M&A - PUTNAM MINNESOTA TAX EXEMPT INCOME FUND

Form Type: 497K

Filing Date: 2025-07-02

Corporate Action: Merger

Type: Update

Accession Number: 000119312525154979

Filing Summary: On July 2, 2025, Putnam Minnesota Tax Exempt Income Fund announced the Board of Trustees approved the conversion of its mutual funds into exchange-traded funds (ETFs) through a reorganization. The reorganization involves transferring assets of the mutual funds to corresponding ETFs, with distribution of ETF shares to mutual fund shareholders in complete liquidation of the mutual funds. The expected dates for these reorganizations vary: Group One Funds are scheduled for October 24, 2025, while Group Two Funds, including Putnam Minnesota Tax Exempt Income Fund, are set for approximately November 7, 2025. Important action items for shareholders include the closing of share purchases by new investors, waiving of sales charges, and specific dates set for redeeming shares and opening brokerage accounts capable of accepting ETF shares. The document also details procedures for shareholders who do not wish to receive ETF shares and stresses the importance of consulting tax advisors regarding potential tax consequences of these actions.

Form Type: 497K

Filing Date: 2025-05-19

Corporate Action: Merger

Type: Update

Accession Number: 000092881625000644

Filing Summary: On May 19, 2025, the Board of Trustees of the Putnam Funds approved the conversion of several Mutual Funds into exchange traded funds (ETFs) anticipated to occur in the fourth quarter of 2025 or the first quarter of 2026. This reorganization involves the transfer of Mutual Fund assets to corresponding ETFs, allowing existing shareholders to receive ETF shares without needing to vote. The benefits include lower expenses, enhanced trading flexibility, and greater transparency of portfolio holdings. Additionally, a Share Class Consolidation will be conducted prior to the conversion, and any fractional shares will be redeemed. Shareholders not holding Mutual Fund shares in appropriate brokerage accounts will face specific actions to receive ETF shares. The reorganization aims to qualify as a tax-free transition for federal income tax purposes, with potential waivers of certain sales charges effective July 19, 2025.