# EDGAR Filing Document

**Accession Number:** 0000719712
**File Stem:** 0001133228-25-007764
**Filing Date:** 2025-7
**Character Count:** 129492
**Document Hash:** a3c74c96acff54e3de63687486571822
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-007764.hdr.sgml**: 20250730

**ACCESSION NUMBER**: 0001133228-25-007764

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250730

**DATE AS OF CHANGE**: 20250730

**EFFECTIVENESS DATE**: 20250730

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUTNAM NEW YORK TAX EXEMPT INCOME FUND
- **CENTRAL INDEX KEY:** 0000719712

**ORGANIZATION NAME:**
- **EIN:** 042794490
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03741
- **FILM NUMBER:** 251166497

**BUSINESS ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 6172921000

**MAIL ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PUTNAM NEW YORK TAX EXEMPT INCOME TRUST
- **DATE OF NAME CHANGE:** 19940603

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PUTNAM NEW YORK TAX EXEMPT INCOME FUND
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### PUTNAM NEW YORK TAX EXEMPT INCOME FUND (Series ID: S000006345)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000017441 | Class C Shares  |  |
| C000017443 | Class A Shares  | PTEIX           |
| C000060413 | CLASS Y         |  |
| C000202782 | Class R6 Shares |  |

?xml version='1.0' encoding='ASCII'? 2025-06-1174200164800_PutnamNewYorkTaxExemptIncomeFund_ClassA_TSRSemiAnnual

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is filed herewith

---

| | |
|:---|:---|
| **Putnam New York Tax Exempt Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [PTEIX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| May 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

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**<sup>†</sup>  |
| Class A | $38 | 0.77% |

---

† Annualized.

**KEY FUND STATISTICS** (as of May 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $703447818 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 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**<sup>\*</sup> **(% of Total Investments)**

![image](ts4201img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • 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](img2199_202405220716489.jpg) |
| Class C [PNNCX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| May 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

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**<sup>†</sup>  |
| Class C | $74 | 1.52% |

---

† Annualized.

**KEY FUND STATISTICS** (as of May 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $703447818 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 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**<sup>\*</sup> **(% of Total Investments)**

![image](ts4199img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • 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](img2199_202405220716489.jpg) |
| Class R6 [PNYRX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| May 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

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**<sup>†</sup>  |
| Class R6 | $25 | 0.51% |

---

† Annualized.

**KEY FUND STATISTICS** (as of May 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $703447818 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 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**<sup>\*</sup> **(% of Total Investments)**

![image](ts4202img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • 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](img2199_202405220716489.jpg) |
| Class Y [PNYYX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| May 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

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**<sup>†</sup>  |
| Class Y | $25 | 0.52% |

---

† Annualized.

**KEY FUND STATISTICS** (as of May 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $703447818 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 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**<sup>\*</sup> **(% of Total Investments)**

![image](ts4204img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • 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 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

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

Remuneration

Paid

to

Directors,

Officers

and

Others

Board

Approval

of

Management

and

Subadvisory

Agreements

Putnam

New

York

Tax

Exempt

Income

Fund

Financial

Highlights

franklintempleton.com

Semiannual

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

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

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.

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

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.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds

#### 97.8%

#### Alaska

#### 1.2%
Alaska

Industrial

Development

&

Export

Authority

,

Dena'

Nena'

Henash

,

Revenue

,

2019

A

,

%

,

10/01/35

......................

$

4,280,000

$

4,173,549

Dena'

Nena'

Henash

,

Revenue

,

2019

A

,

%

,

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

,

%

,

12/01/30

.......................................................

250,000

250,116

Albany

College

of

Pharmacy

and

Health

Sciences

,

Revenue

,

2014

A

,

Refunding

,

%

,

12/01/31

.......................................................

115,000

115,045

Albany

College

of

Pharmacy

and

Health

Sciences

,

Revenue

,

2014

A

,

Refunding

,

%

,

12/01/32

.......................................................

495,000

495,148

Albany

College

of

Pharmacy

and

Health

Sciences

,

Revenue

,

2014

A

,

Refunding

,

%

,

12/01/33

.......................................................

325,000

325,068

Empire

Commons

Student

Housing,

Inc.

,

Revenue

,

2016

A

,

Refunding

,

%

,

5/01/28

600,000

606,179

Empire

Commons

Student

Housing,

Inc.

,

Revenue

,

2016

A

,

Refunding

,

%

,

5/01/29

1,090,000

1,099,966

Empire

Commons

Student

Housing,

Inc.

