Shareholder Report | 12 Months Ended |
May 31, 2024 USD ($) $ / shares |
Shareholder Report [Line Items] | | |
Document Type | N-CSR | |
Amendment Flag | false | |
Registrant Name | PUTNAM PENNSYLVANIA TAX EXEMPT INCOME FUND | |
Entity Central Index Key | 0000794615 | |
Entity Investment Company Type | N-1A | |
Document Period End Date | May 31, 2024 | |
Class A | | |
Shareholder Report [Line Items] | | |
Fund Name | Putnam Pennsylvania Tax Exempt Income Fund | |
Class Name | Class A | |
Trading Symbol | PTEPX | |
Shareholder Report Annual or Semi-Annual | annual shareholder report | |
Additional Information [Text Block] | You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents . You can also request this information by contacting us at (800) 225-1581 . | |
Material Fund Change Notice [Text Block] | This report describes changes to the Fund that occurred during the reporting period. | |
Additional Information Phone Number | (800) 225-1581 | |
Additional Information Website | https://www.franklintempleton.com/regulatory-fund-documents | |
Expenses [Text Block] | WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment) Class Name Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment Class A $91 0.89% | |
Expenses Paid, Amount | $ 91 | |
Expense Ratio, Percent | 0.89% | |
Factors Affecting Performance [Text Block] | HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE? For the twelve months ended May 31, 2024, Class A shares of Putnam Pennsylvania Tax Exempt Income Fund returned 3.47%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 2.67% for the same period. PERFORMANCE HIGHLIGHTS Top contributors to performance: ↑ A long duration position, specifically in late 2023, when municipal bonds (munis) moved in sync with falling U.S. Treasury yields ↑ A focus on longer-term munis, which outperformed intermediate and short-term munis over the period ↑ A preference for lower tiers of the investment-grade universe (A and BBB-rated bonds) and the highest-rated bonds in the high-yield universe as spreads tightened ↑ An underweight position in water and sewer bonds and overweight positions in nursing homes and private higher-education bonds Top detractors from performance: ↓ Security selection within local-backed bonds and an underweight position in tobacco bonds ↓ Security selection within non-rated bonds | |
Performance Past Does Not Indicate Future [Text] | The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. | |
Line Graph [Table Text Block] | | |
Average Annual Return [Table Text Block] | AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended May 31, 2024 1 Year 5 Year 10 Year Class A (without sales charge) 3.47 0.79 1.98 Class A (with sales charge) -0.67 -0.03 1.56 Bloomberg Municipal Bond Index 2.67 0.93 2.25 | |
No Deduction of Taxes [Text Block] | The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. | |
Updated Performance Information Location [Text Block] | For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit https://www.franklintempleton.com/investments/options/mutual-funds . Important data provider notices and terms available at www.franklintempletondatasources.com. | |
Net Assets | $ 103,156,727 | |
Holdings Count | $ / shares | 112 | [1] |
Advisory Fees Paid, Amount | $ 461,438 | |
Investment Company Portfolio Turnover | 22% | |
Additional Fund Statistics [Text Block] | KEY FUND STATISTICS (as of May 31, 2024) Total Net Assets $103,156,727 Total Number of Portfolio Holdings * 112 Total Management Fee Paid $461,438 Portfolio Turnover Rate 22% | [1] |
Holdings [Text Block] | | [2] |
Material Fund Change [Text Block] | HOW HAS THE FUND CHANGED? On May 31, 2023, Franklin Resources, Inc. (“Franklin Resources”) and Great-West Lifeco Inc., the parent company of Putnam U.S. Holdings I, LLC (“Putnam Holdings”), announced that they had entered into a definitive agreement for a subsidiary of Franklin Resources to acquire Putnam Holdings in a stock and cash transaction (the “Transaction”). The Transaction was completed on January 1, 2024. As part of the Transaction, your Fund’s investment advisor, Putnam Investment Management, LLC (“Putnam Management”), a wholly-owned subsidiary of Putnam Holdings, and your Fund’s sub-advisor, Putnam Investments Limited (“PIL”), an indirect, wholly-owned subsidiary of Putnam Holdings, became indirect, wholly-owned subsidiaries of Franklin Resources. In connection with the Transaction, shareholders