Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary, and you may have a gain or loss when you sell your shares. Performance assumes reinvestment of distributions and does not account for taxes. Returns before sales charge do not reflect the current maximum sales charges as indicated below. Had the sales charge been reflected, returns would be lower. Returns at public offering price (after sales charge) for class A and class M shares reflect the current maximum initial sales charges of 5.75% and 3.50% for equity funds and 4.00% and 3.25% for income funds (2.25% for class A of Putnam Floating Rate Income Fund, Short-Term Municipal Income, Short Duration Bond Fund, and Fixed Income Absolute Return Fund), respectively. Class B share returns reflect the applicable contingent deferred sales charge (CDSC), which is 5% in the first year, declining to 1% in the sixth year, and is eliminated thereafter (except for Putnam Floating Rate Income Fund, Putnam Short Duration Bond Fund, Putnam Fixed Income Absolute Return Fund, and Putnam Short-Term Municipal Income Fund, which is 1% in the first year, declining to 0.5% in the second year, and is eliminated thereafter). Class C shares reflect a 1% CDSC the first year that is eliminated thereafter. Performance for class B, C, M, N, R, and Y shares prior to their inception is derived from the historical performance of class A shares, adjusted for the applicable sales charge (or CDSC) and, except for class Y shares, the higher operating expenses for such shares (with the exception of Putnam Tax-Free High Yield Fund and Putnam AMT-Free Municipal Fund, which are based on the historical performance of class B shares). Performance for class A, C, and Y shares of Putnam Mortgage Opportunities Fund before their inception is derived from the historical performance of class I shares, which have been adjusted for the applicable sales charge (or CDSC) and the higher operating expenses for such shares. Returns at public offering price (after sales charge) for class N shares reflect the current maximum initial sales charge of 1.50%. Class R5/R6 shares, available to qualified employee-benefit plans only, are sold without an initial sales charge and have no CDSC. Class Y shares are generally only available for corporate and institutional clients and have no initial sales charge. Performance for class R5/R6 shares before their inception are derived from the historical performance of class Y shares, which have not been adjusted for the lower expenses; had they, returns would have been higher. Class A shares of Putnam money market funds have no initial sales charge. For a portion of the period, some funds had expenses limitations or had been sold on a limited basis with limited assets and expenses, without which returns would be lower.
Active Equities
Equity Income Fund (Class R6) (PEQSX)
A multidimensional approach that defines value on a daily basis
A multidimensional approach to value investing
Darren A. Jaroch, CFA, Portfolio Manager
"I've always been patient and disciplined. And I think those traits have served me well as an investor."
Darren A. Jaroch, CFA, has been a member of Putnam's U.S. and international value equity teams since 1999. He has been instrumental in developing strategic risk controls for Putnam's value investment process.
Watch video Read the brochure (PDF)
Highlights
Objective
The fund seeks capital growth and current income.
Strategy and process
- A large-value focus: The fund focuses on large companies whose stocks are priced below their long-term potential, and where there may be a catalyst for positive change.
- Dividend growth: The fund places a distinct emphasis on companies that can grow their dividends and are able and willing to return cash to shareholders.
- A disciplined process: The portfolio managers invest using fundamental research and quantitative tools supported by strong risk controls in portfolio construction.
Fund price |
Yesterday’s close | 52-week high | 52-week low |
|---|---|---|---|
| Net asset value |
$26.80
1.17% | $0.31 |
$26.80
12/12/19 |
$20.85
12/26/18 |
Consistency of positive performance over five years
Performance shown does not reflect the effects of any sales charges. Click on the dots to see specific returns in each five-year period as of the date revealed. Note that returns of 0.00% are counted as positive periods. For complete fund performance, please click on the performance tab.
