PUTNAM NEW YORK TAX EXEMPT OPPORTUNITIES FUND
N-30D, 1994-05-26
Previous: DREYFUS PENNSYLVANIA MUNICIPAL MONEY MARKET FUND, N-30D, 1994-05-26
Next: PATRIOT PREMIUM DIVIDEND FUND I, NSAR-A, 1994-05-26



(logo)

Putnam 
New York 
Tax Exempt 
Opportunities 
Fund

Semiannual Report
March 31, 1994

(artwork)

For investors seeking 
high current income 
free from federal, 
New York State and 
New York City 
income taxes

Contents
 2   How your fund performed
 3   From the Chairman
 4   Report from Putnam Management
     Semiannual Report
 7   Portfolio of investments owned
12   Financial statements
18   Fund performance supplement
19   Your Trustees

A member 
of the Putnam 
Family of Funds<PAGE>
How your 
fund performed

For periods ended March 31, 1994

Total return*                                    Lehman
                                    Brothers   Consumer
             Class A               Class B     Municpal    Price
      NAV          POP    NAV   CDSC         Bond Index    Index

6 months       -2.15%  -6.75%     --      --     -4.16%    1.45%
1 year            2.23  -2.63     --      --       2.32     2.51
3 years          25.72  19.78     --      --      26.63     9.04
annualized        7.93   6.20     --      --       8.19     2.93
Life-of-fund 
  (Class A)      28.89  22.82     --      --      32.67    10.26
annualized        7.75   6.23     --      --       8.70     2.92
Life-of-fund 
  (Class B)         --     -- -4.05%  -8.81%      -6.56     0.68

Share data                                  Class A      Class B
                                 NAV     POP        NAV

September 30, 1993                     $9.12      $9.57       --
February 1, 1994 
  (inception of class B shares)           --         --    $9.07
March 31, 1994                         $8.64      $9.07    $8.63


Distributions+
6 months ended                    Investment    Capital
March 1, 1994   Number        income   gains               Total

Class A 7                  $0.274401  $0.016           $0.290401
Class B 2                  $0.073545      --           $0.073545

                                    Taxable Equivalents
Current returns             Class A  Class B           Class A     Class B
at the end of the 
  period           NAV    POP    NAV     NAV        POP      NAV

Current dividend 
  rate           6.44%  6.14% 5.36%           11.54%(a)11.00%(a)  9.60%(a)
                                    12.12(b)   11.56(b) 10.09(b)
Current 30-day 
  yield           5.43   5.17   4.02 9.73(a)    9.26(a)  7.20(a)
                                    10.22(b)    9.73(a)  7.57(b)
<PAGE>
*  Performance data represent past results. Investment return and
principal value will fluctuate so an investor's shares, when
redeemed, may be worth more or less than their original cost.
Effective Feburary 1, 1994, the fund began offering class B
shares. Results for each share class will differ.

+  Capital gains, if any, are taxable for federal and, in most
cases, state purposes. An investment may also be subject to the
alternative minimum tax.

(a)  Assumes maximum combined federal and state tax rate of
44.19%.

(b)  Assumes maximum combined state and federal and city tax
rates of 46.88%. In both cases, investors in lower brackets would
still have the opportunity for attractive tax benefits. Consult
your tax advisor for 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. It may be shown at net asset value or at
public offering price.

Net asset value (NAV) is the value of all your fund's assets,
minus any liabilities, divided by the number of outstanding
shares, not reflecting any sales charge.

Public offering price (POP) is the price of a mutual fund share
plus the maximum 4.75% sales charge levied at the time of
purchase.

Current dividend rate is calculated by annualizing the net
investment income paid to shareholders in the fund's most recent
distribution, then dividing by the NAV or POP on the last day of
the period.

Current 30-day yield, based only on the fund's net investment
income earnings, 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 18 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:

Putnam New York Tax Exempt Opportunities Fund's six-month
performance has declined somewhat in the wake of rising interest
rates, but so far, your fund has weathered the correction better
than the general market. Interest-rate shifts notwithstanding,
the fund continues to meet its primary objective of providing
attractive monthly income free from New York and federal taxes.
On March 31, 1994, your fund's class A dividend rate at net asset
value was 6.44% -- an attractive tax-free yield given the rates
available on alternative taxable investments. The fund has
achieved this goal by concentrating assets in such sectors as
health care, utilities and education -- industries that
historically have offered relatively high-coupon bonds.

The economy's strength during the fourth quarter of 1993 (the
best in 10 years) caused much nervousness in the bond markets
during the first few months of 1994. Renewed fears of inflation
led the Federal Reserve to raise short-term interest rates for
the first time in five years. As a result, longer-term interest
rates have also climbed dramatically. The 30-year Treasury bond
yield reached 7.13% by the end of the semiannual period -- a
considerable increase from the 25-year low of 5.79% last October.

The ability to fine-tune a portfolio in response to changing
economic conditions demonstrates a significant advantage of
professional management. Fund manager David Eurkus has worked to
minimize the price volatility that naturally results from a
rising interest rate environment while capturing the higher
income potential offered by newer municipal bonds coming to
market.

In spite of recent volatility and speculation about future
interest rate increases, we believe Putnam New York Tax Exempt
Opportunities Fund's methodically structured portfolio will
continue to deliver attractive levels of tax-free income for the
balance of this fiscal year and beyond.

Respectfully yours,

George Putnam
May 19, 1994
<PAGE>
Report from 
Putnam Management

Favorable economic and supply/demand trends were not enough to
offset the dampening effect of sudden interest rate increases on
bond prices. As a result, Putnam New York Tax Exempt
Opportunities Fund's Class A total return performance for the six
months ended March 31, 1994 was a disappointing -2.15% at net
asset value. On a positive note, the fund did far better than the
Lehman Brothers Municipal Bond Index, which declined -4.16%. We
believe the portfolio's diversification -- one of the advantages
of professional management -- was a crucial factor in softening
the impact of the rate increases.

