| UNITED STATES SECURITIES AND EXCHANGE COMMISSION | ||
| Washington, D.C. 20549 | ||
FORM N-Q | ||
| QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY | ||
| Investment Company Act file number: | (811-03741) |
| Exact name of registrant as specified in charter: | Putnam New York Tax Exempt Income Fund |
| Address of principal executive offices: | One Post Office Square, Boston, Massachusetts 02109 |
| Name and address of agent for service: | Robert T. Burns, Vice President One Post Office Square Boston, Massachusetts 02109 |
| Copy to: | Bryan Chegwidden, Esq. Ropes & Gray LLP 1211 Avenue of the Americas New York, New York 10036 |
| Registrant's telephone number, including area code: | (617) 292-1000 |
| Date of fiscal year end: | November 30, 2016 |
| Date of reporting period: | February 29, 2016 |
Item 1. Schedule of Investments: |
| Putnam New York Tax Exempt Income Fund | |||||||||
| The fund's portfolio | |||||||||
| 2/29/16 (Unaudited) | |||||||||
| Key to holding's abbreviations | |||||||||
| AGC — Assured Guaranty Corp. | |||||||||
| AGM — Assured Guaranty Municipal Corporation | |||||||||
| AMBAC — AMBAC Indemnity Corporation | |||||||||
| BAM — Build America Mutual | |||||||||
| CIFG — CIFG Assurance North America, Inc. | |||||||||
| COP — Certificates of Participation | |||||||||
| FHL Banks Coll. — Federal Home Loan Banks System Collateralized | |||||||||
| FHLMC Coll. — Federal Home Loan Mortgage Corporation Collateralized | |||||||||
| FNMA Coll. — Federal National Mortgage Association Collateralized | |||||||||
| G.O. Bonds — General Obligation Bonds | |||||||||
| NATL — National Public Finance Guarantee Corp. | |||||||||
| SGI — Syncora Guarantee, Inc. | |||||||||
| U.S. Govt. Coll. — U.S. Government Collateralized | |||||||||
| VRDN — Variable Rate Demand Notes, which are floating-rate securities with long-term maturities that carry coupons that reset and are payable upon demand either daily, weekly or monthly. The rate shown is the current interest rate at the close of the reporting period. | |||||||||
| MUNICIPAL BONDS AND NOTES (98.2%)(a) | |||||||||
| Rating(RAT) | Principal amount | Value | |||||||
| Guam (1.0%) | |||||||||
| Territory of GU, Rev. Bonds (Section 30), Ser. A, 5 5/8s, 12/1/29 | BBB+ | $3,850,000 | $4,350,962 | ||||||
| Territory of GU, Bus. Privilege Tax Rev. Bonds, Ser. A, 5s, 1/1/31 | A | 1,000,000 | 1,117,500 | ||||||
| Territory of GU, Dept. of Ed. COP (John F. Kennedy High School), Ser. A, 6 7/8s, 12/1/40 | B+ | 500,000 | 551,560 | ||||||
| Territory of GU, Govt. Wtr. Wks. Auth. Wtr. & Waste Wtr. Syst. Rev. Bonds, 5 5/8s, 7/1/40 | A- | 2,100,000 | 2,325,750 | ||||||
| Territory of GU, Pwr. Auth. Rev. Bonds, Ser. A | |||||||||
| 5 1/2s, 10/1/40 | Baa2 | 1,300,000 | 1,441,167 | ||||||
| 5s, 10/1/34 | Baa2 | 700,000 | 778,575 | ||||||
| 10,565,514 | |||||||||
| Mississippi (0.7%) | |||||||||
| MS State Bus. Fin. Commission Gulf Opportunity Zone VRDN (Chevron USA, Inc.) | |||||||||
| Ser. E, 0.01s, 12/1/30 | VMIG1 | 4,250,000 | 4,250,000 | ||||||
| Ser. F, 0.01s, 12/1/30 | VMIG1 | 3,500,000 | 3,500,000 | ||||||
| 7,750,000 | |||||||||
| Nevada (0.4%) | |||||||||
| Reno, Sales Tax VRDN (Reno Trans. Rail Access Corridor (ReTRAC)), 0.02s, 6/1/42 | VMIG1 | 4,350,000 | 4,350,000 | ||||||
| 4,350,000 | |||||||||
| New York (93.4%) | |||||||||
| Albany, Cap. Resource Corp. Rev. Bonds | |||||||||
| (St. Peter's Hosp.), U.S. Govt. Coll., 6 1/4s, 11/15/38 (Prerefunded 11/15/20) | AAA/P | 4,110,000 | 5,111,032 | ||||||
| (Albany College of Pharmacy), 5s, 12/1/33 | BBB | 325,000 | 365,602 | ||||||
| (Albany College of Pharmacy), 5s, 12/1/32 | BBB | 495,000 | 558,444 | ||||||
| (Albany College of Pharmacy), 5s, 12/1/30 | BBB | 250,000 | 284,280 | ||||||
| Albany, Indl. Dev. Agcy. Civic Fac. Rev. Bonds | |||||||||
| (St. Peters Hosp.), Ser. E, 5 1/2s, 11/15/27 (Prerefunded 11/15/17) | AAA/P | 1,000,000 | 1,081,850 | ||||||
| (St. Peters Hosp.), Ser. A, U.S. Govt. Coll., 5 1/4s, 11/15/32 (Prerefunded 11/15/17) | AAA/P | 2,100,000 | 2,263,023 | ||||||
| (St. Peter's Hosp.), Ser. A, U.S. Govt. Coll., 5 1/4s, 11/15/27 (Prerefunded 11/15/17) | AAA/P | 3,000,000 | 3,232,890 | ||||||
| (Albany Law School), Ser. A, 5s, 7/1/31 | BBB | 3,000,000 | 3,148,860 | ||||||
| Battery Park, Rev. Bonds, Ser. A, 5s, 11/1/30 | Aaa | 5,235,000 | 6,416,121 | ||||||
| Brooklyn Arena Local Dev. Corp. Rev. Bonds (Barclays Ctr.), 6 3/8s, 7/15/43 | Baa3 | 2,000,000 | 2,320,720 | ||||||
| Broome Cnty., Indl. Dev. Agcy. Continuing Care Retirement Rev. Bonds (Good Shepard Village), Ser. A, U.S. Govt. Coll., 6 7/8s, 7/1/40 (Prerefunded 7/1/18) | AAA/P | 715,000 | 816,938 | ||||||
| Buffalo & Erie Cnty., Indl. Land Dev. Corp. Rev. Bonds | |||||||||
| (Catholic Hlth. Syst. Oblig. Group), 5 1/4s, 7/1/35 | Baa1 | 1,000,000 | 1,151,090 | ||||||
