(logo)
Putnam
New York
Tax Exempt
Money Market
Fund
Annual
Report
November 30, 1993
(artwork)
For investors seeking
current income free
from federal income
tax, consistent with
capital preservation,
stable principal
and liquidity
Contents
2 How your fund performed
3 From the Chairman
4 Report from Putnam Management
Annual Report
6 Report of Independent Accountants
7 Portfolio of investments owned
9 Financial statements
15 Fund performance supplement
A member
of the Putnam
Family of Funds
<PAGE>
How your
fund performed
For periods ended November 30, 1993
Total return* Lipper
New York
Tax Exempt
Money Market Consumer
Fund Fund Average Price Index
1 year 1.67% 1.83% 2.67%
3 years 8.57 8.65 8.97
annualized 2.78 2.80 2.91
5 years 20.31 20.57 21.20
annualized 3.77 3.81 3.92
Life-of-fund
(since 10/26/87) 26.20 26.33 26.45
annualized 3.89 3.92 3.92
Distributions+ Investment Capital
12 months ended Number income gains Total
November 30, 1993 12 $0.016543 $0.0001 $0.016643
Current returns++ Taxable Taxable
at the end of the period Fund equivalents(a) equivalents(b)
Current 30-day yield 1.67% 3.00% 3.15%
Current 7-day yield 1.63 2.93 3.08
Total return at end of most recent calendar quarter
Periods ended December 31, 1993
Cumulative Annualized
1 year 1.63 --
3 years 8.24 2.68
5 years 19.97 3.71
Life-of-fund 26.36 3.86
*Performance data represent past results. Investment return will
fluctuate. An investment in the fund is neither insured nor
guaranteed by the U.S. government. There can be no assurance that
the fund will be able to maintain a stable net aset value of
$1.00 per share. However, since the fund's inception on 10/26/87,
no investor has ever lost a penny of principal.
+For some investors, investment income may also be subject to the
alternative minimum tax.
++Taxable equivalent rates cited assume (a) the maximum combined
state and federal tax rate of 44.36% or (b) the maximum combined
state and federal and city tax rates of 47.05%. Results for
investors subject to lower tax rates would not be as
advantageous, although many such investors would still have the
opportunity to receive attractive tax benefits from a fund
investment. Consult your tax advisor for more guidance.
Terms you need to know
Total return is the change in value of an investment from the
beginning to the end of a period, assuming the reinvestment of
all distributions.
Yield is the rate at which an investment earns interest income.
The 7- and 30-day yields are the two most common gauges for
measuring money market mutual fund performance. The 7-day yield
is calculated in accordance with Securities and Exchange
Commission guidelines.
Taxable equivalent return is the rate at which a taxable
investment would have to generate income to equal the fund's
current dividend rate or yield.
Please see the fund performance supplement on page 15 for
additional information about performance comparisons.
<PAGE>
From the
Chairman
(photograph of George Putnam)
C Karsh, Ottawa
George Putnam
Chairman
of the Trustees
Dear Shareholder:
During the fiscal year ended November 30, 1993, Putnam New York
Tax Exempt Money Market Fund met its dual objectives of providing
stability and tax-free income. For investors in the highest tax
brackets, a taxable money market fund would have had to yield
over 3% to match your fund's 7- and 30-day tax-equivalent yields
at the end of the period. We encourage you to evaluate your
fund's performance on this tax-equivalent basis.
During a period of rising stock and bond markets, it's easy to
overlook the importance of having a money market fund as part of
your investment portfolio. By investing regularly in a money
market fund, you can build a reserve account that is stable,
liquid, and earns current tax-free income. This account can be
the "home base" from which you invest in other types of mutual
funds or in individual securities and the place to which you
reinvest proceeds from the redemption or sale of mutual fund
shares or securities.
Because money market funds maintain a stable $1.00 share price,
they are excellent vehicles for short-term cash. With a money
market fund, you can earn current market rates on your cash until
you're ready to use it. You can also use a money market fund to
balance an aggressive investment portfolio.
Tax rates are increasing for many investors across the country.
As the economy continues to improve and the financial markets
reach historic highs, this might be an appropriate time to review
your investment portfolio and the role your tax-free money market
fund plays in your overall investment strategy. In the coming
year, Fund Manager Lindsey M. Callen and her staff continue to
emphasize flexibility in their investment decisions and will
position the fund to make the most of upcoming opportunities.
