Legal Disclosures


PanAgora Asset Management, Inc. (“PanAgora”) has created the Site for investment professionals, including but not limited to, retirement plan sponsors, pension funds, endowments and foundations. The Site is not intended to be visited or accessed by anyone to whom distributing information on the Site would be prohibited under any applicable law or regulation.

This website contains both current and historical publications. The information, views and content contained in these publications are current only as of the date indicated.

Agreement/services provided

By using this Site, you (“User”) understand that the terms and conditions listed below and any disclosures elsewhere on this Site, including but not limited to PanAgora’s Privacy Policy and PanAgora’s Security Policy, (“Terms and Conditions”) between User and PanAgora govern User’s use of this Site and state the terms and conditions of User’s use of PanAgora’s electronic services (“PanAgora Electronic Services”).

In offering PanAgora Electronic Services, PanAgora is making available to User interactive computer services which allow User to obtain certain information with regard to User’s accounts (or accounts of persons on whose behalf User acts as broker or agent) via electronic transmission for use on compatible personal, home, or small business computers with modems which can connect to the appropriate telecommunications network.

User agrees to use this Site, including PanAgora Electronic Services, only in accordance with these Terms and Conditions and that any additional services offered by PanAgora in the future will only be used in accordance with these Terms and Conditions. PanAgora may amend or terminate these Terms and Conditions at any time without notice.

No offer/local restrictions

Nothing contained in or on the Site should be construed as an offer to buy or sell, a solicitation of an offer to buy or sell, or recommendation to buy or sell any security, commodity, or investment, or to engage in any other transaction. PanAgora offers a number of products and services designed specifically for various categories of sophisticated investors. Not all products will be available to all investors. These products or services are only offered to such investors in those countries and regions in accordance with applicable laws and regulations.

The information provided on the Site is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation. All persons and entities accessing the Site do so on their own initiative and are responsible for compliance with applicable local laws and regulations.

Approved use of electronic services

User shall be the only authorized user of PanAgora Electronic Services under these Terms and Conditions. User agrees to keep confidential and not publish, broadcast, retransmit, reproduce, commercially exploit, or otherwise disseminate the data, information, or services provided under these Terms and Conditions, unless expressly permitted to do so in writing by PanAgora. User shall be responsible for the confidentiality and use of User’s password(s) and other security data, methods and devices. User understands that User shall be solely responsible for all transaction requests electronically transmitted, or use of any data, information, or services obtained, using User’s passwords and other security data.

User agrees that this Site, including PanAgora Electronic Services, is the proprietary property of PanAgora and/or third parties from whom PanAgora has obtained rights to provide access to PanAgora’s customers. User agrees not to use PanAgora Electronic Services except as authorized by these Terms and Conditions and, in any event, not to make it available to any third parties; provided, that, any person acting as a broker of financial adviser for another person may provide the information obtained through PanAgora Electronic Services with such broker or financial adviser’s clients or prospective clients.

Conditions for use of electronic service

User accepts full responsibility for the monitoring of User’s account. User further understands and agrees that any transaction requests sent by User and any information furnished to User by use of PanAgora Electronic Services shall be subject to the following conditions for use (the “Conditions”)

  • User shall immediately notify PanAgora if there is unauthorized use of User’s passwords and other security data.
  • User shall immediately notify PanAgora if there is a discrepancy in the account balance or security positions. If User fails to notify PanAgora when any of the above Conditions occurs, neither PanAgora nor any of its employees, agents, affiliates, subsidiaries, or its parent, nor any third parties, can or will have any responsibility or liability to User or to any other person whose claim may arise through User for any claims with respect to the handling, mishandling, or loss of any order.

PanAgora’s responsibilities

User understands that PanAgora will not be responsible for the accuracy, completeness, or use of any information received by it or received by User from outside data sources through PanAgora Electronic Services and that PanAgora does not make any warranty concerning such information. User agrees that neither PanAgora nor any third party working with PanAgora to provide services hereunder shall be responsible for any damages caused by communications line failure, unauthorized access, theft, systems failure, and other similar occurrences. User agrees to provide all telephone and other equipment to access PanAgora Electronic Services and User will be solely responsible for paying all charges related thereto.

