development
Corp.,
(continued)
Revenue
,
2020
I-1
,
2.7
%
,
11/01/55
.....................................
$
7,000,000
$
4,339,101
Revenue
,
2020
I-1
,
2.8
%
,
11/01/60
.....................................
3,000,000
1,813,167
Revenue
,
2021
C-1
,
Refunding
,
2.5
%
,
11/01/51
...........................
5,000,000
2,962,383
Revenue
,
2021
C-1
,
Refunding
,
2.6
%
,
11/01/56
...........................
1,660,000
994,257
Revenue
,
2021
F-1
,
FHA
Insured
,
2.5
%
,
11/01/51
.........................
5,480,000
3,246,771
Revenue
,
2021
F-1
,
FHA
Insured
,
2.6
%
,
11/01/56
.........................
4,000,000
2,377,597
Revenue
,
2021
G
,
Refunding
,
FHA
Insured
,
2.45
%
,
11/01/45
.................
4,500,000
2,921,638
Revenue
,
2022
A
,
3.05
%
,
11/01/42
.....................................
3,195,000
2,596,301
Revenue
,
2023
A-1
,
4.95
%
,
11/01/58
...................................
2,000,000
1,973,067
Revenue
,
2024
A-1
,
FHA
Insured
,
4.75
%
,
11/01/54
.........................
3,000,000
2,922,461
Revenue
,
2024
B-1-A
,
4.75
%
,
11/01/54
.................................
2,750,000
2,678,923
8
Spruce
NY
Owner
LLC
,
Revenue
,
2024
,
F
,
Refunding
,
5.25
%
,
12/15/31
........
2,650,000
2,694,430
New
York
City
Industrial
Development
Agency
,
TrIPs
Obligated
Group
,
Revenue
,
2012
A
,
Refunding
,
5
%
,
7/01/28
...........................................
1,050,000
1,055,478
New
York
City
Municipal
Water
Finance
Authority
,
Water
&
Sewer
System
,
Revenue
,
2022
AA-1
,
5
%
,
6/15/48
..................
2,090,000
2,122,341
Water
&
Sewer
System
,
Revenue
,
2022
BB-1
,
Refunding
,
3
%
,
6/15/44
..........
1,000,000
746,838
Water
&
Sewer
System
,
Revenue
,
2023
AA-1
,
5.25
%
,
6/15/52
................
1,000,000
1,032,036
Water
&
Sewer
System
,
Revenue
,
2023
DD
,
Refunding
,
5.25
%
,
6/15/47
.........
4,000,000
4,181,959
Water
&
Sewer
System
,
Revenue
,
2025
AA-1
,
5.25
%
,
6/15/53
................
10,000,000
10,410,523
Water
&
Sewer
System
,
Revenue
,
2025
BB
,
5.25
%
,
6/15/55
..................
7,500,000
7,806,547
New
York
City
Transitional
Finance
Authority
,
Building
Aid
,
Revenue
,
2016
S-1
,
5
%
,
7/15/43
............................
8,110,000
8,133,723
Future
Tax
Secured
,
Revenue
,
2017
A-1
,
5
%
,
5/01/37
......................
1,000,000
1,008,158
Future
Tax
Secured
,
Revenue
,
2019
A-1
,
5
%
,
8/01/40
......................
14,000,000
14,297,683
Future
Tax
Secured
,
Revenue
,
2019
B-1
,
4
%
,
8/01/38
......................
5,000,000
4,840,575
Future
Tax
Secured
,
Revenue
,
2021
C-1
,
4
%
,
5/01/39
......................
5,000,000
4,790,984
Future
Tax
Secured
,
Revenue
,
2021
C-1
,
4
%
,
5/01/40
......................
2,500,000
2,364,344
Future
Tax
Secured
,
Revenue
,
2023
D-1
,
5.5
%
,
11/01/45
....................
10,000,000
10,606,040
Future
Tax
Secured
,
Revenue
,
2024
A-1
,
5
%
,
5/01/45
......................
4,000,000
4,103,732
Future
Tax
Secured
,
Revenue
,
2024
B
,
5
%
,
5/01/40
........................
2,000,000
2,119,944
Future
Tax
Secured
,
Revenue
,
2024
B
,
5
%
,
5/01/43
........................
2,150,000
2,227,906
Future
Tax
Secured
,
Revenue
,
2024
F-1
,
5.25
%
,
2/01/53
....................
5,000,000
5,180,392
Future
Tax
Secured
,
Revenue
,
2025
C-1
,
5
%
,
5/01/46
......................
3,500,000
3,589,715
Future
Tax
Secured
,
Revenue
,
2025
C-1
,
5
%
,
5/01/48
......................
10,000,000
10,217,214
Future
Tax
Secured
,
Revenue
,
2025
E
,
5
%
,
11/01/53
.......................
5,000,000
5,078,469
New
York
Convention
Center
Development
Corp.
,
New
York
City
Hotel
Unit
Fee
,
Revenue
,
2015
,
Refunding
,
5
%
,
11/15/45
.........
3,000,000
2,952,533
c
New
York
City
Hotel
Unit
Fee
,
Revenue,
Senior
Lien
,
2016
A
,
5.35
%,
11/15/50
....
7,000,000
1,825,970
New
York
Counties
Tobacco
Trust
II
,
Revenue
,
2001
,
5.75
%
,
6/01/43
............
775,000
789,665
New
York
Counties
Tobacco
Trust
IV
,
Revenue
,
2005
A
,
5
%
,
6/01/38
.............
6,985,000
6,443,773
New
York
Counties
Tobacco
Trust
VI
,
Revenue
,
2016
A-2B
,
Refunding
,
5
%
,
6/01/45
............................
1,000,000
873,928
Revenue
,
2016
A-2B
,
Refunding
,
5
%
,
6/01/51
............................
2,300,000
1,956,545
Revenue
,
2016
B
,
Refunding
,
5
%
,
6/01/36
...............................
265,000
266,399
Revenue
,
2016
B
,
Refunding
,
5
%
,
6/01/41
...............................
250,000
250,207
New
York
Liberty
Development
Corp.
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
11/15/51
..............................
7,120,000
4,802,769
a
3
World
Trade
Center
LLC
,
Revenue
,
144A,
2014
,
1
,
Refunding
,
5
%
,
11/15/44
....
15,975,000
15,538,264
a
3
World
Trade
Center
LLC
,
Revenue
,
144A,
2014
,
2
,
Refunding
,
5.15
%
,
11/15/34
..
515,000
515,097
7
World
Trade
Center
II
LLC
,
Revenue
,
2022
A
,
1
,
Refunding
,
3
%
,
9/15/43
.......
29,290,000
22,480,567
7
World
Trade
Center
II
LLC
,
Revenue
,
2022
A
,
1
,
Refunding
,
3.125
%
,
9/15/50
...
3,075,000
2,183,544
7
World
Trade
Center
II
LLC
,
Revenue
,
2022
A
,
3
,
Refunding
,
3.5
%
,
9/15/52
.....
3,000,000
2,263,487
Goldman
Sachs
Headquarters
LLC
,
Revenue
,
2007
,
5.5
%
,
10/01/37
...........
4,010,000
4,531,599
Putnam
New
York
Tax
Exempt
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
New
York
Liberty
Development
Corp.,
(continued)
One
Bryant
Park
LLC
,
Revenue
,
2019
,
3
,
Refunding
,
2.8
%
,
9/15/69
............
$
5,500,000
$
5,005,638
Port
Authority
of
New
York
&
New
Jersey
,
Revenue
,
1WTC
2021
,
Refunding
,
3
%
,
2/15/42
........................................................
1,500,000
1,156,534
Port
Authority
of
New
York
&
New
Jersey
,
Revenue
,
1WTC
2021
,
Refunding
,
2.75
%
,
2/15/44
........................................................
8,250,000
5,746,823
New
York
State
Dormitory
Authority
,
Revenue
,
2009
C
,
AGMC
Insured
,
5
%
,
10/01/31
..........................
20,000
20,029
Revenue
,
2009
C
,
AGMC
Insured
,
5.125
%
,
10/01/36
.......................
40,000
40,054
Barnard
College
,
Revenue
,
2025
A
,
Refunding
,
5
%
,
7/01/55
..................
1,000,000
969,203
Culinary
Institute
of
America
(The)
,
Revenue
,
2013
,
5.5
%
,
7/01/33
.............
1,180,000
1,181,640
Iona
College
,
Revenue
,
2021
A
,
5
%
,
7/01/51
.............................
350,000
336,391
Iona
College
,
Revenue
,
2022
,
Refunding
,
5
%
,
7/01/29
......................
250,000
263,186
Iona
College
,
Revenue
,
2022
,
Refunding
,
5
%
,
7/01/31
......................
625,000
666,367
Iona
College
,
Revenue
,
2022
,
Refunding
,
5
%
,
7/01/32
......................
525,000
561,401
Iona
College
,
Revenue
,
2022
,
Refunding
,
5
%
,
7/01/42
......................
225,000
224,670
New
School
(The)
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
7/01/40
................
900,000
922,316
New
York
Institute
of
Technology
,
Revenue
,
2024
,
5
%
,
7/01/43
................
770,000
783,265
New
York
Institute
of
Technology
,
Revenue
,
2024
,
5
%
,
7/01/44
................
700,000
710,168
New
York
Institute
of
Technology
,
Revenue
,
2024
,
5.25
%
,
7/01/49
.............
2,300,000
2,352,375
New
York
Institute
of
Technology
,
Revenue
,
2024
,
5.25
%
,
7/01/54
.............
2,900,000
2,951,820
New
York
University
,
Revenue
,
2001-1
,
AMBAC
Insured
,
5.5
%
,
7/01/40
.........
6,000,000
6,768,648
b
New
York
University
,
Revenue
,
2025
A
,
Refunding
,
5.25
%
,
7/01/55
.............
1,000,000
1,033,670
Northwell
Health
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
5/01/45
....
10,000,000
8,931,532
Northwell
Health
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
4
%
,
5/01/54
....
5,000,000
4,164,901
Northwell
Health
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5.25
%
,
5/01/54
..
1,500,000
1,521,036
Pace
University
,
Revenue
,
2024
A
,
5.5
%
,
5/01/49
..........................
875,000
891,292
Pace
University
,
Revenue
,
2024
A
,
5.5
%
,
5/01/56
..........................
1,750,000
1,769,144
St.
Joseph's
College
,
Revenue
,
2021
,
4
%
,
7/01/35
.........................
600,000
529,581
St.
Joseph's
College
,
Revenue
,
2021
,
5
%
,
7/01/51
.........................
1,775,000
1,466,411
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2017
B
,
Pre-Refunded
,
5
%
,
2/15/39
........................................................
5,000
5,218
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2017
B
,
Pre-Refunded
,
5
%
,
2/15/41
........................................................
10,000
10,435
