Fixed Income

PSDYX Putnam Ultra Short Duration Income Fund

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.

Overview

See the risks and other important information.

Fund Facts

Fund description

The fund seeks as high a rate of current income as the portfolio managers believe is consistent with preservation of capital and maintenance of liquidity by investing in a diversified portfolio composed of short-duration, investment-grade money market and other fixed income securities.

Benchmark: ICE BofA U.S. Treasury Bill Index
Dividend Frequency, if any: Monthly
Fund Inception Date: 10/17/2011
Distribution Rate at NAV ⁴As of 11/14/2025 (Updated Daily): 4.35%
30-Day SEC Yield—With Waiver ^5,6,7As of 10/31/2025 (Updated Monthly): 4.15%
30-Day SEC Yield—Without Waiver ^5,7As of 10/31/2025 (Updated Monthly): 4.11%
Effective Duration As of 10/31/2025 (Updated Monthly): 0.51 Years

Sales Charges, Expenses & Fees

As of 11/30/2024

Gross Expense Ratio⁸: 0.38%
Net Expense Ratio^8,9: 0.32%
Maximum Initial Charge: N/A
CDSC: N/A
12b-1 Fee: N/A

Identifiers

Ticker: PSDYX
Fund Number: 1878
CUSIP Code: 74676P698

Average Annual Total Returns As of 10/31/2025

View performance section for additional info As of 10/31/2025

Class Y

With Sales Charge (POP)

Without Sales Charge (NAV)

5.09%1 Year
5.62%3 Years
3.42%5 Years
2.58%10 Years
2.03%Since Inception
10/17/2011

Performance data quoted represents past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the figures shown.

Top Sectors

View portfolio section for additional info

As of 10/31/2025 % of Total (Updated Monthly)

Banks41.54%

Consumer Discretionary9.92%

Insurance7.17%

Capital Markets5.73%

Industrials4.69%

Additional Fund Info

Share Class Inception Date: 10/17/2011
Investment Style: Multi-Sector
Lipper Classification: Ultra-Short Obligations Funds
Morningstar Category: Ultrashort Bond

Manager and Commentary

About the Team

Franklin Templeton Fixed Income

Franklin Templeton Fixed Income is a fixed income specialist with a measured "no surprises" approach that is committed to the goal of delivering clients consistent, predictable fixed income results. We pursue dimensional sources of potential alpha across all global fixed income securities, sectors, and markets.

Commentary Highlights

June 30, 2025

Markets: There were large swings in financial market sentiment across the second quarter of 2025. In April, US President Donald Trump announced significant increases in US tariff rates as part of his “Liberation Day” measures. Spreads across fixed income sectors widened as fears grew that tariffs could lead to a drop in growth and a new round of inflationary pressures, which could damage the US economy. Subsequently, a temporary pause (in many cases, 90 days) in increased levies helped calm some of the market nerves. The passage of the “One Big Beautiful Bill” spending package after quarter-end further helped reduce the uncertainties that had been a strong headwind to fixed income markets.
Contributors: Investment-grade (IG) exposures within corporate credit.
Detractors: There were no notable detractors from relative fund performance for the quarter.
Outlook: We believe the macroeconomic outlook remains resilient despite ongoing policy uncertainty, supported by strong consumption, a tight labor market and reaffirmed low tax rates. While tariffs have introduced volatility, the overall balance of risks and steady growth suggest the US Federal Reserve is likely to limit itself to at most one more rate cut this year. With resilient growth and large fiscal deficits keeping pressure on yields, we continue to expect 10-year US Treasury yields to end the year in a 4.50%–5.00% range.

For complete information, please see the full commentary

Franklin Templeton Fixed Income

Managed Fund Since 2011

Managed Fund Since 2021

Managed Fund Since 2019

Managed Fund Since 2011

Latest Insights

November 12, 2025

Flash Insights: Rate cuts and returns—what past Fed cycles reveal

October 30, 2025

On My Mind: Dancing in the dark

October 28, 2025

Flash Insights: New York (City) state of mind—NYC mayoral election

October 9, 2025

Central Bank Watch: Measured moves

Performance

Average Annual Total Returns

As of 10/31/2025

Month End

Quarter End

As of

Class Y - With Sales Charge (POP) (%)

Month End

As of 10/31/2025

Class Y - Without Sales Charge (NAV) (%)

Month End

As of 10/31/2025

ICE BofA U.S. Treasury Bill Index (%)

Month End

As of 10/31/2025

Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Performance would have been lower if fees had not been waived in various periods. Total returns assume the reinvestment of all distributions and the deduction of all Fund expenses. Returns with sales charge reflect a deduction of the stated maximum sales charge. Returns without sales charge would have been lower had sales charges been reflected. An investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges. Returns for periods of less than one year are not annualized.