Our efforts to provide you with attractive income while managing
interest-rate risk have earned the fund Morningstar's coveted
five-star rating, most recently as of March 31, 1994.
Morningstar, Inc. rates a fund against funds with similar
objectives every two weeks, based on risk-adjusted 3-, 5- and 10-
year total return, as applicable, and adjusted for sales charges.

On a yield basis, Putnam New York Tax Exempt Opportunities Fund
continues to meet its objective of providing a stable source of
tax-exempt income. To bring home the tax advantages of a fund
investment, consider this: to keep pace with the fund's class A
6.44% dividend rate at net asset value, shareholders who pay the
maximum 46.88% federal, state and city rate would have to receive
12.12% from an equivalent taxable investment. Most investors in
lower brackets would also enjoy substantial tax savings.

Inflation fears fuel rising rates Having reached a 25-year bottom
in October 1993, low interest rates dominated the financial
landscape until the last two months of the semiannual period,
when they began to climb noticeably. Strong economic indicators
for the fourth quarter of 1993 aggravated fears of rising
inflation and led the Federal Reserve to raise short-term
interest rates on February 4 and March 22, 1994. While there has
been much debate about the timing and degree of these rate
increases, the bond market reacted as any economist would have
predicted. Prices on existing bonds fell as interest rates on
Treasury bonds increased across the entire yield spectrum.

Municipal bonds have not been immune to the price depreciation
that naturally follows interest rate increases. However, the news
is not all bad. Investors, preoccupied with short-term losses and
inflationary fears may well overlook sound buying opportunities.
With the aid of our extensive, in-house research
capabilities,we're able to identify and capture promising
securities at attractive prices. And, of course, there is an
obvious benefit of rising interest rates: the fund's income
stream can directly benefit from the purchase of new bonds coming
to market -- bonds which carry higher coupons than have been
available during recent months.
<PAGE>
Diversified state economy adds stability New York is one of the
country's top issuers of municipal bonds. When it comes to
selecting investments, the sheer size and diversity of the Empire
State's economy provides a ready-made opportunity for a well-
diversified portfolio. Currently, your fund owns 108 separate
bond issues with an average quality rating of A. More than 44% of
the portfolio is invested in education, health care and utility
bonds -- industries which typically carry some of the  higher-
quality, higher-coupon bonds in the municipal bond universe.

With the state on a more secure economic footing than it has been
in recent years, there is the possibility that many of New York's
general obligation bonds (GOs) may be modestly upgraded sometime
during the year. An upgrade in these tax-based bonds could
portend upgrades of bonds issued by major state agencies financed
through state appropriations. The State and City university
systems and medical facilities are examples of agencies that
could benefit. Such an event could be quite positive for your
fund, as prices of these holdings could appreciate to reflect
rising investor confidence and demand.

Going forward, we expect to maintain our fully invested position
and add to existing positions at these less expensive price
levels. There may be some redeployment of assets as bonds which
have reached their potential are sold and the proceeds are
invested in higher-yielding, higher-quality bonds. As always, we
are vigilant for new bonds that can help the fund meets its
objective of high income and low volatility of net asset value.

A longer view The fundamental outlook for municipal bonds remains
a positive one. Favorable supply/demand trends have played a
pivotal role in your fund's performance and are expected to
continue to do so during the second half of its fiscal year.
Rising interest rates have had a sobering effect on the
refinancing phenomenon, reducing supply from one of the largest
sources of new issues. In the face of higher taxes and
strengthening demand, shrinking supply could further enhance the
value of the bonds in the portfolio, and thus, the fund's net
asset value.

While the rally in municipal bonds may have been one of the major
factors in helping the fund to deliver attractive total return
for 1993, we believe opportunities in 1994 will carry more of an
income emphasis. We'll be positioning the portfolio to take full
advantage of the opportunities these trends present and look
forward to continuing to meet your income needs through prudent
investments in New York municipal securities.
<PAGE>
Top industry sectors (based on percentage of net assets as of
3/31/94)
(BAR CHART)
  Health care/hospitals    ..............................23.1%
Utilities              ................11.8%
Education              .............9.3%
          Water & sewer    ........6.2%
         Transportation    .......6.0%
<PAGE>
<TABLE>
<CAPTION>

Portfolio of 
investments owned

March 31, 1994 (Unaudited)