,

Revenue

,

2016

A

,

Refunding

,

%

,

5/01/30

1,050,000

1,058,820

Empire

Commons

Student

Housing,

Inc.

,

Revenue

,

2016

A

,

Refunding

,

%

,

5/01/31

1,500,000

1,511,928

Empire

Commons

Student

Housing,

Inc.

,

Revenue

,

2016

A

,

Refunding

,

%

,

5/01/32

505,000

508,449

KIPP

Capital

Region

Public

Charter

Schools

,

Revenue

,

2024

,

%

,

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

,

%

,

10/01/45

....................................

2,000,000

1,773,020

Broome

County

Local

Development

Corp.

,

Good

Shepherd

Village

at

Endwell

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/41

........................................................

2,690,000

2,309,062

United

Health

Services

Hospitals

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

AGMC

Insured

,

%

,

4/01/40

........................................

1,350,000

1,235,948

United

Health

Services

Hospitals

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

AGMC

Insured

,

%

,

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

,

%

,

6/01/35

2,000,000

2,027,853

D'Youville

University

,

Revenue

,

2020

A

,

Refunding

,

%

,

11/01/50

..............

6,535,000

4,814,101

Orchard

Park

CCRC,

Inc.

,

Revenue

,

2015

,

Refunding

,

%

,

11/15/30

...........

500,000

502,086

Orchard

Park

CCRC,

Inc.

,

Revenue

,

2015

,

Refunding

,

%

,

11/15/37

...........

4,470,000

4,473,235

Build

NYC

Resource

Corp.

,

1232

Southern

Blvd

LLC

,

Revenue

,

2015

,

%

,

7/01/45

......................

2,500,000

2,355,461

Academic

Leadership

Charter

School

,

Revenue

,

2021

,

%

,

6/15/27

............

100,000

100,348

Academic

Leadership

Charter

School

,

Revenue

,

2021

,

%

,

6/15/28

............

100,000

100,359

Academic

Leadership

Charter

School

,

Revenue

,

2021

,

%

,

6/15/29

............

110,000

110,107

Academic

Leadership

Charter

School

,

Revenue

,

2021

,

%

,

6/15/30

............

100,000

99,738

Academic

Leadership

Charter

School

,

Revenue

,

2021

,

%

,

6/15/31

............

100,000

99,269

Academic

Leadership

Charter

School

,

Revenue

,

2021

,

%

,

6/15/36

............

400,000

383,441

a

Brilla

College

Preparatory

Charter

Schools

,

Revenue

,

144A,

2021

A

,

%

,

11/01/31

.

1,265,000

1,238,932

a

Brilla

College

Preparatory

Charter

Schools

,

Revenue

,

144A,

2021

A

,

%

,

11/01/41

.

1,780,000

1,512,961

a

Brilla

College

Preparatory

Charter

Schools

,

Revenue

,

144A,

2021

A

,

%

,

11/01/51

.

1,000,000

779,388

Children's

Aid

Society

(The)

,

Revenue

,

2019

,

%

,

7/01/38

...................

290,000

284,447

Children's

Aid

Society

(The)

,

Revenue

,

2019

,

%

,

7/01/44

...................

450,000

388,425

Children's

Aid

Society

(The)

,

Revenue

,

2019

,

%

,

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

a

a

#### Principal

#### Amount
a

#### Value
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

,

%

,

6/15/42

.............

850,000

747,170

Global

Community

Charter

School

,

Revenue

,

2022

A

,

%

,

6/15/52

.............

1,520,000

1,266,793

Global

Community

Charter

School

,

Revenue

,

2022

A

,

%

,

6/15/57

.............

1,300,000

1,061,889

Grand

Concourse

Academy

Charter

School

,

Revenue

,

2022

A

,

%

,

7/01/42

......

550,000

534,441

Grand

Concourse

Academy

Charter

School

,

Revenue

,

2022

A

,

%

,

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

,

%

,

8/01/47

.................

1,000,000

905,874

a

NEW

World

Preparatory

Charter

School

,

Revenue

,

144A,

2021

A

,

%

,

6/15/41

....

525,000

441,466

a

NEW

World

Preparatory

Charter

School

,

Revenue

,

144A,

2021

A

,

%

,

6/15/51

....

975,000

744,293

a

NEW

World

Preparatory

Charter

School

,

Revenue

,

144A,

2021

A

,

%

,

6/15/56

....

450,000

333,327

a

Pratt

Paper

NY,

Inc.

,

Revenue

,

144A,

2014

,

Refunding

,

%

,

1/01/35

............

