New York Tax Exempt Income Fund  (PNYYX)

Seeking a high level of tax-free income


Track this fund

Objective

The fund seeks as high a level of current income exempt from federal income tax and New York State and City personal income taxes as we believe to be consistent with preservation of capital.

Strategy and process

  • Tax-advantaged income: The fund offers New York residents the potential for high current income that is free from federal income tax and New York State and City personal income taxes.
  • Focus on performance: The portfolio managers seek to provide a competitive yield through a combination of careful security selection and portfolio construction strategies.
  • A diversified portfolio: A broadly diversified portfolio enables the managers to pursue current tax-free income opportunities while managing risk and seeking to preserve capital.

Fund price

Yesterday’s close 52-week high 52-week low
Net asset value $8.39
0.00% | $0.00
$8.61
09/07/17
$8.36
03/14/17
Historical fund price

Consistency of positive performance over five years

Performance represents 5-year returns in rolling quarter-end periods since inception.

Performance shown does not reflect the effects of any sales charges. Note that returns of 0.00% are counted as positive periods. For complete fund performance, please click on the performance tab.

13.59%

Best 5-year annualized return

(for period ending 06/30/89)


1.33%

Worst 5-year annualized return

(for period ending 12/31/08)


6.10%

Average 5-year annualized return


Fund facts as of 01/31/18

Total net assets
$1,029.95M
Turnover (fiscal year end)
24%
Dividend frequency (view rate)
Monthly
Number of holdings
321
Fiscal year-end
November
CUSIP / Fund code
746837301 / 1816
Inception date
01/02/08
Category
Tax-free Income
Open to new investors
Ticker
PNYYX

Management team

Portfolio Manager
Portfolio Manager


Literature

Fund documents

Fact Sheet (A share) (PDF)
Fact Sheet (Y share) (PDF)
Prospectus (PDF)
Annual Report (PDF)
Semiannual Report (PDF)
Brochure (PDF)
Proxy voting results (Form N-PX) (PDF)
Quarterly Commentary (PDF)
Comparing Putnam's tax-free income funds (PDF)

Munis feel knock-on effects of tax reform
The municipal bond market will likely see a reduction in supply in 2018 because of certain provisions in the new tax reform law.
Munis feel knock-on effects of tax reform
The municipal bond market will likely see a reduction in supply in 2018 because of certain provisions in the new tax reform law.

Performance

  • Total return (%) as of 12/31/17

  • Annual performance as of 12/31/17

Annualized performance 1 yr. 3 yrs. 5 yrs. 10 yrs.
Before sales charge 5.25% 2.97% 2.75% 4.16%
After sales charge N/A N/A N/A N/A
Bloomberg Barclays Municipal Bond Index 5.45% 2.98% 3.02% 4.46%

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary, and you may have a gain or loss when you sell your shares. To obtain the most recent month-end performance, visit putnam.com. Performance assumes reinvestment of distributions and does not account for taxes. Returns before sales charge do not reflect the current maximum sales charges as indicated below. Had the sales charge been reflected, returns would be lower. Returns at public offering price (after sales charge) for class A and class M shares reflect the current maximum initial sales charges of 5.75% and 3.50% for equity funds and Putnam Absolute Return 500 Fund and 700 Fund, and 4.00% and 3.25% for income funds (1.00% and 0.75% for Putnam Floating Rate Income Fund, Putnam Absolute Return 100 Fund and 300 Fund, and Putnam Short-Term Municipal Income Fund), respectively. Class B share returns reflect the applicable contingent deferred sales charge (CDSC), which is 5% in the first year, declining to 1% in the sixth year, and is eliminated thereafter (except for Putnam Floating Rate Income Fund, Putnam Absolute Return 100 Fund and 300 Fund, and Putnam Short-Term Municipal Income Fund, which is 1% in the first year, declining to 0.5% in the second year, and is eliminated thereafter). Class C shares reflect a 1% CDSC the first year that is eliminated thereafter. Performance for class B, C, M, R, T1, and Y shares prior to their inception is derived from the historical performance of class A shares, adjusted for the applicable sales charge (or CDSC) and, except for class Y shares, the higher operating expenses for such shares (with the exception of Putnam Tax-Free High Yield Fund and Putnam AMT-Free Municipal Fund, which are based on the historical performance of class B shares). Class R5/R6 shares, available to qualified employee-benefit plans only, are sold without an initial sales charge and have no CDSC. Class Y shares are generally only available for corporate and institutional clients and have no initial sales charge. Performance for Class R5/R6 shares before their inception are derived from the historical performance of class Y shares, which have not been adjusted for the lower expenses; had they, returns would have been higher. Class A, M, and T1 shares of Putnam money market funds have no initial sales charge. For a portion of the period, some funds had expenses limitations or had been sold on a limited basis with limited assets and expenses, without which returns would be lower.