21.69%
Best 5-year annualized return
(for period ending 06/30/99)
-2.12%
Worst 5-year annualized return
(for period ending 03/31/09)
10.55%
Average 5-year annualized return
Fund facts as of 11/30/19
$13,444.83M
16%
Quarterly
101
November
746745801 / 8810
07/02/12
Value
PEQSX
Management team
Literature
Fund information |
|
| Fact Sheet (A share) (PDF) | |
| Fact Sheet (R6 share) (PDF) |
|
| Fact Sheet (Y share) (PDF) |
|
| Brochure (PDF) |
|
| Disciplined process — Defining value daily (PDF) |
|
| Comparing Putnam's U.S. equity funds (PDF) |
|
Legal documents |
|
| Summary Prospectus (PDF) |
|
| Statutory Prospectus (PDF) |
|
| Statement of Additional Information (SAI) (PDF) | |
| Proxy voting results (Form N-PX) (PDF) | |
Commentary |
|
| Annual Report (PDF) |
|
| Semiannual Report (PDF) |
|
| Quarterly commentary (PDF) | |
| Equity Outlook (PDF) |
|
Featured Item
-
Defining value daily
With equity valuations constantly changing, PEIYX pursues a disciplined process to uncover opportunities.Available for order under "Fund information"
Related topics
October stock market volatility may signal a shift
Recent stock market volatility reflects a process of pricing in the fact that the global growth outlook has diverged.Performance
Total return (%) as of 09/30/19
Annual performance as of 09/30/19
Annualized Total return (%) as of 09/30/19
| Annualized performance | 1 yr. | 3 yrs. | 5 yrs. | 10 yrs. |
|---|---|---|---|---|
| Before sales charge | 3.02% | 11.48% | 8.79% | 11.84% |
| After sales charge | N/A | N/A | N/A | N/A |
| Russell 1000 Value Index | 4.00% | 9.43% | 7.79% | 11.46% |
Performance snapshot
| Before sales charge | After sales charge | ||
|---|---|---|---|
| 1 mt. as of 11/30/19 | 3.33% | - | |
| YTD as of 12/12/19 | 28.28% | - | |
Yield
| Distribution rate before sales charge as of 12/12/19 |
1.82% |
|---|---|
| Distribution rate after sales charge as of 12/12/19 |
1.82% |
| 30-day SEC yield as of 11/29/19 | 1.76% |
Lipper rankings as of 10/31/19
| Time period | Rank/Funds in category | Percentile ranking |
|---|---|---|
| 1 yr. | 206/535 | 39% |
| 3 yrs. | 95/472 | 21% |
| 5 yrs. | 119/415 | 29% |
| 10 yrs. | -- |
Morningstar Ratings™ as of 10/31/19
| Time period | Funds in category | Morningstar Rating™ |
|---|---|---|
| Overall | 1094 | |
| 3 yrs. | 1094 | |
| 5 yrs. | 947 | |
| 10 yrs. | 693 |
Distributions
| Record/Ex dividend date | 09/26/19 |
|---|---|
| Payable date | 09/30/19 |
| Income | $0.122 |
| Extra income | -- |
| Short-term cap. gain | -- |
| Long-term cap. gain | -- |
Lipper rankings are based on total return without sales charge relative to all share classes of funds with similar objectives as determined by Lipper. Past performance is not indicative of future results.
The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.
The up-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has risen. The ratio is calculated by dividing the manager’s returns by the returns of the index during the up-market, and multiplying that factor by 100. The down-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has dropped. The ratio is calculated by dividing the manager’s returns by the returns of the index during the down-market and multiplying that factor by 100.
Compare
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** FundVisualizer comparison based on Putnam fund versus the largest fund in its Morningstar category.