See the risks and other important information.

Overall Morningstar Rating: Overall Morningstar Rating: 3 out of 5 stars
As of 10/31/2025

3 Years: 3 Years: 3 out of 5 stars
209 Funds in category

5 Years: 5 Years: 4 out of 5 stars
183 Funds in category

10 Years: 10 Years: 3 out of 5 stars
110 Funds in category

Rating Category: Ultrashort Bond

The fund's overall Morningstar Rating measures risk-adjusted returns and is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) rating metrics.

Morningstar Style Box

As of 10/31/2025

Current Historical
			High
			Medium
			Low
LTD	MOD	EXT
Duration

Quality

Source: Morningstar®. The style box reveals a fund's investment style. For equity funds, the vertical axis shows the market capitalization of the long stocks owned, and the horizontal axis shows the investment style (value, blend, or growth). For fixed income funds, the vertical axis shows the credit quality based on credit ratings and the horizontal axis shows interest-rate sensitivity as measured by effective duration. Placement is determined by fund portfolio holding figures most recently entered into Morningstar's database and corresponding market conditions. Shaded areas show the past 3 years of quarterly data. Past performance does not guarantee future results.

©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.

Portfolio

Assets

As of10/31/2025 (Updated Monthly)

Total Net Assets: $11.83 Billion

Positions

As of 10/31/2025 (Updated Monthly)

Number of Holdings

Fund: 546

Number of Issuers

Fund: 251

Download All Holdings

Portfolio Statistics

As of 10/31/2025 (Updated Monthly)

Weighted Average Life

Fund: 1.39 Years

Yield to Maturity ¹⁰
Yield to Maturity (‘YTM’) also known as the ‘Gross Redemption Yield’ or ‘Redemption Yield’. The rate of return anticipated on a bond if it is held until the maturity date. YTM is considered a long-term bond yield expressed as an annual rate. The calculation of YTM takes into account the current market price, par value, coupon interest rate and time to maturity. It is also assumed that all coupons are reinvested at the same rate.

Fund: 4.34%

Effective Duration

Fund: 0.51 Years

Asset Allocation

As of 10/31/2025 % of Total (Updated Monthly)

Asset Allocation
Holdings	Fund
Investment-Grade Corporate Bonds	80.48%
Commercial Paper	8.55%
Short-Term Asset-Backed Securities	2.50%
Asset-Backed Securities	2.14%
Residential MBS (non-Agency)	0.98%
U.S. Treasury/Agency	0.41%
Agency CMO	0.00%
Net Cash	3.76%

Top Fixed Income Issuers

As of 10/31/2025 (Updated Monthly)

Top Fixed Income Issuers
Holdings	Fund
Morgan Stanley	1.49%
Scotiabank	1.44%
TD Bank	1.34%
Apollo Global Management	1.29%
Bank of America	1.28%
UBS	1.26%
JPMorgan Chase	1.25%
Lloyds Banking Group	1.24%
Wells Fargo	1.23%
ING	1.22%

Portfolio holdings are based on the total portfolio and are subject to change at any time. Holdings are provided for informational purposes only and should not be construed as a recommendation to purchase or sell any security.

Distributions & Tax

Federal ID Number 45-3213109

For information on tax years prior to 2008, please contact us

These amounts represent distributions paid by the fund, foreign taxes passed through (if any), and other distribution characteristics for the calendar year selected. These amounts are reported to shareholders on Form 1099-DIV.

Distributions per Share ($)

Year

Tax Information
Record Date	Ordinary Dividends Dividends paid by a fund that are derived from interest, dividends, net short-term capital gains and other types of ordinary income earned by the fund. For a fund that elects to pass through its foreign taxes paid (a non-cash item), a shareholder's allotted share of foreign taxes has been added to the “Ordinary Dividends” cash distributions received by the shareholder. If the fund passed through foreign taxes paid and later is refunded any portion of those taxes by a foreign tax authority, any interest paid to the fund on that refund is also required to be included in “Ordinary Dividends”.	Qualified Dividends The portion of a fund’s “Ordinary Dividends” that may be eligible for a reduced capital gain tax rate. To be eligible for the lower tax rates, certain holding periods apply and shareholders should consult their tax advisor to determine the amount eligible for the reduced rate. This amount represents both cash distributions and non-cash amounts, such as foreign taxes paid, that have been allocated to shareholders.	Capital Gain Distributions	Unrecaptured Section 1250 Gain	Non-Taxable Return Of Capital	Section 199a Dividends The portion of a fund’s “Ordinary Dividends” generated by a real estate investment trust or earned by a fund from its investments in real estate investment trusts, subject to limitations. Individual (non-corporate) shareholders may be entitled to a special deduction from gross income for “Section 199A Dividends” received from a fund. To qualify for this deduction certain holding periods apply and shareholders should consult their tax advisor.	Foreign Tax Paid	Exempt Interest Dividends	Interest on Tax Reclaim Refunds
Jan 31	0.045097	—	—	—	—	—	—	—	—
Feb 29	0.042537	—	—	—	—	—	—	—	—
Mar 28	0.04521	—	—	—	—	—	—	—	—
Apr 30	0.04427	—	—	—	—	—	—	—	—
May 31	0.048377	—	—	—	—	—	—	—	—
Jun 28	0.041551	—	—	—	—	—	—	—	—
Jul 31	0.045554	—	—	—	—	—	—	—	—
Aug 30	0.048211	—	—	—	—	—	—	—	—
Sep 30	0.041179	—	—	—	—	—	—	—	—
Oct 31	0.043309	—	—	—	—	—	—	—	—
Nov 29	0.043113	—	—	—	—	—	—	—	—
Dec 31	0.040398	—	—	—	—	—	—	—	—
	0.528806	—	—	—	—	—	—	—	—