Respectfully yours,
George Putnam
January 19, 1994
<PAGE>
Report from
Putnam Management
For the 12 months ended November 30, 1993, Putnam New York Tax
Exempt Money Market Fund was managed against a backdrop of slow
economic growth, low inflation, and low interest rates. Faced
with the challenge of maintaining a high-quality portfolio and
achieving a competitive tax-free return at a time when interest
rates had reached historic lows, your fund turned in a solid
performance.
Your fund's investments Tax-exempt money market funds invest in
short-term securities issued by municipalities. These may include
municipal notes and bonds, municipal securities backed by the
U.S. government, and short-term discount notes (tax-exempt
commercial paper).
Since maintaining a high-quality portfolio is of paramount
importance, ideally, every security in which the portfolio
invests must be rated in one of the two highest categories by at
least two nationally-recognized rating services. If only one
rating service has rated the security, fund holdings must be in
the highest category rated by that service. If the securities are
unrated, Putnam Management must judge them to be of equivalent
quality.
Adjusting the portfolio to market conditions Sluggish economic
growth and declining interest rates have been consistent themes
in the investment world for more than a year. During periods of
declining interest rates, money market fund managers strive to
lock in the highest yields for the longest amount of time by
extending the average maturity of the portfolio.
Throughout the fiscal year, we maintained an investment strategy
that we considered flexible enough to benefit from changes in the
economy, inflation, and the direction of interest rates. As the
economic news became somewhat more positive, and when we believed
interest rates had reached their lows, we began shortening the
maturity of the portfolio so that it would be in a position to
take advantage of a rise in short-term interest rates. We also
continued to invest in high-quality, floating-rate money market
securities, whose yields rise along with interest rates. And we
increased the portfolio's investments in letters of credit from
high-quality banks. A letter of credit is an instrument written
by a bank guaranteeing the credit of a third party for a certain
period of time, up to a specified sum of money.
Protection through diversification In building and maintaining
the portfolio, we work with Putnam's experienced credit analysts
to evaluate and select tax-exempt securities from among a full
spectrum of New York issuers. Together, we monitor the financial
strength of every municipality and issuer to uncover those which
match our strict quality standards and provide the right balance
of attractive yield and relative stability. These evaluations
continue as long as the fund holds an investment. While always an
important component in maintaining fund stability,
diversification and constant credit analysis are especially
important in protecting the fund in uncertain economic climates.
Looking ahead By fiscal-year end, the economic news appeared to
be somewhat more upbeat than it had been for some time. Still,
the economic situation is far from definitive, with mixed signals
appearing fairly regularly. In this environment, nervous
investors can easily overreact to each new piece of economic
news. To benefit from this situation, we are continuing to
emphasize flexibility in our investment decisions. This means
extending the portfolio's average maturity far enough to capture
attractive yields but still keeping it short enough to protect
the fund against any interest rate drops that might yet occur. We
are watching the New York fiscal situation carefully and
protecting the fund's stability and current income stream by
continuing to maintain high quality holdings, broad
diversification, and a relatively neutral average maturity. With
these strategies in place, we believe your fund is well
positioned for the months ahead.
Current Net return
Performance comparisons (11/30/93) return after taxes*
Passbook savings 2.00% 1.21%
Taxable money market fund 7-day yield 2.69 1.62
3-month CD 2.56 1.55
Putnam NY Tax Exempt Money Market
7-day yield 1.63 1.63
*Assumes maximum federal income tax bracket of 39.6%. The
principal value of money market mutual funds is uninsured and
designed to be fixed while distributions vary daily. The
principal value on passbook savings and bank CDs are generally
insured up to certain limits by state and federal agencies and
interest is typically earned at a fixed rate for a period of
time. Unlike money market mutual funds, substantial penalties may
apply to early withdrawals of bank CDs. Performance data
represent past performance. Investment returns will fluctuate.
Sources: Bank of Boston (passbook savings). Bank Rate Monitor
(3-month CDs). IBC/Donoghue's Money Fund Report (taxable money
market fund 7-day yield).
