N-Q 1 a_penntaxexempt.htm PUTNAM PENNSYLVANIA TAX EXEMPT INCOME FUND a_penntaxexempt.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT 
INVESTMENT COMPANY
 
Investment Company Act file number: (811- 05802)   
Exact name of registrant as specified in charter:  Putnam Pennsylvania Tax Exempt Income Fund  
   
Address of principal executive offices: One Post Office Square, Boston, Massachusetts 02109 
Name and address of agent for service:  Beth S. Mazor, Vice President 
  One Post Office Square 
  Boston, Massachusetts 02109 
Copy to:  John W. Gerstmayr, Esq. 
  Ropes & Gray LLP 
  One International Place 
  Boston, Massachusetts 02110 
Registrant’s telephone number, including area code:  (617) 292-1000 
Date of fiscal year end: May 31, 2010   
Date of reporting period: February 28, 2010   

Item 1. Schedule of Investments:



Putnam Pennsylvania Tax Exempt Income Fund

The fund's portfolio
2/28/10 (Unaudited)

Key to holding's abbreviations
AGM -- Assured Guaranty Municipal Corporation
AGO -- Assured Guaranty, Ltd.
AMBAC -- AMBAC Indemnity Corporation
CIFG -- CIFG Assurance North America, Inc.
Cmnwlth. of PR Gtd. -- Commonwealth of Puerto Rico Guaranteed
FGIC -- Financial Guaranty Insurance Company
FHLMC Coll. -- Federal Home Loan Mortgage Corporation Collateralized
FNMA Coll. -- Federal National Mortgage Association Collateralized
G.O. Bonds -- General Obligation Bonds
GNMA Coll. -- Government National Mortgage Association Collateralized
NATL -- National Public Finance Guarantee Corp.
Radian Insd. -- Radian Group Insured
SGI -- Syncora Guarantee, Inc.
VRDN -- Variable Rate Demand Notes

MUNICIPAL BONDS AND NOTES (98.6%)(a)       
  Rating(RAT)  Principal amount  Value 

 
Guam (1.1%)       
Territory of GU, Econ. Dev. & Comm. Auth. Rev. Bonds       
(Tobacco Settlement)       
     5 5/8s, 6/1/47  BBB+/F  $250,000  $209,770 
     5 1/4s, 6/1/32  BBB+/F  1,070,000  936,432 
Territory of GU, Rev. Bonds (Section 30), Ser. A,       
5 3/4s, 12/1/34  BBB-  1,000,000  1,018,570 
      2,164,772 

