0000928816-17-001305.txt : 20170427 0000928816-17-001305.hdr.sgml : 20170427 20170427111537 ACCESSION NUMBER: 0000928816-17-001305 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20170228 FILED AS OF DATE: 20170427 DATE AS OF CHANGE: 20170427 EFFECTIVENESS DATE: 20170427 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: 17787003 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_mataxexemptincome.htm PUTNAM MASSACHUSETTS TAX EXEMPT INCOME FUND a_mataxexemptincome.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:         Bryan Chegwidden, Esq.
Ropes & Gray LLP
1211 Avenue of the Americas
New York, New York 10036
Registrant's telephone number, including area code: (617) 292-1000
Date of fiscal year end: May 31, 2017
Date of reporting period: February 28, 2017



Item 1. Schedule of Investments:













Putnam Massachusetts Tax Exempt Income Fund

The fund's portfolio
2/28/17 (Unaudited)
Key to holding's abbreviations
AGC — Assured Guaranty Corp.
AGM — Assured Guaranty Municipal Corporation
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
G.O. Bonds — General Obligation Bonds
NATL — National Public Finance Guarantee Corp.
SGI — Syncora Guarantee, Inc.
U.S. Govt. Coll. — U.S. Government Collateralized
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 (98.1%)(a)
Rating(RAT) Principal amount Value
California (0.6%)
CA State G.O. Bonds, 5.00%, 2/1/38 Aa3 $1,500,000 $1,673,400
1,673,400
Guam (0.9%)
Territory of GU, Rev. Bonds, Ser. A, 5.375%, 12/1/24 (Prerefunded 12/1/19) BBB+ 1,000,000 1,111,790
Territory of GU, Govt. Wtr. Wks. Auth. Wtr. & Waste Wtr. Syst. Rev. Bonds, 5.625%, 7/1/40 A- 600,000 640,278
Territory of GU, Pwr. Auth. Rev. Bonds, Ser. A
     5.50%, 10/1/40 Baa2 500,000 528,510
     5.00%, 10/1/34 Baa2 200,000 207,776
2,488,354
Massachusetts (95.4%)
Hampden & Wilbraham, Regl. School Dist. G.O. Bonds, 5.00%, 2/15/41 Aa3 2,000,000 2,192,460
Holyoke G.O. Bonds, 5.00%, 9/1/29 Aa2 770,000 897,042
MA Bay Trans. Auth. Sales Tax Rev. Bonds
     Ser. C, 5.50%, 7/1/24 AA+ 1,500,000 1,843,515
     Ser. C, 5.25%, 7/1/23 AA+ 1,335,000 1,603,068
     Ser. A, 5.25%, 7/1/21 AA+ 2,000,000 2,320,380
     Ser. A, 5.00%, 7/1/31 AA+ 3,390,000 4,174,751
MA State G.O. Bonds
     Ser. A, 5.00%, 3/1/46 Aa1 1,000,000 1,117,980
     Ser. A, 5.00%, 3/1/41 Aa1 1,000,000 1,121,320
     Ser. I, 5.00%, 12/1/35 Aa1 3,000,000 3,481,560
     Ser. B, 5.00%, 7/1/33 Aa1 2,000,000 2,330,360
     (Construction Loan), Ser. A, 5.00%, 8/1/27 (Prerefunded 8/1/18) Aa1 2,000,000 2,112,380
     Ser. A, 5.00%, 5/1/23 Aa1 3,000,000 3,553,560
     Ser. E, 4.00%, 4/1/46 Aa1 3,000,000 3,045,510
MA State Rev. Bonds, 5.00%, 6/15/22 AAA 2,000,000 2,343,140
MA State VRDN (Construction Loan), Ser. A, 0.69%, 3/1/26 VMIG1 2,315,000 2,315,000
