0000928816-14-000710.txt : 20140425 0000928816-14-000710.hdr.sgml : 20140425 20140425104117 ACCESSION NUMBER: 0000928816-14-000710 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20140228 FILED AS OF DATE: 20140425 DATE AS OF CHANGE: 20140425 EFFECTIVENESS DATE: 20140425 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM MASSACHUSETTS TAX EXEMPT INCOME FUND/MA/ CENTRAL INDEX KEY: 0000792288 IRS NUMBER: 046626127 STATE OF INCORPORATION: MA FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-04518 FILM NUMBER: 14783650 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQ CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921000 MAIL ADDRESS: STREET 1: ONE POST OFFICE SQUARE CITY: BOSTON STATE: MA ZIP: 02109 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 0000792288 S000006210 PUTNAM MASSACHUSETTS TAX EXEMPT INCOME FUND C000017118 Class C Shares C000017119 Class M Shares C000017120 Class A Shares PXMAX C000017121 Class B Shares PMABX C000060571 CLASS Y N-Q 1 a_masstaxexemptincome.htm PUTNAM MASSACHUSETTS TAX EXEMPT INCOME FUND a_masstaxexemptincome.htm


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY



Investment Company Act file number: (811-04518)
Exact name of registrant as specified in charter: Putnam Massachusetts Tax Exempt Income Fund
Address of principal executive offices: One Post Office Square, Boston, Massachusetts 02109
Name and address of agent for service: Robert T. Burns, Vice President
One Post Office Square
Boston, Massachusetts 02109
Copy to:         John W. Gerstmayr, Esq.
Ropes & Gray LLP
800 Boylston Street
Boston, Massachusetts 02199-3600
Registrant’s telephone number, including area code: (617) 292-1000
Date of fiscal year end: May 31, 2014
Date of reporting period: February 28, 2014



Item 1. Schedule of Investments:













