# EDGAR Filing Document

**Accession Number:** 0000857463
**File Stem:** 0001133228-25-007781
**Filing Date:** 2025-7
**Character Count:** 172049
**Document Hash:** 3424c0a25e208b8e2cdc9b2eb3d5ad84
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-007781.hdr.sgml**: 20250730

**ACCESSION NUMBER**: 0001133228-25-007781

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 34

**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 JERSEY TAX EXEMPT INCOME FUND
- **CENTRAL INDEX KEY:** 0000857463

**ORGANIZATION NAME:**
- **EIN:** 043073948
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05977
- **FILM NUMBER:** 251166651

**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

## Series and Classes Contracts Data

### PUTNAM NEW JERSEY TAX EXEMPT INCOME FUND (Series ID: S000006252)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000017198 | Class A Shares  | PTNJX           |
| C000039838 | Class C Shares  |  |
| C000060575 | CLASS Y         |  |
| C000202931 | Class R6 Shares |  |

?xml version='1.0' encoding='ASCII'? 2025-06-1174200164700_PutnamNewJerseyTaxExemptIncomeFund_ClassA_TSRAnnual

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 **811-05977**

**Putnam New Jersey 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, NY 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: **May 31**

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;(a) The Report to Shareholders is filed herewith

---

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

---

This annual shareholder report contains important information about Putnam New Jersey Tax Exempt Income Fund for the period June 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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment** |
| Class A | $83 | 0.82% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended May 31, 2025, Class A shares of Putnam New Jersey Tax Exempt Income Fund returned 1.56%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 2.03% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight BBB rated bonds |
| ↑ | Underweight to AAA rated bonds |
| ↑ | Security selection in AAA rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Overweight to municipal bonds with 20 or more years to maturity |
| ↓ | Underweight to municipal bonds with two- to five-years to maturity |
| ↓ | Security selection in BBB rated bonds |

---

Putnam New Jersey Tax Exempt Income Fund PAGE 1 38909-ATSA-0725

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,600 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 5/31/2015 — 5/31/2025

![image](ts4195img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 1.56 | 1.13 | 2.00 |
| **Class A (with sales charge)**  | -2.50 | 0.31 | 1.58 |
| **Bloomberg Municipal Bond Index**  | 2.03 | 0.55 | 2.13 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

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

---

| | |
|:---|:---|
| **Total Net Assets** | $147472912 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 145 |
| **Total Management Fee Paid** | $581532 |
| **Portfolio Turnover Rate** | 10% |

---

\* 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](ts4195img004.jpg)

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

Putnam New Jersey Tax Exempt Income Fund PAGE 2 38909-ATSA-0725

------

**HOW HAS THE FUND CHANGED?**

On May 31, 2023, Franklin Resources, Inc. ("Franklin Templeton") and Great-West Lifeco Inc., the parent company of Putnam U.S. Holdings I, LLC ("Putnam Holdings"), announced that they had entered into a definitive agreement for a subsidiary of Franklin Templeton to acquire Putnam Holdings in a stock and cash transaction (the "Transaction"). The Transaction was completed on January 1, 2024. As part of the Transaction, your Fund's then-current investment advisor, Putnam Investment Management, LLC ("Putnam Management"), a wholly-owned subsidiary of Putnam Holdings, and your Fund's then-current sub-advisor, Putnam Investments Limited ("PIL"), an indirect, wholly-owned subsidiary of Putnam Holdings, became indirect, wholly-owned subsidiaries of Franklin Templeton. In connection with the Transaction, shareholders of your Fund approved a new management contract with Putnam Management and a new sub-advisory contract with PIL. The new contracts were identical to the previous contracts, except for the effective dates, initial terms, updates to fund names as necessary to reflect previous name changes, and certain non-substantive changes.

Effective July 15, 2024, Putnam Management transferred its management contract for your Fund to Franklin Advisers, Inc. ("Franklin Advisers"), and Franklin Advisers replaced Putnam Management as the investment advisor to your Fund. In connection with the transfer, your Fund's portfolio managers, along with supporting research analysts and certain other investment staff of Putnam Management, also became employees of Franklin Advisers. Putnam Management also transferred to Franklin Advisers its sub-management agreement with PIL in respect of your Fund. Franklin Advisers is an indirect, wholly-owned subsidiary of Franklin Templeton. In addition, effective July 15, 2024, Franklin Advisers retained Putnam Management as a sub-advisor to your Fund pursuant to a new subadvisory agreement.

Effective November 1, 2024 (the "Effective Date"), PIL, a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Templeton (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective May 30, 2025, the portfolio managers for the Fund are John Bonelli, Michael Conn, Garrett Hamilton, Christopher Sperry and John Wiley.

Effective September 5, 2024 (the "Conversion Date"), class B shares of the Fund acquired prior to the Conversion Date converted automatically to class A shares.

At a meeting on May 16, 2025, the Board of Trustees of the Putnam Funds (the "Board") approved the conversion of the Fund into an exchange traded fund through the reorganization of the Fund with and into a newly-organized exchange traded fund (the "ETF"). Pursuant to an Agreement and Plan of Reorganization (the "Plan") approved by the Board, the reorganization of the Fund will consist of (1) the transfer of substantially all of the Fund's assets, subject to its liabilities, to the ETF in return for shares of the ETF; and (2) the distribution of the ETF shares to the Fund's shareholders in complete liquidation of the Fund. Completion of the reorganization is subject to a number of conditions under the Plan. Fund shareholders are not required to approve and will not be asked to vote on the reorganization. Subject to regulatory approvals, Fund shareholders will receive on or around August 7, 2025, a prospectus/information statement describing in detail both the reorganization and the ETF and a summary of the Board's considerations in approving the reorganization. It is anticipated that the reorganization would occur in or around the fourth quarter of 2025 or the first quarter of 2026.

This is a summary of certain changes to the Fund since June 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by October 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![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 Jersey Tax Exempt Income Fund PAGE 3 38909-ATSA-0725

------

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam New Jersey Tax Exempt Income Fund PAGE 4 38909-ATSA-0725

960010085101491035710972110601196811074111871152011700100001058710742108611155712017125861173111788121031234921.616.915.911.69.45.35.23.53.02.62.22.00.8 ------

---

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

---

This annual shareholder report contains important information about Putnam New Jersey Tax Exempt Income Fund for the period June 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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment** |
| Class C | $158 | 1.57% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended May 31, 2025, Class C shares of Putnam New Jersey Tax Exempt Income Fund returned 0.69%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 2.03% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight BBB rated bonds |
| ↑ | Underweight to AAA rated bonds |
| ↑ | Security selection in AAA rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Overweight to municipal bonds with 20 or more years to maturity |
| ↓ | Underweight to municipal bonds with two- to five-years to maturity |
| ↓ | Security selection in BBB rated bonds |

---

Putnam New Jersey Tax Exempt Income Fund PAGE 1 38909-ATSC-0725

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 5/31/2015 — 5/31/2025

![image](ts4198img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 0.69 | 0.37 | 1.38 |
| **Class C (with sales charge)**  | -0.29 | 0.37 | 1.38 |
| **Bloomberg Municipal Bond Index**  | 2.03 | 0.55 | 2.13 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Class C share performance reflects conversion to class A shares after eight years.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

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

---

| | |
|:---|:---|
| **Total Net Assets** | $147472912 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 145 |
| **Total Management Fee Paid** | $581532 |
| **Portfolio Turnover Rate** | 10% |

---

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

Putnam New Jersey Tax Exempt Income Fund PAGE 2 38909-ATSC-0725

------

**WHAT DID THE FUND INVEST IN?** (as of May 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4198img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

On May 31, 2023, Franklin Resources, Inc. ("Franklin Templeton") and Great-West Lifeco Inc., the parent company of Putnam U.S. Holdings I, LLC ("Putnam Holdings"), announced that they had entered into a definitive agreement for a subsidiary of Franklin Templeton to acquire Putnam Holdings in a stock and cash transaction (the "Transaction"). The Transaction was completed on January 1, 2024. As part of the Transaction, your Fund's then-current investment advisor, Putnam Investment Management, LLC ("Putnam Management"), a wholly-owned subsidiary of Putnam Holdings, and your Fund's then-current sub-advisor, Putnam Investments Limited ("PIL"), an indirect, wholly-owned subsidiary of Putnam Holdings, became indirect, wholly-owned subsidiaries of Franklin Templeton. In connection with the Transaction, shareholders of your Fund approved a new management contract with Putnam Management and a new sub-advisory contract with PIL. The new contracts were identical to the previous contracts, except for the effective dates, initial terms, updates to fund names as necessary to reflect previous name changes, and certain non-substantive changes.

Effective July 15, 2024, Putnam Management transferred its management contract for your Fund to Franklin Advisers, Inc. ("Franklin Advisers"), and Franklin Advisers replaced Putnam Management as the investment advisor to your Fund. In connection with the transfer, your Fund's portfolio managers, along with supporting research analysts and certain other investment staff of Putnam Management, also became employees of Franklin Advisers. Putnam Management also transferred to Franklin Advisers its sub-management agreement with PIL in respect of your Fund. Franklin Advisers is an indirect, wholly-owned subsidiary of Franklin Templeton. In addition, effective July 15, 2024, Franklin Advisers retained Putnam Management as a sub-advisor to your Fund pursuant to a new subadvisory agreement.

Effective November 1, 2024 (the "Effective Date"), PIL, a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Templeton (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective May 30, 2025, the portfolio managers for the Fund are John Bonelli, Michael Conn, Garrett Hamilton, Christopher Sperry and John Wiley.

