Are there rules regarding frequent trading on an account?
Each Fund restricts excessive trading by limiting the number of “round trip” transactions a shareholder may make within a calendar year to four. A “round trip” is defined as the purchase of shares of a particular Fund (through either a purchase or exchange from another Fund) and the subsequent sale of shares of that Fund (through either a redemption or an exchange from another Fund). You are limited to one exchange of shares in the same Fund during any 15-day period. These restrictions do not apply to investors in 401(k) and other retirement accounts, investors who purchase shares through certain broker dealers, and asset allocation accounts managed by the adviser or an affiliate. Each Fund reserves the right to: Refuse any purchase or exchange request that could adversely affect the Fund or its operations, including those from any individual or group who, in the Fund’s view, are likely to engage in excessive trading. Change or discontinue its exchange privilege, or temporarily suspend