1,750,000

1,750,456

Success

Academy

Charter

Schools,

Inc.

Obligated

Group

,

Revenue

,

2025

,

%

,

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

,

%

,

7/01/40

.....

350,000

350,000

City

of

New

York

,

GO

,

2020

,

%

,

8/01/42

..........................................

3,500,000

3,181,196

GO

,

2021

C

,

%

,

8/01/42

............................................

5,350,000

5,473,569

GO

,

2023

,

5.25 %

,

10/01/43

.......................................

1,500,000

1,568,200

GO

,

2023

,

5.25 %

,

10/01/47

.......................................

4,800,000

4,935,893

GO

,

2024

A

,

%

,

8/01/46

............................................

1,450,000

1,484,060

GO

,

2024

A

,

%

,

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

,

5.25 %

,

9/01/46

........................................

5,000,000

5,230,689

GO

,

2025

,

5.25 %

,

2/01/53

........................................

350,000

363,373

City

of

Poughkeepsie

,

GO

,

2019

,

Refunding

,

%

,

6/01/25

.....................................

230,000

230,000

GO

,

2019

,

Refunding

,

%

,

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

,

%

,

7/01/46

...................................

800,000

773,348

Dutchess

County

Local

Development

Corp.

,

Bard

College

,

Revenue

,

2020

A

,

Refunding

,

%

,

7/01/40

....................

1,000,000

1,014,003

Bard

College

,

Revenue

,

2020

A

,

Refunding

,

%

,

7/01/45

....................

3,400,000

3,380,827

Bard

College

,

Revenue

,

2020

A

,

Refunding

,

%

,

7/01/51

....................

4,000,000

3,866,458

Culinary

Institute

of

America

(The)

,

Revenue

,

2016

,

Refunding

,

%

,

7/01/32

...

1,065,000

1,077,315

Culinary

Institute

of

America

(The)

,

Revenue

,

2016

,

Refunding

,

%

,

7/01/35

...

155,000

156,308

Culinary

Institute

of

America

(The)

,

Revenue

,

2021

,

Refunding

,

%

,

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.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### New

#### York
(continued)

Dutchess

County

Local

Development

Corp.,

(continued)

Culinary

Institute

of

America

(The)

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/36

......

$

175,000

$

170,426

Culinary

Institute

of

America

(The)

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/37

......

175,000

168,047

Culinary

Institute

of

America

(The)

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/38

......

200,000

188,178

Culinary

Institute

of

America

(The)

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/39

......

100,000

92,903

Culinary

Institute

of

America

(The)

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/40

......

100,000

91,706

Marist

College

,

Revenue

,

2022

,

%

,

7/01/52

.............................

9,000,000

8,792,296

Empire

State

Development

Corp.

,

State

of

New

York

Sales

Tax

,

Revenue

,

2023

A

,

%

,

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

,

%

,

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

,

%

,

7/01/42

..................

1,200,000

1,203,445

Hofstra

University

,

Revenue

,

2017

,

Refunding

,

%

,

7/01/47

..................

1,000,000

981,904

Molloy

College

,

Revenue

,

2017

,

Refunding

,

%

,

7/01/37

....................

315,000

316,756

Molloy

College

,

Revenue

,

2017

,

Refunding

,

%

,

7/01/38

....................

480,000

481,377

Molloy

College

,

Revenue

,

2018

,

%

,

7/01/38

.............................

865,000

868,603

Molloy

College

,

Revenue

,

2018

,

%

,

7/01/43

.............................

1,025,000

998,357

Long

Island

Power

Authority

,

Revenue

,

2021

A

,

Refunding

,

%

,

9/01/40

...............................

1,000,000

799,102

Revenue

,

2024

A

,

Refunding

,

%

,

9/01/49

...............................

12,500,000

12,691,986

Metropolitan

Transportation

Authority

,

Revenue

,

2019

C

,

BAM

Insured

,

%

,

11/15/44

............................

10,000,000

10,191,326

Revenue

,

2020

D

,

%

,

11/15/47

.......................................

2,000,000

1,707,336

Revenue

,

2021

,

%

,

11/15/47

.....................................

3,000,000

2,538,857

Revenue

,

2024

A

,

Refunding

,

BAM

Insured

,

%

,

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

,

%

,

7/01/44

...

1,320,000

1,189,880

a

Eugenio

Maria

de

Hostos

Charter

School

,

Revenue

,

144A,

2024

A

,

%

,

7/01/54

...

2,000,000

1,715,797

a

Eugenio

Maria

de

Hostos

Charter

School

,

Revenue

,

144A,

2024

A

,

%

,

7/01/59

...