Municipal Bonds and Notes (98.6%)(a)
<S>         <C>                                                   <C>                <C>
Principal Amount                                           Ratings(b)              Value
New York (90.8%)
            Babylon, Indl. Dev. Agcy. Resource Recvy.
              Rev. Bonds (Ogden Martin Syst.)
  $1,960,000   Ser. B, 8 1/2s, 1/1/19                             Baa        $ 2,163,350
  985,000   Ser. C, 8 1/2s, 1/1/19                                Baa          1,087,193
  500,000   Battery Park, City Auth. Rev. Bonds, 7.7s, 5/1/15     AAA            568,750
  750,000   Buffalo, Swr. Auth. Rev. Bonds, Ser. D, American
              Municipal Bond Assurance Corp. (AMBAC),
              7 5/8s, 7/1/06                                      AAA            825,000
  600,000   Erie Cnty., General Obligation (G.O.) Bonds,
              Ser. A, 9 1/2s, 2/1/00                              BBB            645,750
1,130,000   Erie Cnty., Wtr. Auth. Rev. Bonds, AMBAC,
              zero %, 12/1/17                                     AAA            207,637
4,000,000   Hempstead, Town Acgy. Resource Recvy. Rev.
              Bonds (American Fuel Co.), 7.4s, 12/1/10              A          4,245,000
2,765,000   Ithaca, Hsg. Corp. Mtge. Rev. Bonds (Eddygate
              Park Apts. Project), 9s, 6/1/06                   BBB/P          2,799,562
2,650,000   Jefferson Cnty., Indl. Dev. Agcy. Solid Waste
              Disposal Rev. Bonds (Champion Intl. Corp.),
              7.2s, 12/1/20                                       Baa          2,762,625
            Metro. Trans. Auth. Svcs.
              Contract Fac. Rev. Bonds
  460,000   Ser. 3, 7 1/2s, 7/1/16                                BBB            526,125
2,000,000   (Commuter Fac.), Ser. 5, 6 1/2s, 7/1/16               Baa          2,005,000
  600,000   Metro. Trans. Auth. Trans. Fac. Rev. Bonds,
              Ser. F, 8 3/8s, 7/1/16                              AAA            664,500
            NY City, G.O. Bonds
1,000,000   Ser. D, 8 1/4s, 8/1/11                                  A          1,147,500
  300,000   Ser. B, 8 1/4s, 6/1/05                                  A            347,625
  380,000   Ser. F, 3s, 11/15/00                                    A            322,525
5,415,000   NY City, Hlth. & Hosp. Auth. Local Govt.
             Rev. Bonds, Ser. A, 6s, 2/15/06                     Baa           5,252,550
            NY City, Hsg. Dev. Corp.
             Multi-Fam. Hsg. Rev. Bonds
1,750,000   1st Ser. 85, Federal Housing Admin. (FHA) Insd.,
              9 7/8s, 10/1/17                                      AA          1,830,937
  600,000   Ser. A, FHA Insd., 9 5/8s, 1/1/19                       A            636,750
            NY City, Indl. Dev. Agcy. Civic Fac. Rev. Bonds
4,250,000   (Parking Corp. Project), 8 1/2s, 12/30/22            BB/P          4,250,000
1,500,000   (The Lighthouse Inc. Project), 6 1/2s, 7/1/22          AA          1,531,875
            NY City, Muni. Fin. Auth. Wtr. & Swr.
              Syst. Rev. Bonds
  650,000   Ser. C, 7 3/4s, 6/15/20                               AAA            757,250
  185,000   Ser. B, Financial Guaranty Insurance Co.
              (FGIC), 7 1/2s, 6/15/11                             AAA            209,281
1,935,000   Ser. A, Municipal Bond Insurance Assn.
              (MBIA), zero %, 6/15/03                             AAA          1,170,675
            NY State Crossover G.O. Bonds
  750,000   6 1/8s, 11/15/13                                        A            742,500
  475,000   6 1/8s, 11/15/12                                        A            470,250
            NY State Dorm. Auth. Rev. Bonds
  $1,000,000   (City U.), Ser. R, 10 7/8s, 7/1/14                 Baa          1,035,000
2,200,000   (City U.), Ser. T, 10 1/4s, 7/1/12                    Baa          2,392,500
4,670,000   (The Society of NY Hosp.), 9 3/4s, 7/1/15             Baa          4,815,937
1,100,000   (Rochester General Hosp.), FHA Insd., 
              8 3/4s, 2/1/25                                       AA          1,189,375
  170,000   (City U.), Ser. D, 8 3/4s, 7/1/03                     BBB            201,450
1,250,000   (Long Island Med. Ctr.), Ser. A,
              FHA Insd., 7 3/4s, 8/15/27                          AAA          1,368,750
  835,000   (NY Dept of Ed.), 7 3/4s, 7/1/21                      Baa            933,113
1,000,000   (State U. Edl. Fac.), Ser. A, 7 5/8s, 5/15/05         Baa          1,146,250
  750,000   (State U.), Ser. A, 7 1/2s, 5/15/13                   Baa            834,375
  605,000   (Cornell U.), Ser. A, 7 3/8s, 7/1/30                   AA            673,819
  500,000   (Wildwood School), 7.3s, 7/1/15                         A            540,625
2,050,000   (Our Lady of Mercy), 6.3s, 8/1/32                      AA          2,014,125
1,125,000   (Culinary Institute of America), 6s, 7/1/22           AAA          1,082,813
1,000,000   (New Hope Cmnty. College), 5.7s, 7/1/17                Aa            917,500
1,400,000   (Upstate Cmnty. Colleges), 5 1/2s, 7/1/14             Baa          1,247,750
  725,000   (State U. Edl. Fac.), Ser. B, zero %, 5/15/09         Baa            271,875
            NY State Energy Research & Dev. Auth. Elec.
              Fac. Rev. Bonds
2,075,000   (Cons. Edison Co. of NY, Inc. Project), 9s, 8/15/20    Aa          2,222,844
   1,600,000   (Cons. Edison Co. of NY, Inc. Project), 7 1/2s, 
              7/1/25                                               Aa          1,728,000
1,000,000   6 3/4s, 1/15/27                                        Aa          1,031,250
            NY State Energy Research & Dev. Auth.
              Gas Fac. Rev. Bonds
2,850,000   (Brooklyn Union Gas Co. Project), 9s, 5/15/15           A          3,038,813
4,000,000   (Brooklyn Union Gas Co. Project), 8 3/4s, 7/1/15        A          4,270,000
            NY State Energy Research & Dev. Auth. Poll.
              Control Rev. Bonds
  400,000   (NY State Elec. & Gas Corp.), Ser. C, 12.3s, 
              7/1/14                                              Baa            419,500
5,110,000   (NY State Elec. & Gas Corp.), Ser. 84-A, 12s, 
              5/1/14                                              Baa          5,288,850
5,135,000   (Niagara Mohawk Pwr. Corp. Project), Ser. 1, 
              11 3/8s, 10/1/14                                    Baa          5,430,262
2,000,000   (Niagara Mohawk Pwr. Corp. Project),
              Ser. A, 11 1/4s, 7/1/14                             Baa          2,075,000
2,325,000   (Orange and Rockland Util. Project), 10 1/4s, 
