# EDGAR Filing Document

**Accession Number:** 0000792288
**File Stem:** 0002071691-25-003379
**Filing Date:** 2025-10
**Character Count:** 78645
**Document Hash:** 1e20eb4d2222e43f410ef2afd3d2096f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-003379.hdr.sgml**: 20251027

**ACCESSION NUMBER**: 0002071691-25-003379

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251027

**DATE AS OF CHANGE**: 20251027

**PERIOD START**: 20260531

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUTNAM MASSACHUSETTS TAX EXEMPT INCOME FUND/MA/
- **CENTRAL INDEX KEY:** 0000792288

**ORGANIZATION NAME:**
- **EIN:** 046626127
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04518
- **FILM NUMBER:** 251418373

**BUSINESS ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 6172921000

**MAIL ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PUTNAM MASSACHUSETTS TAX EXEMPT INCOME FUND II
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PUTNAM MASSACHUSETTS TAX EXEMPT INCOME FUND /MA/
- **DATE OF NAME CHANGE:** 19920609

## Series and Classes Contracts Data

### PUTNAM MASSACHUSETTS TAX EXEMPT INCOME FUND (Series ID: S000006210)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000017118 | Class C Shares  |  |
| C000017120 | Class A Shares  | PXMAX           |
| C000060571 | CLASS Y         |  |
| C000202927 | Class R6 Shares |  |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Putnam Massachusetts Tax Exempt Income Fund

- **b. Investment Company Act file number:** 811-04518

- **c. CIK number of Registrant:** 0000792288

- **d. LEI of Registrant:** 4J40DSG2ENW5RVBKR463

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 Federal Street

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02110

  - **Telephone number:** 617-292-1000

**Item A.2. Information about the Series.**

- **a. Name of Series:** Putnam Massachusetts Tax Exempt Income Fund

- **b. EDGAR series identifier (if any):** S000006210

- **c. LEI of Series:** 4J40DSG2ENW5RVBKR463

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-05-31

- **b. Date as of which information is reported:** 2025-08-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $252556218.07

**Total Liabilities:** $1048704.64

**Net Assets:** $251507513.43

**Cash Not Reported:** $0.19

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -10.91000000 | **1-Year:** -759.61000000 | **5-Year:** -6604.55000000 | **10-Year:** -62733.45000000 | **30-Year:** -95947.10000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** -30.85000000 | **5-Year:** -798.80000000 | **10-Year:** -4459.50000000 | **30-Year:** -6169.62000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000202927 | 0.50%                | -0.51%               | 0.78%                |
| Class ID C000017118 | 0.42%                | -0.60%               | 0.69%                |
| Class ID C000060571 | 0.62%                | -0.63%               | 0.77%                |
| Class ID C000017120 | 0.48%                | -0.54%               | 0.64%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $635812.26                                 |
| Month 2  | $-640643.48              | $-1501682.76                               |
| Month 3  | $-781932.39              | $1859819.29                                |

