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. The "before sales charge" performance does not reflect the current maximum sales charges, which we explain below. If performance did reflect the charges, it would be lower. The "after sales charge" performance (or returns at public offering price) varies by share class and fund. For class A and class M shares, the current maximum initial sales charges are 5.75% and 3.50% for equity funds and 4.00% and 3.25% for income funds, respectively (with these exceptions: 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). Class B share performance reflects the applicable contingent deferred sales charge (CDSC), which is 5% in the first year, declines 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; for these funds, the CDSC is 1% in the first year, declines to 0.5% in the second year, and is eliminated thereafter). Class C share performance reflects 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 by adjusting for the applicable sales charge (or CDSC) and, except for class Y shares, the higher operating expenses for such shares (note, for two funds — Putnam Tax-Free High Yield Fund and Putnam Strategic Intermediate Municipal Fund performance prior to inception is based on the historical performance of class B shares). Performance for class A, C, R6, and Y shares of Putnam Mortgage Opportunities Fund before their inception is derived from the historical performance of class I shares, which has been adjusted for the applicable sales charge (or CDSC) and the higher operating expenses for such shares. The "after sales charge" performance (at public offering price) for class N shares reflects the current maximum initial sales charge of 1.50%. Class R, R3, R4, R5, and R6 shares, which are 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 R3 and R4 shares prior to their inception is derived from the historical performance of class Y shares by adjusting for the higher operating expenses for such shares. Performance for class R5 shares before their inception is derived from the historical performance of class Y shares, which has not been adjusted for the lower expenses; had it been adjusted, performance would be higher (with the exception of the RetirementReady Maturity, 2025, 2030, 2035, and 2040 Funds, for which performance is derived from the historical performance of class R6 shares and has been adjusted for the higher operating expenses for such shares; and the RetirementReady 2045, 2050, 2055, and 2060 Funds, for which performance is derived from the historical performance of class R6 shares and has not been adjusted for the lower expenses; had it been adjusted, performance would be higher). Performance for class R6 shares before their inception is derived from the historical performance of class Y shares, which has not been adjusted for the lower operating expenses; had it been adjusted, performance would be higher. For a portion of the period, some funds had expenses limitations or had been sold on a limited basis with limited assets and expenses. Had these limits not been in place, performance would be lower.
Always Active
Putnam PanAgora Managed Futures Strategy (Class Y) (PPFYX)
Pursuing absolute return with low correlation to traditional asset classes
Highlights
Objective
The fund seeks absolute return (i.e., positive total return in diverse market environments over time).
Strategy and process
- Targets trends: The fund's investment strategy seeks to identify and profit from price trends in global equity, fixed income, commodity, and currency markets.
- Low market correlation: The fund pursues absolute return over time with low correlation to traditional asset classes and may perform well during prolonged equity market drawdowns.
- Risk-based construction: PanAgora Asset Management, the fund's sub-advisor, has two decades of investment experience and is a pioneering thought leader in risk-based portfolio construction.
