Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

38911-Q3PH

1

Schedule

of

Investments

(unaudited)

Putnam

California

Tax

Exempt

Income

Fund

2

Notes

to

Schedules

of

Investments

14

Massachusetts

business

trust

Schedule

of

Investments

(unaudited),

June

30,

2025

Putnam

California

Tax

Exempt

Income

Fund

franklintempleton.com

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

2

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

100.8%

California

98.7%

a

Alameda

Corridor

Transportation

Authority

,

Revenue,

Senior

Lien

,

2022

A

,

Refunding

,

5.227

%,

10/01/49

..................................................

$

10,000,000

$

5,590,980

Burbank-Glendale-Pasadena

Airport

Authority

Brick

Campaign

,

Revenue,

Senior

Lien,

2024

B,

5.25%,

7/01/49

............................

1,500,000

1,526,477

Revenue,

Senior

Lien,

2024

B,

AG

Insured,

4.5%,

7/01/54

...................

2,000,000

1,808,365

b

California

Community

Choice

Financing

Authority

,

Revenue,

2021

A,

Mandatory

Put,

4%,

12/01/27

...........................

11,600,000

11,635,887

Revenue,

2024

F,

Mandatory

Put,

5%,

11/01/32

...........................

5,000,000

5,314,752

Revenue,

2024

H,

Mandatory

Put,

5%,

8/01/33

...........................

7,500,000

8,045,448

Revenue,

2025

B,

Mandatory

Put,

5%,

11/01/35

...........................

2,595,000

2,757,535

California

Community

College

Financing

Authority

,

NCCD-Orange

Coast

Properties

LLC,

Revenue,

2018,

5%,

5/01/31

............

825,000

864,930

NCCD-Orange

Coast

Properties

LLC,

Revenue,

2018,

5%,

5/01/33

............

600,000

625,116

NCCD-Orange

Coast

Properties

LLC,

Revenue,

2018,

5%,

5/01/34

............

800,000

830,629

NCCD-Orange

Coast

Properties

LLC,

Revenue,

2018,

5%,

5/01/37

............

1,000,000

1,028,303

NCCD-Orange

Coast

Properties

LLC,

Revenue,

2018,

5.25%,

5/01/43

..........

500,000

509,557

c

California

Community

Housing

Agency

,

Arbors

Apartments,

Revenue,

144A,

2020

A,

5%,

8/01/50

....................

4,350,000

4,016,195

Aster

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-1,

4%,

2/01/56

..........

1,100,000

887,441

Fountains

at

Emerald

Park,

Revenue,

Senior

Lien,

144A,

2021

A-1,

3%,

8/01/56

..

7,775,000

5,038,391

California

County

Tobacco

Securitization

Agency

,

Kern

County

Tobacco

Funding

Corp.,

Revenue,

2014,

Refunding,

5%,

6/01/40

....

5,000,000

4,836,448

Los

Angeles

County

Securitization

Corp.,

Revenue,

2020

B-1,

Refunding,

5%,

6/01/49

........................................................

130,000

126,113

Los

Angeles

County

Securitization

Corp.,

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/38

....................................................

275,000

260,341

Los

Angeles

County

Securitization

Corp.,

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/39

....................................................

300,000

281,934

Los

Angeles

County

Securitization

Corp.,

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/40

....................................................

400,000

371,017

Merced

County

Tobacco

Funding

Corp.,

Revenue,

2020

B,

Refunding,

5%,

6/01/50

860,000

804,149

Merced

County

Tobacco

Funding

Corp.,

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/35

....................................................

100,000

99,205

Merced

County

Tobacco

Funding

Corp.,

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/36

....................................................

225,000

221,240

Merced

County

Tobacco

Funding

Corp.,

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/37

....................................................

100,000

97,223

Merced

County

Tobacco

Funding

Corp.,

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/40

....................................................

200,000

186,549

Merced

County

Tobacco

Funding

Corp.,

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/41

....................................................

100,000

92,850

Merced

County

Tobacco

Funding

Corp.,

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/42

....................................................

100,000

92,110

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

4%,

6/01/35

..

350,000

347,218

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

4%,

6/01/36

..

610,000

599,807

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

4%,

6/01/38

..

800,000

768,777

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

4%,

6/01/40

..

325,000

303,142

Sonoma

County

Securitization

Corp.,

Revenue,

2020

B-1,

Refunding,

5%,

6/01/49

.

145,000

142,335

a

Sonoma

County

Securitization

Corp.,

Revenue,

2020

B-2,

Refunding,

5.56%,

6/01/55

7,295,000

1,443,257

California

Educational

Facilities

Authority

,

University

of

Redlands,

Revenue,

2014

A,

Refunding,

5%,

10/01/35

............

1,000,000

999,918

University

of

Redlands,

Revenue,

2016

A,

Refunding,

5%,

10/01/37

............

425,000

426,518

University

of

the

Pacific,

Revenue,

2015,

5%,

11/01/36

......................

470,000

471,228

University

of

the

Pacific,

Revenue,

2015,

Pre-Refunded,

5%,

11/01/36

..........

30,000

30,221

University

of

the

Pacific,

Revenue,

2023,

5%,

11/01/53

......................

4,000,000

4,085,527

Massachusetts

business

trust

Schedule

of

Investments

(unaudited)

Putnam

California

Tax

Exempt

Income

Fund

(continued)

franklintempleton.com

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

3

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

Enterprise

Development

Authority

,

Provident

Group-Pomona

Properties

LLC,

Revenue,

2024

A,

Refunding,

5%,

1/15/39

$

650,000

$

675,018

Provident

Group-Pomona

Properties

LLC,

Revenue,

2024

A,

Refunding,

5%,

1/15/45

1,000,000

1,001,467

Provident

Group-SDSU

Properties

LLC,

Revenue,

First

Tier,

2020

A,

5%,

8/01/40

..

1,000,000

1,016,339

Provident

Group-SDSU

Properties

LLC,

Revenue,

First

Tier,

2020

A,

5%,

8/01/50

..

500,000

498,657

Provident

Group-SDSU

Properties

LLC,

Revenue,

First

Tier,

2020

A,

5%,

8/01/57

..

400,000

393,688

California

Health

Facilities

Financing

Authority

,

Episcopal

Communities

&

Services

for

Seniors

Obligated

Group,

Revenue,

2024

B,

5%,

11/15/38

...................................................

1,500,000

1,543,899

Episcopal

Communities

&

Services

for

Seniors

Obligated

Group,

Revenue,

2024

B,

5%,

11/15/43

...................................................

1,500,000

1,478,428

Episcopal

Communities

&

Services

for

Seniors

Obligated

Group,

Revenue,

2024

B,

5.25%,

11/15/53

.................................................

1,000,000

985,972

Episcopal

Communities

&

Services

for

Seniors

Obligated

Group,

Revenue,

2024

B,

5.25%,

11/15/58

.................................................

1,500,000

1,465,235

Lundquist

Institute

For

Biomedical

Innovation

At

Harbor-UCLA

Medical

Center,

Revenue,

2018,

5%,

9/01/37

........................................

1,845,000

1,867,042

Lundquist

Institute

For

Biomedical

Innovation

At

Harbor-UCLA

Medical

Center,

Revenue,

2018,

5%,

9/01/43

........................................

2,730,000

2,640,826

Lundquist

Institute

For

Biomedical

Innovation

At

Harbor-UCLA

Medical

Center,

Revenue,

2018,

5%,

9/01/48

........................................

4,850,000

4,594,174

California

Housing

Finance

Agency

,

Revenue,

2019-1,

A,

4.25%,

1/15/35

...................................