**Designated Index Information**

- **Index Name:** BTMNTR Index

- **Index Identifier:** BM10506

### Schedule of Portfolio Investments

| Name                                                          | Title                                                                    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Collegiate Charter School of Lowell                           | Collegiate Charter School of Lowell, Series 2019                         | CUSIP: 547649AD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1620000 | PA      | $1442139.39   | 0.57%             | 2054-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2022                    | CUSIP: 57584YU49<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    520000 | PA      | $419441.52    | 0.17%             | 2051-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Housing Finance Agency                          | Massachusetts Housing Finance Agency, Series 2019 C-1                    | CUSIP: 57586N6N6<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1929829.00   | 0.77%             | 2044-12-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2021 I                  | CUSIP: 57584YK32<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2692095.90   | 1.07%             | 2053-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                   | Ohio Higher Educational Facility Commission, Series 2023                 | CUSIP: 677510CA5<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    875000 | PA      | $822862.34    | 0.33%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Clean Water Trust (The)                         | Massachusetts Clean Water Trust (The), Series 25B                        | CUSIP: 575829MP8<br>LEI: 549300SYPEROLSQU0261 | Long             | DBT              | MUN               | US        |    400000 | PA      | $421652.64    | 0.17%             | 2041-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2023 M                  | CUSIP: 57584Y7K9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2778215.50   | 1.10%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2017 B                  | CUSIP: 57584YDJ5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1121164.24   | 0.45%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2018                    | CUSIP: 57584YGH6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    660000 | PA      | $690722.87    | 0.27%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Housing Finance Agency                          | Massachusetts Housing Finance Agency, Series A-178                       | CUSIP: 57587AJD1<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |    100000 | PA      | $99967.77     | 0.04%             | 2042-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Massachusetts Municipal Wholesale Electric Co.                | Massachusetts Municipal Wholesale Electric Co., Series 2023 A            | CUSIP: 575766BN9<br>LEI: 549300CFLHW0OYBX9C89 | Long             | DBT              | MUN               | US        |    490000 | PA      | $512939.06    | 0.20%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2020 G                  | CUSIP: 57584YF53<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1107662.80   | 0.44%             | 2046-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2002 A                  | CUSIP: 57583FZE4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5559152.50   | 2.21%             | 2042-01-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2023 FF                 | CUSIP: 57584Y5N5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   3075000 | PA      | $3132723.59   | 1.25%             | 2048-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2025                    | CUSIP: 57585BJF6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    750000 | PA      | $724225.50    | 0.29%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2018                    | CUSIP: 57584YMH9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2138826.69   | 0.85%             | 2038-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Municipal Wholesale Electric Co.                | Massachusetts Municipal Wholesale Electric Co., Series 2023 A            | CUSIP: 575766BP4<br>LEI: 549300CFLHW0OYBX9C89 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1697280.75   | 0.67%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2016 A                  | CUSIP: 57584XYC9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1995552.40   | 0.79%             | 2036-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Sales Tax Revenue  | Massachusetts Bay Transportation Authority, Series 2025 B                | CUSIP: 5755792J5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2595127.00   | 1.03%             | 2055-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                 | Commonwealth of Massachusetts, Series 2024 A                             | CUSIP: 57582R5R3<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5061013.00   | 2.01%             | 2054-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series N                       | CUSIP: 57585BNZ7<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2305097.10   | 0.92%             | 2045-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Housing Finance Agency                          | Massachusetts Housing Finance Agency, Series 2019 C-1                    | CUSIP: 57586N6R7<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |   5625000 | PA      | $4039327.69   | 1.61%             | 2059-12-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2018                    | CUSIP: 57584YGJ2<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    900000 | PA      | $937558.80    | 0.37%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2025                    | CUSIP: 57585BMD7<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    500000 | PA      | $507128.80    | 0.20%             | 2055-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Housing Finance Agency                          | Massachusetts Housing Finance Agency, Series 2011 A                      | CUSIP: 57586NGX3<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |    590000 | PA      | $590496.37    | 0.23%             | 2030-12-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                   | Ohio Higher Educational Facility Commission, Series 2023                 | CUSIP: 677510BS7<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    770000 | PA      | $794729.40    | 0.32%             | 2029-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2017                    | CUSIP: 57584X4L2<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008083.20   | 0.40%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Clean