Active Income

Ultra Short MAC Series (Class A)  (PULTX)

Seeking capital preservation and a higher rate of current income

The MAC Series is available only in a Separately Managed Account (SMA) — Ultra Short Duration Income Managed Account.

Learn more about SMAs on this website or by calling our Client Engagement Center (CEC) at 1-800-354-4000.

Highlights

Objective

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

Strategy and process

  • A broader opportunity set The fund invests in a diversified portfolio composed of short duration, investment-grade money market and other fixed income securities.
  • Active risk management In today's complex bond market, the fund's experienced managers actively manage risk with the goal of superior risk-adjusted performance over time.
  • Higher income potential Access to a wider range of income opportunities means the fund may offer higher income potential than other short-term investments.

Fund price and assets

Net asset value
(prior close)
$10.03
0.00% | $0.00
52-week high $10.05 (02/01/24)
52-week low $9.99 (10/31/23)
Net assets and outstanding shares Download CSV
(Optional)

Yield

Distribution rate before sales charge
as of 06/14/24
6.11%
Distribution rate after sales charge
as of 06/14/24
6.11%
30-day SEC yield with subsidy
as of 05/31/24 (after sales charge)
5.58%
30-day SEC yield without subsidy
as of 05/31/24 (after sales charge)
4.46%

Fund facts as of 05/31/24

Total net assets
$26.69M
Turnover (fiscal year end)
--
Dividend frequency (view rate)
Monthly
Number of issuers
92
Fiscal year-end
July
CUSIP / Fund code
74676A444 / 5028
Inception date
05/25/23
Category
Taxable Income
Open to new investors
Ticker
PULTX

Management team

Head of Short Term Liquid Markets
Portfolio Manager
Portfolio Manager, Analyst


Literature


Performance

  • Total return (%) as of 03/31/24

Annualized Total return (%) as of 03/31/24

Annualized performance 1 yr. 3 yrs. 5 yrs.
Before sales charge -- -- --
After sales charge -- -- --
ICE BofA U.S. Treasury Bill Index 5.24%2.55%2.03%

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. The investment advisor does not impose a sales charge for share purchases or redemptions in The Putnam Ultra Short MAC Series nor does the advisor charge a management fee. Shareholders should be aware, however, that the fund is part of separately managed account investment programs, and the investment adviser will be compensated directly or indirectly by wrap program sponsors or wrap account clients for separately managed account advisory services. 

Performance snapshot

  Before sales charge After sales charge
1 mt. as of 05/31/24 0.61% 0.61%
YTD as of 06/14/24 or prior close 2.55% 2.55%

Yield

Distribution rate before sales charge
as of 06/14/24
6.11%
Distribution rate after sales charge
as of 06/14/24
6.11%
30-day SEC yield with subsidy
as of 05/31/24 (after sales charge)
5.58%
30-day SEC yield without subsidy
as of 05/31/24 (after sales charge)
4.46%

Distributions

Accrual days 33
Accrual start date 05/01/24
Accrual end date 06/02/24
Payable date 05/31/24
Income $0.051086458
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.

Morningstar Ratings for the specific share classes only; other classes may have different performance characteristics.

The Morningstar Rating™ 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 3-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 Morningstar Rating does not include any adjustment for sales loads. 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 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% 3-year rating for 36–59 months of total returns, 60% 5-year rating/40% 3-year rating for 60–119 months of total returns, and 50% 10-year rating/30% 5-year rating/20% 3-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 3-year period actually has the greatest impact because it is included in all three rating periods.

Some of Morningstar's proprietary calculations, including the Morningstar Rating™, are not customarily calculated based on adjusted historical returns. However, for new share classes/channels, Morningstar may calculate an extended performance Morningstar Rating that is based, in part, on adjusted historical (or "pre-inception") returns for periods prior to the inception of the share class of the fund shown herein ("Report Share Class").

The extended performance is calculated by creating a performance stream consisting of the Report Share Class and older share class(s). Morningstar adjusts the historical total returns of the older share class(es) of a fund to reflect higher expenses in the Report Share Class. Morningstar does not hypothetically adjust returns upwards for lower expenses.

The extended performance Morningstar Risk-Adjusted Return is then calculated for 3-, 5-, and 10-year time periods and used to determine the extended performance Morningstar Rating. The extended performance Morningstar Rating for this fund does not affect the retail fund data published by Morningstar, as the bell curve distribution on which the ratings are based includes only funds with actual returns. The Overall Morningstar Rating for multi-share open-end funds will be either based on actual performance only or extended performance only. Once the share class turns three years old, the Overall Morningstar Rating will be based on actual ratings only. The Overall Morningstar Rating for multi-share variable annuities is based on a weighted average of any ratings that are available.

While the inclusion of pre-inception data, in the form of extended performance, can provide valuable insight into the probable long-term behavior of newer share classes of a fund, investors should be aware that an adjusted historical return can only provide an approximation of that behavior. For example, the fee structures of a retail share class will vary from that of an institutional share class, as retail shares tend to have higher operating expenses and sales charges. These adjusted historical returns are not actual returns. The underlying investments in the share classes used to calculate the pre-performance string will likely vary from the underlying investments held in the fund after inception. Calculation methodologies utilized by Morningstar may differ from those applied by other entities, including the fund itself.

© 2023 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

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.