<PAGE>
Putnam
New York
Tax Exempt
Money Market
Fund
Annual
Report
For the Year Ended November 30, 1993
Report of Independent Accountants
To the Trustees and Shareholders of
Putnam New York Tax Exempt Money Market Fund
We have audited the accompanying statement of assets and
liabilities of Putnam New York Tax Exempt Money Market Fund,
including the portfolio of investments owned, as of November 30,
1993, and the related statement of operations for the year then
ended, the statement of changes in net assets for each of the two
years in the period then ended, and the "Financial Highlights"
for each of the six years in the period then ended, and for the
period October 26, 1987 (commencement of operations) to November
30, 1987. These financial statements and "Financial Highlights"
are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial
statements and "Financial Highlights" based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether
the financial statements and "Financial Highlights" are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. Our procedures included confirmation of
securities owned as of November 30, 1993 by correspondence with
the custodian and brokers. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements and "Financial
Highlights" referred to above present fairly, in all material
respects, the financial position of Putnam New York Tax Exempt
Money Market Fund as of November 30, 1993, 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 then ended, and the
"Financial Highlights" for each of the six years in the period
then ended, and for the period October 26, 1987 (commencement of
operations) to November 30, 1987, in conformity with generally
accepted accounting principles.
Coopers & Lybrand
Boston, Massachusetts
January 12, 1994
<PAGE>
<TABLE>
<CAPTION>
Portfolio of
investments owned
November 30, 1993
Municipal Bonds and Notes (99.1%)(a)
Principal Amount Ratings(b) Value
<S> <C> <C> <C> <C>
New York (95.1%)
$2,000,000 Erie Cnty., Anticipation Notes, 3.3s,
8/5/94 MIG1 $2,002,622
1,900,000 Erie Cnty., Wtr. Auth. Variable Rate
Demand Notes (VRDN), Ser. A, American
Municipal Bond Assurance Corp. (AMBAC),
2.15s, 12/1/16 A-1+ 1,900,000
2,295,000 Monroe Cnty., Indl. Dev. Agcy. Variable
Rate Demand Notes (VRDN)
(Columbia/Sussex), 5s, 11/1/14 AAA 2,295,000
NY City, Rev. Anticipation Notes
2,000,000 Ser. B, 3 1/2s, 6/30/94 SP-1 2,008,463
2,500,000 2.45s, 3/15/97 VMIG1 2,500,000
1,200,000 Ser. B, Financial Guaranty Insurance Co.
(FGIC), 2.3s, 10/1/22 A-1+ 1,200,000
NY City, Hsg. Dev. Corp. Mtge. VRDN
1,000,000 (Carnegie Park Project), 2.8s, 12/1/16 AAA 1,000,000
585,000 (Parkgate Tower Project), 2.2s, 12/1/07 A-1 585,000
1,000,000 (Upper Fifth Ave. Project), Ser. A,
2.2s, 1/1/16 VMIG1 1,000,000
3,300,000 (East 96th St. Project), Ser. A, 2.2s,
8/1/15 VMIG1 3,300,000
NY City, Indl. Dev. Agcy. VRDN
1,000,000 2.6s, 12/1/01 P-1 1,000,000
2,000,000 (La Guardia Assn. Project), 2.15s,
12/1/15 A-1 2,000,000
NY City, Muni. Wtr. & Swr. Syst. Rev.
Anticipation Notes
3,000,000 Ser. A, 2 3/4s, 4/15/94 SP-1 3,003,718
1,000,000 1.85s, Ser. C, FGIC, 6/15/22 A-1+ 1,000,000
NY State Energy Research & Dev. Auth.
Poll. Control VRDN
100,000 (NY State Elec. & Gas Corp.), Ser. D,
2.9s, 12/1/15 A-1+ 100,000
2,000,000 (NY State Elec. & Gas Corp.), Ser. A,
2 3/4s, 3/1/15 A-1+ 2,000,000
2,000,000 (NY State Elec. & Gas Corp.), Ser. C,
2.6s, 7/15/15 A-1+ 2,000,000
2,250,000 (LILCO Project), Ser. B, 2 1/2s, 3/1/16 VMG1 2,250,000
1,000,000 (Rochester Gas & Elec. Corp.), 2.3s,
10/1/14 A-1 1,000,000
2,000,000 (Niagara Mohawk Pwr. Corp.), Ser. A,
2 1/2s, 7/1/15 A-1 2,000,000
1,300,000 NY State Env. Fac. Corp. Resource Recvy.
