# EDGAR Filing Document

**Accession Number:** 0000792288
**File Stem:** 0001752724-25-178291
**Filing Date:** 2025-7
**Character Count:** 73486
**Document Hash:** 4c722b7b7a851051ff57d096a0eeb381
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-178291.hdr.sgml**: 20250725

**ACCESSION NUMBER**: 0001752724-25-178291

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250725

**DATE AS OF CHANGE**: 20250725

**PERIOD START**: 20250531

**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:** 251150117

**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:** 2025-05-31

- **b. Date as of which information is reported:** 2025-05-31

**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:** $235835339.93

**Total Liabilities:** $1413239.93

**Net Assets:** $234422100.00

**Delayed Delivery Securities:** $459762.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1661.91000000 | **1-Year:** 7137.08000000 | **5-Year:** 30294.59000000 | **10-Year:** 81451.88000000 | **30-Year:** 40357.59000000

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

- **3-Month:** 69.96000000 | **1-Year:** 341.33000000 | **5-Year:** 1944.71000000 | **10-Year:** 5376.24000000 | **30-Year:** 2841.88000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000202927 | -1.73%               | -0.63%               | -0.50%               |
| Class ID C000017118 | -1.81%               | -0.71%               | -0.58%               |
| Class ID C000060571 | -1.73%               | -0.63%               | -0.50%               |
| Class ID C000017120 | -1.76%               | -0.65%               | -0.41%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-554860.67              | $-4211130.44                               |
| Month 2  | $-285196.66              | $-1875767.72                               |
| Month 3  | $-523610.38              | $-1197333.78                               |

