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Investment Objective
The fund seeks as high a level of current income exempt from federal income tax and personal income tax (if any) of the Commonwealth of Massachusetts as we believe is consistent with preservation of capital.
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Fund Description
Like all Putnam single-state income funds, this one seeks dependable income that is free of federal and state income taxes. The fund invests primarily in municipal bonds issued in Massachusetts.
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| Fund Returns |
| As of Quarter End June 30, 2007 | All returns in percentages |
| Class |
Last
Quarter |
Year
to Date |
1
Year |
3
Year |
5
Year |
10 Years |
Life of
Fund |
| A |
NAV |
-0.58% |
--- |
4.09% |
4.24% |
4.16% |
4.78% |
6.27% |
| |
POP |
-4.35% |
-3.79% |
0.20% |
2.93% |
3.36% |
4.38% |
6.04% |
| |
Inception date: October 23, 1989 |
| B |
NAV |
-0.64% |
-0.23% |
3.54% |
3.60% |
3.50% |
4.12% |
5.52% |
| |
CDSC |
-5.57% |
-5.13% |
-1.46% |
2.67% |
3.16% |
4.12% |
5.52% |
| |
Inception date: July 15, 1993 |
| C |
NAV |
-0.69% |
-0.32% |
3.38% |
3.45% |
3.35% |
3.96% |
5.43% |
| |
POP |
-1.67% |
-1.30% |
2.38% |
3.45% |
3.35% |
3.96% |
5.43% |
| |
Inception date: August 19, 2003 |
| M |
NAV |
-0.66% |
-0.16% |
3.79% |
3.98% |
3.84% |
4.48% |
5.91% |
| |
POP |
-3.92% |
-3.41% |
0.45% |
2.83% |
3.15% |
4.14% |
5.71% |
| |
Inception date: May 12, 1995 |
| Lehman Municipal Bond Index |
| |
NAV |
-0.67% |
0.14% |
4.69% |
4.56% |
4.61% |
5.44% |
|
Fund Returns |
| As of Month End July 31, 2007 | All returns in percentages |
| Class |
Last
Quarter |
Year
to Date |
1
Year |
3
Year |
5
Year |
10 Years |
Life of
Fund |
| A |
NAV |
--- |
0.77% |
3.87% |
4.08% |
4.03% |
4.59% |
6.28% |
| |
POP |
--- |
-3.05% |
0.04% |
2.78% |
3.26% |
4.20% |
6.06% |
| |
Inception date: October 23, 1989 |
| B |
NAV |
--- |
0.39% |
3.11% |
3.41% |
3.38% |
3.92% |
5.53% |
| |
CDSC |
--- |
-4.54% |
-1.88% |
2.48% |
3.03% |
3.92% |
5.53% |
| |
Inception date: July 15, 1993 |
| C |
NAV |
--- |
0.39% |
3.07% |
3.27% |
3.23% |
3.77% |
5.44% |
| |
POP |
--- |
-0.60% |
2.07% |
3.27% |
3.23% |
3.77% |
5.44% |
| |
Inception date: August 19, 2003 |
| M |
NAV |
--- |
0.59% |
3.58% |
3.78% |
3.75% |
4.28% |
5.92% |
| |
POP |
--- |
-2.69% |
0.26% |
2.64% |
3.08% |
3.94% |
5.73% |
| |
Inception date: May 12, 1995 |
 |
Data is historical. Past performance is no guarantee of future results. More recent returns may be worth more or less than those shown. Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. For the most recent month-end performance, visit www.putnaminvestments.com.
Performance assumes reinvestment of distributions and does not account for taxes. Returns at public offering price (POP) for class A and class M shares reflect the current maximum initial sales charges of 5.25% and 3.25% for equity funds, and 3.75% and 3.25% for income funds (3.25% and 2.00% for Putnam Limited Duration Government Income Fund and Putnam Floating Rate Income Fund), respectively. POP performance of income funds' class A shares (other than Putnam Limited Duration Government Income Fund and Putnam Floating Rate Income Fund) and equity funds' class M shares reflects a reduction in maximum sales charge that took effect April 1, 2005. Class B share returns reflect the applicable contingent deferred sales charge (CDSC), which is 5% in the first year, declines to 1% in the sixth year, and is eliminated thereafter (except for Putnam Limited Duration Government Income Fund and Putnam Floating Rate Income Fund, which is 3% in the first year, declines to 1% in the fourth year, and is eliminated thereafter). Class C shares reflect a 1% CDSC the first year that is eliminated thereafter. Performance for class B, C, M, R, T, and Y shares prior to their inception is derived from the historical performance of class A shares, adjusted for the applicable sales charge (or CDSC) and, except for class Y shares, the higher operating expenses for such shares (with the exception of Putnam Tax-Free High Yield Fund and Putnam AMT-Free Insured Municipal Fund, which are based on the historical performance of class B shares). Class A, M, and T shares of Putnam money market funds have no initial sales charge. For a portion of the period some funds may have limited expenses or been sold on a limited basis with limited assets and expenses, without which returns would be lower. A short-term trading fee of up to 1% may apply.
The Lehman Municipal Bond Index is an unmanaged index of long-term fixed-rate investment-grade tax-exempt bonds. Securities indexes assume reinvestment of all distributions and interest payments and do not take in account brokerage fees or taxes. Securities in the fund do not match those in the indexes and performance of the fund will differ. It is not possible to invest directly in an index.
This fund concentrates its investments in one state and involves more risk than a fund that invests more broadly. Capital gains, if any, are taxable for federal and, in most cases, state purposes. For some investors, investment income may be subject to the federal alternative minimum tax. Income from federally exempt funds may be subject to state and local taxes.