 
Pennsylvania (86.4%)       
Allegheny Cnty., Higher Ed. Bldg. Auth. Rev. Bonds       
     (Robert Morris U.), Ser. A, 6s, 10/15/38  Baa3  945,000  929,691 
     (Duquesne U.), 5s, 3/1/33  A2  1,000,000  1,001,960 
Allegheny Cnty., Hosp. Dev. Auth. Rev. Bonds       
     (U. of Pittsburgh Med.), 5 5/8s, 8/15/39  Aa3  2,000,000  2,061,260 
     (Hlth. Syst.-West PA), Ser. A, 5 3/8s, 11/15/40  BB  1,095,000  824,272 
     (Children's Hosp.), NATL, 5 3/8s, 7/1/17 (Prerefunded)  A  2,450,000  2,754,045 
Allegheny Cnty., Indl. Dev. Auth. Rev. Bonds (Env.       
Impt. - USX Corp.), 6 7/8s, 5/1/30  BB  600,000  621,978 
Allegheny Cnty., Redev. Auth. Tax Increment Rev. Bonds       
(Waterfront), Ser. B, 6.4s, 12/15/18 (Prerefunded)  A-/F  1,200,000  1,268,208 
Allegheny Cnty., Sanitation Auth. Swr. Rev. Bonds       
     NATL, 5 1/2s, 12/1/30  A  305,000  310,383 
     NATL, 5 1/2s, 12/1/30 (Prerefunded)  A  1,695,000  1,768,885 
     FGIC, NATL, 5s, 12/1/37  A  1,000,000  1,004,750 
Beaver Cnty., Indl. Dev. Auth. Poll. Control VRDN       
(First Energy Generation), 0.15s, 4/1/41  VMIG1  1,000,000  1,000,000 
Berks Cnty., Muni. Auth. Rev. Bonds       
     (Reading Hosp. & Med. Ctr.), Ser. A-3, 5 1/2s, 11/1/31  AA  2,000,000  2,108,660 
     (Albright College), 5 3/8s, 10/1/28  Ba1  735,000  584,090 
Bethel Park, School Dist. G.O. Bonds, 5.1s, 8/1/33  A1  1,000,000  1,037,030 
Bucks Cnty., Cmnty. College Auth. Rev. Bonds (College       
Bldg.), 5s, 6/15/28  Aa1  1,000,000  1,069,860 
Bucks Cnty., Indl. Dev. Auth. Rev. Bonds       
     (Pennswood Village), 6s, 10/1/34 (Prerefunded)  AAA/P  1,000,000  1,129,800 
     AMBAC, 5 1/2s, 9/15/17  AA-/P  1,000,000  1,042,840 
Bucks Cnty., Indl. Dev. Auth. Retirement Cmnty. Rev.       
Bonds (Ann's Choice, Inc.), Ser. A, 5.4s, 1/1/15  BB/P  240,000  236,779 
Bucks Cnty., Indl. Dev. Auth. Solid Waste Mandatory       
Put Bonds (Waste Management, Inc.), 2 7/8s, 2/1/13  BBB  1,000,000  1,001,100 
Burrell, PA School Dist. G.O. Bonds, Ser. A, AGM, 5s,       
7/15/25  Aa3  1,000,000  1,064,150 
Butler, Area School Dist. G.O. Bonds, 5 1/4s, 10/1/26  A  1,500,000  1,613,535 
Carbon Cnty., Indl. Dev. Auth. Rev. Bonds (Panther       
Creek Partners), 6.65s, 5/1/10  BBB-  470,000  469,897 
Catasauqua, Area School Dist. G.O. Bonds, AGM, 5s,       
2/15/26  AAA  1,000,000  1,050,300 
Chester Cnty., Hlth. & Ed. Fac. Auth. Rev. Bonds       
(Jenners Pond, Inc.), 7 5/8s, 7/1/34 (Prerefunded)  AAA/P  500,000  584,005 
Chester Cnty., Indl. Dev. Auth. VRDN (Archdiocese       
Philadelphia), 0.15s, 7/1/31  VMIG1  2,550,000  2,550,000 
Crawford Cnty., Indl. Dev. Auth. Rev. Bonds (Allegheny       
College), Ser. A, 6s, 11/1/31  A3  1,000,000  1,046,510 
Cumberland Cnty., Muni. Auth. Rev. Bonds       
     (Presbyterian Homes Oblig.), Ser. A, 5.45s, 1/1/21  BBB+  335,000  335,405 
     (Presbyterian Homes Oblig.), Ser. A, 5.15s, 1/1/18  BBB+  730,000  732,278 
     (Diakon Lutheran Ministries), 5s, 1/1/36  BBB+/F  1,860,000  1,543,093 
     (Diakon Lutheran Ministries), 5s, 1/1/27  BBB+/F  750,000  661,013 
Dauphin Cnty., Gen. Auth. Hlth. Syst. Rev. Bonds       
(Pinnacle Hlth. Syst.), Ser. A, 6s, 6/1/29  A2  1,500,000  1,558,035 
Dauphin Cnty., Indl. Dev. Auth. Wtr. Rev. Bonds       
(Dauphin Cons. Wtr. Supply), Ser. A, 6.9s, 6/1/24  Baa1  1,000,000  1,149,780 
Delaware Cnty., College Auth. Rev. Bonds (Haverford       
College), 5 3/4s, 11/15/25  Aa2  1,000,000  1,022,390 
Delaware Cnty., Indl. Dev. Auth. Resource Recvy. Rev.       
Bonds, Ser. A, 6.1s, 7/1/13  Ba1  1,045,000  1,051,166 
Delaware River Joint Toll Bridge Comm. Rev. Bonds       
     5 1/4s, 7/1/20 (Prerefunded)  A2  1,130,000  1,289,183 
     Ser. A, NATL, 5s, 7/1/27  A2  1,000,000  1,037,810 
Delaware Valley, Regl. Fin. Auth. Rev. Bonds, Ser. B,       
AMBAC, 5.7s, 7/1/27  Aa2  3,030,000  3,306,912 