              10/1/14                                               A          2,435,437
4,580,000   (Niagara Mohawk Pwr. Corp. Project),
              Ser. I, 8 7/8s, 11/1/25                             Baa          4,912,050
            NY State Environmental Fac. Corp. Poll. Control Rev.
              Bonds (State Wtr. Revolving Fund)
  500,000   Ser A, 7 1/2s, 6/15/12                                  A            563,750
3,600,000   7 1/8s, 7/1/12                                          A          3,883,500
1,550,000   NY State Environmental Fac. Corp. Special Oblig.
            Control Rev. Bonds (State Pk. Infrastructure),
              Ser. A, 5 3/4s, 3/15/13                             Baa          1,418,250
            NY State Hsg. Fin. Agcy. Rev. Bonds
  750,000   (Multi-Fam. Hsg. Secd. Mtge. Program),
              Ser. D, 6.2s, 8/15/12                                Aa            736,875
  970,000   (Mult-Fam. Insd. Mtge.), Ser. 83A, 10s, 5/1/23         Aa            989,400
            NY State Hsg. Fin. Agcy. Svcs.
              Contract Oblig. Rev. Bonds
  700,000   Ser. A, 7.8s, 9/15/20                                 AAA            817,250
  500,000   Ser. A, 7 1/4s, 9/15/12                               Baa            538,750
1,000,000   Ser. C, 6.3s, 9/15/12                                 Baa            991,250
3,500,000   Ser. C, 6 1/8s, 3/15/20                               Baa          3,346,875
  100,000   NY State Local Govt. Assistance Corp. Rev.
              Bonds, Ser. C, 7s, 4/1/21                           AAA            112,125
            NY State Med. Care Fac. Fin. Agcy. Rev. Bonds
  350,000   (Nursing Home Insd. Mtge.), Ser. B, FHA Insd.,
              10 1/2s, 1/15/24                                      A            357,875
1,490,000   (Mercy Cmnty. Hosp.-Sisters of Mercy),
              Ser. A, 9.8s, 11/1/16                                 A          1,521,663
  430,000   Ser. A, FHA Insd., 9 1/4s, 1/15/25                     Aa            452,575
  495,000   (Hosp. & Nursing Home Insd. Mtge.), Ser. B,
              FHA Insd., 9 1/8s, 2/15/25                           AA            520,988
1,850,000   (Hosp. & Nursing Home Insd. Mtge.),
              Ser. C, FHA Insd., 9s, 2/15/26                       Aa          1,942,500
  635,000   (Hosp. & Nursing Home Insd. Mtge.), Ser. B,
              FHA Insd., 8 7/8s, 8/15/27                           AA            708,025
2,595,000   (Mt. Sinai Hosp. Insd. Mtge.), Ser. C, FHA
              Insd., 8 7/8s, 1/15/26                              AAA          2,854,500
  400,000   (Kingston Hosp. Project), 8 7/8s, 11/15/17              A            430,500
2,645,000   (Mental Hlth. Svcs. Fac.), Ser. A, 8 
              7/8s, 8/15/07                                       Baa          2,965,706
  750,000   (Brooklyn, Caledonia & Long Island Hosps. Insd.
              Mtge.), Ser. A, FHA Insd., 8 1/2s, 1/15/22          AAA            820,313
   30,000   (Mt. Sinai Hosp. Insd. Mtge.), Ser. C, FHA Insd.,
              8 3/8s, 1/15/00                                     AAA             32,738
  425,000   7 7/8s, 8/15/08                                       AAA            479,719
  360,000   (Mental Hlth. Svcs. Fac.), Ser. B, 7 7/8s, 8/15/08    AAA            419,850
   70,000   (Mental Hlth. Svcs. Fac.), Ser. A, 7.8s, 2/15/19      AAA             76,650
  130,000   7.8s, 2/15/19                                         AAA            148,200
  230,000   (Mental Hlth. Svcs. Fac.), Ser. A, 7 1/2s, 2/15/21    Baa            251,850
  620,000   (Mental Hlth. Svcs. Fac.), Ser. A, 7 1/2s, 2/15/01    AAA            712,225
  200,000   (Bronx, Lebanon & the Jamaica Hosps.),
              Ser. A, 7.1s, 2/15/27                               Baa            208,750
  700,000   (Hosp. & Nursing Home Insd. Mtge.), Ser. D,
              FHA Insd., 6.6s, 2/15/31                             AA            715,750
4,000,000   (Mental Hlth. Svcs. Fac.), Ser. F, 6 1/2s, 8/15/12    Baa          4,010,000
3,220,000   (Hosp. & Nursing Home Insd. Mtge.), Ser. C,
              6 1/4s, 8/15/12                                     AAA          3,159,625
1,700,000   (Hosp. & Nursing Home Insd. Mtge.), Ser. A,
              FHA Insd., 6.2s, 2/15/23                            AAA          1,661,750
  750,000   (Hosp. & Nursing Home Insd. Mtge.), Ser. B,
              FHA Insd., 6.2s, 8/15/22                            AAA            733,125
            NY State Mtge. Agcy. Rev. Bonds
1,135,000   5th Ser., 9 3/4s, 10/1/10                              Aa          1,198,844
1,855,000   (Single-Fam.) Ser. 2, zero %, 10/1/14                  Aa            275,931
1,580,000   NY State Mtge. Agcy. Rev. Bonds, Ser. A,
              6 5/8s, 3/15/06                                       A          1,678,750
            NY State Urban Dev. Corp. Rev. Bonds
2,510,000   (Correctional Fac.), 8s, 1/1/15                       Aaa          2,717,075
1,285,000   (Onondaga Cnty. Convention Project), 7 7/8s,
              1/1/20                                              Baa          1,421,531
  500,000   (State Fac.), 7 1/2s, 4/1/20                          Baa            543,750
  500,000   (Correctional Fac.), Ser. 2, 7 1/2s, 1/1/18           Baa            573,125
5,000,000   (Correctional Fac.), 5 1/2s, 1/1/18                   Baa          4,381,250
1,500,000   North Cnty., Dev. Auth. Rev. Bonds
              (Solid Waste Mgmt. Syst.), Ser. A, 6 3/4s, 
              7/1/12                                              Baa          1,513,125
2,800,000   Onondaga Cnty., Indl. Dev. Agcy. Civic Fac.
              Rev. Bonds, 6 5/8s, 1/1/18                          Baa          2,670,500
            Port Auth. of NY & NJ Cons. Bonds
3,300,000   53rd Ser., 8.7s, 7/15/20                               AA          3,535,125
3,500,000   65th Ser., FGIC, 7s, 9/1/24                           AAA          3,736,250
  280,000   78th Ser., 6 1/2s, 4/15/11                             AA            291,550
  175,000   78th Ser., 6 1/2s, 10/15/08                            AA            180,906
  500,000   Schulyer Cnty., Indl. Dev. Rev. Bonds, 6.2s, 
              10/1/05                                              AA            510,000
            United Nations Dev. Corp. Rev. Bonds
  200,000   (Sr. Lien, Phase 2 & 3), Ser. A, 7 7/8s, 7/1/26       Aaa            219,250
1,000,000   (Sr. Lien, Phase 2 & 3), Ser A, 6s, 7/1/12              A            970,000
1,470,000   Valley Hlth. Dev. Corp. Mtge. Rev. Bonds
              (Valley Hlth. Project), FHA Insd., 11.3s, 2/1/23      A          1,740,113