MA State Clean Energy Cooperative Corp. Rev. Bonds (Muni. Ltg. Plant Coop.)
     5.00%, 7/1/32 A1 1,000,000 1,138,540
     5.00%, 7/1/28 A1 1,500,000 1,734,315
MA State College Bldg. Auth. Rev. Bonds
     Ser. B, SGI, 5.50%, 5/1/28 Aa2 3,000,000 3,584,070
     Ser. B, 5.00%, 5/1/43 Aa2 3,100,000 3,445,991
     (Green Bond), 5.00%, 5/1/39 Aa2 1,500,000 1,687,860
     Ser. B, 5.00%, 5/1/37 Aa2 1,500,000 1,689,765
     Ser. A, 5.00%, 5/1/36 Aa2 2,850,000 3,255,185
     Ser. A, AGC, 5.00%, 5/1/28 (Prerefunded 5/1/18) Aa2 2,270,000 2,377,507
MA State Dept. Trans. Rev. Bonds (Metro Hwy. Syst.), Ser. B
     5.00%, 1/1/37 A+ 2,250,000 2,429,460
     5.00%, 1/1/32 A+ 2,775,000 3,020,282
MA State Dev. Fin. Agcy. Rev. Bonds
     (Sabis Intl.), Ser. A, 8.00%, 4/15/39 (Prerefunded 10/15/19) BBB 775,000 908,804
     (Tufts Med. Ctr.), Ser. I, 7.25%, 1/1/32 BBB 2,000,000 2,354,240
     (Linden Ponds, Inc. Fac.), Ser. A-1, 6.25%, 11/15/46 B-/P 547,179 561,898
     (Loomis Cmntys.), Ser. A, 6.00%, 1/1/33 BBB- 300,000 333,531
     (WGBH Edl. Foundation), Ser. A, AMBAC, 5.75%, 1/1/42 A+ 5,000,000 6,484,994
     (Milford Regl. Med. Ctr.), Ser. F, 5.625%, 7/15/36 Baa3 500,000 548,480
     (Linden Ponds, Inc.), Ser. B, 5.50%, 11/15/56 B-/P 468,041 3,375
     (Linden Ponds, Inc.), Ser. A-2 , 5.50%, 11/15/46 B-/P 94,100 93,682
     (Harvard U.), Ser. A, U.S. Govt. Coll., 5.50%, 11/15/36 (Prerefunded 11/15/18) Aaa 1,650,000 1,776,869
     (Harvard U.), Ser. A, U.S. Govt. Coll., 5.50%, 11/15/36 (Prerefunded 11/15/18) AAA/P 535,000 575,189
     (Emerson College), Ser. A, 5.50%, 1/1/30 BBB+ 900,000 970,038
     (Berklee College of Music), 5.25%, 10/1/41 A2 1,500,000 1,694,685
     (New England Conservatory of Music), U.S. Govt. Coll., 5.25%, 7/1/38 (Prerefunded 7/1/18) AAA/P 3,000,000 3,166,890
     (Simmons College), Ser. H, SGI, 5.25%, 10/1/33 Baa1 2,000,000 2,223,520
     (Lesley U.), Ser. B-1, AGM, 5.25%, 7/1/33 AA 2,000,000 2,257,500
     (Wheelock College), Ser. C, 5.25%, 10/1/29 BBB 2,400,000 2,445,240
     (Carleton-Willard Village), 5.25%, 12/1/25 A- 700,000 750,148
     (Suffolk U.), 5.125%, 7/1/40 Baa2 1,600,000 1,668,144
     (Emmanuel College), Ser. A, 5.00%, 10/1/43 Baa2 1,000,000 1,064,960
     (Boston College), Ser. T, 5.00%, 7/1/42 Aa3 1,000,000 1,139,260
     (UMass Boston Student Hsg.), 5.00%, 10/1/41 Baa3 1,000,000 1,061,710
     (Partners Healthcare Syst.), Ser. Q, 5.00%, 7/1/41 Aa3 2,000,000 2,203,420
     (South Shore Hosp., Inc.), Ser. I, 5.00%, 7/1/41 A- 2,500,000 2,725,425
     (Dexter Southfield), 5.00%, 5/1/41 BBB+ 2,000,000 2,165,500
     (Bentley U.), 5.00%, 7/1/40 A3 1,250,000 1,384,425
     (Emerson College), Ser. A, 5.00%, 1/1/40 BBB+ 3,400,000 3,658,298