Downingtown, Area School Dist. G.O. Bonds, Ser. AA,       
5s, 11/1/28  Aa1  1,875,000  2,038,538 
East Stroudsburg, Area School Dist. G.O. Bonds, AGM,       
5s, 9/1/27  Aa3  1,500,000  1,606,005 
Economy, Muni. Auth. Swr. Rev. Bonds, AGM, 5s, 12/15/28  AAA  2,665,000  2,764,538 
Erie Cnty., Indl. Dev. Poll. Control Rev. Bonds (Intl.       
Paper), Ser. A, 5.3s, 4/1/12  BBB  500,000  517,260 
Erie, Higher Ed. Bldg. Auth. Rev. Bonds (Mercyhurst       
College), 5.35s, 3/15/28  BBB  1,000,000  1,000,660 
Erie-Western PA Port Auth. Rev. Bonds, 6 1/4s, 6/15/10  BB+/F  145,000  145,384 
Exeter Twp., School Dist. G.O. Bonds, FGIC, NATL, 5s,       
5/15/23  A1  1,000,000  1,042,400 
Geisinger, PA Auth. Hlth. Syst. VRDN (Geisinger Hlth.       
Syst.), 0.14s, 11/15/32  VMIG1  1,000,000  1,000,000 
Harrisburg, Wtr. Auth. Rev. Bonds, 5 1/8s, 7/15/28  A3  1,000,000  992,300 
Lancaster Cnty., Hosp. Auth. Rev. Bonds       
     (Gen. Hosp.), 5 1/2s, 3/15/26 (Prerefunded)  AAA/P  1,500,000  1,717,425 
     (Lancaster Gen. Hosp.), Ser. A, 5s, 3/15/26  Aa3  1,000,000  1,034,720 
Lancaster, Higher Ed. Auth. College Rev. Bonds       
(Franklin & Marshall College), 5s, 4/15/29  A1  1,000,000  1,024,070 
Langhorne Manor Boro., Higher Edl. & Hlth. Auth. Rev.       
Bonds (Woods Svcs.), Radian Insd., 5.1s, 11/15/21  A-  1,285,000  1,230,285 
Latrobe, Indl. Dev. Auth. Rev. Bonds (St. Vincent       
College), 5.7s, 5/1/31  Baa1  1,500,000  1,451,565 
Lehigh Cnty., Gen. Purpose Auth. Rev. Bonds (Lehigh       
Valley Hosp. Hlth. Network)       
     Ser. A, 5 1/4s, 7/1/32  A1  2,750,000  2,759,928 
     AGM, 5 1/4s, 7/1/16  Aa3  1,950,000  2,032,388 
Lehigh Cnty., Gen. Purpose Hosp. Rev. Bonds (Lehigh       
Valley Hlth. Network), Ser. A, AGM, 5s, 7/1/25  AAA  1,360,000  1,381,202 
Luzerne Cnty., Indl. Dev. Auth. Wtr. Fac. Rev. Bonds       
(American Wtr. Co.), 5 1/2s, 12/1/39  A2  1,250,000  1,271,575 
Lycoming Cnty., Auth. Hlth. Syst. Rev. Bonds       
(Susquehanna Hlth. Syst.), Ser. A, 5 3/4s, 7/1/39  BBB+  2,000,000  1,999,820 
McKeesport, Muni. Auth. Swr. Rev. Bonds, 5 3/4s,       
12/15/39  BBB+  1,750,000  1,757,630 
Monroe Cnty., Hosp. Auth. Rev. Bonds (Pocono Med.       
Ctr.), 5 1/8s, 1/1/37  A-  1,000,000  915,070 
Montgomery Cnty., Indl. Dev. Auth. Rev. Bonds       
(Montenay Resource Recvy.), Ser. A, NATL, 5 1/4s,       
11/1/14  A2  2,145,000  2,334,875 
Montgomery Cnty., Indl. Dev. Auth. Retirement Cmnty.       
(Acts Retirement-Life Cmnty.), Ser. A-1, 6 1/4s,       
11/15/29  BBB+  1,125,000  1,162,035 
Montgomery Cnty., Indl. Dev. Auth. Wtr. Fac. Rev.       
Bonds (Aqua PA, Inc.), Ser. A, 5 1/4s, 7/1/42  AA-  1,250,000  1,184,875 
Nazareth, Area School Dist. G.O. Bonds, Ser. A, AGM,       
5s, 2/15/28 (Prerefunded)  Aa3  1,525,000  1,776,091 
New Morgan, Indl. Dev. Auth. Solid Waste Disp. Rev.       
Bonds (New Morgan Landfill Co., Inc.), 6 1/2s, 4/1/19  BBB  450,000  450,338 