2,721,637

2,759,527

Revenue,

2019-2,

A,

4%,

3/20/33

......................................

4,316,777

4,324,503

Revenue,

2021-1,

A,

3.5%,

11/20/35

...................................

3,853,914

3,599,628

c

Found

Middle

LP,

Revenue,

144A,

2024

L,

5.2%,

12/01/27

...................

3,250,000

3,310,124

California

Infrastructure

&

Economic

Development

Bank

,

California

Science

Center

Foundation,

Revenue,

2021

B,

4%,

5/01/51

..........

1,250,000

1,052,815

b

Colburn

School

(The),

Revenue,

2019,

Refunding,

Mandatory

Put,

1.75%,

8/01/26

.

4,600,000

4,502,288

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2022

B,

5%,

11/01/47

.......................................................

2,300,000

2,276,217

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2022

B,

5%,

11/01/57

.......................................................

5,000,000

4,859,022

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2024

B,

5%,

11/01/54

.......................................................

1,250,000

1,220,005

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2024

B,

5%,

11/01/59

.......................................................

1,000,000

968,042

Performing

Arts

Center

of

Los

Angeles

County,

Revenue,

2020,

Refunding,

4%,

12/01/36

.......................................................

515,000

517,848

Roseville

Sustainable

Energy

Partner

LLC,

Revenue,

2024

A,

5.25%,

7/01/49

....

2,000,000

2,005,072

c

WFCS

Holdings

II

LLC,

Revenue,

144A,

2021

A-1,

5%,

1/01/56

...............

1,740,000

1,449,320

c

WFCS

Holdings

LLC,

Revenue,

144A,

2020

A-1,

4.125%,

1/01/35

.............

455,000

423,266

c

WFCS

Holdings

LLC,

Revenue,

144A,

2020

A-1,

5%,

1/01/55

.................

2,920,000

2,439,678

California

Municipal

Finance

Authority

,

Special

Tax,

2025

B,

5%,

9/01/40

......................................

750,000

748,792

c

Ascent

613,

Revenue,

144A,

2025

A,

5%,

1/01/38

.........................

1,000,000

982,405

c

Ascent

613,

Revenue,

144A,

2025

A,

5.25%,

1/01/45

.......................

1,000,000

946,392

c

Ascent

613,

Revenue,

144A,

2025

A,

5.375%,

1/01/55

......................

1,000,000

930,355

Bethany

Home

Society

of

San

Joaquin

County,

Inc.,

Revenue,

2023,

California

Mortgage

Insured,

5%,

11/15/42

.....................................

5,500,000

5,756,351

BOLD

Program,

Special

Tax,

2020

B,

4%,

9/01/35

.........................

660,000

635,145

BOLD

Program,

Special

Tax,

2020

B,

4%,

9/01/43

.........................

1,070,000

938,393

BOLD

Program,

Special

Tax,

2020

B,

4%,

9/01/50

.........................

1,525,000

1,268,059

BOLD

Program,

Special

Tax,

2021

A,

4%,

9/01/41

.........................

660,000

594,156

BOLD

Program,

Special

Tax,

2021

A,

4%,

9/01/46

.........................

1,090,000

908,302

BOLD

Program,

Special

Tax,

2021

A,

4%,

9/01/51

.........................

1,500,000

1,204,213

Massachusetts

business

trust

Schedule

of

Investments

(unaudited)

Putnam

California

Tax

Exempt

Income

Fund

(continued)

franklintempleton.com

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

4

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

Municipal

Finance

Authority,

(continued)

BOLD

Program,

Special

Tax,

2023

B,

5.5%,

9/01/43

........................

$

600,000

$

617,388

BOLD

Program,

Special

Tax,

2023

B,

5.75%,

9/01/53

.......................

1,850,000

1,909,879

BOLD

Program,

Special

Tax,

2024

A,

5%,

9/01/48

.........................

375,000

372,875

BOLD

Program,

Special

Tax,

2024

A,

5.125%,

9/01/54

......................

1,000,000

978,569

California

Institute

of

the

Arts,

Revenue,

2021,

3%,

10/01/41

.................

960,000

725,756

Caritas

Corp.

CMFA

Mobile

Home

Park

Financing,

Revenue,

2023

A,

5.25%,

8/15/53

900,000

918,526

Caritas

Corp.

CMFA

Mobile

Home

Park

Financing,

Revenue,

2023

A,

5.25%,

8/15/58

800,000

814,179

Caritas

Corp.

CMFA

Mobile

Home

Park

Financing

2024

Portfolio,

Revenue,

2024

A,

Refunding,

5%,

8/15/49

............................................

1,225,000

1,229,026

Caritas

Corp.

CMFA

Mobile

Home

Park

Financing

2024

Portfolio,

Revenue,

2024

A,

Refunding,

5%,

8/15/54

............................................

1,800,000

1,786,474

Caritas

Corp.

CMFA

Mobile

Home

Park

Financing

2024

Portfolio,

Revenue,

2024

A,

Refunding,

5%,

8/15/59

............................................

2,850,000

2,799,375

CHF-Davis

II

LLC,

Revenue,

2021,

BAM

Insured,

3%,

5/15/51

................

9,250,000

6,744,517

CHF-Riverside

I

LLC,

Revenue,

2018,

5%,

5/15/40

.........................

500,000

504,528

CHF-Riverside

I

LLC,

Revenue,

2018,

5%,

5/15/43

.........................

5,195,000

5,175,726

City

of

Elk

Grove

Community

Facilities

District

No.

2023-7

Improvement

Area

No.

1,

Special

Tax,

2024,

5%,

9/01/39

......................................

575,000

588,802

City

of

Elk

Grove

Community

Facilities

District

No.

2023-7

Improvement

Area

No.

1,

Special

Tax,

2024,

5%,

9/01/44

......................................

900,000

908,356

City

of

Elk

Grove

Community

Facilities

District

No.

2023-7

Improvement

Area

No.

1,

Special

Tax,

2024,

5%,

9/01/49

......................................

785,000

785,259

City

of

Elk

Grove

Community

Facilities

District

No.

2023-7

Improvement

Area

No.

1,

Special

Tax,

2024,

5%,

9/01/54

......................................

750,000

728,743

Community

Facilities

District

No.

2021-13,

Special

Tax,

2025,

5%,

9/01/40

.......

600,000

611,691

Community

Facilities

District

No.

2021-9

Improvement

Area

No.

1,

Special

Tax,

2025,

5%,

9/01/40

....................................................

465,000

465,828

Community

Facilities

District

No.

2022-6

Improvement

Area

No.

1,

Special

Tax,

2024,

5%,

9/01/39

....................................................

400,000

410,852

Community

Facilities

District

No.

2022-6

Improvement

Area

No.

1,

Special

Tax,

2024,

5%,

9/01/44

....................................................

750,000

757,648

Community

Facilities

District

No.

2022-6

Improvement

Area

No.

1,

Special

Tax,

2024,

5%,

9/01/49

....................................................

1,250,000

1,249,217

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/47

............................................

3,400,000

3,401,046

Congregational

Homes,

Inc.

Obligated

Group,

Revenue,

2022

A,

4%,

11/15/42

....

295,000

249,820

Congregational

Homes,

Inc.

Obligated

Group,

Revenue,

2022

A,

4%,

11/15/52

....

750,000

566,009

Congregational

Homes,

Inc.

Obligated

Group,

Revenue,

2022

A,

4%,

11/15/56

....

750,000

551,622

HumanGood

California

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

10/01/44

5,000,000

4,280,852

Ignatian

Corp.

