Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary, and you may have a gain or loss when you sell your shares. Performance assumes reinvestment of distributions and does not account for taxes. The "before sales charge" performance does not reflect the current maximum sales charges, which we explain below. If performance did reflect the charges, it would be lower. The "after sales charge" performance (or returns at public offering price) varies by share class and fund. For class A and class M shares, the current maximum initial sales charges are 5.75% and 3.50% for equity funds and 4.00% and 3.25% for income funds, respectively (with these exceptions: 2.25% for class A of Putnam Floating Rate Income Fund, Short-Term Municipal Income, Short Duration Bond Fund, Strategic Intermediate Municipal Fund, and Fixed Income Absolute Return Fund). Class B share performance reflects the applicable contingent deferred sales charge (CDSC), which is 5% in the first year, declines to 1% in the sixth year, and is eliminated thereafter (except for Putnam Floating Rate Income Fund, Putnam Short Duration Bond Fund, and Putnam Fixed Income Absolute Return Fund; for these funds, the CDSC is 1% in the first year, declines to 0.5% in the second year, and is eliminated thereafter). Class C share performance reflects a 1% CDSC the first year that is eliminated thereafter. Performance for class B, C, M, N, R, and Y shares prior to their inception is derived from the historical performance of class A shares by adjusting for the applicable sales charge (or CDSC) and, except for class Y shares, the higher operating expenses for such shares (note, for two funds — Putnam Tax-Free High Yield Fund and Putnam Strategic Intermediate Municipal Fund performance prior to inception is based on the historical performance of class B shares). Performance for class A, C, R6, and Y shares of Putnam Mortgage Opportunities Fund before their inception is derived from the historical performance of class I shares, which has been adjusted for the applicable sales charge (or CDSC) and the higher operating expenses for such shares. The "after sales charge" performance (at public offering price) for class N shares reflects the current maximum initial sales charge of 1.50%. Class R, R3, R4, R5, and R6 shares, which are available to qualified employee-benefit plans only, are sold without an initial sales charge and have no CDSC. Class Y shares are generally only available for corporate and institutional clients and have no initial sales charge. Performance for class R3 and R4 shares prior to their inception is derived from the historical performance of class Y shares by adjusting for the higher operating expenses for such shares. Performance for class R5 shares before their inception is derived from the historical performance of class Y shares, which has not been adjusted for the lower expenses; had it been adjusted, performance would be higher (with the exception of the RetirementReady Maturity, 2025, 2030, 2035, and 2040 Funds, for which performance is derived from the historical performance of class R6 shares and has been adjusted for the higher operating expenses for such shares; and the RetirementReady 2045, 2050, 2055, and 2060 Funds, for which performance is derived from the historical performance of class R6 shares and has not been adjusted for the lower expenses; had it been adjusted, performance would be higher). Performance for class R6 shares before their inception is derived from the historical performance of class Y shares, which has not been adjusted for the lower operating expenses; had it been adjusted, performance would be higher. For a portion of the period, some funds had expenses limitations or had been sold on a limited basis with limited assets and expenses. Had these limits not been in place, performance would be lower.
Active Income
Diversified Income Trust (Class Y) (PDVYX)
Offering a diversified portfolio of income opportunities since 1988
Highlights
Objective
The fund seeks as high a level of current income as Putnam Management believes is consistent with preservation of capital.
Strategy and process
- Broad diversification The fund seeks multiple sources of return outside the constraints of its benchmark, investing across traditional and alternative bond markets.
- Flexible risk allocations The fund takes a unique approach to asset allocation, dynamically establishing diversified risk exposures rather than sector exposures.
- Active duration management As the fund's duration is independent of any index, the fund employs strategies that seek to reduce interest-rate risk.
Fund price and assets |
Prior close | 52-week high | 52-week low | Net assets and outstanding shares |
|---|---|---|---|---|
| Net asset value |
$5.56
0.00% | $0.00 |
$6.10
02/09/22 |
$5.47
10/21/22 |
Download CSV |
Fund facts as of 01/31/23
$1,520.41M
1,163%
Monthly
1544
September
746704501 / 1822
07/01/96
Taxable Income
PDVYX
Management team
Literature
Fund documents |
| Prospectuses/SAI |
| Fact Sheet (YA share) (PDF) |
| Annual Fund Report (PDF) |
| Semiannual Fund Report (PDF) |
U.S. recession outlook as China reopens
We outline possible scenarios for inflation and recession in the year ahead and how global forces play roles.Expect a pause, not a pivot, as savings fuel spending
In the coming months, the Fed will not likely pivot, but pause and wait with a high level of rates for convincing signs of disinflation.As inflation takes root, fixed income opportunities change
Fixed income markets experienced widespread declines in the U.S. and globally in the third quarter of 2022, as inflation remained high and became more broad-based.Performance
Consistency of positive performance over five years
Performance shown above does not reflect the effects of any sales charges. Click on the dots to see specific returns in each five-year period as of the date revealed. Note that returns of 0.00% are counted as positive periods. For complete fund performance, please see below.