New Wilmington, Muni. Auth. Rev. Bonds (Westminster       
College), Ser. GG4, Radian Insd., 5 1/8s, 5/1/33  A/P  1,000,000  880,950 
Northampton Cnty., Gen. Purpose Auth. Rev. Bonds       
(Lehigh U.), 5 1/2s, 11/15/33  Aa2  1,500,000  1,651,050 
Northampton Cnty., Hosp. Auth. Rev. Bonds       
     (Saint Luke's Hosp.), Ser. A, 5 1/2s, 8/15/40  Baa1  1,000,000  986,870 
     (St. Luke's Hosp. - Bethlehem), Ser. A, 5 1/2s, 8/15/35  Baa1  2,000,000  1,989,080 
Northeastern York, School Dist. G.O. Bonds, SGI, 5s,       
3/1/21  A+  1,035,000  1,115,761 
PA Rev. Bonds (Philadelphia Biosolids Fac.), 6 1/4s,       
1/1/32  Baa3  500,000  514,740 
PA Cmnwlth. Fin. Auth. Rev. Bonds, Ser. B, AGO, 5s,       
6/1/31  AAA  1,500,000  1,567,650 
PA Econ. Dev. Fin. Auth. Rev. Bonds (Amtrak), Ser. A ,       
6 1/4s, 11/1/31  A2  1,000,000  1,015,810 
PA Econ. Dev. Fin. Auth. Exempt Fac. Rev. Bonds       
(Allegheny Energy Supply Co.), 7s, 7/15/39  Baa3  2,000,000  2,238,900 
PA Econ. Dev. Fin. Auth. Solid Waste Disp. Rev. Bonds       
(Procter & Gamble Paper), 5 3/8s, 3/1/31  AA-  1,000,000  1,028,660 
PA Econ. Dev. Fin. Auth. Wtr. Fac. Rev. Bonds       
(American Wtr. Co.), 6.2s, 4/1/39  A2  1,100,000  1,173,821 
PA Fin., Auth. Rev. Bonds (Penn Hills), Ser. B, AMBAC,       
zero %, 12/1/27  A/P  1,000,000  393,900 
PA Hsg. Fin. Agcy. Rev. Bonds, Ser. 103C, 5.2s, 10/1/28  AA+  1,000,000  1,035,400 
PA State G.O. Bonds, Ser. 2, 5s, 4/15/21  Aa2  2,000,000  2,296,280 
PA State Higher Edl. Fac. Auth. Rev. Bonds       
     (Edinboro U.), 5 7/8s, 7/1/38  Baa3  1,000,000  972,360 
     (Drexel U.), 5 1/2s, 5/1/12  A+  1,000,000  1,083,610 
     (Widener U.), 5.4s, 7/15/36  BBB+  1,000,000  959,250 
     (Widener U.), 5 1/4s, 7/15/24  BBB+  1,000,000  980,180 
     (Assn. Indpt. Colleges & U. - Gwynedd Mercy), Ser.       
     GG5, Radian Insd., 5 1/8s, 5/1/32  BBB-  1,020,000  888,767 
     (Philadelphia U.), 5s, 6/1/30  Baa2  200,000  183,970 
     (U. of PA), Ser. B, 5s, 9/1/25  AA+  1,150,000  1,281,445 
     (Assn. Indpt. Colleges U. Fin.), FGIC, NATL, 5s,       
     11/1/24  A  1,250,000  1,291,125 
     (Philadelphia U.), 5s, 6/1/22  Baa2  330,000  326,109 
PA State Indl. Dev. Auth. Rev. Bonds, 5 1/2s, 7/1/23  A3  2,000,000  2,172,220 
PA State Pub. School Bldg. Auth. Rev. Bonds       
     (Philadelphia School Dist.), AGM, 5 1/4s, 6/1/25       
     (Prerefunded)  AAA  3,000,000  3,412,170 
     (Richland School Dist.), FGIC, 5s, 11/15/29       
     (Prerefunded)  A  5,000,000  5,774,000 
     (Career Inst. of Tech.), FGIC, NATL, 5s, 11/15/28  A1  1,000,000  1,019,170 
     (Delaware Cnty. Cmnty. College), AGM, 5s, 10/1/27  Aa3  1,250,000  1,332,850 
     (Northhampton Cnty.), Ser. B, AMBAC, 5s, 9/1/24  A/P  3,280,000  3,327,396 
     (School Dist. Philadelphia), Ser. B, AGM, 4 3/4s,       
     6/1/30  AAA  2,000,000  1,987,000 