Holdings
| JPMorgan Chase | 4.23% |
|---|---|
| Bank Of America Corp | 3.33% |
| Microsoft Corp | 3.03% |
| Citigroup | 2.88% |
| Walmart | 2.57% |
| Northrop Grumman Corp | 2.06% |
| Apple | 1.89% |
| Johnson Johnson | 1.86% |
| Merck | 1.57% |
| American Electric Power | 1.55% |
| Top 10 holdings, percent of portfolio | 24.97% |
| Top 10 holdings as of 10/31/19 | |
|---|---|
| JPMorgan Chase | |
| Bank Of America Corp | |
| Microsoft Corp | |
| Citigroup | |
| Walmart | |
| Northrop Grumman Corp | |
| Apple | |
| Johnson Johnson | |
| Merck | |
| American Electric Power | |
| Holdings represent 24.97% of portfolio | |
| Top 10 holdings as of 09/30/19 | |
|---|---|
| JPMorgan Chase | |
| Bank Of America Corp | |
| Microsoft Corp | |
| Citigroup | |
| Walmart | |
| Northrop Grumman Corp | |
| Johnson & Johnson | |
| Apple | |
| American Tower Corp | |
| American Electric Power | |
| Holdings represent 24.62% of portfolio | |
| Top 10 holdings as of 08/31/19 | |
|---|---|
| JPMorgan Chase | |
| Bank Of America Corp | |
| Microsoft Corp | |
| Citigroup | |
| Walmart | |
| Northrop Grumman Corp | |
| Johnson Johnson | |
| American Tower Corp | |
| Apple | |
| Merck | |
| Holdings represent 24.58% of portfolio | |
| Top 10 holdings as of 07/31/19 | |
|---|---|
| JPMorgan Chase | |
| Bank Of America Corp | |
| Microsoft Corp | |
| Citigroup | |
| Walmart | |
| Northrop Grumman Corp | |
| Johnson&Johnson | |
| Apple | |
| Exxon Mobil Corp | |
| Merck | |
| Holdings represent 24.56% of portfolio | |
| JPMORGAN CHASE & CO SEDOL 2190385 | 4.06% |
|---|---|
| BANK OF AMERICA CORP SEDOL 2295677 | 3.16% |
| MICROSOFT CORP SEDOL 2588173 | 2.99% |
| CITIGROUP INC SEDOL 2297907 | 2.82% |
| WALMART INC SEDOL 2936921 | 2.64% |
| NORTHROP GRUMMAN CORP SEDOL 2648806 | 2.23% |
| JOHNSON & JOHNSON SEDOL 2475833 | 1.85% |
| APPLE INC SEDOL 2046251 | 1.73% |
| AMERICAN TOWER CORP SEDOL B7FBFL2 | 1.59% |
| AMERICAN ELECTRIC POWER SEDOL 2026242 | 1.56% |
| MERCK & CO. INC. SEDOL 2778844 | 1.56% |
| PROCTER & GAMBLE CO/THE SEDOL 2704407 | 1.55% |
| EXXON MOBIL CORP SEDOL 2326618 | 1.51% |
| AT&T INC SEDOL 2831811 | 1.48% |
| ASSURED GUARANTY LTD SEDOL B00V7H8 | 1.42% |
| COMCAST CORP-CLASS A SEDOL 2044545 | 1.42% |
| CONOCOPHILLIPS | 1.37% |
| BECTON DICKINSON AND CO SEDOL 2087807 | 1.33% |
| CIGNA CORP SEDOL BHJ0775 | 1.30% |
| UNION PACIFIC CORP SEDOL 2914734 | 1.29% |
| RAYTHEON COMPANY SEDOL 2758051 | 1.26% |
| AMERICAN INTERNATIONAL GROUP SEDOL 2027342 | 1.25% |
| ASTRAZENECA PLC-SPONS ADR SEDOL 2989044 | 1.25% |
