[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-0-en-105":3,"doc-seo-232324-105":59,"doc-detail-232324-en":131},{"code":4,"msg":5,"data":6},0,"success",[7,13,18,23,28,33,38,43,48,51,55],{"id":8,"doc_module":4,"doc_module_name":9,"category_name":10,"show_sort_weight":11,"slug":12},1,"Document","Story & Novel",90,"story-novel",{"id":14,"doc_module":4,"doc_module_name":9,"category_name":15,"show_sort_weight":16,"slug":17},2,"Literature",80,"literature",{"id":19,"doc_module":4,"doc_module_name":9,"category_name":20,"show_sort_weight":21,"slug":22},4,"Exam",70,"exam",{"id":24,"doc_module":4,"doc_module_name":9,"category_name":25,"show_sort_weight":26,"slug":27},5,"Comic",60,"comic",{"id":29,"doc_module":4,"doc_module_name":9,"category_name":30,"show_sort_weight":31,"slug":32},6,"Technology",50,"technology",{"id":34,"doc_module":4,"doc_module_name":9,"category_name":35,"show_sort_weight":36,"slug":37},7,"Healthcare",40,"healthcare",{"id":39,"doc_module":4,"doc_module_name":9,"category_name":40,"show_sort_weight":41,"slug":42},8,"Research & Report",30,"research-report",{"id":44,"doc_module":4,"doc_module_name":9,"category_name":45,"show_sort_weight":46,"slug":47},9,"Religion & Spirituality",20,"religion-spirituality",{"id":46,"doc_module":4,"doc_module_name":9,"category_name":49,"show_sort_weight":46,"slug":50},"World Cup","world-cup",{"id":52,"doc_module":4,"doc_module_name":9,"category_name":53,"show_sort_weight":52,"slug":54},10,"Lifestyle","lifestyle",{"id":56,"doc_module":4,"doc_module_name":9,"category_name":57,"show_sort_weight":24,"slug":58},19,"General","general",{"code":4,"msg":60,"data":61},"ok",{"site_id":62,"language":63,"slug":64,"title":65,"keywords":66,"description":67,"schema_data":68,"social_meta":124,"head_meta":126,"extra_data":128,"updated_unix":130},105,"en","putnam-ultshort-dur-income-ptn-3-investment-strategy-profile","Putnam UltShort Dur Income (PTN-3) - Investment Strategy Profile","","Putnam UltShort Dur Income (PTN-3) is an ultra-short term income strategy focused on a diversified portfolio of primarily short-duration, investment-grade money market and fixed-income securities. The material explains how third-party manager performance may be presented through composites, including transition-month shading and differences between prior manager results and Select UMA strategy results. It outlines target portfolio characteristics, portfolio manager tenure, security eligibility, and a structured investment process covering top-down assessment, issuer research, security-level valuation, risk management, and liquidity management.",{"@graph":69,"@context":123},[70,84,106],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":40,"@type":76,"position":81},"https://docshare.wps.com/document/research-report/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/putnam-ultshort-dur-income-ptn-3-investment-strategy-profile/232324/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/putnam-ultshort-dur-income-ptn-3-investment-strategy-profile/232324.png","ImageObject",300,407,{"name":92,"@type":93},"McGucket","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-11-01","2026-09-10",true,{"@type":102,"interactionType":103,"userInteractionCount":105},"InteractionCounter",{"@type":104},"ViewAction",13,{"@type":107,"mainEntity":108},"FAQPage",[109,115,119],{"name":110,"@type":111,"acceptedAnswer":112},"How are manager and strategy performance results shown differently in the profile?","Question",{"text":113,"@type":114},"The profile may show a composite of Morgan Stanley accounts labeled as Select UMA unshaded results, while the manager’s own composite prior to Select UMA inception is shaded and labeled Manager. Differences can also arise around the transition month.","Answer",{"name":116,"@type":111,"acceptedAnswer":117},"What kinds of securities does the Putnam UltShort Dur Income strategy target?",{"text":118,"@type":114},"The strategy invests primarily in short-duration, investment-grade money market and other fixed-income securities, with eligible investments listed as individual bonds.",{"name":120,"@type":111,"acceptedAnswer":121},"What is the strategy’s investment process from research to risk management?",{"text":122,"@type":114},"It starts with a broad, top-down framework, then sector and issuer research, followed by security selection and CUSIP-level valuation. Risk management uses proprietary quantitative models and evaluates exposures with risk-adjusted frameworks, supported by liquidity-aligned portfolio construction.","https://schema.org",{"og:url":83,"og:type":125,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":127,"canonical":83},"index,follow",{"doc_id":129,"site_id":62},232324,1789071108,{"code":4,"msg":5,"data":132},{"doc_id":129,"user_id":133,"nickname":92,"user_avatar":134,"doc_module":4,"category_id":39,"category_name":40,"doc_title":65,"doc_description":67,"doc_content":135,"file_id":136,"file_url":137,"file_type":138,"file_size":139,"view_count":105,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":52,"language":140,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":141,"faqs":142,"seo_title":143,"seo_description":67,"update_tm":130,"read_time":144,"preview_page_count":4},1236954412713,"https://us-avatar.wpscdn.com/davatar_29158cc5080c5b710cf443261637dec0","Putnam UltShort Dur Income (PTN-3)  \nStyle: Ultra-Short Term F. I. GIMA Status: Approved Program Inception: 10/26/2023 Strategy Minimum: $250,000  \nEXECUTIVE SUMMARY  \nTo help you better understand the performance results of third-party investment manager strategies within our Select UMA Program, we are including additional information within manager profiles that may inform your decision to invest in this strategy:  \n• The performance results displayed in this profile may include a composite of Morgan Stanley accounts enrolled in the strategy. These are unshaded in the Investment Results and Portfolio Quarterly Returns sections of the profile with the Select UMA label.  \n• The results also display the performance of the manager’s own composite of accounts invested in its version of the investment strategy , prior to the strategy’s inception in the Select UMA program. These are shaded in grey and labeled Manager. While this performance is relevant, it does not reflect the role that Morgan Stanley plays in delivering this strategy , which is reflected in the unshaded portion of the Investment Results and Portfolio Quarterly Returns sections of the profile. Morgan Stanley works in tandem, with the manager, to deliver this strategy to its clients. For this reason, Morgan Stanley does not display the manager’sown composite of accounts invested in its version of the investment strategy beyond the transition month. As a result, the manager’s results and the strategy’s results may differ, as discussed in further detail below.  \n• If the transition month between the manager’s results and the strategy’s results occurs in the middle of a quarter , that quarter or year will be shaded blue in the Investment Results and Portfolio Quarterly Returns sections of the profile and labeled Transition.  \nThe manager exercises discretion in selecting securities for your account, but differences between the manager’s prior gross results and the strategy’s ongoing gross results may arise from variations in who executes the strategy or how it is implemented:  \n• Some managers may deliver a model portfolio to Morgan Stanley, which may ultimately be responsible for executing those investment decisions.  \n• In some cases, the manager may act as an \"executing manager,\" which means it implements its investment decisions and transactions directly instead of delivering instructions to Morgan Stanley.  \nThe manager’s prior performance results are based on accounts that do not participate in the Select UMA program, with investment and operational differences  \n• such as account size and/or level of customization.  \n• There may be other reasons why the performance results differ from those of individual Select UMA accounts managed in the same or a substantially similar investment strategy. For example, Morgan Stanley may deviate from strategy models when applying client-requested restrictions.  \nIf you have any questions about any of the information included in this profile, please contact your Morgan Stanley team.  \nPast performance is not a guarantee of future results. Actual individual account results may differ from the performance shown in this profile. There is no guarantee that any investment strategy will achieve its intended results under all market conditions. Do not rely upon this profile as the sole basis for your investment decisions.  \nFor MAPS Third Party Model Portfolios,‘Manager’ illustrated performance is that of the Model Portfolio Provider.  \nThe subsequent pages contain important disclosures and a glossary of terms. Information as of June 30, 2026, unless otherwise noted and is subject to change.  \nPutnam UltShort Dur Income (PTN-3)  \nStyle: Ultra-Short Term F. I. GIMA Status: Approved Program Inception: 10/26/2023 Strategy Minimum: $250,000  \nStrategy Overview   \nPutnam Ultra Short Duration Income invests in a diversified portfolio composed primarily of short duration, investment-grade money market and other fixed-income securities providi","cbCaifiyuM32rZ8s","https://ap.wps.com/l/cbCaifiyuM32rZ8s","pdf",118753,"English","# Executive Summary\n## Performance Presentation and Transition Considerations\n## Strategy Overview\n## Target Portfolio Characteristics\n## Portfolio Manager Details\n## Manager's Investment Process","[{\"question\":\"How are manager and strategy performance results shown differently in the profile?\",\"answer\":\"The profile may show a composite of Morgan Stanley accounts labeled as Select UMA unshaded results, while the manager’s own composite prior to Select UMA inception is shaded and labeled Manager. Differences can also arise around the transition month.\"},{\"question\":\"What kinds of securities does the Putnam UltShort Dur Income strategy target?\",\"answer\":\"The strategy invests primarily in short-duration, investment-grade money market and other fixed-income securities, with eligible investments listed as individual bonds.\"},{\"question\":\"What is the strategy’s investment process from research to risk management?\",\"answer\":\"It starts with a broad, top-down framework, then sector and issuer research, followed by security selection and CUSIP-level valuation. Risk management uses proprietary quantitative models and evaluates exposures with risk-adjusted frameworks, supported by liquidity-aligned portfolio construction.\"}]","Putnam UltShort Dur Income (PTN-3) - Investment Strategy Profile | PDF",25]