Putnam Ultra Short Duration Income Fund
Actively managed global bond fund
As of its 2026 Q2 report, Putnam Ultra Short Duration Income Fund held 556 positions with $12.49B in net assets. Its ten largest holdings made up 5.8% of the fund. Its share classes cost 0.29%–0.82% a year. Over the 12 months to May 2026, it returned 4.3%, with dividends reinvested. In 2026 Q3 it added 81 new positions and exited 83.
The fund seeks as high a rate of current income as the Investment Manager (as defined below) believes is consistent with preservation of capital and maintenance of liquidity.
The fund invests in a diversified portfolio of short-duration, investment-grade fixed income securities including U.S. Treasuries, agency mortgage-backed bonds, corporate debt, municipal securities, asset-backed securities, and money market instruments, with effective duration generally not exceeding one year and dollar-weighted average maturity not expected to exceed four years. The fund may use derivatives for hedging and non-hedging purposes. Because portfolio composition depends on the Investment Manager's assessment of credit, interest rate, and prepayment risks alongside market conditions, returns will vary with those judgments.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
United States of America 3.38% · due 2028-02-29 | 1.01% | $125.73M | — |
AutoNation, Inc. | 0.93% | $116.10M | — |
AES Corp. (The) | 0.60% | $75.20M | — |
CaixaBank SA 6.68% · due 2027-09-13 | 0.48% | $60.35M | — |
Citigroup, Inc. 4.52% floating · due 2029-03-04 | 0.48% | $60.18M | — |
Alexandria Real Estate Equities, Inc. | 0.47% | $58.41M | — |
BNP Paribas SA 3.50% · due 2027-11-16 | 0.47% | $58.33M | — |
CaixaBank SA 4.63% · due 2029-07-03 | 0.46% | $57.98M | — |
Capital One Prime Auto Receivables Trust 3.97% floating · due 2029-01-16 | 0.46% | $56.99M | — |
UBS Group AG 4.28% · due 2028-01-09 | 0.45% | $56.68M | — |
The 200 largest of 556 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 85.87% |
| Cash & short-term | 8.05% |
| Securitized | 5.81% |
By sector
- International
- 29.8%
- Financials
- 21.3%
- Other
- 19.4%
- Cash
- 8.3%
- 12 other sectors
- 21.2%
- International
- 29.8%
- Financials
- 21.3%
- Other
- 19.4%
- Cash
- 8.3%
- Securitized
- 5.0%
- Utilities
- 2.5%
- Government
- 2.1%
- Industrials
- 2.0%
- Consumer Staples
- 1.9%
- Health Care
- 1.8%
- Consumer Discretionary
- 1.7%
- Information Technology
- 1.5%
- Real Estate
- 1.2%
- Communication Services
- 1.0%
- Materials
- 0.4%
- Energy
- 0.1%
How it has done
C000105375 share class · total returns with dividends reinvested
Volatility over the last 12 months: 0.39%. Past returns are a record, not a forecast.
Jun 2026 and Jul 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
This fund changed legal form during the period shown. The history above is continuous — it spans both eras, and the change is not a gap in reporting.
Fees & fund details
Putnam Ultra Short Duration Income Fund is an actively managed global bond fund.
- Asset class
- Bonds
- Region
- Global
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Short duration
- Expense ratio, by class
- 0.29% – 0.82%
- Portfolio turnover
- 61.00% a year · as of 2025 Q4
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
81 new· the largest 8
83 exited· the largest 8
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 52.1% |
| Floating rate | 47.9% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 22.8% |
| 1-3y | 70.3% |
| 3-5y | 5.9% |
| 5-10y | 0.0% |
| 10y+ | 0.9% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 70% |
| Interest rates | 30% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +1.24 yr |
| High yield | +0.01 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.06 yr | 11% |
| 1 yr | 0.36 yr | 68% |
| 5 yr | 0.09 yr | 17% |
| 10 yr | 0.00 yr | 0% |
| 30 yr | 0.02 yr | 4% |
| 3 mo | 0.08 yr | 7% |
| 1 yr | 0.81 yr | 65% |
| 5 yr | 0.33 yr | 27% |
| 10 yr | 0.00 yr | 0% |
| 30 yr | 0.02 yr | 2% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.06 | +0.08 | +0.00 | $101.1k | $3.6k |
| 1 yr | +0.36 | +0.81 | +0.00 | $1.01m | $4.4k |
| 5 yr | +0.09 | +0.33 | +0.00 | $413.4k | $20 |
| 10 yr | +0.00 | +0.00 | +0.00 | $1.4k | $799 |
| 30 yr | +0.02 | +0.02 | +0.00 | $23.7k | $666 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
A newer credit-spread reading (2026Q3) is on file. This page holds one quarter across every figure on it, so that one appears here next quarter.
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