| CHARTER COMMUNICATIONS INC-A SEDOL BZ6VT82 | 1.23% |
| AMGEN INC SEDOL 2023607 | 1.21% |
| CISCO SYSTEMS INC SEDOL 2198163 | 1.21% |
| PEPSICO INC SEDOL 2681511 | 1.20% |
| ABBVIE INC SEDOL B92SR70 | 1.18% |
| JOHNSON CONTROLS INTERNATION SEDOL BY7QL61 | 1.17% |
| NEXTERA ENERGY INC SEDOL 2328915 | 1.17% |
| KKR & CO INC -A SEDOL BG1FRR1 | 1.16% |
| ELI LILLY & CO SEDOL 2516152 | 1.13% |
| RADIAN GROUP INC SEDOL 2173911 | 1.09% |
| FIDELITY NATIONAL INFO SERV SEDOL 2769796 | 1.08% |
| VALERO ENERGY CORP SEDOL 2041364 | 1.06% |
| KROGER CO SEDOL 2497406 | 1.03% |
| QUALCOMM INC SEDOL 2714923 | 1.03% |
| ENTERPRISE PRODUCTS PARTNERS SEDOL 2285388 | 1.03% |
| WELLS FARGO & CO SEDOL 2649100 | 1.00% |
| GAMING AND LEISURE PROPERTIE SEDOL BFPK4S5 | 0.99% |
| BP PLC SEDOL 0798059 | 0.99% |
| HILTON WORLDWIDE HOLDINGS IN SEDOL BYVMW06 | 0.97% |
| AIR PRODUCTS & CHEMICALS INC SEDOL 2011602 | 0.94% |
| GENERAL DYNAMICS CORP SEDOL 2365161 | 0.94% |
| GILEAD SCIENCES INC SEDOL 2369174 | 0.94% |
| PNC FINANCIAL SERVICES GROUP SEDOL 2692665 | 0.92% |
| NRG ENERGY INC SEDOL 2212922 | 0.91% |
| EXELON CORP SEDOL 2670519 | 0.90% |
| HOME DEPOT INC SEDOL 2434209 | 0.90% |
| HARTFORD FINANCIAL SVCS GRP SEDOL 2476193 | 0.88% |
| BJ'S WHOLESALE CLUB HOLDINGS SEDOL BFZNZF8 | 0.88% |
| EDISON INTERNATIONAL SEDOL 2829515 | 0.87% |
| GOLDMAN SACHS GROUP INC SEDOL 2407966 | 0.86% |
| GENERAL MOTORS CO SEDOL B665KZ5 | 0.86% |
| DOW INC SEDOL BHXCF84 | 0.85% |
| TOTAL SA SEDOL B15C557 | 0.82% |
| APTIV PLC SEDOL B783TY6 | 0.79% |
| INTEL CORP SEDOL 2463247 | 0.79% |
| SOUTHWEST AIRLINES CO SEDOL 2831543 | 0.78% |
| EATON CORP PLC SEDOL B8KQN82 | 0.77% |
| PFIZER INC SEDOL 2684703 | 0.76% |
| FORTUNE BRANDS HOME & SECURI SEDOL B3MC7D6 | 0.76% |
| MOLSON COORS BREWING CO -B SEDOL B067BM3 | 0.74% |
| HONEYWELL INTERNATIONAL INC SEDOL 2020459 | 0.72% |
| PULTEGROUP INC SEDOL 2708841 | 0.70% |
| BOSTON PROPERTIES INC SEDOL 2019479 | 0.69% |
| KINDER MORGAN INC SEDOL B3NQ4P8 | 0.68% |
| TEXAS INSTRUMENTS INC SEDOL 2885409 | 0.66% |
| CAPITAL ONE FINANCIAL CORP SEDOL 2654461 | 0.66% |
| BB&T CORP SEDOL 2830904 | 0.66% |
| STATE STREET CORP SEDOL 2842040 | 0.64% |
| DANAHER CORP SEDOL 2250870 | 0.61% |
| VERIZON COMMUNICATIONS INC SEDOL 2090571 | 0.60% |
| KEYCORP SEDOL 2490911 | 0.55% |
| UNITED RENTALS INC SEDOL 2134781 | 0.55% |
| DUPONT DE NEMOURS INC SEDOL BK0VN47 | 0.54% |
| DANAHER CORP 04.7500 CUM CV PFD | 0.54% |
| STANLEY BLACK & DECKER INC SEDOL B3Q2FJ4 | 0.51% |
| WALGREENS BOOTS ALLIANCE INC SEDOL BTN1Y44 | 0.50% |
| ALCOA CORP SEDOL BYNF418 | 0.50% |