Putnam Massachusetts Tax Exempt Income Fund

The fund's portfolio
2/28/14 (Unaudited)
Key to holding's abbreviations
AGM — Assured Guaranty Municipal Corporation
AGO — Assured Guaranty, Ltd.
AMBAC — AMBAC Indemnity Corporation
FGIC — Financial Guaranty Insurance Company
FRB — Floating Rate Bonds: the rate shown is the current interest rate at the close of the reporting period
FRN — Floating Rate Notes: the rate shown is the current interest rate at the close of the reporting period
G.O. Bonds — General Obligation Bonds
NATL — National Public Finance Guarantee Corp.
SGI — Syncora Guarantee, Inc.
VRDN — Variable Rate Demand Notes, which are floating-rate securities with long-term maturities that carry coupons that reset and are payable upon demand either daily, weekly or monthly. The rate shown is the current interest rate at the close of the reporting period.
MUNICIPAL BONDS AND NOTES (99.1%)(a)
Rating(RAT) Principal amount Value
California (0.5%)
CA State G.O. Bonds, 5s, 2/1/38 A1 $1,500,000 $1,597,515
1,597,515
Guam (1.3%)
Territory of GU, Rev. Bonds, Ser. A, 5 3/8s, 12/1/24 BBB+ 1,000,000 1,057,730
Territory of GU, Bus. Privilege Tax Rev. Bonds, Ser. A, 5s, 1/1/31 A 1,650,000 1,698,312
Territory of GU, Govt. Wtr. Wks. Auth. Wtr. & Waste Wtr. Syst. Rev. Bonds, 5 5/8s, 7/1/40 A- 600,000 617,772
Territory of GU, Pwr. Auth. Rev. Bonds, Ser. A
     5 1/2s, 10/1/40 BBB 500,000 512,420
     5s, 10/1/34 BBB 200,000 196,712
4,082,946
Indiana (0.9%)
IN State Fin. Auth. VRDN, Ser. A-2, 0.03s, 2/1/37 VMIG1 3,000,000 3,000,000
3,000,000
Massachusetts (90.6%)
Boston, Indl. Dev. Fin. Auth. Swr. Fac. Rev. Bonds (Harbor Elec. Energy Co.), 7 3/8s, 5/15/15 Aa3 1,815,000 1,824,365
Boston, Wtr. & Swr. Comm. Rev. Bonds, Ser. A, 5s, 11/1/30 Aa1 500,000 563,525
Hampden & Wilbraham, Regl. School Dist. G.O. Bonds, 5s, 2/15/41 Aa3 2,000,000 2,095,460
Holyoke G.O. Bonds, 5s, 9/1/29 Aa2 770,000 852,998
Lowell, G.O. Bonds, Ser. A, SGI, 5s, 9/15/22 Aa2 1,750,000 1,872,955
MA Bay Trans. Auth. Rev. Bonds (Assmt.), Ser. A, 5 1/4s, 7/1/31 AAA 1,000,000 1,202,600
MA Bay Trans. Auth. Sales Tax Rev. Bonds
     Ser. C, 5 1/2s, 7/1/16 AAA 2,855,000 3,196,173
     Ser. C, 5 1/2s, 7/1/16 (Escrowed to maturity) AAA/P 120,000 134,340
     Ser. C, 5 1/4s, 7/1/23 AAA 1,335,000 1,647,310
     Ser. A, 5s, 7/1/31 AAA 3,390,000 3,945,011
MA Dev. Fin. Agcy. Rev. Bonds (Groves), Ser. A, 7 7/8s, 6/1/44(F) CCC/P 1,072,623 34,324
MA Edl. Fin. Auth. Rev. Bonds, Ser. B, 5.7s, 1/1/31 AA 1,700,000 1,759,330
MA State G.O. Bonds
     Ser. C, AMBAC, 5s, 8/1/37 Aa1 2,000,000 2,109,280
     (Construction Loan), Ser. A, 5s, 8/1/27 Aa1 2,000,000 2,209,940
     Ser. D, 5s, 10/1/26 Aa1 2,000,000 2,350,480
MA State Rev. Bonds, 5s, 6/15/22 AAA 3,500,000 4,243,715
MA State VRDN (Construction Loan), Ser. A, 0.03s, 3/1/26 VMIG1 2,200,000 2,200,000
MA State Clean Energy Cooperative Corp. Rev. Bonds (Muni. Ltg. Plant Coop.), 5s, 7/1/32 A1 1,000,000 1,087,670
MA State College Bldg. Auth. Rev. Bonds
     Ser. B, SGI, 5 1/2s, 5/1/28 Aa2 4,000,000 4,857,360
     Ser. B, 5s, 5/1/43 Aa2 3,100,000 3,324,905
     Ser. B, 5s, 5/1/37 Aa2 1,500,000 1,629,525
     Ser. A, 5s, 5/1/36 Aa2 2,850,000 3,104,448
     Ser. A, AGO, 5s, 5/1/28 Aa2 2,270,000 2,475,730
MA State Dept. Trans. Rev. Bonds (Metro Hwy. Syst.), Ser. B