1,350,000

1,139,007

Highland

Hospital

of

Rochester

,

Revenue

,

2020

,

Refunding

,

%

,

7/01/40

........

3,890,000

3,596,422

Rochester

Regional

Health

Obligated

Group

,

Revenue

,

2013

A

,

Refunding

,

%

,

12/01/32

.......................................................

1,250,000

1,251,790

Rochester

Regional

Health

Obligated

Group

,

Revenue

,

2013

A

,

Refunding

,

%

,

12/01/37

.......................................................

2,000,000

2,002,741

Rochester

Regional

Health

Obligated

Group

,

Revenue

,

2017

,

%

,

12/01/35

......

600,000

606,115

Rochester

Regional

Health

Obligated

Group

,

Revenue

,

2017

,

%

,

12/01/46

......

3,000,000

2,968,827

Rochester

Regional

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

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

,

%

,

6/01/59

.

4,120,000

3,755,701

MTA

Hudson

Rail

Yards

Trust

Obligations

,

Revenue

,

2016

A

,

%

,

11/15/51

........

9,500,000

9,352,947

Nassau

County

Local

Economic

Assistance

Corp.

,

Roosevelt

Children's

Academy

Charter

School

,

Revenue

,

2023

A

,

%

,

7/01/55

...........................

2,750,000

2,574,250

Nassau

County

Tobacco

Settlement

Corp.

,

Revenue

,

2006

,

5.25 %

,

6/01/26

.....

4,537,648

4,462,837

New

York

City

Health

and

Hospitals

Corp.

,

Revenue

,

2020

A

,

Refunding

,

%

,

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

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### New

#### York
(continued)

New

York

City

Housing

Development

Corp.,

(continued)

Revenue

,

2020

,

2.7 %

,

11/01/55

.....................................

$

7,000,000

$

4,339,101

Revenue

,

2020

,

2.8 %

,

11/01/60

.....................................

3,000,000

1,813,167

Revenue

,

2021

,

Refunding

,

2.5 %

,

11/01/51

...........................

5,000,000

2,962,383

Revenue

,

2021

,

Refunding

,

2.6 %

,

11/01/56

...........................

1,660,000

994,257

Revenue

,

2021

,

FHA

Insured

,

2.5 %

,

11/01/51

.........................

5,480,000

3,246,771

Revenue

,

2021

,

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

,

4.95 %

,

11/01/58

...................................

2,000,000

1,973,067

Revenue

,

2024

,

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

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

,

%

,

7/01/28

...........................................

1,050,000

1,055,478

New

York

City

Municipal

Water

Finance

Authority

,

Water

&

Sewer

System

,

Revenue

,

2022

,

%

,

6/15/48

..................

2,090,000

2,122,341

Water

&

Sewer

System

,

Revenue

,

2022

,

Refunding

,

%

,

6/15/44

..........

1,000,000

746,838

Water

&

Sewer

System

,

Revenue

,

2023

,

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

,

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

,

%

,

7/15/43

............................

8,110,000

8,133,723

Future

Tax

Secured

,

Revenue

,

2017

,

%

,

5/01/37

......................

1,000,000

1,008,158

Future

Tax

Secured

,

Revenue

,

2019

,

%

,

8/01/40

......................

14,000,000

14,297,683

Future

Tax

Secured

,

Revenue

,

2019

,

%

,

8/01/38

......................

5,000,000

4,840,575

Future

Tax

Secured

,

Revenue

,

2021

,

%

,

5/01/39

......................

5,000,000

4,790,984

Future

Tax

Secured

,

Revenue

,

2021

,

%

,

5/01/40

......................

2,500,000

2,364,344

Future

Tax

Secured

,

Revenue

,

2023

,

5.5 %

,

11/01/45

....................

10,000,000

10,606,040

Future

Tax

Secured

,

Revenue

,

2024

,

%

,

5/01/45

......................

4,000,000

4,103,732

Future

Tax

Secured

,

Revenue

,

2024

B

,

%

,

5/01/40

........................

2,000,000

2,119,944

Future

Tax

Secured

,

Revenue

,

2024

B

,

%

,

5/01/43

........................

2,150,000

2,227,906

Future

Tax

Secured

,

Revenue

,

2024

,

5.25 %

,

2/01/53

....................

5,000,000

5,180,392

Future

Tax

Secured

,

Revenue

,

2025

,

%

,

5/01/46

......................

3,500,000

3,589,715

Future

Tax

Secured

,

Revenue

,

2025

,

%

,

5/01/48

......................