Fund price |
Yesterday’s close | 52-week high | 52-week low |
---|---|---|---|
Net asset value |
$7.45
0.13% | $0.01 |
$9.56
03/18/20 |
$7.17
11/11/20 |
Fund facts as of 02/28/21
$9.15M
--
Annually
August
74680L568 / 1888
09/21/17
Putnam PanAgora
PPFYX
Management team
Literature
Fund documents |
|
Brochure (PDF) |
|
Summary Prospectus (PDF) |
|
Statutory Prospectus (PDF) |
|
Fact sheet (Y share) (PDF) | |
Statement of Additional Information (SAI) (PDF) | |
Semiannual Report (PDF) |
|
Annual Report (PDF) |
|
Performance
Total return (%) as of 12/31/20
Annual performance as of 12/31/20
Annualized Total return (%) as of 12/31/20
Annualized performance | 1 yr. | 3 yrs. | 5 yrs. | Life (inception: 09/21/17 ) |
---|---|---|---|---|
Before sales charge | -10.81% | -7.52% | -- | -6.45% |
After sales charge | N/A | N/A | N/A | N/A |
ICE BofA U.S. Treasury Bill Index | 0.74% | 1.65% | 1.23% | -- |
Performance snapshot
Before sales charge | After sales charge | ||
---|---|---|---|
1 mt. as of 02/28/21 | -1.06% | - | |
YTD as of 03/05/21 | -0.80% | - | |
Lipper rankings as of 01/31/21
Time period | Rank/Funds in category | Percentile ranking |
---|---|---|
1 yr. | 83/95 | 87% |
3 yrs. | 79/86 | 91% |
5 yrs. | -- | |
10 yrs. | -- |
Morningstar Ratings™ as of 01/31/21
Time period | Funds in category | Morningstar Rating™ |
---|---|---|
Overall | 89 | |
3 yrs. | 89 |
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
TREASURY BILL 00.0000 03/18/2021 | 72.88% |
---|---|
US 10YR NOTE (CBT)MAR21 TYH1 | 57.72% |
AUST 10Y BOND FUT MAR21 XMH1 | 32.85% |
JPY/USD 01/20/2021 PSBS | 31.30% |
EURO-SCHATZ FUT MAR21 DUH1 | 24.99% |
NZD/USD 01/20/2021 PSBS | 22.73% |
LONG GILT FUTURE MAR21 G H1 | 21.86% |
CHF/USD 01/20/2021 PSBS | 17.75% |
CAD/USD 01/20/2021 PSBS | 12.86% |
EURO-BUND FUTURE MAR21 RXH1 | 11.63% |
STATE ST INST US GOV MM-INV | 11.24% |
CZK/USD 01/20/2021 PBNY | 11.14% |
US LONG BOND(CBT) MAR21 USH1 | 11.14% |
SEK/USD 01/20/2021 PBNY | 10.12% |
STATE ST INST TR PL MM-INV | 9.14% |
EURO-BUXL 30Y BND MAR21 UBH1 | 8.85% |
S&P/TSX 60 IX FUT MAR21 PTH1 | 8.66% |
TRY/USD 01/20/2021 PSBS | 8.36% |
EUR/USD 01/20/2021 PBNY | 8.23% |
SOYBEAN MEAL FUTR MAR21 SMH1 | 7.82% |
SEK/USD 01/20/2021 BBHC | 7.15% |
MSCI SING IX ETS JAN21 QZF1 | 6.29% |
ZAR/USD 01/20/2021 BBHC | 5.88% |
FTSE 100 IDX FUT MAR21 Z H1 | 5.65% |