of your Fund approved a new management contract with Putnam Management and a new sub-advisory contract with PIL. The new contracts are identical to the previous contracts, except for the effective dates, initial terms, updates to fund names as necessary to reflect previous name changes, the addition of a provision specifying that there are no third-party beneficiaries to the contracts, and (in some cases) certain non-substantive changes. This is a summary of certain changes to the Fund since June 1, 2023. For more complete information, you may review the Fund’s current prospectus and any applicable supplements at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or funddocuments putnam.com . | |
Updated Prospectus Phone Number | (800) 225-1581 | |
Updated Prospectus Email Address | funddocuments@putnam.com | |
Updated Prospectus Web Address | https://www.franklintempleton.com/regulatory-fund-documents | |
Class B | | |
Shareholder Report [Line Items] | | |
Fund Name | Putnam Pennsylvania Tax Exempt Income Fund | |
Class Name | Class B | |
Trading Symbol | PPNBX | |
Shareholder Report Annual or Semi-Annual | annual shareholder report | |
Additional Information [Text Block] | You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents . You can also request this information by contacting us at (800) 225-1581 . | |
Material Fund Change Notice [Text Block] | This report describes changes to the Fund that occurred during the reporting period. | |
Additional Information Phone Number | (800) 225-1581 | |
Additional Information Website | https://www.franklintempleton.com/regulatory-fund-documents | |
Expenses [Text Block] | WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment) Class Name Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment Class B $151 1.49% | |
Expenses Paid, Amount | $ 151 | |
Expense Ratio, Percent | 1.49% | |
Factors Affecting Performance [Text Block] | HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE? For the twelve months ended May 31, 2024, Class B shares of Putnam Pennsylvania Tax Exempt Income Fund returned 2.85%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 2.67% for the same period. PERFORMANCE HIGHLIGHTS Top contributors to performance: ↑ A long duration position, specifically in late 2023, when municipal bonds (munis) moved in sync with falling U.S. Treasury yields ↑ A focus on longer-term munis, which outperformed intermediate and short-term munis over the period ↑ A preference for lower tiers of the investment-grade universe (A and BBB-rated bonds) and the highest-rated bonds in the high-yield universe as spreads tightened ↑ An underweight position in water and sewer bonds and overweight positions in nursing homes and private higher-education bonds Top detractors from performance: ↓ Security selection within local-backed bonds and an underweight position in tobacco bonds ↓ Security selection within non-rated bonds | |
Performance Past Does Not Indicate Future [Text] | The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. | |
Line Graph [Table Text Block] | | |
Average Annual Return [Table Text Block] | AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended May 31, 2024 1 Year 5 Year 10 Year Class B (without sales charge) 2.85 0.17 1.46 Class B (with sales charge) -2.15 -0.19 1.46 Bloomberg Municipal Bond Index 2.67 0.93 2.25 | |
No Deduction of Taxes [Text Block] | The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. | |
Updated Performance Information Location [Text Block] | For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit https://www.franklintempleton.com/investments/options/mutual-funds . Important data provider notices and terms available at www.franklintempletondatasources.com. | |
Net Assets | $ 103,156,727 | |
Holdings Count | $ / shares | 112 | [3] |
Advisory Fees Paid, Amount | $ 461,438 | |
Investment Company Portfolio Turnover | 22% | |
Additional Fund Statistics [Text Block] | KEY FUND STATISTICS (as of May 31, 2024) Total Net Assets $103,156,727 Total Number of Portfolio Holdings * 112 Total Management Fee Paid $461,438 Portfolio Turnover Rate 22% | [3] |
Holdings [Text Block] | | [4] |
