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Investment Objective
The fund seeks high current income with preservation of capital as its secondary objective.
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Fund Description
The fund typically divides its assets between U.S. Treasury securities and Government National Mortgage Association certificates (Ginnie Maes). The fund takes a slightly more aggressive approach to total return by investing in longer-term securities. Investors should have an investment horizon of at least three years to give their investment the full potential to benefit from a typical interest-rate cycle.
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| Fund Returns |
| As of Quarter End June 30, 2007 | All returns in percentages |
| Class |
Last
Quarter |
Year
to Date |
1
Year |
3
Year |
5
Year |
10 Years |
Life of
Fund |
| A |
NAV |
0.04% |
1.40% |
5.49% |
2.89% |
2.97% |
4.73% |
6.42% |
| |
POP |
-3.76% |
-2.35% |
1.51% |
1.57% |
2.20% |
4.34% |
6.24% |
| |
Inception date: March 1, 1985 |
| B |
NAV |
-0.04% |
1.03% |
4.73% |
2.13% |
2.21% |
3.96% |
5.55% |
| |
CDSC |
-5.00% |
-3.94% |
-0.27% |
1.17% |
1.84% |
3.96% |
5.55% |
| |
Inception date: May 20, 1994 |
| C |
NAV |
-0.16% |
1.03% |
4.71% |
2.11% |
2.22% |
3.95% |
5.62% |
| |
POP |
-1.15% |
0.03% |
3.71% |
2.11% |
2.22% |
3.95% |
5.62% |
| |
Inception date: July 26, 1999 |
| M |
NAV |
0.08% |
1.37% |
5.30% |
2.64% |
2.75% |
4.49% |
6.11% |
| |
POP |
-3.18% |
-1.94% |
1.90% |
1.51% |
2.07% |
4.14% |
5.95% |
| |
Inception date: February 14, 1995 |
| Lehman Govt Bond Index |
| |
NAV |
-0.33% |
1.10% |
5.56% |
3.62% |
4.09% |
5.85% |
|
Fund Returns |
| As of Month End July 31, 2007 | All returns in percentages |
| Class |
Last
Quarter |
Year
to Date |
1
Year |
3
Year |
5
Year |
10 Years |
Life of
Fund |
| A |
NAV |
--- |
3.03% |
6.00% |
3.18% |
3.06% |
4.65% |
6.47% |
| |
POP |
--- |
-0.78% |
2.03% |
1.87% |
2.27% |
4.25% |
6.29% |
| |
Inception date: March 1, 1985 |
| B |
NAV |
--- |
2.60% |
5.24% |
2.42% |
2.30% |
3.89% |
5.60% |
| |
CDSC |
--- |
-2.40% |
0.24% |
1.47% |
1.93% |
3.89% |
5.60% |
| |
Inception date: May 20, 1994 |
| C |
NAV |
--- |
2.60% |
5.23% |
2.41% |
2.29% |
3.87% |
5.67% |
| |
POP |
--- |
1.60% |
4.23% |
2.41% |
2.29% |
3.87% |
5.67% |
| |
Inception date: July 26, 1999 |
| M |
NAV |
--- |
2.97% |
5.80% |
2.93% |
2.82% |
4.42% |
6.16% |
| |
POP |
--- |
-0.39% |
2.42% |
1.81% |
2.14% |
4.07% |
6.00% |
| |
Inception date: February 14, 1995 |
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Data is historical. Past performance is no guarantee of future results. More recent returns may be worth more or less than those shown. Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. For the most recent month-end performance, visit www.putnaminvestments.com.
Performance assumes reinvestment of distributions and does not account for taxes. Returns at public offering price (POP) for class A and class M shares reflect the current maximum initial sales charges of 5.25% and 3.25% for equity funds, and 3.75% and 3.25% for income funds (3.25% and 2.00% for Putnam Limited Duration Government Income Fund and Putnam Floating Rate Income Fund), respectively. POP performance of income funds' class A shares (other than Putnam Limited Duration Government Income Fund and Putnam Floating Rate Income Fund) and equity funds' class M shares reflects a reduction in maximum sales charge that took effect April 1, 2005. Class B share returns reflect 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 Limited Duration Government Income Fund and Putnam Floating Rate Income Fund, which is 3% in the first year, declines to 1% in the fourth year, and is eliminated thereafter). Class C shares reflect a 1% CDSC the first year that is eliminated thereafter. Performance for class B, C, M, R, T, and Y shares prior to their inception is derived from the historical performance of class A shares, adjusted for the applicable sales charge (or CDSC) and, except for class Y shares, the higher operating expenses for such shares (with the exception of Putnam Tax-Free High Yield Fund and Putnam AMT-Free Insured Municipal Fund, which are based on the historical performance of class B shares). Class A, M, and T shares of Putnam money market funds have no initial sales charge. For a portion of the period some funds may have limited expenses or been sold on a limited basis with limited assets and expenses, without which returns would be lower. A short-term trading fee of up to 1% may apply.
The Lehman Intermediate Treasury Bond Index is an unmanaged index of U.S. Treasury securities with maturities between 1 and 10 years. Securities indexes assume reinvestment of all distributions and interest payments and do not take in account brokerage fees or taxes. Securities in the fund do not match those in the indexes and performance of the fund will differ. It is not possible to invest directly in an index.