At a meeting on May 16, 2025, the Board of Trustees of the Putnam Funds (the "Board") approved the conversion of the Fund into an exchange traded fund through the reorganization of the Fund with and into a newly-organized exchange traded fund (the "ETF"). Pursuant to an Agreement and Plan of Reorganization (the "Plan") approved by the Board, the reorganization of the Fund will consist of (1) the transfer of substantially all of the Fund's assets, subject to its liabilities, to the ETF in return for shares of the ETF; and (2) the distribution of the ETF shares to the Fund's shareholders in complete liquidation of the Fund. Completion of the reorganization is subject to a number of conditions under the Plan. Fund shareholders are not required to approve and will not be asked to vote on the reorganization. Subject to regulatory approvals, Fund shareholders will receive on or around August 7, 2025, a prospectus/information statement describing in detail both the reorganization and the ETF and a summary of the Board's considerations in approving the reorganization. It is anticipated that the reorganization would occur in or around the fourth quarter of 2025 or the first quarter of 2026.

Putnam New Jersey Tax Exempt Income Fund PAGE 3 38909-ATSC-0725

------

This is a summary of certain changes to the Fund since June 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by October 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam New Jersey Tax Exempt Income Fund PAGE 4 38909-ATSC-0725

1000010423104081055011078110811190110929109691129511471100001058710742108611155712017125861173111788121031234921.616.915.911.69.45.35.23.53.02.62.22.00.8 ------

---

| | |
|:---|:---|
| **Putnam New Jersey Tax Exempt Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [PNJRX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| May 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam New Jersey Tax Exempt Income Fund for the period June 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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment** |
| Class R6 | $56 | 0.56% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended May 31, 2025, Class R6 shares of Putnam New Jersey Tax Exempt Income Fund returned 1.71%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 2.03% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight BBB rated bonds |
| ↑ | Underweight to AAA rated bonds |
| ↑ | Security selection in AAA rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Overweight to municipal bonds with 20 or more years to maturity |
| ↓ | Underweight to municipal bonds with two- to five-years to maturity |
| ↓ | Security selection in BBB rated bonds |

---

Putnam New Jersey Tax Exempt Income Fund PAGE 1 38909-ATSR6-0725

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 5/31/2015 — 5/31/2025

![image](ts4200img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 1.71 | 1.38 | 2.24 |
| **Bloomberg Municipal Bond Index**  | 2.03 | 0.55 | 2.13 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class R6 shares on 5/22/2018. Returns for periods before 5/22/2018 are based on the Fund's Class Y performance, which has not been adjusted for the lower operating expenses; had it been adjusted, performance would have been higher. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

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

---

| | |
|:---|:---|
| **Total Net Assets** | $147472912 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 145 |
| **Total Management Fee Paid** | $581532 |
| **Portfolio Turnover Rate** | 10% |

---

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

Putnam New Jersey Tax Exempt Income Fund PAGE 2 38909-ATSR6-0725

------

**WHAT DID THE FUND INVEST IN?** (as of May 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4200img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

On May 31, 2023, Franklin Resources, Inc. ("Franklin Templeton") and Great-West Lifeco Inc., the parent company of Putnam U.S. Holdings I, LLC ("Putnam Holdings"), announced that they had entered into a definitive agreement for a subsidiary of Franklin Templeton to acquire Putnam Holdings in a stock and cash transaction (the "Transaction"). The Transaction was completed on January 1, 2024. As part of the Transaction, your Fund's then-current investment advisor, Putnam Investment Management, LLC ("Putnam Management"), a wholly-owned subsidiary of Putnam Holdings, and your Fund's then-current sub-advisor, Putnam Investments Limited ("PIL"), an indirect, wholly-owned subsidiary of Putnam Holdings, became indirect, wholly-owned subsidiaries of Franklin Templeton. In connection with the Transaction, shareholders of your Fund approved a new management contract with Putnam Management and a new sub-advisory contract with PIL. The new contracts were identical to the previous contracts, except for the effective dates, initial terms, updates to fund names as necessary to reflect previous name changes, and certain non-substantive changes.

Effective July 15, 2024, Putnam Management transferred its management contract for your Fund to Franklin Advisers, Inc. ("Franklin Advisers"), and Franklin Advisers replaced Putnam Management as the investment advisor to your Fund. In connection with the transfer, your Fund's portfolio managers, along with supporting research analysts and certain other investment staff of Putnam Management, also became employees of Franklin Advisers. Putnam Management also transferred to Franklin Advisers its sub-management agreement with PIL in respect of your Fund. Franklin Advisers is an indirect, wholly-owned subsidiary of Franklin Templeton. In addition, effective July 15, 2024, Franklin Advisers retained Putnam Management as a sub-advisor to your Fund pursuant to a new subadvisory agreement.

Effective November 1, 2024 (the "Effective Date"), PIL, a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Templeton (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective May 30, 2025, the portfolio managers for the Fund are John Bonelli, Michael Conn, Garrett Hamilton, Christopher Sperry and John Wiley.

At a meeting on May 16, 2025, the Board of Trustees of the Putnam Funds (the "Board") approved the conversion of the Fund into an exchange traded fund through the reorganization of the Fund with and into a newly-organized exchange traded fund (the "ETF"). Pursuant to an Agreement and Plan of Reorganization (the "Plan") approved by the Board, the reorganization of the Fund will consist of (1) the transfer of substantially all of the Fund's assets, subject to its liabilities, to the ETF in return for shares of the ETF; and (2) the distribution of the ETF shares to the Fund's shareholders in complete liquidation of the Fund. Completion of the reorganization is subject to a number of conditions under the Plan. Fund shareholders are not required to approve and will not be asked to vote on the reorganization. Subject to regulatory approvals, Fund shareholders will receive on or around August 7, 2025, a prospectus/information statement describing in detail both the reorganization and the ETF and a summary of the Board's considerations in approving the reorganization. It is anticipated that the reorganization would occur in or around the fourth quarter of 2025 or the first quarter of 2026.

Putnam New Jersey Tax Exempt Income Fund PAGE 3 38909-ATSR6-0725

------

This is a summary of certain changes to the Fund since June 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by October 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam New Jersey Tax Exempt Income Fund PAGE 4 38909-ATSR6-0725

1000010528106191085611520116541262911718118841227812487100001058710742108611155712017125861173111788121031234921.616.915.911.69.45.35.23.53.02.62.22.00.8 ------

---

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

---

This annual shareholder report contains important information about Putnam New Jersey Tax Exempt Income Fund for the period June 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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment** |
| Class Y | $58 | 0.57% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended May 31, 2025, Class Y shares of Putnam New Jersey Tax Exempt Income Fund returned 1.82%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 2.03% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight BBB rated bonds |
| ↑ | Underweight to AAA rated bonds |
| ↑ | Security selection in AAA rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Overweight to municipal bonds with 20 or more years to maturity |
| ↓ | Underweight to municipal bonds with two- to five-years to maturity |
| ↓ | Security selection in BBB rated bonds |

---

Putnam New Jersey Tax Exempt Income Fund PAGE 1 38909-ATSY-0725

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class Y** 5/31/2015 — 5/31/2025

![image](ts4203img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class Y**  | 1.82 | 1.39 | 2.24 |
| **Bloomberg Municipal Bond Index**  | 2.03 | 0.55 | 2.13 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

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

---

| | |
|:---|:---|
| **Total Net Assets** | $147472912 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 145 |
| **Total Management Fee Paid** | $581532 |
| **Portfolio Turnover Rate** | 10% |

---

\* 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](ts4203img004.jpg)

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

Putnam New Jersey Tax Exempt Income Fund PAGE 2 38909-ATSY-0725

------

**HOW HAS THE FUND CHANGED?**

On May 31, 2023, Franklin Resources, Inc. ("Franklin Templeton") and Great-West Lifeco Inc., the parent company of Putnam U.S. Holdings I, LLC ("Putnam Holdings"), announced that they had entered into a definitive agreement for a subsidiary of Franklin Templeton to acquire Putnam Holdings in a stock and cash transaction (the "Transaction"). The Transaction was completed on January 1, 2024. As part of the Transaction, your Fund's then-current investment advisor, Putnam Investment Management, LLC ("Putnam Management"), a wholly-owned subsidiary of Putnam Holdings, and your Fund's then-current sub-advisor, Putnam Investments Limited ("PIL"), an indirect, wholly-owned subsidiary of Putnam Holdings, became indirect, wholly-owned subsidiaries of Franklin Templeton. In connection with the Transaction, shareholders of your Fund approved a new management contract with Putnam Management and a new sub-advisory contract with PIL. The new contracts were identical to the previous contracts, except for the effective dates, initial terms, updates to fund names as necessary to reflect previous name changes, and certain non-substantive changes.

Effective July 15, 2024, Putnam Management transferred its management contract for your Fund to Franklin Advisers, Inc. ("Franklin Advisers"), and Franklin Advisers replaced Putnam Management as the investment advisor to your Fund. In connection with the transfer, your Fund's portfolio managers, along with supporting research analysts and certain other investment staff of Putnam Management, also became employees of Franklin Advisers. Putnam Management also transferred to Franklin Advisers its sub-management agreement with PIL in respect of your Fund. Franklin Advisers is an indirect, wholly-owned subsidiary of Franklin Templeton. In addition, effective July 15, 2024, Franklin Advisers retained Putnam Management as a sub-advisor to your Fund pursuant to a new subadvisory agreement.

Effective November 1, 2024 (the "Effective Date"), PIL, a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Templeton (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective May 30, 2025, the portfolio managers for the Fund are John Bonelli, Michael Conn, Garrett Hamilton, Christopher Sperry and John Wiley.

At a meeting on May 16, 2025, the Board of Trustees of the Putnam Funds (the "Board") approved the conversion of the Fund into an exchange traded fund through the reorganization of the Fund with and into a newly-organized exchange traded fund (the "ETF"). Pursuant to an Agreement and Plan of Reorganization (the "Plan") approved by the Board, the reorganization of the Fund will consist of (1) the transfer of substantially all of the Fund's assets, subject to its liabilities, to the ETF in return for shares of the ETF; and (2) the distribution of the ETF shares to the Fund's shareholders in complete liquidation of the Fund. Completion of the reorganization is subject to a number of conditions under the Plan. Fund shareholders are not required to approve and will not be asked to vote on the reorganization. Subject to regulatory approvals, Fund shareholders will receive on or around August 7, 2025, a prospectus/information statement describing in detail both the reorganization and the ETF and a summary of the Board's considerations in approving the reorganization. It is anticipated that the reorganization would occur in or around the fourth quarter of 2025 or the first quarter of 2026.

