PXMAX

Putnam Massachusetts Tax Exempt Income Fund

 As of 11/07/2025 
 NAV 1 $8.98 
$0.00 (-0.01%)
 
 POP 2 $8.98 
 
  
 YTD Total Return At NAV 3 2.60% 
 
 As of 10/31/2025 
 Morningstar Overall Rating™ 4View ratings details
Muni Massachusetts

Overall Morningstar Rating

As of 10/31/2025

Rating Category: Muni Massachusetts

The fund's overall Morningstar Rating measures risk-adjusted returns and is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) rating metrics.

Morningstar Style Box

As of 09/30/2025

Source: Morningstar®. The style box reveals a fund's investment style. For equity funds, the vertical axis shows the market capitalization of the long stocks owned, and the horizontal axis shows the investment style (value, blend, or growth). For fixed income funds, the vertical axis shows the credit quality based on credit ratings and the horizontal axis shows interest-rate sensitivity as measured by effective duration. Placement is determined by fund portfolio holding figures most recently entered into Morningstar's database and corresponding market conditions. Shaded areas show the past 3 years of quarterly data. Past performance does not guarantee future results.

Historical Morningstar Ratings

As of 10/31/2025

Years	3
Ratings
Number of Funds In Category	38

Years	5
Ratings
Number of Funds In Category	37

Years	10
Ratings
Number of Funds In Category	30

©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

See the risks and other important information.

Overview

Tax Information

Federal ID Number 04-6626127

For information on tax years prior to 2008, please contact us

These amounts represent distributions paid by the fund, foreign taxes passed through (if any), and other distribution characteristics for the calendar year selected. These amounts are reported to shareholders on Form 1099-DIV.

Distributions per Share ($)

Record Date	Ordinary Dividends	Qualified Dividends	Capital Gain Distributions	Unrecaptured Section 1250 Gain	Non-Taxable Return Of Capital	Section 199a Dividends	Foreign Tax Paid	Exempt Interest Dividends	Interest on Tax Reclaim Refunds
Jan 31	0.001044	—	—	—	—	—	—	0.019003	—
Feb 29	0.001122	—	—	—	—	—	—	0.020419	—
Mar 28	0.001079	—	—	—	—	—	—	0.019632	—
Apr 30	0.001091	—	—	—	—	—	—	0.019843	—
May 31	0.001158	—	—	—	—	—	—	0.021067	—
Jun 28	0.000372	—	—	—	—	—	—	0.019314	—
Jul 31	0.0004	—	—	—	—	—	—	0.020747	—
Aug 30	0.000434	—	—	—	—	—	—	0.022505	—
Sep 30	0.000385	—	—	—	—	—	—	0.019992	—
Oct 31	0.000407	—	—	—	—	—	—	0.021141	—
Nov 29	0.000424	—	—	—	—	—	—	0.02202	—
Dec 31	0.000393	—	—	—	—	—	—	0.02038	—
	0.008309	—	—	—	—	—	—	0.246063	—

