The Funds are intended for long-term investors and not for those who wish to trade frequently in Fund shares. The Funds believe that excessive short-term trading of Fund shares creates risks for the Funds and their long-term shareholders, including interference with efficient portfolio management, increased administrative and brokerage costs and potential dilution in the value of shares. Certain of the Funds impose and retain a 2.00% redemption fee (short-term trading fee) on shares that are sold or exchanged on or before the seventh day after the date of purchase.

Please refer to the Fund's prospectus for more information on the Short term trading fee.