(The),

Revenue,

2024

A,

5%,

9/01/54

.......................

3,000,000

3,052,977

Master's

University

&

Seminary

(The),

Revenue,

2019,

Refunding,

5%,

8/01/34

...

1,385,000

1,419,608

Master's

University

&

Seminary

(The),

Revenue,

2019,

Refunding,

5%,

8/01/39

...

3,390,000

3,394,405

c

MWLA,

Inc.,

Revenue,

144A,

2024,

Refunding,

5.5%,

6/01/54

................

1,085,000

990,416

Palomar

Health

Obligated

Group,

COP,

2022

A,

Refunding,

AG

Insured,

5.25%,

11/01/52

.......................................................

6,000,000

6,107,848

PRS-California

Obligated

Group,

Revenue,

2024

A,

Refunding,

5%,

4/01/49

......

1,000,000

975,703

PRS-California

Obligated

Group,

Revenue,

2024

A,

Refunding,

5%,

4/01/54

......

1,250,000

1,199,149

Roseville

Affordable

LP,

Revenue,

2024

A,

FNMA

Insured,

4.45%,

12/01/42

......

5,000,000

4,913,287

Terry

Manor

Senior

Housing

LP,

Revenue,

2024

A,

FNMA

Insured,

4.2%,

8/01/40

..

7,465,000

7,235,033

c

Westside

Neighborhood

School,

Revenue,

144A,

2024,

6.375%,

6/15/64

........

2,000,000

2,083,999

c

California

Pollution

Control

Financing

Authority

,

Channelside

Water

Resources

LP,

Revenue,

144A,

2012,

5%,

11/21/45

.........

10,000,000

9,497,536

Channelside

Water

Resources

LP,

Revenue,

144A,

2019,

Refunding,

5%,

7/01/39

.

2,250,000

2,273,426

Channelside

Water

Resources

LP,

Revenue,

144A,

2019,

Refunding,

5%,

11/21/45

2,140,000

2,123,841

c

California

School

Finance

Authority

,

Revenue,

144A,

2017,

5%,

6/01/47

....................................

470,000

419,678

Massachusetts

business

trust

Schedule

of

Investments

(unaudited)

Putnam

California

Tax

Exempt

Income

Fund

(continued)

franklintempleton.com

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

5

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

c

California

School

Finance

Authority,

(continued)

Revenue,

144A,

2017,

5%,

6/01/53

....................................

$

1,100,000

$

951,122

Alliance

for

College

Ready

Public

Schools

Obligated

Group,

Revenue,

144A,

2016

A,

Refunding,

5%,

7/01/31

............................................

1,830,000

1,831,736

Alliance

for

College

Ready

Public

Schools

Obligated

Group,

Revenue,

144A,

2016

A,

Refunding,

5%,

7/01/36

............................................

1,250,000

1,250,602

Alliance

for

College

Ready

Public

Schools

Obligated

Group,

Revenue,

144A,

2016

A,

Refunding,

5%,

7/01/51

............................................

1,570,000

1,530,269

Alliance

for

College

Ready

Public

Schools

Obligated

Group,

Revenue,

144A,

2016

C,

5%,

7/01/31

....................................................

1,425,000

1,440,520

Aspire

Public

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

8/01/40

....

1,000,000

994,238

Aspire

Public

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

8/01/50

....

3,000,000

2,786,044

Aspire

Public

Schools

Obligated

Group,

Revenue,

144A,

2022

A,

5%,

8/01/42

....

1,000,000

971,717

Aspire

Public

Schools

Obligated

Group,

Revenue,

144A,

2022

A,

5%,

8/01/61

....

2,365,000

2,139,235

Classical

Academy

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

10/01/40

.....

215,000

215,082

Classical

Academy

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

10/01/50

.....

3,000,000

2,785,270

Granada

Hills

Charter

High

School

Obligated

Group,

Revenue,

144A,

2019,

5%,

7/01/54

........................................................

7,120,000

6,745,779

Granada

Hills

Charter

High

School

Obligated

Group,

Revenue,

144A,

2021

A,

Refunding,

4%,

7/01/38

............................................

465,000

434,774

Granada

Hills

Charter

High

School

Obligated

Group,

Revenue,

144A,

2021

A,

Refunding,

4%,

7/01/48

............................................

675,000

561,408

Granada

Hills

Charter

High

School

Obligated

Group,

Revenue,

144A,

2024

A,

5%,

7/01/64

........................................................

1,500,000

1,433,217

Green

Dot

Public

Schools

Obligated

Group,

Revenue,

144A,

2015

A,

5%,

8/01/45

.

1,500,000

1,448,608

Green

Dot

Public

Schools

Obligated

Group,

Revenue,

144A,

2018

A,

5%,

8/01/38

.

1,000,000

1,009,275

Green

Dot

Public

Schools

Obligated

Group,

Revenue,

144A,

2018

A,

5%,

8/01/48

.

5,250,000

5,047,355

Green

Dot

Public

Schools

Obligated

Group,

Revenue,

144A,

2022

A,

Refunding,

5.75%,

8/01/52

..................................................

1,500,000

1,540,823

Hawking

STEAM

Charter

Schools,

Inc.,

Revenue,

144A,

2022

A,

5.5%,

7/01/62

...

1,000,000

972,275

KIPP

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2015

A,

5%,

7/01/45

1,500,000

1,447,001

KIPP

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2019

A,

5%,

7/01/39

1,000,000

1,009,226

KIPP

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2019

A,

5%,

7/01/54

3,150,000

2,953,670

KIPP

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

4%,

7/01/40

800,000

719,834

KIPP

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

4%,

7/01/50

2,275,000

1,851,966

KIPP

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

4%,

7/01/55

1,075,000

860,729

Rex

&

Margaret

Fortune

School

of

Education,

Revenue,

144A,

2024

A,

5.125%,

6/01/59

........................................................

1,500,000

1,346,359

Santa

Clarita

Valley

International

Charter

School,

Revenue,

144A,

2021

A,

4%,

6/01/41

........................................................

500,000

392,300

Santa

Clarita

Valley

International

Charter

School,

Revenue,

144A,

2021

A,

4%,

6/01/51

........................................................

650,000

444,793

Santa

Clarita

Valley

International

Charter

School,

Revenue,

144A,

2021

A,

4%,

6/01/61

........................................................

1,175,000

759,252

Summit

Public

Schools

Obligated

Group,

Revenue,

144A,

2017,

Pre-Refunded,

5%,

6/01/53

........................................................

1,250,000

1,300,256

Vista

Charter

Public

Schools

Obligated

Group,

Revenue,

144A,

2021

A,

4%,

6/01/61

3,000,000

2,177,683

d

California

State

Public

Works

Board

,

State

of

California

,

2023

D

,

5

%

,

11/01/39

.....

10,915,000

11,825,478

California

Statewide

Communities

Development

Authority

,

Revenue,

2024

B-1,

5%,

9/02/44

......................................

1,890,000

1,895,400

Revenue,

2024

B-1,

5%,

9/02/49

......................................

1,685,000

1,656,107

Special

Tax,

2025

A,

4.75%,

9/02/40

...................................

1,300,000

1,293,714

c

California

Baptist

University,

Revenue,

144A,

2017

A,

Refunding,

5%,

11/01/32

...

720,000

730,463

c

California

Baptist

University,

Revenue,

144A,

2017

A,

Refunding,

5%,

11/01/41

...

1,535,000

1,470,214

Community

Facilities

District

Improvement

Area

No.

4,

Special

Tax,

2024,

5%,

9/01/55

........................................................