Performance snapshot

  Before sales charge After sales charge
1 mt. as of 01/31/18 -1.03 % -
YTD as of 02/16/18 -1.44 % -

Yield

Distribution rate before sales charge
as of 02/16/18
3.51%
Distribution rate after sales charge
as of 02/16/18
3.51%
30-day SEC yield as of 01/31/18 2.11%

Risk-adjusted performance as of 01/31/18

Sharpe ratio (3 yrs.) 0.57
Information ratio (3 yrs.) 0.07

Volatility as of 01/31/18

Standard deviation (3 yrs.) 2.87%
Beta 0.87
R-squared 0.99

Lipper rankings as of 01/31/18

New York Municipal Debt Funds Percentile ranking Rank/Funds in category
1 yr. 34% 30/88
3 yrs. 36% 31/86
5 yrs. 39% 31/80
10 yrs. 33% 20/61

Morningstar ratings as of 01/31/18

Muni New York Long Rating Funds in category
Overall (63)
3 yrs. (63)
5 yrs. (58)
10 yrs. (44)

Distributions

Accrual days 33
Accrual start date 01/01/18
Accrual end date 01/31/18
Payable date 01/31/18
Non-taxable income $0.021931035
Extra taxable income --
  
Record/Ex dividend date 12/27/17
Payable date 12/29/17
Income --
Extra income $0.0041
Short-term cap. gain --
Long-term cap. gain --

Lipper rankings are based on total return without sales charge relative to all share classes of funds with similar objectives as determined by Lipper. Past performance is not indicative of future results.

The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

The up-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has risen. The ratio is calculated by dividing the manager’s returns by the returns of the index during the up-market, and multiplying that factor by 100. The down-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has dropped. The ratio is calculated by dividing the manager’s returns by the returns of the index during the down-market and multiplying that factor by 100.


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** FundVisualizer comparison based on Putnam fund versus the largest fund in its Morningstar category.


Holdings

Top 10 holdings as of 01/31/18

Met Trans Auth-C1-Ref 04.0000 11/15/2035 2.18%
New York City Muni Fi 05.0000 06/15/2046 1.40%
Hudson Ny Yards Infra 05.0000 02/15/2038 1.27%
Nys Dorm Auth 05.5000 05/01/2037 1.20%
Dasny-A-Ref 05.0000 07/01/2034 1.16%
Ny Dorm Auth-C 05.0000 03/15/2041 1.09%
Public Fin Auth Wi So 01.6000 10/01/2025 1.08%
Nyc Wtr/Swr Ser Ee 05.2500 06/15/2040 1.04%
Nyc Transtnl Fin-E1 05.0000 02/01/2039 1.03%
Mta Hudson Rail Yrd-A 05.0000 11/15/2051 1.03%
Top 10 holdings, percent of portfolio 12.48%