     5s, 1/1/37 A+ 2,250,000 2,345,535
     5s, 1/1/32 A+ 2,775,000 2,935,423
MA State Dev. Fin. Agcy. Rev. Bonds
     (Sabis Intl.), Ser. A, 8s, 4/15/39 BBB 775,000 902,333
     (Tufts Med. Ctr.), Ser. I, 7 1/4s, 1/1/32 BBB 2,000,000 2,344,200
     (Linden Ponds, Inc. Fac.), Ser. A-1, 6 1/4s, 11/15/46 B-/P 1,347,179 1,117,216
     (Linden Ponds, Inc. Fac.), Ser. A-1, 6 1/4s, 11/15/39 B-/P 423,099 365,295
     (Loomis Cmntys.), Ser. A, 6s, 1/1/33 BBB- 300,000 305,103
     (WGBH Edl. Foundation), Ser. A, AMBAC, 5 3/4s, 1/1/42 A 5,000,000 5,765,250
     (Hampshire College), 5.7s, 10/1/34 Baa2 1,315,000 1,323,022
     (Milford Regl. Med. Ctr.), Ser. F, 5 5/8s, 7/15/36 Baa3 500,000 513,690
     (Hampshire College), 5 5/8s, 10/1/24 Baa2 1,000,000 1,010,200
     (Linden Ponds, Inc. Fac.), Ser. A-2, 5 1/2s, 11/15/46 B-/P 94,100 69,633
     (Emerson College), Ser. A, 5 1/2s, 1/1/30 Baa1 900,000 959,823
     (Berklee College of Music), 5 1/4s, 10/1/41 A2 1,500,000 1,584,270
     (New England Conservatory of Music), 5 1/4s, 7/1/38 Baa1 3,000,000 3,061,290
     (Simmons College), Ser. H, SGI, 5 1/4s, 10/1/33 Baa1 4,000,000 4,139,000
     (Lesley U.), Ser. B-1, AGM, 5 1/4s, 7/1/33 AA- 2,000,000 2,113,000
     (Wheelock College), Ser. C, 5 1/4s, 10/1/29 BBB 2,400,000 2,462,688
     (Carleton-Willard Village), 5 1/4s, 12/1/25 A- 700,000 734,545
     (Suffolk U.), 5 1/8s, 7/1/40 Baa2 1,500,000 1,505,115
     (Emerson College), Ser. A, 5s, 1/1/40 Baa1 3,400,000 3,413,396
     (Brandeis U.), Ser. N, 5s, 10/1/39 A1 450,000 472,262
     (Franklin W. Olin College), Ser. E, 5s, 11/1/38 A+ 1,000,000 1,059,650
     (Boston College), Ser. P, 5s, 7/1/38 Aa3 2,000,000 2,109,280
     (Lowell Gen. Hosp.), Ser. G, 5s, 7/1/37 BBB+ 1,630,000 1,635,917
     (Brandeis U.), Ser. 0-1, 5s, 10/1/35 A1 1,000,000 1,075,320
     (Northeastern U.), 5s, 10/1/31 A2 500,000 538,225
     (MA College Pharmacy Allied), Ser. E, AGO, 5s, 7/1/31 AA- 2,000,000 2,093,220
     (Partners Hlth. Care Syst.), Ser. L, 5s, 7/1/31 Aa2 4,495,000 4,878,603
     (Boston U.), Ser. V-1, 5s, 10/1/29 A1 2,000,000 2,201,660
     (Boston College), Ser. Q-1, 5s, 7/1/29 Aa3 1,050,000 1,151,462
     (Mount Holyoke College), 5s, 7/1/28 Aa3 3,000,000 3,284,730
     (Holy Cross College), Ser. B, 5s, 9/1/25 Aa3 1,500,000 1,669,080
     (MA College of Pharmacy & Allied Hlth. Science), Ser. F, 5s, 7/1/25 A2 650,000 733,571
     (MA College of Pharmacy & Allied Hlth. Science), Ser. F, 5s, 7/1/23 A2 125,000 145,636
     (First Mtge. - Orchard Cove), 5s, 10/1/19 BB/P 550,000 561,363
     (First Mtge. - Orchard Cove), 5s, 10/1/18 BB/P 515,000 525,717
     (Linden Ponds, Inc. Fac.), Ser. B, zero %, 11/15/56 B-/P 468,041 3,010
     (WGBH Edl. Foundation), Ser. B, AGO, zero %, 1/1/29 AA- 2,000,000 1,120,060
     (WGBH Edl. Foundation), Ser. B, AGO, zero %, 1/1/28 AA- 2,000,000 1,190,280
MA State Dev. Fin. Agcy. Solid Waste Disp. (Dominion Energy Brayton), Ser. 1, 5 3/4s, 12/1/42 (Prerefunded 5/1/19) BBB+ 1,700,000 2,097,052
MA State Dev. Fin. Agcy. Solid Waste Disp. FRB (Dominion Energy Brayton Point), 5s, 2/1/36 (Prerefunded 8/1/16) BBB+ 1,000,000 1,105,430
MA State Edl. Fin. Auth. Rev. Bonds, Ser. J, 5 5/8s, 7/1/28 AA 955,000 1,007,305
MA State Hlth. & Edl. Fac. Auth. Rev. Bonds
