Fixed Income

PULTX Putnam Ultra Short MAC Series

  • 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.

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NAV 1 $0.00(0.00%)
$10.07
As of 11/26/2025
Total Net Assets
$38.31M
As of 10/31/2025 (Updated Monthly)

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The MAC Series is available only in a Separately Managed Account (SMA)

Putnam Ultra Short Duration Income SMA

The MAC Series is available only in a Separately Managed Account (SMA). Please contact your financial advisor to learn more about SMAs and the role they can play in a diversified portfolio.

Skipped to Overview Section Content

Overview

Fund Facts

Fund description

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

Benchmark
ICE BofA U.S. Treasury Bill Index
Fund Inception Date
05/25/2023
Dividend Frequency, if any
Monthly

Sales Charges, Expenses & Fees

As of 11/30/2024
Gross Expense Ratio2
1.86%
Net Expense Ratio2,3
0.00%
Maximum Initial Charge
N/A
CDSC
N/A
12b-1 Fee
N/A

Additional Fund Info

Share Class Inception Date
05/25/2023
Investment Style
Multi-Sector
Lipper Classification
N/A
Morningstar Category4
Ultrashort Bond

Identifiers

Ticker
PULTX
Fund Number
5028
CUSIP Code
74676A444

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Manager and Commentary

About the Team

Franklin Templeton Fixed Income

Franklin Templeton Fixed Income is a fixed income specialist with a measured "no surprises" approach that is committed to the goal of delivering clients consistent, predictable fixed income results. We pursue dimensional sources of potential alpha across all global fixed income securities, sectors, and markets.

Franklin Templeton Fixed Income
[Joanne M Driscolls avatar]

Managed Fund Since 2023

[Andrew C Bensons avatar]

Managed Fund Since 2023

[Michael J Limas avatar]

Managed Fund Since 2023

Portfolio Manager Profile
Years of Experience
Manager Location

Latest Insights

November 18, 2025

Sector Views: Proceed with caution

November 12, 2025

Flash Insights: Rate cuts and returns—what past Fed cycles reveal

October 30, 2025

On My Mind: Dancing in the dark

October 28, 2025

Flash Insights: New York (City) state of mind—NYC mayoral election

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Portfolio

Assets

As of10/31/2025 (Updated Monthly)

Total Net Assets
$38.31 Million

Positions

As of 10/31/2025 (Updated Monthly)

Number of Holdings
Fund
272
Benchmark
40
Number of Issuers
Fund
160
Benchmark
1
Download All Holdings

Portfolio Statistics

As of 10/31/2025 (Updated Monthly)

Effective Duration
Fund
0.51 Years
Weighted Average Life
Fund
1.16 Years
Yield to Maturity 5
Fund
4.34%

Asset Allocation

As of 10/31/2025 % of Total (Updated Monthly)

Holdings Fund
Investment-Grade Corporate Bonds
73.55%
Commercial Paper
18.46%
Short-Term Asset-Backed Securities
2.80%
Asset-Backed Securities
1.00%
Net Cash
3.53%

 

Bar chart with 5 bars.
The chart has 1 X axis displaying categories.
The chart has 1 Y axis displaying values. Data ranges from 1.00348 to 73.54817.
End of interactive chart.

Top Fixed Income Issuers

As of 10/31/2025 (Updated Monthly)

Holdings Fund
ING
1.47%
Dai-ichi Life
1.44%
Penske Truck Leasing
1.43%
Bunge
1.43%
Mercedes-Benz
1.41%
Morgan Stanley
1.35%
ABN AMRO
1.33%
La Caixa
1.32%
Groupe Credit Mutuel Centre Est Europe
1.32%
Bank of America
1.31%

 

Bar chart with 10 bars.
The chart has 1 X axis displaying categories.
The chart has 1 Y axis displaying values. Data ranges from 1.31382 to 1.47281.
End of interactive chart.
Skipped to Distributions Section Content

Distributions & Tax

Distribution Frequency
MonthlyThis fund is an ex-Dividend fund
Capital Gain Distributions
December

Final composition of the current year’s distribution—income, capital gains and/or return of capital—are based on US tax rules and will be determined by February of the following year. For tax characterization of a distribution, such as return of capital and tax-exempt income, click on the “Tax Information” tab above.

Distributions Per Share
Distributions with future dates are estimates and those figures are not final

12/31/2025
10/31/2025
09/30/2025
08/29/2025
07/31/2025
06/30/2025
05/30/2025
04/30/2025
03/31/2025
02/28/2025
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Pricing

Pricing History

As of 11/26/2025 (Updated Daily)

Chart

Line chart with 262 data points.
The chart has 1 X axis displaying Time. Data ranges from 2024-02-20 00:00:00 to 2025-11-27 00:00:00.
The chart has 1 Y axis displaying [products.performance-value]. Data ranges from 10.01 to 10.09.
End of interactive chart.