Disclosures

Full portfolio holdings as of 12/31/17

MET TRANS AUTH-C1-REF 04.0000 11/15/2035 2.19%
NEW YORK CITY MUNI FI 05.0000 06/15/2046 1.39%
HUDSON NY YARDS INFRA 05.0000 02/15/2038 1.27%
DASNY-A-REF 05.0000 07/01/2034 1.18%
NYS DORM AUTH 05.5000 05/01/2037 1.17%
NY DORM AUTH-C 05.0000 03/15/2041 1.06%
NYC TRANSTNL FIN-E1 05.0000 02/01/2039 1.03%
NY MUNI WTR FIN-HH 05.0000 06/15/2039 1.01%
NY ST ENVIR-REVOL-A 05.0000 06/15/2034 1.00%
NYC WTR/SWR SER EE 05.2500 06/15/2040 1.00%
MTA HUDSON RAIL YRD-A 05.0000 11/15/2051 0.99%
LONG ISLAND PWR AUTH 05.0000 09/01/2039 0.97%
NASSAU CO-A 05.0000 04/01/2030 0.96%
LONG ISLAND PWR AUTH 05.0000 09/01/2044 0.93%
NYS URBAN DEV CORP 05.0000 03/15/2036 0.91%
TSASC INC-A-REF 05.0000 06/01/2041 0.89%
PORT AUTH NY/NJ-186 05.0000 10/15/2044 0.86%
MTA-A-REFUNDED 05.5000 11/15/2039 0.82%
NYC TRANS FIN AUTH-S1 05.0000 07/15/2037 0.82%
NY DORM-NY UNIV-1 05.5000 07/01/2040 0.81%
NYC TRANS FIN-F1 05.0000 05/01/2039 0.81%
HUDSON NY YARDS INFRA 05.0000 02/15/2042 0.80%
MET TRANS AUTH -B-1 05.0000 11/15/2036 0.80%
NY LIBERTY-TRD CTR 05.0000 12/15/2041 0.79%
NYC FIN REC-3-SUB 3 H 01.0000 11/01/2022 0.77%
NY DORM ORANGE MED 06.2500 12/01/2037 0.75%
NEW YORK CITY NY TRAN 05.0000 07/15/2043 0.74%
NEW YORK ST URBAN DEV 05.0000 03/15/2038 0.74%
ERIE IDA BUFFALO-A 05.7500 05/01/2025 0.73%
NEW YORK-E-REF 05.0000 08/01/2034 0.73%
SYRACUSE INDL-VAR-A-2 00.9300 12/01/2037 0.72%
NY URB DEV INCOME-B 05.0000 01/01/2027 0.70%
NY CNTYS TOB TR IV -A 05.0000 06/01/2038 0.69%
MET TRANSPRTN AUTH NY 05.2500 11/15/2034 0.66%
PORT AUTH OF NEW YORK 05.0000 10/15/2041 0.62%
NY DORM AUTH-A 05.0000 03/15/2044 0.61%
LONG ISLAND PWR AUTH 05.0000 09/01/2041 0.60%
MET TRANSPRTN AUTH NY 05.0000 11/15/2033 0.60%
MURRAY CITY HSP-VAR-A 00.9900 05/15/2037 0.60%
NYC TRANSTNL FIN-E-1 05.0000 02/01/2041 0.59%
NASSAU CNTY-C-REF 05.0000 10/01/2031 0.58%
NEW YORK ST DORM AUTH 05.0000 02/15/2033 0.58%
NEW YORK ST DORM AUTH 05.0000 02/15/2040 0.58%
NYC MUN WTR FIN-EE 05.0000 06/15/2047 0.58%
NYC TRAN FIN AUTH-B1 05.0000 08/01/2038 0.58%
MET TRANSPRTN-UNREF 05.0000 11/15/2041 0.57%
NEW YORK ST DORM AUTH 05.0000 03/15/2035 0.57%
NY DORM-A1-MEM SLOAN 05.0000 07/01/2036 0.57%
PORT AUTH NY & NJ-206 05.0000 11/15/2042 0.57%
NY DORM AUTH-A 05.0000 05/01/2033 0.56%
NY DORM AUTH-A 05.0000 07/01/2041 0.56%
NYC-I-SUBSER 1-I 05.0000 03/01/2036 0.56%
NYS DORM AUTH-B-GRP C 05.0000 02/15/2041 0.56%
NYC TRAN FIN AUTH-SUB 05.0000 05/01/2032 0.55%
SYRACUSE INDL-VAR-A-1 00.9300 07/01/2037 0.55%
NASSAU TOB ASSET-A-2 05.2500 06/01/2026 0.54%
NEW YORK-SER A-1 05.0000 08/01/2032 0.54%
NYC MUNI WTR-BB 05.0000 06/15/2047 0.54%
LIBERTY DEV CORP 05.5000 10/01/2037 0.53%
NY ST DORM AUTH 05.0000 07/01/2031 0.53%
NYC MUN WTR/SWR-AA 05.0000 06/15/2034 0.53%
NY LIBERTY-1-TRD CTR 05.0000 09/15/2040 0.52%
NYC TRANS FIN AUTH-S1 05.0000 07/15/2040 0.52%
PUBLIC FIN AUTH WI SO 01.2500 10/01/2025 0.52%
LIBERTY DEV GOLDMAN 05.2500 10/01/2035 0.51%
NY DORM 05.1250 07/01/2039 0.51%
NY ENVIR-A-UTD WTR NE 04.8750 09/01/2040 0.51%
NY DORM NYU SER B 05.0000 07/01/2029 0.50%
NY DORM UNIV-5TH-B 05.0000 07/01/2026 0.50%
ERIE IDA BUFFALO-A 05.7500 05/01/2028 0.49%
MET TRANS AUTH-A2A 01.6800 11/01/2026 0.49%
NYC TRANSL-S1 05.0000 01/15/2029 0.49%
NYS URBAN DEV CORP 05.0000 12/15/2028 0.49%
BUFFALO & ERIE CNTY 05.0000 11/15/2037 0.48%
LNG IS PWR ELEC GEN-C 05.2500 09/01/2029 0.47%
NY ENERGY VAR-A1-BROO 01.9800 12/01/2020 0.47%
NYS HSG-A-AFFORDABLE 05.0000 11/01/2042 0.47%
SUFFOLK CO-B-REF 05.0000 10/15/2026 0.47%
NEW YORK ST DORM AUTH 05.0000 12/01/2037 0.46%
TRIBOROUGH BRIDGE-CAB 00.0000 11/15/2030 0.46%
