M&A - PUTNAM NEW JERSEY TAX EXEMPT INCOME FUND

Form Type: 497K

Filing Date: 2025-07-02

Corporate Action: Merger

Type: New

Accession Number: 000119312525154980

Filing Summary: On May 16, 2025, the Board of Trustees of the Putnam Funds approved the conversion of several mutual funds into exchange-traded funds (ETFs) through a reorganization. This process entails transferring the assets of each mutual fund to its corresponding ETF, followed by the distribution of ETF shares to mutual fund shareholders, effectively liquidating the mutual funds. The scheduled reorganization for the Putnam New Jersey Tax Exempt Income Fund is expected to occur around November 7, 2025. From July 21, 2025, sales charges on mutual fund shares will be waived, and classes other than Class R6 will be restricted to new investors starting August 22, 2025. Consolidation of mutual fund shares into Class R6 shares is planned for either October 3 or October 17, 2025, depending on the fund group. Shareholders will have limited opportunities to redeem shares or exchange them for shares of another mutual fund prior to the reorganization, which marks the end of their investment in the mutual funds and transitions them to ETF ownership, affecting their tax circumstances.

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.