COTTON NO.2 FUTR MAR21 CTH1 | 5.02% |
DAX INDEX FUTURE MAR21 GXH1 | 4.50% |
SOYBEAN FUTURE MAR21 S H1 | 4.22% |
COPPER FUTURE MAR21 HGH1 | 3.77% |
HANG SENG IDX FUT JAN21 HIF1 | 3.76% |
LME NICKEL FUTURE MAR21 LNH1 | 3.20% |
LME ZINC FUTURE MAR21 LXH1 | 2.95% |
IBEX 35 INDX FUTR JAN21 IBF1 | 2.11% |
PLN/USD 01/20/2021 PSBS | 2.07% |
GBP/USD 01/20/2021 PSBS | 2.04% |
CZK/USD 01/20/2021 BBHC | 1.64% |
FTSE/MIB IDX FUT MAR21 STH1 | 1.45% |
HUF/USD 01/20/2021 PSBS | 1.03% |
EUR/USD 01/20/2021 PSBS | 0.83% |
SOYBEAN OIL FUTR MAR21 BOH1 | 0.82% |
GASOLINE RBOB FUT FEB21 XBG1 | 0.64% |
COCOA FUTURE MAR21 CCH1 | 0.56% |
WTI CRUDE FUTURE MAR21 CLH1 | 0.52% |
AUD/USD 01/20/2021 PSBS | 0.51% |
LOW SU GASOIL G FEB21 QSG1 | 0.45% |
SUGAR #11 (WORLD) MAR21 SBH1 | 0.37% |
COFFEE 'C' FUTURE MAR21 KCH1 | -0.52% |
LME PRI ALUM FUTR MAR21 LAH21 | -0.53% |
NATURAL GAS FUTR MAR21 NGH21 | -0.54% |
BRENT CRUDE FUTR MAR21 COH1 | -0.56% |
WHEAT FUTURE(CBT) MAR21 W H1 | -0.69% |
CAC40 10 EURO FUT JAN21 CFF1 | -0.73% |
CORN FUTURE MAR21 C H1 | -0.78% |
TOPIX INDX FUTR MAR21 TPH1 | -1.87% |
NOK/USD 01/20/2021 PSBS | -1.98% |
OMXS30 IND FUTURE JAN21 QCF1 | -2.45% |
JPY/USD 01/20/2021 PBNY | -2.82% |
S&P500 EMINI FUT MAR21 ESH1 | -4.02% |
SEK/USD 01/20/2021 PSBS | -4.09% |
NZD/USD 01/20/2021 BBHC | -4.92% |
SPI 200 FUTURES MAR21 XPH1 | -5.40% |
JPY/USD 01/20/2021 BBHC | -5.41% |
EUR/USD 01/20/2021 BBHC | -6.22% |
CHF/USD 01/20/2021 BBHC | -7.18% |
CZK/USD 01/20/2021 PSBS | -7.38% |
MXN/USD 01/20/2021 PSBS | -8.75% |
CAD/USD 01/20/2021 BBHC | -9.52% |
ZAR/USD 01/20/2021 PSBS | -10.91% |
EURO-BOBL FUTURE MAR21 OEH1 | -17.70% |
NZD/USD 01/20/2021 PBNY | -18.00% |
CAN 10YR BOND FUT MAR21 CNH1 | -32.64% |
US 5YR NOTE (CBT) MAR21 FVH1 | -169.05% |
CASH MGMT BILL 00.0000 12/22/2020 | 81.09% |
---|---|
EURO-SCHATZ FUT DEC20 DUZ0 | 75.38% |
US 10YR NOTE (CBT)DEC20 TYZ0 | 59.17% |
AUST 10Y BOND FUT DEC20 XMZ0 | 58.99% |
LONG GILT FUTURE DEC20 G Z0 | 57.72% |
EUR/USD 10/20/2020 PBNY | 21.67% |
CHF/USD 10/20/2020 PSBS | 20.00% |
GBP/USD 10/20/2020 BBHC | 19.90% |
EURO-BUXL 30Y BND DEC20 UBZ0 | 19.38% |
CAD/USD 10/20/2020 PSBS | 18.98% |
JPY/USD 10/20/2020 PBNY | 18.75% |
HUF/USD 10/20/2020 BBHC | 17.95% |
MSCI SING IX ETS OCT20 QZV0 | 13.39% |
CZK/USD 10/20/2020 PSBS | 11.89% |
SEK/USD 10/20/2020 BBHC | 11.54% |
EUR/USD 10/20/2020 BBHC | 11.50% |
