Short-Term Redemption Fees

Short-term trading of mutual funds by investors can adversely impact the funds due to the increased administrative costs of managing the fund's portfolio.

Short-term trading also increases Scottrade's administrative cost associated with providing a no-transaction fee program. Short-term redemption fees are therefore intended to discourage short-term trading in no-load mutual funds.

Redemption of no-load fund shares purchased through the NTF program, which are held 90 days or less, will be charged a short-term redemption fee (detailed information on our fees can be found in the Explanation of Fees (PDF) with the exception of Rydex, Guggenheim, ProFunds and Direxion families of funds.

This fee may be in addition to any transaction fee and applicable redemption fees charged by the fund. Fund shares that are purchased prior to the participation of a fund in the NTF program will be subject to the standard transaction fee (see schedule below).

Transaction fees will not be charged on the redemption of shares of participating NTF program funds that are transferred to your account from another financial institution. The fund must be a participating NTF program fund at the time of the transfer to be eligible for no-transaction fee redemption.

Customer accounts which exhibit a pattern of short-term redemptions may be excluded from participating in the NTF program at the sole discretion of Scottrade. Customer accounts, which are excluded from the NTF program, will be charged the standard transaction fee on all transactions.

Investors should consider the investment objectives, risks, charges, and expenses of mutual fund carefully before investing. A prospectus contains this and other information about the fund and is available through www.Scottrade.com or through a Scottrade® branch office. The prospectus should be read carefully before investing.