     (Brandeis U.), Ser. N, 5.00%, 10/1/39 A1 450,000 473,018
     (Franklin W. Olin College), Ser. E, 5.00%, 11/1/38 A+ 1,000,000 1,109,700
     (Tufts U.), Ser. Q, 5.00%, 8/15/38 Aa2 500,000 574,145
     (Boston College), Ser. P, 5.00%, 7/1/38 (Prerefunded 7/1/17) Aa3 2,000,000 2,028,160
     (UMass Memorial Hlth. Care Oblig. Group), Ser. K, 5.00%, 7/1/38 BBB+ 1,000,000 1,068,800
     (Wentworth Inst.Tech.), 5.00%, 10/1/37 Baa1 655,000 711,016
     (Caregroup), Ser. I, 5.00%, 7/1/37 A3 500,000 550,440
     (Lowell Gen. Hosp.), Ser. G, 5.00%, 7/1/37 BBB 1,630,000 1,713,733
     (MCPHS U.), Ser. H, 5.00%, 7/1/37 AA 450,000 510,543
     (Dana-Farber Cancer Inst.), Ser. N, 5.00%, 12/1/36 A1 1,100,000 1,236,147
     (Caregroup), Ser. I, 5.00%, 7/1/36 A3 935,000 1,037,111
     (Brandeis U.), Ser. 0-1, 5.00%, 10/1/35 A1 1,000,000 1,082,870
     (Boston Med. Ctr.), Ser. E, 5.00%, 7/1/35 Baa2 1,000,000 1,054,840
     (Baystate Med. Oblig. Group), Ser. N, 5.00%, 7/1/34 A+ 1,000,000 1,104,330
     (Intl. Charter School), 5.00%, 4/15/33 BBB 750,000 812,325
     (MCPHS U.), Ser. H, 5.00%, 7/1/32 AA 300,000 343,911
     (Northeastern U.), 5.00%, 10/1/31 A2 500,000 567,200
     (Berkshire Retirement Cmnty. of Lenox), 5.00%, 7/1/31 A-/F 1,000,000 1,100,670
     (Partners Hlth. Care Syst.), Ser. L, 5.00%, 7/1/31 Aa3 4,495,000 4,999,923
     (Lesley U.), 5.00%, 7/1/30 A- 1,000,000 1,145,000
     (Boston U.), Ser. V-1, 5.00%, 10/1/29 (Prerefunded 10/1/19) A1 2,000,000 2,196,620
     (Boston College), Ser. Q-1, 5.00%, 7/1/29 Aa3 1,050,000 1,138,778
     (Mount Holyoke College), 5.00%, 7/1/28 (Prerefunded 7/1/18) Aa3 3,000,000 3,157,020
     (Dexter Southfield), 5.00%, 5/1/26 BBB+ 740,000 831,020
     (College of the Holy Cross), Ser. B, 5.00%, 9/1/25 Aa3 1,020,000 1,077,548
     (College of the Holy Cross), Ser. B, 5.00%, 9/1/25 (Prerefunded 9/1/18) AAA/P 480,000 508,781
     (MA College of Pharmacy & Allied Hlth. Science), Ser. F, 5.00%, 7/1/25 AA 650,000 752,778
     (Babson College), Ser. A, 5.00%, 10/1/24 A2 250,000 295,168
     (Lahey Clinic Oblig. Group), Ser. F, 5.00%, 8/15/24 A+ 250,000 294,845
     (CareGroup), Ser. H-1, 5.00%, 7/1/24 A3 3,000,000 3,503,610
     (Babson College), Ser. A, 5.00%, 10/1/23 A2 300,000 351,174
     (MA College of Pharmacy & Allied Hlth. Science), Ser. F, 5.00%, 7/1/23 AA 125,000 146,210
     (Berklee College of Music), 5.00%, 10/1/22 A2 250,000 291,118
     (First Mtge. - Orchard Cove), 5.00%, 10/1/19 BB/P 550,000 557,414
     (First Mtge. - Orchard Cove), 5.00%, 10/1/18 BB/P 515,000 522,298
     (WGBH Edl. Foundation), Ser. B, AGC, zero %, 1/1/29 AA 2,000,000 1,325,240
     (WGBH Edl. Foundation), Ser. B, AGC, zero %, 1/1/28 AA 2,000,000 1,386,840
