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 65 funds in the Muni California Long category.
5-year Morningstar RatingTM among 83 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 42 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 42 funds in the Muni Massachusetts category.
Minnesota Tax Exempt Income Fund
Overall Morningstar RatingTM among 44 funds in the Muni Minnesota category.
10-year Morningstar RatingTM among 30 funds in the Muni Minnesota category.
5-year Morningstar RatingTM among 41 funds in the Muni Minnesota category.
3-year Morningstar RatingTM among 44 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
Overall Morningstar RatingTM among 66 funds in the Muni New York Long category.
10-year Morningstar RatingTM among 44 funds in the Muni New York Long category.
Ohio Tax Exempt Income Fund
3-year Morningstar RatingTM among 25 funds in the Muni Ohio category.
Pennsylvania Tax Exempt Income Fund
Overall Morningstar RatingTM among 47 funds in the Muni Pennsylvania category.
5-year Morningstar RatingTM among 45 funds in the Muni Pennsylvania category.
3-year Morningstar RatingTM among 47 funds in the Muni Pennsylvania category.
Short-Term Municipal Income Fund
3-year Morningstar RatingTM among 188 funds in the Muni National Short category.
Strategic Intermediate Municipal Fund
Tax Exempt Income Fund
Overall Morningstar RatingTM among 149 funds in the Muni National Long category.
10-year Morningstar RatingTM among 106 funds in the Muni National Long category.
Tax-Free High Yield Fund
Overall Morningstar RatingTM among 171 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 145 funds in the High Yield Muni category.
3-year Morningstar RatingTM among 171 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

11/30/2020

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.