Putnam Money Market Fund Class A
PDDXX
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- Putnam Money Market Fund Class A (PDDXX) is a prime money market mutual fund that seeks as high a rate of current income as consistent with the preservation of capital and maintenance of liquidity. The fund primarily invests in high-quality, short-term money market instruments, including U.S. government agency repurchase agreements, commercial paper, certificates of deposit, U.S. Treasury repurchase agreements, asset-backed commercial paper, and U.S. government agency debt; it maintains a stable net asset value of $1.00 per share through a diversified portfolio supported by Franklin Templeton's fixed income research. Managed by Joanne M. Driscoll, CFA, since 1997 and Michael J. Lima, CFA, since 2017, the fund targets institutional and retail investors seeking liquidity and income with daily and weekly liquid asset requirements under Rule 2a-7. Inaugurated on October 1, 1976 and originally headquartered in Boston, Massachusetts under Putnam Investments, the fund now operates under the sponsorship of Franklin Templeton Investments following the completion of Franklin Templeton's acquisition of Putnam Investments on January 1, 2024 from Great-West Lifeco, Inc. for $925 million. This strategic transaction, which added $142 billion in assets under management from Putnam (as of November 30, 2023) to Franklin Templeton's total of over $1.5 trillion, enhances the fund's capabilities in retirement sector defined contribution assets (now exceeding $100 billion), insurance assets, stable value, and ultra-short duration strategies while leveraging Franklin Templeton's global infrastructure for risk management, operations, and technology. The fund's portfolio emphasizes high credit quality securities rated A-1+ or A-1, with recent allocations as of November 30, 2025 showing 41.32% in U.S. government agency repurchase agreements, 34.80% in commercial paper, and 11.47% in certificates of deposit; weighted average maturity stands at 22 days and weighted average life at 41 days. It declares dividends daily from net investment income and pays monthly, with a 7-day current yield reflecting competitive short-term returns amid fluctuating interest rates. Geographically focused on U.S. dollar-denominated instruments, the fund serves investors across North America through platforms like Franklin Templeton, with no significant international operations or subsidiaries noted beyond the parent structure.