Jan 31

Feb 29

Mar 28

Apr 30

May 31

Jun 28

Jul 31

Aug 30

Sep 30

Oct 31

Nov 29

Dec 31

Supplemental Tax Information

Foreign Source Income: —
Foreign Source Qualified Dividends: —
Direct U.S. Government Obligations The portion of “Ordinary Dividends” attributable to earnings from US Treasury and certain other government securities may be categorized as a fund containing US government obligations. This income may be exempt from state personal income taxes. The percentage for direct US government obligation interests available for tax-exempt treatment may be limited in states that require the fund to meet certain minimum thresholds. Shareholders should consult their tax advisor to determine the availability of exemptions in their state.: 0.81%
Specified Private Activity Bond Interest: —
Dividends Received Deduction: —
Section 163(j): —
Indiana Resident Taxable Income: —
Utah Resident Taxable Income The portion of “Exempt-Interest Dividends” subject to Utah income tax. Subject to certain exceptions, the state of Utah provides that income earned from non-federal government entities outside of Utah (non-Utah municipal bonds) is taxable to Utah resident shareholders. Income earned from states that do not tax Utah obligations are also exempt. Shareholders should consult their tax advisor about applicability.: —

Franklin Templeton and its specialized investment managers and its employees are not in the business of providing tax or legal advice to taxpayers. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties or complying with any applicable tax laws or regulations. Tax-related statements, if any, may have been written in connection with the promotion or marketing of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Each investor’s tax situation is different, and is based on an individual’s tax bracket, type of account used for investment and other factors. Any such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

Pricing

Pricing History

As of 11/14/2025 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 11/14/2025

Share Prices

As of 11/14/2025

NAV ¹(Net Asset Value): $10.15
NAV Change ¹: $0.00
NAV Change (%) ¹: 0.00%
POP ¹¹(Public Offering Price): $10.15

52-Week Range

Highest NAV As of 10/28/2025: $10.16
Lowest NAV As of 04/11/2025: $10.10

Documents

Fund Literature

Fund Literature
Checkbox	Name	Download
Checkbox	Factsheet - Putnam Ultra Short Duration Income Fund	Download Document
Checkbox	Portfolio Holdings - Putnam Ultra Short Duration Income Fund
Checkbox	Product Commentary - Putnam Ultra Short Duration Income Fund	Download Document

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Report - Putnam Ultra Short Duration Income Fund - Class Y	Download Document
Checkbox	Annual Financial Statements and Other Information - Putnam Ultra Short Duration Income Fund	Download Document
Checkbox	Semi-Annual Report - Putnam Ultra Short Duration Income Fund - Class Y	Download Document
Checkbox	Semi-Annual Financial Statements and Other Information - Putnam Ultra Short Duration Income Fund	Download Document
Checkbox	Prospectus - Putnam Ultra Short Duration Income Fund	Download Document
Checkbox	Summary Prospectus - Putnam Ultra Short Duration Income Fund	Download Document
Checkbox	Statement Of Additional Information - Putnam Ultra Short Duration Income FundMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q1 Holdings - Putnam Ultra Short Duration Income FundMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q3 Holdings - Putnam Ultra Short Duration Income FundMailed hardcopies unavailable.	Download Document

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. 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

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

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.

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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.

The ICE BofA U.S. Treasury Bill Index is an unmanaged index that tracks the performance of U.S. dollar-denominated U.S. Treasury bills publicly issued in the U.S. domestic market. Source: The index data referenced herein is the property of Intercontinental Exchange ("ICE") and/or its licensors and has been licensed for use by Franklin Templeton. ICE and its licensors accept no liability in connection with this use.