     (Quincy Med. Ctr.), Ser. A, 6 1/2s, 1/15/38 (In default)(NON) D/P 194,574 19
     (Harvard U.), Ser. N, 6 1/4s, 4/1/20 AAA 3,000,000 3,832,080
     (Suffolk U.), Ser. A, 5 3/4s, 7/1/39 Baa2 3,000,000 3,131,790
     (Springfield College), 5 5/8s, 10/15/40 Baa1 2,000,000 2,083,200
     (Harvard U.), Ser. A, 5 1/2s, 11/15/36 Aaa 2,185,000 2,455,022
     (Milton Hosp.), Ser. D, 5 3/8s, 7/1/35 BB+ 1,065,000 1,039,184
     (Jordan Hosp.), Ser. D, 5 3/8s, 10/1/28 B+ 3,000,000 2,971,500
     (Care Group), Ser. B-1, NATL, 5 3/8s, 2/1/27 A 1,030,000 1,117,375
     (Boston College), Ser. K, 5 3/8s, 6/1/14 Aa3 810,000 820,101
     (Lesley U.), Ser. A, AGO, 5 1/4s, 7/1/39 AA- 1,000,000 1,056,390
     (Winchester Hosp.), 5 1/4s, 7/1/38 BBB+ 3,225,000 3,304,883
     (Lahey Clinic Med. Ctr.), Ser. D, 5 1/4s, 8/15/28 A+ 3,000,000 3,186,930
     (Dana-Farber Cancer Inst.), Ser. K, 5 1/4s, 12/1/27 A1 1,500,000 1,646,310
     (MA Inst. of Tech.), Ser. I-1, 5.2s, 1/1/28 Aaa 5,000,000 6,217,650
     (Care Group), Ser. E-1, 5 1/8s, 7/1/38 A3 1,000,000 1,023,840
     (Fisher College), Ser. A, 5 1/8s, 4/1/37 BBB- 755,000 704,211
     (Lowell Gen. Hosp.), Ser. C, 5 1/8s, 7/1/35 BBB+ 725,000 735,694
     (Wheaton Coll.), Ser. F, 5s, 1/1/41 A2 2,000,000 2,043,400
     (Partners Hlth. Care Syst.), Ser. J-1, 5s, 7/1/39 Aa2 1,500,000 1,563,885
     (Southcoast Hlth. Oblig.), Ser. D, 5s, 7/1/39 A2 1,500,000 1,523,625
     (Harvard U.), Ser. B, 5s, 10/1/38 Aaa 500,000 544,780
     (MA Inst. of Tech.), Ser. A, 5s, 7/1/38 Aaa 2,250,000 2,437,898
     (Berklee College of Music), Ser. A, 5s, 10/1/37 A2 2,750,000 2,884,475
     (Milford Regl. Med.), Ser. E, 5s, 7/15/37 Baa3 850,000 813,816
     (Sterling & Francine Clark), Ser. A, 5s, 7/1/36 AA 1,000,000 1,030,420
     (Northeastern U.), Ser. A, 5s, 10/1/35 A2 300,000 313,650
     (Harvard U.), 5s, 7/15/35 Aaa 2,750,000 2,871,523
     (Northeastern U.), Ser. T-1, 5s, 10/1/30 A2 1,000,000 1,075,700
     (Northeastern U.), Ser. T-2, 5s, 10/1/30 A2 2,000,000 2,151,400
     (Care Group), Ser. E-1, 5s, 7/1/28 A3 1,730,000 1,835,305
     (Northeastern U.), Ser. R, 5s, 10/1/26 A2 1,165,000 1,260,204
     (Worcester City Campus Corp.), Ser. E, FGIC, NATL, 5s, 10/1/26 AA- 2,000,000 2,135,120
     (Milford Regl. Med.), Ser. E, 5s, 7/15/22 Baa3 1,800,000 1,844,046
     (Fisher College), Ser. A, 5s, 4/1/22 BBB- 1,110,000 1,124,763
MA State Hlth. & Edl. Fac. Auth. VRDN
     (Baystate Med. Ctr.), Ser. J-2, 0.03s, 7/1/44 VMIG1 800,000 800,000
     (Tufts U.), Ser. N-2, 0.02s, 8/15/34 VMIG1 3,200,000 3,200,000
     (Wellesley College), Ser. I, 0.01s, 7/1/39 VMIG1 3,095,000 3,095,000
MA State Hsg. Fin. Agcy. FRB (Single Fam. Hsg.), Ser. 126, 4.7s, 6/1/38 Aa2 1,025,000 1,006,017
MA State Hsg. Fin. Agcy. Rev. Bonds
     Ser. C, 5.35s, 12/1/42 Aa3 1,500,000 1,523,700
     Ser. A, 5.1s, 12/1/30 Aa3 2,500,000 2,578,850
     Ser. D, 5.05s, 6/1/40 Aa3 1,560,000 1,604,678
     Ser. 157, 4.35s, 12/1/27 Aa2 1,535,000 1,556,076
     Ser. SF-169, 4s, 12/1/44(FWC) Aa2 1,800,000 1,960,812
     Ser. 160, 3 3/4s, 6/1/34 Aa2 755,000 783,547
     Ser. A, 3 1/2s, 12/1/31 Aa3 2,000,000 1,804,860
     Ser. A, 3 1/4s, 12/1/27 Aa3 1,870,000 1,767,954
MA State Indl. Fin. Agcy. Rev. Bonds (1st Mtge. Berkshire Retirement), Ser. A, 6 5/8s, 7/1/16 BBB 1,590,000 1,596,678