FTSE 100 IDX FUT DEC20 Z Z0 | 11.19% |
S&P/TSX 60 IX FUT DEC20 PTZ0 | 10.72% |
SEK/USD 10/20/2020 PBNY | 10.53% |
ZAR/USD 10/20/2020 PSBS | 10.30% |
US LONG BOND(CBT) DEC20 USZ0 | 9.34% |
NOK/USD 10/20/2020 PBNY | 8.18% |
AUD/USD 10/20/2020 PBNY | 7.08% |
FTSE/MIB IDX FUT DEC20 STZ0 | 5.89% |
IBEX 35 INDX FUTR OCT20 IBV0 | 5.02% |
STATE ST INST US GOV MM-INV | 4.12% |
NZD/USD 10/20/2020 SSBT | 4.05% |
NZD/USD 10/20/2020 PBNY | 3.02% |
STATE ST INST TR PL MM-INV | 2.97% |
SILVER FUTURE DEC20 SIZ0 | 2.49% |
TRY/USD 10/20/2020 BBHC | 2.41% |
SOYBEAN OIL FUTR DEC20 BOZ0 | 1.90% |
LOW SU GASOIL G NOV20 QSX0 | 1.77% |
COCOA FUTURE DEC20 CCZ0 | 1.62% |
COPPER FUTURE DEC20 HGZ0 | 1.61% |
GASOLINE RBOB FUT DEC20 XBZ0 | 1.56% |
SOYBEAN FUTURE JAN21 S F1 | 1.09% |
NY HARB ULSD FUT DEC20 HOZ0 | 0.52% |
COTTON NO.2 FUTR DEC20 CTZ0 | 0.35% |
SOYBEAN MEAL FUTR DEC20 SMZ0 | -1.09% |
COFFEE 'C' FUTURE DEC20 KCZ0 | -1.32% |
BRENT CRUDE FUTR JAN21 COF1 | -1.36% |
LME PRI ALUM FUTR DEC20 LAZ20 | -1.40% |
SUGAR #11 (WORLD) MAR21 SBH1 | -1.60% |
CZK/USD 10/20/2020 PBNY | -1.63% |
PLN/USD 10/20/2020 PSBS | -1.63% |
NATURAL GAS FUTR DEC20 NGZ20 | -1.65% |
CORN FUTURE DEC20 C Z0 | -2.01% |
CAC40 10 EURO FUT OCT20 CFV0 | -2.39% |
CHF/USD 10/20/2020 PBNY | -4.43% |
AMSTERDAM IDX FUT OCT20 EOV0 | -5.44% |
TOPIX INDX FUTR DEC20 TPZ0 | -6.54% |
NZD/USD 10/20/2020 BBHC | -7.32% |
AUD/USD 10/20/2020 PSBS | -7.34% |
TRY/USD 10/20/2020 PBNY | -7.65% |
HANG SENG IDX FUT OCT20 HIV0 | -8.01% |
NOK/USD 10/20/2020 BBHC | -8.71% |
TRY/USD 10/20/2020 PSBS | -8.88% |
HUF/USD 10/20/2020 PSBS | -9.04% |
SEK/USD 10/20/2020 PSBS | -9.51% |
S&P500 EMINI FUT DEC20 ESZ0 | -10.66% |
MXN/USD 10/20/2020 PSBS | -11.07% |
OMXS30 IND FUTURE OCT20 QCV0 | -11.92% |
JPY/USD 10/20/2020 PSBS | -13.35% |
CAD/USD 10/20/2020 PBNY | -13.59% |
EUR/USD 10/20/2020 SSBT | -19.38% |
GBP/USD 10/20/2020 SSBT | -25.80% |
US 5YR NOTE (CBT) DEC20 FVZ0 | -30.73% |
EURO-BOBL FUTURE DEC20 OEZ0 | -33.60% |
CAN 10YR BOND FUT DEC20 CNZ0 | -45.93% |
EURO-BUND FUTURE DEC20 RXZ0 | -91.11% |
US 2YR NOTE (CBT) DEC20 TUZ0 | -128.85% |
Fund characteristics will vary over time.
Due to rounding, percentages may not equal 100%.
The fund's full holdings reflect the notional value of derivatives (the economic value for purposes of calculating periodic payment obligations) relative to its net assets.