2,400,000

2,359,383

Community

Facilities

District

No.

2020-02,

Special

Tax,

2021,

4%,

9/01/41

.......

500,000

454,290

Massachusetts

business

trust

Schedule

of

Investments

(unaudited)

Putnam

California

Tax

Exempt

Income

Fund

(continued)

franklintempleton.com

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

6

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

Statewide

Communities

Development

Authority,

(continued)

Community

Facilities

District

No.

2020-02,

Special

Tax,

2021,

4%,

9/01/51

.......

$

1,170,000

$

959,083

Front

Porch

Communities

&

Services

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

4/01/30

....................................................

310,000

316,996

Front

Porch

Communities

&

Services

Obligated

Group,

Revenue,

2017

A,

Refunding,

4%,

4/01/47

....................................................

3,440,000

2,855,798

Heritage

Park

Apartments

Roseville

LP,

Revenue,

2025

A,

Refunding,

FNMA

Insured,

3.7%,

4/01/35

...................................................

3,750,000

3,699,668

HumanGood

California

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

10/01/45

2,550,000

2,512,015

c

Lancer

Educational

Housing

LLC,

Revenue,

144A,

2019

A,

3%,

6/01/29

.........

485,000

462,778

c

Lancer

Educational

Housing

LLC,

Revenue,

144A,

2019

A,

5%,

6/01/34

.........

375,000

382,001

c

Lancer

Educational

Housing

LLC,

Revenue,

144A,

2019

A,

5%,

6/01/39

.........

475,000

469,170

c

Lancer

Educational

Housing

LLC,

Revenue,

144A,

2019

A,

5%,

6/01/51

.........

1,440,000

1,312,299

c

Loma

Linda

University

Medical

Center

Obligated

Group,

Revenue,

144A,

2016

A,

5.25%,

12/01/56

.................................................

2,000,000

1,919,708

Marin

General

Hospital

Obligated

Group,

Revenue,

2018

A,

4%,

8/01/45

........

2,500,000

2,096,148

USC

Obligated

Group,

Revenue,

2018,

Refunding,

4.25%,

1/01/43

.............

3,450,000

3,279,234

USC

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

1/01/43

...............

2,195,000

2,217,732

USC

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

1/01/48

...............

7,000,000

7,038,446

a

Ceres

Unified

School

District

,

GO,

2017,

Refunding,

BAM

Insured,

4.82%,

8/01/38

.......................

1,000,000

540,219

GO,

2017,

Refunding,

BAM

Insured,

4.93%,

8/01/39

.......................

1,075,000

545,616

GO,

2017,

Refunding,

BAM

Insured,

5.05%,

8/01/40

.......................

1,285,000

611,389

Chabot-Las

Positas

Community

College

District

,

GO

,

2016

C

,

5.25

%

,

8/01/48

......

7,000,000

7,390,440

Chino

Community

Facilities

District

,

City

of

Chino

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

9,

Special

Tax,

2022,

5.25%,

9/01/42

...................................

1,585,000

1,632,321

City

of

Chino

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

9,

Special

Tax,

2022,

5.375%,

9/01/47

...................................

1,615,000

1,657,106

City

of

Chino

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

9,

Special

Tax,

2022,

5.375%,

9/01/52

...................................

2,000,000

2,036,905

City

&

County

of

San

Francisco

,

Community

Facilities

District

No.

2016-1

Improvement

Area

No.

1,

Special

Tax,

2021,

4%,

9/01/41

....................................................

850,000

750,401

c

Infrastructure

&

Revitalization

Financing

District

No.

1

Facilities

Increment,

Tax

Allocation,

144A,

2022

A,

5%,

9/01/52

.................................

1,300,000

1,197,878

City

of

Chino

,

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

7,

Special

Tax,

2020,

4%,

9/01/45

....................................................

500,000

437,582

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

7,

Special

Tax,

2020,

4%,

9/01/50

....................................................

1,265,000

1,065,956

City

of

Corona

,

Community

Facilities

District

No.

2018-1

Improvement

Area

No.

2

,

Special

Tax

,

2024

,

5

%

,

9/01/44

.......................................

725,000

733,999

City

of

Dixon

,

Community

Facilities

District

No.

2019-1

Homestead,

Special

Tax,

2020,

4%,

9/01/36

175,000

169,768

Community

Facilities

District

No.

2019-1

Homestead,

Special

Tax,

2020,

4%,

9/01/40

400,000

365,191

Community

Facilities

District

No.

2019-1

Improvement

Area

No.

1,

Special

Tax,

2020,

4%,

9/01/33

....................................................

425,000

424,945

Community

Facilities

District

No.

2019-1

Improvement

Area

No.

1,

Special

Tax,

2020,

4%,

9/01/45

....................................................

2,000,000

1,738,809

City

of

Dublin

,

Community

Facilities

District

No.

2015-1

Improvement

Area

No.

5

,

Special

Tax

,

2023

,

5.375

%

,

9/01/51

....................................

1,225,000

1,247,259

City

of

Fairfield

,

Community

Facilities

District

No.

2016-1

Improvement

Area

C

,

Special

Tax

,

2021

A

,

4

%

,

9/01/52

............................................

2,500,000

2,077,544

City

of

Fillmore

,

Community

Facilities

District

No.

5

Improvement

Area

B

,

Special

Tax

,

2023

,

5

%

,

9/01/43

.................................................

1,095,000

1,104,336

Massachusetts

business

trust

Schedule

of

Investments

(unaudited)

Putnam

California

Tax

Exempt

Income

Fund

(continued)

franklintempleton.com

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

7

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

City

of

Fontana

,

Community

Facilities

District

No.

85,

Special

Tax,

2020,

4%,

9/01/32

...........

$

240,000

$

241,720

Community

Facilities

District

No.

85,

Special

Tax,

2020,

4%,

9/01/36

...........

550,000

536,410

Community

Facilities

District

No.

85,

Special

Tax,

2020,

4%,

9/01/40

...........

625,000

576,320

Community

Facilities

District

No.

85,

Special

Tax,

2020,

4%,

9/01/50

...........

900,000

762,904

Community

Facilities

District

No.

109,

Special

Tax,

2024,

5%,

9/01/39

..........

1,200,000

1,248,016

Community

Facilities

District

No.

109,

Special

Tax,

2024,

5%,

9/01/44

..........

1,000,000

1,010,936

Community

Facilities

District

No.

109,

Special

Tax,

2024,

5%,

9/01/49

..........

1,160,000

1,159,273

Community

Facilities

District

No.

109,

Special

Tax,

2024,

5%,

9/01/54

..........

1,500,000

1,477,443

City

of

Irvine

,

Community

Facilities

District

No.

2013-3

Improvement

Area

No.

4

,

Special

Tax

,

2016

,

4

%

,

9/01/41

.......................................

2,500,000

2,271,450

City

of

Long

Beach

,

Marina

System,

Revenue,

2025,

Refunding,

5%,

5/15/41

....................

1,000,000

1,055,769

Marina

System,

Revenue,

2025,

Refunding,

5%,

5/15/42

....................

1,130,000

1,181,695

Marina

System,

Revenue,

2025,

Refunding,

5%,

5/15/43

....................

1,125,000

1,165,639

Marina

System,

Revenue,

2025,

Refunding,

5%,

5/15/44

....................

1,000,000

1,030,607

Marina

System,

Revenue,

2025,

Refunding,

5%,

5/15/45

....................

750,000

769,454

City

of

Los

Angeles

,

d

Department

of

Airports,

Revenue,

2018

A,

5%,

5/15/44

......................