Material Fund Change [Text Block] | HOW HAS THE FUND CHANGED? On May 31, 2023, Franklin Resources, Inc. (“Franklin Resources”) and Great-West Lifeco Inc., the parent company of Putnam U.S. Holdings I, LLC (“Putnam Holdings”), announced that they had entered into a definitive agreement for a subsidiary of Franklin Resources to acquire Putnam Holdings in a stock and cash transaction (the “Transaction”). The Transaction was completed on January 1, 2024. As part of the Transaction, your Fund’s investment advisor, Putnam Investment Management, LLC (“Putnam Management”), a wholly-owned subsidiary of Putnam Holdings, and your Fund’s sub-advisor, Putnam Investments Limited (“PIL”), an indirect, wholly-owned subsidiary of Putnam Holdings, became indirect, wholly-owned subsidiaries of Franklin Resources. In connection with the Transaction, shareholders of your Fund approved a new management contract with Putnam Management and a new sub-advisory contract with PIL. The new contracts are identical to the previous contracts, except for the effective dates, initial terms, updates to fund names as necessary to reflect previous name changes, the addition of a provision specifying that there are no third-party beneficiaries to the contracts, and (in some cases) certain non-substantive changes. This is a summary of certain changes to the Fund since June 1, 2023. For more complete information, you may review the Fund’s current prospectus and any applicable supplements at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or funddocuments putnam.com . | |
Updated Prospectus Phone Number | (800) 225-1581 | |
Updated Prospectus Email Address | funddocuments@putnam.com | |
Updated Prospectus Web Address | https://www.franklintempleton.com/regulatory-fund-documents | |
Class C | | |
Shareholder Report [Line Items] | | |
Fund Name | Putnam Pennsylvania Tax Exempt Income Fund | |
Class Name | Class C | |
Trading Symbol | PPNCX | |
Shareholder Report Annual or Semi-Annual | annual shareholder report | |
Additional Information [Text Block] | You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents . You can also request this information by contacting us at (800) 225-1581 . | |
Material Fund Change Notice [Text Block] | This report describes changes to the Fund that occurred during the reporting period. | |
Additional Information Phone Number | (800) 225-1581 | |
Additional Information Website | https://www.franklintempleton.com/regulatory-fund-documents | |
Expenses [Text Block] | WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment) Class Name Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment Class C $166 1.64% | |
Expenses Paid, Amount | $ 166 | |
Expense Ratio, Percent | 1.64% | |
Factors Affecting Performance [Text Block] | HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE? For the twelve months ended May 31, 2024, Class C shares of Putnam Pennsylvania Tax Exempt Income Fund returned 2.69%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 2.67% for the same period. PERFORMANCE HIGHLIGHTS Top contributors to performance: ↑ A long duration position, specifically in late 2023, when municipal bonds (munis) moved in sync with falling U.S. Treasury yields ↑ A focus on longer-term munis, which outperformed intermediate and short-term munis over the period ↑ A preference for lower tiers of the investment-grade universe (A and BBB-rated bonds) and the highest-rated bonds in the high-yield universe as spreads tightened ↑ An underweight position in water and sewer bonds and overweight positions in nursing homes and private higher-education bonds Top detractors from performance: ↓ Security selection within local-backed bonds and an underweight position in tobacco bonds ↓ Security selection within non-rated bonds | |
Performance Past Does Not Indicate Future [Text] | The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. | |
Line Graph [Table Text Block] | | |
Average Annual Return [Table Text Block] | AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended May 31, 2024 1 Year 5 Year 10 Year Class C (without sales charge) 2.69 0.02 1.36 Class C (with sales charge) 1.69 0.02 1.36 Bloomberg Municipal Bond Index 2.67 0.93 2.25 | |
No Deduction of Taxes [Text Block] | The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. | |
Updated Performance Information Location [Text Block] | For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit https://www.franklintempleton.com/investments/options/mutual-funds . Important data provider notices and terms available at www.franklintempletondatasources.com. | |
Net Assets | $ 103,156,727 | |
Holdings Count | $ / shares | 112 | [5] |
Advisory Fees Paid, Amount | $ 461,438 | |
