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Why do the Funds discourage short-term trading?

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Why do the Funds discourage short-term trading?

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Short-term trading, which may increase the number of trades in the Funds, may disrupt the Funds’ investment strategies and increase the Funds’ transaction costs. This, in turn, may reduce the Funds’ overall returns for long-term investors. The Funds’ prospectuses clearly state that the Funds are not designed for short-term trading.

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