Water Trust (The)                         | Massachusetts Clean Water Trust (The), Series 25B                        | CUSIP: 575829MR4<br>LEI: 549300SYPEROLSQU0261 | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1504664.86   | 0.60%             | 2043-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                   | Ohio Higher Educational Facility Commission, Series 2023                 | CUSIP: 677510BV0<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    375000 | PA      | $385117.50    | 0.15%             | 2032-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2025                    | CUSIP: 57585BMC9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    750000 | PA      | $767934.45    | 0.31%             | 2050-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2024 D                  | CUSIP: 57584Y7Y9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004714.40   | 0.40%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2021                    | CUSIP: 57584YL64<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   4070000 | PA      | $3155444.55   | 1.25%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Housing Finance Agency                          | Massachusetts Housing Finance Agency, Series A                           | CUSIP: 57586NKG5<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |   1570000 | PA      | $1570316.83   | 0.62%             | 2027-12-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Port Authority of Guam                                        | Port Authority of Guam, Series 2018 B                                    | CUSIP: 400652AG8<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    465000 | PA      | $483583.31    | 0.19%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2022                    | CUSIP: 57584YT82<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    245000 | PA      | $245327.96    | 0.10%             | 2026-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2022                    | CUSIP: 57584Y3V9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2043476.20   | 0.81%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts State College Building Authority                | Massachusetts State College Building Authority, Series 2022 A            | CUSIP: 5758324X5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $421721.65    | 0.17%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2017 A                  | CUSIP: 57584XU74<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1570000 | PA      | $1569950.39   | 0.62%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2023 G                  | CUSIP: 57584Y4T3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1890580.20   | 0.75%             | 2052-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| University of Massachusetts Building Authority                | University of Massachusetts Building Authority, Series 2022-1            | CUSIP: 914440UG5<br>LEI: 6ILE2573NPR1XO2TR556 | Long             | DBT              | MUN               | US        |    635000 | PA      | $635488.76    | 0.25%             | 2052-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2025 N-1                | CUSIP: 57585BEY0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   3700000 | PA      | $3290109.93   | 1.31%             | 2054-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2016 N                  | CUSIP: 57584XNX5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1114482.16   | 0.44%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2020 A                  | CUSIP: 57585BKZ0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1456986.70   | 0.58%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Brockton MA                                           | City of Brockton                                                         | CUSIP: 111746KV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3245000 | PA      | $3439561.76   | 1.37%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2024                    | CUSIP: 57585BBQ0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1380484.80   | 0.55%             | 2054-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Quincy MA                                             | City of Quincy, Series 2022 C                                            | CUSIP: 748508L55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $257824.82    | 0.10%             | 2042-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2025                    | CUSIP: 57585BJT6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    750000 | PA      | $724780.28    | 0.29%             | 2050-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts Transportation Fund Revenue     | Commonwealth of Massachusetts, Series 2018 A                             | CUSIP: 57604THG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2095000 | PA      | $2097228.03   | 0.83%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2023 N                  | CUSIP: 57584Y6H7<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1555224.30   | 0.62%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Municipal Wholesale Electric Co.                | Massachusetts Municipal Wholesale Electric Co., Series 2023 A            | CUSIP: 575766BM1<br>LEI: 549300CFLHW0OYBX9C89 | Long             | DBT              | MUN               | US        |    470000 | PA      | $496570.46    | 0.20%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Massachusetts Building Authority                | University of Massachusetts Building Authority, Series 2020-1            | CUSIP: 914440SA1<br>LEI: 6ILE2573NPR1XO2TR556 | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1077953.95   | 0.43%             | 2045-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2019                    | CUSIP: 57584YRF8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    250000 | PA      | $251933.33    | 0.10%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2008 B                  | CUSIP: 57583RXL4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1882538.40   | 0.75%             | 2028-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2017                    | CUSIP: 57584XJ44<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    655000 | PA      | $656368.82    | 0.26%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| St Tammany Parish Hospital Service District No. 1             | St. Tammany Parish Hospital Service District No. 1, Series 2018 A        | CUSIP: 793556CE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1042121.30   | 0.41%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2021                    | CUSIP: 57584YM97<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2160000 | PA      | $1780694.71   | 