                                                          157,427,450

Puerto Rico (7.2%)

            Cmnwlth. of Puerto Rico, Aqueduct &
              Swr. Auth. Rev. Bonds
5,000,000   Ser. A, 7.9s, 7/1/07                                  Baa          5,562,500
1,260,000   Ser. A, 7 7/8s, 7/1/17                                Baa          1,389,150
  500,000   Cmnwlth. of Puerto Rico, Hwy. & Trans. Auth.
              Rev. Bonds, Ser. S, 6 1/2s, 7/1/22                  AAA            550,000
<PAGE>
5,000,000   Puerto Rico Tel. Auth. Residual
              9.467s, 1/1/20, (acquired 9/25/92, 
              cost $4,837,500)(c)                                   A          5,000,000

                                                           12,501,650

Virgin Islands (0.6%)

1,000,000   Virgin Islands, Pub. Fin. Auth. Rev. Bonds
              (Matching Funds Loan Notes), Ser. A, 7 1/4s,
              10/1/18                                           BBB/P          1,053,750

            Total Investments (cost $174,223,254)(d)                        $170,982,850

/TABLE
<PAGE>
Notes
(a)  Percentages indicated are based on net assets of
$173,394,479, which correspond to a net asset value per class A
shares and class B shares of $8.64 and $8.63, respectively.

(b)  The Moody's or Standard & Poor's ratings indicated are
believed to be the most recent ratings available at March 31,
1994 for the securities listed. Ratings are generally ascribed to
securities at the time of issuance. While the agencies may from
time to time revise such ratings, they undertake no obligation to
do so, and the ratings do not necessarily represent ratings which
agencies would ascribe to these securities at March 31, 1994.
Securities rated by Putnam are indicated by "/P" and are not
publicly rated.

(c)  Restricted as to public resale. At the date of acquisition
this security was valued at cost. There were no outstanding
unrestricted securities of the same class as that held. Total
market value of the restricted security owned at March 31, 1994
was $5,000,000 or 2.9% of net assets.

(d)  The aggregate identified cost on a tax basis is
$174,223,254, resulting in gross unrealized appreciation and
depreciation of $2,375,445 and $5,615,848, respectively, or net
depreciation of $3,240,404.

The rates shown on Residual Interest Bonds are the current
interest rates at March 31, 1994, which are subject to change
based on the terms of the security.

The Fund had the following industry group concentrations greater
than 10% on March 31, 1994 (as a percentage of net assets):
 
    Health Care/Hospital      23.1%
    Utilities                  11.8

The Fund had the following insured-bond concentration greater
than 10% at March 31, 1994 (as a percentage of net assets):

    FHA Insured               12.3%

<PAGE>
<TABLE>
<CAPTION>

Statement of 
assets and liabilities

March 31, 1994 (Unaudited)
<S>                                                               <C>                <C>
Assets
         Investments in securities, at value
           (identified cost $174,223,254) (Note 1)                          $170,982,850
         Cash                                                                    416,608
         Interest receivable                                                   3,488,187
         Receivable for shares of the Fund sold                                  684,430
         Unamortized organization expenses (Note 1)                               17,086

