0000928816-24-000367.txt : 20240227 0000928816-24-000367.hdr.sgml : 20240227 20240227084849 ACCESSION NUMBER: 0000928816-24-000367 CONFORMED SUBMISSION TYPE: 497K PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20240227 DATE AS OF CHANGE: 20240227 EFFECTIVENESS DATE: 20240227 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM NEW YORK TAX EXEMPT INCOME FUND CENTRAL INDEX KEY: 0000719712 ORGANIZATION NAME: IRS NUMBER: 042794490 STATE OF INCORPORATION: MA FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: 497K SEC ACT: 1933 Act SEC FILE NUMBER: 002-83909 FILM NUMBER: 24682236 BUSINESS ADDRESS: STREET 1: 100 FEDERAL STREET CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 6172921000 MAIL ADDRESS: STREET 1: 100 FEDERAL STREET CITY: BOSTON STATE: MA ZIP: 02110 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM NEW YORK TAX EXEMPT INCOME TRUST DATE OF NAME CHANGE: 19940603 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM NEW YORK TAX EXEMPT INCOME FUND DATE OF NAME CHANGE: 19920703

0000719712 S000006345 PUTNAM NEW YORK TAX EXEMPT INCOME FUND

C000017441 Class C Shares

C000017443 Class A Shares PTEIX

C000017444 Class B Shares PEIBX

C000060413 CLASS Y

C000202782 Class R6 Shares

497K 1 a_nyteisumsupp.htm PUTNAM NEW YORK TAX EXEMPT INCOME FUND

Summary Prospectus Supplement

February 27, 2024

Putnam New York Tax Exempt Income Fund (the “Fund”)

On January 1, 2024 (the “Effective Date”), a subsidiary of Franklin Resources, Inc. (“Franklin Resources”) acquired Putnam U.S. Holdings I, LLC (“Putnam Holdings”) in a stock and cash transaction (the “Transaction”). As a result of the Transaction, Putnam Investment Management, LLC (“Putnam Management”), a wholly-owned subsidiary of Putnam Holdings and the investment manager to the Putnam family of funds (the “Putnam Funds”), Putnam Investments Limited (“PIL”), an indirect, wholly-owned subsidiary of Putnam Holdings and a sub-adviser to certain of the Putnam Funds, and The Putnam Advisory Company, LLC (“PAC”), an indirect, wholly-owned subsidiary of Putnam Holdings and a sub-adviser to certain of the Putnam Funds, became indirect, wholly-owned subsidiaries of Franklin Resources.

Under the Investment Company Act of 1940, as amended, the Transaction resulted in the automatic termination of the investment management contract between each Putnam Fund and Putnam Management and any related sub-advisory contracts that were in place for each Putnam Fund before the Transaction. However, beginning on the Effective Date, Putnam Management and, where applicable, the Putnam Funds’ sub-adviser(s) continued to provide uninterrupted services with respect to the Fund pursuant to interim investment management and sub-advisory contracts that were approved by the Board of Trustees for use while the Fund sought shareholder approval of new investment management and sub-advisory contracts. On February 21, 2024, the shareholders of the Fund approved new investment management and sub-advisory contracts, which are now in effect. The terms of the new investment management and sub-advisory contracts are substantially similar to those of the previous investment management and sub-advisory contracts.

The Summary Prospectus for the Fund is amended to reflect the foregoing.

Shareholders should retain this Supplement for future reference.

336374 2/24

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