PA State Tpk. Comm. Rev. Bonds       
     Ser. A, AMBAC, 5s, 12/1/34  Aa3  2,055,000  2,087,777 
     Ser. B, 5s, 12/1/22  Aa3  2,075,000  2,292,107 
PA State Tpk. Comm. Oil Franchise Tax Rev. Bonds       
     (2003 PA Tpk.), Ser. C, NATL, 5s, 12/1/28  AA  1,290,000  1,355,158 
     Ser. C, zero %, 12/1/38  AA  4,000,000  733,280 
PA State U. Rev. Bonds, 5s, 9/1/29  Aa2  1,400,000  1,472,674 
Pennsbury, School Dist. G.O. Bonds, AGM, 5s, 8/1/25  Aa3  2,000,000  2,098,220 
Philadelphia, G.O. Bonds       
     Ser. B, AGO, 7 1/8s, 7/15/38  AAA  500,000  577,005 
     Ser. A, AGM, 5 1/4s, 12/15/26  AAA  1,250,000  1,324,763 
     CIFG, 5s, 8/1/23  Baa1  1,980,000  1,989,603 
Philadelphia, Auth. for Indl. Dev. Rev. Bonds       
     (Master Charter School), 6s, 8/1/35  BBB+  500,000  499,970 
     Ser. B, AGM, 5 1/4s, 10/1/11 (Prerefunded)  AAA  1,690,000  1,814,316 
Philadelphia, Gas Wks. Rev. Bonds, Ser. A-1, AGM, 5s,       
9/1/26  AAA  2,000,000  2,059,140 
Philadelphia, Hosp. & Higher Ed. Fac. Auth. Rev. Bonds       
     (Graduate Hlth. Syst. Oblig. Group), 7 1/4s, 7/1/18       
     (In default) (NON)  D/P  2,409,932  723 
     (Graduate Hlth. Syst. Oblig. Group), 6 5/8s, 7/1/21       
     (In default) (NON)  D/P  712,148  214 
     (Jeanes Hlth. Syst.), 6.6s, 7/1/10 (Prerefunded)  Aaa  308,554  315,062 
     (Cmnty. College of Philadelphia), AMBAC, 5 1/2s,       
     5/1/18 (Prerefunded)  AAA/P  1,585,000  1,710,136 
Philadelphia, Hosp. & Higher Ed. Fac. Auth. VRDN       
(Children's Hosp. of Philadelphia)       
     Ser. C, 0.12s, 7/1/32  VMIG1  500,000  500,000 
     Ser. A, 0.12s, 7/1/31  VMIG1  500,000  500,000 
     Ser. B, 0.12s, 7/1/31  VMIG1  500,000  500,000 
Philadelphia, School Dist. G.O. Bonds       
     Ser. B, FGIC, 5 5/8s, 8/1/21 (Prerefunded)  Aa3  3,000,000  3,345,720 
     Ser. A, AMBAC, 5s, 8/1/22  Aa3  1,000,000  1,030,520 
Pocono Mountain, School Dist. G.O. Bonds, Ser. C, AGM,       
5s, 9/1/34  Aa3  2,000,000  2,049,780 
Reading, G.O. Bonds, AGM, 5s, 11/1/29  Aa3  2,000,000  2,007,480 
Sayre, Hlth. Care Fac. Auth. Rev. Bonds (Guthrie       
Hlth.), Ser. A       
     5 7/8s, 12/1/31  A+  1,885,000  1,922,775 
     5 7/8s, 12/1/31 (Prerefunded)  A+  1,935,000  2,125,269 
Scranton, G.O. Bonds, Ser. C, 7.1s, 9/1/31       
(Prerefunded)  AAA/P  1,500,000  1,644,840 
Snyder Cnty., Higher Ed. Auth. Rev. Bonds (Susquehanna       
U.), 5s, 1/1/38  A2  1,000,000  1,006,020 
Susquehanna, Area Regl. Arpt. Syst. Auth. Rev. Bonds,       
Ser. A, 6 1/2s, 1/1/38  Baa3  575,000  554,898 
U. of Pittsburgh of the Cmnwlth. Sys. of Higher Ed.       
Rev. Bonds (Cap.), Ser. B, 5s, 9/15/28  Aa2  1,600,000  1,726,576 
Upper Moreland Twp., School Dist. G.O. Bonds, AGO, 5s,       
9/1/28  Aa3  1,635,000  1,737,792 
Washington Cnty., Hosp. Auth. Rev. Bonds       
     (Monongah Ela Vy Hosp.), 6 1/4s, 6/1/22  A3  1,250,000  1,293,850 
     (WA Hosp.), AMBAC, 5 1/2s, 7/1/17  Baa2  1,200,000  1,240,056 
Washington Cnty., Indl. Dev. Auth. Hlth. Care Fac.       
Rev. Bonds (First Mtge. AHF/Central), 7 3/4s, 1/1/29  B/P  269,000  268,196 
West Cornwall, Tpk. Muni. Auth. Rev. Bonds       
(Elizabethtown College), 6s, 12/15/27 (Prerefunded)  BBB+  1,500,000  1,641,750 
West Mifflin, Area School Dist. G.O. Bonds, AGM,       
5 1/8s, 4/1/31  AAA  1,500,000  1,592,355 
West Shore, Area Hosp. Auth. Rev. Bonds (Holy Spirit       
Hosp.), 6 1/4s, 1/1/32  BBB  500,000  501,310 
Wilkes-Barre, Fin. Auth. (Wilkes U.), 5s, 3/1/22  BBB  625,000  625,363 
York Cnty., Indl. Dev. Auth. Rev. Bonds (PSEG Power,       
LLC), Ser. A, 5 1/2s, 9/1/20  Baa1  750,000  776,685 
      174,213,907 

