Always Diligent. Always Active.

Money Market Fund (Class A)  (PDDXX)

Pursuing income while preserving capital with short-term investments since 1976

Highlights

Objective

The fund seeks to provide as high a rate of current income as we believe is consistent with preservation of capital and maintenance of liquidity.

Strategy and process

  • Capital preservation: The fund invests in highly rated money market instruments to maintain a stable net asset value and protect investors' wealth.
  • Attractive income: The portfolio managers use credit research to select a diverse portfolio of securities that offer above-average yields.
  • Leading research: The managers, supported by Putnam's fixed-income research division, manage risk by analyzing individual securities and overall market conditions.

Fund price

Yesterday’s close 52-week high 52-week low
Net asset value $1.00
0.00% | $0.00
$1.00
02/06/18
$1.00
02/06/18
Historical fund price

Fund facts as of 11/30/18

Total net assets
$756.18M
Turnover (fiscal year end)
--
Dividend frequency (view rate)
Monthly
Number of issuers
51
Fiscal year-end
September
CUSIP / Fund code
746923101 / 0008
Inception date
10/01/76
Category
Taxable Income
Open to new investors
Ticker
PDDXX

Management team

Portfolio Manager
Portfolio Analyst


Literature


Performance

  • Total return (%) as of 09/30/18

  • Annual performance as of 09/30/18

Annualized Total return (%) as of 09/30/18

Annualized performance 1 yr. 3 yrs. 5 yrs. 10 yrs.
Before sales charge 1.30% 0.59% 0.36% 0.27%
After sales charge 1.30% 0.59% 0.36% 0.27%

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary, and you may have a gain or loss when you sell your shares. Performance assumes reinvestment of distributions and does not account for taxes. Class A, B, C, M, and R shares have no initial sales charge. Class B shares reflect the applicable contingent deferred sales charge (CDSC), which is 5% in the first year, declines to 1% in the sixth year, and is eliminated thereafter. Class C shares reflect a 1% CDSC for the first year that is eliminated thereafter. Performance for B, C, M, and R shares before their inception is derived from the historical performance of class A shares, adjusted for the applicable sales charge (or CDSC) and higher operating expenses for such shares. Class A, M, and R shares generally have no CDSC. Please see the fund's prospectus for more details. Yield more closely reflects current performance than total return. 

Yield

7-day yield as of 12/11/18 2.00%
30-day yield as of 12/11/18 1.97%

Lipper rankings as of 10/31/18

Time period Rank/Funds in category Percentile ranking
1 yr. 51/110 46%
3 yrs. 41/87 47%
5 yrs. 39/78 50%
10 yrs. 37/75 49%
Lipper category: Money Market Funds

Distributions

Accrual days 32
Accrual start date 11/01/18
Accrual end date 12/02/18
Payable date 11/30/18
Income $0.001700169
Extra taxable income --
Dividend frequency Monthly

Lipper rankings are based on total return without sales charge relative to all share classes of funds with similar objectives as determined by Lipper. Past performance is not indicative of future results.

The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

The up-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has risen. The ratio is calculated by dividing the manager’s returns by the returns of the index during the up-market, and multiplying that factor by 100. The down-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has dropped. The ratio is calculated by dividing the manager’s returns by the returns of the index during the down-market and multiplying that factor by 100.


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** FundVisualizer comparison based on Putnam fund versus the largest fund in its Morningstar category.


Holdings

Top 10 issuers as of 10/31/18

Bank of America 2.87%
Commonwealth Bank Of Australia 2.86%
Wells Fargo 2.62%
Export Development Canada 2.45%
National Australia Bank 2.41%
Canadian Imperial Bank of Commerce 2.21%
Toronto Dominion Bank 2.00%
UBS 1.99%
Westpac Banking 1.99%
MetlifeShort Term Funding LLC 1.92%
Top 10 issuers, percent of portfolio 23.32%

Full portfolio holdings

Prior top 10 issuers

Top 10 issuers as of 10/31/18
Bank of America
Commonwealth Bank Of Australia
Wells Fargo
Export Development Canada
National Australia Bank
Canadian Imperial Bank of Commerce
Toronto Dominion Bank
UBS
Westpac Banking
MetlifeShort Term Funding LLC
Issuers represent 23.32% of portfolio
Top 10 issuers as of 09/30/18
Bank of America
Commonwealth Bank Of Australia
Westpac Banking
Collateralized Commercial Paper Co LLC
Liberty street funding
Australia & New Zealand Banking Group
Canadian Imperial Bank of Commerce
Rabobank Nederland
Citibank
Fairway finance LLC
Issuers represent 23.79% of portfolio
Top 10 issuers as of 08/31/18
Collateralized Commercial Paper Co LLC
Liberty street funding
Bank of America
Svenska Handelsbanken/NY
Rabobank Nederland
ING Bank NV
Lloyds Bank PLC
MetlifeShort Term Funding LLC
Commonwealth Bank Of Australia
Toronto Dominion Bank
Issuers represent 20.34% of portfolio
Top 10 issuers as of 07/31/18
Svenska Handelsbanken
Wells Fargo
Nordea Bank
National Australia Bank
Toronto Dominion Bank
Collateralized Commercial Paper II
Westpac Banking
Citibank
Sumitomo Mitsui Banking Corp
Australia & New Zealand Banking Group
Issuers represent 24.19% of portfolio

Portfolio composition as of 10/31/18

Repurchase agreements 36.02%
Commercial paper 24.76%
Certificates of deposit 22.60%
Asset-backed commercial paper 13.35%
Non-U.S. sovereign debt 2.45%
U.S. Treasury debt 0.95%
Cash and net other assets -0.13%

Fixed income statistics as of 10/31/18

Average maturity 23.21 days

Fund characteristics will vary over time.