10,000,000

10,217,214

Future

Tax

Secured

,

Revenue

,

2025

E

,

%

,

11/01/53

.......................

5,000,000

5,078,469

New

York

Convention

Center

Development

Corp.

,

New

York

City

Hotel

Unit

Fee

,

Revenue

,

2015

,

Refunding

,

%

,

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

,

%

,

6/01/38

.............

6,985,000

6,443,773

New

York

Counties

Tobacco

Trust

VI

,

Revenue

,

2016

A-2B

,

Refunding

,

%

,

6/01/45

............................

1,000,000

873,928

Revenue

,

2016

A-2B

,

Refunding

,

%

,

6/01/51

............................

2,300,000

1,956,545

Revenue

,

2016

B

,

Refunding

,

%

,

6/01/36

...............................

265,000

266,399

Revenue

,

2016

B

,

Refunding

,

%

,

6/01/41

...............................

250,000

250,207

New

York

Liberty

Development

Corp.

,

Revenue

,

2021

A

,

Refunding

,

%

,

11/15/51

..............................

7,120,000

4,802,769

a

World

Trade

Center

LLC

,

Revenue

,

144A,

2014

,

,

Refunding

,

%

,

11/15/44

....

15,975,000

15,538,264

a

World

Trade

Center

LLC

,

Revenue

,

144A,

2014

,

,

Refunding

,

5.15 %

,

11/15/34

..

515,000

515,097

World

Trade

Center

II

LLC

,

Revenue

,

2022

A

,

,

Refunding

,

%

,

9/15/43

.......

29,290,000

22,480,567

World

Trade

Center

II

LLC

,

Revenue

,

2022

A

,

,

Refunding

,

3.125 %

,

9/15/50

...

3,075,000

2,183,544

World

Trade

Center

II

LLC

,

Revenue

,

2022

A

,

,

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.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### New

#### York
(continued)

New

York

Liberty

Development

Corp.,

(continued)

One

Bryant

Park

LLC

,

Revenue

,

2019

,

,

Refunding

,

2.8 %

,

9/15/69

............

$

5,500,000

$

5,005,638

Port

Authority

of

New

York

&

New

Jersey

,

Revenue

,

1WTC

2021

,

Refunding

,

%

,

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

,

%

,

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

,

%

,

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

,

%

,

7/01/51

.............................

350,000

336,391

Iona

College

,

Revenue

,

2022

,

Refunding

,

%

,

7/01/29

......................

250,000

263,186

Iona

College

,

Revenue

,

2022

,

Refunding

,

%

,

7/01/31

......................

625,000

666,367

Iona

College

,

Revenue

,

2022

,

Refunding

,

%

,

7/01/32

......................

525,000

561,401

Iona

College

,

Revenue

,

2022

,

Refunding

,

%

,

7/01/42

......................

225,000

224,670

New

School

(The)

,

Revenue

,

2022

A

,

Refunding

,

%

,

7/01/40

................

900,000

922,316

New

York

Institute

of

Technology

,

Revenue

,

2024

,

%

,

7/01/43

................

770,000

783,265

New

York

Institute

of

Technology

,

Revenue

,

2024

,

%

,

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

,

%

,

5/01/45

....

10,000,000

8,931,532

Northwell

Health

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

%

,

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

,

%

,

7/01/35

.........................

600,000

529,581

St.

Joseph's

College

,

Revenue

,

2021

,

%

,

7/01/51

.........................

1,775,000

1,466,411

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2017

B

,

Pre-Refunded

,

%

,

2/15/39

........................................................

5,000

5,218

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2017

B

,

Pre-Refunded

,

%

,

2/15/41

........................................................

10,000

10,435

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2020

A

,

Refunding

,

%

,

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

,

%

,

3/15/54

.................

5,000,000

5,088,063

State

of

New

York

Sales

Tax

,

Revenue

,

2024

B

,

Refunding

,

%

,

3/15/51

........

2,500,000

2,553,032

Wagner

College

,

Revenue

,

2022

,

Refunding

,

%

,

7/01/35

...................

1,000,000

985,567

Wagner

College

,

Revenue

,

2022

,

Refunding

,

%

,

7/01/36

...................

730,000

712,086

Wagner

College

,

Revenue

,

2022

,

Refunding

,

%

,

7/01/37

...................

770,000

742,604

Wagner

College

,

Revenue

,

2022

,

Refunding

,

%

,

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

,

%

,

4/01/34

..

3,600,000

3,646,324

d

New

York

State

Environmental

Facilities

Corp.