| NXP SEMICONDUCTORS NV SEDOL B505PN7 | 0.49% |
| SCHWAB (CHARLES) CORP SEDOL 2779397 | 0.42% |
| MARATHON OIL CORP SEDOL 2910970 | 0.41% |
| EOG RESOURCES INC SEDOL 2318024 | 0.40% |
| FREEPORT-MCMORAN INC SEDOL 2352118 | 0.39% |
| BARCLAYS BANK PLC CCP 06742QSJ2 DCP 11/21/2019 | 0.38% |
| DXC TECHNOLOGY CO SEDOL BYXD7B3 | 0.35% |
| CORPORATE ASSET FUNDING CO IN 1247P3XQ0 DCP 10/24/2019 | 0.35% |
| BEDFORD ROW FUNDING CORP 07644BX80 DCP 10/08/2019 | 0.29% |
| MFA FINANCIAL INC SEDOL 2418162 | 0.29% |
| HALLIBURTON CO SEDOL 2405302 | 0.28% |
| REPO TRIPA MORTG 2.35 10/01/2019 | 0.28% |
| ENCANA CORP SEDOL 2793193 | 0.25% |
| KEURIG DR PEPPER INC SEDOL BD3W133 | 0.24% |
| COTY INC-CL A SEDOL BBBSMJ2 | 0.21% |
| GENERAL ELECTRIC CO SEDOL 2380498 | 0.19% |
| ATLANTIC ASSET SECURITIZATION 04821UX98 DCP 10/09/2019 | 0.19% |
| MANHATTAN ASSET FUNDING CO LL 56274MX31 DCP 10/03/2019 | 0.19% |
| SHERWIN-WILLIAMS CO/THE SEDOL 2804211 | 0.19% |
| OCCIDENTAL PETROLEUM CORP SEDOL 2655408 | 0.17% |
| MANHATTAN ASSET FUNDING CO LL 56274MXA5 DCP 10/10/2019 | 0.16% |
| OPORTUN FIN CORP P/P | 0.07% |
| TREASURY BILL 00.0000 11/14/2019 | 0.04% |
| TREASURY BILL 00.0000 03/12/2020 | 0.01% |
| TREASURY BILL 00.0000 11/21/2019 | 0.01% |
| CAD/USD 10/16/2019 CITI | 0.00% |
| EUR/USD 12/18/2019 GSFX | 0.00% |
| EUR/USD 12/18/2019 SSBT | 0.00% |
| CAD/USD 10/16/2019 GSFX | 0.00% |
| EUR/USD 12/18/2019 BANKAM | 0.00% |
| GLOBAL FASHION GRP P/P | 0.00% |
| HC BRILLANT SERVICES GMBH P/P | 0.00% |
| NEW BIGFOOT OTHER ASSETS GMBH P/P | 0.00% |
| NEW MIDDLE EAST OTHER ASSETS GMBH P/P | 0.00% |
| GBP/USD 12/18/2019 GSFX | -0.01% |
| GBP/USD 12/18/2019 BCAP-FX | -0.01% |
Portfolio composition as of 10/31/19
| Common stock | 96.54% |
|---|---|
| Cash and net other assets | 2.95% |
| Convertible preferred stock | 0.51% |
Equity statistics as of 10/31/19
| Median market cap | $48.86B |
|---|---|
| Weighted average market cap | $174.55B |
| Price to book | 2.23 |
| Price to earnings | 14.02 |
Fund characteristics will vary over time.
Due to rounding, percentages may not equal 100%.
Consider these risks before investing: Value stocks may fail to rebound, and the market may not favor value-style investing. Income provided by the fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the fund invests. The value of investments in the fund's portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, and factors related to a specific issuer, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund's portfolio holdings. You can lose money by investing in the fund.