**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      | $1489416.82   | 0.64%             | 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      | $421460.26    | 0.18%             | 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      | $1934477.25   | 0.83%             | 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      | $2820427.20   | 1.20%             | 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      | $817455.36    | 0.35%             | 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      | $425570.52    | 0.18%             | 2041-02-01      | 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      | $1119601.39   | 0.48%             | 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      | $686549.62    | 0.29%             | 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      | $99845.99     | 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      | $515038.85    | 0.22%             | 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      | $1089285.90   | 0.46%             | 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      | $5665210.50   | 2.42%             | 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      | $3146471.00   | 1.34%             | 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      | $735847.13    | 0.31%             | 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      | $2139327.75   | 0.91%             | 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      | $1709291.10   | 0.73%             | 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      | $1945798.00   | 0.83%             | 2036-07-15      | Fixed         | 4.00%                 | 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      | $5082776.00   | 2.17%             | 2054-01-01      | Fixed         | 5.00%                 | 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      | $4011156.00   | 1.71%             | 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      | $932211.90    | 0.40%             | 2033-06-01      | Fixed         | 5.00%                 | 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        |    635000 | PA      | $635408.56    | 0.27%             | 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      | $779300.37    | 0.33%             | 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      | $1006156.60   | 0.43%             | 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      | $1525888.07   | 0.65%             | 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      | $378203.10    | 0.16%             | 2032-07-01      | Fixed         | 4.00%                 | 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      | $1000434.50   | 0.43%             | 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        |   6070000 | PA      | $4770042.73   | 2.03%             | 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        |   1870000 | PA      | $1869998.32   | 0.80%             | 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      | $478713.13    | 0.20%             | 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      | $244787.85    | 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      | $2057308.80   | 0.88%             | 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      | $421226.00    | 0.18%             | 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      | $1576483.32   | 0.67%             | 2040-01-01      | Fixed         | 5.00%                 | 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      | $643981.19    | 0.27%             | 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      | $3312622.21   | 1.41%             | 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      | $1111324.83   | 0.47%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Brockton MA                                           | City of Brockton                                                         | CUSIP: 111746KV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3245000 | PA      | $3442426.45   | 1.47%             | 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      | $1404819.52   | 0.60%             | 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      | $258508.53    | 0.11%             | 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      | $741412.95    | 0.32%             | 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      | $2107661.13   | 0.90%             | 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      | $1579658.15   | 0.67%             | 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      | $497665.75    | 0.21%             | 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      | $1088611.47   | 0.46%             | 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      | $252472.08    | 0.11%             | 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      | $1837006.60   | 0.78%             | 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      | $656110.42    | 0.28%             | 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      | $1032328.20   | 0.44%             | 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      | $1788453.65   | 0.76%             | 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      | $1772776.80   | 0.76%             | 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      | $2412592.56   | 1.03%             | 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      | $418032.85    | 0.18%             | 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      | $939588.14    | 0.40%             | 2036-07-01      | 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      | $1038769.40   | 0.44%             | 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      | $797954.90    | 0.34%             | 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      | $1000612.80   | 0.43%             | 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      | $4488830.88   | 1.91%             | 2046-07-01      | Fixed         | 5.00%                 | 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      | $1137884.00   | 0.49%             | 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      | $2009058.00   | 0.86%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                 | Commonwealth of Massachusetts, Series 2024 B                             | CUSIP: 57582R8A7<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5085362.00   | 2.17%             | 2054-05-01      | 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      | $2026974.00   | 0.86%             | 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      | $361064.17    | 0.15%             | 2039-07-01      | Fixed         | 5.00%                 | 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      | $3753581.63   | 1.60%             | 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        |   2000000 | PA      | $1375900.80   | 0.59%             | 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      | $1127173.30   | 0.48%             | 2033-10-01      | Fixed         | 5.25%                 | 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      | $478996.83    | 0.20%             | 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      | $2869364.93   | 1.22%             | 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      | $379318.18    | 0.16%             | 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      | $1985571.40   | 0.85%             | 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      | $2592009.50   | 1.11%             | 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      | $2178514.59   | 0.93%             | 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      | $1317478.26   | 0.56%             | 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   | 0.85%             | 2031-07-01      | Variable      | 1.90%                 | 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      | $1465459.67   | 0.63%             | 2050-07-01      | Fixed         | 4.00%                 | 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      | $977272.30    | 0.42%             | 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      | $203299.76    | 0.09%             | 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    | 0.24%             | 2034-05-15      | Variable      | 1.94%                 | 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      | $995928.50    | 0.42%             | 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      | $1133584.05   | 0.48%             | 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      | $516447.95    | 0.22%             | 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      | $2054778.92   | 0.88%             | 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      | $2483490.99   | 1.06%             | 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      | $1276878.84   | 0.54%             | 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      | $930138.30    | 0.40%             | 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      | $3960550.62   | 1.69%             | 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      | $1993045.20   | 0.85%             | 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      | $2753650.08   | 1.17%             | 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      | $1015572.10   | 0.43%             | 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      | $3028712.10   | 1.29%             | 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      | $653695.62    | 0.28%             | 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      | $1853258.41   | 0.79%             | 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      | $2184197.37   | 0.93%             | 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      | $1078581.90   | 0.46%             | 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      | $1436576.70   | 0.61%             | 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      | $386026.20    | 0.16%             | 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      | $1009914.80   | 0.43%             | 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      | $1275666.89   | 0.54%             | 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      | $1031391.10   | 0.44%             | 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      | $405849.96    | 0.17%             | 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      | $740510.23    | 0.32%             | 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      | $886587.96    | 0.38%             | 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      | $81050.05     | 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        |   7170408 | NS      | $7170408.00   | 3.06%             |  |  |  | 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      | $1283099.16   | 0.55%             | 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      | $287429.85    | 0.12%             | 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      | $491356.61    | 0.21%             | 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      | $501009.20    | 0.21%             | 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      | $472911.95    | 0.20%             | 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      | $978833.70    | 0.42%             | 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      | $501040.60    | 0.21%             | 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      | $693220.88    | 0.30%             | 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      | $2043836.00   | 0.87%             | 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      | $1103107.68   | 0.47%             | 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      | $424922.49    | 0.18%             | 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      | $369715.19    | 0.16%             | 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      | $979727.30    | 0.42%             | 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      | $2273785.60   | 0.97%             | 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      | $515246.97    | 0.22%             | 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      | $219207.03    | 0.09%             | 2028-07-01      | 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      | $825431.97    | 0.35%             | 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      | $116846.13    | 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      | $1420171.09   | 0.61%             | 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      | $4068142.02   | 1.74%             | 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      | $1256535.38   | 0.54%             | 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      | $2653106.40   | 1.13%             | 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      | $1591085.47   | 0.68%             | 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      | $1083899.45   | 0.46%             | 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      | $1570523.40   | 0.67%             | 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      | $1044303.90   | 0.45%             | 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      | $2031447.60   | 0.87%             | 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      | $694230.61    | 0.30%             | 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      | $667838.43    | 0.28%             | 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      | $1341834.20   | 0.57%             | 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      | $1952464.20   | 0.83%             | 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      | $4112932.00   | 1.75%             | 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      | $2511393.00   | 1.07%             | 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      | $2598617.75   | 1.11%             | 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      | $1051346.10   | 0.45%             | 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      | $672022.89    | 0.29%             | 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      | $419634.42    | 0.18%             | 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      | $777169.08    | 0.33%             | 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      | $1050982.47   | 0.45%             | 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      | $750615.30    | 0.32%             | 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      | $3132232.60   | 1.34%             | 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      | $311099.01    | 0.13%             | 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      | $3423317.13   | 1.46%             | 2052-07-01      | Fixed         | 5.00%                 | 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      | $750024.83    | 0.32%             | 2033-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                      | Massachusetts Development Finance Agency, Series 2020 A                  | CUSIP: 57584YYF0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1407705.23   | 0.60%             | 2045-07-01      | Fixed         | 4.00%                 | 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      | $1007943.80   | 0.43%             | 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      | $450333.41    | 0.19%             | 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      | $312511.88    | 0.13%             | 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      | $459564.92    | 0.20%             | 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      | $457793.94    | 0.20%             | 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      | $2537077.50   | 1.08%             | 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      | $467571.96    | 0.20%             | 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      | $412744.92    | 0.18%             | 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      | $1611972.48   | 0.69%             | 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      | $979806.25    | 0.42%             | 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      | $837818.79    | 0.36%             | 2037-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-30

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

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

**Title:** Assistant Treasurer