VRDN (Equity Huntington Project), 2s,
11/1/14 A-1 1,300,000
NY State Job Dev. Auth. VRDN
605,000 Ser. B, 2.65s, 3/1/00 A-1+ 605,000
1,800,000 Ser. C, 2.65s, 3/1/00 A-1+ 1,800,000
245,000 Ser. E, 2 1/2s, 3/1/99 A-1+ 245,000
4,400,000 NY State Med. Care Fac. Fin. Agcy. VRDN,
2.3s, 11/1/08 VMIG1 4,400,000
2,000,000 NY State Tax & Rev. Anticipation Notes,
2 3/4s, 12/31/93 SP1+ 2,000,818
1,500,000 North Hempstead, Solid Waste Mgmt. Auth.
VRDN, 2s, 1/1/12 A-1+ 1,500,000
2,000,000 Suffolk Cnty., Wtr. Auth. Anticipation
Notes, 3 1/4s, 12/2/93 MIG1 2,000,043
47,995,664
Puerto Rico (4.0%)
2,000,000 Cmnwlth. of Puerto Rico, Hwy. & Trans.
Auth. VRDN Ser. X, 2s, 7/1/99 A-1+ 2,000,000
Total Investments (cost $49,995,664)(c) $49,995,664
/TABLE
<PAGE>
(a) Percentages indicated are based on net assets of $50,472,948
which corresponds to a net asset per share of $1.00.
(b) The Moody's or Standard & Poor's ratings indicated are believed
to be the most recent ratings available at November 30, 1993 for
the securities listed. Ratings are generally ascribed to securities
at the time of issuance. While the rating agencies may from time to
time revise such ratings, they undertake no obligation to do so,
and the ratings indicated do not necessarily represent ratings
which the rating agencies would ascribe to these securities at
November 30, 1993. These ratings are not covered by the Report of
Independent Accountants.
Moody's Investor Service, Inc. and Standard & Poor's Corp. are the
leading independent rating agencies for debt securities. Moody's
uses the designation "Moody's Investment Grade" or "MIG" for most
short-term municipal obligations, adding a "V" ("VMIG") for bonds
with a demand or variable feature; the designation "P" is used for
tax-exempt commercial paper. Standard & Poor's uses "SP" for notes
maturing in three years or less, "A" for bonds with a demand or
variable feature.
Moody's Investors Service, Inc.
MIG1/VMIG1 = Best quality: strong protection of cash flow, superior
liquidity and broad access to refinancing.
MIG2/VMIG2 = High quality: ample protection of cash flow, liquidity
support and ability to refinance.
AAA = Capacity to pay interest and repay principal is extremely
strong.
AA = Strong capacity to pay interest and repay principal and
differs from the higher-rated issues only in small degree.
Standard & Poor's Corp.
P-1 = Superior capacity for repayment
P-2 = Strong capacity for repayment
SP-1 = Overwhelming safety characteristics
SP-2 = Strong capacity to pay principal and interest
A-1+ = Overwhelming degree of credit protection
A-1 = Strong degree of safety
A-2 = Considered strong but lacks solid strength for timely
repayment.
(c) The aggregate identified cost on a tax basis is the same.
The rates shown on Variable Rate Demand Notes (VRDN) and Residual
Interest Bonds (RIBS) are current interest rates at November 30,
1993, which are subject to change based on the terms of the
security.
<PAGE>
The Fund had the following industry group concentrations greater
than 10% on November 30, 1993 as a percentage of net assets:
Utilities 21.1%
Water & Sewer 15.7
Housing 11.6
The accompanying notes are an integral part of these financial
statements.
