[MHM FINAL]
	[6/29/12]
[Translation]
Filed Document:	Semi-annual Report
Filed with:	Director of Kanto Local Finance Bureau
Filing Date:	June 29, 2012
Fiscal Year:	During the 18th Term
	(from October 1, 2011 to March 31, 2012)
Name of the Fund:	PUTNAM U.S. GOVERNMENT INCOME
	TRUST
Name of the Issuer:	Putnam U.S. Government Income Trust
Name and Official Title of the	Jonathan S. Horwitz
Representative of the Company:	Executive Vice President, Treasurer,
	Compliance Liaison Officer and Principal
	Executive
Address of Principal Office	One Post Office Square, Boston, Massachusetts
	02109 U.S.A.
Name and Title of Registration Agent:	Ken Miura
	Attorney-at-law
Address or Place of Business	Mori Hamada & Matsumoto
of Registration Agent:	Marunouchi Park Building
	6-1, Marunouchi 2-chome
	Chiyoda-ku, Tokyo
Name of Liaison Contact:	Ken Miura
	Attorney-at-Law
Place of Liaison Contact:	Mori Hamada & Matsumoto
	Marunouchi Park Building
	6-1, Marunouchi 2-chome
	Chiyoda-ku, Tokyo
Phone Number:	03-6212-8316
Places where a copy of this document
is available for Public Inspection:	Not applicable

I. STATUS OF INVESTMENT PORTFOLIO OF THE FUND

Status of investment portfolio of Putnam U.S. Government Income Trust (the “Fund”), is as follows:

(1) Diversification of investment portfolio:
By types of assets and geographic regions

		(As of the end of April 2012)
Types of Assets	Country	Market Value	Investment
		(USD)	Ratio (%)
U.S. Government and Agency	United States	1,116,208,300	69.86
Mortgage Obligations
Short-term Investments	United States	1,041,209,233	65.17
Mortgage-Backed Securities	United States	258,023,129	16.15
Purchased Options	United States	91,195,987	5.71
Total Investments		2,506,636,649	156.89
Cash, Deposit and Other Assets (After Deduction of Liabilities)		-908,955,453	-56.89
Total		1,597,681,196	100.00
(Net Asset Value)		(JPY129,716 million)

Note 1:Investment ratio is calculated by dividing each asset at its market value by the total net asset value of the Fund. The same applies hereinafter.

Note 2:The exchange rate of U.S. dollars (“Dollar” or “$”) into Japanese Yen is JPY 81.19 for one U.S. Dollar, which is the actual middle point between the selling and buying currency rate by telegraphic transfer on April 27, 2012 quoted by The Bank of Tokyo-Mitsubishi UFJ, Ltd. The same applies hereinafter.

Note 3: In this report, money amounts and percentages ending in the numeral 5 or higher have been rounded up to 10 and otherwise rounded down. Therefore, there are cases in which the amount for the "total” column is not equal to the aggregate amount. Also, conversion into other currencies is done by simply multiplying the corresponding amount by the conversion rate specified and rounding the resulting number up to 10 if the amount ends in the numeral 5 or higher and is otherwise rounded down when necessary. As a result, in this report, there are cases in which Japanese yen figures for the same information differ from each other.

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(2) Results of past operations:

a. Record of changes in net assets (Class M Shares):

Record of changes in net assets as of the end of each month for one year up to and including the end of April 2012 are as follows:

	Total Net Asset Value		Net Asset Value per Share
	USD	JPY
	(thousand)	(million)	USD	JPY
2011 End of May	26,001	2,111	14.39	1,168
June	25,920	2,104	14.35	1,165
July	26,279	2,134	14.41	1,170
August	26,251	2,131	14.45	1,173
September	25,907	2,103	14.29	1,160
October	25,723	2,088	14.27	1,159
November	26,018	2,112	14.12	1,146
December	24,841	2,017	13.77	1,118
2012 End of January	24,810	2,014	13.71	1,113
February	24,511	1,990	13.67	1,110
March	24,262	1,970	13.66	1,109
April	24,533	1,992	13.70	1,112

b. Record of distributions paid (Class M Shares):

Period	Amount paid per Share
(5/1/11-4/30/12)	$1.054 (JPY86)

Note: Record of distribution paid for one year up to and including the end of April 2012 is as follows:

Ex-dividend Date		Total Distributions ($)	NAV per Share ($)
2011	May 16	0.062	14.37
	June 14	0.062	14.32
	July 14	0.062	14.34
	August 16	0.062	14.54
	September 14	0.062	14.46
	October 14	0.062	14.15
	November 15	0.062	14.12
	December 14	0.372	13.80
2012	January13	0.062	13.75
	February 14	0.062	13.71
	March 14	0.062	13.55
	April 16	0.062	13.68

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c. Record of annual return (Class M Shares):

Period	Annual Return (%) (Note)
(May 1, 2011 – April 30, 2012)	3.19%

Note: Calculation of the yield on investment (including dividend) (the overall yield on investment):

“NAV at beginning of term” means the net asset value per unit calculated at the beginning of the yield calculation period.

