*No assurance can be given that the investment objective will be achieved or that an investor will receive a return of all or part of his or her investment. Actual results could be materially different from the stated goals. Investors should carefully consider the risk involved before deciding to invest. As with any investment, there is a potential for profit as well as the possibility of loss. Portfolio targets are subject to change. Total strategy assets may include accounts that are not reflected in the composite.
The Ultra Short Duration Income Managed Account strategy utilizes both individual securities and a diversified pooled vehicle that permits access to security types that are difficult to implement for Separately Managed Account (SMA) investors. Exposure to certain sectors and security types, including derivatives, are gained via the Putnam Ultra Short MAC Series (“the fund”), which is a proprietary no-fee mutual fund established exclusively for use within SMAs. The fund is used in combination with selected individual securities to implement the SMA's investment program. The fund does not pay a management fee to Putnam. Shareholders should be aware, however, that the fund is part of SMA investment programs, and Putnam will be compensated directly or indirectly by program sponsors or program clients for SMA advisory services. The fund's prospectus includes information on fund investment objectives, strategies and risks.