Investment Company Portfolio Turnover | 22% | |
Additional Fund Statistics [Text Block] | KEY FUND STATISTICS (as of May 31, 2024) Total Net Assets $103,156,727 Total Number of Portfolio Holdings * 112 Total Management Fee Paid $461,438 Portfolio Turnover Rate 22% | [5] |
Holdings [Text Block] | | [6] |
Material Fund Change [Text Block] | HOW HAS THE FUND CHANGED? On May 31, 2023, Franklin Resources, Inc. (“Franklin Resources”) and Great-West Lifeco Inc., the parent company of Putnam U.S. Holdings I, LLC (“Putnam Holdings”), announced that they had entered into a definitive agreement for a subsidiary of Franklin Resources to acquire Putnam Holdings in a stock and cash transaction (the “Transaction”). The Transaction was completed on January 1, 2024. As part of the Transaction, your Fund’s investment advisor, Putnam Investment Management, LLC (“Putnam Management”), a wholly-owned subsidiary of Putnam Holdings, and your Fund’s sub-advisor, Putnam Investments Limited (“PIL”), an indirect, wholly-owned subsidiary of Putnam Holdings, became indirect, wholly-owned subsidiaries of Franklin Resources. In connection with the Transaction, shareholders of your Fund approved a new management contract with Putnam Management and a new sub-advisory contract with PIL. The new contracts are identical to the previous contracts, except for the effective dates, initial terms, updates to fund names as necessary to reflect previous name changes, the addition of a provision specifying that there are no third-party beneficiaries to the contracts, and (in some cases) certain non-substantive changes. This is a summary of certain changes to the Fund since June 1, 2023. For more complete information, you may review the Fund’s current prospectus and any applicable supplements at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or funddocuments putnam.com . | |
Updated Prospectus Phone Number | (800) 225-1581 | |
Updated Prospectus Email Address | funddocuments@putnam.com | |
Updated Prospectus Web Address | https://www.franklintempleton.com/regulatory-fund-documents | |
Class R6 | | |
Shareholder Report [Line Items] | | |
Fund Name | Putnam Pennsylvania Tax Exempt Income Fund | |
Class Name | Class R6 | |
Trading Symbol | PPTRX | |
Shareholder Report Annual or Semi-Annual | annual shareholder report | |
Additional Information [Text Block] | You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents . You can also request this information by contacting us at (800) 225-1581 . | |
Material Fund Change Notice [Text Block] | This report describes changes to the Fund that occurred during the reporting period. | |
Additional Information Phone Number | (800) 225-1581 | |
Additional Information Website | https://www.franklintempleton.com/regulatory-fund-documents | |
Expenses [Text Block] | WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment) Class Name Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment Class R6 $62 0.61% | |
Expenses Paid, Amount | $ 62 | |
Expense Ratio, Percent | 0.61% | |
Factors Affecting Performance [Text Block] | HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE? For the twelve months ended May 31, 2024, Class R6 shares of Putnam Pennsylvania Tax Exempt Income Fund returned 3.75%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 2.67% for the same period. PERFORMANCE HIGHLIGHTS Top contributors to performance: ↑ A long duration position, specifically in late 2023, when municipal bonds (munis) moved in sync with falling U.S. Treasury yields ↑ A focus on longer-term munis, which outperformed intermediate and short-term munis over the period ↑ A preference for lower tiers of the investment-grade universe (A and BBB-rated bonds) and the highest-rated bonds in the high-yield universe as spreads tightened ↑ An underweight position in water and sewer bonds and overweight positions in nursing homes and private higher-education bonds Top detractors from performance: ↓ Security selection within local-backed bonds and an underweight position in tobacco bonds ↓ Security selection within non-rated bonds | |
Performance Past Does Not Indicate Future [Text] | The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. | |
Line Graph [Table Text Block] | | |
Average Annual Return [Table Text Block] | AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended May 31, 2024 1 Year 5 Year 10 Year Class R6 (without sales charge) 3.75 1.06 2.23 Class R6 (with sales charge) 3.75 1.06 2.23 Bloomberg Municipal Bond Index 2.67 0.93 2.25 | |
