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
Overall Morningstar RatingTM among 93 funds in the Muni California Long category.
10-year Morningstar RatingTM among 62 funds in the Muni California Long category.
5-year Morningstar RatingTM among 76 funds in the Muni California Long category.
3-year Morningstar RatingTM among 93 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 38 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 32 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
Overall Morningstar RatingTM among 46 funds in the Muni New Jersey category.
5-year Morningstar RatingTM among 43 funds in the Muni New Jersey category.
3-year Morningstar RatingTM among 46 funds in the Muni New Jersey category.
New York Tax Exempt Income Fund
Ohio Tax Exempt Income Fund
Overall Morningstar RatingTM among 26 funds in the Muni Ohio category.
5-year Morningstar RatingTM among 23 funds in the Muni Ohio category.
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 46 funds in the Muni Pennsylvania category.
3-year Morningstar RatingTM among 49 funds in the Muni Pennsylvania category.
Short-Term Municipal Income Fund
Strategic Intermediate Municipal Fund
Overall Morningstar RatingTM among 249 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 223 funds in the Muni National Interm category.
3-year Morningstar RatingTM among 249 funds in the Muni National Interm category.
Tax Exempt Income Fund
Tax-Free High Yield Fund
Overall Morningstar RatingTM among 177 funds in the High Yield Muni category.
10-year Morningstar RatingTM among 100 funds in the High Yield Muni category.
5-year Morningstar RatingTM among 152 funds in the High Yield Muni category.

Closed End Funds

Managed Municipal Income Trust
Municipal Opportunities Trust

Blog posts

Record-setting muni issuance pauses post-election

12/2/2020

Muni issuance pauses post-election, but reinvestment demand typically increases near year-end.

Munis outpace Treasuries, taxable bonds

11/5/2020

The recovery in the municipal bond market continued in the third quarter as munis outpaced U.S. Treasuries and the broader taxable bond market.

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.