This is a summary of certain changes to the Fund since June 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by October 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam New Jersey Tax Exempt Income Fund PAGE 3 38909-ATSY-0725

1000010528106191086011529116481263511723118721225612478100001058710742108611155712017125861173111788121031234921.616.915.911.69.45.35.23.53.02.62.22.00.8 ------

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

ITEM 2. CODE OF ETHICS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Pursuant to Item 19(a) (1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees of the Registrant has determined that Gregory G. McGreevey and Manoj P. Singh possess the technical attributes identified in Item 3 to Form N-CSR to qualify as "audit committee financial experts," and has designated Gregory G. McGreevey and Manoj P. Singh as the Audit Committee's financial experts. Gregory G. McGreevey and Manoj P. Singh are "independent" Trustees pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit Fees</u>. The aggregate fees billed in the last two fiscal years ending May 31, 2024 and May 31, 2025 (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $46,738 in May 31, 2024 and $41,837 in May 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Audit-Related Fees</u>. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant's financial statements were $0 in May 31, 2024 and $0 in May 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $7,657 in May 31, 2024 and $12,762 in May 31, 2025. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

There were no fees billed for tax services by the Auditors to the Registrant's investment manager and any entity controlling, controlled by, or under common control with the investment manager that provides ongoing services to the Registrant ("Service Affiliates") during the Reporting Periods that required pre-approval by the Audit Committee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u>. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in May 31, 2024 and $0 in May 31, 2025.

There were no other non-audit services rendered by the Auditor to the Service Affiliates requiring pre-approval by the Audit Committee in the Reporting Periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Audit Committee's pre-approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

Pre-Approval Policies of the Audit, Compliance and Risk Committee. The Audit, Compliance and Risk Committee of the Putnam funds has determined that, as a matter of policy, all work performed for the funds by the funds' independent auditors will be pre-approved by the Committee itself and thus will generally not be subject to pre-approval procedures.

The Audit, Compliance and Risk Committee also has adopted a policy to pre-approve the engagement by the fund's investment manager and certain of its affiliates of the fund's independent auditors, even in circumstances where pre-approval is not required by applicable law. Any such requests by the fund's investment manager or certain of its affiliates are typically submitted in writing to the Committee and explain, among other things, the nature of the proposed engagement, the estimated fees, and why this work should be performed by that particular audit firm as opposed to another one. In reviewing such requests, the Committee considers, among other things, whether the provision of such services by the audit firm are compatible with the independence of the audit firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $664,363 in May 31, 2024 and $489,647 in May 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Yes. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence. All services provided by the Auditor to the Registrant or to the Service Affiliates, which were required to be pre-approved, were pre-approved as required.

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

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

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

#### Putnam

#### New

#### Jersey

#### Tax

#### Exempt

#### Income

#### Fund

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Annual
\|

May

31,

2025

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Annual

Financial

Highlights

and

Schedule

of

Investments

#### 2
Financial

Statements

#### 11
Notes

to

Financial

Statements

#### 15
Report

of

Independent

Registered

Public

Accounting

Firm

#### 25
Tax

Information

#### 26
Changes

In

and

Disagreements

with

Accountants

#### 27
Results

of

Meeting(s)

of

Shareholders

Remuneration

Paid

to

Directors,

Officers

and

Others

Board

Approval

of

Management

and

Subadvisory

Agreements

Putnam

New

Jersey

Tax

Exempt

Income

Fund

Financial

Highlights

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### May

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$8.57

$8.59

$8.75

$9.69

$9.18

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.27 0.26 0.25 0.23 0.23 Net

realized

and

unrealized

gains

(losses)

...........

(0.13)

(0.01)

(0.17)

(0.94)

0.52 Total

from

investment

operations

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

0.14 0.25 0.08 (0.71)

0.75 Less

distributions

from:

Net

investment

income

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

(0.27)

(0.27)

(0.24)

(0.23)

(0.24)

Net

asset

value,

end

of

year

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

$8.44

$8.57

$8.59

$8.75

$9.69

Total

return

c

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

1.56%

2.97%

1.02%

(7.47)%

8.21%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

d

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

0.82%

0.84%

0.86%

0.82%

0.82%

Net

investment

income

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

3.13%

3.07%

2.86%

2.42%

2.40%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$115,828

$104,655

$97,979

$100,341

$124,896

Portfolio

turnover

rate

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

10%

13%

18%

12%

13%

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.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

New

Jersey

Tax

Exempt

Income

Fund

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### May

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$8.59

$8.61

$8.76

$9.70

$9.19

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.21 0.20 0.18 0.16 0.16 Net

realized

and

unrealized

gains

(losses)

...........

(0.15)

(0.01)

(0.15)

(0.94)

0.52 Total

from

investment

operations

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

0.06 0.19 0.03 (0.78)

0.68 Less

distributions

from:

Net

investment

income

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

(0.20)

(0.21)

(0.18)

(0.16)

(0.17)

Net

asset

value,

end

of

year

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

$8.45

$8.59

$8.61

$8.76

$9.70

Total

return

c

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

0.69%

2.20%

0.37%

(8.17)%

7.40%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

d

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

1.57%

1.59%

1.61%

1.57%

1.57%

Net

investment

income

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

2.38%

2.32%

2.11%

1.66%

1.66%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$5,015

$5,836

$6,196

$7,065

$11,622

Portfolio

turnover

rate

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

10%

13%

18%

12%

13%

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.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

New

Jersey

Tax

Exempt

Income

Fund

Financial

Highlights

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### May

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$8.59

$8.61

$8.76

$9.70

$9.20

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.29 0.29 0.27 0.26 0.26 Net

realized

and

unrealized

gains

(losses)

...........

(0.14)

(0.02)

(0.15)

(0.95)

0.50 Total

from

investment

operations

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

0.15 0.27 0.12 (0.69)

0.76 Less

distributions

from:

Net

investment

income

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

(0.29)

(0.29)

(0.27)

(0.25)

(0.26)

Net

asset

value,

end

of

year

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

$8.45

$8.59

$8.61

$8.76

$9.70

Total

return

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

1.71%

3.24%

1.41%

(7.22)%

8.37%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

c

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

0.56%

0.58%

0.59%

0.56%

0.56%

Net

investment

income

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

3.38%

3.33%

3.14%

2.64%

2.66%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$1,303

$1,162

$504

$121

$227

Portfolio

turnover

rate

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

10%

13%

18%

12%

13%

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

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

New

Jersey

Tax

Exempt

Income

Fund

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### May

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$8.59

$8.61

$8.77

$9.71

$9.20

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.29 0.29 0.27 0.26 0.25 Net

realized

and

unrealized

gains

(losses)

...........

(0.13)

(0.02)

(0.16)

(0.95)

0.52 Total

from

investment

operations

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

0.16 0.27 0.11 (0.69)

0.77 Less

distributions

from:

Net

investment

income

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

(0.29)

(0.29)

(0.27)

(0.25)

(0.26)

Net

asset

value,

end

of

year

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

$8.46

$8.59

$8.61

$8.77

$9.71

Total

return

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

1.82%

3.23%

1.28%

(7.22)%

8.47%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

c

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

0.57%

0.59%

0.61%

0.57%

0.57%

Net

investment

income

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

3.38%

3.32%

3.11%

2.68%

2.65%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$25,328

$22,719

$24,819

$24,049

$29,207

Portfolio

turnover

rate

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

10%

13%

18%

12%

13%

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

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

New

Jersey

Tax

Exempt

Income

Fund

Schedule

of

Investments,

May

31,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds

#### 96.9%

#### Alaska

#### 1.1%
Alaska

Industrial

Development

&

Export

Authority

,

Dena'

Nena'

Henash

,

Revenue

,

2019

A

,

%

,

10/01/32

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

$

1,000,000

$

1,044,304

Dena'

Nena'

Henash

,

Revenue

,

2019

A

,

%

,

10/01/33

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

500,000

520,454

1,564,758

#### California

#### 0.8%
Davis

Joint

Unified

School

District

,

GO

,

2020

,

BAM

Insured

,

%

,

8/01/38

..........

1,400,000

1,201,245

#### Colorado

#### 0.8%
City

&

County

of

Denver

,

Airport

System

,

Revenue

,

2022

A

,

%

,

11/15/36

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

425,000

444,403

Airport

System

,

Revenue

,

2022

A

,

%

,

11/15/37

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

275,000

285,193

Airport

System

,

Revenue

,

2022

A

,

5.5 %

,

11/15/38

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

400,000

427,990

1,157,586

#### Delaware

#### 2.3%
Delaware

River

&

Bay

Authority

,

Revenue

,

2022

,

Refunding

,

%

,

1/01/38

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

410,000

437,543

Revenue

,

2022

,

Refunding

,

%

,

1/01/40

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

1,865,000

1,969,811

Revenue

,

2024

A

,

%

,

1/01/49

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

1,000,000

1,031,977

3,439,331

#### Illinois

#### 0.9%
Illinois

State

Toll

Highway

Authority

,

Revenue,

Senior

Lien

,

2024

A

,

Refunding

,

%

,

1/01/39

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

1,200,000

1,278,251

#### Missouri

#### 0.9%
Kansas

City

Industrial

Development

Authority

,

City

of

Kansas

City

Airport

,

Revenue

,

2020

A

,

%

,

3/01/45

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

1,520,000

1,326,277

#### New

#### Jersey

#### 72.7%
Atlantic

County

Improvement

Authority

(The)

,

Stockton

University

,

Revenue

,

2021

A

,

AGMC

Insured

,

%

,

7/01/47

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

750,000

651,496

Stockton

University

,

Revenue

,

2021

A

,

AGMC

Insured

,

%

,

7/01/53

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

600,000

501,287

Camden

County

Improvement

Authority

(The)

,

a

Camden

Prep,

Inc.