| (Orchard Park), 5s, 11/15/37 | BBB-/F | 4,470,000 | 4,785,359 | ||||||
| (Orchard Park), 5s, 11/15/30 | BBB-/F | 500,000 | 550,405 | ||||||
| Buffalo & Fort Erie, Pub. Bridge Auth. Rev. Bonds (Toll Bridge Syst.) | |||||||||
| 5s, 1/1/25 | A+ | 400,000 | 491,568 | ||||||
| 5s, 1/1/24 | A+ | 250,000 | 304,898 | ||||||
| Build NY City Resource Corp. Rev. Bonds | |||||||||
| (YMCA of Greater NY), 5s, 8/1/40 | A- | 2,050,000 | 2,289,461 | ||||||
| 5s, 7/1/40 | A+ | 3,175,000 | 3,583,432 | ||||||
| (Queens College), Ser. A, 5s, 6/1/38 | Aa2 | 2,850,000 | 3,263,478 | ||||||
| (Pratt Paper, LLC), 5s, 1/1/35 | B+/P | 1,750,000 | 1,921,290 | ||||||
| (South Bronx Charter School for Intl. Cultures), Ser. A, 5s, 4/15/33 | BB+ | 2,000,000 | 2,059,000 | ||||||
| (Bronx Charter School for Excellence), 5s, 4/1/33 | BBB- | 500,000 | 539,815 | ||||||
| (YMCA of Greater NY), 5s, 8/1/32 | A- | 1,740,000 | 1,956,665 | ||||||
| Canton, Cap. Resource Corp., Student Hsg. Fac. Rev. Bonds (Grasse River - SUNY Canton), Ser. A, AGM, 5s, 5/1/40 | AA | 1,000,000 | 1,117,910 | ||||||
| Chautauqua Cnty., Indl. Dev. Agcy. Rev. Bonds (Dunkirk Pwr.), 5 7/8s, 4/1/42 | Baa3 | 4,000,000 | 4,200,920 | ||||||
| Dutchess Cnty., Local Dev. Corp. Rev. Bonds (Anderson Ctr. Svcs., Inc.), 6s, 10/1/30 | BB+ | 3,665,000 | 3,848,250 | ||||||
| Erie Cnty., Indl. Dev. Agcy. School Fac. Rev. Bonds (City School Dist. Buffalo), Ser. A, AGM, U.S. Govt. Coll. | |||||||||
| 5 3/4s, 5/1/28 (Prerefunded 5/1/18) | Aa2 | 5,000,000 | 5,549,750 | ||||||
| 5 3/4s, 5/1/25 (Prerefunded 5/1/18) | Aa2 | 7,500,000 | 8,324,625 | ||||||
| Essex Cnty., Indl. Dev. Agcy. Rev. Bonds (Intl. Paper Co.), Ser. A, 6.15s, 4/1/21 | Baa2 | 1,065,000 | 1,068,951 | ||||||
| Geneva, Dev. Corp. Rev. Bonds (Hobart & William Smith Colleges) | |||||||||
| 5 1/4s, 9/1/44 | A | 2,000,000 | 2,298,580 | ||||||
| 5s, 9/1/32 | A | 2,000,000 | 2,307,080 | ||||||
| Hempstead Town, Local Dev. Corp. Rev. Bonds | |||||||||
| (Molloy College), 5 3/4s, 7/1/39 | BBB | 2,500,000 | 2,756,125 | ||||||
| (Adelphi U.), Ser. B, 5 1/4s, 2/1/39 | A- | 1,500,000 | 1,649,700 | ||||||
| (Molloy College), 5s, 7/1/44 | BBB | 2,300,000 | 2,526,343 | ||||||
| (Adelphi U.), Ser. B, 5s, 2/1/34 | A- | 3,000,000 | 3,284,460 | ||||||
| (Hofstra U.), 5s, 7/1/28 | A | 650,000 | 754,488 | ||||||
| Hudson Yards, Infrastructure Corp. Rev. Bonds, Ser. A | |||||||||
| 5 3/4s, 2/15/47 | A2 | 3,100,000 | 3,566,302 | ||||||
| AMBAC, 5s, 2/15/47 | A2 | 2,500,000 | 2,585,100 | ||||||
| Liberty, Dev. Corp. Rev. Bonds (Goldman Sachs Headquarters), 5 1/2s, 10/1/37 | A3 | 4,010,000 | 5,076,259 | ||||||
| Long Island, Pwr. Auth. Rev. Bonds, Ser. B, 5s, 9/1/25 | A- | 1,000,000 | 1,171,230 | ||||||
| Long Island, Pwr. Auth. NY Elec. Syst. Rev. Bonds | |||||||||
| Ser. A, FHL Banks Coll., FNMA Coll., U.S. Govt. Coll., 6s, 5/1/33 (Prerefunded 5/1/19) | A- | 3,500,000 | 4,060,980 | ||||||
| Ser. C, CIFG, 5 1/4s, 9/1/29 | A- | 3,835,000 | 4,799,618 | ||||||
| Ser. B, 5s, 9/1/45 | A- | 2,000,000 | 2,268,220 | ||||||
| Ser. A, 5s, 9/1/44 | A- | 3,500,000 | 3,948,700 | ||||||
| Ser. A, 5s, 9/1/39 | A- | 8,800,000 | 9,998,032 | ||||||
| AGM, zero %, 6/1/28 | AA | 2,510,000 | 1,760,037 | ||||||
| Metro. Trans. Auth. Rev. Bonds | |||||||||
| Ser. C, 5s, 11/15/41 | AA- | 6,000,000 | 6,828,540 | ||||||
| Ser. D, 5s, 11/15/38 | AA- | 4,070,000 | 4,680,093 | ||||||
| Ser. A, 5s, 11/15/37 | AA- | 15,000,000 | 15,961,350 | ||||||
| Ser. D, 5s, 11/15/29 | AA- | 6,000,000 | 7,127,400 | ||||||
| Ser. D-1, 5s, 11/1/28 | AA- | 2,500,000 | 2,991,325 | ||||||
| Ser. A, NATL, 5s, 11/15/26 | AA- | 5,000,000 | 5,355,600 | ||||||
| Ser. A, 5s, 11/15/22 (Prerefunded 11/15/16) | AA- | 5,000,000 | 5,163,800 | ||||||
| Metro. Trans. Auth. Dedicated Tax Rev. Bonds | |||||||||
| Ser. A, 5 1/2s, 11/15/39 | AA | 9,000,000 | 10,065,780 | ||||||
| Ser. B, NATL, 5s, 11/15/25 | AA | 2,600,000 | 2,682,186 | ||||||
| Metro. Trans. Auth. Svc. Contract Rev. Bonds (Trans. Fac.), Ser. O, 5 1/2s, 7/1/17 (Escrowed to maturity) | AA+ | 15,000,000 | 15,862,500 | ||||||
| Monroe Cnty., Indl. Dev. Corp. Rev. Bonds | |||||||||
| (Rochester Gen. Hosp.), Ser. A, 5s, 12/1/37 | A- | 2,000,000 | 2,200,180 | ||||||
| (U. of Rochester), Ser. A, 5s, 7/1/33 | Aa3 | 1,000,000 | 1,189,410 | ||||||
| (U. of Rochester), Ser. B, 5s, 7/1/33 | Aa3 | 2,795,000 | 3,254,023 | ||||||
| (Rochester Gen. Hosp.), Ser. A, 5s, 12/1/32 | A- | 1,250,000 | 1,402,375 | ||||||
| (U. of Rochester), Ser. B, 5s, 7/1/32 | Aa3 | 3,040,000 | 3,554,763 | ||||||
| (St. John Fisher College), Ser. A, 5s, 6/1/29 | BBB+ | 800,000 | 917,320 | ||||||
| Nassau Cnty., G.O. Bonds, Ser. A, AGM, 5s, 4/1/30 | AA | 8,680,000 | 10,216,534 | ||||||
| Nassau Cnty., Local Econ. Assistance Corp. Rev. Bonds | |||||||||
| (South Nassau Cmntys. Hosp.), 5s, 7/1/37 | A3 | 2,050,000 | 2,234,029 | ||||||
