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 103 funds in the Muni California Long category.
10-year Morningstar Rating^TM among 74 funds in the Muni California Long category.
5-year Morningstar Rating^TM among 96 funds in the Muni California Long category.
3-year Morningstar Rating^TM among 103 funds in the Muni California Long category.
Morningstar ratings as of 04/30/23
Intermediate-Term Municipal Income Fund
Overall Morningstar Rating^TM among 270 funds in the Muni National Interm category.
5-year Morningstar Rating^TM among 234 funds in the Muni National Interm category.
3-year Morningstar Rating^TM among 270 funds in the Muni National Interm category.
Morningstar ratings as of 04/30/23
Massachusetts Tax Exempt Income Fund
Overall Morningstar Rating^TM among 42 funds in the Muni Massachusetts category.
10-year Morningstar Rating^TM among 32 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 42 funds in the Muni Massachusetts category.
Morningstar ratings as of 04/30/23
Minnesota Tax Exempt Income Fund
Overall Morningstar Rating^TM among 43 funds in the Muni Minnesota category.
10-year Morningstar Rating^TM among 31 funds in the Muni Minnesota category.
5-year Morningstar Rating^TM among 41 funds in the Muni Minnesota category.
Morningstar ratings as of 04/30/23
New Jersey Tax Exempt Income Fund
Overall Morningstar Rating^TM among 49 funds in the Muni New Jersey category.
10-year Morningstar Rating^TM among 38 funds in the Muni New Jersey category.
5-year Morningstar Rating^TM among 46 funds in the Muni New Jersey category.
3-year Morningstar Rating^TM among 49 funds in the Muni New Jersey category.
Morningstar ratings as of 04/30/23
New York Tax Exempt Income Fund
3-year Morningstar Rating^TM among 72 funds in the Muni New York Long category.
Morningstar ratings as of 04/30/23
Ohio Tax Exempt Income Fund
Overall Morningstar Rating^TM among 24 funds in the Muni Ohio category.
5-year Morningstar Rating^TM among 21 funds in the Muni Ohio category.
3-year Morningstar Rating^TM among 24 funds in the Muni Ohio category.
Morningstar ratings as of 04/30/23
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.
Morningstar ratings as of 04/30/23
Short-Term Municipal Income Fund
Overall Morningstar Rating^TM among 205 funds in the Muni National Short category.
10-year Morningstar Rating^TM among 137 funds in the Muni National Short category.
5-year Morningstar Rating^TM among 185 funds in the Muni National Short category.
3-year Morningstar Rating^TM among 205 funds in the Muni National Short category.
Morningstar ratings as of 04/30/23
Strategic Intermediate Municipal Fund
Overall Morningstar Rating^TM among 270 funds in the Muni National Interm category.
10-year Morningstar Rating^TM among 183 funds in the Muni National Interm category.
5-year Morningstar Rating^TM among 234 funds in the Muni National Interm category.
3-year Morningstar Rating^TM among 270 funds in the Muni National Interm category.
Morningstar ratings as of 04/30/23
Tax Exempt Income Fund
Overall Morningstar Rating^TM among 156 funds in the Muni National Long category.
10-year Morningstar Rating^TM among 104 funds in the Muni National Long category.
5-year Morningstar Rating^TM among 140 funds in the Muni National Long category.
3-year Morningstar Rating^TM among 156 funds in the Muni National Long category.
Morningstar ratings as of 04/30/23
Tax-Free High Yield Fund
Overall Morningstar Rating^TM among 194 funds in the High Yield Muni category.
10-year Morningstar Rating^TM among 109 funds in the High Yield Muni category.
5-year Morningstar Rating^TM among 173 funds in the High Yield Muni category.
3-year Morningstar Rating^TM among 194 funds in the High Yield Muni category.
Morningstar ratings as of 04/30/23