Morningstar

Franklin U.S. Government Securities Fund Class R FUSRX

Morningstar Medalist Rating
Unlock
Medalist Rating as of See Franklin Templeton Investment Hub
  • NAV / 1-Day Return$4.92  /  −0.20%
  • Fund Size$1.8B
  • Adjusted Expense Ratio1.110%
  • Net Expense Ratio1.100%
  • Fee Level: DistributionAbove Average
  • Share Class TypeRetirement, Medium
  • Morningstar CategoryGovernment Mortgage-Backed Bond
  • Fixed-Income Style Box (Funds)High/Moderate
  • Minimum Initial Investment$1,000
  • Investment StatusOpen
  • TTM Yield3.20%
  • Average Effective Duration5.38 yrs
NAV and 1-Day Return as of

Morningstar’s Analysis FUSRX

Will FUSRX outperform in the future?

Get our overall rating based on a fundamental assessment of the pillars below.

  • Process Pillar

    The Process Pillar is our assessment of how sensible, clearly defined, and repeatable FUSRX’s performance objective and investment process is for both security selection and portfolio construction.

  • People Pillar

    The People Pillar is our evaluation of the FUSRX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.

  • Parent Pillar

    The Parent Pillar is our rating of FUSRX’s parent organization’s priorities and whether they’re in line with investors’ interests.

A straightforward Ginnie Mae MBS option.

Analyst Ken Noguchi

Ken Noguchi

Analyst

Summary

Franklin US Government Securities’ team leverages deep securitized-debt expertise and a range of mortgage models to uncover mispriced structures, though its strict GNMA mandate narrows the opportunity set compared with more diversified peers.

by Ken Noguchi
Rated on Published on

Unlock our full analysis with Morningstar Investor

Portfolio Holdings FUSRX

More FUSRX Holdings
  • Current Portfolio Date
  • Equity Holdings—
  • Bond Holdings—
  • Other Holdings—
  • % Assets in Top 10 Holdings38.6
Top 10 Holdings
% Portfolio Weight
Market Value USD
Sector

Government National Mortgage Association 2.5%

7.09128M
Securitized

Government National Mortgage Association 2%

5.2896M
Securitized

Government National Mortgage Association 3.5%

4.6083M
Securitized

Government National Mortgage Association 5%

4.1575M
Securitized

Government National Mortgage Association 3%

3.5063M
Securitized

Government National Mortgage Association 6%

3.0355M
Securitized

Government National Mortgage Association 2.5%

2.8852M
Securitized

Government National Mortgage Association 2.5%

2.8652M
Securitized

Government National Mortgage Association 5.5%

2.8051M
Securitized

Government National Mortgage Association 2.5%

2.3843M
Securitized

Sponsor Center

Site Index
United States Flag United States

© Copyright 2026 Morningstar, Inc. All rights reserved. Dow Jones Industrial Average, S&P 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are real-time.