,

Casella

Waste

Systems,

Inc.

,

Revenue

,

2020

,

Mandatory

Put

,

2.75 %

,

9/02/25

.

550,000

546,614

a

Casella

Waste

Systems,

Inc.

,

Revenue

,

144A,

2020

,

Mandatory

Put

,

5.125 %

,

9/03/30

........................................................

1,000,000

1,021,925

d

New

York

State

Housing

Finance

Agency

,

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

,

%

,

1/01/41

........................................

3,000,000

2,793,157

Revenue

,

2019

B

,

%

,

1/01/45

........................................

6,000,000

5,332,810

Revenue,

Junior

Lien

,

2016

A

,

%

,

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

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### New

#### York
(continued)

New

York

Transportation

Development

Corp.

,

American

Airlines,

Inc.

,

Revenue

,

2021

,

Refunding

,

%

,

8/01/31

...............

$

1,630,000

$

1,492,986

Delta

Air

Lines,

Inc.

,

Revenue

,

2018

,

%

,

1/01/34

..........................

2,000,000

2,012,167

Delta

Air

Lines,

Inc.

,

Revenue

,

2018

,

%

,

1/01/36

..........................

5,000,000

4,999,763

Delta

Air

Lines,

Inc.

,

Revenue

,

2020

,

%

,

10/01/35

.........................

750,000

755,179

Delta

Air

Lines,

Inc.

,

Revenue

,

2020

,

%

,

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

,

%

,

12/01/38

...

600,000

553,688

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/41

...

900,000

795,836

JFK

International

Air

Terminal

LLC

,

Revenue

,

2022

,

%

,

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

,

%

,

6/30/54

..............................

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

,

%

,

7/01/46

.............

4,500,000

4,379,768

Niagara

Frontier

Transportation

Authority

,

Revenue

,

2019

A

,

Refunding

,

%

,

4/01/35

...............................

200,000

203,628

Revenue

,

2019

A

,

Refunding

,

%

,

4/01/37

...............................

1,000,000

1,010,294

Revenue

,

2019

A

,

Refunding

,

%

,

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

,

%

,

12/01/35

.......................................

1,000,000

990,713

Mohawk

Valley

Health

System

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

AGMC

Insured

,

%

,

12/01/36

.......................................

1,250,000

1,225,977

Mohawk

Valley

Health

System

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

AGMC

Insured

,

%

,

12/01/37

.......................................

1,000,000

968,686

Mohawk

Valley

Health

System

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

AGMC

Insured

,

%

,

12/01/38

.......................................

1,250,000

1,196,720

Mohawk

Valley

Health

System

Obligated

Group

,

Revenue

,

2021

A

,

AGMC

Insured

,

%

,

12/01/46

...................................................

4,000,000

3,529,676

a

Oneida

Indian

Nation

of

New

York

,

Revenue

,

144A,

2024

B

,

%

,

9/01/43

..........

1,200,000

1,264,398

Onondaga

Civic

Development

Corp.

,

Le

Moyne

College

,

Revenue

,

2015

,

%

,

7/01/34

...........................

445,000

445,178

Le

Moyne

College

,

Revenue

,

2018

,

Refunding

,

%

,

1/01/43

..................

740,000

714,489

Le

Moyne

College

,

Revenue

,

2020

B

,

Refunding

,

%

,

7/01/32

................

265,000

274,838

Le

Moyne

College

,

Revenue

,

2020

B

,

Refunding

,

%

,

7/01/33

................

305,000

314,296

Le

Moyne

College

,

Revenue

,

2020

B

,

Refunding

,

%

,

7/01/34

................

285,000

292,581

Le

Moyne

College

,

Revenue

,

2020

B

,

Refunding

,

%

,

7/01/35

................

410,000

419,124

Le

Moyne

College

,

Revenue

,

2020

B

,

Refunding

,

%

,

7/01/36

................

425,000

401,481

Le

Moyne

College

,

Revenue

,

2020

B

,

Refunding

,

%

,

7/01/37

................

490,000

455,492

Le

Moyne

College

,

Revenue

,

2020

B

,

Refunding

,

%

,

7/01/38

................

455,000

414,489

Le

Moyne

College

,

Revenue

,

2020

B

,

Refunding

,

%

,

7/01/39

................

825,000

740,658

Le

Moyne

College

,

Revenue

,

2020

B

,

Refunding

,

%

,

7/01/40

................

300,000

265,091

Le

Moyne

College

,

Revenue

,

2021

,

%

,

7/01/38

...........................

