Putnam Mortgage Securities Fund Class R6 is a mutual fund that primarily targets income generation and capital preservation through diversified investments in mortgage-related fixed income securities. The fund's portfolio consists mainly of agency mortgage-backed securities (MBS), collateralized mortgage obligations, as well as non-agency residential and commercial mortgage-backed securities, and asset-backed securities. This investment approach exposes the fund to a range of credit qualities, including both investment-grade and below-investment-grade instruments. Served within the Intermediate Core-Plus Bond category, the fund aims to provide a steady stream of income, typically distributed on a monthly basis, while managing risk through diversification across 400+ holdings. The fund reports a moderate effective duration, reflecting sensitivity to interest rate changes, and is noted for its relatively high turnover, suggesting an active management strategy. Managed by Putnam, a firm with experience in mortgage-related fixed income markets, the fund plays a significant role for institutional and retirement investors seeking exposure to the U.S. mortgage sector, backed by large holdings in securities issued by agencies such as Fannie Mae and Ginnie Mae.
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