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.

Products managed

Fact sheet Annual Semi annual Compare
California Tax Exempt Income Fund
Overall Morningstar RatingTM among 94 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 78 funds in the Muni California Long category.
3-year Morningstar RatingTM among 94 funds in the Muni California Long category.
Intermediate-Term Municipal Income Fund
Massachusetts Tax Exempt Income Fund
Overall Morningstar RatingTM among 45 funds in the Muni Massachusetts category.
10-year Morningstar RatingTM among 35 funds in the Muni Massachusetts category.
5-year Morningstar RatingTM among 40 funds in the Muni Massachusetts category.
3-year Morningstar RatingTM among 45 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 33 funds in the Muni Minnesota category.
5-year Morningstar RatingTM among 40 funds in the Muni Minnesota category.
New Jersey Tax Exempt Income Fund
5-year Morningstar RatingTM among 43 funds in the Muni New Jersey category.
New York Tax Exempt Income Fund
Ohio Tax Exempt Income Fund
Overall Morningstar RatingTM among 27 funds in the Muni Ohio category.
5-year Morningstar RatingTM among 23 funds in the Muni Ohio category.
3-year Morningstar RatingTM among 27 funds in the Muni Ohio category.
Pennsylvania Tax Exempt Income Fund
Overall Morningstar RatingTM among 51 funds in the Muni Pennsylvania category.
10-year Morningstar RatingTM among 43 funds in the Muni Pennsylvania category.
5-year Morningstar RatingTM among 47 funds in the Muni Pennsylvania category.
3-year Morningstar RatingTM among 51 funds in the Muni Pennsylvania category.
Short-Term Municipal Income Fund
Strategic Intermediate Municipal Fund
Overall Morningstar RatingTM among 253 funds in the Muni National Interm category.
10-year Morningstar RatingTM among 164 funds in the Muni National Interm category.
5-year Morningstar RatingTM among 224 funds in the Muni National Interm category.
3-year Morningstar RatingTM among 253 funds in the Muni National Interm category.
Tax Exempt Income Fund
5-year Morningstar RatingTM among 123 funds in the Muni National Long category.
Tax-Free High Yield Fund
Overall Morningstar RatingTM among 181 funds in the High Yield Muni category.
10-year Morningstar RatingTM among 103 funds in the High Yield Muni category.
5-year Morningstar RatingTM among 152 funds in the High Yield Muni category.
3-year Morningstar RatingTM among 181 funds in the High Yield Muni category.

Closed End Funds

Managed Municipal Income Trust
Municipal Opportunities Trust

Blog posts

If taxes go higher, will munis be hurt?

5/11/2021

The Administration's recent plan would increase the highest marginal income tax rate but would not likely impact muni yields.


American Rescue Plan strengthens state and local finances

4/7/2021

The American Rescue Plan Act provides billions in federal stimulus to states and local governments.


Massachusetts budget taps rainy day fund, federal aid

3/24/2021

The Governor of Massachusetts introduced a budget proposal that includes a withdrawal from the state’s rainy day fund and federal aid to balance the budget.