No Reliance

PanAgora and its affiliates do not assume any liability or guarantee for the timeliness, accuracy and completeness of the information provided on this Site. PanAgora uses reasonable efforts to obtain information from sources which it believes to be reliable; however, PanAgora makes no representation that the information or opinions contained on the Site are accurate, reliable or complete. The information on the Site is provided for informational purposes only and is subject to change without notice. The investments and strategies discussed in the contents may not be suitable for all investors and are not obligations of PanAgora or guaranteed by PanAgora. The investments are not bank deposits and are not insured by the FDIC or any other entity and are subject to investment risks, including the loss of the principal amount invested. Nothing contained on the Site constitutes investment, legal, tax or other advice by PanAgora nor is to be relied on in making an investment or other decision. User should obtain relevant and specific professional advice before making any investment decision. PanAgora makes no representations as to the reliability or accuracy of the information, opinions or suggestions provided to investors by third parties, including agents/advisors, and assumes no liability with respect to the same.

Governing documents

User understands that all the terms and conditions of these Terms and Conditions control the operation of User’s account and those terms and conditions are incorporated herein by reference. If User is a broker or financial adviser (or a registered representative of a broker or financial adviser) User shall also continue to be bound by the provisions of the agreement between such broker or financial adviser and PanAgora.

Applicable charges

User agrees to be liable for any and all charges or expenses incurred in connection with the use of this Site, including PanAgora Electronic Services, by User or any other person through use of User’s security codes, equipment, or otherwise. User understands that the rates, fees, billing, and terms governing services provided by outside vendors may be determined by the vendor.


User expressly acknowledges and agrees that the use and storage of any information, including without limitation, portfolio information, account balances, and any other information available through use of PanAgora Electronic Services is at User’s sole risk and responsibility.


Copyright Statement

All information and material contained on the Site is provided by PanAgora and is subject to United States and international intellectual property laws.

If you believe in good faith that information or materials on this Site infringe your copyright, please contact PanAgora. Contact information may be obtained by clicking the “Contact Us” link at the top of the webpage.

No part of the Site may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying or recording, or by any information storage or retrieval system, without the express written permission of PanAgora.


User agrees that PanAgora may discontinue PanAgora Electronic Services in whole or in part, at any time, and that PanAgora may modify or change the terms of it, in whole or in part, at any time and from time to time without notice. User agrees that PanAgora may immediately terminate its services if User breaches these Terms and Conditions or if User has jeopardized the proper and efficient operation of its services.


All trademarks, service marks, and logos appearing on this Site are the exclusive property of their respective owners.

All PanAgora graphics, logos, page headers, and service names are trademarks, service marks, or trade dress of PanAgora. PanAgora’s trademarks, service marks and trade dress may not be used in connection with any product or service that is not PanAgora’s, in any manner that is likely to cause confusion among customers or investors, or in any manner that disparages or discredits PanAgora. Nothing contained on this Site should be construed as granting any license or right in or to any trademarks, service marks, or trade dress of PanAgora.

Linked Internet sites

PanAgora may from time to time provide hypertext or other links to sites or third-party publications that may be of interest to Users. In the case of these links, the website you are accessing is created and maintained by another entity. We make no representation or warranty with respect to the information contained on the site and take no responsibility for supplementing, updating or correcting any such information. The products and services discussed at this site may not be appropriate for sale or use by all investors or counterparties. By providing this link, we are not providing you with investment advice or offering securities for sale to you. PanAgora does not endorse, sponsor or promote any publication products or services offered by such sites or third parties and has not passed on the merits of any information contained therein. PanAgora assumes no responsibility whatsoever for any material outside its own Site. PanAgora is not responsible for the privacy practices of third party websites. These articles should not be construed as an offer to sell or a solicitation of any product mentioned in these articles. All data in these articles has been provided by a named source and has not been independently verified by PanAgora Asset Management.


User agrees to defend and make PanAgora and its subsidiaries and affiliates whole for any and all claims, losses, liabilities, and expenses (including attorneys’ fees) arising from User’s use of the Site or any violation of these Terms and Conditions unless prohibited by law.