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2020
A
,
Refunding
,
3
%
,
3/15/38
1,320,000
1,113,930
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2024
A
,
5.25
%
,
3/15/52
......
3,000,000
3,116,113
State
of
New
York
Sales
Tax
,
Revenue
,
2024
A
,
5
%
,
3/15/54
.................
5,000,000
5,088,063
State
of
New
York
Sales
Tax
,
Revenue
,
2024
B
,
Refunding
,
5
%
,
3/15/51
........
2,500,000
2,553,032
Wagner
College
,
Revenue
,
2022
,
Refunding
,
5
%
,
7/01/35
...................
1,000,000
985,567
Wagner
College
,
Revenue
,
2022
,
Refunding
,
5
%
,
7/01/36
...................
730,000
712,086
Wagner
College
,
Revenue
,
2022
,
Refunding
,
5
%
,
7/01/37
...................
770,000
742,604
Wagner
College
,
Revenue
,
2022
,
Refunding
,
5
%
,
7/01/38
...................
840,000
794,922
White
Plains
Hospital
Obligated
Group
,
Revenue
,
2024
,
5.25
%
,
10/01/49
........
2,200,000
2,203,819
New
York
State
Energy
Research
&
Development
Authority
,
New
York
State
Electric
&
Gas
Corp.
,
Revenue
,
1994
D
,
Refunding
,
3.5
%
,
10/01/29
5,000,000
4,929,231
New
York
State
Electric
&
Gas
Corp.
,
Revenue
,
2004
C
,
Refunding
,
4
%
,
4/01/34
..
3,600,000
3,646,324
d
New
York
State
Environmental
Facilities
Corp.
,
Casella
Waste
Systems,
Inc.
,
Revenue
,
2020
R-1
,
Mandatory
Put
,
2.75
%
,
9/02/25
.
550,000
546,614
a
Casella
Waste
Systems,
Inc.
,
Revenue
,
144A,
2020
R-2
,
Mandatory
Put
,
5.125
%
,
9/03/30
........................................................
1,000,000
1,021,925
d
New
York
State
Housing
Finance
Agency
,
325
Kent
LLC
,
Revenue
,
2024
A
,
Refunding
,
FNMA
Insured
,
Mandatory
Put
,
3.95
%
,
1/01/35
...........................
5,000,000
4,888,606
New
York
State
Thruway
Authority
,
Revenue
,
2019
B
,
4
%
,
1/01/41
........................................
3,000,000
2,793,157
Revenue
,
2019
B
,
4
%
,
1/01/45
........................................
6,000,000
5,332,810
Revenue,
Junior
Lien
,
2016
A
,
5
%
,
1/01/46
..............................
2,000,000
2,002,553
Putnam
New
York
Tax
Exempt
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
11
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
New
York
Transportation
Development
Corp.
,
American
Airlines,
Inc.
,
Revenue
,
2021
,
Refunding
,
3
%
,
8/01/31
...............
$
1,630,000
$
1,492,986
Delta
Air
Lines,
Inc.
,
Revenue
,
2018
,
5
%
,
1/01/34
..........................
2,000,000
2,012,167
Delta
Air
Lines,
Inc.
,
Revenue
,
2018
,
5
%
,
1/01/36
..........................
5,000,000
4,999,763
Delta
Air
Lines,
Inc.
,
Revenue
,
2020
,
5
%
,
10/01/35
.........................
750,000
755,179
Delta
Air
Lines,
Inc.
,
Revenue
,
2020
,
5
%
,
10/01/40
.........................
7,250,000
7,173,018
Delta
Air
Lines,
Inc.
,
Revenue
,
2023
,
5.625
%
,
4/01/40
......................
2,900,000
2,974,261
JFK
International
Air
Terminal
LLC
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
12/01/38
...
600,000
553,688
JFK
International
Air
Terminal
LLC
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
12/01/41
...
900,000
795,836
JFK
International
Air
Terminal
LLC
,
Revenue
,
2022
,
5
%
,
12/01/34
.............
5,000,000
5,221,394
JFK
Millennium
Partners
LLC
,
Revenue
,
2024
A
,
Refunding
,
AGMC
Insured
,
5.25
%
,
12/31/54
.......................................................
3,000,000
3,010,589
JFK
NTO
LLC
,
Revenue
,
2023
,
6
%
,
6/30/54
..............................
5,700,000
5,979,457
JFK
NTO
LLC
,
Revenue
,
2024
,
5.5
%
,
6/30/60
............................
5,000,000
5,008,343
Laguardia
Gateway
Partners
LLC
,
Revenue
,
2016
A
,
5
%
,
7/01/46
.............
4,500,000
4,379,768
Niagara
Frontier
Transportation
Authority
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
4/01/35
...............................
200,000
203,628
Revenue
,
2019
A
,
Refunding
,
5
%
,
4/01/37
...............................
1,000,000
1,010,294
Revenue
,
2019
A
,
Refunding
,
5
%
,
4/01/39
...............................
1,040,000
1,042,592
Oneida
County
Local
Development
Corp.
,
Mohawk
Valley
Health
System
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
AGMC
Insured
,
4
%
,
12/01/35
.......................................
1,000,000
990,713
Mohawk
Valley
Health
System
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
AGMC
Insured
,
4
%
,
12/01/36
.......................................
1,250,000
1,225,977
Mohawk
Valley
Health
System
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
AGMC
Insured
,
4
%
,
12/01/37
.......................................
1,000,000
968,686
Mohawk
Valley
Health
System
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
AGMC
Insured
,
4
%
,
12/01/38
.......................................
1,250,000
1,196,720
Mohawk
Valley
Health
System
Obligated
Group
,
Revenue
,
2021
A
,
AGMC
Insured
,
4
%
,
12/01/46
...................................................
4,000,000
3,529,676
a
Oneida
Indian
Nation
of
New
York
,
Revenue
,
144A,
2024
B
,
6
%
,
9/01/43
..........
1,200,000
1,264,398
Onondaga
Civic
Development
Corp.
,
Le
Moyne
College
,
Revenue
,
2015
,
5
%
,
7/01/34
...........................
445,000
445,178
Le
Moyne
College
,
Revenue
,
2018
,
Refunding
,
5
%
,
1/01/43
..................
740,000
714,489
Le
Moyne
College
,
Revenue
,
2020
B
,
Refunding
,
5
%
,
7/01/32
................
265,000
274,838
Le
Moyne
College
,
Revenue
,
2020
B
,
Refunding
,
5
%
,
7/01/33
................
305,000
314,296
Le
Moyne
College
,
Revenue
,
2020
B
,
Refunding
,
5
%
,
7/01/34
................
285,000
292,581
Le
Moyne
College
,
Revenue
,
2020
B
,
Refunding
,
5
%
,
7/01/35
................
410,000
419,124
Le
Moyne
College
,
Revenue
,
2020
B
,
Refunding
,
4
%
,
7/01/36
................
425,000
401,481
Le
Moyne
College
,
Revenue
,
2020
B
,
Refunding
,
4
%
,
7/01/37
................
490,000
455,492
Le
Moyne
College
,
Revenue
,
2020
B
,
Refunding
,
4
%
,
7/01/38
................
455,000
414,489
Le
Moyne
College
,
Revenue
,
2020
B
,
Refunding
,
4
%
,
7/01/39
................
825,000
740,658
Le
Moyne
College
,
Revenue
,
2020
B
,
Refunding
,
4
%
,
7/01/40
................
300,000
265,091
Le
Moyne
College
,
Revenue
,
2021
,
4
%
,
7/01/38
...........................
150,000
136,645
Le
Moyne
College
,
Revenue
,
2021
,
4
%
,
7/01/41
...........................
215,000
186,650
Le
Moyne
College
,
Revenue
,
2021
,
5
%
,
7/01/46
...........................
450,000
427,488
Le
Moyne
College
,
Revenue
,
2021
,
5
%
,
7/01/51
...........................
700,000
647,614
Le
Moyne
College
,
Revenue
,
2022
,
Refunding
,
4
%
,
7/01/34
..................
300,000
290,889
Le
Moyne
College
,
Revenue
,
2022
,
Refunding
,
4
%
,
7/01/36
..................
325,000
306,476
Le
Moyne
College
,
Revenue
,
2022
,
Refunding
,
4
%
,
7/01/39
..................
450,000
403,995
Le
Moyne
College
,
Revenue
,
2022
,
Refunding
,
4
%
,
7/01/42
..................
525,000
448,773
Syracuse
University
,
Revenue
,
2025
,
5.5
%
,
12/01/56
.......................
1,000,000
1,061,315
Port
Authority
of
New
York
&
New
Jersey
,
Revenue
,
217th
,
4
%
,
11/01/39
........................................
3,250,000
3,119,696
Revenue
,
217th
,
5
%
,
11/01/44
........................................
2,700,000
2,755,684
Revenue
,
237th
,
5
%
,
1/15/47
.........................................
3,000,000
3,078,882
Putnam
New
York
Tax
Exempt
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
Southold
Local
Development
Corp.
,
Peconic
Landing
at
Southold,
Inc.
,
Revenue
,
2015
,
5
%
,
12/01/45
.....................................................
$
2,250,000
$
2,138,583
St.
Lawrence
County
Industrial
Development
Agency
,
Clarkson
University
,
Revenue
,
2021
B
,
Refunding
,
5
%
,
9/01/35
...............
200,000
205,792
Clarkson
University
,
Revenue
,
2021
B
,
Refunding
,
5
%
,
9/01/36
...............
200,000
204,575
Clarkson
University
,
Revenue
,
2021
B
,
Refunding
,
5
%
,
9/01/37
...............
220,000
223,773
Clarkson
University
,
Revenue
,
2021
B
,
Refunding
,
5
%
,
9/01/38
...............
200,000
201,822
Clarkson
University
,
Revenue
,
2021
B
,
Refunding
,
5
%
,
9/01/39
...............
195,000
195,312
Clarkson
University
,
Revenue
,
2021
B
,
Refunding
,
5
%
,
9/01/40
...............
200,000
197,753
Clarkson
University
,
Revenue
,
2021
B
,
Refunding
,
5
%
,
9/01/41
...............
200,000
194,742
Suffolk
Regional
Off-Track
Betting
Co.
,
Revenue
,
2024
,
6
%
,
12/01/53
............
3,000,000
3,067,580
Suffolk
Tobacco
Asset
Securitization
Corp.
,
Revenue
,
2021
A-2
,
Refunding
,
4
%
,