Record Date

Jan 31

Ordinary Dividends

0.001044

Qualified Dividends

—

Capital Gain Distributions

—

Unrecaptured Section 1250 Gain

—

Non-Taxable Return Of Capital

—

Section 199a Dividends

—

Foreign Tax Paid

—

Exempt Interest Dividends

0.019003

Interest on Tax Reclaim Refunds

—

Record Date

Feb 29

Ordinary Dividends

0.001122

Qualified Dividends

—

Capital Gain Distributions

—

Unrecaptured Section 1250 Gain

—

Non-Taxable Return Of Capital

—

Section 199a Dividends

—

Foreign Tax Paid

—

Exempt Interest Dividends

0.020419

Interest on Tax Reclaim Refunds

—

Record Date

Mar 28

Ordinary Dividends

0.001079

Qualified Dividends

—

Capital Gain Distributions

—

Unrecaptured Section 1250 Gain

—

Non-Taxable Return Of Capital

—

Section 199a Dividends

—

Foreign Tax Paid

—

Exempt Interest Dividends

0.019632

Interest on Tax Reclaim Refunds

—

Record Date

Apr 30

Ordinary Dividends

0.001091

Qualified Dividends

—

Capital Gain Distributions

—

Unrecaptured Section 1250 Gain

—

Non-Taxable Return Of Capital

—

Section 199a Dividends

—

Foreign Tax Paid

—

Exempt Interest Dividends

0.019843

Interest on Tax Reclaim Refunds

—

Record Date

May 31

Ordinary Dividends

0.001158

Qualified Dividends

—

Capital Gain Distributions

—

Unrecaptured Section 1250 Gain

—

Non-Taxable Return Of Capital

—

Section 199a Dividends

—

Foreign Tax Paid

—

Exempt Interest Dividends

0.021067

Interest on Tax Reclaim Refunds

—

Record Date

Jun 28

Ordinary Dividends

0.000372

Qualified Dividends

—

Capital Gain Distributions

—

Unrecaptured Section 1250 Gain

—

Non-Taxable Return Of Capital

—

Section 199a Dividends

—

Foreign Tax Paid

—

Exempt Interest Dividends

0.019314

Interest on Tax Reclaim Refunds

—

Record Date

Jul 31

Ordinary Dividends

0.0004

Qualified Dividends

—

Capital Gain Distributions

—

Unrecaptured Section 1250 Gain

—

Non-Taxable Return Of Capital

—

Section 199a Dividends

—

Foreign Tax Paid

—

Exempt Interest Dividends

0.020747

Interest on Tax Reclaim Refunds

—

Record Date

Aug 30

Ordinary Dividends

0.000434

Qualified Dividends

—

Capital Gain Distributions

—

Unrecaptured Section 1250 Gain

—

Non-Taxable Return Of Capital

—

Section 199a Dividends

—

Foreign Tax Paid

—

Exempt Interest Dividends

0.022505

Interest on Tax Reclaim Refunds

—

Record Date

Sep 30

Ordinary Dividends

0.000385

Qualified Dividends

—

Capital Gain Distributions

—

Unrecaptured Section 1250 Gain

—

Non-Taxable Return Of Capital

—

Section 199a Dividends

—

Foreign Tax Paid

—

Exempt Interest Dividends

0.019992

Interest on Tax Reclaim Refunds

—

Record Date

Oct 31

Ordinary Dividends

0.000407

Qualified Dividends

—

Capital Gain Distributions

—

Unrecaptured Section 1250 Gain

—

Non-Taxable Return Of Capital

—

Section 199a Dividends

—

Foreign Tax Paid

—

Exempt Interest Dividends

0.021141

Interest on Tax Reclaim Refunds

—

Record Date

Nov 29

Ordinary Dividends

0.000424

Qualified Dividends

—

Capital Gain Distributions

—

Unrecaptured Section 1250 Gain

—

Non-Taxable Return Of Capital

—

Section 199a Dividends

—

Foreign Tax Paid

—

Exempt Interest Dividends

0.02202

Interest on Tax Reclaim Refunds

—

Record Date

Dec 31

Ordinary Dividends

0.000393

Qualified Dividends

—

Capital Gain Distributions

—

Unrecaptured Section 1250 Gain

—

Non-Taxable Return Of Capital

—

Section 199a Dividends

—

Foreign Tax Paid

—

Exempt Interest Dividends

0.02038

Interest on Tax Reclaim Refunds

—

Record Date

Ordinary Dividends

0.008309

Qualified Dividends

—

Capital Gain Distributions

—

Unrecaptured Section 1250 Gain

—

Non-Taxable Return Of Capital

—

Section 199a Dividends

—

Foreign Tax Paid

—

Exempt Interest Dividends

0.246063

Interest on Tax Reclaim Refunds

—

Supplemental Tax Information

Foreign Source Income

—

Foreign Source Qualified Dividends

—

Direct U.S. Government Obligations

—

Specified Private Activity Bond Interest

8.12%

Dividends Received Deduction

—

Section 163(j)

—

Indiana Resident Taxable Income

—

Utah Resident Taxable Income

—

Tax-Exempt Income By Jurisdiction

Alaska

1.16%

California

1.41%

Guam

3.26%

Indiana

0.94%

Louisiana

0.46%

Massachusetts

87.37%

Ohio

1.42%

Puerto Rico

0.28%

Texas

2.59%

US Virgin Islands

0.30%

Washington

0.81%

Franklin Templeton and its specialized investment managers and its employees are not in the business of providing tax or legal advice to taxpayers. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties or complying with any applicable tax laws or regulations. Tax-related statements, if any, may have been written in connection with the promotion or marketing of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Each investor’s tax situation is different, and is based on an individual’s tax bracket, type of account used for investment and other factors. Any such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

Important Information

Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance.

Certain share classes are only offered to eligible investors as stated in the prospectus. Different minimums may apply to clients of certain service agents. All classes of shares are not available through all distribution channels. See the Fund's prospectus for additional information.

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

Performance data quoted represents past performance, which does not guarantee future results.

Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.

Investors should carefully consider a fund's investment goals, risks, sales charges and expenses before investing. The prospectus contains this and other information. Please read the prospectus carefully before investing or sending money.

Footnotes

Net Asset Value - the amount per share you would receive if you sold shares that day. NAV Change indicates a change in the Net Asset Value from the previous business day.
Public Offering Price – the purchase price for each share of the fund on a given day. It includes the maximum initial sales charge, if any.
Figures are aggregate total return figures, have not been annualized and represent the change in value of an investment over the period indicated.
The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products with at least a three-year history, and subject to change monthly. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total return, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total return. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not take into account the effects of sales charges and loads. Morningstar Rating is for the specified share class(es) only; other classes may have different performance characteristics.
©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

			High	Quality
			Medium
			Low
LTD	MOD	EXT
Duration

PXMAX

Putnam Massachusetts Tax Exempt Income Fund

NAV ¹

POP ²

YTD Total Return At NAV ³

Morningstar Overall Rating™ ⁴

Overall Morningstar Rating

Morningstar Style Box

Historical Morningstar Ratings

Overview

Tax Information

Federal ID Number 04-6626127

Distributions per Share ($)

Supplemental Tax Information

Tax-Exempt Income By Jurisdiction

Documents

Fund Literature

Regulatory Documents

Important Information

Footnotes