| (Winthrop U. Hosp. Assn.), 5s, 7/1/37 | Baa2 | 1,000,000 | 1,095,130 | ||||||
| (Catholic Hlth. Svcs. Of Long Island Oblig. Group), 5s, 7/1/33 | Baa1 | 1,355,000 | 1,512,072 | ||||||
| (Catholic Hlth. Svcs. Of Long Island Oblig. Group), 5s, 7/1/32 | Baa1 | 1,500,000 | 1,677,345 | ||||||
| (South Nassau Cmntys. Hosp.), 5s, 7/1/27 | A3 | 1,255,000 | 1,435,946 | ||||||
| Nassau Cnty., Swr. & Storm Wtr. Fin. Auth. Rev. Bonds, Ser. A, 5s, 10/1/23 | AAA | 2,000,000 | 2,504,500 | ||||||
| Nassau Cnty., Tobacco Settlement Corp. Rev. Bonds, Ser. A-2, 5 1/4s, 6/1/26 | B- | 5,640,000 | 5,651,731 | ||||||
| New Rochelle, Corp. Local Dev. Rev. Bonds (Iona College), Ser. A, 5s, 7/1/40 | Baa2 | 350,000 | 388,514 | ||||||
| New York, G.O. Bonds | |||||||||
| Ser. 1-I, 5s, 3/1/36 | Aa2 | 5,000,000 | 5,806,350 | ||||||
| Ser. F-1, 5s, 6/1/24 | Aa2 | 10,000,000 | 12,424,000 | ||||||
| Ser. C, AGM, U.S. Govt. Coll., 5s, 1/1/23 (Prerefunded 1/1/17) | Aa2 | 10,000,000 | 10,367,800 | ||||||
| Niagara Area Dev. Corp. Rev. Bonds (Niagara U.), Ser. A | |||||||||
| 5s, 5/1/42 | BBB+ | 1,000,000 | 1,085,900 | ||||||
| 5s, 5/1/35 | BBB+ | 1,670,000 | 1,850,594 | ||||||
| 5s, 5/1/30 | BBB+ | 2,230,000 | 2,504,446 | ||||||
| Niagara Falls, Rev. Bonds, Ser. A, BAM, 4s, 10/1/44 | AA | 500,000 | 519,505 | ||||||
| Niagara, Area Dev. Corp. Solid Waste Disp. Fac. Rev. Bonds (Covanta Holding Corp.), Ser. A, 5 1/4s, 11/1/42 | Ba2 | 2,450,000 | 2,459,482 | ||||||
| Niagara, Frontier Trans. Auth. Rev. Bonds | |||||||||
| (Buffalo Niagara Intl. Arpt.), Ser. A, 5s, 4/1/28 | Baa1 | 2,560,000 | 2,909,082 | ||||||
| (Buffalo Niagara Intl. Arpt.), Ser. A, 5s, 4/1/27 | Baa1 | 875,000 | 994,980 | ||||||
| 5s, 4/1/24 | Baa1 | 2,000,000 | 2,283,460 | ||||||
| NY City, G.O. Bonds | |||||||||
| Ser. F-1, 5s, 3/1/37 | Aa2 | 2,000,000 | 2,349,860 | ||||||
| Ser. A-1, 5s, 8/1/32 | Aa2 | 5,000,000 | 5,843,850 | ||||||
| Ser. F, 5s, 8/1/25 | Aa2 | 5,000,000 | 5,995,700 | ||||||
| NY City, City Transitional Fin. Auth. Rev. Bonds (Bldg. Aid Fiscal 2008), Ser. S-1 | |||||||||
| 5s, 1/15/29 | Aa2 | 5,000,000 | 5,376,650 | ||||||
| 5s, 1/15/25 | Aa2 | 3,000,000 | 3,235,890 | ||||||
| NY City, City Transitional Fin. Auth. VRDN (NYC Recovery), Ser. 3, 0.01s, 11/1/22 | VMIG1 | 10,785,000 | 10,785,000 | ||||||
| NY City, Cultural Resource Rev. Bonds | |||||||||
| (Wildlife Conservation Society), 5s, 8/1/33 | Aa3 | 2,500,000 | 2,950,000 | ||||||
| (Museum of Modern Art), Ser. 1A, 5s, 4/1/31 | Aa2 | 3,500,000 | 3,855,355 | ||||||
| NY City, Hsg. Dev. Corp. Rev. Bonds | |||||||||
| (Multi-Fam. Hsg.), Ser. A-1-A, 5.45s, 11/1/46 | AA+ | 2,670,000 | 2,732,558 | ||||||
| (Multi-Fam. Hsg.), Ser. H-2-A, 5.35s, 5/1/41 | AA+ | 1,200,000 | 1,227,288 | ||||||
| (Multi-Fam. Hsg.), Ser. H-2-A, 5.2s, 11/1/35 | AA+ | 1,675,000 | 1,709,991 | ||||||
| Ser. H-2-A, 4.4s, 5/1/31 | AA+ | 4,000,000 | 4,179,040 | ||||||
| NY City, Indl. Dev. Agcy. Rev. Bonds | |||||||||
| (Yankee Stadium - Pilot), AGC, 7s, 3/1/49 | AA | 1,000,000 | 1,163,660 | ||||||
| (Queens Baseball Stadium - Pilot), AMBAC, 5s, 1/1/24 | Ba1 | 3,500,000 | 3,620,120 | ||||||
| NY City, Indl. Dev. Agcy. Arpt. Facs. Rev. Bonds (Sr. Trips), Ser. A, 5s, 7/1/28 | BBB | 1,500,000 | 1,660,740 | ||||||
| NY City, Muni. Wtr. & Swr. Syst. Fin. Auth. Rev. Bonds | |||||||||
| Ser. EE, 5 1/4s, 6/15/40 | Aa1 | 10,000,000 | 11,279,200 | ||||||
| (Second Generation Resolution), Ser. GG-1, 5 1/4s, 6/15/32 | Aa1 | 6,000,000 | 6,823,620 | ||||||
| 5s, 6/15/46 | Aa1 | 2,500,000 | 2,879,575 | ||||||
| (Second Gen. Resolution), 5s, 6/15/46 | Aa1 | 5,350,000 | 6,192,358 | ||||||
| Ser. GG, 5s, 6/15/43 | Aa1 | 4,760,000 | 5,469,859 | ||||||
| (2nd Gen. Resolution), Ser. HH, 5s, 6/15/39 | Aa1 | 9,000,000 | 10,520,190 | ||||||
| Ser. AA, 5s, 6/15/34 | Aa1 | 5,000,000 | 5,816,500 | ||||||
| (Wtr. & Swr. Syst.), Ser. A, 4 3/4s, 6/15/30 | AAA | 5,815,000 | 6,090,747 | ||||||
| NY City, Transitional Fin. Auth. Rev. Bonds | |||||||||
| Ser. E-1, 5s, 2/1/41 | AAA | 8,000,000 | 9,263,120 | ||||||
| Ser. F-1, 5s, 5/1/39 | AAA | 7,500,000 | 8,628,975 | ||||||
| Ser. E-1, 5s, 2/1/39 | AAA | 5,000,000 | 5,875,150 | ||||||
| Ser. A-1, 5s, 11/1/38 | AAA | 2,500,000 | 2,904,850 | ||||||
| (Future Tax), Ser. D-1, 5s, 11/1/32 | AAA | 5,000,000 | 5,901,650 | ||||||
| Ser. B-1, 5s, 11/1/30 | AAA | 3,000,000 | 3,599,490 | ||||||
| NY City, Transitional Fin. Auth. Bldg. Aid Rev. Bonds | |||||||||
| Ser. S-1, 5s, 7/15/40 | Aa2 | 4,550,000 | 5,249,881 | ||||||
| Ser. S-1, 5s, 7/15/37 | Aa2 | 7,500,000 | 8,678,325 | ||||||
| Ser. S-1, NATL, 5s, 7/15/31 | Aa2 | 10,500,000 | 10,872,540 | ||||||
| Ser. S-5, 5s, 1/15/30 | Aa2 | 3,375,000 | 3,753,506 | ||||||
| NY City, Trust for Cultural Resources Rev. Bonds | |||||||||
| (Wildlife Conservation Society), Ser. A, 5s, 8/1/42 | Aa3 | 1,915,000 | 2,177,298 | ||||||