0.71%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2008 B                  | CUSIP: 57583RXM2<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1829604.20   | 0.73%             | 2029-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Sales Tax Revenue  | Massachusetts Bay Transportation Authority, Series 2017 A-2              | CUSIP: 575579E52<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2402684.16   | 0.96%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2019                    | CUSIP: 57584YWG0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    485000 | PA      | $415256.27    | 0.17%             | 2042-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2016 I                  | CUSIP: 57584XMS7<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    935000 | PA      | $941465.99    | 0.37%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2024 B                  | CUSIP: 57585BAL2<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2869686.50   | 1.14%             | 2034-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2019 K                  | CUSIP: 57584YTD1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1055095.10   | 0.42%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2019 S-1                | CUSIP: 57584YNZ8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    765000 | PA      | $799421.10    | 0.32%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2014 N                  | CUSIP: 57583UN53<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000912.90   | 0.40%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Sales Tax Revenue  | Massachusetts Bay Transportation Authority, Series 2017 A-2              | CUSIP: 575579B97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4475000 | PA      | $4478119.08   | 1.78%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2024 U-1                | CUSIP: 57584Y8H5<br>LEI: 549300UZSVMFXJK08K70 | Long             | STIV             | MUN               | US        |   8000000 | PA      | $8000000.00   | 3.18%             | 2048-03-01      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2023 F                  | CUSIP: 57584Y6T1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1126497.75   | 0.45%             | 2043-11-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2016 Q                  | CUSIP: 57584XJF9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2009066.80   | 0.80%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                 | Commonwealth of Massachusetts, Series 2022 C                             | CUSIP: 57582RY59<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2015595.80   | 0.80%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2021 G                  | CUSIP: 57584YG86<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    350000 | PA      | $360928.51    | 0.14%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2021                    | CUSIP: 57585BLC0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1634772.40   | 0.65%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of North Reading MA                                      | Town of North Reading, Series 2012                                       | CUSIP: 661802WH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3753862.88   | 1.49%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2021 A                  | CUSIP: 57584YX53<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $702519.10    | 0.28%             | 2056-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2006 H                  | CUSIP: 57583RJG1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1133724.90   | 0.45%             | 2033-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                 | Commonwealth of Massachusetts, Series 2025 C                             | CUSIP: 57582TDX7<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5088992.00   | 2.02%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Municipal Wholesale Electric Co.                | Massachusetts Municipal Wholesale Electric Co., Series 2023 A            | CUSIP: 575766BL3<br>LEI: 549300CFLHW0OYBX9C89 | Long             | DBT              | MUN               | US        |    450000 | PA      | $479094.30    | 0.19%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2018 J-2                | CUSIP: 57584YJM2<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2765000 | PA      | $2904192.31   | 1.15%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2022                    | CUSIP: 57584YU23<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    395000 | PA      | $385179.71    | 0.15%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts School Building Authority                       | Massachusetts School Building Authority, Series 2016 A                   | CUSIP: 576000TZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1999905.80   | 0.80%             | 2042-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2025 B-2                | CUSIP: 57585BGQ5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2562053.25   | 1.02%             | 2048-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                 | Texas Water Development Board, Series 2022                               | CUSIP: 88285ABK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2150000 | PA      | $2165250.17   | 0.86%             | 2057-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2021 A                  | CUSIP: 57584YS26<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1320844.56   | 0.53%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Health & Educational Facilities Authority       | Massachusetts Health & Educational Facilities Authority, Series 2001 J-2 | CUSIP: 57585KSV1<br>LEI: 549300MV50RWQFTX5223 | Long             | STIV             | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.80%             | 2031-07-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2021 B                  | CUSIP: 57584YN70<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1825000 | PA      | $1435154.27   | 0.57%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2025                    | CUSIP: 57585BMV7<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002189.10   | 0.40%             | 2055-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2025                    | CUSIP: 57585BJU3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $953870.20    | 0.38%             | 2055-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Port Authority of Guam                                        | Port Authority of Guam, Series 2018 B                                    | CUSIP: 400652AL7<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    200000 | PA      | $203980.92    | 0.08%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Minnetonka