PXMAX

Putnam Massachusetts Tax Exempt Income Fund

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	0.000415639	—	—	—	—	—	—	0.022051361	—
Feb 28	0.000418581	—	—	—	—	—	—	0.022207419	—
Mar 31	0.000387279	—	—	—	—	—	—	0.020546721	—
Apr 30	0.000411625	—	—	—	—	—	—	0.021838375	—
May 30	0.000450956	—	—	—	—	—	—	0.023925044	—
Jun 30	0.000767763	—	—	—	—	—	—	0.021486237	—
Jul 31	0.000795949	—	—	—	—	—	—	0.022275051	—
Aug 29	0.000873299	—	—	—	—	—	—	0.024439701	—
Sep 30	0.000777803	—	—	—	—	—	—	0.021767197	—
Oct 31	0.000918597	—	—	—	—	—	—	0.025707403	—
Nov 05	0.000169809	—	—	—	—	—	—	0.004752191	—
	0.0063873	—	—	—	—	—	—	0.2309967	—

Record Date

Jan 31

Ordinary Dividends

0.000415639

Qualified Dividends

—

Capital Gain Distributions

—

Unrecaptured Section 1250 Gain

—

Non-Taxable Return Of Capital

—

Section 199a Dividends

—

Foreign Tax Paid

—

Exempt Interest Dividends

0.022051361

Interest on Tax Reclaim Refunds

—

Record Date

Feb 28

Ordinary Dividends

0.000418581

Qualified Dividends

—

Capital Gain Distributions

—

Unrecaptured Section 1250 Gain

—

Non-Taxable Return Of Capital

—

Section 199a Dividends

—

Foreign Tax Paid

—

Exempt Interest Dividends

0.022207419

Interest on Tax Reclaim Refunds

—

Record Date

Mar 31

Ordinary Dividends

0.000387279

Qualified Dividends

—

Capital Gain Distributions

—

Unrecaptured Section 1250 Gain

—

Non-Taxable Return Of Capital

—

Section 199a Dividends

—

Foreign Tax Paid

—

Exempt Interest Dividends

0.020546721

Interest on Tax Reclaim Refunds

—

Record Date

Apr 30

Ordinary Dividends

0.000411625

Qualified Dividends

—

Capital Gain Distributions

—

Unrecaptured Section 1250 Gain

—

Non-Taxable Return Of Capital

—

Section 199a Dividends

—

Foreign Tax Paid

—

Exempt Interest Dividends

0.021838375

Interest on Tax Reclaim Refunds

—

Record Date

May 30

Ordinary Dividends

0.000450956

Qualified Dividends

—

Capital Gain Distributions

—

Unrecaptured Section 1250 Gain

—

Non-Taxable Return Of Capital

—

Section 199a Dividends

—

Foreign Tax Paid

—

Exempt Interest Dividends

0.023925044

Interest on Tax Reclaim Refunds

—

Record Date

Jun 30

Ordinary Dividends

0.000767763

Qualified Dividends

—

Capital Gain Distributions

—

Unrecaptured Section 1250 Gain

—

Non-Taxable Return Of Capital

—

Section 199a Dividends

—

Foreign Tax Paid

—

Exempt Interest Dividends

0.021486237

Interest on Tax Reclaim Refunds

—

Record Date

Jul 31

Ordinary Dividends

0.000795949

Qualified Dividends

—

Capital Gain Distributions

—

Unrecaptured Section 1250 Gain

—

Non-Taxable Return Of Capital

—

Section 199a Dividends

—

Foreign Tax Paid

—

Exempt Interest Dividends

0.022275051

Interest on Tax Reclaim Refunds

—

Record Date

Aug 29

Ordinary Dividends

0.000873299

Qualified Dividends

—

Capital Gain Distributions

—

Unrecaptured Section 1250 Gain

—

Non-Taxable Return Of Capital

—

Section 199a Dividends

—

Foreign Tax Paid

—

Exempt Interest Dividends

0.024439701

Interest on Tax Reclaim Refunds

—

Record Date

Sep 30

Ordinary Dividends

0.000777803

Qualified Dividends

—

Capital Gain Distributions

—

Unrecaptured Section 1250 Gain

—

Non-Taxable Return Of Capital

—

Section 199a Dividends

—

Foreign Tax Paid

—

Exempt Interest Dividends

0.021767197

Interest on Tax Reclaim Refunds

—

Record Date

Oct 31

Ordinary Dividends

0.000918597

Qualified Dividends

—

Capital Gain Distributions

—

Unrecaptured Section 1250 Gain

—

Non-Taxable Return Of Capital

—

Section 199a Dividends

—

Foreign Tax Paid

—

Exempt Interest Dividends

0.025707403

Interest on Tax Reclaim Refunds

—

Record Date

Nov 05

Ordinary Dividends

0.000169809

Qualified Dividends

—

Capital Gain Distributions

—

Unrecaptured Section 1250 Gain

—

Non-Taxable Return Of Capital

—

Section 199a Dividends

—

Foreign Tax Paid

—

Exempt Interest Dividends

0.004752191

Interest on Tax Reclaim Refunds

—

Record Date

Ordinary Dividends

0.0063873

Qualified Dividends

—

Capital Gain Distributions

—

Unrecaptured Section 1250 Gain

—

Non-Taxable Return Of Capital

—

Section 199a Dividends

—

Foreign Tax Paid

—

Exempt Interest Dividends

0.2309967

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

6.67%

Dividends Received Deduction

—

Section 163(j)

100.00%

Indiana Resident Taxable Income

—

Utah Resident Taxable Income

—

Tax-Exempt Income By Jurisdiction

Alaska

0.68%

California

1.05%

Guam

3.20%

Louisiana

0.34%

Massachusetts

89.23%

Minnesota

0.10%

Northern Mariana Islands

0.30%

Ohio

1.13%

Puerto Rico

0.36%

Texas

2.36%

US Virgin Islands

0.31%

Washington

0.94%

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.

			High	Quality
			Medium
			Low
LTD	MOD	EXT
Duration

PXMAX

Putnam Massachusetts Tax Exempt Income Fund

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

Regulatory Documents

Important Information