,

Revenue

,

144A,

2022

,

%

,

7/15/42

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

1,180,000

1,156,995

County

of

Camden

,

Revenue

,

2024

B

,

Refunding

,

%

,

1/15/38

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

475,000

518,381

County

of

Camden

,

Revenue

,

2024

B

,

Refunding

,

%

,

1/15/39

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

250,000

271,386

County

of

Camden

,

Revenue

,

2024

B

,

Refunding

,

%

,

1/15/40

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

200,000

215,702

KIPP

Cooper

Norcross

Obligated

Group

,

Revenue

,

2022

,

%

,

6/15/62

..........

1,000,000

1,025,792

Casino

Reinvestment

Development

Authority,

Inc.

,

Revenue

,

2024

A

,

Refunding

,

AGMC

Insured

,

%

,

11/01/40

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

1,200,000

1,258,150

Revenue

,

2024

A

,

Refunding

,

AGMC

Insured

,

%

,

11/01/41

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

1,100,000

1,143,362

Revenue

,

2024

A

,

Refunding

,

AGMC

Insured

,

%

,

11/01/42

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

1,340,000

1,381,302

City

of

Atlantic

City

,

GO

,

2017

A

,

Refunding

,

BAM

Insured

,

%

,

3/01/42

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

1,000,000

1,007,028

GO

,

2017

B

,

Refunding

,

AGMC

Insured

,

%

,

3/01/37

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

1,000,000

1,017,894

Essex

County

Improvement

Authority

,

Friends

of

TEAM

Academy

Charter

School

Obligated

Group

,

Revenue

,

2021

,

%

,

6/15/56

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

1,500,000

1,215,627

a

North

Star

Academy

Charter

School

of

Newark,

Inc.

,

Revenue

,

144A,

2020

,

%

,

7/15/40

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

825,000

740,093

a

North

Star

Academy

Charter

School

of

Newark,

Inc.

,

Revenue

,

144A,

2024

A

,

Refunding

,

%

,

7/15/54

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

500,000

476,974

a

North

Star

Academy

Charter

School

of

Newark,

Inc.

,

Revenue

,

144A,

2024

A

,

Refunding

,

%

,

7/15/64

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

775,000

724,280

Gloucester

County

Improvement

Authority

(The)

,

Rowan

University

,

Revenue

,

2024

,

BAM

Insured

,

%

,

7/01/54

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

3,000,000

3,029,499

Putnam

New

Jersey

Tax

Exempt

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### New

#### Jersey
(continued)

Hudson

County

Improvement

Authority

,

Revenue

,

2019

,

Refunding

,

%

,

1/01/35

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

$

800,000

$

804,782

County

of

Hudson

,

Revenue

,

2020

,

%

,

10/01/35

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

3,500,000

3,212,465

Jersey

City

Municipal

Utilities

Authority

,

Sewer

Fund

,

Revenue

,

2025

E

,

BAM

Insured

,

5.75 %

,

10/15/55

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

750,000

820,231

Monmouth

County

Improvement

Authority

(The)

,

Revenue

,

2023

,

%

,

12/01/40

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

500,000

542,120

Revenue

,

2023

,

%

,

12/01/42

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

500,000

533,188

New

Jersey

Economic

Development

Authority

,

Foundation

Academy

Charter

School

A

NJ

Nonprofit

Corp.

,

Revenue

,

2018

A

,

%

,

7/01/38

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

300,000

292,039

Foundation

Academy

Charter

School

A

NJ

Nonprofit

Corp.

,

Revenue

,

2018

A

,

%

,

7/01/50

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

1,000,000

878,985

Friends

of

TEAM

Academy

Charter

School

Obligated

Group

,

Revenue

,

2013

,

%

,

10/01/33

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

905,000

906,226

Middlesex

Water

Co.

,

Revenue

,

2019

,

%

,

8/01/59

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

1,000,000

803,381

New

Jersey

Transit

Corp.

,

Revenue

,

2017

B

,

Refunding

,

%

,

11/01/26

..........

3,000,000

3,083,024

North

Star

Academy

Charter

School

of

Newark,

Inc.

,

Revenue

,

2017

,

%

,

7/15/47

.

1,000,000

971,738

Port

Newark

Container

Terminal

LLC

,

Revenue

,

2017

,

Refunding

,

%

,

10/01/37

...

1,750,000

1,744,308

Provident

Group-Montclair

Properties

LLC

,

Revenue

,

2017

,

Refunding

,

AGMC

Insured

,

%

,

6/01/37

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

1,750,000

1,769,172

Provident

Group-Rowan

Properties

LLC

,

Revenue

,

2015

A

,

%

,

1/01/35

.........

750,000

731,183

Seeing

Eye,

Inc.

(The)

,

Revenue

,

2017

,

Refunding

,

%

,

6/01/32

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

1,250,000

1,286,835

State

of

New

Jersey

,

Revenue

,

2015

WW

,

Pre-Refunded

,

5.25 %

,

6/15/32

........

1,000,000

1,000,796

State

of

New

Jersey

,

Revenue

,

2016

A

,

%

,

7/15/30

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

1,000,000

1,013,121

State

of

New

Jersey

,

Revenue

,

2016

AAA

,

Pre-Refunded

,

%

,

6/15/36

..........

550,000

568,163

State

of

New

Jersey

,

Revenue

,

2019

MMM

,

Refunding

,

%

,

6/15/35

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

1,000,000

984,620

State

of

New

Jersey

,

Revenue

,

2019

MMM

,

Refunding

,

%

,

6/15/36

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

1,500,000

1,448,046

State

of

New

Jersey

,

Revenue

,

2022

A

,

5.25 %

,

11/01/42

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

1,350,000

1,398,284

State

of

New

Jersey

,

Revenue

,

2024

SSS

,

Refunding

,

5.25 %

,

6/15/39

..........

1,250,000

1,332,641

UMM

Energy

Partners

LLC

,

Revenue

,

2012

A

,

4.75 %

,

6/15/32

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

1,000,000

1,000,039

New

Jersey

Educational

Facilities

Authority

,

College

of

New

Jersey

(The)

,

Revenue

,

2015

G

,

%

,

7/01/30

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

616,000

616,699

Montclair

State

University,

Inc.

,

Revenue

,

2016

B

,

Refunding

,

%

,

7/01/34

.......

500,000

505,470

Seton

Hall

University

,

Revenue

,

2020

C

,

AGMC

Insured

,

%

,

7/01/50

...........

250,000

219,668

State

of

New

Jersey

,

Revenue

,

2023

A

,

5.25 %

,

9/01/53

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

1,000,000

1,026,096

Stevens

Institute

of

Technology

International,

Inc.

,

Revenue

,

2017

A

,

Refunding

,

%

,

7/01/35

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

1,200,000

1,224,068

Stevens

Institute

of

Technology

International,

Inc.

,

Revenue

,

2020

A

,

%

,

7/01/50

.

3,000,000

2,543,391

Trustees

of

Princeton

University

(The)

,

Revenue

,

2024

,

%

,

3/01/43

........

1,500,000

1,570,656

William

Paterson

University

of

New

Jersey

(The)

,

Revenue

,

2021

C

,

AGMC

Insured

,

%

,

7/01/32

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

175,000

189,437

William

Paterson

University

of

New

Jersey

(The)

,

Revenue

,

2021

C

,

AGMC

Insured

,

%

,

7/01/33

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

225,000

242,222

William

Paterson

University

of

New

Jersey

(The)

,

Revenue

,

2021

C

,

AGMC

Insured

,

%

,

7/01/34

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

125,000

113,921

William

Paterson

University

of

New

Jersey

(The)

,

Revenue

,

2021

C

,

AGMC

Insured

,

%

,

7/01/35

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

200,000

178,984

William

Paterson

University

of

New

Jersey

(The)

,

Revenue

,

2021

C

,

AGMC

Insured

,

%

,

7/01/38

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

265,000

257,325

William

Paterson

University

of

New

Jersey

(The)

,

Revenue

,

2021

C

,

AGMC

Insured

,

%

,

7/01/40

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

275,000

219,277

New

Jersey

Health

Care

Facilities

Financing

Authority

,

AHS

Hospital

Corp.

,

Revenue

,

2008

A

,

%

,

7/01/27

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

15,000

15,011

Hackensack

Meridian

Health

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

%

,

7/01/35

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

800,000

814,111

Inspira

Health

Obligated

Group

,

Revenue

,

2017

A

,

%

,

7/01/42

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

1,000,000

997,545

Putnam

New

Jersey

Tax

Exempt

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

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

#### Jersey
(continued)

New

Jersey

Health

Care

Facilities

Financing

Authority,

(continued)

Inspira

Health

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5.25 %

,

7/01/54

....

$

1,000,000

$

1,014,216

RWJ

Barnabas

Health

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

%

,

7/01/43

500,000

453,730

RWJ

Barnabas

Health

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

%

,

7/01/43

2,000,000

1,983,637

RWJ

Barnabas

Health

Obligated

Group

,

Revenue

,

2021

A

,

%

,

7/01/51

.........

1,750,000

1,239,803

RWJ

Barnabas

Health

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5.25 %

,

7/01/54

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

1,000,000

1,037,819

St.

Joseph's

Healthcare

System

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

%

,

7/01/41

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

2,015,000

2,007,950

University

of

Pennsylvania

Health

System

Obligated

Group

(The)

,

Revenue

,

2016

A

,

Refunding

,

%

,

7/01/39

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

1,000,000

1,005,778

Valley

Health

System

Obligated

Group

,

Revenue

,

2019

,

%

,

7/01/36

...........

1,000,000

998,560

Valley

Health

System

Obligated

Group

,

Revenue

,

2019

,

%

,

7/01/38

...........