10,000,000

9,915,127

d

Department

of

Airports,

Revenue,

2022

G,

5%,

5/15/47

.....................

9,000,000

8,991,008

Jordan

Downs

Phase

1B

LP,

Revenue,

2018

A-1,

FNMA

Insured,

3.6%,

7/01/39

...

4,770,002

4,240,277

City

of

Newport

Beach

,

Assessment

District

No.

124,

1915

Act,

Special

Assessment,

2023

A,

4%,

9/02/31

.

250,000

256,784

Assessment

District

No.

124,

1915

Act,

Special

Assessment,

2023

A,

4%,

9/02/32

.

250,000

255,856

Assessment

District

No.

124,

1915

Act,

Special

Assessment,

2023

A,

4%,

9/02/33

.

200,000

202,612

Assessment

District

No.

124,

1915

Act,

Special

Assessment,

2023

A,

4.125%,

9/02/38

........................................................

575,000

560,867

Assessment

District

No.

124,

1915

Act,

Special

Assessment,

2023

A,

5%,

9/02/43

.

650,000

659,921

City

of

Ontario

,

Community

Facilities

District

No.

53

,

Special

Tax

,

2021

,

4

%

,

9/01/51

.

1,170,000

953,367

City

of

Rancho

Cordova

,

Grantline

220

Community

Facilities

District

No.

2023-1

Improvement

Area

No.

2,

Special

Tax,

2024,

5%,

9/01/44

......................................

1,545,000

1,552,806

Grantline

220

Community

Facilities

District

No.

2023-1

Improvement

Area

No.

2,

Special

Tax,

2024,

5%,

9/01/49

......................................

1,960,000

1,956,045

Sunridge

Anatolia

Community

Facilities

District

No.

2003-1,

Special

Tax,

2016,

Refunding,

4%,

9/01/27

............................................

425,000

428,814

City

of

Rocklin

,

Community

Facilities

District

No.

10

Whitney

Ranch,

Special

Tax,

2015,

Refunding,

5%,

9/01/35

....................................................

3,430,000

3,436,722

Community

Facilities

District

No.

10

Whitney

Ranch,

Special

Tax,

2019,

5%,

9/01/39

485,000

485,723

Community

Facilities

District

No.

10

Whitney

Ranch,

Special

Tax,

2019,

5%,

9/01/40

485,000

485,574

City

of

Roseville

,

Fiddyment

Ranch

Community

Facilities

District

No.

5,

Special

Tax,

2019,

5%,

9/01/39

465,000

472,435

Fiddyment

Ranch

Community

Facilities

District

No.

5,

Special

Tax,

2021,

4%,

9/01/50

1,775,000

1,478,116

Ranch

at

Sierra

Vista

Community

Facilities

District

No.

1,

Special

Tax,

2020,

4%,

9/01/45

........................................................

1,000,000

869,405

Ranch

at

Sierra

Vista

Community

Facilities

District

No.

1,

Special

Tax,

2020,

4%,

9/01/50

........................................................

450,000

376,955

Ranch

at

Sierra

Vista

Community

Facilities

District

No.

1,

Special

Tax,

2023,

5%,

9/01/43

........................................................

735,000

740,281

Ranch

at

Sierra

Vista

Community

Facilities

District

No.

1,

Special

Tax,

2023,

5%,

9/01/48

........................................................

850,000

851,567

Ranch

at

Sierra

Vista

Community

Facilities

District

No.

1,

Special

Tax,

2023,

5%,

9/01/53

........................................................

1,000,000

985,632

Westpark

Community

Facilities

District

No.

1,

Special

Tax,

2015,

Refunding,

5%,

9/01/33

........................................................

1,000,000

1,000,970

Massachusetts

business

trust

Schedule

of

Investments

(unaudited)

Putnam

California

Tax

Exempt

Income

Fund

(continued)

franklintempleton.com

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

8

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

City

of

Roseville,

(continued)

Westpark

Community

Facilities

District

No.

1,

Special

Tax,

2015,

Refunding,

5%,

9/01/37

........................................................

$

1,250,000

$

1,250,735

City

of

Sacramento

,

Greenbriar

Community

Facilities

District

No.

2018-03

,

Special

Tax

,

2021

,

4

%

,

9/01/46

.................................................

600,000

515,711

City

of

San

Diego

,

Community

Facilities

District

No.

3,

Special

Tax,

2013,

Refunding,

5%,

9/01/36

....

965,000

965,718

Tobacco

Settlement

Revenue

Funding

Corp.,

Revenue,

2018

C,

Refunding,

4%,

6/01/32

........................................................

220,000

219,114

City

of

Vernon

,

Electric

System,

Revenue,

2020

A,

Refunding,

5%,

8/01/35

..................

1,440,000

1,504,950

Electric

System,

Revenue,

2022

A,

Refunding,

5%,

8/01/39

..................

425,000

438,141

Electric

System,

Revenue,

2022

A,

Refunding,

5%,

8/01/40

..................

740,000

756,922

c

CMFA

Special

Finance

Agency

I

,

Mix

at

CTR

City

(The)

,

Revenue

,

144A,

2021

A-2

,

4

%

,

4/01/56

......................................................

3,500,000

2,526,272

c

CMFA

Special

Finance

Agency

VII

,

Breakwater

Apartments

(The)

,

Revenue

,

144A,

2021

A-1

,

3

%

,

8/01/56

..............................................

2,000,000

1,318,489

Corona

Community

Facilities

District

,

City

of

Corona

Community

Facilities

District

No.

2018-1

Improvement

Area

No.

2,

Special

Tax,

2024,

5%,

9/01/49

......................................

1,600,000

1,602,923

City

of

Corona

Community

Facilities

District

No.

2018-1

Improvement

Area

No.

2,

Special

Tax,

2024,

5%,

9/01/54

......................................

1,600,000

1,595,222

County

of

San

Bernardino

,

Community

Facilities

District

No.

2002-1

Improvement

Area

No.

1

,

Special

Tax

,

2014

,

Refunding

,

5

%

,

9/01/33

..........................

2,500,000

2,504,153

County

of

San

Diego

,

Community

Facilities

District

No.

2008-01

Improvement

Area

No.

1,

Special

Tax,

2020

A,

4%,

9/01/45

..............................................

550,000

475,658

Community

Facilities

District

No.

2008-01

Improvement

Area

No.

1,

Special

Tax,

2020

A,

4%,

9/01/50

..............................................

875,000

727,575

c

CSCDA

Community

Improvement

Authority

,

1818

Platinum

Triangle-Anaheim,

Revenue,

Senior

Lien,

144A,

2021

A-2,

3.25%,

4/01/57

........................................................

3,000,000

2,073,897

Cameo/Garrison

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-2,

3%,

3/01/57

.

8,110,000

5,243,485

Dublin,

Revenue,

Senior

Lien,

144A,

2021

A-2,

3%,

2/01/57

..................

7,800,000

5,187,813

Jefferson

Platinum

Triangle

Apartments,

Revenue,

144A,

2021

A-1,

2.875%,

8/01/41

2,030,000

1,787,410

Jefferson

Platinum

Triangle

Apartments,

Revenue,

144A,

2021

A-2,

3.125%,

8/01/56

2,775,000

1,996,370

Parallel-Anaheim,

Revenue,

144A,

2021

A,

4%,

8/01/56

.....................

3,185,000

2,729,733

Pasadena

Portfolio,

Revenue,

Senior

Lien,

144A,

2021

A-2,

3%,

12/01/56

.......

3,350,000

2,207,389

Eastern

Municipal

Water

District

,

Community

Facilities

District

No.