Mutual funds that invest in government securities are not guaranteed. Mortgage-backed securities are subject to prepayment risk.
The use of derivatives involves special risks and may result in losses.
You can lose money by investing in a fund. Any given fund may not achieve its goal, and is not intended as a complete investment program. All funds have risk. The value and/or returns of a portfolio will fluctuate with market conditions. You may have more or less than the original amount invested when you redeem your shares.
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Expense Ratio
| Class |
Fund's total expense ratio |
What you pay* |
*American Government Income Fund reflects Putnam Management’s decision to contractually limit expenses through 09/30/2007.
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| Class |
1 Year |
3 Years |
5 Years |
10 Years |
| Lipper Category: General US Government |
| A |
5% (7/165) |
37% (54/145) |
47% (60/127) |
58% (45/77) |
| B |
19% (30/165) |
77% (112/145) |
84% (107/127) |
92% (71/77) |
| C |
19% (31/165) |
79% (114/145) |
85% (108/127) |
--- |
| M |
7% (10/165) |
50% (73/145) |
61% (77/127) |
63% (49/77) |
Lipper Analytical Services, Inc. is an industry research firm whose rankings are based on total return performance and do not reflect the effect of sales charges. Each fund is ranked within a universe of funds similar in investment objective. Past performance is no guarantee of future results.
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| Top 10 Holdings | Holdings will vary over time |
| As of July 31, 2007 | Holdings represent 42.60% of portfolio |
| Rank |
Fund |
Percentage of Portfolio |
| 1. |
Fnma Fn30 Otba 06.5000 08/01/2037 |
10.46% |
| 2. |
Us Treasury N/B 06.0000 02/15/2026 |
8.18% |
| 3. |
Us Treasury N/B 04.2500 08/15/2013 |
5.50% |
| 4. |
Freddie Mac 06.6250 09/15/2009 |
4.70% |
| 5. |
Us Treasury N/B 08.0000 11/15/2021 |
3.29% |
| 6. |
Us Treasury N/B 03.3750 02/15/2008 |
2.37% |
| 7. |
Us Treasury N/B 04.0000 02/15/2015 |
2.10% |
| 8. |
Fannie Mae 04.2500 08/15/2010 |
2.07% |
| 9. |
Us Treasury N/B 07.5000 11/15/2016 |
2.01% |
| 10. |
Us Treasury N/B 06.2500 05/15/2030 |
1.92% |
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Industry Sectors
Not available
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Country Allocation
Not available
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| Mortgage-backed Securities |
48.02% |
| Asset-backed Securities |
1.75% |
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| Average Effective Maturity | 6.17 years |
| Average Effective Duration | 4.1 years |
| Average Yield to Maturity | 5.51% |
| A |
SEC Yield as of 07/31/2007 |
4.10% |
3.95% |
| |
SEC Yield (unsubsidized) |
3.96% |
3.81% |
| B |
SEC Yield as of 07/31/2007 |
3.36% |
-- |
| |
SEC Yield (unsubsidized) |
3.21% |
-- |
| C |
SEC Yield as of 07/31/2007 |
3.36% |
-- |
| |
SEC Yield (unsubsidized) |
3.22% |
-- |
| M |
SEC Yield as of 07/31/2007 |
3.85% |
3.73% |
| |
SEC Yield (unsubsidized) |
3.71% |
3.59% |
| Class |
Record/Ex
Dividend Date |
Payable
Date |
Income |
ST Cap Gain |
LT Cap Gain |
| A |
08/13/2007 |
08/20/2007 |
$0.031000 |
|
|
| B |
08/13/2007 |
08/20/2007 |
$0.025000 |
|
|
| C |
08/13/2007 |
08/20/2007 |
$0.025000 |
|
|
| M |
08/13/2007 |
08/20/2007 |
$0.029000 |
|
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| Fiscal Year End | September |
| Fund Status | Open to new investors |
| Dividend Frequency | Monthly |
| Number of Issues | 396 |
| Turnover (as of fiscal year end) | 233.43% |
| Class |
Inception |
Symbol |
CUSIP |
Number of
Accounts |
Outstanding
Shares |
Net Assets |
| A |
March 1, 1985 |
PAGVX |
74644B102 |
39,065 |
69,251,582 |
616,524,520 |
| B |
May 20, 1994 |
PAMBX |
74644B201 |
3,886 |
3,136,722 |
27,749,356 |
| C |
July 26, 1999 |
--- |
74644B409 |
276 |
360,634 |
3,202,508 |
| M |
February 14, 1995 |
PAMMX |
74644B300 |
127 |
230,247 |
2,060,298 |
| Totals |
|
|
|
43,354 |
72,979,185 |
649,536,682 |
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Investment Management
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Prospectus
You agree to receive this prospectus electronically and to read and agree to its terms before investing or sending money. It contains detailed information about the fund's investment policies, risks, charges and expenses. You can read and print the prospectus while you are online, using a supported browser and Adobe Acrobat Reader™ software. If you would like a preprinted copy of the prospectus, please contact your Edward Jones financial advisor.
This prospectus is not an offer to sell, or a solicitation of an offer to buy shares in the fund nor shall any such shares be offered or sold to any person in any jurisdiction in which such offer, solicitation, purchase, or sale would be unlawful under the securities laws of such jurisdiction.
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Copyright 2007, Putnam Retail Management
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