<PAGE>
<TABLE>
<CAPTION>
Statement of
assets and liabilities
November 30, 1993
<S> <C> <C>
Assets
Investments in securities, at amortized cost (Note 1) $49,995,664
Cash 1,778,919
Interest and other receivables 333,474
Receivable for shares of the Fund sold 79,206
Total assets 52,187,263
Liabilities
Distributions payable to shareholders $47,600
Payable for shares of the Fund repurchased 1,565,030
Payable for compensation of Manager (Note 2) 58,127
Payable for administrative services (Note 2) 447
Payable for compensation of Trustees (Note 2) 54
Payable for investor servicing and custodian fees
(Note 2) 20,839
Payable for distribution fees (Note 2) 8,665
Other accrued expenses 13,553
Total liabilities 1,714,315
Net assets $50,472,948
Represented by
Paid-in capital (Note 4) $50,472,948
Net asset value, offering and redemption price per share
($50,472,948 divided by 50,472,948 shares) $1.00
The accompanying notes are an integral part of these financial statements.
/TABLE
<PAGE>
<TABLE>
<CAPTION>
Statement of
operations
Year ended November 30, 1993
<S> <C> <C>
Tax exempt interest income $1,398,753
Expenses:
Compensation of Manager (Note 2) $241,921
Investor servicing and custodian fees (Note 2) 122,345
Compensation of Trustees (Note 2) 5,415
Reports to shareholders 14,715
Postage 7,336
Auditing 14,025
Legal 14,746
Administrative services (Note 2) 3,851
Distribution fees (Note 2) 56,108
Registration fees 7,275
Other 2,016
Total expenses 489,753
Net investment income 909,000
Net realized gain on investments 4,409
Net increase in net assets resulting from operations $913,409
The accompanying notes are an integral part of these financial statements.
/TABLE
<PAGE>
<TABLE>
<CAPTION>
Statement of
changes in net assets
Year ended November 30
------------------------
1993 1992
<S> <C> <C>
Decrease in net assets
Operations:
Net investment income $909,000 $1,613,509
Net realized gain (loss) on investments 4,409 (729)
Net increase in net assets resulting
from operations 913,409 1,612,780
Distributions to shareholders from:
Net investment income (909,729) (1,612,780)
Net realized gain on investments (3,680) --
Decrease from capital share transactions
(Note 4) (7,232,392) (6,580,827)
Total decrease in net assets (7,232,392) (6,580,827)
Net assets
Beginning of year 57,705,340 64,286,167
End of year $50,472,948 $57,705,340
The accompanying notes are an integral part of these financial statements.
/TABLE
<PAGE>
<TABLE>
<CAPTION>
Financial
Highlights*
(For a share outstanding throughout the period)
For the period
October 26, 1987
(commencement
of operations) to
Year ended November 30 November 30
-----------------------------------------
1993 1992 1991 1990 1989 1988 1987
<S> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
Investment Operations:
Net Investment Income .0165 .0259(a) .0399(a) .0497(a) .0530(a) .0436(a) .0041(a)
Net Realized Gain on Investments .0001 -- -- -- -- -- --
--
Total From Investment Operations $.0166 $.0259 $.0399 $.0497 $.0530 $.0436 $.0041
Less Distributions From:
Net Investment Income (.0165) (.0259) (.0399) (.0497) (.0530) (.0436) (.0041)
Net Realized Gain on Investments (.0001) -- -- -- -- -- --
Total Distributions (.0166) (.0259) (.0399) (.0497) (.0530) (.0436) (.0041)
Net Asset Value, End of Period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
Total Investment Return at Net Asset
Value (%)(b) 1.67 2.62 4.07 5.09 5.44 4.46 4.10(c)
Net Assets, End of Period (in thousands) $50,473 $57,705 $64,286 $63,671 $51,113 $34,432 $3,953
Ratio of Expenses to Average Net Assets (%) .91 .78(a) .80(a) .67(a) .67(a) .64(a) .51(a)(c)
Ratio of Net Investment Income to Average
Net Assets (%) 1.69 2.59(a) 3.96(a) 4.95(a) 5.31(a) 4.34(a) 4.66(a)(c)
<PAGE>
*Financial Highlights for periods through November 30, 1992 have been reclassified and date has been presented to conform
with the requirements issued by the SEC in April, 1993.
(a) Reflects a voluntary expense limitation and, during the year ended November 30, 1988 and the period ended November 30,
1987, a waiver of distribution fees in effect during the period. As a result of such limitations, expenses of the Fund for
the years ended November 30, 1992, 1991, 1990, 1989, 1988 and for the period ended November 30, 1987 reflect reductions of
$0.0024, $0.0034, $0.0043, $0.0048, $0.0061 and $0.0015 per share, respectively.