1,000,000

960,378

New

Jersey

Higher

Education

Student

Assistance

Authority

,

b

Revenue

,

2025

1-C

,

Refunding

,

5.5 %

,

12/01/55

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

1,000,000

972,158

c

Revenue,

Senior

Lien

,

2025

1-A

,

Refunding

,

%

,

12/01/35

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

1,500,000

1,545,743

New

Jersey

Housing

&

Mortgage

Finance

Agency

,

Forest

Hill

House

Preservation

Urban

Renewal

LLC

,

Revenue

,

2024

,

GNMA

Insured

,

%

,

1/20/66

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

1,875,000

1,848,148

Montgomery

Gateway

Preservation

LP

,

Revenue

,

2025

A

,

FNMA

Insured

,

4.55 %

,

5/01/41

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

750,000

746,071

Single-family

Home

Mortgage

,

Revenue

,

2018

A

,

Refunding

,

4.5 %

,

10/01/48

.....

395,000

399,669

New

Jersey

Institute

of

Technology

,

Revenue

,

2025

A

,

BAM

Insured

,

5.25 %

,

7/01/55

.

750,000

775,274

New

Jersey

Transportation

Trust

Fund

Authority

,

d

State

of

New

Jersey

,

Revenue

,

2009

A

,

3.92 %,

12/15/33

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

2,500,000

1,793,733

State

of

New

Jersey

,

Revenue

,

2015

AA

,

5.25 %

,

6/15/41

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

2,000,000

1,999,989

State

of

New

Jersey

,

Revenue

,

2018

A

,

Refunding

,

%

,

12/15/33

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

1,235,000

1,282,427

State

of

New

Jersey

,

Revenue

,

2018

A

,

Refunding

,

%

,

12/15/34

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

1,000,000

1,030,748

State

of

New

Jersey

,

Revenue

,

2022

CC

,

Pre-Refunded

,

5.5 %

,

6/15/50

.........

500,000

582,656

State

of

New

Jersey

,

Revenue

,

2023

AA

,

Refunding

,

4.25 %

,

6/15/44

...........

1,000,000

912,093

State

of

New

Jersey

,

Revenue

,

2024

CC

,

5.25 %

,

6/15/50

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

4,000,000

4,102,529

New

Jersey

Turnpike

Authority

,

Revenue

,

2017

B

,

Refunding

,

%

,

1/01/40

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

1,000,000

1,018,729

Revenue

,

2017

G

,

Refunding

,

%

,

1/01/37

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

500,000

514,551

Revenue

,

2019

A

,

%

,

1/01/48

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

1,000,000

1,010,233

Revenue

,

2024

B

,

4.125 %

,

1/01/54

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

1,000,000

896,100

Revenue

,

2024

C

,

Refunding

,

%

,

1/01/45

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

1,500,000

1,548,116

c

Revenue

,

2025

A

,

5.25 %

,

1/01/55

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

750,000

775,830

d

North

Bergen

Township

Municipal

Authority

,

Revenue

,

2007

,

NATL

Insured

,

3.32 %,

12/15/26

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

1,000,000

950,895

Revenue

,

2007

,

NATL

Insured

,

3.38 %,

12/15/27

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

1,005,000

923,547

Passaic

County

Improvement

Authority

(The)

,

Community

Charter

School

of

Paterson,

Inc.

(The)

,

Revenue

,

2024

A

,

%

,

1/01/60

.

215,000

194,055

Paterson

Arts

&

Science

Charter

School

,

Revenue

,

2023

,

5.25 %

,

7/01/43

........

870,000

878,361

Paterson

Charter

School

for

Science

and

Technology,

Inc.

,

Revenue

,

2025

,

4.125 %

,

7/01/33

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

135,000

133,901

Paterson

Charter

School

for

Science

and

Technology,

Inc.

,

Revenue

,

2025

,

4.5 %

,

7/01/40

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

200,000

191,201

Paterson

Charter

School

for

Science

and

Technology,

Inc.

,

Revenue

,

2025

,

%

,

7/01/44

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

125,000

121,694

Salem

County

Improvement

Authority

,

Stand

Up

for

Salem,

Inc.

,

Revenue

,

2021

,

Refunding

,

AGMC

Insured

,

%

,

8/15/37

.

525,000

500,064

Stand

Up

for

Salem,

Inc.

,

Revenue

,

2021

,

Refunding

,

AGMC

Insured

,

%

,

8/15/42

.

350,000

310,716

Stand

Up

for

Salem,

Inc.

,

Revenue

,

2021

,

Refunding

,

AGMC

Insured

,

%

,

8/15/48

.

400,000

343,805

South

Jersey

Port

Corp.

,

Revenue

,

2017

B

,

%

,

1/01/48

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

875,000

834,754

South

Jersey

Transportation

Authority

,

Revenue

,

2020

A

,

%

,

11/01/45

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

950,000

952,294

Putnam

New

Jersey

Tax

Exempt

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### New

#### Jersey
(continued)

South

Jersey

Transportation

Authority,

(continued)

Revenue

,

2022

A

,

5.25 %

,

11/01/52

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

$

2,500,000

$

2,531,866

Revenue

,

2025

A

,

Refunding

,

BAM

Insured

,

%

,

11/01/39

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

1,700,000

1,594,332

Revenue

,

2025

A

,

Refunding

,

BAM

Insured

,

%

,

11/01/39

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

1,000,000

1,042,347

State

of

New

Jersey

,

GO

,

2020

A

,

%

,

6/01/32

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

2,000,000

1,937,915

d

Sussex

County

Municipal

Utilities

Authority

(The)

,

Revenue

,

2008

B

,

AGMC

Insured

,

3.54 %,

12/01/30

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

1,500,000

1,238,846

Tobacco

Settlement

Financing

Corp.

,

Revenue

,

2018

A

,

Refunding

,

%

,

6/01/36

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

1,500,000

1,518,712

Revenue

,

2018

B

,

Refunding

,

%

,

6/01/46

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

870,000

835,225

Township

of

Piscataway

,

GO

,

Refunding

,

%

,

10/15/35

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

650,000

511,934

Township

of

Union

,

GO

,

2022

,

%

,

1/15/32

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

1,120,000

967,728

107,165,376

#### New

#### York

#### 8.9%
Monroe

County

Industrial

Development

Corp.

,

Andrews

Terrace

Community

Partners

LP

,

Revenue

,

2023

A

,

FNMA

Insured

,

4.72 %

,

1/01/44

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

600,000

593,951

MTA

Hudson

Rail

Yards

Trust

Obligations

,

Revenue

,

2016

A

,

%

,

11/15/51

........

2,000,000

1,969,041

Port

Authority

of

New

York

&

New

Jersey

,

Revenue

,

189th

,

Refunding

,

%

,

5/01/45

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

1,000,000

1,000,351

Revenue

,

,

Refunding

,

%

,

10/15/41

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

1,000,000

1,001,060

Revenue

,

207th

,

Refunding

,

%

,

9/15/29

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

550,000

567,765

Revenue

,

217th

,

%

,

11/01/44

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

2,000,000

2,041,248

Revenue

,

248th

,

Refunding

,

%

,

1/15/55

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

1,000,000

1,021,132

Revenue,

Third

Series

,

93rd

,

6.125 %

,

6/01/94

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

5,000,000

5,006,601

13,201,149

#### Ohio

#### 0.6%
Ohio

Higher

Educational

Facility

Commission

,

Otterbein

Homes

Obligated

Group

,

Revenue

,

2023

,

Refunding

,

%

,

7/01/30

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

845,000

855,070

#### Pennsylvania

#### 0.3%
Delaware

River

Joint

Toll

Bridge

Commission

,

Revenue

,

2019

A

,

%

,

7/01/44

......

500,000

505,570

#### Texas

#### 2.7%
Bastrop

Independent

School

District

,

GO

,

2023

,

PSF

Guaranty

,

%

,

2/15/53

.......

2,600,000

2,643,517

a,c

Beaumont

Housing

Authority

,

Revenue,

Senior

Lien

,

144A,

2025

A

,

6.5 %

,

7/01/55

...

300,000

290,251

Texas

Water

Development

Board

,

State

Water

Implementation

Revenue

Fund

for

Texas

,

Revenue

,

2022

,

%

,

10/15/57

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

1,100,000

1,114,589

4,048,357

#### Virgin

#### Islands

#### 0.2%
Matching

Fund

Special

Purpose

Securitization

Corp.

,

United

States

Virgin

Islands

Federal

Excise

Tax

,

Revenue

,

2022

A

,

Refunding

,

%

,

10/01/30

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

330,000

337,062

#### U.S.

#### Territories

#### 4.7%

#### American

#### Samoa

#### 0.3%
a

American

Samoa

Economic

Development

Authority

,

Revenue

,

144A,

2021

A

,

%

,

9/01/38

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

500,000

489,864

#### Guam

#### 2.6%
Antonio

B

Won

Pat

International

Airport

Authority

,

Revenue

,

2023

A

,

Refunding

,

5.25 %

,

10/01/35

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

265,000

277,820

Revenue

,

2024

A

,

%

,

10/01/34

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

100,000

103,780

Revenue

,

2024

A

,

5.25 %

,

10/01/35

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

100,000

105,307

Revenue

,

2024

A

,

5.25 %

,

10/01/37

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

175,000

182,528

Revenue

,

2024

A

,

5.25 %

,

10/01/38

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

200,000

207,714

Putnam

New

Jersey

Tax

Exempt

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### U.S.