MA State Port Auth. Rev. Bonds
     Ser. A, 5s, 7/1/34 Aa3 3,500,000 3,697,610
     Ser. C, AGM, 5s, 7/1/27 Aa3 5,000,000 5,321,900
     Ser. A, AMBAC, 5s, 7/1/26 Aa3 3,000,000 3,139,710
MA State Port Auth. Special Fac. Rev. Bonds
     (Conrac), Ser. A, 5 1/8s, 7/1/41 A 1,765,000 1,839,765
     (BOSFUEL), FGIC, NATL, 5s, 7/1/27 A2 2,500,000 2,606,950
MA State School Bldg. Auth. Dedicated Sales Tax Rev. Bonds, Ser. A
     5s, 8/15/30 AA+ 3,500,000 3,935,330
     AGM, 5s, 8/15/26 (Prerefunded 8/15/15) AA+ 4,000,000 4,278,600
MA State School Bldg. Auth. Sr. Sales Tax Rev. Bonds, Ser. B
     5s, 10/15/41 AA+ 3,500,000 3,760,820
     5s, 10/15/35 AA+ 1,000,000 1,092,440
     5s, 8/15/30 AA+ 4,000,000 4,497,520
MA State Trans. Fund Rev. Bonds (Accelerated Bridge Program), 5s, 6/1/43 Aaa 2,100,000 2,267,706
MA State Wtr. Poll. Abatement Trust Rev. Bonds
     Ser. 14, 5s, 8/1/32 Aaa 4,000,000 4,392,160
     Ser. 13, 5s, 8/1/26 Aaa 1,000,000 1,109,780
MA State Wtr. Resource Auth. Rev. Bonds
     Ser. A, 6 1/2s, 7/15/19 (Escrowed to maturity) Aa1 4,775,000 5,490,820
     Ser. C, 5 1/4s, 8/1/42 Aa1 3,500,000 3,843,735
     Ser. A, NATL, 5s, 8/1/29 (Prerefunded 8/1/14) Aa1 4,000,000 4,078,280
     Ser. A, NATL, 5s, 8/1/29 Aa1 3,225,000 3,505,285
     Ser. B, AMBAC, 5s, 8/1/26 Aa1 2,000,000 2,235,660
Metro. Boston, Trans. Pkg. Corp. Rev. Bonds, 5 1/4s, 7/1/36 A1 1,500,000 1,625,835
Milford, G.O. Bonds, AGM, 5 1/8s, 12/15/24 Aa2 2,475,000 2,759,774
Newburyport, G.O. Bonds (Muni. Purpose Loan), 4s, 1/15/24 AA+ 1,280,000 1,420,979
North Reading, G.O. Bonds, 5s, 5/15/35 Aa2 3,750,000 4,102,800
Norwell, G.O. Bonds, AMBAC, 5s, 2/15/25 (Prerefunded 2/15/15) AAA 1,000,000 1,055,250
U. of MA Bldg. Auth. Rev. Bonds, Ser. 2, 5s, 11/1/39 Aa2 2,500,000 2,686,950
Worcester, G.O. Bonds (Muni. Purpose Loan), 4s, 11/1/23 Aa3 3,050,000 3,264,995
282,419,319
Mississippi (0.8%)
MS State Bus. Fin. Commission Gulf Opportunity Zone VRDN (Chevron USA, Inc.), Ser. F, 0.03s, 12/1/30 VMIG1 2,500,000 2,500,000
2,500,000
Oklahoma (0.3%)
OK State Tpk. Auth. VRDN, Ser. F, 0.03s, 1/1/28 VMIG1 1,000,000 1,000,000
1,000,000
Puerto Rico (3.5%)
Children's Trust Fund Tobacco Settlement (The) Rev. Bonds
     5 1/2s, 5/15/39 Ba1 1,800,000 1,627,524
     5 3/8s, 5/15/33 BBB 1,695,000 1,679,847
Cmnwlth. of PR, G.O. Bonds, Ser. A, 5 1/4s, 7/1/26 BB+ 1,620,000 1,291,010
Cmnwlth. of PR, Elec. Pwr. Auth. Rev. Bonds
     Ser. CCC, 5s, 7/1/28 BBB 1,000,000 678,940
     Ser. TT, 5s, 7/1/27 BBB 1,000,000 690,580
Cmnwlth. of PR, Hwy. & Trans. Auth. Rev. Bonds FRN, Ser. AA-2, 5.3s, 7/1/35 Ba1 525,000 382,074
Cmnwlth. of PR, Pub. Bldg. Auth. Mandatory Put Bonds (7/1/17) (Govt. Fac.), Ser. M-2, 5 3/4s, 7/1/34 BB+ 1,500,000 1,299,570
Cmnwlth. of PR, Sales Tax Fin. Corp. Rev. Bonds, Ser. C
     5 1/4s, 8/1/41 A+ 2,990,000 2,293,061
     5 1/4s, 8/1/40 AA- 1,000,000 838,750
10,781,356
Utah (0.7%)
Murray City, Hosp. Rev. VRDN (IHC Hlth. Svcs., Inc.), Ser. C, 0.02s, 5/15/36 A-1+ 2,240,000 2,240,000
2,240,000
Virgin Islands (0.5%)
VI Pub. Fin. Auth. Rev. Bonds, Ser. A
     6s, 10/1/39 Baa3 600,000 603,906
     5s, 10/1/25 Baa2 850,000 899,177
1,503,083
TOTAL INVESTMENTS
Total investments (cost $299,225,120)(b) $309,124,219