You can lose money by investing in a fund. Any given fund may not achieve its goal, and is not intended as a complete investment program. All funds have risk. The value and/or returns of a portfolio will fluctuate with market conditions. You may have more or less than the original amount invested when you redeem your shares.
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Expense Ratio
| Class |
Fund's total expense ratio |
What you pay |
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| Class |
1 Year |
3 Years |
5 Years |
10 Years |
| Lipper Category: Massachusetts Municipal Debt |
| A |
19% (10/54) |
16% (8/49) |
31% (15/48) |
35% (14/40) |
| B |
64% (35/54) |
54% (27/49) |
76% (37/48) |
79% (32/40) |
| C |
71% (39/54) |
72% (36/49) |
--- |
--- |
| M |
37% (20/54) |
36% (18/49) |
49% (24/48) |
47% (19/40) |
Lipper Analytical Services, Inc. is an industry research firm whose rankings are based on total return performance and do not reflect the effect of sales charges. Each fund is ranked within a universe of funds similar in investment objective. Past performance is no guarantee of future results.
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| Top 10 Holdings | Holdings will vary over time |
| As of July 31, 2007 | Holdings represent 32.67% of portfolio |
| Rank |
Fund |
Percentage of Portfolio |
| 1. |
Ma H/E Reg Linked 05.3800 07/01/2018 |
5.62% |
| 2. |
Ma St-Cons Ln-A 05.0000 03/01/2024 |
4.93% |
| 3. |
Ma H/E-Mit-Ser I-1 05.2000 01/01/2028 |
3.99% |
| 4. |
Ma Wtr-Gen-Ser A 05.7500 08/01/2039 |
3.78% |
| 5. |
Boston Ma W/S Sr -A 05.7500 11/01/2013 |
2.79% |
| 6. |
Quincy Reg Lkd Shorts 05.3000 01/15/2011 |
2.56% |
| 7. |
Ma Sch Bldg S/Tax-A 05.0000 08/15/2020 |
2.44% |
| 8. |
Ma Wtr Res -A 06.5000 07/15/2019 |
2.30% |
| 9. |
Ma H/E Harvard Univ-N 06.2500 04/01/2020 |
2.14% |
| 10. |
Ma Dev Wgbh Edl-Ser A 05.7500 01/01/2042 |
2.12% |
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| Rank |
Sector |
Percentage of Portfolio |
| 1. |
Tax Exempt Hospital Systems |
19.81% |
| 3. |
Tax Exempt Water/Sewer/Gas Utils |
16.39% |
| 4. |
Tax Exempt Private College and University |
15.60% |
| 5. |
Tax Exempt General Sales Tax |
10.20% |
| 6. |
State General Obligation |
7.75% |
| 7. |
Local General Obligation |
4.31% |
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Country Allocation
Not available
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| Municipal Bonds & Notes |
97.28% |
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| Average Effective Maturity | 6.65 years |
| Average Effective Duration | 5.93 years |
| Average Yield to Maturity | 4.50% |
| A |
SEC Yield as of 07/31/2007 |
3.67% |
3.54% |
| B |
SEC Yield as of 07/31/2007 |
3.04% |
-- |
| C |
SEC Yield as of 07/31/2007 |
2.89% |
-- |
| M |
SEC Yield as of 07/31/2007 |
3.38% |
3.27% |
| Class |
# Accrual
Days |
Accrual
Start
Date |
Accrual
End
Date |
Payable
Date |
Non-Taxable
Income |
Taxable
Income |
| A |
32 |
07/02/2007 |
07/31/2007 |
07/31/2007 |
$0.033050 |
|
| B |
32 |
07/02/2007 |
07/31/2007 |
07/31/2007 |
$0.027789 |
|
| C |
32 |
07/02/2007 |
07/31/2007 |
07/31/2007 |
$0.026644 |
|
| M |
32 |
07/02/2007 |
07/31/2007 |
07/31/2007 |
$0.030678 |
|
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| Fiscal Year End | May |
| Fund Status | Open to new investors |
| Dividend Frequency | Monthly |
| Number of Issues | 89 |
| Turnover (as of fiscal year end) | 15.47% |
| Class |
Inception |
Symbol |
CUSIP |
Number of
Accounts |
Outstanding
Shares |
Net Assets |
| A |
October 23, 1989 |
PXMAX |
74683H309 |
3,903 |
25,571,052 |
238,567,048 |
| B |
July 15, 1993 |
PMABX |
74683H101 |
799 |
3,758,286 |
35,033,586 |
| C |
August 19, 2003 |
--- |
74683H408 |
54 |
337,867 |
3,154,107 |
| M |
May 12, 1995 |
--- |
74683H200 |
71 |
478,373 |
4,463,070 |
| Totals |
|
|
|
4,827 |
30,145,578 |
281,217,811 |
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Investment Management
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Prospectus
You agree to receive this prospectus electronically and to read and agree to its terms before investing or sending money. It contains detailed information about the fund's investment policies, risks, charges and expenses. You can read and print the prospectus while you are online, using a supported browser and Adobe Acrobat Reader™ software. If you would like a preprinted copy of the prospectus, please contact your Edward Jones financial advisor.
This prospectus is not an offer to sell, or a solicitation of an offer to buy shares in the fund nor shall any such shares be offered or sold to any person in any jurisdiction in which such offer, solicitation, purchase, or sale would be unlawful under the securities laws of such jurisdiction.
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Copyright 2007, Putnam Retail Management
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