Top industry sectors as of 10/31/19
| Financials | 22.60% |
|---|---|
| Health care | 14.10% |
| Industrials | 11.19% |
| Information technology | 10.06% |
| Consumer staples | 8.77% |
| Energy | 8.67% |
| Communication services | 5.59% |
| Utilities | 5.18% |
| Consumer discretionary | 4.27% |
| Other | 9.57% |
0
The unclassified sector (where applicable) includes exchange traded funds and other securities not able to be classified by sector.
Sectors will vary over time.
Expenses
Expense ratio |
Class A | Class B | Class C | Class R | Class R5 | Class R6 | Class Y |
|---|---|---|---|---|---|---|---|
| Total expense ratio | 0.91% | 1.66% | 1.66% | 1.16% | 0.65% | 0.55% | 0.66% |
| What you pay | 0.91% | 1.66% | 1.66% | 1.16% | 0.65% | 0.55% | 0.66% |
Sales charge
| Breakpoint | Class A | Class B | Class C | Class R | Class R5 | Class R6 | Class Y |
|---|---|---|---|---|---|---|---|
| $0-$49,999 | 5.75% / 5.00% | 0.00% / 4.00% | 0.00% / 1.00% | -- | -- | -- | -- |
| $50,000-$99,999 | 4.50% / 3.75% | 0.00% / 4.00% | 0.00% / 1.00% | -- | -- | -- | -- |
| $100,000-$249,999 | 3.50% / 2.75% | -- | 0.00% / 1.00% | -- | -- | -- | -- |
| $250,000-$499,999 | 2.50% / 2.00% | -- | 0.00% / 1.00% | -- | -- | -- | -- |
| $500,000-$999,999 | 2.00% / 1.75% | -- | 0.00% / 1.00% | -- | -- | -- | -- |
| $1M-$4M | 0.00% / 1.00% | -- | -- | -- | -- | -- | -- |
| $4M-$50M | 0.00% / 0.50% | -- | -- | -- | -- | -- | -- |
| $50M+ | 0.00% / 0.25% | -- | -- | -- | -- | -- | -- |
CDSC
| Class A (sales for $1,000,000+) | Class B | Class C | Class R | Class R5 | Class R6 | Class Y | |
|---|---|---|---|---|---|---|---|
| 0 to 9 mts. | 1.00% | 5.00% | 1.00% | -- | -- | -- | -- |
| 9 to 12 mts. | 1.00% | 5.00% | 1.00% | -- | -- | -- | -- |
| 2 yrs. | 0.00% | 4.00% | 0.00% | -- | -- | -- | -- |
| 3 yrs. | 0.00% | 3.00% | 0.00% | -- | -- | -- | -- |
| 4 yrs. | 0.00% | 3.00% | 0.00% | -- | -- | -- | -- |
| 5 yrs. | 0.00% | 2.00% | 0.00% | -- | -- | -- | -- |
| 6 yrs. | 0.00% | 1.00% | 0.00% | -- | -- | -- | -- |
| 7+ yrs. | 0.00% | 0.00% | 0.00% | -- | -- | -- | -- |
Trail commissions
| Class A | Class B | Class C | Class R | Class R5 | Class R6 | Class Y | |
|---|---|---|---|---|---|---|---|
| 0.25% | 0.25% | 1.00% | 0.50% | 0.00% | 0.00% | 0.00% | |
| NA | NA | NA | NA | NA | NA | NA | |
| NA | NA | NA | NA | NA | NA | NA |
For sales and trail commission information on purchases over $1 million and participant-directed qualified retirement plans, see a Putnam fund prospectus and the statement of additional information.
The Russell 1000 Value Index is an unmanaged index of those companies in the large-cap Russell 1000 Index chosen for their value orientation. You cannot invest directly in an index.
Consider these risks before investing: Value stocks may fail to rebound, and the market may not favor value-style investing. Income provided by the fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the fund invests. The value of investments in the fund's portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, and factors related to a specific issuer, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund's portfolio holdings. You can lose money by investing in the fund.