         Total assets                                                        175,589,161

Liabilities                                                          
         Payable for securities purchased
         Distributions payable to shareholders               $274,004
         Payable for shares of the Fund repurchased         1,463,134
         Payable for compensation of Manager (Note 2)         286,858
         Payable for administrative services (Note 2)           5,165
         Payable for compensation of Trustees (Note 2)            636
         Payable for investor servicing and custodian fees (Note 2)               32,257
         Payable for distribution fees (Note 2)                91,108
         Other accrued expenses                                41,520

         Total liabilities                                                     2,194,682

         Net assets                                                         $173,394,479

Represented by
         Paid-in capital (Notes 4 and 5)                                    $176,849,644
         Distributions in excess of net investment income                       (54,035)
         Accumulated net realized loss on investment transactions              (160,726)
         Net unrealized depreciation of investments                         (3,240,404) 
<PAGE>
         Total -- Representing net assets applicable to capital 
           shares outstanding                                               $173,394,479

Computation of
net asset value
and offering price
         Net asset value and redemption price per class A share 
($171,973,368 divided by 19,915,446 shares)                                        $8.64
         Offering price per share (100/95.25 of $8.64)*                            $9.07
         Net asset value and redemption price of class B
shares ($1,421,111 divided by 164,642 shares)**                                    $8.63

*        On single retail sales of less than $25,000. On sales of $25,000 or more and on group
sales the offering price is reduced.
**       Redemption price per share is equal to net asset value less any applicable contingent
deferred sales charge.

/TABLE
<PAGE>
<TABLE>
<CAPTION>

Statement of 
operations

Six months ended March 31, 1994 (Unaudited)

Tax exempt interest income                                                    $6,355,162
<S>      <C>                                                      <C>                <C>
Expenses:
Compensation of Manager (Note 2)                             $575,145
Investor servicing and custodian fees (Note 2)                 77,235
Compensation of Trustees (Note 2)                               6,681
Reports to shareholders                                        11,468
Auditing10,470
Legal6,732
Postage5,485
Administrative services (Note 2)                                5,485
Registration fees                                              11,468
Distribution fees -- class A (Note 2)                         177,270
Distribution fees -- class B (Note 2)                           1,975
Amortization of organization expenses (Note 1)                  1,722
Other4,868

  Total expenses                                                                 896,004

Net investment income                                                          5,459,158

Net realized loss on investments (Notes 1 and 3)                               (140,164)
Net unrealized depreciation of investments during the year                   (9,266,260)

Net loss on investments                                                      (9,406,424)

Net decrease in net assets resulting from operations                        $(3,947,266)

</TABLE>

<PAGE>
<TABLE>
<CAPTION>

Statement of 
changes in net assets

                                                     Six months ended         Year ended
                                                             March 31       September 30
                                                                1994*               1993
<S>                                                               <C>                <C>
Increase in net assets
Operations:
Net investment income                                      $5,459,158         $8,795,470
Net realized gain (loss) on investments                     (140,164)            309,911
Net unrealized appreciation (depreciation)
of investments                                            (9,266,260)          3,964,474

Net increase (decrease) in net assets resulting
from operations                                           (3,947,266)         13,069,855

Distributions to shareholders from:
Net investment income
class A(5,390,954)                                        (8,795,470)
class B(4,894)                                                     --
In excess of net investment income class A                         --          (115,134)
Net realized gain on investments -- class A                 (316,592)                 --
Increase from capital share transactions (Note 4)          12,521,008         57,765,169

Total increase in net assets                                2,861,302         61,924,420

Net assets
Beginning of period                                       170,533,177        108,608,757

End of period (including distributions in excess
of net investment income of $54,035 and $127,399,
respectively)                                            $173,394,479       $170,533,177

* Unaudited.
/TABLE
<PAGE>
<TABLE>
<CAPTION>

Financial Highlights*

(For a share outstanding throughout the period)

                                                                                                        For the period
                                                                                                      November 7, 1990
                                             For the period     Six months                               (commencement
                                           February 1, 1994          ended               Year ended  of operations) to
                                               to March 31+       March 31             September 30       September 30

   1994**                                            1994**           1993        1992         1991
 Class B                                                                       Class A
<S>   <C>                                               <C>            <C>         <C>          <C>
Net Asset Value,
Beginning of Period                                   $9.07          $9.12       $8.86        $8.67              $8.50

Investment Operations
Net Investment Income                                .04(e)           .27         .57       .63(a)              .58(a)
Net Realized and Unrealized
Gain on Investments                                   (.41)          (.46)         .27          .19                .17

Total from Investment operations                      (.37)         (.19)         .84          .82                 .75

Less Distributions from:
Net Investment Income                                 (.07)         (.27)        (.57)        (.63)              (.58)
In excess of Net
Investment Income                                       --             --       (.01)           --                  --
Net Realized Gain on
Investments                                             --          (.02)          --           --                  --

Total Distributions                                   (.07)          (.29)       (.58)        (.63)              (.58)

Net Asset Value, End of Period                        $8.63          $8.64       $9.12        $8.86              $8.67

Total Investment Return at
Net Asset Value (%) (b)                           -23.82(c)       -4.30(c)        9.80         9.89           10.29(c)<PAGE>
 Net Assets, End of Period
(in thousands)                                       $1,421       $171,973    $170,533     $108,609            $30,864

Ratio of Expenses to Average
Net Assets (%)                                       .07(c)        .54(c)        1.02        .91(a)          .77(a)(c)
Ratio of Net Investment Income
to Average Net Assets (%)                            .08(c)        3.08(c)       6.32      7.04(a)          8.08(a)(c)
Portfolio Turnover (%)                              4.03(d)        4.03(d)      17.68        11.56             5.74(d)

*  Financial highlights for periods ended through September 30, 1992 have been restated to conform with requirements
issued by the SEC in April 1993.
**  Unaudited.
+  Commencement of operations for class B shares.
(a)  Reflects an expense limitation in effect during the period. As a result, expenses of the Fund for the year ended
September 30, 1992 and the period ended September 30, 1991 reflect reductions of approximately $0.02 and $0.07 per
share, respectively.
(b)  Total investment return assumes dividend reinvestment and does not reflect the effect of sales charges.
(c)  Annualized.
(d)  Not annualized.
(e)  Per share net investment income has been determined on the basis of the weighted average number of shares
outstanding during the period.