Due to rounding, percentages may not equal 100%.

Consider these risks before investing: You can lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, there is no guarantee it will do so. The fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the fund’s liquidity falls below certain required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.

 

The values of money market investments usually rise and fall in response to changes in interest rates. Interest-rate risk is generally lowest for investments with short maturities (a significant part of the fund’s investments). Although the fund only buys high-quality investments, investments backed by a letter of credit have the risk that the provider of the letter of credit will not be able to fulfill its obligations to the issuer. The effects of inflation may erode the value of your investment over time.

The values of money market investments usually rise and fall in response to changes in interest rates. Interest-rate risk is generally lowest for investments with short maturities (a significant part of the fund's investments). Although the fund only buys high-quality investments, investments backed by a letter of credit have the risk that the provider of the letter of credit will not be able to fulfill its obligations to the issuer. The effects of inflation may erode the value of your investment over time.


Expenses

Expense ratio

Class A Class B Class C Class M Class R
Total expense ratio 0.50% 0.50% 0.50% 0.50% 0.50%
What you pay 0.50% 0.50% 0.50% 0.50% 0.50%

Sales charge

 Breakpoint Class A Class B Class C Class M Class R
$0-$49,999 -- -- -- -- --
$50,000-$99,999 -- -- -- -- --
$100,000-$249,999 -- -- -- -- --
$250,000-$499,999 -- -- -- -- --
$500,000-$999,999 -- -- -- -- --
$1M-$4M -- -- -- -- --
$4M-$50M -- -- -- -- --
$50M+ -- -- -- -- --

CDSC

  Class A Class B Class C Class M Class R
0 to 9 mts. -- -- -- -- --
9 to 12 mts. -- -- -- -- --
2 yrs. -- -- -- -- --
3 yrs. -- -- -- -- --
4 yrs. -- -- -- -- --
5 yrs. -- -- -- -- --
6 yrs. -- -- -- -- --
7+ yrs. -- -- -- -- --

Trail commissions

  Class A Class B Class C Class M Class R
  0.00% 0.00% 0.00% 0.00% 0.00%
  NA NA NA NA NA
  NA NA NA NA NA

Asset Liquidity

A multi-faceted view of the portfolio

Below you can find continuously updated views of the portfolio's daily and weekly liquid asset levels, its net asset value (NAV), and asset flows into and out of the portfolio. Together, these graphs provide insights on the portfolio's resilience during periods of heightened risk in the money market, and are the focus of government policies designed to maintain market stability.

Daily and weekly liquid assets as of

This graph displays the percentage of the fund's total assets invested in daily and weekly liquid assets as of the end of each business day during the preceding six months. The fund is required to invest at least 10% of its total assets in daily liquid assets and at least 30% of its total assets in weekly liquid assets. Daily liquid assets include cash, direct obligations of the U.S. government, securities that will mature or are subject to a demand feature that is exercisable and payable within one business day, and receivables scheduled to be paid within one business day. Weekly liquid assets include daily liquid assets, government agency discount notes with remaining maturities of 60 days or less, securities that will mature or are subject to a demand feature that is exercisable and payable within five business days, and receivables scheduled to be paid within five business days.

Fluctuating net asset value as of

This graph displays the fund's daily net asset value (NAV) per share during the preceding six months as if it were calculated using the market value of the fund's portfolio as of the end of each business day during that period.

The market-value or "shadow" net asset value per share shown below for a given day may differ from the official NAV used for transactions in fund shares. The official NAV is shown on the "Highlights" tab. The shadow net asset value per share shown below does not reflect the application of the amortized cost method of valuing fund portfolio holdings, which normally allows the fund to maintain an official NAV of $1.00 per share. When a shareholder buys or redeems fund shares, the official NAV would be used as the net asset value per share.

Daily net asset flows as of

This graph displays the dollar amount of net shareholder inflows or outflows of the fund as of the end of each business day during the preceding six months.

In accordance with recent rule changes by the SEC, Putnam Money Market Fund intends to operate as a "retail money market fund" as defined by Rule 2a-7. As a result, the fund will only be available to natural persons and, effective on or about October 10, 2016, will be subject to liquidity fees and redemption gates under certain circumstances. For more information, see the fund's latest prospectus.

You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund's sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.

Yield more closely reflects current performance than total return.

Consider these risks before investing: You can lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, there is no guarantee it will do so. The fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the fund’s liquidity falls below certain required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.

 

The values of money market investments usually rise and fall in response to changes in interest rates. Interest-rate risk is generally lowest for investments with short maturities (a significant part of the fund’s investments). Although the fund only buys high-quality investments, investments backed by a letter of credit have the risk that the provider of the letter of credit will not be able to fulfill its obligations to the issuer. The effects of inflation may erode the value of your investment over time.

The values of money market investments usually rise and fall in response to changes in interest rates. Interest-rate risk is generally lowest for investments with short maturities (a significant part of the fund's investments). Although the fund only buys high-quality investments, investments backed by a letter of credit have the risk that the provider of the letter of credit will not be able to fulfill its obligations to the issuer. The effects of inflation may erode the value of your investment over time.