The ICE BofA U.S. Treasury Bill Index is an unmanaged index that tracks the performance of U.S. dollar denominated U.S. Treasury Bills publicly issued in the U.S. domestic market. Qualifying securities must have a remaining term of at least one month to final maturity and a minimum amount outstanding of $1 billion. You cannot invest directly in an index.

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.

Putnam funds are not exchangeable for other funds distributed by Franklin Distributors, LLC.

Franklin Distributors, LLC. Member FINRA/SIPC. Putnam Investment is a Franklin Templeton company. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.

Reports and other information about the funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.

Footnotes

Net Asset Value - the amount per share you would receive if you sold shares that day. NAV Change indicates a change in the Net Asset Value from the previous business day.
Figures are aggregate total return figures, have not been annualized and represent the change in value of an investment over the period indicated.
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.
Distribution Rate is calculated by annualizing the daily accrual, divided by the NAV as of the date indicated. The Distribution Rate calculation includes income and return of capital, and excludes special distributions. The Distribution Rate is not guaranteed, subject to change, and is not a quotation of fund performance.
During periods of rising inflation, fund yields can vary significantly from month-to-month and may not be repeated.
With Waiver means the performance quote reflects any applicable expense reductions and fee waivers.
30-Day SEC Yield is calculated using the net income (interest and dividends) per share earned over a trailing 30-day period (annualized), divided by the fund’s share price at the end of that period. It may not equal the fund’s actual income distribution rate, which reflects the fund’s past dividends paid to shareholders.
Gross Expense Ratio reflects the total annual operating expenses for the share class shown, prior to the deduction of any waiver or reimbursement. Actual expenses may be higher and may impact portfolio returns. Net Expense Ratio reflects total expenses after any fee waivers, implemented expense caps or reimbursements. If a fund has contractual fee waivers, expense caps and/or reimbursements, the expiration date can be found by clicking on the information button next to the net expense ratio. Additional amounts may be voluntarily waived and/or reimbursed and may be modified or discontinued at any time without notice. Expense ratios are as of the most recent prospectus or annual report.
Net Expense Ratio represents the expense ratio applicable to investors.
Yield to Maturity is calculated without the deduction of fees and expenses.
Public Offering Price – the purchase price for each share of the fund on a given day. It includes the maximum initial sales charge, if any.
Credit Quality is a measure of a bond issuer's ability to repay interest and principal in a timely manner. The credit ratings shown are based on each portfolio security's rating as provided by S&P Global Ratings, Moody's Investors Service and/or Fitch Ratings, Inc. and typically range from AAA for long term or A-1 for short term (highest) to D (lowest), or an equivalent and/or similar rating. For this purpose, if two or more of the agencies have assigned differing ratings to a security, the highest rating is used. Securities that are unrated by all three agencies are reflected as such. The credit quality of the investments in the portfolio does not apply to the stability or safety of the portfolio. The methodology used for the calculation of credit quality ratings displayed may differ from the methodology for monitoring investment limits, if applicable. Please note, the portfolio itself has not been rated by an independent rating agency.

PSDYX Putnam Ultra Short Duration Income Fund

Popular Documents

Overview

Fund Facts

Fund description

Sales Charges, Expenses & Fees

Identifiers

Average Annual Total Returns As of 10/31/2025

Class Y

Top Sectors

Additional Fund Info

Manager and Commentary

About the Team

Commentary Highlights

Latest Insights

Performance

Average Annual Total Returns

Ratings ³

Portfolio

Assets

Positions

Portfolio Statistics

Asset Allocation

Top Fixed Income Issuers

Distributions & Tax

Federal ID Number 45-3213109

Distributions per Share ($)

Supplemental Tax Information

Pricing

Pricing History

November 2025

November 2025

Daily Fund Prices

Share Prices

52-Week Range

Documents

Risks

Important Information

Footnotes

Sunday	Monday	Tuesday	Wednesday	Thursday	Friday	Saturday

Sunday	Monday	Tuesday	Wednesday	Thursday	Friday	Saturday

Individual Investor

Financial Professional

Institutional Investor

PSDYX Putnam Ultra Short Duration Income Fund

Popular Documents

Overview

Fund description

Sales Charges, Expenses & Fees

Identifiers

Class Y

Top Sectors

Additional Fund Info

Manager and Commentary

About the Team

Latest Insights

Performance

Average Annual Total Returns

Ratings 3

Portfolio

Asset Allocation

Top Fixed Income Issuers

Distributions & Tax

Federal ID Number 45-3213109

Pricing

Chart

Daily Fund Prices

Documents

Risks

Important Information

Footnotes

Ratings ³