MN                                         | City of Minnetonka, Series 2004                                          | CUSIP: 60418EAG4<br>LEI: 549300NQZ4FEG58M2309 | Long             | STIV             | MUN               | US        |    570000 | PA      | $570000.00    | 0.23%             | 2034-05-15      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2022                    | CUSIP: 57584YT90<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016627.90   | 0.40%             | 2031-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2021                    | CUSIP: 57584YN39<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1102824.30   | 0.44%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2019 K                  | CUSIP: 57584YTE9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    500000 | PA      | $524226.60    | 0.21%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                 | Commonwealth of Massachusetts, Series 2022 E                             | CUSIP: 57582R2B1<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   2015000 | PA      | $2042091.47   | 0.81%             | 2048-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Massachusetts Building Authority                | University of Massachusetts Building Authority, Series 2022-1            | CUSIP: 914440UD2<br>LEI: 6ILE2573NPR1XO2TR556 | Long             | DBT              | MUN               | US        |   2365000 | PA      | $2441139.99   | 0.97%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Port Authority                                  | Massachusetts Port Authority, Series 2017 A                              | CUSIP: 575896SP1<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1256390.23   | 0.50%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2022                    | CUSIP: 57584Y4J5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $933161.90    | 0.37%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts Transportation Fund Revenue     | Commonwealth of Massachusetts, Series 2022 A                             | CUSIP: 57604TKC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3900000 | PA      | $3914577.42   | 1.56%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2015                    | CUSIP: 57584XEH0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1984017.80   | 0.79%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Educational Financing Authority                 | Massachusetts Educational Financing Authority, Series 2014 I             | CUSIP: 57563RLR8<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2753523.85   | 1.09%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2017                    | CUSIP: 57584X3D1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014607.90   | 0.40%             | 2037-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                 | Commonwealth of Massachusetts, Series 2019 A                             | CUSIP: 57582RVY9<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3014399.40   | 1.20%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Matching Fund Special Purpose Securitization Corp.            | Matching Fund Special Purpose Securitization Corp., Series 2022 A        | CUSIP: 57665NAE5<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |    640000 | PA      | $660132.10    | 0.26%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Brockton MA                                           | City of Brockton                                                         | CUSIP: 111746KW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1755000 | PA      | $1848606.96   | 0.74%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2023 G                  | CUSIP: 57584Y4S5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2205000 | PA      | $2115628.70   | 0.84%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Port Authority                                  | Massachusetts Port Authority, Series 2022 A                              | CUSIP: 575896YP4<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1097718.40   | 0.44%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                          | Guam Government Waterworks Authority, Series 2020 A                      | CUSIP: 40065FDF8<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |   1500000 | PA      | $1431308.85   | 0.57%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2021 B                  | CUSIP: 57584YN62<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    450000 | PA      | $383122.71    | 0.15%             | 2042-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2016                    | CUSIP: 57584XVK4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011475.30   | 0.40%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Water Resources Authority                       | Massachusetts Water Resources Authority, Series 2023 B                   | CUSIP: 576051E51<br>LEI: 549300GBS2G3YGHOYO19 | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1262341.38   | 0.50%             | 2048-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2018                    | CUSIP: 57584YGK9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036996.80   | 0.41%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of Guam                                        | Port Authority of Guam, Series 2018 B                                    | CUSIP: 400652AM5<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    400000 | PA      | $406700.52    | 0.16%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2015                    | CUSIP: 57584XEB3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    740000 | PA      | $740660.75    | 0.29%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Massachusetts Building Authority                | University of Massachusetts Building Authority, Series 2015-1            | CUSIP: 914440QM7<br>LEI: 6ILE2573NPR1XO2TR556 | Long             | DBT              | MUN               | US        |    885000 | PA      | $885752.60    | 0.35%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2021                    | CUSIP: 57584YT74<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    100000 | PA      | $80661.83     | 0.03%             | 2051-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Putnam Funds Trust                                            | Putnam Short Term Investment Fund, Class P                               | CUSIP: 74676P664<br>LEI: 549300S9JYWEMKQCLW53 | Long             |  | RF                | US        |   1738524 | NS      | $1738523.65   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Massachusetts Port Authority                                  | Massachusetts Port Authority, Series 2022 A                              | CUSIP: 