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
AMT-Free Municipal Fund
California Tax Exempt Income Fund
Intermediate-Term Municipal Income Fund
Massachusetts Tax Exempt Income Fund
3-year Morningstar RatingTM among 42 funds in the Muni Massachusetts category.
Minnesota Tax Exempt Income Fund
New Jersey Tax Exempt Income Fund
New York Tax Exempt Income Fund
Ohio Tax Exempt Income Fund
Pennsylvania Tax Exempt Income Fund
Short-Term Municipal Income Fund
Tax Exempt Income Fund
3-year Morningstar RatingTM among 147 funds in the Muni National Long category.
Tax-Free High Yield Fund

Closed End Funds

Managed Municipal Income Trust
Municipal Opportunities Trust

Blog posts

Munis feel knock-on effects of tax reform


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