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

ETFs Ticker 30-day SEC yield
as of 02/28/23
Total net assets Inception date
Putnam ESG Core Bond ETF PCRB 3.18% -- 01/19/23
Putnam ESG High Yield ETF PHYD 5.81% -- 01/19/23
Putnam ESG Ultra Short ETF PULT 3.86% -- 01/19/23
Funds Ticker 30-day SEC yield
as of 02/28/23
Total net assets Inception date
Convertible Securities Fund PCGYX 2.47% $627.17M 12/30/98
Diversified Income Trust PDVYX 6.56% $1,508.94M 07/01/96
Floating Rate Income Fund PFRYX 7.80% $369.63M 10/04/05
Global Income Trust PGGYX 4.20% $146.54M 10/04/05
Government Money Market Fund (A shares) PGDXX 4.00% $206.57M 04/14/16
High Yield Fund PHAYX 7.00% $928.84M 12/31/98
Income Fund PNCYX 5.24% $1,529.91M 06/16/94
Money Market Fund (A shares) PDDXX 4.33% $757.62M 10/01/76
Mortgage Opportunities Fund PMOYX 6.79% $437.55M 06/30/19
Mortgage Securities Fund PUSYX 6.62% $468.68M 04/11/94
Short Duration Bond Fund PARYX 4.87% $1,568.51M 12/23/08
Ultra Short Duration Income Fund PSDYX 4.67% $11,354.75M 10/17/11

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.