16.24%
Best 5-year annualized return
(for period ending 12/31/13)
-4.32%
Worst 5-year annualized return
(for period ending 12/31/08)
5.69%
Average 5-year annualized return
Total return (%) as of 12/31/22
Annual performance as of 12/31/22
Annualized Total return (%) as of 12/31/22
| Annualized performance | 1 yr. | 3 yrs. | 5 yrs. | 10 yrs. |
|---|---|---|---|---|
| Before sales charge | -3.11% | -3.31% | 0.13% | 1.89% |
| After sales charge | N/A | N/A | N/A | N/A |
| ICE BofA U.S. Treasury Bill Index | 1.33% | 0.71% | 1.27% | 0.77% |
Performance snapshot
| Before sales charge | After sales charge | ||
|---|---|---|---|
| 1 mt. as of 01/31/23 | 1.07% | - | |
| YTD as of 02/07/23 or prior close | 0.35% | - | |
Yield
| Distribution rate before sales charge as of 02/07/23 |
6.47% |
|---|---|
| Distribution rate after sales charge as of 02/07/23 |
6.47% |
| 30-day SEC yield as of 01/31/23 | 7.03% |
Volatility as of 12/31/22
| Standard deviation (3 yrs.) | 9.10% |
|---|
Fixed income statistics as of 12/31/22
| Average effective duration | 2.03 yrs. |
|---|
Lipper rankings as of 12/31/22
| Time period | Rank/Funds in category | Percentile ranking |
|---|---|---|
| 1 yr. | 26/97 | 27% |
| 3 yrs. | 68/93 | 73% |
| 5 yrs. | 53/82 | 64% |
| 10 yrs. | 11/33 | 33% |
Morningstar Ratings™ as of 12/31/22
| Time period | Funds in category | Morningstar Rating™ |
|---|---|---|
| Overall | 312 | |
| 3 yrs. | 312 | |
| 5 yrs. | 267 | |
| 10 yrs. | 137 |
Distributions
| Record/Ex dividend date | 01/18/23 |
|---|---|
| Payable date | 01/20/23 |
| Income | $0.03 |
| Extra income | -- |
| Short-term cap. gain | -- |
| Long-term cap. gain | -- |
Lipper rankings are based on total return without sales charge relative to all share classes of funds with similar objectives as determined by Lipper. Past performance is not indicative of future results.
The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. 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 for a managed product 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 returns, 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 returns. 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.
The up-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has risen. The ratio is calculated by dividing the manager’s returns by the returns of the index during the up-market, and multiplying that factor by 100. The down-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has dropped. The ratio is calculated by dividing the manager’s returns by the returns of the index during the down-market and multiplying that factor by 100.