#### Territories
(continued)

#### Guam
(continued)

Antonio

B. Won

Pat

International

Airport

Authority

,

Revenue

,

2024

A

,

5.25 %

,

10/01/40

$

200,000

$

205,656

Guam

Government

Waterworks

Authority

,

Guam

Waterworks

Authority

Water

And

Wastewater

System

,

Revenue

,

2024

A

,

Refunding

,

%

,

1/01/46

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

535,000

517,153

Territory

of

Guam

,

GO

,

2019

,

%

,

11/15/31

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

515,000

523,192

Revenue

,

2021

F

,

Refunding

,

%

,

1/01/42

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

1,400,000

1,238,116

Hotel

Occupancy

Tax

,

Revenue

,

2021

A

,

Refunding

,

%

,

11/01/40

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

450,000

450,236

3,811,502

#### Puerto

#### Rico

#### 1.8%
Commonwealth

of

Puerto

Rico

,

GO

,

2022

,

%

,

7/01/37

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

850,000

785,650

GO

,

2022

,

%

,

7/01/41

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

500,000

428,708

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

,

4.75 %

,

7/01/53

...

1,500,000

1,373,693

2,588,051

#### Total

#### U.S.

#### Territories

#### ....................................................................
6,889,417

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 148,730,823

####)
.....................................

#### 142,969,449
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 4.3%

#### Shares
a

#### Money

#### Market

#### Funds

#### 4.3%
e,f

Putnam

Short

Term

Investment

Fund,

Class

P

,

4.555 %

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

6,332,027

6,332,027

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 6,332,027

####)
...................................

#### 6,332,027

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 6,332,027

####)
.................................

#### 6,332,027

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 155,062,850

####)
101.2 #### %
..................................

#### $149,301,476

#### Other

#### Assets,

#### less

#### Liabilities

#### (1.2 ####)

#### %
...........................................

#### (1,828,564)

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $147,472,912
See

Abbreviations

on

.

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

$3,878,457,

representing

2.6%

of

net

assets.

b

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

1(b).

c

Security

purchased

on

a

when-issued

basis.

See

Note

1(b).

d

The

rate

shown

represents

the

yield

at

period

end.

e

See

Note

3(g)

regarding

investments

in

affiliated

management

investment

companies.

f

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Putnam

New

Jersey

Tax

Exempt

Income

Fund

Financial

Statements

Statement

of

Assets

and

Liabilities

May

31,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Putnam

#### New

#### Jersey

#### Tax

#### Exempt

#### Income

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$148,730,823

Cost

-

Non-controlled

affiliates

(Note

g)

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

6,332,027

Value

-

Unaffiliated

issuers

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

$142,969,449

Value

-

Non-controlled

affiliates

(Note

g)

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

6,332,027

Receivables:

Capital

shares

sold

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

33,606

Dividends

and

interest

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

2,163,353

Prepaid

expenses

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

33,928

Total

assets

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

151,532,363

Liabilities:

Payables:

Investment

securities

purchased

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

3,580,881

Capital

shares

redeemed

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

192,288

Management

fees

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

51,315

Administrative

fees

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

Distribution

fees

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

28,828

Transfer

agent

fees

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

19,066

Trustees'

fees

and

expenses

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

46,512

Distributions

to

shareholders

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

48,350

Accrued

expenses

and

other

liabilities

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

91,820

Total

liabilities

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

4,059,451

Net

assets,

at

value

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

$147,472,912

Net

assets

consist

of:

Paid-in

capital

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

$155,251,046

Total

distributable

earnings

(losses)

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

(7,778,134)

Net

assets,

at

value

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

$147,472,912

Putnam

New

Jersey

Tax

Exempt

Income

Fund

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

May

31,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### New

#### Jersey

#### Tax

#### Exempt

#### Income

#### Fund

#### Class

#### A:
Net

assets,

at

value

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

$115,827,849

Shares

outstanding

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

13,725,790

Net

asset

value

per

share

a

,b

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

$8.44

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.00

%)

b

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

$8.79

#### Class

#### C:
Net

assets,

at

value

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

$5,014,614

Shares

outstanding

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

593,268

Net

asset

value

and

maximum

offering

price

per

share

a

,b

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

$8.45

#### Class

#### R6:
Net

assets,

at

value

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

$1,302,702

Shares

outstanding

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

154,109

Net

asset

value

and

maximum

offering

price

per

share

b

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

$8.45

#### Class

#### Y:
Net

assets,

at

value

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

$25,327,747

Shares

outstanding

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

2,994,533

Net

asset

value

and

maximum

offering

price

per

share

b

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

$8.46

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

Jersey

Tax

Exempt

Income

Fund

Financial

Statements

Statement

of

Operations

for

the

year

ended

May

31,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Putnam

#### New

#### Jersey

#### Tax

#### Exempt

#### Income

#### Fund
Investment

income:

Dividends:

Non-controlled

affiliates

(Note

g)

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

$127,627

Interest:

Unaffiliated

issuers

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

5,393,057

Total

investment

income

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

5,520,684

Expenses:

Management

fees

(Note

a)

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

581,532

Administrative

fees

(Note

b)

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

2,408

Distribution

fees:

(Note

3c)

Class

A

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

275,440

Class

B

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

Class

C

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

54,252

Transfer

agent

fees:

(Note

3e)

Class

A

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

62,766

Class

B

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

Class

C

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

3,099

Class

R6

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

599

Class

Y

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

13,153

Custodian

fees

(Note

4)

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

8,876

Reports

to

shareholders

fees

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

18,988

Registration

and

filing

fees

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

17,111

Professional

fees

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

74,185

Trustees'

fees

and

expenses

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

5,382

Other

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

4,549

Total

expenses

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

1,122,409

Expense

reductions

(Note

4)

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

(607) Net

expenses

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

1,121,802

Net

investment

income

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

4,398,882

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

(221,704)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

(2,173,259)

Net

realized

and

unrealized

gain

(loss)

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

(2,394,963)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$2,003,919

Putnam

New

Jersey

Tax

Exempt

Income

Fund

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### New

#### Jersey

#### Tax

#### Exempt

#### Income

#### Fund

#### Year

#### Ended

#### May

#### 31,

#### 2025

#### Year

#### Ended

#### May

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$4,398,882

$4,091,517

Net

realized

gain

(loss)

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

(221,704)

(206,093)

Net

change

in

unrealized

appreciation

(depreciation)

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

(2,173,259)

(50,138)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

2,003,919

3,835,286

Distributions

to

shareholders:

Class

A

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

(3,405,421)

(3,192,295)

Class

B

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

(188) (1,741)

Class

C

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

(126,679)

(142,952)

Class

R6

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

(40,001)

(29,734)

Class

Y

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

(771,516)

(814,240)

Total

distributions

to

shareholders

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

(4,343,805)

(4,180,962)

Capital

share

transactions:

(Note

2)

Class

A

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

13,025,177

6,921,860

Class

B

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

(45,988)

(59,018)

Class

C

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

(749,062)

(347,816)

Class

R6

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

160,440

670,022

Class

Y

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

3,005,066

(2,026,479)

Total

capital

share

transactions

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

15,395,633

5,158,569

Net

increase

(decrease)

in

net

assets

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

13,055,747

4,812,893

Net

assets:

Beginning

of

year

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

134,417,165

129,604,272

End

of

year

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

$147,472,912

$134,417,165

Putnam

New

Jersey

Tax

Exempt

Income

Fund

franklintempleton.com

Annual

Report

Notes

to

Financial

Statements

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Putnam

New

Jersey

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

Jersey

Tax

Exempt

Income

Fund

Notes

to

Financial

Statements

franklintempleton.com

Annual

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.

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

Jersey

Tax

Exempt

Income

Fund

Notes

to

Financial

Statements

franklintempleton.com

Annual

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:

#### Year

#### Ended

#### May

#### 31,

#### 2025

#### Year

#### Ended

#### May

#### 31,

#### 2024

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### A

#### Shares:
Shares

sold

a

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

2,987,265

$25,803,636

2,241,933

$19,241,682

Shares

issued

in

reinvestment

of

distributions

..........

346,052

3,002,425

323,967

2,783,838

Shares

redeemed

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

(1,817,067)

(15,780,884)

(1,757,275)

(15,103,660)

Net

increase

(decrease)

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

1,516,250

$13,025,177

808,625

$6,921,860

#### Class

#### B

#### Shares:

#### \*
Shares

issued

in

reinvestment

of

distributions

..........

$165

$1,741

Shares

redeemed

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

(5,293)

(46,153)

(7,290)

(60,759)

Net

increase

(decrease)

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

(5,274)

$(45,988)

(7,086)

$(59,018)

#### Class

#### C

#### Shares:
Shares

sold

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

189,306

$1,653,604

143,382

$1,231,833

Shares

issued

in

reinvestment

of

distributions

..........

13,618

118,452

15,935

137,130

Shares

redeemed

a

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

(289,465)

(2,521,118)

(199,369)

(1,716,779)

Net

increase

(decrease)

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

(86,541)

$(749,062)

(40,052)

$(347,816)

#### Class

#### R6

#### Shares:
Shares

sold

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

75,884

$656,241

91,329

$791,222

Shares

issued

in

reinvestment

of

distributions

..........

4,492

39,052

3,464

29,734

Shares

redeemed

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

(61,565)

(534,853)

(18,023)

(150,934)

Net

increase

(decrease)

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

18,811

$160,440

76,770

$670,022

#### Class

#### Y

#### Shares:
Shares

sold

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

840,579

$7,260,053

481,130

$4,153,104

Shares

issued

in

reinvestment

of

distributions

..........

54,000

469,396

53,633

461,675

Shares

redeemed

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

(544,354)

(4,724,383)

(771,688)

(6,641,258)

Net

increase

(decrease)

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

350,225

$3,005,066

(236,925)

$(2,026,479)

\*

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

Jersey

Tax

Exempt

Income

Fund

Notes

to

Financial

Statements

franklintempleton.com

Annual

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

directors

of

the

following

subsidiaries:

a. #### Management

#### Fees
Effective

July

15,

2024,

Putnam

Management

transferred

its

management

contract

with

the

Fund

to Advisers.

As

a

result

of

the

transfer, Advisers

replaced

Putnam

Management

as

the

investment

adviser

of

the

Fund.

In

connection

with

the

transfer,

the

Fund's

portfolio

managers,

along

with

supporting

research

analysts

and

certain

other

investment

staff

of

Putnam

Management,

also

became

employees

of Advisers.