| (Wildlife Conservation Society), Ser. A, 5s, 8/1/38 | Aa3 | 1,250,000 | 1,435,575 | ||||||
| (Whitney Museum of American Art), 5s, 7/1/31 | A | 2,000,000 | 2,308,640 | ||||||
| NY Cntys., Tobacco Trust II Rev. Bonds (Tobacco Settlement), 5 3/4s, 6/1/43 | Baa2 | 5,000,000 | 5,073,150 | ||||||
| NY Cntys., Tobacco Trust III Rev. Bonds (Tobacco Settlement), 6s, 6/1/43 | A3 | 1,300,000 | 1,302,288 | ||||||
| NY Cntys., Tobacco Trust IV Rev. Bonds, Ser. A, 5s, 6/1/38 | BB | 7,250,000 | 6,948,908 | ||||||
| NY Liberty Dev. Corp. Rev. Bonds (Bank of America Tower), Ser. CL1, 5 5/8s, 1/15/46 | AA+ | 2,000,000 | 2,300,620 | ||||||
| NY State Convention Ctr. Dev. Corp. Rev. Bonds (Hotel Unit Fee), 5s, 11/15/45 | Aa3 | 3,000,000 | 3,444,420 | ||||||
| NY State Dorm Auth. Personal Income Tax Rev. Bonds (Group C), Ser. B, 5s, 2/15/41 | AAA | 5,000,000 | 5,788,250 | ||||||
| NY State Dorm. Auth. Rev. Bonds | |||||||||
| (NYU Hosp. Ctr.), Ser. A, 6s, 7/1/40 | A3 | 1,500,000 | 1,735,635 | ||||||
| (State U. Edl. Fac.), Ser. A, AGM, 5 7/8s, 5/15/17 | Aa2 | 8,950,000 | 9,273,901 | ||||||
| (Brooklyn Law School), 5 3/4s, 7/1/33 | Baa1 | 1,000,000 | 1,101,440 | ||||||
| (City U.), Ser. A, 5 3/4s, 7/1/18 | Aa2 | 6,330,000 | 6,715,560 | ||||||
| (Skidmore College), Ser. A, 5 1/2s, 7/1/41 | A1 | 3,000,000 | 3,523,080 | ||||||
| (NYU), Ser. 1, AMBAC, 5 1/2s, 7/1/40 | Aa3 | 8,500,000 | 11,578,445 | ||||||
| (North Shore Long Island Jewish Group), Ser. A, U.S. Govt. Coll., 5 1/2s, 5/1/37 (Prerefunded 5/1/19) | A3 | 11,500,000 | 13,183,715 | ||||||
| (Fordham U.), Ser. A, 5 1/2s, 7/1/36 | A2 | 1,800,000 | 2,152,026 | ||||||
| (North Shore Long Island Jewish Group), Ser. E, 5 1/2s, 5/1/33 | A3 | 2,000,000 | 2,229,620 | ||||||
| (NYU), Ser. 1, AMBAC, 5 1/2s, 7/1/31 | Aa3 | 3,500,000 | 4,558,295 | ||||||
| (St. Joseph College), 5 1/4s, 7/1/35 | Ba1 | 2,000,000 | 2,136,840 | ||||||
| (Manhattan Marymount), 5 1/4s, 7/1/29 | Baa2 | 2,000,000 | 2,206,160 | ||||||
| (Rochester Inst. of Tech.), Ser. A, AMBAC, 5 1/4s, 7/1/19 | A1 | 4,300,000 | 4,901,183 | ||||||
| (Highland Hosp. Rochester), 5.2s, 7/1/32 | A2 | 1,000,000 | 1,120,970 | ||||||
| (Mount Sinai School of Medicine), FNMA Coll., FHL Banks Coll., 5 1/8s, 7/1/39 (Prerefunded 7/1/19) | A3 | 15,000,000 | 17,035,800 | ||||||
| (Siena College), 5 1/8s, 7/1/39 | Baa1 | 3,000,000 | 3,252,840 | ||||||
| (School Dist. Fin. Program), Ser. C, AGC, 5 1/8s, 10/1/36 | AA | 3,380,000 | 3,806,488 | ||||||
| Ser. A, 5s, 3/15/44 | AAA | 5,500,000 | 6,347,935 | ||||||
| (St. Francis College), 5s, 10/1/40 | A- | 3,000,000 | 3,284,370 | ||||||
| (L I Jewish), Ser. A, U.S. Govt. Coll., 5s, 11/1/34 (Prerefunded 11/1/16) | A3 | 1,800,000 | 1,854,486 | ||||||
| (St. Francis College), 5s, 10/1/32 | A- | 2,360,000 | 2,697,102 | ||||||
| (School Dist. Fin. Program), Ser. C, AGC, 5s, 10/1/31 | AA | 2,000,000 | 2,255,600 | ||||||
| (NY U. Hosp. Ctr.), Ser. A, 5s, 7/1/20 | A3 | 4,000,000 | 4,063,120 | ||||||
| NY State Dorm. Auth. Non-State Supported Debt Rev. Bonds | |||||||||
| (Orange Regl. Med. Ctr.), 6 1/4s, 12/1/37 | Ba1 | 7,500,000 | 8,161,950 | ||||||
| (NYU Hosp. Ctr.), Ser. B, 5 1/4s, 7/1/24 (Prerefunded 7/1/17) | A3 | 2,855,000 | 2,999,977 | ||||||
| (Teachers College), 5s, 7/1/42 | A1 | 3,000,000 | 3,408,120 | ||||||
| (Memorial Sloan-Kettering Cancer Ctr.), 5s, 7/1/36 | Aa3 | 1,125,000 | 1,285,133 | ||||||
| (Memorial Sloan-Kettering Ctr.), Ser. A1, 5s, 7/1/36 | Aa3 | 5,690,000 | 6,166,993 | ||||||
| (Teachers College), 5s, 7/1/34 | A1 | 2,750,000 | 3,155,185 | ||||||
| (Teachers College), Ser. A, 5s, 7/1/31 | A1 | 1,750,000 | 2,040,168 | ||||||
| (The New School), 5s, 7/1/31 | A3 | 5,000,000 | 5,770,750 | ||||||
| (Brooklyn Law School), Ser. A, 5s, 7/1/29 | Baa1 | 1,000,000 | 1,131,060 | ||||||
| (NYU), Ser. B, FHLMC Coll., FNMA Coll., FHL Banks Coll., 5s, 7/1/29 (Prerefunded 7/1/18) | Aa3 | 5,000,000 | 5,496,750 | ||||||
| (Brooklyn Law School), Ser. A, 5s, 7/1/27 | Baa1 | 1,000,000 | 1,135,420 | ||||||
| (U. of Rochester), Ser. A-1, U.S. Govt. Coll., FHL Banks Coll., 5s, 7/1/27 (Prerefunded 1/1/17) | Aa3 | 1,900,000 | 1,971,174 | ||||||
| (Brooklyn Law School), Ser. A, 5s, 7/1/26 | Baa1 | 1,000,000 | 1,137,290 | ||||||
| (NYU Hosp. Ctr.), Ser. A, 5s, 7/1/26 (Prerefunded 7/1/17) | A3 | 1,000,000 | 1,058,780 | ||||||
| (Teachers College), Ser. A, 5s, 7/1/26 | A1 | 1,000,000 | 1,189,890 | ||||||
| (NYU Hosp. Ctr.), Ser. A, 5s, 7/1/22 (Prerefunded 7/1/17) | A3 | 1,000,000 | 1,058,780 | ||||||
| NY State Dorm. Auth. Non-Supported Debt Rev. Bonds | |||||||||
| (Culinary Inst. of America), 5 1/2s, 7/1/33 | Baa2 | 735,000 | 857,142 | ||||||
| (North Shore Long Island Jewish Oblig. Group), Ser. A, 5s, 5/1/43 | A3 | 2,500,000 | 2,818,775 | ||||||
| (Rochester Inst. of Tech.), 5s, 7/1/38 | A1 | 2,000,000 | 2,279,580 | ||||||