ALBANY CAP RES 06.2500 11/15/2038 0.45%
MET TRANSPRTN AUTH-D 05.0000 11/15/2038 0.45%
NY DORM-NY UNIV-1 05.5000 07/01/2031 0.45%
NY LIBERTY-2-TRD CTR 05.0000 09/15/2043 0.42%
TRIBORO BRIDGE-A-REF 05.0000 11/15/2041 0.42%
NYC HSG DEV-H2A 04.4000 05/01/2031 0.41%
ONONDAGA DEV-LE MOYNE 05.3750 07/01/2040 0.41%
NEW YORK ST DORM AUTH 05.0000 02/15/2042 0.40%
NY TWY-SER B 05.0000 04/01/2027 0.40%
TRIBOROUGH BRIDGE-A 05.0000 11/15/2039 0.39%
RENO S/TAX-VAR-RF-RET 01.1500 06/01/2042 0.38%
PORT AUTH -SPEC PROJ 06.0000 12/01/2042 0.37%
SCHENECTADY CAP-REF 05.0000 07/01/2032 0.37%
WESTCHESTER LOC DEV 05.0000 11/01/2046 0.37%
BUILD NYC RESOURCE 05.0000 07/01/2040 0.35%
MET TRANSPRTN-C-UNREF 05.0000 11/15/2041 0.35%
MONROE CO IDC -B 05.0000 07/01/2032 0.35%
NEW YORK NY 05.0000 10/01/2037 0.35%
NYC CULTURAL-RF-1A-MU 05.0000 04/01/2031 0.35%
NYC IDA QUEENS BASEBA 05.0000 01/01/2024 0.35%
YONKERS-E 05.0000 09/01/2023 0.35%
DASNY-A-SALESTAX 05.0000 03/15/2032 0.34%
NYC TRANSL-FISCAL-S-5 05.0000 01/15/2030 0.34%
ONONDAGA CO RES-A-REF 05.0000 05/01/2029 0.34%
DUTCHESS DEV-ANDERSON 06.0000 10/01/2030 0.33%
MONROE CNTY INDL DEV 05.0000 12/01/2046 0.33%
NY CONVENTN CTR-REF 05.0000 11/15/2045 0.33%
NY DORM AUTH-A 05.0000 05/01/2037 0.33%
NY ST DORM-A-SKIDMORE 05.5000 07/01/2041 0.33%
NY TOBACCO-A-2B-REF 05.0000 06/01/2051 0.33%
MONROE CO IDC -B 05.0000 07/01/2033 0.32%
NY DORM-TEACHERS CLG 05.0000 07/01/2042 0.32%
WESTCHESTER HLT-PRERF 06.1250 11/01/2037 0.32%
BUILD NYC-A-REF 05.0000 06/01/2038 0.31%
GUAM GOVT-30-A 05.6250 12/01/2029 0.31%
NEW YORK ST DORM AUTH 05.0000 07/01/2039 0.31%
NY LIBERTY DEV CORP P/P 144A 05.0000 11/15/2044 0.31%
NYS DORM-ST FRANCIS 05.0000 10/01/2040 0.31%
HEMPSTEAD TWN DEV-B 05.0000 02/01/2034 0.30%
NY DORM-TEACHERS CLG 05.0000 07/01/2034 0.30%
NY TWY-SER B 05.0000 04/01/2028 0.30%
NYC TRANSTNL FIN-E1 05.0000 02/01/2031 0.30%
SYRACUSE NY INDL DEV 05.0000 01/01/2036 0.30%
WESTCHESTER DEV-A 05.5000 05/01/2042 0.30%
MET TRANS AUTH-B1 05.0000 11/15/2047 0.29%
NYC TRANSL-S1 05.0000 01/15/2025 0.29%
TOMPKINS CNTY NY DEV 05.0000 07/01/2044 0.29%
LONG ISLAND PWR AUTH 05.0000 09/01/2046 0.28%
MET TRANSPRTN AUTH NY 05.0000 11/15/2037 0.28%
MONROE CO INDL DEV-C 04.0000 07/01/2037 0.28%
NIAGARA FRONTIER-A 05.0000 04/01/2028 0.28%
NYC TRANSTNL FIN-A-1 05.0000 11/01/2038 0.28%
PORT AUTH NY/NJ-197 05.0000 11/15/2034 0.28%
NEW YORK TRANSPRTN-A 05.0000 07/01/2046 0.27%
NY DORM AUTH-A 05.0000 05/01/2043 0.27%
NY LIBERTY-TRD CTR 05.0000 11/15/2031 0.27%
NYC MUNI WTR FIN-BB 05.0000 06/15/2046 0.27%
BUFFALO & FORT ERIE N 05.0000 01/01/2042 0.26%
NYC HSG DEV-AMT-A1-A 05.4500 11/01/2046 0.26%
NYS HSG 04.8500 11/01/2041 0.26%
HEMPSTEAD TOWN NY LOC 05.0000 07/01/2044 0.25%
PR S/TAX-CABS-A 00.0000 08/01/2047 0.25%
TRIBOROUGH BRIDGE-A 05.0000 11/15/2044 0.25%
YONKERS-A 05.0000 11/15/2031 0.25%
NIAGARA AREA DEV COR P/P 144A 05.2500 11/01/2042 0.24%
NIAGARA DEV CORP-A 05.0000 05/01/2030 0.24%
NY ENVIR REVOLVING-A 05.0000 06/15/2029 0.24%
NYS DORM-ST FRANCIS 05.0000 10/01/2032 0.24%
TRIBORO BRDG-B-CABS 00.0000 11/15/2032 0.24%
W NASSAU CO WTR-A 05.0000 04/01/2040 0.24%
GUAM WATERWORKS AUTH 05.6250 07/01/2040 0.23%
LONG ISLAND PWR 05.0000 09/01/2042 0.23%
NEW YORK ST DORM AUTH 05.0000 07/01/2035 0.23%
NEW YORK ST THRUWAY A 05.0000 01/01/2046 0.23%
NEW YORK-B-1 05.0000 12/01/2035 0.23%
SOUTHOLD LOC DEV 05.0000 12/01/2045 0.23%
BROOKLYN ARENA NY LOC 05.0000 07/15/2042 0.22%
BUILD NYC RESOURCE 05.0000 08/01/2040 0.22%
GENEVA DEV CORP-REF 05.0000 09/01/2032 0.22%
GENEVA DEV CORP-REF 05.2500 09/01/2044 0.22%
