Putnam Ultra Short Duration Income Fund
Putnam Funds Trust
Fund classification
Classified from what the fund holds · as of 2026 Q2
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
Fund profile
As filed in the prospectus · 2025 Q4
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.
| Share class | Gross | Net |
|---|---|---|
| C000105375 | 0.47% | 0.42% |
| C000105377 | 0.87% | 0.82% |
| C000105379 | 0.87% | 0.82% |
| C000105380 | 0.37% | 0.32% |
| C000118012 | 0.33% | 0.29% |
| C000207666 | 0.62% | 0.57% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 61.00% · as of 2025 Q4
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 85.87% |
| Cash & short-term | 8.05% |
| Securitized | 5.81% |
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| International | 28.3% |
| Financials | 24.0% |
| Other | 18.7% |
| Cash | 7.9% |
| 11 smaller | 21.2% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Latest quarter
What changed since the fund's previous filing
Largest new: United States of America, AutoNation, Inc., AES Corp. (The), Alexandria Real Estate Equities, Inc., JPMorgan Chase & Co., Amazon.com, Inc., Agree LP, Banco Santander SA
Largest exited: AutoNation, Inc., Conagra Brands, Inc., Boeing Co. (The), Targa Resources Corp., AES Corp. (The), Bayer Corp., Jefferies Financial Group, Inc., United States of America
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
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.
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.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | United States of America3.38% · due 2028-02-29 | 1.01% | $125.73M | — |
| — | AutoNation, Inc. | 0.93% | $116.10M | — |
| — | AES Corp. (The) | 0.60% | $75.20M | — |
| — | CaixaBank SA6.68% · 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 SA3.50% · due 2027-11-16 | 0.47% | $58.33M | — |
| — | CaixaBank SA4.63% · due 2029-07-03 | 0.46% | $57.98M | — |
| — | Capital One Prime Auto Receivables Trust3.97% floating · due 2029-01-16 | 0.46% | $56.99M | — |
| — | UBS Group AG4.28% · due 2028-01-09 | 0.45% | $56.68M | — |
Top 10 positions are 5.81% of net assets, top 25 11.90%, across 232 issuers.
See more of this fund's book
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