| (St. John's U.), Ser. A, 5s, 7/1/37 | A3 | 1,400,000 | 1,609,090 | ||||||
| (North Shore Long Island Jewish Oblig. Group), Ser. A, 5s, 5/1/37 | A3 | 3,000,000 | 3,433,410 | ||||||
| (NYU), Ser. A, 5s, 7/1/35 | Aa3 | 2,000,000 | 2,375,180 | ||||||
| (Culinary Inst. of America), 5s, 7/1/34 | Baa2 | 350,000 | 387,930 | ||||||
| (Pratt Institute), Ser. A, 5s, 7/1/34 | A3 | 1,000,000 | 1,142,410 | ||||||
| (North Shore Long Island Jewish Oblig. Group), Ser. A, 5s, 5/1/33 | A3 | 5,000,000 | 5,808,650 | ||||||
| (NYU Hosp. Ctr.), 5s, 7/1/31 | A3 | 1,320,000 | 1,549,324 | ||||||
| (NYU Hosp. Ctr.), 5s, 7/1/30 | A3 | 1,000,000 | 1,181,100 | ||||||
| NY State Dorm. Auth. Personal Income Tax Rev. Bonds | |||||||||
| (Ed.), Ser. B, 5 3/4s, 3/15/36 | AAA | 5,000,000 | 5,712,700 | ||||||
| Ser. C, 5s, 3/15/41 | AAA | 10,000,000 | 11,409,000 | ||||||
| Ser. A, 5s, 3/15/28 | AAA | 10,000,000 | 11,211,300 | ||||||
| Ser. A, 5s, 3/15/28 | AAA | 3,325,000 | 3,601,175 | ||||||
| NY State Dorm. Auth. State Supported Debt Rev. Bonds (City U.), Ser. B, 5s, 7/1/26 | AA | 5,000,000 | 5,488,200 | ||||||
| NY State Dorm. Auth. Supported Debt Rev. Bonds (State U. of NY), Ser. A | |||||||||
| 5s, 7/1/42 | Aa2 | 2,000,000 | 2,306,060 | ||||||
| 5s, 7/1/41 | Aa2 | 5,250,000 | 6,076,875 | ||||||
| NY State Energy Research & Dev. Auth. Gas Fac. Rev. Bonds (Brooklyn Union Gas), 6.952s, 7/1/26 | A2 | 12,400,000 | 12,440,176 | ||||||
| NY State Env. Fac. Corp. Rev. Bonds | |||||||||
| (Clean Wtr. and Drinking), Ser. A, 5s, 6/15/34 | Aaa | 10,000,000 | 11,223,100 | ||||||
| (State Clean Wtr. & Drinking Revolving Fund), Ser. A, 5s, 6/15/29 | Aaa | 2,500,000 | 2,732,900 | ||||||
| (United Wtr. New Rochelle), Ser. A, 4 7/8s, 9/1/40 | A- | 5,000,000 | 5,382,700 | ||||||
| NY State Env. Fac. Corp. Solid Waste Disp. 144A Mandatory Put Bonds (12/2/19) (Casella Waste Syst., Inc.), 3 3/4s, 12/1/44 | BB- | 2,000,000 | 2,004,660 | ||||||
| NY State Hsg. Fin. Agcy. Rev. Bonds (Affordable Hsg.) | |||||||||
| Ser. A, 5s, 11/1/42 | Aa2 | 4,660,000 | 4,904,277 | ||||||
| Ser. B, 4.85s, 11/1/41 | Aa2 | 2,600,000 | 2,702,466 | ||||||
| NY State Liberty Dev. Corp. Rev. Bonds | |||||||||
| (7 World Trade Ctr.), Class 3, 5s, 3/15/44 | A2 | 1,000,000 | 1,091,730 | ||||||
| (7 World Trade Ctr.), Ser. 2, 5s, 9/15/43 | A1 | 4,000,000 | 4,410,600 | ||||||
| (1 WTC Port Auth. Construction), 5s, 12/15/41 | Aa3 | 7,500,000 | 8,443,275 | ||||||
| (7 World Trade Center II, LLC), 5s, 9/15/40 | Aaa | 4,815,000 | 5,566,910 | ||||||
| (4 World Trade Ctr.), 5s, 11/15/31 | A+ | 2,500,000 | 2,907,925 | ||||||
| NY State Liberty Dev. Corp. 144A Rev. Bonds (World Trade Ctr.), Class 1, 5s, 11/15/44 | BB-/P | 2,500,000 | 2,661,225 | ||||||
| NY State Mtge. Agcy. Rev. Bonds, Ser. 189, 3.85s, 10/1/34 | Aa1 | 2,695,000 | 2,733,916 | ||||||
| NY State Pwr. Auth. Rev. Bonds, Ser. A, 5s, 11/15/38 | Aa1 | 2,000,000 | 2,351,100 | ||||||
| NY State Thruway Auth. Rev. Bonds | |||||||||
| (Second Generation Hwy. & Bridge Trust Fund), Ser. B, FHLMC Coll., U.S. Govt. Coll., 5s, 4/1/28 | AA | 3,000,000 | 3,315,120 | ||||||
| Ser. H, NATL, 5s, 1/1/28 | AA- | 1,235,000 | 1,324,933 | ||||||
| (Second Generation Hwy. & Bridge Trust Fund), Ser. B, FHLMC Coll., U.S. Govt. Coll., 5s, 4/1/27 | AA | 4,000,000 | 4,425,600 | ||||||
| 5s, 1/1/24 | A2 | 1,250,000 | 1,530,575 | ||||||
| NY State Trans. Special Fac. Dev. Corp. Rev. Bonds (Terminal One Group Assn.), 5s, 1/1/23 | Baa1 | 1,500,000 | 1,787,925 | ||||||
| NY State Urban Dev. Corp. Rev. Bonds | |||||||||
| Ser. D, 5 5/8s, 1/1/28 | AA | 9,500,000 | 10,770,435 | ||||||
| (Clarkson Ctr.), 5 1/2s, 1/1/20 | Aa2 | 1,385,000 | 1,525,647 | ||||||
| Ser. B-1, 5s, 3/15/36 | AAA | 9,000,000 | 9,990,090 | ||||||
| (State Personal Income Tax), Ser. A-1, 5s, 3/15/30 | AAA | 2,000,000 | 2,386,040 | ||||||
| Ser. A-1, 5s, 12/15/28 | AAA | 5,000,000 | 5,573,900 | ||||||
| Ser. B, 5s, 1/1/27 | AA | 7,000,000 | 7,673,190 | ||||||
| Oneida Cnty., Indl. Dev. Agcy. Rev. Bonds (St. Elizabeth Med.), Ser. A, 5 7/8s, 12/1/29 | BB-/P | 1,000,000 | 1,000,970 | ||||||
| Onodaga Cnty., Trust For Cultural Resources Rev. Bonds (Syracuse U.) | |||||||||
| 5s, 12/1/36 | Aa3 | 2,000,000 | 2,333,480 | ||||||
| 5s, 12/1/31 | Aa3 | 2,000,000 | 2,371,640 | ||||||
| Onondaga Cnty., Resource Recvy. Agcy. Rev. Bonds, Ser. A, AGM, 5s, 5/1/29 | AA | 3,120,000 | 3,581,448 | ||||||
| Onondaga, Civic Dev. Corp. Rev. Bonds | |||||||||
| (Le Moyne College), 5 3/8s, 7/1/40 | Baa2 | 3,900,000 | 4,336,761 | ||||||
| (Jewish Home of Central NY Oblig. Group), 5 1/4s, 3/1/31 | B/P | 2,035,000 | 1,974,540 | ||||||
| (St. Joseph's Hosp. Hlth. Ctr.), U.S. Govt. Coll., 5 1/8s, 7/1/31 (Prerefunded 7/1/19) | BB | 2,315,000 | 2,641,484 | ||||||
| (St. Joseph's Hosp. Hlth. Ctr.), U.S. Govt. Coll., 5s, 7/1/42 (Prerefunded 7/1/22) | BB | 1,000,000 | 1,223,360 | ||||||
