Putnam Short Duration Bond R6
PRREX
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- Putnam Short Duration Bond Fund (Class R6) (PRREX) is an open-end mutual fund managed by Putnam Investments that seeks as high a rate of current income as consistent with preservation of capital by investing primarily in short-term bonds and other fixed-income securities while generally maintaining an effective duration of three years or less. The fund invests at least 80% of its net assets in a diversified portfolio that includes investment-grade corporate debt, high-yield bonds, bank loans, sovereign debt, collateralized loan obligations, and securitized assets such as mortgage-backed securities, commercial mortgage-backed securities, and asset-backed securities; it may also employ derivatives including futures, options, and swaps. As of October 31, 2025, the fund's portfolio features 478 holdings with a credit quality allocation of 12.31% AAA, 12.27% AA, 21.79% A, 32.06% BBB, and smaller exposures to lower-rated categories alongside 15.04% net cash, an effective duration of 1.69 years, and total net assets of $1.35 billion. Putnam Investments, the fund's adviser and a subsidiary of Franklin Templeton Investments following the completion of Franklin Templeton's acquisition of Putnam in January 2024 for $925 million, was founded in 1937 and is headquartered in Boston, Massachusetts, with additional offices in London, Tokyo, Frankfurt, Sydney, and Singapore. The acquisition enhanced Franklin Templeton's fixed-income capabilities, including ultra-short duration strategies like PRREX, and integrated Putnam's investment teams while adding scale to retirement and defined contribution assets. Class R6 shares, designed for institutional and eligible investors with lower operating expenses, were introduced on July 2, 2012, atop the fund's overall inception date of December 23, 2008; the fund pays monthly dividends with a distribution rate of 4.49% as of November 13, 2025. In July 2024, Putnam transferred management contracts for several closed-end funds to Franklin Advisers, aligning with post-acquisition integration, while PRREX continues under experienced managers focusing on credit, interest-rate, and prepayment risks amid resilient U.S. economic conditions and anticipated limited Federal Reserve rate cuts.