2018-80

,

Special

Tax

,

2025

,

5

%

,

9/01/50

.............................................

500,000

495,115

El

Rancho

Unified

School

District

,

GO

,

2023

D

,

BAM

Insured

,

5.75

%

,

8/01/48

......

1,500,000

1,661,897

FHLMC,

Multi-family

ML

Pass-Through

Certificates

,

2019-ML05

,

ACA

,

3.35

%

,

11/25/33

10,002,260

9,537,951

FHLMC,

Multi-family

VRD

Certificates

,

Revenue

,

2022-ML54

,

A

,

2.35

%

,

12/15/35

...

960,000

806,537

Folsom

Ranch

Financing

Authority

,

City

of

Folsom

Community

Facilities

District

No.

18,

Special

Tax,

2024,

5%,

9/01/49

1,200,000

1,177,795

City

of

Folsom

Community

Facilities

District

No.

18,

Special

Tax,

2024,

5%,

9/01/54

2,770,000

2,663,333

Golden

State

Tobacco

Securitization

Corp.

,

Revenue

,

2022

A-1

,

Refunding

,

5

%

,

6/01/51

.........................................................

5,000,000

4,928,324

a

Hartnell

Community

College

District

,

GO,

2015

A,

Refunding,

4.2%,

8/01/35

..................................

1,000,000

660,629

GO,

2015

A,

Refunding,

4.32%,

8/01/36

.................................

4,750,000

2,970,621

GO,

2015

A,

Refunding,

4.42%,

8/01/37

.................................

3,500,000

2,074,420

c

Hastings

Campus

Housing

Finance

Authority

,

Revenue,

Senior

Lien

,

144A,

2020

A

,

5

%

,

7/01/61

......................................................

2,500,000

2,139,363

Hemet

Unified

School

District

,

Special

Tax

,

2025

,

5

%

,

9/01/45

..................

725,000

725,036

Massachusetts

business

trust

Schedule

of

Investments

(unaudited)

Putnam

California

Tax

Exempt

Income

Fund

(continued)

franklintempleton.com

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

9

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Hesperia

Unified

School

District

,

Community

Facilities

District

No.

2015-1

,

Special

Tax

,

2015-1

,

5

%

,

9/01/50

................................................

$

750,000

$

737,436

Imperial

Community

College

District

,

GO,

2023

A,

AG

Insured,

5%,

8/01/48

..................................

1,500,000

1,546,068

GO,

2023

A,

AG

Insured,

5.25%,

8/01/53

................................

1,500,000

1,567,595

Indio

Finance

Authority

,

City

of

Indio

,

Revenue

,

2022

A

,

Refunding

,

BAM

Insured

,

5.25

%

,

11/01/42

...................................................

4,000,000

4,286,248

Irvine

Unified

School

District

,

Community

Facilities

District

No.

09-1,

Special

Tax,

2017

A,

5%,

9/01/42

........

395,000

397,531

Community

Facilities

District

No.

09-1,

Special

Tax,

2017

A,

5%,

9/01/47

........

190,000

190,422

Community

Facilities

District

No.

09-1,

Special

Tax,

2017

B,

5%,

9/01/42

........

995,000

1,001,375

Community

Facilities

District

No.

09-1,

Special

Tax,

2017

C,

5%,

9/01/47

........

995,000

997,210

Lake

Elsinore

Public

Financing

Authority

,

City

of

Lake

Elsinore

Community

Facilities

District

No.

2003-2

Improvement

Areas

A

&

C,

Special

Tax,

2014

B,

Refunding,

5%,

9/01/31

........................

1,045,000

1,048,520

City

of

Lake

Elsinore

Community

Facilities

District

No.

2003-2

Improvement

Areas

A

&

C,

Special

Tax,

2014

B,

Refunding,

5%,

9/01/33

........................

1,105,000

1,108,722

Liberty

Union

High

School

District

,

GO

,

2016

B

,

3

%

,

8/01/41

...................

1,670,000

1,348,133

Long

Beach

Bond

Finance

Authority

,

Revenue

,

2007

A

,

5.5

%

,

11/15/28

...........

5,000,000

5,290,127

a

Long

Beach

Community

College

District

,

GO,

2012

B,

3.52%,

8/01/33

.........................................

625,000

472,442

GO,

2012

B,

3.64%,

8/01/34

.........................................

1,500,000

1,084,292

Long

Beach

Unified

School

District

,

a

GO,

2008

D-1,

4.4%,

8/01/37

.........................................

1,000,000

594,095

GO,

2016

B,

3%,

8/01/48

............................................

4,600,000

3,304,677

Los

Angeles

Department

of

Water

&

Power

,

Power

System,

Revenue,

2022

A,

5%,

7/01/46

............................

7,000,000

7,100,805

Power

System,

Revenue,

2022

C,

Refunding,

5%,

7/01/52

...................

5,715,000

5,729,609

Power

System,

Revenue,

2025

A,

Refunding,

5%,

7/01/50

...................

2,000,000

2,016,765

Los

Angeles

Housing

Authority

,

Revenue,

2024

A,

Refunding,

FNMA

Insured,

3.75%,

4/01/34

.................

5,250,000

5,194,338

Revenue,

2024

B,

Refunding,

FNMA

Insured,

3.75%,

4/01/34

.................

1,000,000

995,018

Revenue,

2024

C,

Refunding,

FNMA

Insured,

3.75%,

4/01/34

.................

2,400,000

2,418,703

Menifee

Union

School

District

,

Community

Facilities

District

No.

2011-1

Improvement

Area

No.

5

,

Special

Tax

,

2021

,

4

%

,

9/01/51

..............................

815,000

690,590

Montebello

Unified

School

District

,

GO,

2016

B,

AG

Insured,

5%,

8/01/44

..................................

1,975,000

2,026,949

GO,

2016

B,

AG

Insured,

5%,

8/01/50

..................................

3,000,000

3,028,077

Moreland

School

District

,

GO

,

2024

B

,

Refunding

,

5

%

,

8/01/41

.................

3,395,000

3,668,438

Moreno

Valley

Unified

School

District

,

Community

Facilities

District

No.

2023-1

,

Special

Tax

,

2025

,

5

%

,

9/01/40

.............................................

890,000

898,765

M-S-R

Energy

Authority

,

Revenue,

2009

A,

6.125%,

11/01/29

....................................

775,000

817,640

Revenue,

2009

A,

6.5%,

11/01/39

.....................................

6,000,000

7,178,690

Revenue,

2009

B,

6.125%,

11/01/29

...................................

1,950,000

2,057,182

a

Murrieta

Valley

Unified

School

District

,

GO

,

AG

Insured

,

3.28

%,

9/01/31

..........

2,000,000

1,638,828

e

New

Hampshire

Business

Finance

Authority

,

Revenue

,

FRN

,

2024-4

,

ACA

,

3.811

%

,

7/20/39

.........................................................

8,960,756

8,324,438

b

Northern

California

Energy

Authority

,

Revenue

,

2024

,

Refunding

,

Mandatory

Put

,

5

%

,

8/01/30

.........................................................

6,000,000

6,310,199

Norwalk-La

Mirada

Unified

School

District

,

GO

,

2014

F

,

5

%

,

8/01/51

.............

3,000,000

3,115,382

Orange

County

Community

Facilities

District

,

Community

Facilities

District

No.

2023-1

,

Special

Tax

,

2023

A

,

5.5

%

,

8/15/48

....................................

1,450,000

1,497,701

Poway

Unified

School

District

,

Community

Facilities

District

No.

15

Improvement

Area

D

,

Special

Tax

,

2022

,

BAM

Insured

,

5.25

%

,

9/01/52

........................