| (Le Moyne College), 5s, 7/1/32 | Baa2 | 1,635,000 | 1,835,140 | ||||||
| Port Auth. ofNY & NJ Special Oblig. Rev. Bonds (JFK Intl. Air Term.), 6s, 12/1/42 | Baa1 | 3,500,000 | 4,082,190 | ||||||
| Port Auth. of NY & NJ Rev. Bonds | |||||||||
| (Kennedy Intl. Arpt. - 5th Installment), 6 3/4s, 10/1/19 | BBB-/P | 1,800,000 | 1,800,396 | ||||||
| 5 3/8s, 3/1/28 | Aa3 | 1,000,000 | 1,263,150 | ||||||
| Ser. 186, 5s, 10/15/44 | Aa3 | 8,000,000 | 8,980,560 | ||||||
| Ser. 194, 5s, 10/15/41 | Aa3 | 5,450,000 | 6,349,577 | ||||||
| Ser. 185th, 5s, 9/1/30 | Aa3 | 2,000,000 | 2,340,480 | ||||||
| NATL, 4 3/4s, 10/15/28 | Aa3 | 7,000,000 | 7,283,500 | ||||||
| Rensselaer, City School Dist. COP, SGI | |||||||||
| 5s, 6/1/21 | A-/P | 2,010,000 | 2,027,346 | ||||||
| 5s, 6/1/20 | A-/P | 1,150,000 | 1,159,718 | ||||||
| 5s, 6/1/19 | A-/P | 1,345,000 | 1,356,271 | ||||||
| 5s, 6/1/18 | A-/P | 1,180,000 | 1,189,062 | ||||||
| Rockland Cnty., G.O. Bonds, Ser. A, AGM, 5s, 3/1/24 | AA | 1,600,000 | 1,920,288 | ||||||
| Saratoga Cnty., Indl. Dev. Agcy. Civic Fac. Rev. Bonds (Saratoga Hosp.), Ser. B | |||||||||
| 5 1/4s, 12/1/32 | A- | 1,500,000 | 1,599,945 | ||||||
| 5 1/8s, 12/1/27 | A- | 1,000,000 | 1,070,780 | ||||||
| Schenectady Cnty., Cap. Resource Corp. Rev. Bonds (Union College), 5s, 7/1/32 | A1 | 3,430,000 | 3,965,800 | ||||||
| Seneca Cnty., Indl. Dev. Agcy. Civic Fac. Rev. Bonds (NY Chiropractic College), 5s, 10/1/27 | BBB+ | 1,995,000 | 2,101,852 | ||||||
| Southold, Local Dev. Corp. Rev. Bonds (Peconic Landing at Southold, Inc.), 5s, 12/1/45 | BBB-/F | 2,250,000 | 2,373,705 | ||||||
| St. Lawrence Cnty., Indl. Agcy. Rev. Bonds (Clarkson U.), Ser. A, 5 1/4s, 9/1/33 | A3 | 1,050,000 | 1,223,796 | ||||||
| St. Lawrence Cnty., Indl. Dev. Agcy. Rev. Bonds (Clarkson U.), Ser. A, 5s, 9/1/41 | A3 | 1,750,000 | 1,927,608 | ||||||
| Suffolk Cnty., Econ. Dev. Corp. Rev. Bonds (Peconic Landing Southold), 6s, 12/1/40 | BBB-/F | 1,225,000 | 1,353,221 | ||||||
| Suffolk Cnty., Indl. Dev. Agcy. Rev. Bonds (Nissequogue Cogen. Partners Fac.), 5 1/2s, 1/1/23 | BBB-/P | 1,555,000 | 1,556,011 | ||||||
| Suffolk Cnty., Indl. Dev. Agcy. Cont. Care Retirement Rev. Bonds (Jefferson's Ferry), 4 5/8s, 11/1/16 | BBB- | 1,000,000 | 1,020,130 | ||||||
| Syracuse, Indl. Dev. Agcy. Civic Fac. VRDN | |||||||||
| (Syracuse U.), Ser. A-2, 0.01s, 12/1/37 | VMIG1 | 7,535,000 | 7,535,000 | ||||||
| (Syracuse U. ), Ser. A-1, 0.01s, 7/1/37 | VMIG1 | 4,615,000 | 4,615,000 | ||||||
| Tobacco Settlement Rev. Bonds, Ser. 1, 5s, 6/1/34 | B | 3,500,000 | 3,311,315 | ||||||
| Tompkins Cnty., Dev. Corp. Rev. Bonds | |||||||||
| (Ithaca College), AGM, 5 3/8s, 7/1/41 | A2 | 1,000,000 | 1,167,090 | ||||||
| (Kendal at Ithaca, Inc.), 5s, 7/1/44 | BBB | 2,800,000 | 3,004,708 | ||||||
| Triborough, Bridge & Tunnel Auth. Rev. Bonds | |||||||||
| Ser. A, 5s, 11/15/44 | Aa3 | 2,340,000 | 2,681,523 | ||||||
| Ser. A, 5s, 11/15/41 | Aa3 | 3,750,000 | 4,411,875 | ||||||
| Ser. A, 5s, 11/15/39 | Aa3 | 3,500,000 | 4,041,100 | ||||||
| Ser. C, 5s, 11/15/29 | Aa3 | 2,500,000 | 2,772,775 | ||||||
| (Gen. Cabs), Ser. B, zero %, 11/15/32 | Aa3 | 3,900,000 | 2,302,716 | ||||||
| Ser. A, zero %, 11/15/30 | A1 | 7,000,000 | 4,472,930 | ||||||
| Westchester Cnty., Hlth. Care Corp. Rev. Bonds, Ser. C-2, 6 1/8s, 11/1/37 | Baa1 | 3,385,000 | 3,949,178 | ||||||
| Westchester Cnty., Indl Dev. Agcy. Civic Fac. Rev. Bonds (Pace U.), Ser. A, 5 1/2s, 5/1/42 | BB+ | 2,750,000 | 3,137,393 | ||||||
| Westchester, Tobacco Asset Securitization Corp. Rev. Bonds, 5 1/8s, 6/1/38 | BBB | 5,060,000 | 5,061,113 | ||||||
| Western Nassau Cnty., Wtr. Auth. Rev. Bonds, Ser. A, 5s, 4/1/40 | A1 | 2,150,000 | 2,443,669 | ||||||
| Yonkers, G.O. Bonds, Ser. E, AGM, 5s, 9/1/23 | AA | 3,135,000 | 3,823,101 | ||||||
| Yonkers, Indl. Dev. Agcy. Civic Fac. Rev. Bonds | |||||||||
| (St. John's Riverside Hosp.), Ser. A, 7 1/8s, 7/1/31 | BB- | 2,000,000 | 2,001,400 | ||||||
| (Sarah Lawrence College), Ser. A, 6s, 6/1/41 | BBB | 2,500,000 | 2,819,275 | ||||||
| 985,926,030 | |||||||||
| Puerto Rico (1.2%) | |||||||||
| Children's Trust Fund Tobacco Settlement (The) Rev. Bonds | |||||||||
| 5 5/8s, 5/15/43 | Ba2 | 1,750,000 | 1,757,210 | ||||||
| 5 1/2s, 5/15/39 | BBB- | 3,750,000 | 3,778,988 | ||||||
| Cmnwlth. of PR, Hwy. & Trans. Auth. Rev. Bonds, Ser. AA | |||||||||
| NATL, 5 1/2s, 7/1/20 | AA- | 365,000 | 382,841 | ||||||
| NATL, U.S. Govt. Coll., 5 1/2s, 7/1/20 (Escrowed to maturity) | Ca | 635,000 | 756,018 | ||||||
| NATL, 5 1/2s, 7/1/19 | AA- | 540,000 | 561,724 | ||||||
| NATL, U.S. Govt. Coll., 5 1/2s, 7/1/19 (Escrowed to maturity) | Ca | 2,460,000 | 2,832,764 | ||||||
| Cmnwlth. of PR, Sales Tax Fin. Corp. Rev. Bonds, Ser. A | |||||||||
| AMBAC, zero %, 8/1/47 | Caa3 | 15,000,000 | 1,841,550 | ||||||
| NATL, zero %, 8/1/43 | AA- | 5,000,000 | 898,750 | ||||||