150,000

136,645

Le

Moyne

College

,

Revenue

,

2021

,

%

,

7/01/41

...........................

215,000

186,650

Le

Moyne

College

,

Revenue

,

2021

,

%

,

7/01/46

...........................

450,000

427,488

Le

Moyne

College

,

Revenue

,

2021

,

%

,

7/01/51

...........................

700,000

647,614

Le

Moyne

College

,

Revenue

,

2022

,

Refunding

,

%

,

7/01/34

..................

300,000

290,889

Le

Moyne

College

,

Revenue

,

2022

,

Refunding

,

%

,

7/01/36

..................

325,000

306,476

Le

Moyne

College

,

Revenue

,

2022

,

Refunding

,

%

,

7/01/39

..................

450,000

403,995

Le

Moyne

College

,

Revenue

,

2022

,

Refunding

,

%

,

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

,

%

,

11/01/39

........................................

3,250,000

3,119,696

Revenue

,

217th

,

%

,

11/01/44

........................................

2,700,000

2,755,684

Revenue

,

237th

,

%

,

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.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### New

#### York
(continued)

Southold

Local

Development

Corp.

,

Peconic

Landing

at

Southold,

Inc.

,

Revenue

,

2015

,

%

,

12/01/45

.....................................................

$

2,250,000

$

2,138,583

St.

Lawrence

County

Industrial

Development

Agency

,

Clarkson

University

,

Revenue

,

2021

B

,

Refunding

,

%

,

9/01/35

...............

200,000

205,792

Clarkson

University

,

Revenue

,

2021

B

,

Refunding

,

%

,

9/01/36

...............

200,000

204,575

Clarkson

University

,

Revenue

,

2021

B

,

Refunding

,

%

,

9/01/37

...............

220,000

223,773

Clarkson

University

,

Revenue

,

2021

B

,

Refunding

,

%

,

9/01/38

...............

200,000

201,822

Clarkson

University

,

Revenue

,

2021

B

,

Refunding

,

%

,

9/01/39

...............

195,000

195,312

Clarkson

University

,

Revenue

,

2021

B

,

Refunding

,

%

,

9/01/40

...............

200,000

197,753

Clarkson

University

,

Revenue

,

2021

B

,

Refunding

,

%

,

9/01/41

...............

200,000

194,742

Suffolk

Regional

Off-Track

Betting

Co.

,

Revenue

,

2024

,

%

,

12/01/53

............

3,000,000

3,067,580

Suffolk

Tobacco

Asset

Securitization

Corp.

,

Revenue

,

2021

,

Refunding

,

%

,

6/01/37

.............................

1,250,000

1,205,904

Revenue

,

2021

,

Refunding

,

%

,

6/01/38

.............................

815,000

779,052

Revenue

,

2021

,

Refunding

,

%

,

6/01/39

.............................

1,250,000

1,176,675

Revenue

,

2021

,

Refunding

,

%

,

6/01/40

.............................

1,250,000

1,162,939

Revenue

,

2021

,

Refunding

,

%

,

6/01/41

.............................

1,300,000

1,197,332

c

Revenue

,

2021

,

Refunding

,

6.01 %,

6/01/66

...........................

5,000,000

457,320

Syracuse

Regional

Airport

Authority

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/33

.................................

1,500,000

1,551,179

Revenue

,

2021

,

Refunding

,

%

,

7/01/35

.................................

350,000

340,239

Revenue

,

2021

,

Refunding

,

%

,

7/01/36

.................................

400,000

384,235

Tompkins

County

Development

Corp.

,

Kendal

at

Ithaca,

Inc.

,

Revenue

,

2014

A

,

Refunding

,

%

,

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

,

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

,

%

,

9/01/34

......

2,000,000

2,100,306

Rensselaer

Polytechnic

Institute

,

Revenue

,

2020

A

,

Refunding

,

%

,

9/01/39

......

2,725,000

2,792,212

Rensselaer

Polytechnic

Institute

,

Revenue

,

2020

A

,

Refunding

,

%

,

9/01/40

......

1,375,000

1,236,022

TSASC,

Inc.

,

Revenue

,

2017

A

,

Refunding

,

%

,

6/01/41

......................

13,490,000

13,142,217

Utility

Debt

Securitization

Authority

,

Revenue

,

2023

,

Refunding

,

%

,

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

,

%

,

1/01/32

...

500,000

526,609

Kendal

on

Hudson

Obligated

Group

,

Revenue

,

2022

B

,

Refunding

,

%

,

1/01/37

...

