Paul M. Drury, CFA

Mr. Drury is a Portfolio Manager in the Tax Exempt Fixed Income group. He manages Putnam’s open-and closed-end municipal bond funds. His responsibilities include security selection and sector rotation, ratings allocation, and duration/term structure management. In addition, Mr. Drury manages Putnam’s Municipal Portfolio team, credit research analysts, and traders. Previously at Putnam, Mr. Drury spent a decade as Head of Trading, Municipal Bonds, where he worked closely with Putnam's portfolio managers to execute trades in various sectors of the municipal market. Mr. Drury has been in the investment industry since he joined Putnam in 1989.

Funds managed	Fact sheet	Annual	Semi annual	Compare
AMT-Free Municipal Fund				PAMYX
California Tax Exempt Income Fund				PCIYX
overall Morningstar rating among 91 funds in the Muni California Long category.
10-year Morningstar rating among 71 funds in the Muni California Long category.
3-year Morningstar rating among 91 funds in the Muni California Long category.
Intermediate-Term Municipal Income Fund				PIMYX
Massachusetts Tax Exempt Income Fund				PMAYX
overall Morningstar rating among 47 funds in the Muni Massachusetts category.
10-year Morningstar rating among 40 funds in the Muni Massachusetts category.
5-year Morningstar rating among 44 funds in the Muni Massachusetts category.
3-year Morningstar rating among 47 funds in the Muni Massachusetts category.
Minnesota Tax Exempt Income Fund				PMNYX
overall Morningstar rating among 51 funds in the Muni Minnesota category.
10-year Morningstar rating among 35 funds in the Muni Minnesota category.
5-year Morningstar rating among 43 funds in the Muni Minnesota category.
3-year Morningstar rating among 51 funds in the Muni Minnesota category.
New Jersey Tax Exempt Income Fund				PNJYX
overall Morningstar rating among 48 funds in the Muni New Jersey category.
10-year Morningstar rating among 40 funds in the Muni New Jersey category.
3-year Morningstar rating among 48 funds in the Muni New Jersey category.
New York Tax Exempt Income Fund				PNYYX
overall Morningstar rating among 68 funds in the Muni New York Long category.
10-year Morningstar rating among 50 funds in the Muni New York Long category.
Ohio Tax Exempt Income Fund				POTYX
overall Morningstar rating among 37 funds in the Muni Ohio category.
10-year Morningstar rating among 30 funds in the Muni Ohio category.
5-year Morningstar rating among 34 funds in the Muni Ohio category.
3-year Morningstar rating among 37 funds in the Muni Ohio category.
Pennsylvania Tax Exempt Income Fund				PPTYX
Short-Term Municipal Income Fund				PSMYX
Tax Exempt Income Fund				PTEYX
overall Morningstar rating among 142 funds in the Muni National Long category.
10-year Morningstar rating among 105 funds in the Muni National Long category.
5-year Morningstar rating among 124 funds in the Muni National Long category.
Tax-Free High Yield Fund				PTFYX
overall Morningstar rating among 146 funds in the High Yield Muni category.
10-year Morningstar rating among 82 funds in the High Yield Muni category.
5-year Morningstar rating among 122 funds in the High Yield Muni category.
3-year Morningstar rating among 146 funds in the High Yield Muni category.

Closed End Funds

Managed Municipal Income Trust

Municipal Opportunities Trust