(b) Total investment return assumes dividend reinvestment.
(c) Annualized.
/TABLE
<PAGE>
Notes to
financial statements
November 30, 1993
Note 1 Significant accounting policies
The Fund is registered under the Investment Company Act of 1940, as
amended, as a nondiversified, open-end management investment
company. The Fund seeks as high a level of current income exempt
from federal, New York State and New York City personal income
taxes as Putnam Investment Management believes is consistent with
maintenance of liquidity and stability of principal. The Fund
invests primarily in a nondiversified portfolio of short-term New
York tax exempt securities.
The following is a summary of significant accounting policies
consistently followed by the Fund in the preparation of its
financial statements. The policies are in conformity with generally
accepted accounting principles.
A) Security valuation The valuation of the Fund's portfolio
instruments is determined by means of the amortized cost method as
set forth in Rule 2a-7 under the Investment Company Act of 1940.
The amortized cost of an instrument is determined by valuing it at
cost originally and thereafter amortizing any discount or premium
from its face value at a constant rate until maturity.
B) Security transactions Security transactions are accounted for on
the trade date (date the order to buy or sell is executed).
C) Federal income taxes It is the policy of the Fund to distribute
all of its income within the prescribed time and otherwise comply
with the provisions of the Internal Revenue Code applicable to
regulated investment companies. It is also the intention of the
Fund to distribute an amount sufficient to avoid imposition of any
excise tax under Section 4982 of the Internal Revenue Code of 1986,
as amended. Therefore, no provision has been made for federal taxes
on income or capital gains on securities held and excise tax on
income and capital gains.
D) Interest income and distributions to shareholders Interest is
recorded on the accrual basis. Income dividends (and distributions
of capital gains, if any) are recorded daily by the Fund and are
distributed monthly to the shareholders.
<PAGE>
Note 2 Management fee, administrative services, and other
transactions
Compensation of Putnam Investment Management, Inc. (formerly known
as The Putnam Management Company, Inc.), the Fund's Manager, a
wholly-owned subsidiary of Putnam Investments, Inc. (formerly known
as The Putnam Companies, Inc.), for management and investment
advisory services is paid quarterly at an annual rate of 0.45% of
the first $500 million of average net assets, 0.35% of the next
$500 million, 0.30% of the next $500 million and 0.25% of any
amount over $1.5 billion, subject to reduction in any year by the
amount of certain brokerage commissions and fees (less expenses)
received by affiliates of the Manager on the Fund's portfolio
transactions.
The Fund also reimburses the Manager 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. For the year ended November 30, 1993, the Fund paid
$3,851 for these services.
Trustees of the Fund receive an annual Trustee's fee of $410 and an
additional fee for each Trustees' meeting attended. Trustees who
are not interested persons of the Manager and who serve on
committees of the Trustees receive additional fees for attendance
at certain committee meetings.
Custodial functions for the Fund are provided by Putnam Fiduciary
Trust Company (PFTC), a subsidiary of Putnam Investments, Inc.
Investor servicing agent functions are provided by Putnam Investor
Services, a division of PFTC. Fees paid for these investor
servicing and custodial functions for the year ended November 30,
1993 amounted to $122,345.
Investor servicing and custodian fees reported in the Statement of
operations for the year ended November 30, 1993 have been reduced
by credits allowed by PFTC.
The Fund has adopted a distribution plan pursuant to Rule 12b-1
under the Investment Company Act of 1940. The purpose of the plan
is to compensate Putnam Mutual Funds Corp. (formerly known as
Putnam Financial Services, Inc.), a wholly-owned subsidiary of
Putnam Investments, Inc., a for services provided and expenses
incurred by it in distributing shares of the Fund. The Trustees
have approved payment by the Fund to Putnam Mutual Funds Corp. at
an annual rate of 0.10% of the average net assets. For the year
ended November 30, 1993 the Fund incurred distribution fees in the
amount of $56,108.
<PAGE>
Note 3 Purchases and sales of securities
During the year ended November 30, 1993, purchases and sales
(including maturities) of investment securities (all short-term
obligations) aggregated $138,245,647 and $145,261,710,
respectively. In determining the net gain or loss on securities
sold, the cost of securities has been determined on the identified
cost basis.