LONG ISLAND NY PWR AU 05.0000 09/01/2045 0.22%
MET TRANSPRTN-C-PRERF 05.0000 11/15/2041 0.22%
NASSAU LOCAL ECON-REF 05.0000 07/01/2037 0.22%
NIAGARA FRONTIER-A 05.0000 04/01/2024 0.22%
NY DORM CITY UNIV 2ND 05.7500 07/01/2018 0.22%
NY ST DORM-A 05.0000 07/01/2042 0.22%
NY ST DORM-ROCHESTER 05.0000 07/01/2038 0.22%
NYC-F-1 05.0000 03/01/2037 0.22%
ONONDAGA CO TRUST 05.0000 12/01/2031 0.22%
PORT AUTH NY & NJ-AMT 05.0000 09/01/2030 0.22%
CA MUN FIN-VAR-REF 01.4000 09/01/2021 0.21%
HUDSON YDS INFR-PRERF 05.7500 02/15/2047 0.21%
MONROE IDC-A-REF 05.0000 12/01/2037 0.21%
NY LIBERTY DEV 05.6250 01/15/2046 0.21%
NY PWR-A 05.0000 11/15/2038 0.21%
NYC CULTURAL-WHITNEY 05.0000 07/01/2031 0.21%
NYC TRST CULT RES-A 05.0000 08/01/2042 0.21%
ONONDAGA TR-SYRACUSE 05.0000 12/01/2036 0.21%
BUILD NYC-A 05.0000 04/15/2033 0.20%
CHAUTAUQUA IDA NRG DK 05.8750 04/01/2042 0.20%
CHILDRENS TR FD-ASSET 05.5000 05/15/2039 0.20%
MISSION ECON-VAR-A 01.4500 01/01/2020 0.20%
NY CONVENTN CTR-A 00.0000 11/15/2050 0.20%
NY DORM-A-FORDHAM UNI 05.5000 07/01/2036 0.20%
NY MTGE AGY-186-AMT 02.0000 04/01/2019 0.20%
NYS DORM AUTH-MANHATT 05.2500 07/01/2029 0.20%
NYS DORM-N SHORE-E 05.5000 05/01/2033 0.20%
NYS DORM-ST JOSEPHS 05.2500 07/01/2035 0.20%
BUILD NYC RESRCE CO P/P 144A 05.0000 01/01/2035 0.19%
NEW YORK ST ENVRNMNT P/P 144A 03.7500 12/01/2044 0.19%
NY MTGE AGY0189-AMT 03.8500 10/01/2034 0.19%
ONONDAGA CIVIC DEV 05.2500 03/01/2031 0.19%
YONKERS IDA-A-ST JOHN 07.1250 07/01/2031 0.19%
BUILD NYC RESC CORP 05.0000 08/01/2032 0.18%
ERIE CO FISCAL-D 05.0000 09/01/2036 0.18%
ERIE CO FISCAL-D 05.0000 09/01/2038 0.18%
LONG ISLAND PWR-CAB 00.0000 06/01/2028 0.18%
NEW YORK ST DORM AUTH 05.0000 07/01/2029 0.18%
NIAGARA DEV CORP-A 05.0000 05/01/2035 0.18%
ROCKLAND CO-A 05.0000 03/01/2024 0.18%
ST LAWRENCE CNTY DEV 05.0000 09/01/2041 0.18%
LONG ISLAND PWR AUTH 05.0000 09/01/2036 0.17%
MONROE CO INDL DEV-C 04.0000 07/01/2032 0.17%
ONONDAGA DEV-LE MOYNE 05.0000 07/01/2032 0.17%
SYRACUSE NY INDL DEV 05.0000 01/01/2035 0.17%
MONROE CO INDL DEV-C 04.0000 07/01/2033 0.16%
NASSAU CO ECON ASSIST 05.0000 07/01/2032 0.16%
NEW YORK ST TRANSPRTN 05.0000 01/01/2023 0.16%
NY ST DORM AUTH-REF-A 05.0000 07/01/2037 0.16%
NY TRNSPRTN DEV-REF 05.0000 08/01/2031 0.16%
NYC HSG DEV-AMT-H2-A 05.2000 11/01/2035 0.16%
NYC IDA-A-REF-SR 05.0000 07/01/2028 0.16%
NYS DORM 06.0000 07/01/2040 0.16%
ERIE CO FISCAL-D 05.0000 09/01/2035 0.15%
HEMPSTEAD TWN DEV-B 05.2500 02/01/2039 0.15%
NASSAU CO ECON ASSIST 05.0000 07/01/2033 0.15%
NEW YORK ST DORM AUTH 05.0000 07/01/2031 0.15%
TRIBOROUGH BRDG-PRERF 05.0000 11/15/2029 0.15%
GUAM PWR-A 05.5000 10/01/2040 0.14%
HEMPSTEAD TOWN NY LOC 05.0000 07/01/2042 0.14%
NASSAU LOCAL ECON-REF 05.0000 07/01/2027 0.14%
NEW YORK ST THRUWAY A 05.0000 01/01/2024 0.14%
NYC TRST CULT RES-A 05.0000 08/01/2038 0.14%
WESTCHESTER CO 05.0000 06/01/2042 0.14%
BROOKHAVEN LOCL DEV 05.2500 11/01/2036 0.13%
HUDSON YDS INFR-UNREF 05.7500 02/15/2047 0.13%
MONROE IDC-A-REF 05.0000 12/01/2032 0.13%
SUFFOLK ECON-REF-PECO 06.0000 12/01/2040 0.13%
WESTCHESTER TOBACCO-B 05.0000 06/01/2041 0.13%
ERIE CO FISCAL-D 05.0000 09/01/2037 0.12%
NEW YORK ST DORM AUTH 05.0000 07/01/2030 0.12%
NY DORM-MEM SLOAN 05.0000 07/01/2036 0.12%
NY TWY SER H 05.0000 01/01/2028 0.12%
NYC HSG DEV-AMT-H2-A 05.3500 05/01/2041 0.12%
PORT AUTH NY/NJ 85TH 05.3750 03/01/2028 0.12%
SUFFOLK IDA-NISSEQUOG 05.5000 01/01/2023 0.12%
TRIBOROUGH BRIDGE 05.0000 11/15/2038 0.12%
BUFFALO & ERIE CNTY N 05.2500 07/01/2035 0.11%
BUILD NYC RESOURCE 05.0000 08/01/2047 0.11%
HEMPSTEAD TOWN NY LOC 05.0000 07/01/2047 0.11%
LONG ISLAND PWR 05.0000 09/01/2034 0.11%
