Paul M. Drury,CFA

Portfolio Manager

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
California Tax Exempt Income Fund
Overall Morningstar RatingTM among 96 funds in the Muni California Long category.
10-year Morningstar RatingTM among 63 funds in the Muni California Long category.
5-year Morningstar RatingTM among 79 funds in the Muni California Long category.
3-year Morningstar RatingTM among 96 funds in the Muni California Long category.
Intermediate-Term Municipal Income Fund
Massachusetts Tax Exempt Income Fund
Overall Morningstar RatingTM among 44 funds in the Muni Massachusetts category.
10-year Morningstar RatingTM among 35 funds in the Muni Massachusetts category.
5-year Morningstar RatingTM among 37 funds in the Muni Massachusetts category.
3-year Morningstar RatingTM among 44 funds in the Muni Massachusetts category.
Minnesota Tax Exempt Income Fund
Overall Morningstar RatingTM among 45 funds in the Muni Minnesota category.
10-year Morningstar RatingTM among 31 funds in the Muni Minnesota category.
5-year Morningstar RatingTM among 41 funds in the Muni Minnesota category.
3-year Morningstar RatingTM among 45 funds in the Muni Minnesota category.
New Jersey Tax Exempt Income Fund
3-year Morningstar RatingTM among 46 funds in the Muni New Jersey category.
New York Tax Exempt Income Fund
Ohio Tax Exempt Income Fund
3-year Morningstar RatingTM among 26 funds in the Muni Ohio category.
Pennsylvania Tax Exempt Income Fund
Overall Morningstar RatingTM among 49 funds in the Muni Pennsylvania category.
5-year Morningstar RatingTM among 45 funds in the Muni Pennsylvania category.
3-year Morningstar RatingTM among 49 funds in the Muni Pennsylvania category.
Short-Term Municipal Income Fund
3-year Morningstar RatingTM among 193 funds in the Muni National Short category.
Strategic Intermediate Municipal Fund
Tax Exempt Income Fund
Overall Morningstar RatingTM among 146 funds in the Muni National Long category.
10-year Morningstar RatingTM among 104 funds in the Muni National Long category.
Tax-Free High Yield Fund
Overall Morningstar RatingTM among 175 funds in the High Yield Muni category.
10-year Morningstar RatingTM among 99 funds in the High Yield Muni category.
5-year Morningstar RatingTM among 148 funds in the High Yield Muni category.
3-year Morningstar RatingTM among 175 funds in the High Yield Muni category.

Closed End Funds

Managed Municipal Income Trust
Municipal Opportunities Trust

Blog posts

Investors returning to municipal bond funds

9/18/2020

Municipal bond funds rebounded in the second quarter as investors returned to asset classes they abandoned early in the pandemic.


Muni-bond market slowly reviving from COVID-19 setback

9/16/2020

The Fed helped the muni-bond market revive the muni-debt market as states and local governments grappled with revenue disruptions.


Tax-free muni strategies in a low-rate world

3/3/2020

Tax-free muni strategies may provide a competitive yield, and preserve capital, whether economic growth accelerates or remains slow.