Dissemination of information

User understands that each participating national securities exchange or association asserts a proprietary interest in all of the market data it furnishes to the parties that disseminate the data. User also understands that neither any participating national securities exchange or association nor any supplier of market data guarantees the timeliness, sequence, accuracy, or completeness of market data or any other market information, or messages disseminated by any party. No disseminating party shall be liable in any way, and User agrees to indemnify and hold harmless such party, for (a) any inaccuracy, error, or delay in, or omission of, (i) any such data, information, or message or (ii) the transmission or delivery of any such data, information, or message, or (b) any loss or damage arising from or occasioned by (i) any such inaccuracy, error, delay, or omission, (ii) nonperformance, or (iii) interruption of any such data, information, or message, due either to any negligent act or omission by any disseminating party or to any “force majeure” (i.e., flood, extraordinary weather conditions, earthquake, or other act of God, fire, war, insurrection, riot, labor dispute, accident, action of government, communications, or power failure, equipment or software malfunction) or any other cause beyond the reasonable control of any disseminating party. User understands that the terms of these Terms and Conditions may be enforced directly against User by the national securities exchanges and associations providing market data to User.

Use of PanAgora software

User understands that User’s use of any PanAgora software is subject to the terms of any license agreement contained in or linked to the software. User agrees to be bound by the terms of such license agreement, including without limitation the prohibitions on distribution and copying, the exclusion of all representations and warranties, and the limitation of remedies to the replacement of defective disks.

No duty to inquire

User agrees that PanAgora shall not be under a duty to inquire as to the authority or propriety of any instructions given to PanAgora by User, and shall be entitled to act upon any such instructions; and PanAgora will not be liable for any loss, cost, expense or other liability arising out of any such instructions.

Site operation

The Site is operated from offices within the United States of America. PanAgora does not represent that the information on the Site is appropriate or available for use in other locations. Access from certain locations may be strictly prohibited.

Dispute resolution

These Terms and Conditions are governed by the laws of the Commonwealth of Massachusetts (except for conflict of law provisions). Any claim related to any dispute arising as a result of this Site, including PanAgora Electronic Services, or under these Terms and Conditions, shall be before a court of competent jurisdiction located in the Commonwealth of Massachusetts. If any provision of these terms and conditions are held to be unenforceable, such provision shall be reformed only to the extent necessary to make it enforceable.

These Terms and Conditions are governed by the laws of the Commonwealth of Massachusetts (except for conflict of law provisions). Any claim related to any dispute arising as a result of this Site, including PanAgora Electronic Services, or under these Terms and Conditions, shall be before a court of competent jurisdiction located in the Commonwealth of Massachusetts. If any provision of these terms and conditions are held to be unenforceable, such provision shall be reformed only to the extent necessary to make it enforceable.

How you can contact the web site with comments, inquiries, or complaints (such as by email, by telephone, by letter, etc.)

Institutional Investors: “Contact Us” page provides a phone number and a mailing address.

PanAgora’s Security Policy

Internet security

To the extent that any PanAgora Electronic Services utilize Internet services to transport data or communications, PanAgora will take reasonable security precautions, but PanAgora disclaims any liability for interception of any such data or communications. PanAgora shall not be responsible for, and makes no warranties regarding, the access, speed or availability of Internet or network services.

Site certificate information

Every secure page on PanAgora’s Web sites has been secured with a digital certificate by RSA Data Security, Inc. This is shown via the “site certificate” that sits on all secure pages. To view this certificate, click on the image of the “closed lock” on the bottom bar of your browser window. A small frame displaying site security information will appear. If you use Internet Explorer, click on the word “Subject” to verify the Web site. Click on “Issuer” to verify the site certification authority. If you use Netscape, click on the “View Certificate” button to see information on the subject and issuer.

User identification, where necessary

You can establish an on-line account on each of PanAgora’s secure sites by contacting your client service manager.

How to re-establish your identity with the site

If you have forgotten your password, or your password is not working for some reason, PanAgora helps you to re-establish your identity. Please call your client service manager for assistance.