Holdings
| Fnma Fn30 Tba Umbs 05.0000 01/01/2053 | 20.00% |
|---|---|
| Fnma Fn30 Tba Umbs 05.5000 01/01/2053 | 18.35% |
| Fnma Fn30 Tba Umbs 04.5000 01/01/2053 | 9.01% |
| Fnma Fn30 Tba Umbs 06.0000 01/01/2053 | 5.52% |
| Gnma Gii30 Tba 04.5000 01/01/2053 | 2.89% |
| Gnma Gii30 Tba 03.0000 01/01/2053 | 1.89% |
| Gnma Gii30 Tba 04.0000 01/01/2053 | 1.88% |
| Fnma Fn30 Tba Umbs 03.5000 01/01/2053 | 1.87% |
| Wfrbs 2013-C15 D 144a 04.5288 08/15/2046 | 0.90% |
| Cas 2016-C02 1b 16.6387 09/25/2028 | 0.90% |
| Top 10 holdings, percent of portfolio | 63.20% |
| Top 10 holdings as of 12/31/22 | |
|---|---|
| Fnma Fn30 Tba Umbs 05.0000 01/01/2053 | |
| Fnma Fn30 Tba Umbs 05.5000 01/01/2053 | |
| Fnma Fn30 Tba Umbs 04.5000 01/01/2053 | |
| Fnma Fn30 Tba Umbs 06.0000 01/01/2053 | |
| Gnma Gii30 Tba 04.5000 01/01/2053 | |
| Gnma Gii30 Tba 03.0000 01/01/2053 | |
| Gnma Gii30 Tba 04.0000 01/01/2053 | |
| Fnma Fn30 Tba Umbs 03.5000 01/01/2053 | |
| Wfrbs 2013-C15 D 144a 04.5288 08/15/2046 | |
| Cas 2016-C02 1b 16.6387 09/25/2028 | |
| Holdings represent 63.20% of portfolio | |
| Top 10 holdings as of 11/30/22 | |
|---|---|
| Fnma Fn30 Tba Umbs 05.5000 12/01/2052 | |
| Fnma Fn30 Tba Umbs 05.0000 01/01/2053 | |
| Fnma Fn30 Tba Umbs 04.5000 01/01/2053 | |
| Fnma Fn30 Tba Umbs 05.0000 12/01/2052 | |
| Fnma Fn30 Tba Umbs 06.0000 12/01/2052 | |
| Gnma Gii30 Tba 04.5000 12/01/2052 | |
| Gnma Gii30 Tba 03.0000 12/01/2052 | |
| Gnma Gii30 Tba 04.0000 12/01/2052 | |
| Fnma Fn30 Tba Umbs 03.5000 12/01/2052 | |
| Wfrbs 2013-C15 D 144a 04.6800 08/15/2046 | |
| Holdings represent 68.94% of portfolio | |
| Top 10 holdings as of 10/31/22 | |
|---|---|
| Fnma Fn30 Tba Umbs 05.0000 12/01/2052 | |
| Fnma Fn30 Tba Umbs 05.5000 12/01/2052 | |
| Fnma Fn30 Tba Umbs 04.5000 11/01/2052 | |
| Fnma Fn30 Tba Umbs 05.0000 11/01/2052 | |
| Gnma Gii30 Tba 04.5000 11/01/2052 | |
| Gnma Gii30 Tba 03.0000 11/01/2052 | |
| Gnma Gii30 Tba 04.0000 11/01/2052 | |
| Fnma Fn30 Tba Umbs 03.5000 11/01/2052 | |
| Wfrbs 2013-C15 D 144a 04.5292 08/15/2046 | |
| Cas 2016-C02 1b 15.8356 09/25/2028 | |
| Holdings represent 75.58% of portfolio | |
| Top 10 holdings as of 09/30/22 | |
|---|---|
| Fnma Fn30 Tba Umbs 05.0000 10/01/2052 | |
| Fnma Fn30 Tba Umbs 04.5000 10/01/2052 | |
| Fnma Fn30 Tba Umbs 05.5000 10/01/2052 | |
| Gnma Gii30 Tba 04.5000 10/01/2052 | |
| Gnma Gii30 Tba 03.0000 10/01/2052 | |
| Gnma Gii30 Tba 04.0000 10/01/2052 | |
| Fnma Fn30 Tba Umbs 03.5000 10/01/2052 | |
| Cas 2016-C02 1b 15.3340 09/25/2028 | |
| Wfrbs 2013-C15 D 144a 04.6710 08/15/2046 | |
| Gnr 2020-61 Io Io 04.5000 05/20/2050 | |
| Holdings represent 66.32% of portfolio | |
Fixed income statistics as of 12/31/22
| Average effective maturity | 6.60 yrs. |
|---|---|
| Average effective duration | 2.03 yrs. |
| Average yield to maturity | 6.49% |
| Average coupon | 6.39% |
Portfolio composition as of 12/31/22
| Cash investments | Non-cash investments | Total portfolio | ||||
|---|---|---|---|---|---|---|
| Weight | Spread duration | Weight | Spread duration | Weight | Spread duration | |
| Agency pass-through | 0.01% | 0.00 | 52.00% | 1.96 | 52.01% | 1.96 |
| Agency CMO | 15.73% | 0.54 | 0.00% | 0.00 | 15.73% | 0.54 |
| Emerging-market bonds | 11.90% | 0.61 | 1.66% | 0.00 | 13.56% | 0.61 |
| High-yield corporate bonds | 11.05% | 0.49 | 1.43% | 0.05 | 12.48% | 0.54 |
| Commercial MBS | 11.28% | 0.26 | -0.29% | 0.01 | 10.99% | 0.27 |
| Residential MBS (non-agency) | 10.27% | 0.32 | 0.00% | 0.00 | 10.27% | 0.32 |
| Convertible securities | 4.38% | 0.08 | 0.00% | 0.00 | 4.38% | 0.08 |
| Investment-grade corporate bonds | 2.55% | 0.16 | 0.00% | 0.00 | 2.55% | 0.16 |
| Bank loans | 1.62% | 0.06 | 0.00% | 0.00 | 1.62% | 0.06 |
| Asset-backed securities (ABS) | 0.77% | 0.02 | 0.00% | 0.00 | 0.77% | 0.02 |
| Equity investments | 0.00% | 0.00 | 0.00% | 0.00 | 0.00% | 0.00 |
| Interest rate swaps | 0.00% | 0.00 | 0.00% | -2.66 | 0.00% | -2.66 |
