The team takes a 360-degree view of the fixed-income markets

Successful investing in today's markets requires a broad-based approach, the flexibility to exploit a range of sectors and investment opportunities, and a keen understanding of the complex global interrelationships that drive the markets.

That's why Putnam has more than 70 fixed-income professionals focusing on key areas such as global rates, securitized vehicles, credit, emerging markets, currency, and portfolio construction. Together, our team offers comprehensive coverage of every aspect of the fixed-income world, based not only on security type, but also on the broad sources of risk — and opportunities — most likely to drive returns.

*A Lipper Fund Award is presented to one fund in each Lipper category for achieving the strongest trend of consistent risk-adjusted performance against its category peers over the 3-, 5-, or 10-year periods as of 12/31/11. Past performance is not indicative of future results. Rankings for other shares classes will vary.

Consider these risks before investing:
Lower-rated bonds may offer higher yields in return for more risk. Funds that invest in government securities are not guaranteed. Mortgage-backed securities are subject to prepayment risk. The use of derivatives involves additional risks, such as the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Funds that invest in bonds are subject to certain risks including interest-rate risk, credit risk, and inflation risk. As interest rates rise, the prices of bonds fall. Long-term bonds are more exposed to interest-rate risk than short-term bonds. Unlike bonds, bond funds have ongoing fees and expenses.

Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, contact your financial representative, call Putnam at 1-888-4-PUTNAM (1-888-478-8626), or click on the prospectus section to view or download a prospectus. Please read the prospectus carefully before investing.

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