525,000

542,829

Kendal

on

Hudson

Obligated

Group

,

Revenue

,

2022

B

,

Refunding

,

%

,

1/01/41

...

500,000

505,564

New

York

Blood

Center,

Inc.

,

Revenue

,

2024

,

%

,

7/01/38

...................

1,000,000

1,046,533

Purchase

Housing

Corp.

II

,

Revenue

,

2017

,

%

,

6/01/42

....................

1,235,000

1,207,005

a

Purchase

Senior

Learning

Community

Obligated

Group

,

Revenue

,

144A,

2021

A

,

Refunding

,

%

,

7/01/56

............................................

2,205,000

1,917,165

Westchester

Tobacco

Asset

Securitization

Corp.

,

Revenue,

Senior

Lien

,

2016

B

,

Refunding

,

%

,

6/01/41

.............................................

1,250,000

1,249,315

Yonkers

Economic

Development

Corp.

,

Charter

School

of

Educational

Excellence

,

Revenue

,

2019

A

,

%

,

10/15/39

......

545,000

536,801

Charter

School

of

Educational

Excellence

,

Revenue

,

2019

A

,

%

,

10/15/49

......

665,000

613,537

Charter

School

of

Educational

Excellence

,

Revenue

,

2019

A

,

%

,

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

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Washington

#### 0.7%
Grays

Harbor

County

Public

Hospital

District

No.

,

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

,

%

,

7/01/37

..........................................

2,750,000

2,541,810

GO

,

2022

,

%

,

7/01/41

..........................................

3,200,000

2,743,729

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

,

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

,

Daily

VRDN

and

Put

,

%

,

10/01/46

.............

725,000

725,000

e

New

York

City

Municipal

Water

Finance

Authority

,

Water

&

Sewer

System

,

Revenue

,

2011

,

SPA

TD

Bank

NA

,

Daily

VRDN

and

Put

,

%

,

6/15/43

.................................................

835,000

835,000

Water

&

Sewer

System

,

Revenue

,

2022

DD

,

Refunding

,

Daily

VRDN

and

Put

,

%

,

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.

See

Abbreviations

on

.

†

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

#### Putnam

#### New

#### York

#### Tax

#### Exempt

#### Income

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

...................................................................

$728,021,103

Cost

-

Non-controlled

affiliates

(Note

g)

........................................................

367,233

Value

-

Unaffiliated

issuers

..................................................................

$697,413,809

Value

-

Non-controlled

affiliates

(Note

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.

#### 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

÷

.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

#### Putnam

#### New

#### York

#### Tax

#### Exempt

#### Income

#### Fund
Investment

income:

Dividends:

Non-controlled

affiliates

(Note

g)

.............................................................

$117,187

Interest:

Unaffiliated

issuers

........................................................................

15,727,657

Total

investment

income

...................................................................

15,844,844

Expenses:

Management

fees

(Note

a)

...................................................................

1,520,927

Administrative

fees

(Note

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.

#### 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

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

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

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)

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)

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

...................................

—

$—

$109

Shares

issued

in

reinvestment

of

distributions

..........

—

—

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)

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)

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)

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.

#### &nbsp;&nbsp;&nbsp;&nbsp;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&nbsp;&nbsp;&nbsp;&nbsp;

#### 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)

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)

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

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

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)

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

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) Not applicable.

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](pnyteif-efp16652_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](pnyteif-efp16652_ex99906cert.htm)

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** | **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 |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Jonathan S. Horwitz, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Putnam New York Tax Exempt Income Fund**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

Date: July 28, 2025 <br>

---

| |
|:---|
| /s/ Jonathan S. Horwitz |
| Jonathan S. Horwitz |
| Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Jeffrey White, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Putnam New York Tax Exempt Income Fund**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial information included in this report, and the financial statements
on which the financial information is based, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's
disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and
procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses
in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: July 28, 2025

---

| |
|:---|
| /s/ Jeffrey White |
| Jeffrey White |
| Principal Financial Officer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Jonathan S. Horwitz,** Principal Executive Officer, and **Jeffrey White,** Principal Financial Officer of **Putnam New York Tax Exempt Income Fund** (the "Registrant"), each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **May 31, 2025** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| **Principal Executive Officer** | **Principal Financial Officer** |
| Putnam New York Tax Exempt | Putnam New York Tax Exempt |
| Income Fund | Income Fund |
| /s/ Jonathan S. Horwitz | /s/ Jeffrey White |
| Jonathan S. Horwitz | Jeffrey White |
| Date: July 28, 2025 | Date: July 28, 2025 |

---

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.