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
AMT-Free Municipal Fund
3-year Morningstar RatingTM among 147 funds in the Muni National Long category.
California Tax Exempt Income Fund
Overall Morningstar RatingTM among 90 funds in the Muni California Long category.
10-year Morningstar RatingTM among 69 funds in the Muni California Long category.
5-year Morningstar RatingTM among 87 funds in the Muni California Long category.
3-year Morningstar RatingTM among 90 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 36 funds in the Muni Massachusetts category.
5-year Morningstar RatingTM among 39 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 43 funds in the Muni Minnesota category.
10-year Morningstar RatingTM among 30 funds in the Muni Minnesota category.
5-year Morningstar RatingTM among 43 funds in the Muni Minnesota category.
3-year Morningstar RatingTM among 43 funds in the Muni Minnesota category.
New Jersey Tax Exempt Income Fund
3-year Morningstar RatingTM among 47 funds in the Muni New Jersey category.
New York Tax Exempt Income Fund
Ohio Tax Exempt Income Fund
3-year Morningstar RatingTM among 25 funds in the Muni Ohio category.
Pennsylvania Tax Exempt Income Fund
Short-Term Municipal Income Fund
3-year Morningstar RatingTM among 179 funds in the Muni National Short category.
Tax Exempt Income Fund
Overall Morningstar RatingTM among 147 funds in the Muni National Long category.
10-year Morningstar RatingTM among 111 funds in the Muni National Long category.
5-year Morningstar RatingTM among 131 funds in the Muni National Long category.
3-year Morningstar RatingTM among 147 funds in the Muni National Long category.
Tax-Free High Yield Fund
Overall Morningstar RatingTM among 155 funds in the High Yield Muni category.
10-year Morningstar RatingTM among 87 funds in the High Yield Muni category.

Closed End Funds

Managed Municipal Income Trust
Municipal Opportunities Trust

Blog posts

Munis feel knock-on effects of tax reform

1/23/2018

The municipal bond market will likely see a reduction in supply in 2018 because of certain provisions in the new tax reform law.