LONG ISLAND PWR 05.0000 09/01/2035 0.11%
LONG ISLAND PWR 05.0000 09/01/2036 0.11%
LONG ISLAND PWR 05.0000 09/01/2037 0.11%
MONROE CO INDL DEV-A 05.0000 07/01/2033 0.11%
MONROE CO INDL DEV-D 04.0000 07/01/2032 0.11%
MTA-D1-TRANSPRTN 05.0000 11/15/2033 0.11%
NASSAU CO LOCAL ECON 05.0000 07/01/2037 0.11%
NEW YORK ST DORM AUTH 05.0000 02/15/2034 0.11%
NEW YORK ST DORM AUTH 05.0000 07/01/2030 0.11%
NEW YORK TRANSPRTN-A 05.0000 07/01/2041 0.11%
NEW YORK TRANSPRTN-A 05.2500 01/01/2050 0.11%
NIAGARA DEV CORP-A 05.0000 05/01/2042 0.11%
NY DORM AUTH REV-A 05.0000 07/01/2026 0.11%
NY DORM AUTH REV-A 05.0000 07/01/2027 0.11%
NY DORM AUTH REV-A 05.0000 07/01/2029 0.11%
NY DORM AUTH-A-REF 05.0000 07/01/2034 0.11%
NY DORM AUTH-A-REF 05.0000 07/01/2039 0.11%
NY LIBERTY-3-TRD CTR 05.0000 03/15/2044 0.11%
NY ST DORM AUTH-A 05.0000 07/01/2026 0.11%
ST LAWRENCE CNTY DEV 05.2500 09/01/2033 0.11%
TOMPKINS 05.3750 07/01/2041 0.11%
WESTCHESTER CO 05.0000 06/01/2047 0.11%
BRKLYN LAW SCH REF 05.7500 07/01/2033 0.10%
BUFFALO ETC DEV-A 05.0000 06/01/2035 0.10%
MONROE CO INDL DEV-C 04.0000 07/01/2035 0.10%
MONROE CO INDL DEV-D 04.0000 07/01/2034 0.10%
NIAGARA FRONTIER-A 05.0000 04/01/2027 0.10%
NY DORM-HIGHLAND HSP 05.2000 07/01/2032 0.10%
NYC IDA YANKEE STADI 07.0000 03/01/2049 0.10%
ONEIDA IDA CIVIC-A-EL 05.8750 12/01/2029 0.10%
PORT NY/NJ 5TH-KIAC-4 06.7500 10/01/2019 0.10%
MONROE CO INDL DEV-A 05.0000 06/01/2029 0.09%
MONROE CO INDL DEV-C 04.0000 07/01/2036 0.09%
PR S/TAX-CABS-A 00.0000 08/01/2043 0.09%
TRIBOROUGH BRDG-UNREF 05.0000 11/15/2029 0.09%
ALBANY RES CORP-A-REF 05.0000 05/01/2031 0.08%
MET TRANSPRTN-PREREF 05.0000 11/15/2041 0.08%
MONROE CO INDL DEV-D 04.0000 07/01/2036 0.08%
MTA-A-PREREF 05.5000 11/15/2039 0.08%
NEW YORK ST DORM AUTH 05.0000 12/01/2036 0.08%
NY CNTYS TOB TR II 05.7500 06/01/2043 0.08%
NY DORM-CULINARY INST 05.5000 07/01/2033 0.08%
TOMPKINS CNTY NY DEV 05.0000 07/01/2041 0.08%
BROOME IDA-A-GOOD SHE 06.8750 07/01/2040 0.07%
GUAM PWR AUTH-A-REF 05.0000 10/01/2034 0.07%
HEMPSTEAD DEV CORP 05.0000 07/01/2028 0.07%
MONROE CNTY INDL DEV 05.0000 12/01/2035 0.07%
NY URB DEV REF-CLARKS 05.5000 01/01/2020 0.07%
PR HWY/TRN-PREREF-AA 05.5000 07/01/2020 0.07%
ERIE CO FISCAL-D 05.0000 09/01/2039 0.06%
LONG ISLAND PWR 05.0000 09/01/2033 0.06%
ALBANY RES CORP-A-REF 05.0000 12/01/2032 0.05%
BUFFALO & ERIE CNTY 05.0000 11/15/2030 0.05%
BUFFALO & FT ERIE PBA 05.0000 01/01/2025 0.05%
BUILD NYC-A 05.0000 04/01/2033 0.05%
GLEN COVE AST CORP-C 00.0000 01/01/2055 0.05%
GUAM GOVT COPS-A-JOHN 06.8750 12/01/2040 0.05%
HEMPSTEAD TWN LOC-REF 05.0000 07/01/2038 0.05%
NIAGRA FALLS BRIDGE-A 04.0000 10/01/2044 0.05%
PR HWY/TRN-UNREF-AA 05.5000 07/01/2019 0.05%
ALBANY RES CORP-A-REF 05.0000 05/01/2030 0.04%
HEMPSTEAD TWN LOC-REF 05.0000 07/01/2037 0.04%
NEW ROCHELLE CORP 05.0000 07/01/2040 0.04%
NEW YORK ST DORM AUTH 05.0000 07/01/2033 0.04%
NY DORM AUTH 05.0000 07/01/2034 0.04%
PR HWY/TRN-UNREF-AA 05.5000 07/01/2020 0.04%
WESTCHESTER HLT-UNREF 06.1250 11/01/2037 0.04%
ALBANY RES CORP-A-REF 05.0000 12/01/2030 0.03%
ALBANY RES CORP-A-REF 05.0000 12/01/2033 0.03%
BUFFALO & FT ERIE PBA 05.0000 01/01/2024 0.03%
DUTCHESS CNTY NY LOCA 05.0000 07/01/2032 0.03%
NY TOBACCO-B-REF 05.0000 06/01/2036 0.03%
NY TOBACCO-B-REF 05.0000 06/01/2041 0.03%
TOMPKINS CNTY NY DEV 05.0000 07/01/2037 0.03%
TOMPKINS CNTY NY DEV 05.0000 07/01/2034 0.02%
TOMPKINS CNTY NY DEV 05.0000 07/01/2035 0.02%
NY CNTYS TOB TR III 06.0000 06/01/2043 0.01%
CMS LIQUIDATING TR UNITS 0.00%
NY DORM AUTH-C-UNREF 05.0000 10/01/2031 0.00%
NY DORM AUTH-C-UNREF 05.1250 10/01/2036 0.00%