In

addition,

Putnam

Management

transferred

to Advisers

the

sub-management

contract

between

Putnam

Management

and

PIL

in

respect

of

the

Fund.

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

year

ended

May

31,

2025,

the

gross

effective

investment

management

fee

rate

was 0.415%

of

the

Fund's

average daily

net

assets.

#### Subsidiary

#### Affiliation
Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Investment

Management

Limited

(FTIML)

Subadvisor

Putnam

Investments

Limited

(PIL)

Subadvisor

Putnam

Investment

Management,

LLC

(Putnam

Management)

Subadvisor

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Putnam

Retail

Management

Limited

Partnership

(Putnam

Retail

Management)

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

Jersey

Tax

Exempt

Income

Fund

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

Effective

July

15,

2024,

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.

Effective

November

1,

2024,

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.

Prior

to

November

1,

2024,

PIL

provided

subadvisory

services

to

the

Fund.

Effective

November

1,

2024,

PIL

merged

into

FTIML,

and

PIL

investment

professionals

became

employees

of

FTIML.

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.

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,

or

for

periods

prior

to

August

2,

2024,

Putnam

Retail

Management,

for

services

provided

and

expenses

incurred

in

distributing

shares

of

the

Fund.

The

Plans

provide

payments

by

the

Fund

to

Distributors

and

to

Putnam

Retail

Management

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
For

the

period

from

August

2,

2024

through

May

31,

2025,

Distributors

received

net

commissions

of

$1,364

from

the

sale

of

Class

A

shares

and

received

no

monies

and

$3,326

in

contingent

deferred

sales

charges

from

redemptions

of

Class

B

and

Class

C

shares,

respectively.

For

the

period

June

1,

2024

through

August

1,

2024,

Putnam

Retail

Management

received

net

commissions

of

$702

from

the

sale

of

Class

A

shares

and

received

no

monies

and

$20

in

contingent

deferred

sales

charges

from

redemptions

of

Class

B

and

Class

C

shares,

respectively.

A

deferred

sales

charge

of

up

to

1.00%

is

accessed

on

certain

redemptions

of

Class

A

shares.

For

the

period

from

August

2,

2024

through

May

31,

2025,

Distributors

received

$1,314

on

Class

A

redemptions.

For

the

period

from

June

1,

2024

through

August

1,

2024,

Putnam

Retail

Management

received

$600

on

Class

A

redemptions.

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

#### Maximum

#### %

#### Approved

#### %
Class

A

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

0.35%

0.25%

Class

B

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

1.00%

0.85%

Class

C

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

1.00%

1.00%

3. #### Transactions

#### with

#### Affiliates
(continued)

a. #### Management

#### Fees
(continued)

Putnam

New

Jersey

Tax

Exempt

Income

Fund

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

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

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

year

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

September

30,

2026,

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.

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

#### Value

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Year

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Year

#### Investment

#### Income

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

#### a

#### Putnam

#### New

#### Jersey

#### Tax

#### Exempt

#### Income

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

4.555%

......

$557,304

$41,020,121

$(35,245,398)

$—

$—

$6,332,027

6,332,027

$127,627

#### Total

#### Affiliated

#### Securities

#### ...
$557,304

$41,020,121

$(35,245,398)

$—

$—

$6,332,027

$127,627

3. #### Transactions

#### with

#### Affiliates
(continued)

e. #### Transfer

#### Agent

#### Fees
(continued)

Putnam

New

Jersey

Tax

Exempt

Income

Fund

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

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

year

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.

5. #### Income

#### Taxes
For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

May

31,

2025,

the

capital

loss

carryforwards

were

as

follows:

The

tax

character

of

distributions

paid

during

the

years

ended

May

31,

2025

and

May

31,

2024,

was

as

follows:

At

May

31,

2025,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation)

and

undistributed

tax

exempt

income for

income

tax

purposes

were

as

follows:

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatment

of

bond

discounts

and

premiums.

6. #### Investment

#### Transactions
Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

year

ended

May

31,

2025,

aggregated

$29,407,179 and

$13,941,984,

respectively.

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

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

$

2,089,078

Long

term

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

540,945

Total

capital

loss

carryforwards

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

$2,630,023

#### 2025

#### 2024
Distributions

paid

from:

Ordinary

income

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

$105,465

$279,347

Tax

exempt

income

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

4,238,340

3,901,615

$4,343,805

$4,180,962

Cost

of

investments

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

$154,982,177

Unrealized

appreciation

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

$1,275,353

Unrealized

depreciation

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

(6,956,054)

Net

unrealized

appreciation

(depreciation)

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

$(5,680,701)

Distributable

earnings:

Undistributed

tax

exempt

income

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

$580,941

Putnam

New

Jersey

Tax

Exempt

Income

Fund

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

7. #### 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.

8. #### 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.

9. #### 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.

10. #### 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.)

Putnam

New

Jersey

Tax

Exempt

Income

Fund

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

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:

11. #### 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.

12. #### 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.

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Putnam

#### New

#### Jersey

#### Tax

#### Exempt

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

a

Municipal

Bonds

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

$

—

$

142,969,449

$

—

$

142,969,449

Short

Term

Investments

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

6,332,027

—

—

6,332,027

Total

Investments

in

Securities

...........

$6,332,027

$142,969,449

$—

$149,301,476

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

10. #### Fair

#### Value

#### Measurements
(continued)

Putnam

New

Jersey

Tax

Exempt

Income

Fund

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Abbreviations

#### Selected

#### Portfolio

#### AGMC
Assured

Guaranty

Municipal

Corp.

#### BAM
Build

America

Mutual

Assurance

Co.

#### FNMA
Federal

National

Mortgage

Association

#### GNMA
Government

National

Mortgage

Association

#### GO
General

Obligation

#### NATL
National

Reinsurance

Corp.

#### PSF
Permanent

School

Fund

Putnam

New

Jersey

Tax

Exempt

Income

Fund

Report

of

Independent

Registered

Public

Accounting

Firm

franklintempleton.com

Annual

Report

To

the

Board

of

Trustees

and

Shareholders

of

Putnam

New

Jersey

Tax

Exempt

Income

Fund

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Putnam

New

Jersey

Tax

Exempt

Income

Fund

(the

"Fund")

as

of

May

31,

2025,

the

related

statement

of

operations

for

the

year

ended

May

31,

2025,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

May

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

May

31,

2025

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

May

31,

2025,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

May

31,

2025

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

May

31,

2025

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinion
These

financial

statements

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

("PCAOB")

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

May

31,

2025

by

correspondence

with

the

custodian,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/

PricewaterhouseCoopers

LLP

Boston,

Massachusetts

July

21,

2025

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Putnam

Funds

family

of

funds

since

at

least

1957. We

have

not

been

able

to

determine

the

specific

year

we

began

serving

as

auditor.

Putnam

New

Jersey

Tax

Exempt

Income

Fund

Tax

Information

(unaudited)

franklintempleton.com

Annual

Report

By

mid-February,

tax

information

related

to

a

shareholder's

proportionate

share

of

distributions

paid

during

the

preceding

calendar

year

will

be

received,

if

applicable.

Please

also

refer

to

www.franklintempleton.com

for

per

share

tax

information

related

to

any

distributions

paid

during

the

preceding

calendar

year.

Shareholders

are

advised

to

consult

with

their

tax

advisors

for

further

information

on

the

treatment

of

these

amounts

on

their

tax

returns.

The

following

tax

information

for

the

Fund

is

required

to

be

furnished

to

shareholders

with

respect

to

income

earned

and

distributions

paid

during

its

fiscal

year.

The

Fund

hereby

reports

the

following

amounts,

or

if

subsequently

determined

to

be

different,

the

maximum

allowable

amounts,

for

the

fiscal

year

ended

May

31,

2025:

#### Pursuant

#### to:

#### Amount

#### Reported
Exempt-Interest

Dividends

Distributed

§852(b)(5)(A)

$4,238,340

Section

163(j)

Interest

Earned

§163(j)

$105,423

Putnam

New

Jersey

Tax

Exempt

Income

Fund

franklintempleton.com

Annual

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

38909-AFSOI

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 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;(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;(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;(a) Not applicable.

&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;[(a) (1) Code of Ethics attached hereto.](pnjteif-efp16634_ex99code.htm)

Exhibit 99.CODE ETH

&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.](pnjteif-efp16634_ex99cert.htm)

Exhibit 99.CERT

&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.](pnjteif-efp16634_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 Jersey Tax Exempt Income Fund**

---

| | |
|:---|:---|
| By: | /s/ Jonathan S. Horwitz |
|  | Jonathan 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.Code

**Code of Ethics for Principal Executives & Senior Financial Officers**

---

| | |
|:---|:---|
| **Procedures** | &nbsp;&nbsp;&nbsp;Revised [September 27, 2024] |

---

**FRANKLIN TEMPLETON AFFILIATED FUNDS**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVES AND**

**SENIOR FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Covered Officers
 and Purpose of the Code

This code of ethics (the "Code") applies to the Principal Executive Officers, Principal Financial Officer and Principal Accounting Officer (the "Covered Officers") of each investment company advised by a Franklin Resources subsidiary and that is registered with the United States Securities & Exchange Commission ("SEC") (collectively, "FT Funds") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Honest
 and ethical conduct, including the ethical resolution of actual or apparent conflicts of
 interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full,
 fair, accurate, timely and understandable disclosure in reports and documents that a registrant
 files with, or submits to, the SEC and in other public communications made by or on behalf
 of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance
 with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 prompt internal reporting of violations of the Code to an appropriate person or persons identified
 in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accountability
 for adherence to the Code.

Each Covered Officer will be expected to adhere to a high standard of business ethics and must be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

*\** Rule 38a-1 under the Investment Company Act of 1940 ("1940 Act") and Rule 206(4)-7 under the Investment Advisers Act of 1940 ("Advisers Act") (together the "Compliance Rule") require registered investment companies and registered investment advisers to, among other things, adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws ("Compliance Rule Policies and Procedures").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Other Policies
 and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder.