“NAV at term end” means the net asset value per unit calculated at the end of the yield calculation period.

Calculation of cumulative increase ratio by distribution:

The amount shall be obtained by multiplying together all the amounts of such dividend as distributed during the yield calculation period divided by the net asset value per unit on the ex-dividend day of the relevant distribution plus 1.

II. RECORD OF SALES AND REPURCHASE (Class M Shares)

Record of sales and repurchase for one year up to and including the end of April 2012 and the number of outstanding shares of the Fund as of the end of April 2012 are as follows:

(5/1/2011 – 4/30/2012)

Number of Shares Sold	Number of Shares	Number of Outstanding
	Repurchased	Shares
224,526	245,955	1,790,585
(47,100)	(100,980)	(1,018,680)

Note: The figures in parenthesis show those sold, repurchased and outstanding in Japan.

III. FINANCIAL CONDITIONS OF THE FUND

[Japanese translation of the unaudited semi-annual accounts of the Fund to be attached.]

IV. OUTLINE OF THE INVESTMENT MANAGEMENT COMPANY

(“Putnam Investment Management, LLC”)

(1) Amount of Capital Stock

(i) Amount of Member’s Equity (as of April 30, 2012)

$101,197,597 (JPY8.2 billion) (unaudited)

(ii) Number of authorized shares of capital stock

Not applicable.

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(iii) Number of outstanding shares of capital stock Not applicable.

(2) Description of business and outline of operation

The Investment Management Company is engaged in the business of providing investment management and investment advisory services to mutual funds. As of April 30, 2012, the Investment Management Company managed, advised, and/or administered the following 109 funds and fund portfolios (having an aggregate net asset value nearly $62.7 billion).

Name of	Principal Characteristics	Number of funds	Total Net Asset Value
Country			($ million)
U.S.A.	Closed End Bond	6	$2,626.69
	Open End Balanced	17	$15,753.60
	Open End Bond	35	$24,265.41
	Open End Equity	51	$20,097.93
	Total	109	$62,743.63

(3) Miscellaneous

Regulatory matters and litigation

In late 2003 and 2004, the Investment Management Company settled charges brought by the SEC and the Massachusetts Securities Division in connection with excessive short-term trading in Putnam funds. In July 2011, the Fund recorded a receivable of $254,079 related to restitution amounts in connection with a distribution plan approved by the SEC. These allegations and related matters have served as the general basis for certain lawsuits, including purported class action lawsuits against the Investment Management Company and, in a limited number of cases, some Putnam funds. In May 2011, the Fund received a payment of $5,150 related to settlement of those lawsuits.

V. OUTLINE OF THE FINANCIAL CONDITION OF THE MANAGEMENT COMPANY

[Japanese translation of unaudited semi-annual accounts of the Investment Management Company shall be attached to the Japanese version of the semi-annual report.]

	[MHM FINAL]
	[6/29/12]
Filed Document:	AMENDMENT TO SECURITIES
	REGISTRATION STATEMENT
Filed with:	Director of Kanto Financial Bureau
Filing Date:	June 29, 2012
Name of the Issuer:	PUTNAM U.S.GOVERNMENT INCOME
	TRUST
Name and Official Title of	Jonathan S. Horwitz
Representative of Company:	Executive Vice President, Treasurer, Compliance
	Liaison Officer and Principal Executive
Address of Principal Office:	One Post Office Square, Boston, Massachusetts
	02109 U.S.A.
Name and Title of Registration Agent:	Ken Miura
	Attorney-at-law
Address or Place of Business of	Mori Hamada & Matsumoto
Registration Agent:	Marunouchi Park Building
	6-1, Marunouchi 2-chome
	Chiyoda-ku, Tokyo
Name of Liaison Contact:	Ken Miura
	Attorney-at-Law
Place of Liaison Contact:	Mori Hamada & Matsumoto
	Marunouchi Park Building
	6-1, Marunouchi 2-chome
	Chiyoda-ku, Tokyo
Phone Number:	03-6212-8316

- ii - 

Public offering or sale for registration 

Name of the Fund making public	Putnam U.S. Government Income Trust
Offering or sale of foreign
investment fund securities:
Aggregate amount of	Up to $13.32 million (JPY108.1) Class M Shares
foreign investment fund securities
to be publicly offered or sold:

Note : The exchange rate of U.S. dollars (“Dollar” or “$”) into Japanese Yen is JPY 81.19 for one U.S. Dollar, which is the actual middle point between the selling and buying currency rate by telegraphic transfer on April 27, 2012 quoted by The Bank of Tokyo-Mitsubishi UFJ, Ltd.

Places where a copy of this amendment to securities 

registration statement is available for public inspection 

Not applicable.

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I. REASON FOR FILING OF THIS AMENDMENT TO SECURITIES REGISTRATION STATEMENT:

This statement purports to amend and update the relevant information of the securities registration statement (“SRS”) filed on March 30, 2012 due to the fact that the aforementioned semi-annual report was filed today.