Consider these risks before investing: There can be no assurance that a trend following strategy will achieve any particular level of return. The fund’s allocation of assets may hurt performance, and efforts to balance risk exposures may be unsuccessful. Quantitative models or data may be incorrect or incomplete, and reliance on those models or data may not produce the desired results. 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, asset class, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. Investments in small and/or midsize companies increase the risk of greater price fluctuations. Bond investments in which the fund invests (or has exposure to) are subject to interest-rate risk and credit risk. Interest-rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds. Exposure to the commodities markets may subject the fund to greater volatility than investments in traditional securities. Risks associated with derivatives (including “short” derivatives) include losses caused by unexpected market movements (which are potentially unlimited), imperfect correlation between the price of the derivative and the price of the underlying asset, increased investment exposure (which may be considered leverage), the potential inability to terminate or sell derivatives positions, the potential need to sell securities at disadvantageous times to meet margin or segregation requirements, the potential inability to recover margin or other amounts deposited from a counterparty, and the potential failure of the other party to the instrument to meet its obligations. Leveraging can result in volatility in the fund’s performance and losses in excess of the amounts invested. International investing involves certain risks, such as currency fluctuations, economic instability, and political developments. The fund invests in (or provides exposure to) fewer issuers or makes large investments in (or provides large amounts of exposure to) a small number of issuers, and involves more risk than a fund that invests more broadly. By investing in a subsidiary, the fund is indirectly exposed to the risks associated with the subsidiary’s investments. Our investment techniques, analyses, and judgments may not produce the outcome we intend. The investments we select for the fund may not perform as well as other securities that we do not select for the fund. We, or the fund's other service providers, may experience disruptions or operating errors that could have a negative effect on the fund. You can lose money by investing in the fund.
Expenses
Expense ratio |
Class A | Class B | Class C | Class R | Class R6 | Class Y |
---|---|---|---|---|---|---|
Total expense ratio | 2.95% | 3.70% | 3.70% | 3.20% | 2.71% | 2.70% |
What you pay† | 1.52% | 2.27% | 2.27% | 1.77% | 1.28% | 1.27% |
† The fund's expense ratio is taken from the most recent prospectus and is subject to change. What you pay reflects Putnam Management's decision to contractually limit expenses through 12/30/21
Sales charge
Breakpoint | Class A | Class B | Class C | Class R | 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 | 0.00% / 1.00% | -- | 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 $500,000+) | Class B | Class C | Class R | 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 R6 | Class Y | |
---|---|---|---|---|---|---|
0.25% | 0.25% | 1.00% | 0.50% | 0.00% | 0.00% | |
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 ICE BofA U.S. Treasury Bill Index is an unmanaged index that tracks the performance of U.S. dollar denominated U.S. Treasury Bills publicly issued in the U.S. domestic market. Qualifying securities must have a remaining term of at least one month to final maturity and a minimum amount outstanding of $1 billion. You cannot invest directly in an index.
The fund's full holdings reflect the notional value of derivatives (the economic value for purposes of calculating periodic payment obligations) relative to its net assets.
Consider these risks before investing: There can be no assurance that a trend following strategy will achieve any particular level of return. The fund’s allocation of assets may hurt performance, and efforts to balance risk exposures may be unsuccessful. Quantitative models or data may be incorrect or incomplete, and reliance on those models or data may not produce the desired results. 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, asset class, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. Investments in small and/or midsize companies increase the risk of greater price fluctuations. Bond investments in which the fund invests (or has exposure to) are subject to interest-rate risk and credit risk. Interest-rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds. Exposure to the commodities markets may subject the fund to greater volatility than investments in traditional securities. Risks associated with derivatives (including “short” derivatives) include losses caused by unexpected market movements (which are potentially unlimited), imperfect correlation between the price of the derivative and the price of the underlying asset, increased investment exposure (which may be considered leverage), the potential inability to terminate or sell derivatives positions, the potential need to sell securities at disadvantageous times to meet margin or segregation requirements, the potential inability to recover margin or other amounts deposited from a counterparty, and the potential failure of the other party to the instrument to meet its obligations. Leveraging can result in volatility in the fund’s performance and losses in excess of the amounts invested. International investing involves certain risks, such as currency fluctuations, economic instability, and political developments. The fund invests in (or provides exposure to) fewer issuers or makes large investments in (or provides large amounts of exposure to) a small number of issuers, and involves more risk than a fund that invests more broadly. By investing in a subsidiary, the fund is indirectly exposed to the risks associated with the subsidiary’s investments. Our investment techniques, analyses, and judgments may not produce the outcome we intend. The investments we select for the fund may not perform as well as other securities that we do not select for the fund. We, or the fund's other service providers, may experience disruptions or operating errors that could have a negative effect on the fund. You can lose money by investing in the fund.