Daily Fund Prices

As of 11/26/2025

Share Prices

As of 11/26/2025

NAV  1(Net Asset Value)
$10.07
POP  6(Public Offering Price)
$10.07

52-Week Range

Highest NAV As of 10/16/2025
$10.08
Lowest NAV As of 04/11/2025
$10.01

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Documents

Fund Literature
 Name Download Add to Cart
Portfolio Holdings - Putnam Ultra Short Mac Series
Regulatory Documents
 Name Download Add to Cart
Annual Report - Putnam Ultra Short Mac Series - Single ClassDownload Document
Annual Financial Statements and Other Information - Putnam Ultra Short MAC SeriesDownload Document
Semi-Annual Report - Putnam Ultra Short Mac Series - Single ClassDownload Document
Semi-Annual Financial Statements and Other Information - Putnam Ultra Short MAC SeriesDownload Document
Prospectus - Putnam Ultra Short Mac SeriesDownload Document
Statement Of Additional Information - Putnam Ultra Short Mac SeriesMailed hardcopies unavailable.Download Document
Fiscal Q1 Holdings - Putnam Ultra Short Mac SeriesMailed hardcopies unavailable.Download Document
Fiscal Q3 Holdings - Putnam Ultra Short Mac SeriesMailed hardcopies unavailable.Download Document

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Risks

All investments involve risks, including possible loss of principal. Fixed Income securities involve interest rate, credit, inflation and reinvestment risks, and possible loss of principal. As interest rates rise, the value of fixed income securities falls. Asset-backed, mortgage-backed or mortgage-related securities are subject to prepayment and extension risks. International investments are subject to special risks, including currency fluctuations and social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. Derivative instruments can be illiquid, may disproportionately increase losses, and have a potentially large impact on performance. Active management does not ensure gains or protect against market declines. The manager may consider environmental, social and governance (ESG) criteria in the research or investment process; however, ESG considerations may not be a determinative factor in security selection. In addition, the manager may not assess every investment for ESG criteria, and not every ESG factor may be identified or evaluated. These and other risks are discussed in the fund’s prospectus.

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Important Information

Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance. 

Certain share classes are only offered to eligible investors as stated in the prospectus. Different minimums may apply to clients of certain service agents. All classes of shares are not available through all distribution channels. See the Fund's prospectus for additional information.

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Important data provider notices and terms available at www.franklintempletondatasources.com.

Performance data quoted represents past performance, which does not guarantee future results. 

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges. 

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. Source: The index data referenced herein is the property of Intercontinental Exchange ("ICE") and/or its licensors and has been licensed for use by Franklin Templeton. ICE and its licensors accept no liability in connection with this use.

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.

Investors should carefully consider a fund's investment goals, risks, sales charges and expenses before investing. The prospectus contains this and other information. Please read the prospectus carefully before investing or sending money.

Putnam funds are not exchangeable for other funds distributed by Franklin Distributors, LLC. 

Franklin Distributors, LLC. Member FINRA/SIPC. Putnam Investment is a Franklin Templeton company. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.

Reports and other information about the funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov. 

Footnotes

  1. Net Asset Value - the amount per share you would receive if you sold shares that day. NAV Change indicates a change in the Net Asset Value from the previous business day.

  2. Gross Expense Ratio reflects the total annual operating expenses for the share class shown, prior to the deduction of any waiver or reimbursement. Actual expenses may be higher and may impact portfolio returns. Net Expense Ratio reflects total expenses after any fee waivers, implemented expense caps or reimbursements. If a fund has contractual fee waivers, expense caps and/or reimbursements, the expiration date can be found by clicking on the information button next to the net expense ratio. Additional amounts may be voluntarily waived and/or reimbursed and may be modified or discontinued at any time without notice. Expense ratios are as of the most recent prospectus or annual report.

  3. Net Expense Ratio represents the expense ratio applicable to investors. 

  4. The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products with at least a three-year history, and subject to change monthly. 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 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 return, 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 return. 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. Ratings do not take into account the effects of sales charges and loads. Morningstar Rating is for the specified share class(es) only; other classes may have different performance characteristics. 
    ©2025 Morningstar, Inc. 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. 

  5. Yield to Maturity is calculated without the deduction of fees and expenses.

  6. Public Offering Price – the purchase price for each share of the fund on a given day.  It includes the maximum initial sales charge, if any.

  7. Credit Quality is a measure of a bond issuer's ability to repay interest and principal in a timely manner. The credit ratings shown are based on each portfolio security's rating as provided by S&P Global Ratings, Moody's Investors Service and/or Fitch Ratings, Inc. and typically range from AAA for long term or A-1 for short term (highest) to D (lowest), or an equivalent and/or similar rating. For this purpose, if two or more of the agencies have assigned differing ratings to a security, the highest rating is used. Securities that are unrated by all three agencies are reflected as such. The credit quality of the investments in the portfolio does not apply to the stability or safety of the portfolio. The methodology used for the calculation of credit quality ratings displayed may differ from the methodology for monitoring investment limits, if applicable. Please note, the portfolio itself has not been rated by an independent rating agency.