The exchange rates used in this statement to translate the amended amounts of foreign currencies are different from those used before these amendments, as the latest exchange rates are used in this statement.

II. CONTENTS OF THE AMENDMENTS

The following matters in the original Japanese SRS are amended to have the same contents as those provided in the following items of the aforementioned semi-annual report:

(1) Amendment in the Original SRS by filing the semi-annual report is as follows.

Part II. INFORMATION ON THE FUND

Before amendment	After amendment
[Original Japanese SRS]	[Aforementioned Semi-annual Report]
PART II. Information on the Fund	IV. Outline  of  Investment  Management
I. Description of the Fund	Company
1. Nature of the Fund	(1) Amount of Capital Stock
(3) Structure of the Fund
D. Investment Management Company
e. Amount of Capital Stock
5. Status of investment portfolio	I. Status of investment portfolio
(1) Diversification of investment portfolio	(1) Diversification of investment portfolio
	(the aforementioned Japanese semi-annual
	report)
(3) Results of past operations	(2) Results of past operations
a) Record of changes in net assets	(a) Record of changes in net assets
	(Ditto)
(Regarding the amounts as at the end of	(Regarding the amounts as at the end of
each month during one-year period up to	each month during one-year period up to
the latest relevant date appertaining to	the latest relevant date appertaining to the
the filing date of the original Japanese	filing date of the aforementioned
SRS)	semi-annual report)
b) Record of distributions paid	(b) Record of distributions paid
	(Ditto)

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(Regarding the amounts as at the end of	(Regarding the amounts as at the end of
each month during one-year period up to	each month during one-year period up to
the latest relevant date appertaining to	the latest relevant date appertaining to the
the filing date of the original Japanese	filing date of the aforementioned
SRS)	Semi-annual Report)
c) Record of annual return	(c) Record of annual return
	(Ditto)
	(Addition of the rate(s) during one-year
	period up to the latest relevant date
	appertaining to the filing date of the
	aforementioned semi-annual report)
(4) Results of Sales and Repurchse	II. Record of Sales and Repurchase
	(Addition of the latest information during
	one-year period up to the latest relevant
	date appertaining to the filing date of the
	aforementioned semi-annual report)
III. Financial conditions of the Fund	III. Financial conditions of the Fund
Financial statement	(Addition of the aforementioned
	semi-annual financial documents)
Part III. SPECIAL INFORMATION
Outline of the Investment Management
Company
Outline of the Investment Management	IV. Outline of the Investment Management
Company	Company
(1) Amount of capital stock	(1) Amount of capital stock
(Regarding the amount of capital and the	(the aforementioned Japanese semi-annual
total number of shares to be issued by the	report)
Investment Management Company and the
number of outstanding shares as at the latest
relevant date appertaining to the filing date
of the original Japanese SRS)
2. Description of business and outline of	(2) Description of business and outline of
operation	operation (Ditto)
3. Financial conditions of the Investment	V. Outline of the financial status of the
Management Company	Investment Management Company
	(Addition of the aforementioned
	semi-annual financial documents)
5. Miscellaneous	IV. Outline of the Investment Management
(5) Litigation, etc.	Company
	(3) Miscellaneous
	(Addition of the aforementioned
	semi-annual report)

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[The whole descriptions in the semi-annual report are copied here in the Japanese document. Omitted]

- 4 - 

PART II. INFORMATION ON THE FUND

I. DESCRIPTION OF THE FUND

4. FEES, ETC. AND TAX
(3) Management Fees, etc.:
C. Custodian Fee and Charges of the Investor Servicing Agent
(page 30 of the original SRS)

<Before Amendment>

(omitted) 

Putnam Investor Services, Inc., located One Post Office Square, Boston, MA 02109, is the Fund’s Investor Servicing Agent (transfer, plan and dividend disbursing agent), for which it receives fees that are paid monthly by the Fund as an expense of all its shareholders The fee paid to Putnam Investor Services, subject to certain limitations, is based on the Fund’s retail asset level, the number of shareholder accounts in the Fund and the level of defined contribution plan assets in the Fund. Through at least June 30, 2012, investor servicing fees for the Fund will not exceed an annual rate of 0.375% of the Fund’s average assets.

(omitted) 

<After Amendment>

(omitted) 

Putnam Investor Services, Inc., located One Post Office Square, Boston, MA 02109, is the Fund’s Investor Servicing Agent (transfer, plan and dividend disbursing agent), for which it receives fees that are paid monthly by the Fund as an expense of all its shareholders. The fee paid to Putnam Investor Services, subject to certain limitations, is based on the Fund’s retail asset level, the number of shareholder accounts in the Fund and the level of defined contribution plan assets in the Fund. Through at least June 30, 2013, investor servicing fees for the Fund will not exceed an annual rate of 0.32% (0.375% till June 30, 2012) of the Fund’s average assets.

(omitted)