Prior top 10 holdings

Top 10 holdings as of 01/31/18
Met Trans Auth-C1-Ref 04.0000 11/15/2035
New York City Muni Fi 05.0000 06/15/2046
Hudson Ny Yards Infra 05.0000 02/15/2038
Nys Dorm Auth 05.5000 05/01/2037
Dasny-A-Ref 05.0000 07/01/2034
Ny Dorm Auth-C 05.0000 03/15/2041
Public Fin Auth Wi So 01.6000 10/01/2025
Nyc Wtr/Swr Ser Ee 05.2500 06/15/2040
Nyc Transtnl Fin-E1 05.0000 02/01/2039
Mta Hudson Rail Yrd-A 05.0000 11/15/2051
Holdings represent 12.48% of portfolio
Top 10 holdings as of 12/31/17
Met Trans Auth-C-Ref 04.0000 11/15/2035
New York City Muni Fi 05.0000 06/15/2046
Hudson Ny Yards Infra 05.0000 02/15/2038
Dasny-A-Ref 05.0000 07/01/2034
Nys Dorm Auth 05.5000 05/01/2037
Ny Dorm Auth-C 05.0000 03/15/2041
Nyc Transtnl Fin-E1 05.0000 02/01/2039
Ny Muni Wtr Fin-Hh 05.0000 06/15/2039
Nyc Wtr/Swr Ser Ee 05.2500 06/15/2040
Mta Hudson Rail Yrd-A 05.0000 11/15/2051
Holdings represent 12.32% of portfolio
Top 10 holdings as of 11/30/17
Met Trans Auth-C-Ref 04.0000 11/15/2035
New York City Muni Fi 05.0000 06/15/2046
Hudson Ny Yards Infra 05.0000 02/15/2038
Nys Dorm Auth 05.5000 05/01/2037
Dasny-A-Ref 05.0000 07/01/2034
Ny Dorm Auth-C 05.0000 03/15/2041
Ny St Envir-Revol-A 05.0000 06/15/2034
Nyc Wtr/Swr Ser Ee 05.2500 06/15/2040
Ny Muni Wtr Fin-Hh 05.0000 06/15/2039
Nyc Transtnl Fin-E1 05.0000 02/01/2039
Holdings represent 12.39% of portfolio
Top 10 holdings as of 10/31/17
New York City Muni Fi 05.0000 06/15/2046
Hudson Ny Yards Infra 05.0000 02/15/2038
Mta-A-Unref 05.0000 11/15/2037
Nys Dorm Auth 05.5000 05/01/2037
Dasny-A-Ref 05.0000 07/01/2034
Ny Dorm Auth-C 05.0000 03/15/2041
Ny St Envir-Revol-A 05.0000 06/15/2034
Nyc Wtr/Swr Ser Ee 05.2500 06/15/2040
Ny Muni Wtr Fin-Hh 05.0000 06/15/2039
Mta Hudson Rail Yrd-A 05.0000 11/15/2051
Holdings represent 11.35% of portfolio

Portfolio composition as of 01/31/18

Municipal bonds and notes 98.65%
Cash and net other assets 1.35%

Fixed income statistics as of 01/31/18

Average stated maturity 19.45 yrs.
Average effective maturity 6.14 yrs.
Option adjusted duration 7.12 yrs.
Duration to worst 4.96 yrs.
Average yield to maturity 3.68%
Average coupon 4.87%
Average price $109.23
AMT exposure 7.25%

Quality rating as of 01/31/18

AAA 13.76%
AA 44.37%
A 23.16%
BBB 11.76%
BB 1.34%
B 1.32%
CCC and Below 0.45%
Not Rated 2.49%
Cash and net other assets 1.35%

Fund characteristics will vary over time.

Due to rounding, percentages may not equal 100%.