</TABLE>
<PAGE>
Notes to 
financial statements

March 31, 1994 (Unaudited)

Note 1 Significant accounting policies

The Fund is registered under the Investment Company Act of 1940,
as amended, as a non-diversified, open-end management investment
company. 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 Putnam Management believes does not involve undue
risk to income or principal by investing primarily in a portfolio
of investment grade New York tax-exempt securities.

The Fund offers both class A and class B shares. The Fund
comenced its public offering of class B shares on February 1,
1994. Class A shares are sold with a maximum front-end sales
charge of 4.75%. Class B shares do not pay a front-end sales
charge, but pay a higher ongoing distribution fee than class A
shares, and may be subject to a contingent deferred sales charge,
if those shares are redeemed within six years of purchase. In
addition, the Trustees declare separate dividends on each class
of shares. Expenses of the Fund are borne pro-rata by the holders
of both classes of shares, except that each class bears expenses
unique to that class (including the distribution fees applicable
to such class), and votes as a class only with respect to its own
distribution plan or other matters on which a class vote is
required by law or determined by the Trustees. Shares of each
class would receive their pro-rata share of the net assets of the
fund, if the Fund were liquidated.

The following is a summary of significant accounting policies
followed by the Fund in the preparation of its financial
statements. The policies are in conformity with g
enerally accepted accounting principles.

A) Security valuation Tax-exempt bonds and notes are stated on
the basis of valuations provided by a pricing service, approved
by the Trustees, which uses information with respect to
transactions in bonds, quotations from bond dealers, market
transactions in comparable securities and various relationships
between securities in determining value.

B) Security transactions and related investment income
Security transactions are accounted for on the trade date (date
the order to buy or sell is executed). Interest income is
recorded on the accrual basis.

C) Federal 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. Therefore, no provision has been made for federal taxes on
income, capital gains or unrealized appreciation of securities
held and excise tax on income and capital gains.

D) Distributions to shareholders Income dividends are declared
daily by the Fund and are distributed monthly. Capital gain
distributions, if any, are recorded on the ex-dividend date and
paid annually.

E) Amortization of bond premium and accretion of bond discount
Any premium resulting from the purchase of securities in excess
of maturity value is amortized on a yield-to-maturity basis.
Discount on zero-coupon bonds, original issue discount bonds and
step-up bonds is accreted according to  the effective yield
method.

F) Unamortized organization expenses Expenses incurred by the
Fund in connection with its organization, its registration with
the Securities and Exchange Commission and with various states,
and the initial public offering of its shares aggregated to be
$30,827. These expenses are being amortized over a five-year
period based on current and projected net asset levels.


Note 2 Management fee, administrative services, and other
transactions

Compensation of The Putnam Management Company, Inc., the Fund's
Manager, a wholly-owned subsidiary of The Putnam Companies, Inc.,
for management and investment advisory services is paid quarterly
based on the average net assets of the Fund for the quarter. Such
fee is based on the following annual rates: 0.65% of the first
$500 million of average net assets, 0.55% of the next $500
million, 0.50% of the next $500 million and 0.45% 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 six months ended March 31, 1994 the Fund paid
$5,485 for these services.

Trustees of the Fund receive an annual Trustee's fee of $790, 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.
<PAGE>
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 six months
ended March 31, 1994 amounted to $77,235. Investor servicing and
custodian fees reported in the Statement of Operations for the
six months ended March 31, 1994 have been reduced by credits
allowed by PFTC.

The Fund has adopted a Distribution Plan with respect to its
class A shares (the "Class A Plan") pursuant to Rule 12b-1 under
the Investment Company Act of 1940. The purpose of the Class A
Plan is to compensate Putnam Mutual Funds Corp., a wholly owned
subsidiary of Putnam Investments, Inc., for services provided and
expenses incurred by it in distributing class A shares. The
Trustees have approved payments by the Fund to Putnam Mutual
Funds Corp. at an annual rate of 0.20% of the Fund's average net
assets attributable to class A shares. For the six months ended
March 31, 1994, the Fund paid $177,270 in distribution fees.

A deferred sales charge of up to 1.00% is assessed on certain
redemptions of class A shares purchased as part of an investment
of $1 million or more. For the six months ended March 31, 1994,
Putnam Mutual Funds Corp., acting as an underwriter, received no
monies on class A redemptions.

The Fund has adopted a distribution plan with respect to class B
shares (the "Class B Plan") pursuant to Rule 12b-1 under the
Investment Company Act of 1940. The purpose of class B Plan is to
compensate Putnam Mutual Funds Corp. for services provided and
expenses incurred by it in distributing class B shares. The Class
B Plan provides for payment by the Fund to Putnam Mutual Fund
Corp. at an annual rate of 0.85% of the fund's average net assets
attributable to class B shares. For the period February 1, 1994 
(commencement of operations) to March 31, 1994, the Fund paid
Putnam Mutual Funds Corp. distibution fees of $1,975 for class B
shares.

Putnam Mutual Funds Corp. also receives the proceeds on the
contingent deferred sales charges on its class B share
redemptions within six years of purchase. The charge is based on
declining rates, which begin at 5.00% of the net asset value of
the redeemed shares. For the period February 1, 1994
(commencement of operations), to March 31, 1994, Putnam Mutual
Funds Corp., acting as an underwriter, received no monies for
deferred sales charges from redemptions.