MA State Dev. Fin. Agcy. Solid Waste Disp. FRB (Dominion Energy Brayton Point), Ser. 1, U.S. Govt. Coll., 5.75%, 12/1/42 (Prerefunded 5/1/19) Baa2 1,700,000 1,868,334
MA State Edl. Fin. Auth. Rev. Bonds
     Ser. B, 5.70%, 1/1/31 AA 1,110,000 1,164,568
     Ser. J, 5.625%, 7/1/28 AA 635,000 686,600
     (Ed. Loan - Issue 1), 5.00%, 1/1/27 AA 2,750,000 3,030,170
     (Ed. Loan - Issue 1), 4.375%, 1/1/32 AA 1,130,000 1,149,052
MA State Hlth. & Edl. Fac. Auth. Rev. Bonds
     (Harvard U.), Ser. N, 6.25%, 4/1/20 Aaa 3,000,000 3,463,290
     (Suffolk U.), Ser. A, U.S. Govt. Coll., 5.75%, 7/1/39 (Prerefunded 7/1/19) Baa2 3,000,000 3,181,920
     (Springfield College), 5.625%, 10/15/40 (Prerefunded 10/15/19) BBB 2,000,000 2,228,920
     (Care Group), Ser. B-1, NATL, 5.375%, 2/1/27 (Prerefunded 8/1/18) AA- 1,030,000 1,094,025
     (Lesley U.), Ser. A, AGC, 5.25%, 7/1/39 (Prerefunded 7/1/19) AA 1,000,000 1,095,590
     (Winchester Hosp.), 5.25%, 7/1/38 A 2,225,000 2,408,029
     (Lahey Clinic Med. Ctr.), Ser. D, 5.25%, 8/15/28 (Prerefunded 8/15/17) A+ 3,000,000 3,060,510
     (Dana-Farber Cancer Inst.), Ser. K, 5.25%, 12/1/27 A1 1,500,000 1,598,880
     (MA Inst. of Tech.), Ser. I-1, 5.20%, 1/1/28 Aaa 5,000,000 6,316,900
     (Fisher College), Ser. A, 5.125%, 4/1/37 BBB 755,000 756,510
     (Lowell Gen. Hosp.), Ser. C, 5.125%, 7/1/35 BBB 725,000 766,340
     (Wheaton Coll.), Ser. F, 5.00%, 1/1/41 A3 2,000,000 2,152,080
     (Partners Hlth. Care Syst.), Ser. J-1, 5.00%, 7/1/39 Aa3 1,500,000 1,601,460
     (Southcoast Hlth. Oblig.), Ser. D, 5.00%, 7/1/39 A3 1,500,000 1,564,845
     (Berklee College of Music), Ser. A, 5.00%, 10/1/37 A2 190,000 193,853
     (Milford Regl. Med.), Ser. E, 5.00%, 7/15/37 Baa3 850,000 856,664
     (Northeastern U.), Ser. A, 5.00%, 10/1/35 A2 300,000 330,702
     (Northeastern U.), Ser. T-1, 5.00%, 10/1/30 A2 1,000,000 1,147,900
     (Northeastern U.), Ser. T-2, 5.00%, 10/1/30 A2 2,000,000 2,295,800
     (Care Group), Ser. E-1, 5.00%, 7/1/28 (Prerefunded 7/1/18) A3 1,730,000 1,822,918
     (Northeastern U.), Ser. R, 5.00%, 10/1/26 A2 1,165,000 1,230,776
     (Fisher College), Ser. A, 5.00%, 4/1/22 BBB 1,110,000 1,112,797
MA State Hlth. & Edl. Fac. Auth. VRDN
     (Baystate Med. Ctr.), Ser. J-2, 0.56%, 7/1/44 VMIG1 800,000 800,000
     (Tufts U.), Ser. N-2, 0.53%, 8/15/34 VMIG1 2,200,000 2,200,000
     (Harvard U.), Ser. R, 0.41%, 11/1/49 VMIG1 1,000,000 1,000,000
MA State Hsg. Fin. Agcy. Rev. Bonds
     Ser. C, 5.35%, 12/1/42 Aa2 1,160,000 1,219,032
     Ser. A, 5.10%, 12/1/30 Aa2 1,125,000 1,178,933
     Ser. D, 5.05%, 6/1/40 Aa2 1,355,000 1,401,517
     Ser. 171, 4.00%, 12/1/44 Aa1 640,000 673,606
     Ser. SF-169, 4.00%, 12/1/44 Aa1 1,475,000 1,550,196
     Ser. 160, 3.75%, 6/1/34 Aa1 395,000 402,343