2,500,000

2,589,828

Massachusetts

business

trust

Schedule

of

Investments

(unaudited)

Putnam

California

Tax

Exempt

Income

Fund

(continued)

franklintempleton.com

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

10

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

River

Islands

Public

Financing

Authority

,

Community

Facilities

District

No.

2023-1

Improvement

Area

No.

2

,

Special

Tax

,

2024

,

4.5

%

,

9/01/44

..................

$

1,650,000

$

1,527,831

Riverside

County

Redevelopment

Successor

Agency

,

Tax

Allocation,

B,

Refunding,

BAM

Insured,

5%,

10/01/26

....................

500,000

514,492

Tax

Allocation,

B,

Refunding,

BAM

Insured,

5%,

10/01/37

....................

1,010,000

1,022,926

Tax

Allocation,

B,

Refunding,

BAM

Insured,

5%,

10/01/41

....................

1,990,000

1,995,140

Riverside

Unified

School

District

,

Community

Facilities

District

No.

19

Improvement

Area

No.

1,

Special

Tax,

2024,

5%,

9/01/39

........................................................

370,000

377,872

Community

Facilities

District

No.

19

Improvement

Area

No.

1,

Special

Tax,

2024,

5%,

9/01/44

........................................................

690,000

690,874

Community

Facilities

District

No.

19

Improvement

Area

No.

1,

Special

Tax,

2024,

5%,

9/01/49

........................................................

1,050,000

1,043,516

Community

Facilities

District

No.

19

Improvement

Area

No.

1,

Special

Tax,

2024,

5%,

9/01/54

........................................................

1,265,000

1,238,455

a

Rohnert

Park

Community

Development

Commission

Successor

Agency

,

Tax

Allocation

,

1999

,

NATL

Insured

,

3.01

%,

8/01/25

...................................

1,340,000

1,336,469

Romoland

School

District

,

Special

Tax,

2020

A,

4%,

9/01/40

......................................

555,000

508,948

Special

Tax,

2020

A,

4%,

9/01/45

......................................

750,000

652,053

Special

Tax,

2020

A,

4%,

9/01/50

......................................

2,360,000

1,976,918

Root

Creek

Water

District

,

Community

Facilities

District

No.

2016-1

Improvement

Area

No.

3,

Special

Tax,

2025,

5%,

9/01/35

....................................................

565,000

577,863

Community

Facilities

District

No.

2016-1

Improvement

Area

No.

3,

Special

Tax,

2025,

5%,

9/01/40

....................................................

455,000

457,474

Community

Facilities

District

No.

2016-1

Improvement

Area

No.

3,

Special

Tax,

2025,

5.125%,

9/01/45

.................................................

975,000

972,090

Community

Facilities

District

No.

2016-1

Improvement

Area

No.

3,

Special

Tax,

2025,

5.25%,

9/01/55

..................................................

1,000,000

992,412

San

Diego

Housing

Authority,

Inc.

,

Sea

Breeze

Gardens

Preservation

LP

,

Revenue

,

2024

E

,

FHLMC

Insured

,

4.2

%

,

6/01/40

.................................

7,450,000

7,114,296

San

Diego

Public

Facilities

Financing

Authority

,

City

of

San

Diego

,

Revenue

,

2023

A

,

5.25

%

,

10/15/52

...................................................

8,000,000

8,318,808

a

San

Diego

Unified

School

District

,

GO

,

R-2

,

Refunding

,

0.832

%,

7/01/41

..........

1,990,000

1,953,351

San

Francisco

Bay

Area

Rapid

Transit

District

,

GO,

2019

B-1,

3%,

8/01/49

..........................................

6,365,000

4,668,057

GO,

2019

F-1,

3%,

8/01/38

..........................................

4,280,000

3,737,197

Sales

Tax,

Revenue,

2019

A,

3%,

7/01/44

...............................

3,000,000

2,328,459

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

,

Revenue,

Second

Series

,

2024

A

,

Refunding

,

5.25

%

,

5/01/49

.................

1,000,000

1,010,204

San

Francisco

City

&

County

Public

Utilities

Commission

,

Power

,

Revenue

,

2023

A

,

5

%

,

11/01/53

.....................................................

7,000,000

7,095,523

San

Francisco

City

&

County

Redevelopment

Agency

Successor

Agency

,

City

&

County

of

San

Francisco

Community

Facilities

District

No.

6,

Special

Tax,

2023,

Refunding,

AG

Insured,

5.25%,

8/01/39

...........................

1,000,000

1,096,062

City

&

County

of

San

Francisco

Community

Facilities

District

No.

6,

Special

Tax,

2023,

Refunding,

AG

Insured,

5.25%,

8/01/40

...........................

1,100,000

1,195,940

City

&

County

of

San

Francisco

Community

Facilities

District

No.

6,

Special

Tax,

2023,

Refunding,

AG

Insured,

5.25%,

8/01/41

...........................

1,250,000

1,345,282

City

&

County

of

San

Francisco

Community

Facilities

District

No.

6,

Special

Tax,

2023,

Refunding,

AG

Insured,

5.25%,

8/01/42

...........................

1,000,000

1,067,827

City

&

County

of

San

Francisco

Community

Facilities

District

No.

6,

Special

Tax,

2023,

Refunding,

AG

Insured,

5.25%,

8/01/43

...........................

1,000,000

1,055,427

San

Luis

Obispo

County

Financing

Authority

,

County

of

San

Luis

Obispo

,

Revenue

,

2022

A

,

Refunding

,

5.5

%

,

11/15/47

.....................................

1,885,000

2,013,333

Massachusetts

business

trust

Schedule

of

Investments

(unaudited)

Putnam

California

Tax

Exempt

Income

Fund

(continued)

franklintempleton.com

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

11

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Santa

Maria

Joint

Union

High

School

District

,

GO,

2021,

3%,

8/01/36

.............................................

$

250,000

$

227,211

GO,

2021,

3%,

8/01/37

.............................................

355,000

317,629

GO,

2021,

3%,

8/01/39

.............................................

1,385,000

1,186,088

GO,

2021,

3%,

8/01/42

.............................................

540,000

427,159

South

Tahoe

Joint

Powers

Financing

Authority

,

City

of

South

Lake

Tahoe,

Revenue,

2023

A,

5.25%,

10/01/48

................

3,500,000

3,723,338

City

of

South

Lake

Tahoe,

Revenue,

2023

A,

5.25%,

10/01/53

................

4,000,000

4,225,407

State

of

California

,

GO,

3%,

12/01/43

.................................................

500,000

399,622

GO,

5%,

10/01/45

.................................................

5,575,000

5,822,669

Sweetwater

Union

High

School

District

,

GO

,

2022

A-1

,

5

%

,

8/01/52

..............

6,500,000

6,709,099

Temescal

Valley

Water

District

,

Community

Facilities

District

No.

4

Improvement

Area

No.

3,

Special

Tax,

2024,

5%,

9/01/39

........................................................

615,000

639,139

Community

Facilities

District

No.

4

Improvement

Area

No.

3,

Special

Tax,

2024,

5%,

9/01/44

........................................................

600,000

606,118

Community

Facilities

District

No.

4

Improvement

Area

No.

3,

Special

Tax,

2024,

4%,

9/01/49

........................................................

1,415,000

1,199,396

Community

Facilities

District

No.

4

Improvement

Area

No.

3,

Special

Tax,

2024,

5%,

9/01/54

........................................................

1,185,000

1,168,951

Tobacco

Securitization

Authority

of

Southern

California

,

San

Diego

County

Tobacco

Asset

Securitization

Corp.

