M&A - PUTNAM TAX FREE INCOME TRUST
Form Type: 497K
Filing Date: 2025-07-02
Corporate Action: Merger
Type: New
Accession Number: 000119312525154982
Filing Summary: On July 2, 2025, Putnam Tax Free Income Trust announced a reorganization of several mutual funds into exchange-traded funds (ETFs). The Board of Trustees approved the conversion of several 'Mutual Funds' into corresponding 'ETFs,' which will occur in two phases: Group One Funds are expected to undergo reorganization on October 24, 2025, while Group Two Funds are expected to do so on November 7, 2025. Shareholders will exchange their Mutual Fund shares for ETF shares, making important timeline details available for actions that may need to be taken by investors in advance of the reorganization. Notably, sales charges for Mutual Fund share purchases will be waived and certain classes of shares will be closed to new purchases by specific dates. Additionally, there are provisions for the redemption and management of any fractional shares post-reorganization, which may involve taxable events for shareholders.
Additional details:
Mutual Funds Reorganized: ["Putnam California Tax Exempt Income Fund","Putnam Massachusetts Tax Exempt Income Fund","Putnam Minnesota Tax Exempt Income Fund","Putnam New Jersey Tax Exempt Income Fund","Putnam New York Tax Exempt Income Fund","Putnam Ohio Tax Exempt Income Fund","Putnam Pennsylvania Tax Exempt Income Fund","Putnam Short-Term Municipal Income Fund","Putnam Tax Exempt Income Fund","Putnam Tax-Free High Yield Fund"]
Etfs Created: ["Franklin California Municipal Income ETF","Franklin Massachusetts Municipal Income ETF","Franklin Minnesota Municipal Income ETF","Franklin New Jersey Municipal Income ETF","Franklin New York Municipal Income ETF","Franklin Ohio Municipal Income ETF","Franklin Pennsylvania Municipal Income ETF","Franklin Short-Term Municipal Income ETF","Franklin Municipal Income ETF","Franklin Municipal High Yield ETF"]
Action Item Waived Sales Charges Date: 2025-07-21
New Class R6 Closure Date: 2025-08-22
Last Day Redemptions Group One: 2025-10-23
Last Day Redemptions Group Two: 2025-11-06
Liquidation Of Fractional Shares Group One: 2025-10-24
Liquidation Of Fractional Shares Group Two: 2025-11-07
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