     (Single Fam.), Ser. 178, 3.50%, 6/1/42 Aa1 1,375,000 1,431,843
     Ser. A, 3.50%, 12/1/31 Aa2 2,000,000 2,010,800
     Ser. A, 3.25%, 12/1/27 Aa2 1,870,000 1,897,414
MA State Port Auth. Rev. Bonds
     Ser. A, 5.00%, 7/1/35 Aa2 1,500,000 1,724,025
     Ser. A, 5.00%, 7/1/34 Aa2 3,500,000 3,892,490
     Ser. A, 5.00%, 7/1/33 Aa2 775,000 892,754
     Ser. A, 5.00%, 7/1/32 Aa2 755,000 873,943
     Ser. C, AGM, 5.00%, 7/1/27 Aa2 5,000,000 5,064,050
MA State Port Auth. Special Fac. Rev. Bonds
     (Conrac), Ser. A, 5.125%, 7/1/41 A 1,765,000 1,918,326
     (BOSFUEL), FGIC, NATL, 5.00%, 7/1/27 AA- 2,500,000 2,528,275
MA State School Bldg. Auth. Dedicated Sales Tax Rev. Bonds, Ser. A, 5.00%, 11/15/42 AA+ 2,000,000 2,266,540
MA State School Bldg. Auth. Sales Tax Rev. Bonds
     Ser. A, 5.00%, 5/15/43 AA+ 915,000 1,018,340
     Ser. B, 5.00%, 10/15/41 AA+ 2,000,000 2,238,920
     Ser. B, 5.00%, 10/15/35 AA+ 1,000,000 1,130,710
MA State Trans. Fund Rev. Bonds
     (Rail Enhancement Program), Ser. A, 5.00%, 6/1/45 AAA 3,000,000 3,409,410
     (Accelerated Bridge Program), Ser. A, 5.00%, 6/1/44 AAA 2,000,000 2,260,020
     (Accelerated Bridge Program), 5.00%, 6/1/43 AAA 2,100,000 2,343,285
     (Rail Enhancement & Accelerated), 5.00%, 6/1/38 AAA 3,000,000 3,460,170
MA State Wtr. Poll. Abatement Trust Rev. Bonds, Ser. 14, 5.00%, 8/1/32 Aaa 4,000,000 4,348,160
MA State Wtr. Resource Auth. Rev. Bonds
     Ser. A, 6.50%, 7/15/19 (Escrowed to maturity) Aa1 2,295,000 2,420,812
     Ser. C, 5.25%, 8/1/42 Aa1 3,500,000 3,993,815
     Ser. B, 5.00%, 8/1/40 Aa1 1,500,000 1,721,820
     (Green Bond), Ser. C, 5.00%, 8/1/40 Aa1 3,000,000 3,443,640
     Ser. A, NATL, 5.00%, 8/1/29 Aa1 3,025,000 3,074,368
     Ser. A, U.S. Govt. Coll., NATL, 5.00%, 8/1/29 (Prerefunded 8/1/17) Aa1 200,000 203,522
Metro. Boston, Trans. Pkg. Corp. Rev. Bonds, 5.25%, 7/1/36 A1 1,500,000 1,701,765
Milford, G.O. Bonds, AGM, 5.125%, 12/15/24 Aa2 2,475,000 2,556,997
North Reading, G.O. Bonds, 5.00%, 5/15/35 Aa2 3,750,000 4,235,588
U. of MA Bldg. Auth. Rev. Bonds, Ser. 2, 5.00%, 11/1/39 Aa2 2,500,000 2,830,750
Worcester, G.O. Bonds (Muni. Purpose Loan), 4.00%, 11/1/23 Aa3 3,050,000 3,270,942
277,364,124
Ohio (0.3%)
Warren Cnty., Hlth. Care Fac. Rev. Bonds (Otterbein Homes Oblig. Group), 5.00%, 7/1/32 A 750,000 818,580
818,580
Puerto Rico (0.8%)
Children's Trust Fund Tobacco Settlement (The) Rev. Bonds
     5.50%, 5/15/39 Ba1 1,200,000 1,205,436
     5.375%, 5/15/33 Ba1 725,000 729,263
Cmnwlth. of PR, G.O. Bonds, Ser. A, 5.125%, 7/1/37 (In default)(NON) D/P 500,000 326,250
2,260,949
Virgin Islands (0.1%)
VI Pub. Fin. Auth. Rev. Bonds, Ser. A, 5.00%, 10/1/25 B 400,000 336,000
336,000
TOTAL INVESTMENTS
Total investments (cost $271,484,908)(b) $284,941,407