Notes to the fund's portfolio
Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from June 1, 2013 through February 28, 2014 (the reporting period). Within the following notes to the portfolio, references to “ASC 820” represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures, references to “Putnam Management” represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC and references to “OTC”, if any, represent over-the-counter.
(a) Percentages indicated are based on net assets of $311,818,846.
(RAT) The Moody's, Standard & Poor's or Fitch ratings indicated are believed to be the most recent ratings available at the close of the reporting period for the securities listed. Ratings are generally ascribed to securities at the time of issuance. While the agencies may from time to time revise such ratings, they undertake no obligation to do so, and the ratings do not necessarily represent what the agencies would ascribe to these securities at the close of the reporting period. Securities rated by Putnam are indicated by “/P.” The rating of an insured security represents what is believed to be the most recent rating of the insurer's claims-paying ability available at the close of the reporting period, if higher than the rating of the direct issuer of the bond, and does not reflect any subsequent changes. Security ratings are defined in the Statement of Additional Information.
(b) The aggregate identified cost on a tax basis is $299,128,770, resulting in gross unrealized appreciation and depreciation of $15,249,922 and $5,254,473, respectively, or net unrealized appreciation of $9,995,449.
(NON) Non-income-producing security.
(FWC) Forward commitment, in part or in entirety.
(F) Security is valued at fair value following procedures approved by the Trustees. Securities may be classified as Level 2 or Level 3 for ASC 820 based on the securities' valuation inputs.
The rates shown on Mandatory Put Bonds are the current interest rates at the close of the reporting period.
The dates shown parenthetically on Mandatory Put Bonds represent the next mandatory put dates.
The dates shown parenthetically on prerefunded bonds represent the next prerefunding dates.
The dates shown on debt obligations are the original maturity dates.
The fund had the following sector concentrations greater than 10% at the close of the reporting period (as a percentage of net assets):
Education 32.9%
Health care 12.9
Tax bonds 10.6