Franklin Resources, Inc. has separately adopted the <u>Code of Ethics and Business Conduct</u> ("Business Conduct"), which is applicable to all officers, directors and employees of Franklin Resources, Inc., including Covered Officers. It summarizes the values, principles and business practices that guide the employee's business conduct and also provides a set of basic principles to guide officers, directors and employees regarding the minimum ethical requirements expected of them. It supplements the values, principles and business conduct identified in the Code and other existing employee policies.

Additionally, the Franklin Templeton Funds have separately adopted the <u>FTI Personal Investments and Insider Trading Policy</u> governing personal securities trading and other related matters. The Code for Insider Trading provides for separate requirements that apply to the Covered Officers and others, and therefore is not part of this Code.

Insofar as other policies or procedures of Franklin Resources, Inc., the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. Please review these other documents or consult with the Legal Department if have questions regarding the applicability of these policies to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Covered
 Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the FT Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of a position with the FT Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the FT Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the FT Funds because of their status as "affiliated persons" of the FT Funds. The FT Funds' and the investment advisers' compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the FT Funds, the investment advisers and the fund administrator of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the FT Funds, for the adviser, the administrator, or for all three), be involved in establishing policies and implementing decisions that will have different effects on the

adviser, administrator and the FT Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the FT Funds, the adviser, and the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the FT Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the FT Funds' Boards of Directors ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the FT Funds.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 use his or her personal influence or personal relationships improperly to influence investment
 decisions or financial reporting by the FT Funds whereby the Covered Officer would benefit
 personally to the detriment of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 cause the FT Funds to take action, or fail to take action, for the individual personal benefit
 of the Covered Officer rather than the benefit of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 retaliate against any other Covered Officer or any employee of the FT Funds or their affiliated
 persons for reports of potential violations that are made in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report
 at least annually the following affiliations or other relationships:<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all
 directorships for public companies and all companies that are required to file reports with
 the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent directors of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent public accounting firm (which
 are not related to the routine issues related to the firm's service as the Covered
 Persons accountant); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect interest in any transaction with any FT Fund that will benefit the officer
 (not including benefits derived from the advisory, sub-advisory, distribution or service
 agreements with affiliates of Franklin Resources).

These reports will be reviewed by the Legal Department for compliance with the Code.

There are some conflict of interest situations that should always be approved in writing by Franklin Resources General Counsel or Deputy General Counsel, if material. Examples of these include<sup>2</sup>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Service
 as a director on the board of any public or private Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any gifts in excess of $100 from any person, from any corporation or association.

<sup>1</sup> Reporting of these affiliations or other relationships shall be made by completing the annual Directors and Officers Questionnaire and returning the questionnaire to Franklin Resources Inc, General Counsel or Deputy General Counsel.

<sup>2</sup> Any activity or relationship that would present a conflict for a Covered Officer may also present a conflict for the Covered Officer if a member of the Covered Officer's immediate family engages in such an activity or has such a relationship. The Covered Person should also obtain written approval by FT's General Counsel in such situations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any entertainment from any Company with which the FT Funds has current or prospective
 business dealings unless such entertainment is business related, reasonable in cost, appropriate
 as to time and place, and not so frequent as to raise any question of impropriety. Notwithstanding
 the foregoing, the Covered Officers must obtain prior approval from the Franklin Resources
 General Counsel for any entertainment with a value in excess of $1000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 ownership interest in, or any consulting or employment relationship with, any of the FT Fund's
 service providers, other than an investment adviser, principal underwriter, administrator
 or any affiliated person thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A
 direct or indirect financial interest in commissions, transaction charges or spreads paid
 by the FT Funds for effecting portfolio transactions or for selling or redeeming shares other
 than an interest arising from the Covered Officer's employment, such as compensation
 or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel, or the Chief Compliance Officer, will
 provide a report to the FT Funds Audit Committee of any approvals granted at the next regularly
 scheduled meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Disclosure
 and Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should familiarize himself with the disclosure requirements generally applicable
 to the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts
 about the FT Funds to others, whether within or outside the FT Funds, including to the FT
 Funds' directors and auditors, and to governmental regulators and self- regulatory
 organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should, to the extent appropriate within his or her area of responsibility,
 consult with other officers and employees of the FT Funds, the FT Fund's adviser and
 the administrator with the goal of promoting full, fair, accurate, timely and understandable
 disclosure in the reports and documents the FT Funds file with, or submit to, the SEC and
 in other public communications made by the FT Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It
 is the responsibility of each Covered Officer to promote compliance with the standards and
 restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Reporting
 and Accountability

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon
 becoming a covered officer affirm in writing to the Board that he or she has received, read,
 and understands the Code (see Exhibit A);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annually
 thereafter affirm to the Board that he has complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notify
 Franklin Resources' General Counsel or Deputy General Counsel promptly if he or she
 knows of any violation of this Code. Failure to do so is itself is a violation of this Code.

Franklin Resources' General Counsel and Deputy General Counsel are responsible for applying this Code to specific situations in which questions are presented under it and have the authority to interpret this Code in any particular situation.<sup>3</sup> However, the Independent Directors of the respective FT Funds will consider any approvals or waivers<sup>4</sup> sought by any Chief Executive Officers of the Funds.

The FT Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel will take all appropriate action to investigate
 any potential violations reported to the Legal Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If,
 after such investigation, the General Counsel or Deputy General Counsel believes that no
 violation has occurred, The General Counsel is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 matter that the General Counsel or Deputy General Counsel believes is a violation will be
 reported to the Independent Directors of the appropriate FT Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If
 the Independent Directors concur that a violation has occurred, it will inform and make a
 recommendation to the Board of the appropriate FT Fund or Funds, which will consider appropriate
 action, which may include review of, and appropriate modifications to, applicable policies
 and procedures; notification to appropriate personnel of the investment adviser or its board;
 or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 Independent Directors will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 changes to or waivers of this Code will, to the extent required, are disclosed as provided
 by SEC rules.<sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Other
 Policies and Procedures

This Code shall be the sole code of ethics adopted by the FT Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the FT Funds, the FT Funds' advisers, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The FTI Personal Investments and Insider Trading Policy, adopted by the FT Funds, FT investment advisers and FT Fund's principal underwriter pursuant to Rule 17j-1 under the Investment Company Act, the Code of Ethics and Business Conduct and more detailed policies and procedures set forth in FT's Employee Handbook are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Amendments

Any amendments to this Code must be approved or ratified by a majority vote of the FT Funds' Board including a majority of independent directors.

<sup>3</sup> Franklin Resources General Counsel and Deputy General Counsel are authorized to consult, as appropriate, with members of the Audit Committee, counsel to the FT Funds and counsel to the Independent Directors, and are encouraged to do so.

<sup>4</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant. See Part X.

<sup>5</sup> See Part X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the FT Funds' Board and their counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Internal
 Use

The Code is intended solely for the internal use by the FT Funds and does not constitute an admission, by or on behalf of any FT Funds, as to any fact, circumstance, or legal conclusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Disclosure
 on Form N-CSR

Item 2 of Form N-CSR requires a registered management investment company to disclose annually whether, as of the end of the period covered by the report, it has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these officers are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, it must explain why it has not done so.

The registrant must also: (1) file with the SEC a copy of the code as an exhibit to its annual report; (2) post the text of the code on its Internet website and disclose, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the code on its Internet website; or (3) undertake in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of the code and explain the manner in which such request may be made. Disclosure is also required of amendments to, or waivers (including implicit waivers) from, a provision of the code in the registrant's annual report on Form N-CSR or on its website. If the registrant intends to satisfy the requirement to disclose amendments and waivers by posting such information on its website, it will be required to disclose its Internet address and this intention.

The Legal Department shall be responsible for ensuring that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a
 copy of the Code is filed with the SEC as an exhibit to each Fund's annual report;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 amendments to, or waivers (including implicit waivers) from, a provision of the Code is disclosed
 in the registrant's annual report on Form N-CSR.

In the event that the foregoing disclosure is omitted or is determined to be incorrect, the Legal Department shall promptly file such information with the SEC as an amendment to Form N- CSR.

In such an event, the Fund Chief Compliance Officer shall review the Code and propose such changes to the Code as are necessary or appropriate to prevent reoccurrences.

**Exhibit A**

**ACKNOWLEDGMENT FORM**

**Franklin Templeton Funds Code of Ethics**

**For Principal Executives and Senior Financial Officers**

**Instructions:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Complete
 all sections of this form.

&nbsp;&nbsp;&nbsp;&nbsp;2. Print
 the completed form, sign, and date.

&nbsp;&nbsp;&nbsp;&nbsp;3. Submit
 completed form to FT's General Counsel c/o Code of Ethics Administration within 10
 days of becoming a Covered Officer and by February 15<sup>th</sup> of each subsequent year.

---

| | |
|:---|:---|
| **E-mail:** | Code of Ethics Inquiries & Requests (internal address);<br> lpreclear@franklintempleton.com (external address) |

---

---

| |
|:---|
| **Covered Officer's Name:** |
| **Title:** |
| **Department:** |
| **Location:** |
| **Certification for Year Ending:** |

---

***To: Franklin Resources General Counsel, Legal Department***

I acknowledge receiving, reading and understanding the Franklin Templeton Fund's Code of Ethics for Principal Executive Officers and Senior Financial Officers (the "Code"). I will comply fully with all provisions of the Code to the extent they apply to me during the period of my employment. I further understand and acknowledge that any violation of the Code may subject me to disciplinary action, including termination of employment.

---

| | |
|:---|:---|
| ***Signature*** | ***Date signed*** |

---

## 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 Jersey 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

---

| |
|:---|
| /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 Jersey 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;

&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

---

| |
|:---|
| /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 Jersey 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 Jersey Tax Exempt Income Fund | Putnam New Jersey Tax Exempt 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.