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, 2016 through February 28, 2017 (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 $290,538,700.
(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 Fitch are indicated by "/F." Securities rated by Putnam are indicated by "/P." The Putnam rating categories are comparable to the Standard & Poor's classifications. If a security is insured, it will usually be rated by the ratings organizations based on the financial strength of the insurer. For further details regarding security ratings, please see the Statement of Additional Information.
(b) The aggregate identified cost on a tax basis is $271,416,150, resulting in gross unrealized appreciation and depreciation of $15,637,929 and $2,112,672, respectively, or net unrealized appreciation of $13,525,257.
(NON) This security is non-income-producing.
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 24.6%
Healthcare 12.9
Prerefunded 12.8

Security valuation: Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for valuing the fund's assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee.
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. To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. 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, recovery rates, sales and other multiples and resale restrictions. 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 — 284,941,407 —
Totals by level $— $284,941,407 $—


During the reporting period, transfers within the fair value hierarchy, if any, did not represent, in the aggregate, more than 1% of the fund's net assets measured as of the end of the period. Transfers are accounted for using the end of period pricing valuation method.

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 27, 2017

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 27, 2017

By (Signature and Title):
/s/ Janet C. Smith
Janet C. Smith
Principal Financial Officer
Date: April 27, 2017

EX-99.CERT 2 b_845certifications.htm CERTIFICATIONS 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 26, 2017
Jonathan S. Horwitz
Principal Executive Officer













Certifications

I, Janet C. Smith, 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/ Janet C. Smith
_______________________________

Date: April 26, 2017
Janet C. Smith
Principal Financial Officer














Attachment A

NQ

Period (s) ended February 28, 2017
               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
               Putnam Mortgage Opportunities Fund