M&A - PUTNAM NEW YORK TAX EXEMPT INCOME FUND

Form Type: 497K

Filing Date: 2025-05-19

Corporate Action: Merger

Type: New

Accession Number: 000092881625000640

Filing Summary: On May 19, 2025, Putnam New York Tax Exempt Income Fund announced its proposed conversion of existing mutual funds into exchange traded funds (ETFs), following approval from the Board of Trustees on May 16, 2025. This conversion process is expected to take place between the fourth quarter of 2025 and the first quarter of 2026. Existing shareholders will have their mutual fund shares converted to ETF shares automatically, provided their accounts can accommodate ETF investments. Details regarding the reorganization include asset transfers from the mutual funds to the corresponding ETFs and distributions of ETF shares in complete liquidation of the mutual funds. Franklin Advisers, the investment adviser, indicated that this restructure promises benefits like lower expenses, increased trading flexibility, and enhanced transparency. Shareholders will receive a detailed prospectus by August 7, 2025, outlining the conversion. Additionally, as part of the process, a share class consolidation will occur, affecting shareholders holding non-R6 class shares.

Form Type: N-CSR

Filing Date: 2025-01-28

Corporate Action: Merger

Type: Update

Accession Number: 000092881625000157

Filing Summary: On January 1, 2024, a definitive agreement was completed whereby a subsidiary of Franklin Templeton acquired Putnam Holdings in a stock and cash transaction. This led to the investment advisor, Putnam Investment Management, LLC (now a subsidiary of Franklin Templeton), and the sub-advisor, Putnam Investments Limited, becoming indirectly controlled by Franklin Templeton. A new management contract was approved by shareholders for Putnam Management. Effective July 15, 2024, Putnam Management transitioned its responsibilities to Franklin Advisers, which replaced it as the Fund's investment advisor. Franklin Advisers retained Putnam Management as a sub-advisor as part of an agreement that took effect on the same date. Furthermore, on November 1, 2024, Putnam Investments Limited merged into Franklin Templeton Investment Management Limited, resulting in changes to the sub-advisory agreements.