A research-driven approach to pursue current income

Explore income funds

We build funds by thinking about the ultimate source of income:


Interest-rate risk (also called term structure risk) is a bond's sensitivity to changes in the level, slope, and shape of interest rates.


Credit risk is the possibility a borrower may fail to make payments to investors.


Prepayment risk involves borrowers paying off debt early, typically in a falling-rate environment, which reduces the number of payments and amount of interest received by investors.


Liquidity risk refers to the relative difficulty of trading a security in a reasonable amount of time.

We can find diverse opportunities because we have a team with diverse experience

Over 80 fixed income professionals analyze investments across specialized teams

  • Credit Research
  • Corporate & Tax-exempt Credit
  • Macro & Sovereign Credit
  • Short Term Liquid Markets
  • Structured Credit
  • Portfolio Construction
  • Risk Management

A choice of active ETFs and funds aligned with a range of benchmarks

ETFs Ticker 30-day SEC yield
as of 03/31/24
Total net assets Inception date
Putnam ESG Core Bond ETF PCRB 4.46% $513.69M 01/19/23
Putnam ESG High Yield ETF PHYD 6.47% $119.15M 01/19/23
Putnam ESG Ultra Short ETF PULT 5.36% $54.12M 01/19/23
Funds Ticker 30-day SEC yield
as of 03/31/24
Total net assets Inception date
Convertible Securities Fund PCGYX 1.86% $529.47M 12/30/98
Diversified Income Trust PDVYX 5.58% $1,159.87M 07/01/96
Floating Rate Income Fund PFRYX 8.18% $375.22M 10/04/05
Global Income Trust PGGYX 4.16% $191.69M 10/04/05
Government Money Market Fund (A shares) PGDXX -- $334.72M 04/14/16
High Yield Fund PHAYX 6.44% $908.21M 12/31/98
Income Fund PNCYX 5.32% $1,218.24M 06/16/94
Money Market Fund (A shares) PDDXX -- $847.10M 10/01/76
Mortgage Opportunities Fund PMOYX 6.82% $438.68M 07/01/19
Mortgage Securities Fund PUSYX 6.80% $420.54M 04/11/94
Short Duration Bond Fund PARYX 5.05% $1,286.53M 12/23/08
Ultra Short Duration Income Fund PSDYX 5.18% $9,711.88M 10/17/11

Standardized returns can be accessed by clicking on each fund name.

30-day SEC yield is defined as the standardized annual yield based on the most recent 30-day period. It is calculated in accordance with current Securities and Exchange Commission regulations and is subject to change.