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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 $0.01(0.10%)
$10.04
As of 06/09/2026
Total Net Assets
$39.36M
As of 05/31/2026 (Updated Monthly)
Morningstar Overall Rating™ 1
As of 05/31/2026

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The MAC Series is available only in a Separately Managed Account (SMA)
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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 12/01/2025
Gross Expense Ratio
1.86%
Net Expense Ratio
0.00%
Maximum Initial Charge
—
CDSC
N/A
12b-1 Fee
—

Additional Fund Info

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

Identifiers

Ticker
PULTX
Fund Number
5028
CUSIP Code
74676A444

Manager and Commentary

About the Team

Franklin Templeton Fixed Income

A global leader in fixed income, the team strives to provide consistent and resilient returns by combining deep fundamental research with rigorous portfolio construction. This solutions-driven approach means maintaining portfolio and risk exposures that align with client expectations.

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

June 8, 2026

Municipal bond market monthly brief

June 4, 2026

The "Silver Tsunami" is changing municipal credit—here’s how

May 6, 2026

On My Mind: The “Scarlet K”—A misleading consumption divergence story

April 29, 2026

Emerging markets update: Resilience through volatility
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Portfolio

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Distributions & Tax

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Pricing

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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.

Important Information

Total Returns include change in share price, assume reinvestment of all distributions, and reflect the deduction of fund expenses and applicable fees. Total returns, distribution rate, and yields reflect any applicable expense reductions and fee waivers; without these reductions, the results would have been lower.

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

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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.

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. 

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.

Footnotes

  1. 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.

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