M&A - PUTNAM NEW JERSEY TAX EXEMPT INCOME FUND

Form Type: 497K

Filing Date: 2025-05-19

Corporate Action: Merger

Type: New

Accession Number: 000092881625000642

Filing Summary: The document outlines the conversion of Putnam New Jersey Tax Exempt Income Fund and other listed Mutual Funds into exchange-traded funds (ETFs). Approved by the Board of Trustees on May 16, 2025, this conversion is set to occur in the fourth quarter of 2025 or the first quarter of 2026, with no requirement for shareholder voting. Existing Mutual Fund shares will automatically convert into corresponding ETF shares, provided that the shareholder's account can accept ETF. Other shareholders will have to take additional steps to receive ETF shares. The reorganization intends to move assets from the Mutual Funds to ETFs, maintaining similar investment goals and strategies. The plan aims to offer reduced expenses and greater trading flexibility for shareholders. Share Class Consolidation will also take place, except for class R6 shares, with the potential for taxable events for redeeming fractional shares. Completion of the reorganization is contingent on several conditions, and shareholders will receive an information statement describing details around August 7, 2025.