6/01/37
.............................
1,250,000
1,205,904
Revenue
,
2021
A-2
,
Refunding
,
4
%
,
6/01/38
.............................
815,000
779,052
Revenue
,
2021
A-2
,
Refunding
,
4
%
,
6/01/39
.............................
1,250,000
1,176,675
Revenue
,
2021
A-2
,
Refunding
,
4
%
,
6/01/40
.............................
1,250,000
1,162,939
Revenue
,
2021
A-2
,
Refunding
,
4
%
,
6/01/41
.............................
1,300,000
1,197,332
c
Revenue
,
2021
B-2
,
Refunding
,
6.01
%,
6/01/66
...........................
5,000,000
457,320
Syracuse
Regional
Airport
Authority
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/33
.................................
1,500,000
1,551,179
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/35
.................................
350,000
340,239
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/36
.................................
400,000
384,235
Tompkins
County
Development
Corp.
,
Kendal
at
Ithaca,
Inc.
,
Revenue
,
2014
A
,
Refunding
,
5
%
,
7/01/44
.............................................
2,570,000
2,569,841
Triborough
Bridge
&
Tunnel
Authority
,
c
Revenue
,
2012
B
,
Refunding
,
3.81
%,
11/15/32
............................
3,900,000
2,951,153
Metropolitan
Transportation
Authority
Payroll
Mobility
Tax
,
Revenue,
Senior
Lien
,
2022
C
,
5.25
%
,
5/15/52
...........................................
5,500,000
5,664,970
Metropolitan
Transportation
Authority
Payroll
Mobility
Tax
,
Revenue,
Senior
Lien
,
2022
D-2
,
5.5
%
,
5/15/52
...........................................
3,250,000
3,408,023
Real
Estate
Transfer
Tax
,
Revenue
,
2025
A
,
5.5
%
,
12/01/59
..................
5,000,000
5,278,018
Troy
Capital
Resource
Corp.
,
Rensselaer
Polytechnic
Institute
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
9/01/34
......
2,000,000
2,100,306
Rensselaer
Polytechnic
Institute
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
9/01/39
......
2,725,000
2,792,212
Rensselaer
Polytechnic
Institute
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
9/01/40
......
1,375,000
1,236,022
TSASC,
Inc.
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
6/01/41
......................
13,490,000
13,142,217
Utility
Debt
Securitization
Authority
,
Revenue
,
2023
TE-1
,
Refunding
,
5
%
,
12/15/40
..
4,000,000
4,339,874
d
Westchester
County
Industrial
Development
Agency
,
Armory
Plaza
Housing
LP
,
Revenue
,
2023
,
FNMA
Insured
,
Mandatory
Put
,
4.3
%
,
5/01/41
................
3,185,000
3,085,749
Westchester
County
Local
Development
Corp.
,
Kendal
on
Hudson
Obligated
Group
,
Revenue
,
2022
B
,
Refunding
,
5
%
,
1/01/32
...
500,000
526,609
Kendal
on
Hudson
Obligated
Group
,
Revenue
,
2022
B
,
Refunding
,
5
%
,
1/01/37
...
525,000
542,829
Kendal
on
Hudson
Obligated
Group
,
Revenue
,
2022
B
,
Refunding
,
5
%
,
1/01/41
...
500,000
505,564
New
York
Blood
Center,
Inc.
,
Revenue
,
2024
,
5
%
,
7/01/38
...................
1,000,000
1,046,533
Purchase
Housing
Corp.
II
,
Revenue
,
2017
,
5
%
,
6/01/42
....................
1,235,000
1,207,005
a
Purchase
Senior
Learning
Community
Obligated
Group
,
Revenue
,
144A,
2021
A
,
Refunding
,
5
%
,
7/01/56
............................................
2,205,000
1,917,165
Westchester
Tobacco
Asset
Securitization
Corp.
,
Revenue,
Senior
Lien
,
2016
B
,
Refunding
,
5
%
,
6/01/41
.............................................
1,250,000
1,249,315
Yonkers
Economic
Development
Corp.
,
Charter
School
of
Educational
Excellence
,
Revenue
,
2019
A
,
5
%
,
10/15/39
......
545,000
536,801
Charter
School
of
Educational
Excellence
,
Revenue
,
2019
A
,
5
%
,
10/15/49
......
665,000
613,537
Charter
School
of
Educational
Excellence
,
Revenue
,
2019
A
,
5
%
,
10/15/54
......
505,000
456,419
667,170,932
Putnam
New
York
Tax
Exempt
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
13
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Washington
0.7%
Grays
Harbor
County
Public
Hospital
District
No.
1
,
Revenue
,
2023
,
Refunding
,
6.75
%
,
12/01/44
........................................................
$
4,300,000
$
4,697,489
U.S.
Territories
1.0%
Guam
0.2%
Antonio
B
Won
Pat
International
Airport
Authority
,
Revenue
,
2023
A
,
Refunding
,
5.125
%
,
10/01/34
...........................
390,000
407,343
Revenue
,
2023
A
,
Refunding
,
5.25
%
,
10/01/36
............................
680,000
708,508
Revenue
,
2023
A
,
Refunding
,
5.375
%
,
10/01/40
...........................
525,000
541,549
1,657,400
Puerto
Rico
0.8%
Commonwealth
of
Puerto
Rico
,
GO
,
2022
A-1
,
4
%
,
7/01/37
..........................................
2,750,000
2,541,810
GO
,
2022
A-1
,
4
%
,
7/01/41
..........................................
3,200,000
2,743,729
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
2
,
5.66
%,
8/01/47
.....
1,548,906
449,495
5,735,034
Total
U.S.
Territories
....................................................................
7,392,434
Total
Municipal
Bonds
(Cost
$
718,461,103
)
.....................................
687,853,809
a
a
a
a
Short
Term
Investments
1.4%
Municipal
Bonds
1.4%
New
York
1.4%
e
City
of
New
York
,
GO
,
2020
B-3
,
Daily
VRDN
and
Put
,
3
%
,
10/01/46
.............
725,000
725,000
e
New
York
City
Municipal
Water
Finance
Authority
,
Water
&
Sewer
System
,
Revenue
,
2011
DD-1
,
SPA
TD
Bank
NA
,
Daily
VRDN
and
Put
,
3
%
,
6/15/43
.................................................
835,000
835,000
Water
&
Sewer
System
,
Revenue
,
2022
DD
,
Refunding
,
Daily
VRDN
and
Put
,
3
%
,
6/15/33
........................................................
8,000,000
8,000,000
9,560,000
Total
Municipal
Bonds
(Cost
$
9,560,000
)
.......................................
9,560,000
Shares
a
Money
Market
Funds
0.0%
†
f,g
Putnam
Short
Term
Investment
Fund,
Class
P
,
4.555
%
.......................
367,233
367,233
Total
Money
Market
Funds
(Cost
$
367,233
)
.....................................
367,233
Total
Short
Term
Investments
(Cost
$
9,927,233
)
.................................
9,927,233
a
Total
Investments
(Cost
$
728,388,336
)
99.2
%
...................................
$697,781,042
Other
Assets,
less
Liabilities
0.8
%
.............................................
5,666,776
Net
Assets
100.0%
...........................................................
$703,447,818
Putnam
New
York
Tax
Exempt
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
See
Abbreviations
on
page
27
.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2025,
the
aggregate
value
of
these
securities
was
$43,211,067,
representing
6.1%
of
net
assets.
b
Security
purchased
on
a
when-issued
basis.
See
Note
1(b).
c
The
rate
shown
represents
the
yield
at
period
end.
d
The
maturity
date
shown
represents
the
mandatory
put
date.
e
Variable
rate
demand
notes
(VRDN)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
pay-
ment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
f
See
Note
3(g)
regarding
investments
in
affiliated
management
investment
companies.
g
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Putnam
New
York
Tax
Exempt
Income
Fund
Financial
Statements
Statement
of
Assets
and
Liabilities
May
31,
2025
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
15
Putnam
New
York
Tax
Exempt
Income
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$728,021,103
Cost
-
Non-controlled
affiliates
(Note
3
g
)
........................................................
367,233
Value
-
Unaffiliated
issuers
..................................................................
$697,413,809
Value
-
Non-controlled
affiliates
(Note
3
g
)
.......................................................
367,233
Cash
....................................................................................
11,582
Receivables:
Capital
shares
sold
........................................................................
188,739
Dividends
and
interest
.....................................................................
9,133,138
Prepaid
expenses
..........................................................................
160,816
Total
assets
..........................................................................
707,275,317
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
2,069,890
Capital
shares
redeemed
...................................................................
769,301
Management
fees
.........................................................................
248,153
Administrative
fees
........................................................................
2,136