Holdings

Groupe Credit Mutuel Centre Est Europe 2.71%
National Bank Of Canada 2.12%
Bank Of New York Mellon 2.11%
Australia & New Zealand Banking Group 2.11%
Citigroup 2.11%
Daimler Truck 2.10%
Lloyds Banking Group 2.09%
UBS 2.09%
Barclays 2.08%
Realty Income 2.08%
Top 10 issuers, percent of portfolio 21.61%

Full holdings



Portfolio composition as of 04/30/24

Investment-grade corporate bonds 79.57%
Commercial paper 13.40%
Short-term asset-backed securities 2.93%
Net cash 2.68%
Asset-backed securities (ABS) 1.41%

Fixed income statistics as of 04/30/24

Average effective maturity 0.84 yrs.
Average effective duration 0.56 yrs.
Average yield to maturity 5.74%

Quality rating as of 04/30/24

A-2 9.52%
A-3 3.88%
AAA 4.65%
AA 17.13%
A 44.67%
BBB 17.46%
Net cash 2.68%

Fund characteristics will vary over time.

Due to rounding, percentages may not equal 100%.

Consider these risks before investing: Putnam Ultra Short MAC Series is not a money market fund. The effects of inflation may erode the value of your investment over time. Funds that invest in government securities are not guaranteed. Mortgage-backed investments, unlike traditional debt investments, are also subject to prepayment risk, which means that they may increase in value less than other bonds when interest rates decline and decline in value more than other bonds when interest rates rise. The fund may have to invest the proceeds from prepaid investments, including mortgage-backed investments, in other investments with less attractive terms and yields.

The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political, or financial market conditions; investor sentiment and market perceptions; government actions; geopolitical events or changes; and factors related to a specific issuer, geography, industry, or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings.

Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Interest-rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds. Credit risk is generally greater for debt not backed by the full faith and credit of the U.S. government.

Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Unlike bonds, funds that invest in bonds have fees and expenses.

Our investment techniques, analyses, and judgments may not produce the outcome we intend. The investments we select for the fund may not perform as well as other securities that we do not select for the fund. We, or the fund’s other service providers, may experience disruptions or operating errors that could have a negative effect on the fund. You can lose money by investing in the fund.

Credit qualities are shown as a percentage of net assets as of the date indicated above. A bond rated BBB or higher (A-3/SP-3 or higher, for short-term debt) is considered investment grade. This chart reflects the highest security rating provided by one or more of Standard & Poor’s, Moody’s, and Fitch. Ratings may vary over time. Net cash, if any, represent the market value weights of cash and derivatives and may show a negative market value as a result of the timing of trade versus settlement date transactions. The fund itself has not been rated by an independent rating agency.

Country allocation as of 04/30/24

United States 54.70%
Canada 7.79%
France 7.36%
United Kingdom 6.93%
Australia 4.13%
Net cash 2.68%
Switzerland 2.09%
Netherlands 2.07%
Ireland 2.01%
 
Other
10.24%
Norway 2.01%
Japan 1.87%
Singapore 1.71%
Spain 1.49%
Germany 1.24%
Italy 1.03%
South Korea 0.89%

Expenses

Expense ratio

Class A
Total expense ratio 1.99%
What you pay† 0.00%

† The fund's expense ratio is taken from the most recent prospectus and is subject to change. What you pay reflects Putnam Management's decision to contractually limit expenses through 11/30/26

Sales charge

 Breakpoint Class A
$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
0 to 9 mts. --
9 to 12 mts. --
2 yrs. --
3 yrs. --
4 yrs. --
5 yrs. --
6 yrs. --
7+ yrs. --

Trail commissions

  Class A
  0.00%
  NA
  NA

The ICE BofA U.S. Treasury Bill Index is an unmanaged index that tracks the performance of U.S. dollar denominated U.S. Treasury Bills publicly issued in the U.S. domestic market. Qualifying securities must have a remaining term of at least one month to final maturity and a minimum amount outstanding of $1 billion. You cannot invest directly in an index.

Consider these risks before investing: Putnam Ultra Short MAC Series is not a money market fund. The effects of inflation may erode the value of your investment over time. Funds that invest in government securities are not guaranteed. Mortgage-backed investments, unlike traditional debt investments, are also subject to prepayment risk, which means that they may increase in value less than other bonds when interest rates decline and decline in value more than other bonds when interest rates rise. The fund may have to invest the proceeds from prepaid investments, including mortgage-backed investments, in other investments with less attractive terms and yields.

The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political, or financial market conditions; investor sentiment and market perceptions; government actions; geopolitical events or changes; and factors related to a specific issuer, geography, industry, or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings.

Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Interest-rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds. Credit risk is generally greater for debt not backed by the full faith and credit of the U.S. government.

Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Unlike bonds, funds that invest in bonds have fees and expenses.

Our investment techniques, analyses, and judgments may not produce the outcome we intend. The investments we select for the fund may not perform as well as other securities that we do not select for the fund. We, or the fund’s other service providers, may experience disruptions or operating errors that could have a negative effect on the fund. You can lose money by investing in the fund.

Credit qualities are shown as a percentage of net assets as of the date indicated above. A bond rated BBB or higher (A-3/SP-3 or higher, for short-term debt) is considered investment grade. This chart reflects the highest security rating provided by one or more of Standard & Poor’s, Moody’s, and Fitch. Ratings may vary over time. Net cash, if any, represent the market value weights of cash and derivatives and may show a negative market value as a result of the timing of trade versus settlement date transactions. The fund itself has not been rated by an independent rating agency.