No Deduction of Taxes [Text Block] | The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. | |
Updated Performance Information Location [Text Block] | For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit https://www.franklintempleton.com/investments/options/mutual-funds . Important data provider notices and terms available at www.franklintempletondatasources.com. | |
Net Assets | $ 103,156,727 | |
Holdings Count | $ / shares | 112 | [7] |
Advisory Fees Paid, Amount | $ 461,438 | |
Investment Company Portfolio Turnover | 22% | |
Additional Fund Statistics [Text Block] | KEY FUND STATISTICS (as of May 31, 2024) Total Net Assets $103,156,727 Total Number of Portfolio Holdings * 112 Total Management Fee Paid $461,438 Portfolio Turnover Rate 22% | [7] |
Holdings [Text Block] | | [8] |
Material Fund Change [Text Block] | HOW HAS THE FUND CHANGED? On May 31, 2023, Franklin Resources, Inc. (“Franklin Resources”) and Great-West Lifeco Inc., the parent company of Putnam U.S. Holdings I, LLC (“Putnam Holdings”), announced that they had entered into a definitive agreement for a subsidiary of Franklin Resources to acquire Putnam Holdings in a stock and cash transaction (the “Transaction”). The Transaction was completed on January 1, 2024. As part of the Transaction, your Fund’s investment advisor, Putnam Investment Management, LLC (“Putnam Management”), a wholly-owned subsidiary of Putnam Holdings, and your Fund’s sub-advisor, Putnam Investments Limited (“PIL”), an indirect, wholly-owned subsidiary of Putnam Holdings, became indirect, wholly-owned subsidiaries of Franklin Resources. In connection with the Transaction, shareholders of your Fund approved a new management contract with Putnam Management and a new sub-advisory contract with PIL. The new contracts are identical to the previous contracts, except for the effective dates, initial terms, updates to fund names as necessary to reflect previous name changes, the addition of a provision specifying that there are no third-party beneficiaries to the contracts, and (in some cases) certain non-substantive changes. This is a summary of certain changes to the Fund since June 1, 2023. For more complete information, you may review the Fund’s current prospectus and any applicable supplements at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or funddocuments putnam.com . | |
Updated Prospectus Phone Number | (800) 225-1581 | |
Updated Prospectus Email Address | funddocuments@putnam.com | |
Updated Prospectus Web Address | https://www.franklintempleton.com/regulatory-fund-documents | |
Class Y | | |
Shareholder Report [Line Items] | | |
Fund Name | Putnam Pennsylvania Tax Exempt Income Fund | |
Class Name | Class Y | |
Trading Symbol | PPTYX | |
Shareholder Report Annual or Semi-Annual | annual shareholder report | |
Additional Information [Text Block] | You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents . You can also request this information by contacting us at (800) 225-1581 . | |
Material Fund Change Notice [Text Block] | This report describes changes to the Fund that occurred during the reporting period. | |
Additional Information Phone Number | (800) 225-1581 | |
Additional Information Website | https://www.franklintempleton.com/regulatory-fund-documents | |
Expenses [Text Block] | WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment) Class Name Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment Class Y $65 0.64% | |
Expenses Paid, Amount | $ 65 | |
Expense Ratio, Percent | 0.64% | |
Factors Affecting Performance [Text Block] | HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE? For the twelve months ended May 31, 2024, Class Y shares of Putnam Pennsylvania Tax Exempt Income Fund returned 3.73%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 2.67% for the same period. PERFORMANCE HIGHLIGHTS Top contributors to performance: ↑ A long duration position, specifically in late 2023, when municipal bonds (munis) moved in sync with falling U.S. Treasury yields ↑ A focus on longer-term munis, which outperformed intermediate and short-term munis over the period ↑ A preference for lower tiers of the investment-grade universe (A and BBB-rated bonds) and the highest-rated bonds in the high-yield universe as spreads tightened ↑ An underweight position in water and sewer bonds and overweight positions in nursing homes and private higher-education bonds Top detractors from performance: ↓ Security selection within local-backed bonds and an underweight position in tobacco bonds ↓ Security selection within non-rated bonds | |