 
Puerto Rico (10.6%)       
Children's Trust Fund Tobacco Settlement Rev. Bonds       
     5 1/2s, 5/15/39  BBB  1,760,000  1,557,970 
     5 3/8s, 5/15/33  BBB  1,490,000  1,488,897 
Cmnwlth. of PR, G.O. Bonds       
     (Pub. Impt.), NATL, 5 3/4s, 7/1/26 (Prerefunded)  A  2,500,000  2,540,800 
     Ser. A, 5 1/4s, 7/1/34  Baa3  1,250,000  1,192,150 
Cmnwlth. of PR, Aqueduct & Swr. Auth. Rev. Bonds,       
Ser. A, 6s, 7/1/44  Baa3  2,250,000  2,306,025 
Cmnwlth. of PR, Elec. Pwr. Auth. Rev. Bonds       
     Ser. WW, 5s, 7/1/28  A3  500,000  500,640 
     Ser. TT, 5s, 7/1/27  A3  650,000  653,120 
Cmnwlth. of PR, Govt. Dev. Bank Rev. Bonds, Ser. B,       
5s, 12/1/15  BBB  750,000  791,258 
Cmnwlth. of PR, Hsg. Fin. Corp. Rev. Bonds, Ser. B,       
GNMA Coll., FNMA Coll., FHLMC Coll., 4.45s, 6/1/27  Aaa  80,000  80,161 
Cmnwlth. of PR, Hwy. & Trans. Auth. Rev. Bonds       
     Ser. N, 5 1/2s, 7/1/25  BBB  2,000,000  2,073,420 
     Ser. AA, NATL, 5 1/2s, 7/1/18  A  1,500,000  1,603,125 
Cmnwlth. of PR, Indl. Tourist Edl. Med. & Env. Control       
Fac. Rev. Bonds (Cogen. Fac.-AES), 6 5/8s, 6/1/26  Baa3  1,500,000  1,514,760 
Cmnwlth. of PR, Pub. Bldg. Auth. Rev. Bonds       
     Ser. Q, Cmnwlth. of PR Gtd., 5 5/8s, 7/1/39  Baa3  1,000,000  972,630 
     (Govt. Fac.), Ser. I, Cmnwlth. of PR Gtd., 5 1/4s,       
     7/1/29  Baa3  685,000  672,711 
Cmnwlth. of PR, Sales Tax Fin. Corp. Rev. Bonds, Ser. A       
     6s, 8/1/42  A+  3,250,000  3,399,533 
     NATL, zero %, 8/1/43  Aa3  1,000,000  128,770 
      21,475,970 