Distribution
fees
..........................................................................
113,392
Transfer
agent
fees
........................................................................
107,320
Trustees'
fees
and
expenses
.................................................................
215,568
Distributions
to
shareholders
.................................................................
175,678
Accrued
expenses
and
other
liabilities
...........................................................
126,061
Total
liabilities
.........................................................................
3,827,499
Net
assets,
at
value
.................................................................
$703,447,818
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$776,415,634
Total
distributable
earnings
(losses)
.............................................................
(72,967,816)
Net
assets,
at
value
.................................................................
$703,447,818
Putnam
New
York
Tax
Exempt
Income
Fund
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
May
31,
2025
(unaudited)
franklintempleton.com
Semiannual
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
16
Putnam
New
York
Tax
Exempt
Income
Fund
Class
A:
Net
assets,
at
value
.......................................................................
$494,851,456
Shares
outstanding
........................................................................
65,015,894
Net
asset
value
per
share
a
,b
..................................................................
$7.61
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
96
.00
%
)
b
................................
$7.93
Class
C:
Net
assets,
at
value
.......................................................................
$8,012,705
Shares
outstanding
........................................................................
1,053,171
Net
asset
value
and
maximum
offering
price
per
share
a
,b
............................................
$7.61
Class
R6:
Net
assets,
at
value
.......................................................................
$142,779,001
Shares
outstanding
........................................................................
18,749,204
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$7.62
Class
Y:
Net
assets,
at
value
.......................................................................
$57,804,656
Shares
outstanding
........................................................................
7,590,335
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$7.62
a
Redemption
price
is
equal
to
net
asset
value
less
contingent
deferred
sales
charges,
if
applicable.
b
Net
asset
value
per
share
may
not
recalculate
due
to
rounding.
Putnam
New
York
Tax
Exempt
Income
Fund
Financial
Statements
Statement
of
Operations
for
the
six
months
ended
May
31,
2025
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
17
Putnam
New
York
Tax
Exempt
Income
Fund
Investment
income:
Dividends:
Non-controlled
affiliates
(Note
3
g
)
.............................................................
$117,187
Interest:
Unaffiliated
issuers
........................................................................
15,727,657
Total
investment
income
...................................................................
15,844,844
Expenses:
Management
fees
(Note
3
a
)
...................................................................
1,520,927
Administrative
fees
(Note
3
b
)
..................................................................
8,514
Distribution
fees:
(Note
3c
)
Class
A
................................................................................
650,247
Class
C
................................................................................
43,741
Transfer
agent
fees:
(Note
3e
)
Class
A
................................................................................
157,766
Class
C
................................................................................
2,655
Class
R6
...............................................................................
36,703
Class
Y
................................................................................
18,113
Custodian
fees
(Note
4
)
......................................................................
5,905
Reports
to
shareholders
fees
..................................................................
14,457
Registration
and
filing
fees
....................................................................
13,976
Professional
fees
...........................................................................
101,500
Trustees'
fees
and
expenses
..................................................................
12,835
Other
....................................................................................
6,349
Total
expenses
.........................................................................
2,593,688
Expense
reductions
(Note
4
)
...............................................................
(2,223)
Net
expenses
.........................................................................
2,591,465
Net
investment
income
................................................................
13,253,379
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
(3,203,323)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
(43,271,419)
Net
realized
and
unrealized
gain
(loss)
............................................................
(46,474,742)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$(33,221,363)
Putnam
New
York
Tax
Exempt
Income
Fund
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
Semiannual
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
18
Putnam
New
York
Tax
Exempt
Income
Fund
Six
Months
Ended
May
31,
2025
(unaudited)
Year
Ended
November
30,
2024
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$13,253,379
$26,051,962
Net
realized
gain
(loss)
.................................................
(3,203,323)
(1,158,881)
Net
change
in
unrealized
appreciation
(depreciation)
...........................
(43,271,419)
27,539,102
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
(33,221,363)
52,432,183
Distributions
to
shareholders:
Class
A
.............................................................
(8,964,412)
(17,814,437)
Class
B
.............................................................
—
(2,328)
Class
C
.............................................................
(117,965)
(263,053)
Class
R6
............................................................
(2,700,867)
(5,019,586)
Class
Y
.............................................................
(1,103,674)
(2,165,686)
Total
distributions
to
shareholders
..........................................
(12,886,918)
(25,265,090)
Capital
share
transactions:
(Note
2
)
Class
A
.............................................................
(20,007,213)
(49,115,938)
Class
B
.............................................................
—
(232,553)
Class
C
.............................................................
(901,517)
(3,149,073)
Class
R6
............................................................
456,698
8,711,084
Class
Y
.............................................................
(980,661)
(3,893,791)
Total
capital
share
transactions
............................................
(21,432,693)
(47,680,271)
Net
increase
(decrease)
in
net
assets
...................................
(67,540,974)
(20,513,178)
Net
assets:
Beginning
of
period
.....................................................
770,988,792
791,501,970
End
of
period
..........................................................
$703,447,818
$770,988,792
Putnam
New
York
Tax
Exempt
Income
Fund
19
franklintempleton.com
Semiannual
Report
Notes
to
Financial
Statements
(unaudited)
1.
Organization
and
Significant
Accounting
Policies
Putnam
New
York
Tax
Exempt
Income
Fund (Fund)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company.
The Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
The
Fund
offers four
classes
of
shares:
Class
A,
Class
C,
Class
R6
and
Class
Y.
Class
C
shares
automatically
convert
to
Class
A
shares
on
a
monthly
basis,
after
they
have
been
held
for
8
years.
Each
class
of
shares
may
differ
by
its
initial
sales
load,
contingent
deferred
sales
charges,
voting
rights
on
matters
affecting
a
single
class,
its
exchange
privilege
and
fees
due
to
differing
arrangements
for
distribution
and
transfer
agent
fees.
Effective
September
5,
2024,
all
Class B
