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
California Tax Exempt Income Fund
Overall Morningstar RatingTM among 90 funds in the Muni California Long category.
10-year Morningstar RatingTM among 71 funds in the Muni California Long category.
Intermediate-Term Municipal Income Fund
Massachusetts Tax Exempt Income Fund
Overall Morningstar RatingTM among 43 funds in the Muni Massachusetts category.
10-year Morningstar RatingTM among 38 funds in the Muni Massachusetts category.
5-year Morningstar RatingTM among 42 funds in the Muni Massachusetts category.
3-year Morningstar RatingTM among 43 funds in the Muni Massachusetts category.
Minnesota Tax Exempt Income Fund
Overall Morningstar RatingTM among 50 funds in the Muni Minnesota category.
10-year Morningstar RatingTM among 34 funds in the Muni Minnesota category.
3-year Morningstar RatingTM among 50 funds in the Muni Minnesota category.
New Jersey Tax Exempt Income Fund
New York Tax Exempt Income Fund
Overall Morningstar RatingTM among 66 funds in the Muni New York Long category.
10-year Morningstar RatingTM among 48 funds in the Muni New York Long category.
Ohio Tax Exempt Income Fund
Overall Morningstar RatingTM among 30 funds in the Muni Ohio category.
10-year Morningstar RatingTM among 25 funds in the Muni Ohio category.
3-year Morningstar RatingTM among 30 funds in the Muni Ohio category.
Pennsylvania Tax Exempt Income Fund
Short-Term Municipal Income Fund
Tax Exempt Income Fund
Overall Morningstar RatingTM among 146 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 155 funds in the High Yield Muni category.
10-year Morningstar RatingTM among 80 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.