Fund Description

The fund was incepted in March 1985 and is managed by Putnam Investment Management, LLC. The fund seeks high current income, with preservation of capital as its secondary objective. Under normal circumstances, the fund invests at least 80% of its net assets in U.S. government securities. The fund may invest up to 20% of net assets in mortgage-backed securities of private issuers rated AAA or its equivalent, at the time of purchase, by a nationally recognized securities rating agency, or if unrated, that the fund determines to be of comparable quality. The fund distributes dividends monthly and capital gains, if any, annually.