PSDNX Mutual Fund — Putnam Ultra Short Duration Income Fund Class N

Putnam Ultra Short Duration Income Fund Class N (PSDNX)

Updated October 15, 2026.

PSDNX is a Mutual Fund. its distribution rate is 3.83%, its trailing-12-month yield is 4.00%, its expense ratio is 0.57%. Dividend Vision Distribution Safety Score™ is 72/100 (Generally safe). Total return is 23.1% over the past 8 years, 196.9 points behind SPY at 220.0%.

Putnam Ultra Short Duration Income Fund Class N is a mutual fund that invests in a diversified portfolio of short-duration, investment-grade fixed income securities, including money market instruments and U.S. dollar-denominated foreign fixed income securities, with a portfolio effective duration generally not exceeding one year. The fund offers a current distribution rate in the low single digits with a modest expense ratio of 0.57%. This fund appeals to income-focused investors seeking stable returns with minimal interest rate risk through exposure to short-maturity debt instruments.

PSDNX performance versus SPY

Price and return data through 2026-10-15.

Total return is 23.1% over the past 8 years, 196.9 points behind SPY at 220.0%. Over the past year its total return — price change plus distributions reinvested — is 3.3%. Its deepest 1-year drawdown was 0.4%.

PSDNX key facts

Distribution Safety Score™

72 · Generally safe

Safety-Adjusted Yield

2.76%

Issuer

Putnam

Asset type

Mutual Fund

Asset class

Fixed Income

Expense ratio

0.57%

Distribution rate

3.83%

Distribution frequency

Monthly

Trailing yield

4.00%

Last close

$10.06 (as of 2026-10-15)

NAV

$10.03 as of 2026-09-30; source eodhd (stale)

Premium / discount

N/A (price 2026-10-15, NAV 2026-09-30) (NAV stale)

AUM

$18,905,950,208

Average volume

0.0

Dividend

$0.033

Ex-dividend date

09/30/2026

Beta

0.07

How Dividend Vision calculates yield and returns

Distribution rate (3.83%) uses calculation basis unavailable. Issuer rates can use a different denominator and date, including ex-date NAV. Trailing-12-month yield (4.00%) is the sum of split-adjusted cash distributions with ex-dates in the last 12 months, divided by the published price. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.

Yield and safety methodology · Distribution rate methodology · Distribution Safety Score methodology

Sources and review

Primary sources: Putnam; prices and distributions from Dividend Vision, derived from vendor EOD data.

Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.

PSDNX risks and drawbacks

PSDNX's current distribution rate is moderate, not a high-yield payout — the strategy is dividend quality more than maximum income. Total return has trailed SPY over the available window. The deepest 1-year drawdown on record here is 0.4%.

Who may consider PSDNX — and who may not

PSDNX may suit someone looking for moderate current income with a quality tilt. It is a weaker fit for investors hunting double-digit covered-call yields; investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.

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Frequently asked questions

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