| 12,809,845 | |||||||||
| Texas (0.6%) | |||||||||
| Harris Cnty., Cultural Ed. Fac. Fin. Corp. VRDN (The Methodist Hosp.), Ser. C-1, 0.01s, 12/1/24 | A-1+ | 6,830,000 | 6,830,000 | ||||||
| 6,830,000 | |||||||||
| Virgin Islands (0.9%) | |||||||||
| VI Pub. Fin. Auth. Rev. Bonds | |||||||||
| Ser. A, 6s, 10/1/39 | Baa3 | 3,000,000 | 3,317,040 | ||||||
| Ser. A-1, 5s, 10/1/39 | Baa2 | 3,325,000 | 3,592,330 | ||||||
| Ser. A, 5s, 10/1/25 | Baa2 | 2,000,000 | 2,222,611 | ||||||
| 9,131,981 | |||||||||
| Total municipal bonds and notes (cost $962,860,793) | $1,037,363,370 | ||||||||
| UNITIZED TRUST (0.1%)(a) | |||||||||
| Shares | Value | ||||||||
| CMS Liquidating Trust 144A(F) | 600 | $1,487,628 | |||||||
| Total Unitized trust (cost $1,816,443) | $1,487,628 | ||||||||
| TOTAL INVESTMENTS | |||||||||
| Total investments (cost $964,677,236)(b) | $1,038,850,998 | ||||||||
| Notes to the fund's portfolio | ||||||
| Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from December 1, 2015 through February 29, 2016 (the reporting period). Within the following notes to the portfolio, references to "ASC 820" represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC and references to "OTC", if any, represent over-the-counter. | ||||||
| (a) | Percentages indicated are based on net assets of $1,055,987,613. | |||||
| (b) | The aggregate identified cost on a tax basis is $965,284,435, resulting in gross unrealized appreciation and depreciation of $75,276,164 and $1,709,601, respectively, or net unrealized appreciation of $73,566,563. | |||||
| (F) | This security is valued by Putnam Management at fair value following procedures approved by the Trustees. Securities may be classified as Level 2 or Level 3 for ASC 820 based on the securities' valuation inputs. | |||||
| 144A after the name of an issuer represents securities exempt from registration under Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. | ||||||
| On Mandatory Put Bonds, the rates shown are the current interest rates at the close of the reporting period and the dates shown represent the next mandatory put dates. | ||||||
| The dates shown parenthetically on prerefunded bonds represent the next prerefunding dates. | ||||||
| The dates shown on debt obligations are the original maturity dates. | ||||||
The fund had the following sector concentrations greater than 10% at the close of the reporting period (as a percentage of net assets): | ||||||
| Tax bonds | 14.6% | |||||
| Education | 14.4 | |||||
| Utilities | 12.7 | |||||
| Transportation | 11.1 | |||||
| Prerefunded | 10.8 | |||||
Security valuation: Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for valuing the fund's assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee. | ||||||
| Tax-exempt bonds and notes are generally valued on the basis of valuations provided by an independent pricing service approved by the Trustees. Such services use information with respect to transactions in bonds, quotations from bond dealers, market transactions in comparable securities and various relationships between securities in determining value. These securities will generally be categorized as Level 2. | ||||||
| Certain investments, including certain restricted and illiquid securities and derivatives are also valued at fair value following procedures approved by the Trustees. To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount. | ||||||
| ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund's investments. The three levels are defined as follows: | ||||
| Level 1: Valuations based on quoted prices for identical securities in active markets. | ||||
| Level 2: Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. | ||||
| Level 3: Valuations based on inputs that are unobservable and significant to the fair value measurement. | ||||
| The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period: | ||||
| Valuation inputs | ||||
|
| ||||
| Investments in securities: | Level 1 | Level 2 | Level 3 | |
| Municipal bonds and notes | $— | $1,037,363,370 | $— | |
| Unitized trust | — | — | 1,487,628 | |
|
|
|
|
||
| Totals by level | $— | $1,037,363,370 | $1,487,628 | |
| During the reporting period, transfers within the fair value hierarchy, if any, did not represent, in the aggregate, more than 1% of the fund's net assets measured as of the end of the period. Transfers are accounted for using the end of period pricing valuation method. | ||||
| At the start and close of the reporting period, Level 3 investments in securities represented less than 1% of the fund's net assets and were not considered a significant portion of the fund's portfolio. | ||||
For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com | ||||
| Item 2. Controls and Procedures: |