Consider these risks before investing: Bond prices may fall or fail to rise over time for several reasons, including general financial market conditions, changing market perceptions (including perceptions about the risk of default and expectation about monetary policy or interest rates), changes in government intervention in the financial markets, and factors related to a specific issuer or industry. These and other factors may also lead to increased volatility and reduced liquidity in the fund's portfolio holdings. Single-state investments are at risk of common economic forces and other factors affecting a state's tax-exempt investments. This may result in greater losses and volatility. Capital gains, if any, are taxed at the federal and, in most cases, state levels. For some investors, investment income may be subject to the federal alternative minimum tax. Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Interest-rate risk is greater for longer-term bonds, and credit risk is greater for below-investment-grade bonds. Unlike bonds, funds that invest in bonds have fees and expenses. Tax-exempt bonds may be issued under the Internal Revenue Code only by limited types of issuers for limited types of projects. As a result, the fund's investments may be focused in certain market segments and be more vulnerable to fluctuations in the values of the securities it holds than a more broadly invested fund. Interest the fund receives might be taxable. You can lose money by investing in the fund.

Credit qualities are shown as a percentage of net assets. A bond rated BBB or higher (SP-3 or higher, for short-term debt) is considered investment grade. This chart reflects the highest security rating provided by one or more of Standard & Poor's, Moody's, and Fitch. Ratings may vary over time. Cash and net other assets, if any, represent the market value weights of cash, derivatives, and short-term securities in the portfolio. The fund itself has not been rated by an independent rating agency.

Top Industry Sectors as of 01/31/18

Special Tax 14.43%
Education 13.69%
Utilities 13.66%
Transportation 13.37%
Prerefunded 11.25%
Health care 6.98%
Local Debt 6.89%
State Debt 5.54%
Other 4.35%
 
Other
9.84%
Tobacco 2.81%
Housing 2.48%
Industrials 2.14%
Cash and net other assets 1.35%
Financials 1.01%
Land 0.05%

Sectors will vary over time.


Expenses

Expense ratio

Class A Class B Class C Class M Class Y
Total expense ratio 0.75% 1.38% 1.53% 1.03% 0.53%
What you pay 0.75% 1.38% 1.53% 1.03% 0.53%

Sales charge/Dealer allowance

 Breakpoint Class A Class B Class C Class M Class Y
$0-$49,999 4.00% / 3.50% 0.00% / 4.00% 0.00% / 1.00% 3.25% / 3.00% --
$50,000-$99,999 4.00% / 3.50% 0.00% / 4.00% 0.00% / 1.00% 2.25% / 2.00% --
$100,000-$249,999 3.25% / 2.75% -- 0.00% / 1.00% 1.25% / 1.00% --
$250,000-$499,999 2.50% / 2.00% -- 0.00% / 1.00% 1.00% / 1.00% --
$500,000-$999,999 0.00% / 1.00% -- -- -- --
$1M-$4M 0.00% / 1.00% -- -- -- --
$4M-$50M 0.00% / 0.50% -- -- -- --
$50M+ 0.00% / 0.25% -- -- -- --

CDSC

  Class A (sales for $500,000+) Class B Class C Class M Class Y
0 to 9 mts. 1.00% 5.00% 1.00% -- --
9 to 12 mts. 0.00% 5.00% 1.00% -- --
2 yrs. -- 4.00% 0.00% -- --
3 yrs. -- 3.00% 0.00% -- --
4 yrs. -- 3.00% 0.00% -- --
5 yrs. -- 2.00% 0.00% -- --
6 yrs. -- 1.00% 0.00% -- --
7+ yrs. -- 0.00% 0.00% -- --

Trail commissions

  Class A Class B Class C Class M Class Y
  0.15% 1 0.20% 1.00% 0.40% 0.00%
  0.20% 2 NA NA NA NA
  0.25% 3 NA NA NA NA
  1. Through 12/31/92
  2. After 12/31/92through 03/31/05
  3. After 03/31/05

For sales and trail commission information on purchases over $500,000 and participant-directed qualified retirement plans, see a Putnam fund prospectus and the statement of additional information.

The Bloomberg Barclays Municipal Bond Index is an unmanaged index of long-term fixed-rate investment-grade tax-exempt bonds. You cannot invest directly in an index.

Consider these risks before investing: Bond prices may fall or fail to rise over time for several reasons, including general financial market conditions, changing market perceptions (including perceptions about the risk of default and expectation about monetary policy or interest rates), changes in government intervention in the financial markets, and factors related to a specific issuer or industry. These and other factors may also lead to increased volatility and reduced liquidity in the fund's portfolio holdings. Single-state investments are at risk of common economic forces and other factors affecting a state's tax-exempt investments. This may result in greater losses and volatility. Capital gains, if any, are taxed at the federal and, in most cases, state levels. For some investors, investment income may be subject to the federal alternative minimum tax. Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Interest-rate risk is greater for longer-term bonds, and credit risk is greater for below-investment-grade bonds. Unlike bonds, funds that invest in bonds have fees and expenses. Tax-exempt bonds may be issued under the Internal Revenue Code only by limited types of issuers for limited types of projects. As a result, the fund's investments may be focused in certain market segments and be more vulnerable to fluctuations in the values of the securities it holds than a more broadly invested fund. Interest the fund receives might be taxable. You can lose money by investing in the fund.

Credit qualities are shown as a percentage of net assets. A bond rated BBB or higher (SP-3 or higher, for short-term debt) is considered investment grade. This chart reflects the highest security rating provided by one or more of Standard & Poor's, Moody's, and Fitch. Ratings may vary over time. Cash and net other assets, if any, represent the market value weights of cash, derivatives, and short-term securities in the portfolio. The fund itself has not been rated by an independent rating agency.