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.

Mutual Funds

Fact sheet Annual Semi annual
California Tax Exempt Income Fund
Overall Morningstar RatingTM among 103 funds in the Muni California Long category.
10-year Morningstar RatingTM among 74 funds in the Muni California Long category.
5-year Morningstar RatingTM among 96 funds in the Muni California Long category.
3-year Morningstar RatingTM among 103 funds in the Muni California Long category.
Morningstar ratings as of 04/30/23
Intermediate-Term Municipal Income Fund
Overall Morningstar RatingTM among 270 funds in the Muni National Interm category.
5-year Morningstar RatingTM among 234 funds in the Muni National Interm category.
3-year Morningstar RatingTM among 270 funds in the Muni National Interm category.
Morningstar ratings as of 04/30/23
Massachusetts Tax Exempt Income Fund
Overall Morningstar RatingTM among 42 funds in the Muni Massachusetts category.
10-year Morningstar RatingTM among 32 funds in the Muni Massachusetts category.
5-year Morningstar RatingTM among 40 funds in the Muni Massachusetts category.
3-year Morningstar RatingTM among 42 funds in the Muni Massachusetts category.
Morningstar ratings as of 04/30/23
Minnesota Tax Exempt Income Fund
Overall Morningstar RatingTM among 43 funds in the Muni Minnesota category.
10-year Morningstar RatingTM among 31 funds in the Muni Minnesota category.
5-year Morningstar RatingTM among 41 funds in the Muni Minnesota category.
Morningstar ratings as of 04/30/23
New Jersey Tax Exempt Income Fund
Overall Morningstar RatingTM among 49 funds in the Muni New Jersey category.
10-year Morningstar RatingTM among 38 funds in the Muni New Jersey category.
5-year Morningstar RatingTM among 46 funds in the Muni New Jersey category.
3-year Morningstar RatingTM among 49 funds in the Muni New Jersey category.
Morningstar ratings as of 04/30/23
New York Tax Exempt Income Fund
3-year Morningstar RatingTM among 72 funds in the Muni New York Long category.
Morningstar ratings as of 04/30/23
Ohio Tax Exempt Income Fund
Overall Morningstar RatingTM among 24 funds in the Muni Ohio category.
5-year Morningstar RatingTM among 21 funds in the Muni Ohio category.
3-year Morningstar RatingTM among 24 funds in the Muni Ohio category.
Morningstar ratings as of 04/30/23
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.
Morningstar ratings as of 04/30/23
Short-Term Municipal Income Fund
Overall Morningstar RatingTM among 205 funds in the Muni National Short category.
10-year Morningstar RatingTM among 137 funds in the Muni National Short category.
5-year Morningstar RatingTM among 185 funds in the Muni National Short category.
3-year Morningstar RatingTM among 205 funds in the Muni National Short category.
Morningstar ratings as of 04/30/23
Strategic Intermediate Municipal Fund
Overall Morningstar RatingTM among 270 funds in the Muni National Interm category.
10-year Morningstar RatingTM among 183 funds in the Muni National Interm category.
5-year Morningstar RatingTM among 234 funds in the Muni National Interm category.
3-year Morningstar RatingTM among 270 funds in the Muni National Interm category.
Morningstar ratings as of 04/30/23
Tax Exempt Income Fund
Overall Morningstar RatingTM among 156 funds in the Muni National Long category.
10-year Morningstar RatingTM among 104 funds in the Muni National Long category.
5-year Morningstar RatingTM among 140 funds in the Muni National Long category.
3-year Morningstar RatingTM among 156 funds in the Muni National Long category.
Morningstar ratings as of 04/30/23
Tax-Free High Yield Fund
Overall Morningstar RatingTM among 194 funds in the High Yield Muni category.
10-year Morningstar RatingTM among 109 funds in the High Yield Muni category.
5-year Morningstar RatingTM among 173 funds in the High Yield Muni category.
3-year Morningstar RatingTM among 194 funds in the High Yield Muni category.
Morningstar ratings as of 04/30/23

Closed End Funds

Managed Municipal Income Trust
Municipal Opportunities Trust

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