During the six months ended March 31, 1994, Putnam Mutual Funds
Corp., acting as an underwriter, received net commissions of
$40,466 from the sale of class A shares of the Fund.

<PAGE>
Note 3 Purchases and sales of securities

During the six months ended March 31, 1994, purchases and sales
of investment securities other than short-term municipal
obligations aggregated $20,557,519 and $6,951,125, respectively.
Purchases and sales of short-term municipal obligations
aggregated $3,900,000 and $3,900,000, respectively. In
determining the net gain or loss on securities sold, the cost of
securities has been determined on the identified cost basis.


<PAGE>
<TABLE>
<CAPTION>

Note 4 Capital shares

At March 31, 1994 there was an unlimited number of shares of beneficial interest
authorized. Transactions in capital shares were as follows:

               Six months ended March 31                         Year ended September 30
     1994                           1993
Class A                          Shares          Amount          Shares           Amount
<S>   <C>                            <C>            <C>             <C>
Shares sold                    2,474,558    $22,330,964       7,643,484      $68,483,001
Shares issued in connection
with reinvestment of
distributions                    315,453      2,835,770         508,040        4,557,727

2,790,011                     25,166,734      8,151,524      73,040,728
Shares repurchased           (1,578,317)   (14,106,936)     (1,704,796)     (15,275,559)

Net increase                   1,211,694    $11,059,798       6,446,728      $57,765,169

                                                       February 1, 1994 (commencement of
                                                        operations) to February 28, 1994
Class B                                          Shares          Amount

Shares sold                                                     164,521       $1,460,150
Shares repurchased                                                  121            1,060
Net increase                                                    164,642       $1,461,210

/TABLE
<PAGE>
Note 5 Reclassification of Capital Accounts

Effective October 1, 1993, Putnam New York Tax Exempt
Opportunities Fund has adopted the provisions of Statement of
Position (SOP) 93-2 "Determination, Disclosure and Financial
Statement Presentation of Income, Capital Gain and Return of
Capital Distributions, by Investment Companies." The purpose of
this SOP is to report the accumulated net investment income
(loss) and accumulated net realized gain (loss) accounts in such
a manner as to approximate amounts available for future
distributions (or to offset future realized capital gains) and to
achieve uniformity in the presentation of distributions by
investment companies.

As a result of the SOP, the Fund has reclassified $10,054 to
decrease distributions in excess of net investment income and
$234 to decrease accumulated net realized loss with a decrease of
$10,288 to additional paid-in capital.

These adjustments represent the cumulated amounts necessary to
report these balances through September 30, 1993, the close of
the Fund's last fiscal year end for financial reporting and tax
purposes.

<PAGE>
Fund performance supplement

Putnam New York Tax Exempt Opportunities Fund is a portfolio
managed for high current income free from federal, New York State
and New York City income taxes. Generally, the fund will invest
at least a majority of its assets in tax-exempt bonds considered
to be investment grade. The balance may be invested in securities
rated below investment grade.

The Lehman Brothers Municipal Bond Index is an unmanaged list of
approximately 8,000 investment-grade, fixed rate, long-term
maturity tax-exempt bonds, which are selected to be
representative of the market in terms of price movement and
sector distribution. The average quality of bonds held in the
index may differ from the average quality of those bonds in which
the fund invests. The index does not include bonds in certain of
 the lower rating classifications in which the fund may invest.
The index does not take into account brokerage commissions or
other costs and may pose different risks from the fund. Total
return performance for the index reflects mathematically derived
changes of market price and reinvestment of interest payments, as
computed by Lehman Brothers. The fund's portfolio contains
securities that do not match those in the index.

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
statements.
<PAGE>
Your Trustees

George Putnam
Chairman
Chairman and President,
The Putnam Funds

William F. Pounds
Vice Chairman
The Putnam Funds,
Professor of Management,
Alfred P. Sloan
School of Management,
Massachusetts Institute of
Technology

Jameson Adkins Baxter
President,
Baxter Associates, Inc.

Hans H. Estin
Vice Chairman,
North American
Management Corporation

John A. Hill
Principal and
Managing Director,
First Reserve Corp.

Elizabeth T. Kennan
President
Mount Holyoke College

Lawrence J. Lasser
President and
Chief Executive Officer,
Putnam Investments, Inc.

Robert E. Patterson
Executive Vice President,
Cabot Partners
Limited Partnership

Donald S. Perkins
Director of various
corporations

George Putnam, III
President, New Generation
Research, Inc.
<PAGE>
A.J.C. Smith
Chairman of the Board
and Chief Executive Officer,
Marsh & McLennan
Companies, Inc.

W. Nicholas Thorndike
Director of various
corporations

<PAGE>
Putnam 
New York 
Tax Exempt 
Opportunities Fund

Fund information

Investment manager
Putnam Investment Management, Inc.
One Post Office Square
Boston, MA 02109

Marketing services
Putnam Mutual Funds
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

(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.

A47-11905<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

Gary N. Coburn
Vice President

James E. Erickson
Vice President

David J. Eurkus
Vice President and Fund Manager

William N. Shiebler
Vice President

Paul O'Neil
 Vice President

John D. Hughes
Vice President and Treasurer

Beverly Marcus
Clerk and Assistant Treasurer

This report is for the information of shareholders of Putnam New
York Tax Exempt Opportunities 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
- ------------------

PUTNAMINVESTMENTS
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 and "The accompanying notes are an integral part of these
financial statements") 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.



© 2022 IncJournal is not affiliated with or endorsed by the U.S. Securities and Exchange Commission