Diversified Income Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Diversified Income Fund held 3,129 positions with $2.19B in net assets. Its ten largest holdings made up 11.5% of the fund. The PGDIX share class costs 0.73% a year. Over the 12 months to May 2026, PGDIX returned 4.4%, with dividends reinvested. In 2026 Q3 it added 265 new positions and exited 686.
The Fund seeks income.
The fund invests in a diversified portfolio of fixed-income securities selected by multiple sub-advisors under strategic allocations set by the principal adviser. Holdings span investment-grade and high-yield corporate bonds, preferred securities, emerging market debt, securitized products, and derivatives used to manage exposure and hedge currency risk. Because day-to-day management is delegated to multiple sub-advisors with varying strategies and allocations that may shift substantially, the fund's actual composition and risk profile can change materially over time.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
Principal Funds, Inc - Government Money Market Fund - Class R-6 | 4.88% | $106.93M | — | — |
iShares Broad USD High Yield Corporate Bond ETF | 2.01% | $44.10M | 1.2M | $37.23 |
Specialty Steel 12.00% floating · due 2033-11-15 | 1.07% | $23.44M | — | — |
Real Alloy Holding Inc | 0.70% | $15.39M | 299.57 | $51,372.14 |
N/A | 0.53% | $11.70M | — | — |
Baffinland Iron Mines Corp / Baffinland Iron Mines LP 8.75% · due 2026-07-15 | 0.51% | $11.06M | — | — |
Engineered Machinery Holdings Inc Term Loan 9.96% floating · due 2029-05-21 | 0.48% | $10.61M | — | — |
AthenaHealth Group Inc 6.50% · due 2030-02-15 | 0.47% | $10.28M | — | — |
Beach Acquisition Bidco LLC 10.00% floating · due 2033-07-15 | 0.45% | $9.78M | — | — |
Hungary Government Bond 4.50% · due 2028-03-23 | 0.44% | $9.60M | — | — |
Reported price is the fund's own reported value divided by its own reported shares at 2026-04-30 — not a live quote, and not what the fund paid.
The 200 largest of 3,129 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 74.21% |
| Securitized | 11.17% |
| Loans | 7.17% |
| Cash & short-term | 5.80% |
| 2 smaller | 2.81% |
Look-through blends 4 underlying funds; 0.231% of NAV was not looked through and stays direct-classified.
By sector
- Other
- 31.5%
- International
- 19.1%
- Securitized
- 10.8%
- Financials
- 9.0%
- 12 other sectors
- 29.6%
- Other
- 31.5%
- International
- 19.1%
- Securitized
- 10.8%
- Financials
- 9.0%
- Government
- 7.9%
- Cash
- 5.2%
- Utilities
- 2.8%
- Health Care
- 2.6%
- Information Technology
- 1.9%
- Consumer Discretionary
- 1.9%
- Communication Services
- 1.8%
- Energy
- 1.6%
- Industrials
- 1.4%
- Consumer Staples
- 1.0%
- Real Estate
- 0.8%
- Materials
- 0.7%
How it has done
PGDIX share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.30%. Past returns are a record, not a forecast.
Jun 2026 and Jul 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 4 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.73% | +4.36% | +19.61% | +11.69% | -3.29% | |
| 1.07% | +3.98% | +18.51% | +9.76% | -3.44% | |
| 1.84% | +3.17% | +15.74% | +5.64% | -3.55% | |
| 0.73% | +4.28% | +19.80% | +11.79% | -3.29% |
These classes hold the same portfolio, so the 6.15pp spread over 5 years is the cost difference between them — roughly 1.23pp a year — not a difference in what they own.
Fees & fund details
Diversified Income Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Expense ratio, by class
- 0.73% – 1.84%· PGDIX 0.73%
- Portfolio turnover
- 92.90% a year · as of 2026 Q1
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
265 new· the largest 7
686 exited· the largest 8
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 69.9% |
| Floating rate | 28.9% |
| Zero-coupon or unclassified | 1.2% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 2.2% |
| 1-3y | 12.0% |
| 3-5y | 21.3% |
| 5-10y | 33.0% |
| 10y+ | 25.9% |
| Unknown | 5.6% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
This fund carries a net credit hedge: it would gain roughly ≈ 0% if credit spreads widened 100bp, where a comparable bond fund would lose.
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 10 yr | 0.01 yr | 100% |
3 mo and 1 yr and 5 yr and 30 yr are NEGATIVE (-0.00 yr, -0.03 yr, -0.04 yr, -0.09 yr) — a deliberate hedge at that point on the curve, so they are not part of the band above.
| 10 yr | 0.02 yr | 100% |
3 mo and 1 yr and 5 yr and 30 yr are NEGATIVE (-0.00 yr, -0.03 yr, -0.04 yr, -0.07 yr) — a deliberate hedge at that point on the curve, so they are not part of the band above.
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | -0.00 | +0.00 | -0.00 | $103 | -$144 |
| 1 yr | -0.03 | -0.00 | -0.02 | -$611 | -$5.4k |
| 5 yr | -0.04 | -0.03 | -0.02 | -$5.7k | -$3.9k |
| 10 yr | +0.01 | -0.01 | +0.03 | -$1.7k | $6.8k |
| 30 yr | -0.09 | -0.07 | -0.00 | -$15.7k | -$741 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Duration contribution in years, summing to the fund's -0.14 yr.
This is where the fund's rate exposure sits, not its currency risk — most international bond funds hedge the currency back to dollars, and the size of those hedges is not in the filing. Tenors are also summed across curves, so a 5-year JPY point and a 5-year USD point are added together.
A newer credit-spread reading (2026Q3) is on file. This page holds one quarter across every figure on it, so that one appears here next quarter.
Understand how this fund fits with the rest.
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