,

Revenue

,

2019

B-1

,

2

,

Refunding

,

5

%

,

6/01/48

.......

9,345,000

8,880,042

Tustin

Community

Facilities

District

,

City

of

Tustin

Community

Facilities

District

No.

06-

1

,

Special

Tax

,

2015

A

,

Refunding

,

5

%

,

9/01/37

...........................

2,100,000

2,107,251

663,363,729

Others

0.7%

e

FHLMC,

Multi-family

ML

Pass-Through

Certificates

,

Revenue

,

FRN

,

2024-ML25

,

ACA

,

3.427

%

,

11/25/38

..................................................

4,960,933

4,630,978

Washington

0.7%

Grays

Harbor

County

Public

Hospital

District

No.

1

,

Revenue

,

2023

,

Refunding

,

6.75

%

,

12/01/44

........................................................

4,300,000

4,697,381

U.S.

Territories

0.7%

Guam

0.3%

Port

Authority

of

Guam

,

Revenue

,

2018

A

,

5

%

,

7/01/48

.......................

1,500,000

1,455,854

Territory

of

Guam

,

GO

,

2019

,

5

%

,

11/15/31

................................

640,000

652,818

2,108,672

Puerto

Rico

0.4%

Commonwealth

of

Puerto

Rico

,

GO

,

2022

A-1

,

4

%

,

7/01/37

....................

2,750,000

2,622,771

Total

U.S.

Territories

....................................................................

4,731,443

Total

Municipal

Bonds

(Cost

$714,091,218)

.....................................

677,423,531

a

a

a

a

Massachusetts

business

trust

Schedule

of

Investments

(unaudited)

Putnam

California

Tax

Exempt

Income

Fund

(continued)

franklintempleton.com

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

12

Short

Term

Investments

1.5%

a

a

Principal

Amount

a

Value

Municipal

Bonds

0.7%

California

0.7%

f

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

,

Revenue,

Second

Series

,

2018

B

,

LOC

Barclays

Bank

plc

,

Daily

VRDN

and

Put

,

0.5

%

,

5/01/58

....................................................

$

4,505,000

$

4,505,000

Total

Municipal

Bonds

(Cost

$4,505,000)

.......................................

4,505,000

U.S.

Government

and

Agency

Securities

0.1%

a

U.S.

Treasury

Bills

,

4.22%,

10/02/25

...................................................

600,000

593,458

4.16%,

11/06/25

...................................................

400,000

394,122

987,580

Total

U.S.

Government

and

Agency

Securities

(Cost

$988,034)

....................

987,580

Shares

a

Money

Market

Funds

0.7%

g,h

Putnam

Short

Term

Investment

Fund,

Class

P,

4.581%

.......................

4,693,264

4,693,264

Total

Money

Market

Funds

(Cost

$4,693,264)

...................................

4,693,264

Total

Short

Term

Investments

(Cost

$10,186,298)

................................

10,185,844

a

Total

Investments

(Cost

$724,277,516)

102.3%

..................................

$687,609,375

Floating

Rate

Notes

Issued

(3.0)%

.............................................

(20,480,010)

Other

Assets,

less

Liabilities

0.7%

.............................................

4,677,576

Net

Assets

100.0%

...........................................................

$671,806,941

a

The

rate

shown

represents

the

yield

at

period

end.

b

The

maturity

date

shown

represents

the

mandatory

put

date.

c

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

June

30,

2025,

the

aggregate

value

of

these

securities

was

$124,319,613,

representing

18.5%

of

net

assets.

d

Underlying

security

in

a

tender

option

bond

transaction.

This

security

has

been

segregated

as

collateral

for

financing

transactions.

e

The

coupon

rate

shown

represents

the

rate

at

period

end.

f

Variable

rate

demand

notes

(VRDN)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

g

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

h

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Massachusetts

business

trust

Schedule

of

Investments

(unaudited)

Putnam

California

Tax

Exempt

Income

Fund

(continued)

franklintempleton.com

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

13

At

June

30,

2025,

the

Fund

had

the

following futures

contracts

outstanding.

See

abbreviations

on

page

16

.

Futures

Contracts

Description

Type

Number

of

Contracts

Notional

Amount

*

Expiration

Date

Value/

Unrealized

Appreciation

(Depreciation)

Interest

rate

contracts

U.S.

Treasury

Ultra

Bonds

......................

Short

166

$

19,774,750

9/19/25

$

(640,763)

Total

Futures

Contracts

......................................................................

$(640,763)

*

As

of

period

end.

Massachusetts

business

trust

Notes

to

Schedules

of

Investments

(unaudited)

14

franklintempleton.com

Quarterly

Schedules

of

Investments

1.

Organization

Massachusetts

business

trust (Fund)

is

registered under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company.

The

Fund

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

2. Financial

Instrument

Valuation

The

Fund's investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates the

net

asset

value

(NAV)

per

share

each

business

day

as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the Fund's

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Fund's

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund's administrator

in

performing

this responsibility,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value.

Equity

securities

and

derivative

financial instruments listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m.

Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Debt

securities

generally

trade

in

the

OTC market

rather

than

on

a

securities

exchange.

The Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Investments

in

open-end

mutual

funds

are

valued

at

the

closing

NAV.

The

Fund

has procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Fund

primarily employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed. 

Massachusetts

business

trust

Notes

to

Schedules

of

Investments

(unaudited)

15

franklintempleton.com

Quarterly

Schedules

of

Investments

3.

Investments

in

Affiliated

Management

Investment

Companies

The

Fund

invests

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

"Controlled

Affiliate"

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund's

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Fund

does

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

June

30,

2025,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

4. Fair

Value

Measurements

The Fund

follows a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's

financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

• Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

• Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

• Level

3

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

June

30,

2025,

in

valuing

the Fund's

assets

and

liabilities carried

at

fair

value,

is

as

follows:  

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

a      

a  

a  

a  

a  

a  

a  

a  

Putnam

California

Tax

Exempt

Income

Fund

Non-Controlled

Affiliates

Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

4.581%

......

$714,723

$142,861,404

$(138,882,863)

$—

$—

$4,693,264

4,693,264

$272,983

Total

Affiliated

Securities

...

$714,723

$142,861,404

$(138,882,863)

$—

$—

$4,693,264

$272,983

Level

1

Level

2

Level

3

Total

Putnam

California

Tax

Exempt

Income

Fund

Assets:

Investments

in

Securities:

a

Municipal

Bonds

.........................

$

—

$

677,423,531

$

—

$

677,423,531

Short

Term

Investments

...................

4,693,264

5,492,580

—

10,185,844

Total

Investments

in

Securities

...........

$4,693,264

$682,916,111

$—

$687,609,375

Liabilities:

Other

Financial

Instruments:

Futures

Contracts

........................

$

640,763

$

—

$

—

$

640,763

Total

Other

Financial

Instruments

.........

$640,763

$—

$—

$640,763

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

Massachusetts

business

trust

Notes

to

Schedules

of

Investments

(unaudited)

16

franklintempleton.com

Quarterly

Schedules

of

Investments

Abbreviations

Selected

Portfolio

1915

Act

Improvement

Bond

Act

of

1915

BAM

Build

America

Mutual

Assurance

Co.

COP

Certificate

of

Participation

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

FRN

Floating

Rate

Note

GO

General

Obligation

LOC

Letter

of

Credit

NATL

National

Reinsurance

Corp.

For

additional

information

on

the

Fund's

significant

accounting

policies,

please

refer

to

the Fund's

most

recent

semiannual

or

annual

shareholder

report.