Security valuation: Tax-exempt bonds and notes are generally valued on the basis of valuations provided by an independent pricing service approved by the Trustees. Such services use information with respect to transactions in bonds, quotations from bond dealers, market transactions in comparable securities and various relationships between securities in determining value. These securities will generally be categorized as Level 2.
Certain investments, including certain restricted and illiquid securities and derivatives are also valued at fair value following procedures approved by the Trustees. Such valuations and procedures are reviewed periodically by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures and recovery rates. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount.












ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund’s investments. The three levels are defined as follows:
Level 1: Valuations based on quoted prices for identical securities in active markets.
Level 2: Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
Level 3: Valuations based on inputs that are unobservable and significant to the fair value measurement.
The following is a summary of the inputs used to value the fund’s net assets as of the close of the reporting period:

 Valuation inputs
Investments in securities: Level 1 Level 2 Level 3
Municipal bonds and notes $— $309,124,219 $—
Totals by level $— $309,124,219 $—


For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com



Item 2. Controls and Procedures:
(a) The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are generally effective to provide reasonable assurance that information required to be disclosed by the registrant in this report is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms.

(b) Changes in internal control over financial reporting: Not applicable
Item 3. Exhibits:
Separate certifications for the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are filed herewith.

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Putnam Massachusetts Tax Exempt Income Fund
By (Signature and Title):
/s/ Janet C. Smith
Janet C. Smith
Principal Accounting Officer
Date: April 25, 2014

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title):
/s/ Jonathan S. Horwitz
Jonathan S. Horwitz
Principal Executive Officer
Date: April 25, 2014

By (Signature and Title):
/s/ Steven D. Krichmar
Steven D. Krichmar
Principal Financial Officer
Date: April 25, 2014

EX-99.CERT 2 b_845certifications.htm EX-99.CERT b_845certifications.htm

Certifications

I, Jonathan S. Horwitz, the Principal Executive Officer of the funds listed on Attachment A, certify that:

1. I have reviewed each report on Form N-Q of the funds listed on Attachment A:

2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by each report;

3. Based on my knowledge, the schedules of investments included in each report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrants and have:


a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared;


b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;


c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and


d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to each registrant’s auditors and the audit committee of each registrant’s board of directors (or persons performing the equivalent functions):


a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant’s ability to record, process, summarize, and report financial information; and


b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant’s internal control over financial reporting.

/s/ Jonathan S. Horwitz
_____________________________

Date: April 24, 2014
Jonathan S. Horwitz
Principal Executive Officer













Certifications

I, Steven D. Krichmar, the Principal Financial Officer of the funds listed on Attachment A, certify that:

1. I have reviewed each report on Form N-Q of the funds listed on Attachment A:

2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by each report;

3. Based on my knowledge, the schedules of investments included in each report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrants and have:


a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared;


b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;


c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and


d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to each registrant’s auditors and the audit committee of each registrant’s board of directors (or persons performing the equivalent functions):


a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant’s ability to record, process, summarize, and report financial information; and


b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant’s internal control over financial reporting.

/s/ Steven D. Krichmar
_______________________________

Date: April 24, 2014
Steven D. Krichmar
Principal Financial Officer














Attachment A

NQ

Period (s) ended February 28, 2014
               Putnam Arizona Tax Exempt Income Fund
               Putnam Minnesota Tax Exempt Income Fund
               Putnam Massachusetts Tax Exempt Income Fund
               Putnam New York Tax Exempt Income Fund
               Putnam High Yield Advantage Fund
               Putnam Equity Income Fund
               Putnam Pennsylvania Tax Exempt Income Fund
               Putnam Ohio Tax Exempt Income Fund
               Putnam New Jersey Tax Exempt Income Fund
               Putnam Michigan Tax Exempt Income Fund
               Putnam Dynamic Asset Allocation Equity Fund
               Putnam Dynamic Risk Allocation Fund
               Putnam Short Term Municipal Income Fund
               Putnam Intermediate Term Municipal Income Fund
               Putnam Emerging Markets Income Fund
               Putnam Global Dividend Fund