Portfolio Manager

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.

Mutual Funds	Fact sheet	Annual	Semi annual
California Tax Exempt Income Fund
Overall Morningstar Rating^TM among 92 funds in the Muni California Long category.
10-year Morningstar Rating^TM among 61 funds in the Muni California Long category.
5-year Morningstar Rating^TM among 76 funds in the Muni California Long category.
3-year Morningstar Rating^TM among 92 funds in the Muni California Long category.
Intermediate-Term Municipal Income Fund
Massachusetts Tax Exempt Income Fund
Overall Morningstar Rating^TM among 44 funds in the Muni Massachusetts category.
10-year Morningstar Rating^TM among 34 funds in the Muni Massachusetts category.
5-year Morningstar Rating^TM among 40 funds in the Muni Massachusetts category.
3-year Morningstar Rating^TM among 44 funds in the Muni Massachusetts category.
Minnesota Tax Exempt Income Fund
Overall Morningstar Rating^TM among 42 funds in the Muni Minnesota category.
10-year Morningstar Rating^TM among 30 funds in the Muni Minnesota category.
5-year Morningstar Rating^TM among 37 funds in the Muni Minnesota category.
New Jersey Tax Exempt Income Fund
5-year Morningstar Rating^TM among 42 funds in the Muni New Jersey category.
New York Tax Exempt Income Fund
Ohio Tax Exempt Income Fund
Overall Morningstar Rating^TM among 26 funds in the Muni Ohio category.
5-year Morningstar Rating^TM among 24 funds in the Muni Ohio category.
3-year Morningstar Rating^TM among 26 funds in the Muni Ohio category.
Pennsylvania Tax Exempt Income Fund
Overall Morningstar Rating^TM among 50 funds in the Muni Pennsylvania category.
5-year Morningstar Rating^TM among 46 funds in the Muni Pennsylvania category.
3-year Morningstar Rating^TM among 50 funds in the Muni Pennsylvania category.
Short-Term Municipal Income Fund
Overall Morningstar Rating^TM among 206 funds in the Muni National Short category.
5-year Morningstar Rating^TM among 181 funds in the Muni National Short category.
Strategic Intermediate Municipal Fund
Overall Morningstar Rating^TM among 256 funds in the Muni National Interm category.
10-year Morningstar Rating^TM among 166 funds in the Muni National Interm category.
5-year Morningstar Rating^TM among 223 funds in the Muni National Interm category.
3-year Morningstar Rating^TM among 256 funds in the Muni National Interm category.
Tax Exempt Income Fund
5-year Morningstar Rating^TM among 122 funds in the Muni National Long category.
Tax-Free High Yield Fund
Overall Morningstar Rating^TM among 183 funds in the High Yield Muni category.
5-year Morningstar Rating^TM among 152 funds in the High Yield Muni category.
3-year Morningstar Rating^TM among 183 funds in the High Yield Muni category.