575896YN9<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1311688.20   | 0.52%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Quincy MA                                             | City of Quincy, Series 2022 C                                            | CUSIP: 748508L48<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $284837.67    | 0.11%             | 2041-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2022                    | CUSIP: 57584Y2V0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    490000 | PA      | $502843.29    | 0.20%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2016 I                  | CUSIP: 57584XMT5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    500000 | PA      | $502163.60    | 0.20%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2019 A                  | CUSIP: 57584YQJ1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    500000 | PA      | $467453.90    | 0.19%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2021 A                  | CUSIP: 57584YR84<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $983804.80    | 0.39%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2015 Q                  | CUSIP: 57583U4J4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500255.50    | 0.20%             | 2038-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                   | Commonwealth of Puerto Rico, Series 2022 A-1                             | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    750000 | PA      | $696640.50    | 0.28%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sherman Independent School District/TX                        | Sherman Independent School District, Series 2023 B                       | CUSIP: 824178D61<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2018172.40   | 0.80%             | 2053-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2024 A                  | CUSIP: 57585BBT4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1068111.12   | 0.42%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                   | Ohio Higher Educational Facility Commission, Series 2023                 | CUSIP: 677510BZ1<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    435000 | PA      | $429748.20    | 0.17%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2021                    | CUSIP: 57584YT58<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    385000 | PA      | $375428.32    | 0.15%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| American Samoa Economic Development Authority                 | American Samoa Economic Development Authority, Series 2021 A             | CUSIP: 02936TAH4<br>LEI: N/A                  | Long             | DBT              | MUN               | AS        |   1000000 | PA      | $981408.90    | 0.39%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Davis Joint Unified School District                           | Davis Joint Unified School District, Series 2020                         | CUSIP: 238848EA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2650000 | PA      | $2256326.34   | 0.90%             | 2038-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2019                    | CUSIP: 57584YWH8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    525000 | PA      | $511353.15    | 0.20%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Port Authority                                  | Massachusetts Port Authority, Series 2019 A                              | CUSIP: 575898DD0<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |    210000 | PA      | $222606.22    | 0.09%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Sales Tax Revenue  | Massachusetts Bay Transportation Authority, Series 2024 A                | CUSIP: 575579V95<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1074382.79   | 0.43%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                             | Territory of Guam, Series 2021 A                                         | CUSIP: 40065KAV5<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    825000 | PA      | $836512.38    | 0.33%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Port Authority                                  | Massachusetts Port Authority, Series 2019 A                              | CUSIP: 575898DB4<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |    115000 | PA      | $116899.48    | 0.05%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grays Harbor County Public Hospital District No. 1            | Grays Harbor County Public Hospital District No. 1, Series 2023          | CUSIP: 389526AG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1408103.45   | 0.56%             | 2044-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2020 C                  | CUSIP: 57584YC98<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   4705000 | PA      | $4052420.73   | 1.61%             | 2045-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2016                    | CUSIP: 57584XKJ9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1254184.38   | 0.50%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                             | Territory of Guam, Series 2021 F                                         | CUSIP: 40065NCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |   3000000 | PA      | $2664607.50   | 1.06%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2021 G                  | CUSIP: 57584YG94<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1537321.88   | 0.61%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2021 C                  | CUSIP: 57563UAB8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1076829.29   | 0.43%             | 2051-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Alaska Industrial Development & Export Authority              | Alaska Industrial Development & Export Authority, Series 2019 A          | CUSIP: 011903GA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1593271.50   | 0.63%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alaska Industrial Development & Export Authority              | Alaska Industrial Development & Export Authority, Series 2019 A          | CUSIP: 011903GB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1056157.30   | 0.42%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                 | Commonwealth of Massachusetts, Series 2021 D                             | CUSIP: 57582RR99<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2019588.60   | 0.80%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2019 K                  | CUSIP: 57584YTC3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    665000 | PA      | $705480.81    | 0.28%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2021 A                  | CUSIP: 57584YR92<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    700000 | PA      | $670239.78    | 0.27%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Housing Finance Agency                          | Massachusetts Housing Finance Agency, Series 2021 B-1                    | CUSIP: 57587GKG9<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1320192.00   | 0.52%             | 2051-12-01      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2021 G                  | CUSIP: 57584YH28<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1922068.00   | 0.76%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2025 A                  | CUSIP: 57585BKB3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4020268.40   | 1.60%             | 2050-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2016 BB-1               | CUSIP: 57584XWV9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2522998.00   | 1.00%             | 2046-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                 | Commonwealth of Massachusetts, Series 2022 C                             | CUSIP: 57582RY42<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2573135.50   | 1.02%             | 2052-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Sales Tax Revenue  | Massachusetts Bay Transportation Authority, Series 2024 A                | CUSIP: 575579V53<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036676.80   | 0.41%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2019                    | CUSIP: 57584YRG6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    700000 | PA      | $656927.39    | 0.26%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                   | Ohio Higher Educational Facility Commission, Series 2023                 | CUSIP: 677510BY4<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    425000 | PA      | $425348.80    | 0.17%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                             | Territory of Guam, Series 2019                                           | CUSIP: 40065BCQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    765000 | PA      | $802768.28    | 0.32%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts School Building Authority                       | Massachusetts School Building Authority, Series 2019 A                   | CUSIP: 576000WX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1035000 | PA      | $1049986.18   | 0.42%             | 2044-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Warren OH                                           | County of Warren, Series 2014                                            | CUSIP: 93515PBR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $750799.20    | 0.30%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Port Authority                                  | Massachusetts Port Authority, Series 2019 A                              | CUSIP: 575898DR9<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3040637.25   | 1.21%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2021 G                  | CUSIP: 57584YG78<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    300000 | PA      | $311351.85    | 0.12%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Assessment Revenue | Massachusetts Bay Transportation Authority, Series 2022 A-2              | CUSIP: 575577NZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3365000 | PA      | $3382595.59   | 1.34%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Educational Financing Authority                 | Massachusetts Educational Financing Authority, Series 2025 B             | CUSIP: 57563RUG2<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $972792.90    | 0.39%             | 2055-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2015                    | CUSIP: 57584XCF6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    750000 | PA      | $750108.90    | 0.30%             | 2033-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2017 K                  | CUSIP: 57584XF63<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007237.20   | 0.40%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2015 H                  | CUSIP: 57583U5H7<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    450000 | PA      | $450336.78    | 0.18%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Quincy MA                                             | City of Quincy, Series 2022 C                                            | CUSIP: 748508L30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $309488.40    | 0.12%             | 2040-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Beaumont Housing Authority                                    | Beaumont Housing Authority, Series 2025 A                                | CUSIP: 07451AAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $449429.85    | 0.18%             | 2055-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Massachusetts Municipal Wholesale Electric Co.                | Massachusetts Municipal Wholesale Electric Co., Series 2023 A            | CUSIP: 575766BK5<br>LEI: 549300CFLHW0OYBX9C89 | Long             | DBT              | MUN               | US        |    425000 | PA      | $458613.25    | 0.18%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Port Authority                                  | Massachusetts Port Authority, Series 2019 A                              | CUSIP: 575896TN5<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2519900.00   | 1.00%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2022                    | CUSIP: 57584Y2U2<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    465000 | PA      | $477898.03    | 0.19%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of Guam                                        | Port Authority of Guam, Series 2018 B                                    | CUSIP: 400652AF0<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    400000 | PA      | $417513.64    | 0.17%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2016 I                  | CUSIP: 57584XNL1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1612841.44   | 0.64%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2023 F                  | CUSIP: 57584Y6S3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    950000 | PA      | $977186.82    | 0.39%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2017                    | CUSIP: 57584YDB2<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    835000 | PA      | $838369.23    | 0.33%             | 2037-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-30

**Name of Applicant:** Putnam Massachusetts Tax Exempt Income Fund

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

**Title:** Assistant Treasurer