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
California Tax Exempt Income Fund
Intermediate-Term Municipal Income Fund
Massachusetts Tax Exempt Income Fund
Overall Morningstar RatingTM among 44 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
New Jersey Tax Exempt Income Fund
New York Tax Exempt Income Fund
Ohio Tax Exempt Income Fund
Pennsylvania Tax Exempt Income Fund
Short-Term Municipal Income Fund
Strategic Intermediate Municipal Fund
Tax Exempt Income Fund
Tax-Free High Yield Fund

Closed End Funds

Managed Municipal Income Trust
Municipal Opportunities Trust

Blog posts

Investors returning to municipal bond funds


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


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


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