Note 4 Capital shares
At November 30, 1993, there was an unlimited number of shares of
beneficial interest authorized. Transactions in capital shares, at
a constant net asset value of $1.00 per share, were as follows:
Year ended November 30
--------------------------
1993 1992
Shares sold 176,650,714 160,533,013
Shares issued in connection with
reinvestment of distributions 854,851 1,608,778
177,505,565 162,141,791
Shares repurchased (184,737,957) (168,722,618)
Net decrease (7,232,392) (6,580,827)
Fund performance supplement
Putnam New York Tax Exempt Money Market Fund is a portfolio
managed for current income free from federal, New York State and
New York City income taxes, consistent with capital preservation,
stable principal and liquidity by investing primarily in a
diversified portfolio of short-term tax-exempt securities.
The Lipper New York Tax Exempt Money Market Fund Average, used
for performance comparison purposes, is an arithmetic average of
the total return of all the tax exempt money market mutual funds
tracked by the Lipper Analytical Services. Lipper is an
independent rating organization for the mutual fund industry.
Lipper rankings vary for other periods. The fund's holdings do
not match those in the Lipper Average.
The Consumer Price Index is a commonly used measure of inflation;
it does not represent an investment return.
The fund performance supplement has been prepared by Putnam
Management to provide additional information about the fund and
the indexes used for performance comparisons. The information is
not part of the portfolio of investments owned or the financial
statement.<PAGE>
Putnam
New York
Tax Exempt
Money Market
Fund
Fund information
Investment manager
Putnam Investment
Management, Inc.
One Post Office Square
Boston, MA 02109
Marketing services
Putnam Mutual Funds Corp.
One Post Office Square
Boston, MA 02109
Investor servicing agent
Putnam Investor Services
Mailing address:
P.O. Box 41203
Providence, RI 02940-1203
1-800-225-1581
Custodian
Putnam Fiduciary
Trust Company
Legal counsel
Ropes & Gray
Independent accountants
Coopers & Lybrand
(DALBAR logo)
Putnam Investor Services
has received the DALBAR
award each year since the
award's 1990 inception.
In more than 10,000 tests
of 38 shareholder
service components,
Putnam outperformed
the industry standard
in every category.
27-10013<PAGE>
Officers
George Putnam
President
Charles E. Porter
Executive Vice President
Patricia C. Flaherty
Senior Vice President
Lawrence J. Lasser
Vice President
Gordon H. Silver
Vice President
John R. Verani
Vice President
Gary N. Coburn
Vice President
James E. Erickson
Vice President
Lindsey M. Callen
Vice President and Fund Manager
William N. Shiebler
Vice President
John D. Hughes
Vice President and Treasurer
Paul O'Neil
Vice President
Beverly Marcus
Clerk and Assistant Treasurer
Trustees
George Putnam, Chairman,
William F. Pounds, Vice Chairman,
Hans H. Estin, John A. Hill,
Elizabeth T. Kennan, Lawrence J. Lasser,
Robert E. Patterson, Donald S. Perkins,
George Putnam, III, A.J.C. Smith,
W. Nicholas Thorndike
This report is for the information of shareholders of Putnam New
York Tax Exempt Money Market Fund. It may also be used as sales
literature when preceded or accompanied by the current prospectus,
which gives details of sales charges, investment objectives and
operating policies of the fund.<PAGE>
- ---------------
Bulk Rate
U.S. Postage
Paid
Boston, MA
Permit No. 53749
- ---------------
PUTNAM INVESTMENTS
The Putnam Funds
One Post Office Square
Boston, Massachusetts 02109
<PAGE>
APPENDIX TO FORM N30D FILINGS TO DESCRIBE DIFFERENCES BETWEEN
PRINTED AND EDGAR-FILED TEXTS:
(1) Rule lines for tables are omitted.
(2) Boldface and italic typefaces are displayed in normal type.
(3) Headers (e.g, the name of the fund) and footers (e.g., page
numbers) are omitted.
(4) Because the printed page breaks are not reflected, certain
tabular and columnar headings and symbols are displayed differently
in this filing.
(5) Bullet points and similar graphic signals are omitted.
(6) Page numbering is different.
