M&A - PUTNAM OHIO TAX EXEMPT INCOME FUND

Form Type: 497K

Filing Date: 2025-07-02

Corporate Action: Merger

Type: Update

Accession Number: 000119312525154981

Filing Summary: The Board of Trustees of the Putnam Funds approved the conversion of the Putnam Ohio Tax Exempt Income Fund into an exchange-traded fund (ETF) through a reorganization with the newly-organized series of Putnam ETF Trust. This reorganization includes the transfer of assets to the corresponding ETF and the liquidation of the Mutual Fund. Shareholders will become shareholders of the ETF, effective on a date expected to be November 7, 2025. Key timelines include the closure of certain share classes to new investors, waiving of front-end sales charges, and the exchange of shares held in tax-advantaged accounts. Notably, shareholders will need to prepare for the changes to ensure they receive ETF shares. Fractional shares will be redeemed on the date of reorganization, with proceeds distributed to shareholders as a taxable event. Important action items and deadlines are outlined for shareholders regarding transactions, exchanges, and possible account changes ahead of the merger.

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.