shares
were
converted
to
Class
A.
The
following
summarizes
the Fund's
significant
accounting
policies.
a.
Financial
Instrument
Valuation
The
Fund's
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates
the
net
asset
value
(NAV)
per
share
each business
day as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the Fund's
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund’s
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund’s
administrator
in
performing
this
responsibility,
including
leading
the
cross-
functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Debt
securities
generally
trade
in
the over-the-counter
(OTC)
market
rather
than
on
a
securities
exchange.
The
Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Investments
in open-end mutual
funds
are
valued
at
the
closing
NAV.
The
Fund
has
procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the Fund
primarily
employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
b.
Securities
Purchased
on
a
When-Issued,
Forward
Commitment or
Delayed
Delivery
Basis
The
Fund
may
purchase
securities
on
a when-issued,
forward
commitment
or
delayed
delivery basis,
with
payment
and
delivery
scheduled
for
a
future
date.
These
transactions
are
subject
to
market
fluctuations
and
are
subject
to
the
risk
that
the
value
at
delivery
may
be
more
or
less
than
the
trade
date
purchase
price.
Although
the
Fund
will
generally
purchase
these
securities
with
the
intention
of
holding
the
securities, it
may
sell
the
securities
before
the
settlement
date.
Putnam
New
York
Tax
Exempt
Income
Fund
Notes
to
Financial
Statements
(unaudited)
20
franklintempleton.com
Semiannual
Report
c.
Income
Taxes
It
is the Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. The Fund
intends
to
distribute
to
shareholders
substantially
all
of
its income
and
net
realized
gains
to
relieve
it
from
federal
income
and excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
The Fund
may
recognize
an
income
tax
liability
related
to
its
uncertain
tax
positions
under
U.S.
GAAP
when
the
uncertain
tax
position
has
a
less
than
50%
probability
that
it
will
be
sustained
upon
examination
by
the
tax
authorities
based
on
its
technical
merits.
As
of
May
31,
2025, the Fund
has
determined
that
no
tax
liability
is
required
in
its
financial
statements
related
to
uncertain
tax
positions
for
any
open
tax
years
(or
expected
to
be
taken
in
future
tax
years).
Open
tax
years
are
those
that
remain
subject
to
examination
and
are
based
on
the
statute
of
limitations
in
each
jurisdiction
in
which
the Fund
invests.
d.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
Security
transactions
are
accounted
for
on
trade
date.
Realized
gains
and
losses
on
security
transactions
are
determined
on
a
specific
identification
basis.
Interest
income
(including
interest
income
from
payment-in-kind
securities,
if
any)
and
estimated
expenses
are
accrued
daily.
Amortization
of
premium
and
accretion
of
discount
on
debt
securities
are
included
in
interest
income.
Dividend
income
is
recorded
on
the
ex-dividend
date.
Dividends
from
net
investment
income
are
normally
declared
daily;
these
dividends
may
be
reinvested
or
paid
monthly
to
shareholders.
Distributions
from
realized
capital
gains
and
other
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Distributable
earnings
are
determined
according
to
income
tax
regulations
(tax
basis)
and
may
differ
from
earnings
recorded
in
accordance
with
U.S.
GAAP.
These
differences
may
be
permanent
or
temporary.
Permanent
differences
are
reclassified
among
capital
accounts
to
reflect
their
tax
character.
These
reclassifications
have
no
impact
on
net
assets
or
the
results
of
operations.
Temporary
differences
are
not
reclassified,
as
they
may
reverse
in
subsequent
periods.
Realized
and
unrealized
gains
and
losses
and
net
investment
income,
excluding
class
specific
expenses,
are
allocated
daily
to
each
class
of
shares
based
upon
the
relative
proportion
of
net
assets
of
each
class.
Differences
in
per
share
distributions
by
class
are
generally
due
to
differences
in
class
specific
expenses.
e.
Insurance
The
scheduled
payments
of
interest
and
principal
for
each
insured
municipal
security
in
the
Fund are
insured
by
either
a
new
issue
insurance
policy
or
a
secondary
insurance
policy.
Some
municipal
securities
in
the
Fund
are
secured
by
collateral
guaranteed
by
an
agency
of
the
U.S.
government.
Depending
on
the
type
of
coverage,
premiums
for
insurance
are
either
added
to
the
cost
basis
of
the
security
or
paid
by
a
third
party.
Insurance
companies
typically
insure
municipal
bonds
that
tend
to
be
of
very
high
quality,
with
the
majority
of
underlying
municipal
bonds
rated
A
or
better.
However,
an
event
involving
an
insurer
could
have
an
adverse
effect
on
the
value
of
the
securities
insured
by
that
insurance
company.
There
can
be
no
assurance
the
insurer
will
be
able
to
fulfill
its
obligations
under
the
terms
of
the
policy.
f.
Accounting
Estimates
The
preparation
of
financial
statements
in
accordance
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
g.
Guarantees
and
Indemnifications
Under
the Fund's
organizational
documents,
its
officers
and trustees
are
indemnified
by
the
Fund against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Fund.
Additionally,
in
the
normal
course
of
business,
the
Fund
enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The Fund's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the Fund
that
have
not
yet
occurred.
Currently,
the Fund
expects
the
risk
of
loss
to
be
remote.
1.
Organization
and
Significant
Accounting
Policies
(continued)
Putnam
New
York
Tax
Exempt
Income
Fund
Notes
to
Financial
Statements
(unaudited)
21
franklintempleton.com
Semiannual
Report
2.
Shares
of
Beneficial
Interest
At
May
31,
2025,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
Transactions
in
the
Fund's
shares
were
as
follows:
Six
Months
Ended
May
31,
2025
Year
Ended
November
30,
2024
Shares
Amount
Shares
Amount
Class
A
Shares:
Shares
sold
a
...................................
2,223,973
$17,514,584
4,438,241
$35,454,978
Shares
issued
in
reinvestment
of
distributions
..........
987,110
7,717,408
1,920,022
15,340,915
Shares
redeemed
...............................
(5,791,609)
(45,239,205)
(12,523,455)
(99,911,831)
Net
increase
(decrease)
..........................
(2,580,526)
$(20,007,213)
(6,165,192)
$(49,115,938)
Class
B
Shares:
*
Shares
sold
...................................
—
$—
14
$109
Shares
issued
in
reinvestment
of
distributions
..........
—
—
196
1,557
Shares
redeemed
...............................
—
—
(29,465)
(234,219)
Net
increase
(decrease)
..........................
—
$—
(29,255)
$(232,553)
Class
C
Shares:
Shares
sold
...................................
40,430
$318,246
121,078
$967,437
Shares
issued
in
reinvestment
of
distributions
..........
14,268
111,592
31,482
251,399
Shares
redeemed
a
..............................
(170,472)
(1,331,355)
(547,018)
(4,367,909)
Net
increase
(decrease)
..........................
(115,774)
$(901,517)
(394,458)
$(3,149,073)
Class
R6
Shares:
Shares
sold
...................................
2,195,113
$17,118,647
4,540,031
$36,249,166
Shares
issued
in
reinvestment
of
distributions
..........
344,971
2,700,228
629,231
5,029,421
Shares
redeemed
...............................
(2,487,740)
(19,362,177)
(4,083,440)
(32,567,503)
Net
increase
(decrease)
..........................
52,344
$456,698
1,085,822
$8,711,084
Class
Y
Shares:
Shares
sold
...................................
1,039,273
$8,174,893
2,174,720
$17,401,454
Shares
issued
in
reinvestment
of
distributions
..........
122,932
962,318
237,971
1,902,043
Shares
redeemed
...............................
(1,290,781)
(10,117,872)
(2,907,196)
(23,197,288)
Net
increase
(decrease)
..........................
(128,576)
$(980,661)
(494,505)
$(3,893,791)
*
Effective
September
5,
2024,
the
Fund
has
terminated
its
Class
B
shares.
a
May
include
a
portion
of
Class
C
shares
that
were
automatically
converted
to
Class
A.
Putnam
New
York
Tax
Exempt
Income
Fund
Notes
to
Financial
Statements
(unaudited)
22
franklintempleton.com
Semiannual
Report
3.
Transactions
with
Affiliates
Franklin
Resources,
Inc.
is
the
holding
company
for
various
subsidiaries
that
together
are
referred
to
as
Franklin
Templeton.
Certain
officers
and
trustees
of
the Fund are
also
officers
and/or
trustees of
the
following
subsidiaries:
a.
Management
Fees
The
Fund
pays Advisers
a
