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

That is why Putnam has more than 70 fixed-income professionals focusing on key areas such as global rates, securitized sectors, 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 sector, but also on the broad sources of risks — and opportunities — most likely to drive returns.

Today's opportunities require a comprehensive approach

Access to a broader set of opportunities and a comprehensive, global view of the fixed income market Tenured team of industry veterans at every step

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Consider these risks before investing: International investing involves currency, economic, and political risks. Emerging-market securities carry illiquidity and volatility risks. 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 and the risk that they may increase in value less when interest rates decline and decline in value more when interest rates rise. Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Interest-rate risk is greater for longer-term bonds, and credit risk is greater for below-investment-grade bonds. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Unlike bonds, funds that invest in bonds have fees and expenses. Bond prices may fall or fail to rise over time for several reasons, including general financial market conditions and factors related to a specific issuer or industry. You can lose money by investing in the fund.