| U.S. Treasury/agency | 0.00% | 0.00 | 0.00% | -0.11 | 0.00% | -0.11 |
| Net cash | 30.45% | 0.00 | 0.00% | 0.00 | 30.45% | 0.00 |
Spread duration is displayed in years and reflects the contribution by sector to the portfolio's total spread duration with the exception of the Treasury and Interest-rate swap sectors where effective duration is displayed. Spread duration estimates the price sensitivity of a specific sector or asset class to a 100 basis-point movement, 1%, (either widening or narrowing) in its yield spread relative to Treasuries. Effective duration provides a measure of a portfolio's interest-rate sensitivity. The longer a portfolio's duration, the more sensitive the portfolio is to shifts in the interest rates. Allocations may not total 100% of net assets because the table includes the notional value of derivatives (the economic value for purposes of calculating periodic payment obligations), in addition to the market value of securities.
Maturity detail as of 12/31/22
| 0 - 1 yr. | -7.94% |
|---|---|
| 1 - 5 yrs. | 29.52% |
| 5 - 10 yrs. | 81.50% |
| 10 - 15 yrs. | -4.75% |
| Over 15 yrs. | 1.67% |
Quality rating as of 12/31/22
| AAA | 15.29% |
|---|---|
| AA | 0.84% |
| A | 1.44% |
| BBB | 7.93% |
| BB | 13.06% |
| B | 8.41% |
| CCC and Below | 10.66% |
| Not Rated | 11.92% |
| Net cash | 30.45% |
Fund characteristics will vary over time.
Due to rounding, percentages may not equal 100%.
Consider these risks before investing: Emerging market securities carry illiquidity and volatility risks. Lower-rated bonds may offer higher yields in return for more risk. Funds that invest in government securities are not guaranteed. Mortgage-backed investments, unlike traditional debt investments, are subject to prepayment risk, which means that they may increase in value less than other bonds when interest rates decline and decline in value more than other bonds when interest rates rise.
The fund’s investments in mortgage-backed securities and asset-backed securities, and in certain other securities and derivatives, may be or become illiquid. The fund’s concentration in an industry group comprising mortgage-backed securities may make the fund’s net asset value more susceptible to economic, market, political, and other developments affecting the housing or real estate markets and the servicing of mortgage loans secured by real estate properties. The fund currently has significant investment exposure to commercial mortgage-backed securities. Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Interest-rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Unlike bonds, funds that invest in bonds have fees and expenses. The value of investments in the fund’s portfolio may fall or fail to rise over time for a variety of reasons, including general economic, political, or financial market conditions; investor sentiment and market perceptions; government actions; geopolitical events or changes; and factors related to a specific issuer, geography, industry, or sector. International investing involves currency, economic, and political risks. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings.
Our investment techniques, analyses, and judgments may not produce the outcome we intend. We, or the fund’s other service providers, may experience disruptions or operating errors that could have a negative effect on the fund. You can lose money by investing in the fund.
Credit qualities are shown as a percentage of the fund's net assets. A bond rated BBB or higher is considered investment grade. This chart reflects the highest security rating provided by one or more of Standard & Poor’s, Moody’s, and Fitch. Ratings and portfolio credit quality will vary over time. Net cash represent the market value weights of cash, derivatives, and short-term securities in the portfolio. The fund itself has not been rated by an independent rating agency. Data in the chart reflect a new calculation methodology put into effect 6/30/22.