 
Virgin Islands (0.5%)       



VI Pub. Fin. Auth. Rev. Bonds       
     Ser. A, 6s, 10/1/39  Baa3  400,000  403,744 
     Ser. A-1, 5s, 10/1/39  Baa2  600,000  551,336 
      955,080 
 
TOTAL INVESTMENTS       
 
Total investments (cost $193,811,198) (b)      $198,809,729 



NOTES

(a) Percentages indicated are based on net assets of $201,692,102.

(RAT) The Moody's, Standard & Poor's or Fitch ratings indicated are believed to be the most recent ratings available at February 28, 2010 for the securities listed. Ratings are generally ascribed to securities at the time of issuance. While the agencies may from time to time revise such ratings, they undertake no obligation to do so, and the ratings do not necessarily represent what the agencies would ascribe to these securities at February 28, 2010. Securities rated by Putnam are indicated by "/P." Securities rated by Fitch are indicated by "/F." The rating of an insured security represents what is believed to be the most recent rating of the insurer's claims-paying ability available at February 28, 2010 and does not reflect any subsequent changes. Security ratings are defined in the Statement of Additional Information.

(b) The aggregate identified cost on a tax basis is $193,811,198, resulting in gross unrealized appreciation and depreciation of $9,378,080 and $4,379,549, respectively, or net unrealized appreciation of $4,998,531.

(NON) Non-income-producing security.

The rates shown on Mandatory Put Bonds and VRDN are the current interest rates at February 28, 2010.

The dates shown on Mandatory Put Bonds are the next mandatory put dates.

The dates shown on debt obligations other than Mandatory Put Bonds are the original maturity dates.

The fund had the following sector concentrations greater than 10% at February 28, 2010 (as a percentage of net assets):

Prerefunded  18.2% 
Health care  15.9 
Local government  14.1 
Education  13.6 
Utilities  11.5 

The fund had the following insurance concentration greater than 10% at February 28, 2010 (as a percentage of net assets):

AGM  15.5% 

Security valuation: Tax-exempt bonds and notes are generally valued on the basis of valuations provided by an independent pricing service approved by the Trustees. Such services use information with respect to transactions in bonds, quotations from bond dealers, market transactions in comparable securities and various relationships between securities in determining value. Certain investments, including certain restricted and illiquid securities and derivatives are also valued at fair value following procedures approved by the Trustees. Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount.



Accounting Standards Codification ASC 820 Fair Value Measurements and Disclosures ("ASC 820") establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund’s investments. The three levels are defined as follows:

Level 1 – Valuations based on quoted prices for identical securities in active markets.

Level 2 – Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

Level 3 – Valuations based on inputs that are unobservable and significant to the fair value measurement.

The following is a summary of the inputs used to value the fund’s net assets as of February 28, 2010:

    Valuation inputs   

Investments in securities:  Level 1         Level 2  Level 3 

Municipal bonds and notes  $--  $198,809,729  $-- 

Totals by level  $--  $198,809,729  $-- 


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



Item 2. Controls and Procedures:

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

(b) Changes in internal control over financial reporting: Not applicable

Item 3. Exhibits:

Separate certifications for the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are filed herewith.

SIGNATURES

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

Putnam Pennsylvania Tax Exempt Income Fund

By (Signature and Title):

/s/ Janet C. Smith
Janet C. Smith
Principal Accounting Officer
Date: April 28, 2010

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

By (Signature and Title):

/s/ Jonathan S. Horwitz
Jonathan S. Horwitz
Principal Executive Officer
Date: April 28, 2010

By (Signature and Title):

/s/ Steven D. Krichmar
Steven D. Krichmar
Principal Financial Officer
Date: April 28, 2010