| (a) The registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are generally effective to provide reasonable assurance that information required to be disclosed by the registrant in this report is recorded, processed, summarized and reported within the time periods specified in the Commission's rules and forms. |
| (b) Changes in internal control over financial reporting: Not applicable |
| Item 3. Exhibits: |
| Separate certifications for the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are filed herewith. |
| 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, thereunto duly authorized. |
| Putnam New York Tax Exempt Income Fund |
| By (Signature and Title): |
| /s/ Janet C. Smith Janet C. Smith Principal Accounting Officer Date: April 28, 2016 |
| 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 (Signature and Title): |
| /s/ Jonathan S. Horwitz Jonathan S. Horwitz Principal Executive Officer Date: April 28, 2016 |
| By (Signature and Title): |
| /s/ Steven D. Krichmar Steven D. Krichmar Principal Financial Officer Date: April 28, 2016 |
| Certifications | |
| I, Jonathan S. Horwitz, the Principal Executive Officer of the funds listed on Attachment A, certify that: | |
1. I have reviewed each report on Form N-Q of the funds listed on Attachment A: | |
2. Based on my knowledge, each report does not contain any untrue statements 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 each report; | |
3. Based on my knowledge, the schedules of investments included in each report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; | |
4. The registrant's other certifying officer 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 registrants and have: | |
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 each report is being prepared; | |
b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | |
c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and | |
d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and | |
5. The registrant's other certifying officer and I have disclosed to each registrant's auditors and the audit committee of each registrant's board of directors (or persons performing the equivalent functions): | |
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 each registrant's ability to record, process, summarize, and report financial information; and | |
b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant's internal control over financial reporting. | |
/s/ Jonathan S. Horwitz | |
| _____________________________ | |
Date: April 27, 2016 | |
| Jonathan S. Horwitz | |
| Principal Executive Officer | |
Certifications | |
| I, Steven D. Krichmar, the Principal Financial Officer of the funds listed on Attachment A, certify that: | |
1. I have reviewed each report on Form N-Q of the funds listed on Attachment A: | |
2. Based on my knowledge, each report does not contain any untrue statements 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 each report; | |
3. Based on my knowledge, the schedules of investments included in each report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; | |
4. The registrant's other certifying officer 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 registrants and have: | |
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 each report is being prepared; | |
b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | |
c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and | |
d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and | |
5. The registrant's other certifying officer and I have disclosed to each registrant's auditors and the audit committee of each registrant's board of directors (or persons performing the equivalent functions): | |
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 each registrant's ability to record, process, summarize, and report financial information; and | |
b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant's internal control over financial reporting. | |
/s/ Steven D. Krichmar | |
| _______________________________ | |
Date: April 27, 2016 | |
| Steven D. Krichmar | |
| Principal Financial Officer | |
Attachment A | |
NQ | |
Period (s) ended February 29, 2016 | |
| Putnam Arizona Tax Exempt Income Fund | |
| Putnam Minnesota Tax Exempt Income Fund | |
| Putnam Massachusetts Tax Exempt Income Fund | |
| Putnam New York Tax Exempt Income Fund | |
| Putnam High Yield Advantage Fund | |
| Putnam Equity Income Fund | |
| Putnam Pennsylvania Tax Exempt Income Fund | |
| Putnam Ohio Tax Exempt Income Fund | |
| Putnam New Jersey Tax Exempt Income Fund | |
| Putnam Michigan Tax Exempt Income Fund | |
| Putnam Dynamic Asset Allocation Equity Fund | |
| Putnam Dynamic Risk Allocation Fund | |
| Putnam Short Term Municipal Income Fund | |
| Putnam Intermediate Term Municipal Income Fund | |
| Putnam Emerging Markets Income Fund | |
| Putnam Global Dividend Fund | |
| Putnam Mortgage Opportunities Fund |