Country allocation as of 12/31/22
| United States | 88.23% |
|---|---|
| Indonesia | 1.59% |
| Mexico | 1.46% |
| Côte d'Ivoire | 1.41% |
| Dominican Republic | 1.08% |
| Brazil | 0.75% |
| Egypt | 0.63% |
| Mongolia | 0.53% |
| Ghana | 0.51% |
| Other | 3.81% |
1
Expenses
Expense ratio |
Class A | Class B | Class C | Class M | Class R | Class R6 | Class Y |
|---|---|---|---|---|---|---|---|
| Total expense ratio | 1.01% | 1.76% | 1.76% | 1.26% | 1.26% | 0.66% | 0.76% |
| What you pay | 1.01% | 1.76% | 1.76% | 1.26% | 1.26% | 0.66% | 0.76% |
Sales charge
| Investment Breakpoint | Class A | Class B | Class C | Class M | Class R | Class R6 | Class Y |
|---|---|---|---|---|---|---|---|
| $0-$49,999 | 4.00% | 0.00% | 0.00% | 3.25% | -- | -- | -- |
| $50,000-$99,999 | 4.00% | 0.00% | 0.00% | 2.25% | -- | -- | -- |
| $100,000-$249,999 | 3.25% | -- | 0.00% | 1.25% | -- | -- | -- |
| $250,000-$499,999 | 2.50% | -- | 0.00% | 1.00% | -- | -- | -- |
| $500,000-$999,999 | 0.00% | -- | -- | -- | -- | -- | -- |
| $1M-$4M | 0.00% | -- | -- | -- | -- | -- | -- |
| $4M-$50M | 0.00% | -- | -- | -- | -- | -- | -- |
| $50M+ | 0.00% | -- | -- | -- | -- | -- | -- |
CDSC
| Class A (sales for $500,000+) | Class B | Class C | Class M | Class R | Class R6 | Class Y | |
|---|---|---|---|---|---|---|---|
| 0 to 9 mts. | 1.00% | 5.00% | 1.00% | -- | -- | -- | -- |
| 9 to 12 mts. | 1.00% | 5.00% | 1.00% | -- | -- | -- | -- |
| 2 yrs. | 0.00% | 4.00% | 0.00% | -- | -- | -- | -- |
| 3 yrs. | 0.00% | 3.00% | 0.00% | -- | -- | -- | -- |
| 4 yrs. | 0.00% | 3.00% | 0.00% | -- | -- | -- | -- |
| 5 yrs. | 0.00% | 2.00% | 0.00% | -- | -- | -- | -- |
| 6 yrs. | 0.00% | 1.00% | 0.00% | -- | -- | -- | -- |
| 7+ yrs. | 0.00% | 0.00% | 0.00% | -- | -- | -- | -- |
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.
Consider these risks before investing: Emerging market securities carry illiquidity and volatility risks. Lower-rated bonds may offer higher yields in return for more risk. Funds that invest in government securities are not guaranteed. Mortgage-backed investments, unlike traditional debt investments, are subject to prepayment risk, which means that they may increase in value less than other bonds when interest rates decline and decline in value more than other bonds when interest rates rise.
The fund’s investments in mortgage-backed securities and asset-backed securities, and in certain other securities and derivatives, may be or become illiquid. The fund’s concentration in an industry group comprising mortgage-backed securities may make the fund’s net asset value more susceptible to economic, market, political, and other developments affecting the housing or real estate markets and the servicing of mortgage loans secured by real estate properties. The fund currently has significant investment exposure to commercial mortgage-backed securities. Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Interest-rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Unlike bonds, funds that invest in bonds have fees and expenses. The value of investments in the fund’s portfolio may fall or fail to rise over time for a variety of reasons, including general economic, political, or financial market conditions; investor sentiment and market perceptions; government actions; geopolitical events or changes; and factors related to a specific issuer, geography, industry, or sector. International investing involves currency, economic, and political risks. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings.
Our investment techniques, analyses, and judgments may not produce the outcome we intend. We, or the fund’s other service providers, may experience disruptions or operating errors that could have a negative effect on the fund. You can lose money by investing in the fund.
Credit qualities are shown as a percentage of the fund's net assets. A bond rated BBB or higher is considered investment grade. This chart reflects the highest security rating provided by one or more of Standard & Poor’s, Moody’s, and Fitch. Ratings and portfolio credit quality will vary over time. Net cash represent the market value weights of cash, derivatives, and short-term securities in the portfolio. The fund itself has not been rated by an independent rating agency. Data in the chart reflect a new calculation methodology put into effect 6/30/22.