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
California Tax Exempt Income Fund
Overall Morningstar RatingTM among 92 funds in the Muni California Long category.
10-year Morningstar RatingTM among 61 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 92 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 34 funds in the Muni Massachusetts category.
5-year Morningstar RatingTM among 39 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 42 funds in the Muni Minnesota category.
10-year Morningstar RatingTM among 30 funds in the Muni Minnesota category.
5-year Morningstar RatingTM among 37 funds in the Muni Minnesota category.
New Jersey Tax Exempt Income Fund
5-year Morningstar RatingTM among 42 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 22 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 50 funds in the Muni Pennsylvania category.
5-year Morningstar RatingTM among 46 funds in the Muni Pennsylvania category.
3-year Morningstar RatingTM among 50 funds in the Muni Pennsylvania category.
Short-Term Municipal Income Fund
Overall Morningstar RatingTM among 200 funds in the Muni National Short category.
5-year Morningstar RatingTM among 180 funds in the Muni National Short category.
Strategic Intermediate Municipal Fund
Overall Morningstar RatingTM among 254 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 254 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 182 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 151 funds in the High Yield Muni category.
3-year Morningstar RatingTM among 182 funds in the High Yield Muni category.

Closed End Funds

Managed Municipal Income Trust
Municipal Opportunities Trust

Blog posts

State financial health adds to muni appeal

6/30/2021

State financial health has improved as tax receipts rebound and states receive sizable federal aid.


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.