management
fee
(based
on
the
Fund’s
average
net
assets
and
computed
and
paid
monthly)
at
annual
rates
that
may
vary
based
on
the
average
of
the
aggregate
net
assets
of
all
open-end
mutual
funds
sponsored
by
Putnam
Management
(including
open-end
funds
managed
by
affiliates
of
Putnam
Management
that
have
been
deemed
to
be
sponsored
by
Putnam
Management
for
this
purpose)
(excluding
net
assets
of
such
funds
that
are
invested
in,
or
that
are
invested
in
by,
other
such
funds
to
the
extent
necessary
to
avoid
“double
counting”
of
those
assets).
Such
annual
rates
may
vary
as
follows:
For
the
period
ended
May
31,
2025,
the
annualized
gross
effective
investment
management
fee
rate
was 0.414%
of
the
Fund’s
average daily
net
assets.
Advisers
retained
Putnam
Management
as
subadvisor
for
the
Fund
pursuant
to
a
new
subadvisory
agreement.
Pursuant
to
the
agreement,
Putnam
Management
provides
certain
advisory
and
related
services
to
the
Fund.
Advisers
pays
a
monthly
fee
to
Putnam
Management
based
on
the
costs
of
Putnam
Management
in
providing
these
services
to
the
Fund,
which
may
include
a
mark-up
not
to
exceed
15%
over
such
costs. 
Under
a
subadvisory
agreement,
FTIML
provides
subadvisory
services
to
the
Fund.
The
subadvisory
fee
is
paid by Advisers
based
on
the
average
net
assets
managed
by
FTIML,
and
is
not
an
additional
expense
of
the
Fund.
b.
Administrative
Fees
Under
an
agreement
with
Advisers,
FT
Services
provides
administrative
services
to
the
Fund.
The
fee
is
paid
by Advisers
based
on
the Fund's
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
Subsidiary
Affiliation
Franklin
Advisers,
Inc.
(Advisers)
Investment
manager
Franklin
Templeton
Investment
Management
Limited
(FTIML)
Subadvisor
Putnam
Investment
Management,
LLC
(Putnam
Management)
Subadvisor
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
Franklin
Distributors,
LLC
(Distributors)
Principal
underwriter
Putnam
Investor
Services,
Inc.
(PSERV)
Transfer
agent
Annualized
Fee
Rate
Net
Assets
0.590%
of
the
first
$5
billion,
0.540%
of
the
next
$5
billion,
0.490%
of
the
next
$10
billion,
0.440%
of
the
next
$10
billion,
0.390%
of
the
next
$50
billion,
0.370%
of
the
next
$50
billion,
0.360%
of
the
next
$100
billion
and
0.355%
of
any
excess
thereafter.
Putnam
New
York
Tax
Exempt
Income
Fund
Notes
to
Financial
Statements
(unaudited)
23
franklintempleton.com
Semiannual
Report
The
Fund
reimburses
Advisers
an
allocated
amount
for
the
compensation
and
related
expenses
of
certain
officers
of
the
Fund
and
their
staff
who
provide
administrative
services
to
the
Fund.
The
aggregate
amount
of
all
such
reimbursements
is
determined
annually
by
the
Trustees.
c.
Distribution
Fees
The
Fund
has
adopted
distribution
plans
(the
Plans)
with
respect
to
the
following
share
classes
pursuant
to
Rule
12b–1
under
the
1940
Act.
The
purpose
of
the
Plans
is
to
compensate
Distributors
for
services
provided
and
expenses
incurred
in
distributing
shares
of
the
Fund.
The
Plans
provide
payments
by
the
Fund
to
Distributors
at
an
annual
rate
of
up
to
the
following
amounts
(Maximum
%)
of
the
average
net
assets
attributable
to
each
class.
The
Trustees
have
approved
payment
by
the
Fund
at
the
following
annual
rate
(Approved
%)
of
the
average
net
assets
attributable
to
each
class.
d.
Sales
Charges/Underwriting
Agreements
Front-end
sales
charges
and
contingent
deferred
sales
charges
(CDSC)
do
not
represent
expenses
of
the
Fund.
These
charges
are
deducted
from
the
proceeds
of
sales
of
fund
shares
prior
to
investment
or
from
redemption
proceeds
prior
to
remittance,
as
applicable.
Distributors
has
advised
the
Fund
of
the
following
commission
transactions
related
to
the
sales
and
redemptions
of
the
Fund's
shares
for
the
period:
e.
Transfer
Agent
Fees
PSERV,
an
affiliate
of
Advisers,
provides
investor
servicing
agent
functions
to
the
Fund.
PSERV
received
fees
for
investor
servicing
for
Class
A,
Class
C
and
Class
Y
shares
that
included
(1)
a
per
account
fee
for
each
direct
and
underlying
non-
defined
contribution
account
(retail
account)
of
the
Fund;
(2)
a
specified
rate
of
the
Fund’s
assets
attributable
to
defined
contribution
plan
accounts;
and
(3)
a
specified
rate
based
on
the
average
net
assets
in
retail
accounts.
PSERV
has
agreed
that
the
aggregate
investor
servicing
fees
for
each
Fund’s
retail
and
defined
contribution
accounts
for
these
share
classes
will
not
exceed
an
annual
rate
of
0.25%
of
the
Fund’s
average
assets
attributable
to
such
accounts.
Class R6
shares
paid
a
monthly
fee
based
on
the
average
net
assets
of
Class R6
shares
at
an
annual
rate
of
0.05%.
f.
Trustee
Fees
The
Fund
has
adopted
a
Trustee
Fee
Deferral
Plan
(the
Deferral
Plan)
which
allows
the
Trustees to
defer
the
receipt
of
all
or
a
portion
of
Trustees'
fees
payable
from
July
1,
1995
through
December
31,
2023.
The
deferred
fees
remain
invested
in
certain
Putnam
funds
until
distribution
in
accordance
with
the
Deferral
Plan.
The
Fund
has
adopted
an
unfunded
noncontributory
defined
benefit
pension
plan
(the
Pension
Plan)
covering
all
Trustees
of
the
Fund
who
have
served
as
a
Trustee
for
at
least
five
years
and
were
first
elected
prior
to
2004.
Benefits
under
the
Pension
Plan
are
equal
to
50%
of
the
Trustee's
average
annual
attendance
and
retainer
fees
for
the
three
years
ended
December
31,
2005.
The
retirement
benefit
is
payable
during
a
Trustee's
lifetime,
beginning
the
year
following
retirement,
for
the
number
of
Maximum
%
Approved
%
Class
A
...................................................................
0.35%
0.25%
Class
C
...................................................................
1.00%
1.00%
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
..............................
$7,718
CDSC
retained
..............................................................................
$10,976
3.
Transactions
with
Affiliates
(continued)
b.
Administrative
Fees
(continued)
Putnam
New
York
Tax
Exempt
Income
Fund
Notes
to
Financial
Statements
(unaudited)
24
franklintempleton.com
Semiannual
Report
years
of
service
through
December
31,
2006.
Pension
expense
for
the
Fund
is
included
in
the
Trustees' fees
and
expenses
in
the
Statement
of
Operations.
Accrued
pension
liability
is
included
in
Payable
for
Trustees' fees
and
expenses
in
the
Statement
of
Assets
and
Liabilities.
The
Trustees
have
terminated
the
Pension
Plan
with
respect
to
any
Trustee
first
elected
after
2003.
g.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
Management
fees
paid
by
the
Fund
are
waived
on
assets
invested
in
the
affiliated
management
investment
companies,
as
noted
in
the
Statement
of
Operations,
in
an
amount
not
to
exceed
the
management
and
administrative
fees,
if
applicable, paid
directly
or
indirectly
by
each
affiliate.
During
the
period
ended
May
31,
2025,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
h.
Waiver
and
Expense
Reimbursements
Advisers has
contractually
agreed,
through
March
30,
2027,
to
waive
fees
and/or
reimburse
the
Fund’s
expenses
to
the
extent
necessary
to
limit
the
cumulative
expenses
of
the
Fund,
exclusive
of
brokerage,
interest,
taxes,
investment-related
expenses,
extraordinary
expenses,
acquired
fund
fees
and
expenses
and
payments
under
the
Fund’s
investor
servicing
contract,
investment
management
contract
and
distribution
plans,
on
a
fiscal
year-to-date
basis
to
an
annual
rate
of
0.20%
of
the
Fund’s
average
net
assets
over
such
fiscal
year-to-date
period.
4.
Expense
Offset
Arrangement
The Fund has
entered
into
arrangements
with
PSERV
and
its
custodian
whereby
credits
realized
as
a
result
of
uninvested
cash
balances
are
used
to
reduce
a
portion
of
the
Fund’s
transfer
agent
and
custodian
fees,
respectively.
During
the
period
ended
May
31,
2025,
the
fees
were
reduced
as
noted
in
the
Statement
of
Operations.
Effective
March
10,
2025,
earned
credits
on
custodian
fees,
if
any,
are
recognized
as
income.
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Putnam
New
York
Tax  Exempt
Income
Fund
Non-Controlled
Affiliates
Dividends
Putnam
Short
Term
Investment
Fund,
Class
P,
4.555%
......
$369,892
$72,836,472
$(72,839,131)
$—
$—
$367,233
367,233
$117,187
Total
Affiliated
Securities
...
$369,892
$72,836,472
$(72,839,131)
$—
$—
$367,233
$117,187
3.
Transactions
with
Affiliates
(continued)
f.
Trustee
Fees
(continued)
Putnam
New
York
Tax
Exempt
Income
Fund
Notes
to
Financial
Statements
(unaudited)
25
franklintempleton.com
Semiannual
Report
5.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