Protection of stored information

All information collected on all PanAgora’s Web sites is moved off the Web site and stored on PanAgora’s internal computers. PanAgora takes many measures to protect your information while it is stored, including: Storing information on highly secure internal computer systems, and ensuring that information is not accessible via the Internet, using multiple levels of firewall protection to permit only required personnel to have access to stored information.

The PanAgora Web site only allows secure browsers access to the secure areas of our site. The browser’s “secure mode” is in place only when it is needed — when you are viewing or submitting personal financial information. You will be able to tell if you are in a secure mode when your browser displays a special icon on the screen. Specifically:

  • On Netscape Navigator 1.x, 2.x and 3.x, you will see a picture of a solid key
  • On Netscape Communicator or Navigator 4.x and MS Internet Explorer, you will see a picture of a closed lock
  • The Web site address will start with “https”, instead of “http”.

PanAgora’s Privacy Policy

In order to conduct business with our clients, we must obtain certain personal information such as account holders’ addresses, telephone numbers, Social Security numbers, and the names of their financial advisors. Using this information, we are able to maintain accurate records of transactions and account balances.

It is our policy to protect the confidentiality of our client information, whether or not PanAgora currently manages assets for a client. In particular, it is our policy not to sell information about you or your accounts to outside marketing firms. We have safeguards in place designed to prevent unauthorized access to our computer systems and procedures to protect personal information from unauthorized use.

Under certain circumstances, we do share information with our affiliates and outside vendors who provide services to us. In those cases, the firms with whom we do business enter into confidentiality agreements with us, and we limit the information we provide them to only what is necessary to process transaction and perform other services related to your account. We may also share information with our PanAgora affiliates to service your account or to provide you with information about other PanAgora products or services that may be of interest to you. It is also our policy to share account information with your financial advisor, if you’ve provided us with information about your advisor and that person is listed on your PanAgora account.

If you would like clarification about our confidentiality policies or have any question of concerns, please don’t hesitate to contact us at 1-800-423-6041, Monday through Friday, 8:30 a.m. to 5:00 p.m., Eastern Time.

User confidential information/privacy

User recognizes that User’s use of PanAgora Electronic Services or any online system, Web-based or otherwise, may involve the transmission to User of information that may be considered personal financial information, including but not limited to the identity and number of shares that User trades and the net dollar price for the shares. User consents to the transmission by electronic means of such information through any system, service or product named or referred to in the preceding sentence; such consent shall be effective at all times that User uses any such system, service or product. However, whenever User provides a login and password the site entered will be a secure site.

PanAgora will not release information about User or User’s PanAgora accounts except as permitted by law. For example, PanAgora may release this information if one of the following conditions is met:

  • PanAgora receives User’s prior written consent.
  • PanAgora believes the recipient to be User or User’s authorized representative.
  • PanAgora is required by law to release information to the recipient.
  • Types of personal information collected on each site
  • PanAgora does not collect personal information unless the User provides it to us.

Other information collected: If an individual enters our secured section through use of an ID we already have on file their name, address, and their account information. We time stamp all incoming sessions, we have the IP and domain name, session duration, transactions made, pages viewed.

Temporary session cookies

PanAgora uses temporary session cookies on all of its secure Web sites to store relevant session content such as an assigned user ID, so you can move between areas of a secure site. If your browser informs you that we are trying to set a cookie, let it. It will be erased when you end the session.

How PanAgora uses any information collected

PanAgora will only use information about User and User’s PanAgora accounts to help us better serve User’s investment needs, respond to user requests or inquiries, or to suggest PanAgora or our Putnam affiliate services or educational materials that may be of interest to User. Non-identifying information (i.e., in aggregated form) may be used for internal reporting or other purposes such as marketing/research.

Does PanAgora share information with third parties?

PanAgora does not give or sell any information about user or users PanAgora accounts to any other company, individual, or group except as permitted by law. For example, we may share information with outside vendors that provide services to us.

However, for your convenience, this site contains links to other Internet sites (“third-party sites”) that are not maintained by PanAgora. PanAgora is not responsible for the content of those sites. We urge you to read the privacy and security policies of other external sites before providing your personal information to these sites.

Ways you can control the information collected about you

Institutional investors: call your client service manager or 1-800-423-6041.