Performance Past Does Not Indicate Future [Text] | The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. | |
Line Graph [Table Text Block] | | |
Average Annual Return [Table Text Block] | AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended May 31, 2024 1 Year 5 Year 10 Year Class Y (without sales charge) 3.73 1.04 2.22 Class Y (with sales charge) 3.73 1.04 2.22 Bloomberg Municipal Bond Index 2.67 0.93 2.25 | |
No Deduction of Taxes [Text Block] | The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. | |
Updated Performance Information Location [Text Block] | For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit https://www.franklintempleton.com/investments/options/mutual-funds . Important data provider notices and terms available at www.franklintempletondatasources.com. | |
Net Assets | $ 103,156,727 | |
Holdings Count | $ / shares | 112 | [9] |
Advisory Fees Paid, Amount | $ 461,438 | |
Investment Company Portfolio Turnover | 22% | |
Additional Fund Statistics [Text Block] | KEY FUND STATISTICS (as of May 31, 2024) Total Net Assets $103,156,727 Total Number of Portfolio Holdings * 112 Total Management Fee Paid $461,438 Portfolio Turnover Rate 22% | [9] |
Holdings [Text Block] | | [10] |
Material Fund Change [Text Block] | HOW HAS THE FUND CHANGED? On May 31, 2023, Franklin Resources, Inc. (“Franklin Resources”) and Great-West Lifeco Inc., the parent company of Putnam U.S. Holdings I, LLC (“Putnam Holdings”), announced that they had entered into a definitive agreement for a subsidiary of Franklin Resources to acquire Putnam Holdings in a stock and cash transaction (the “Transaction”). The Transaction was completed on January 1, 2024. As part of the Transaction, your Fund’s investment advisor, Putnam Investment Management, LLC (“Putnam Management”), a wholly-owned subsidiary of Putnam Holdings, and your Fund’s sub-advisor, Putnam Investments Limited (“PIL”), an indirect, wholly-owned subsidiary of Putnam Holdings, became indirect, wholly-owned subsidiaries of Franklin Resources. In connection with the Transaction, shareholders of your Fund approved a new management contract with Putnam Management and a new sub-advisory contract with PIL. The new contracts are identical to the previous contracts, except for the effective dates, initial terms, updates to fund names as necessary to reflect previous name changes, the addition of a provision specifying that there are no third-party beneficiaries to the contracts, and (in some cases) certain non-substantive changes. This is a summary of certain changes to the Fund since June 1, 2023. For more complete information, you may review the Fund’s current prospectus and any applicable supplements at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or funddocuments putnam.com . | |
Updated Prospectus Phone Number | (800) 225-1581 | |
Updated Prospectus Email Address | funddocuments@putnam.com | |
Updated Prospectus Web Address | https://www.franklintempleton.com/regulatory-fund-documents | |
|
[1] * Includes derivatives, if applicable. Cash and Equivalents, if any, represent the market value weights of cash, derivatives, short-term securities, and other unclassified assets in the portfolio. Holdings and allocations may vary over time. * Includes derivatives, if applicable. Cash and Equivalents, if any, represent the market value weights of cash, derivatives, short-term securities, and other unclassified assets in the portfolio. Holdings and allocations may vary over time. * Includes derivatives, if applicable. Cash and Equivalents, if any, represent the market value weights of cash, derivatives, short-term securities, and other unclassified assets in the portfolio. Holdings and allocations may vary over time. * Includes derivatives, if applicable. Cash and Equivalents, if any, represent the market value weights of cash, derivatives, short-term securities, and other unclassified assets in the portfolio. Holdings and allocations may vary over time. * Includes derivatives, if applicable. Cash and Equivalents, if any, represent the market value weights of cash, derivatives, short-term securities, and other unclassified assets in the portfolio. Holdings and allocations may vary over time. |