At
November
30,
2024,
the
capital
loss
carryforwards
were
as
follows:
At
May
31,
2025,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation) for
income
tax
purposes
were
as
follows:
6.
Investment
Transactions
Purchases
and
sales
of
investments (excluding
short
term
securities) for
the
period
ended
May
31,
2025,
aggregated
$80,735,202 and
$102,295,179,
respectively. 
7.
Credit
Risk
At
May
31,
2025,
the
Fund
had 8.4% of
its
portfolio
invested
in
high
yield
securities
rated
below
investment
grade
as
determined
by
Nationally
Recognized
Statistical
Credit
Ratings
Organizations
and/or
internally,
by
investment
management.
These
securities
may
be
more
sensitive
to
economic
conditions
causing
greater
price
volatility
and
are
potentially
subject
to
a
greater
risk
of
loss
due
to
default
than
higher
rated
securities.
8.
Concentration
of
Risk
The
Fund
invests
a
large
percentage
of
its total
assets
in
obligations
of
issuers
within
its respective
state
and
U.S.
territories.
Such
concentration
may
subject
the
Fund
to
risks
associated
with
industrial
or
regional
matters,
and
economic,
political
or
legal
developments
occurring
within
those
states
and
U.S.
territories.
Investments
in
these
securities
are
sensitive
to
interest
rate
changes
and
credit
risk
of
the
issuer
and
may
subject
the
Fund
to
increased
market
volatility.
The
market
for
these
investments
may
be
limited,
which
may
make
them
difficult
to
buy
or
sell.
9.
Upcoming
Reorganization
On
May
16,
2025,
the
Board
approved
a
proposal
to
reorganize
the
Fund
with
and
into
a
newly-organized
exchange
traded
fund
(ETF).
Upon
completion
of
the
reorganization,
and
subject
to
certain
conditions,
on
or
around
the
fourth
quarter
of
2025
or
the
first
quarter
of
2026,
substantially
all
net
assets
in
the
Fund
will
be
transferred
into
the
ETF
and
ETF
shares
will
be
distributed
to
the
Fund’s
shareholders
in
complete
liquidation
of
the
Fund.
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$
9,749,923
Long
term
................................................................................
31,563,531
Total
capital
loss
carryforwards
...............................................................
$41,313,454
Cost
of
investments
..........................................................................
$728,843,375
Unrealized
appreciation
........................................................................
$4,227,031
Unrealized
depreciation
........................................................................
(35,289,364)
Net
unrealized
appreciation
(depreciation)
..........................................................
$(31,062,333)
Putnam
New
York
Tax
Exempt
Income
Fund
Notes
to
Financial
Statements
(unaudited)
26
franklintempleton.com
Semiannual
Report
10.
Credit
Facility
Effective
January
31,
2025,
the
Fund,
together
with
other
U.S.
registered
and
foreign
investment
Funds
(collectively,
Borrowers)
managed
by
Franklin
Templeton,
are
borrowers
in
a
joint
syndicated
senior
unsecured
credit
facility
totaling
$2.995
billion
(Global
Credit
Facility)
which
matures
on
January
30,
2026.
This
Global
Credit
Facility
provides
a
source
of
funds
to
the
Borrowers
for
temporary
and
emergency
purposes,
including
the
ability
to
meet
future
unanticipated
or
unusually
large
redemption
requests.
Under
the
terms
of
the
Global
Credit
Facility,
the
Fund
shall,
in
addition
to
interest
charged
on
any
borrowings
made
by
the
Fund
and
other
costs
incurred
by
the
Fund,
pay its
share
of
fees
and
expenses
incurred
in
connection
with
the
implementation
and
maintenance
of
the
Global
Credit
Facility,
based
upon its
relative
share
of
the
aggregate
net
assets
of
all
of
the
Borrowers,
including
an
annual
commitment
fee
of
0.15%
based
upon
the
unused
portion
of
the
Global
Credit
Facility.
These
fees
are
reflected
in
other
expenses
in
the
Statement
of
Operations.
During
the
reporting
period,
the
Fund
did
not
use
the
Global
Credit
Facility.
Prior
to
January
31,
2025,
the
Fund
participated,
along
with
other
Putnam
Funds,
in
a
$320
million
syndicated
unsecured
committed
line
of
credit,
provided
by
State
Street
($160
million)
and
JPMorgan
($160
million),
and
a
$235.5
million
unsecured
uncommitted
line
of
credit,
provided
by
State
Street.
Borrowings
may
have
been
made
for
temporary
or
emergency
purposes,
including
the
funding
of
shareholder
redemption
requests
and
trade
settlements.
Interest
was
charged
to
the
Fund
based
on
the
Fund’s
borrowings.
A
closing
fee
equal
to
0.04%
of
the
committed
line
of
credit
and
0.04%
of
the
uncommitted
line
of
credit
was
paid
by
the
participating
Funds
and
a
$75,000
fee
was
paid
by
the
participating
Funds
to
State
Street
as
agent
of
the
syndicated
committed
line
of
credit.
In
addition,
a
commitment
fee
of
0.21%
per
annum
on
any
unutilized
portion
of
the
committed
line
of
credit
was
allocated
to
the
participating
Funds
based
on
their
relative
net
assets
and
paid
quarterly.
During
the
reporting
period,
the
Fund
had
no
borrowings
against
these
arrangements.
11.
Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
May
31,
2025,
in
valuing
the
Fund's assets carried
at
fair
value,
is
as
follows:
Level
1
Level
2
Level
3
Total
Putnam
New
York
Tax  Exempt
Income
Fund
Assets:
Investments
in
Securities:
a
Municipal
Bonds
.........................
$
—
$
687,853,809
$
—
$
687,853,809
Short
Term
Investments
...................
367,233
9,560,000
—
9,927,233
Total
Investments
in
Securities
...........
$367,233
$697,413,809
$—
$697,781,042
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
Putnam
New
York
Tax
Exempt
Income
Fund
Notes
to
Financial
Statements
(unaudited)
27
franklintempleton.com
Semiannual
Report
12.
Operating
Segments
The
Fund has adopted
the
FASB
Accounting
Standards
Update
(ASU)
2023-07,
Segment
Reporting
(Topic
280)
-
Improvements
to
Reportable
Segment
Disclosures.
The
update
is
limited
to
disclosure
requirements
and
does
not
impact
the Fund's
financial
position
or
results
of
operations.
The Fund operates
as
a
single
operating
segment,
which
is
an
investment
portfolio.
The
Fund's Investment
manager
serves
as
the
Chief
Operating
Decision
Maker
(CODM),
evaluating
fund-wide
results
and
performance
under
a
unified
investment
strategy.
The
CODM
uses
these
measures
to
assess
fund
performance
and
allocate
resources
effectively.
Internal
reporting
provided
to
the
CODM
aligns
with
the
accounting
policies
and
measurement
principles
used
in
the financial
statements.
For
information
regarding
segment
assets,
segment
profit
or
loss,
and
significant
expenses,
refer
to
the Statement
of
Assets
and
Liabilities
and
the Statement
of
Operations,
along
with
the
related
notes
to
the financial
statements.
The Schedule
of
Investments
provides
details
of
the Fund's
investments
that
generate
returns
such
as
interest,
dividends,
and
realized
and
unrealized
gains
or
losses.
Performance
metrics,
including
portfolio
turnover
and
expense
ratios,
are
disclosed
in
the Financial
Highlights. 
13.
Subsequent
Events
The
Fund
has
evaluated
subsequent
events
through
the
issuance
of
the
financial
statements
and
determined
that
in
addition
to
those
events
previously
disclosed,
the
following
subsequent
event
requires
disclosure:
Effective
July
21,
2025,
any
front-end
sales
charges
applicable
to
the
purchase
of
Fund
shares
or
contingent
deferred
sales
charges
applicable
to
the
redemption
of
Fund
shares
will
be
waived. 
Abbreviations
Selected
Portfolio
AGMC
Assured
Guaranty
Municipal
Corp.
AMBAC
American
Municipal
Bond
Assurance
Corp.
BAM
Build
America
Mutual
Assurance
Co.
FHA
Federal
Housing
Administration
FNMA
Federal
National
Mortgage
Association
GO
General
Obligation
SPA
Standby
Purchase
Agreement
Putnam
New
York
Tax
Exempt
Income
Fund
28
franklintempleton.com
Semiannual
Report
Changes
In
and
Disagreements
with
Accountants
For
the
period
covered
by
this
report
Not
applicable.
Results
of
Meeting(s)
of
Shareholders
For
the
period
covered
by
this
report
Not
applicable.
Remuneration
Paid
to
Directors,
Officers
and
Others
For
the
period
covered
by
this
report
Refer
to
the
financial
statements
included
herein.
Remuneration
to
officers
is
paid
by
the
Fund’s
investment
manager
according
to
the
terms
of
the
agreement.
Board
Approval
of
Management
and
Subadvisory
Agreements
For
the
period
covered
by
this
report
Not
applicable
38912-SFSOI
07/25
©
2025
Franklin
Templeton.
All
rights
reserved.
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

