M&A - PUTNAM OHIO TAX EXEMPT INCOME FUND

Form Type: 497K

Filing Date: 2025-05-19

Corporate Action: Merger

Type: New

Accession Number: 000092881625000638

Filing Summary: On May 19, 2025, Putnam Ohio Tax Exempt Income Fund announced a proposed conversion of its Mutual Funds into exchange-traded funds (ETFs) scheduled to occur in the fourth quarter of 2025 or the first quarter of 2026. Existing shareholders will automatically have their shares converted into ETF shares without the need for approval or voting. The Board of Trustees approved this conversion as being in shareholders' best interests, aiming to enhance trading flexibility, lower expenses, and improve transparency. As part of the reorganization under an Agreement and Plan, the assets of each Mutual Fund will be transferred to the corresponding ETF in exchange for ETF shares, which will be distributed to shareholders. Share Class Consolidation will occur prior to the conversion, allowing for the transition without additional charges. Shareholders must hold their shares through accounts that can accept ETFs, or they may have their ETF shares held in default accounts, subject to timely migration. It is expected that the reorganization will not trigger taxable events for most shareholders, apart from potential cash received on fractional share redemptions. The document also discusses waiving sales charges effective July 19, 2025, and provides a rationale for the transition, highlighting the differences between ETFs and Mutual Funds. Further details regarding the conversion will be communicated to shareholders in a prospectus expected around August 7, 2025.