 

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

 

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

 

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

 

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

 

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

 

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

 

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

 

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

 

Not applicable.

 

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

 

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees that would require disclosure herein.

 

ITEM 16. CONTROLS AND PROCEDURES.

 

(a) The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.

 

(b) During the period covered by this report, the Registrant transitioned to a new third-party service provider who performs certain accounting and administrative services for the Registrant that are subject to Franklin Templeton’s oversight.

 

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

 

(a) Not applicable.

 

(b) Not applicable.

 

ITEM 19. EXHIBITS.

 

(a) (1) Not applicable.

Exhibit 99.CODE ETH

 

(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.

Exhibit 99.CERT

 

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.

Exhibit 99.906CERT

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

 

 

Putnam New York Tax Exempt Income Fund  
     
By: /s/ Jonathan S. Horwitz  
  Jonathon S. Horwitz  
  Principal Executive Officer  
     
Date: July 28, 2025  

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

 

By: /s/ Jonathan S. Horwitz  
  Jonathan S. Horwitz  
  Principal Executive Officer  
     
Date: July 28, 2025  
     
By: /s/ Jeffrey White  
  Jeffrey White  
  Principal Financial Officer  
     
Date: July 28, 2025  
 
ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

CERTIFICATIONS PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

CERTIFICATIONS PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

XBRL SCHEMA FILE

XBRL DEFINITION FILE

XBRL LABEL FILE

XBRL PRESENTATION FILE

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