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The following is a list of Frequently Asked Questions (FAQs) designed to help you work with ReFlow. Use the
How ReFlow Works section to find answers to your other inquiries.
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Which funds qualify to
use ReFlow? |
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Any registered open-end management investment company ("fund") is
eligible to use ReFlow if it meets certain basic criteria. ReFlow must be able to
invest in the fund without incurring a sales charge or transaction or redemption
fee. Funds which are, or were during the preceding twelve months, subject
to certain regulatory enforcement actions and funds which cannot represent that
they are in compliance with certain legal and regulatory requirements applicable
to open-end management investment companies will be excluded from
participation.
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What makes the ReFlow
solution more efficient? |
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It’s cheaper to trade
mutual fund shares automatically in formula amounts at a formula price,
meaning NAV, than to bargain in a fluctuating market for portfolio securities.
ReFlow allows these savings on both sides of the round trip, in cases where
today’s redemptions should be offset by subscriptions within a few weeks.
Liquidation is still wisest when redemptions accumulate past that point.
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How do I place or review
my bid? What are the bid options? |
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Click Bid on the My Account
page or on top-level navigation. We suggest standing bids in percent parameters
applied automatically to report data in current and future auctions. The
parameters are fee bid, holding cap, flow cap, strategic reserve and
tactical reserve. Flow cap is the limit present of current net reported redemptions
a client wants ReFlow to buy, after exhaustion of the cash buffer, and holding
cap is the limit percent of fund shares the client wants ReFlow to buy cumulatively.
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What are bidding hours? |
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You may bid at any time on any day, effective in the current auction ending at next market
close (4:00 PM EST). Bids entered after this deadline apply to the
following auction. You can access the NYSE’s annual calendar directly
from the www.nyse.com web site.
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What happens if I don’t
enter a new current bid? |
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Your Standing bid remains in effect from auction to auction, until you change or cancel it.
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How do I redeem shares? |
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You may request that ReFlow
redeem a certain number of shares or all shares that ReFlow holds, effective
as of next market close, by accessing the Positions screen from top-level
navigation. You may do so at any time that ReFlow holds shares of your fund.
ReFlow policy is to comply with your request. If your reported flow (excluding
ReFlow trades) for that day proves positive, or if ReFlow has held shares
to its calendar limit, automatic redemptions take precedence. Your requested
redemptions will be reduced by the automatic redemption amount.
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How does ReFlow calculate
flow and time redemptions? |
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Shares held by ReFlow are automatically redeemed on days when flow is positive,
meaning that current subscriptions from buyers other than ReFlow exceed
redemptions by redeemers other then ReFlow. Shares are redeemed automatically up
to the amount of positive flow. Shares are also redeemed
automatically when held for a calendar limit, currently 28 days. All redemptions
are in the order purchased.
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How do I find out the
results of the auction? |
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Your results from the most recent auction will appear on the My Account page and
the Statements page. Historical transactions may also be reviewed on the
Positions page.
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What happens if I discover
a reporting error after the report deadline? |
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Corrections to reports may be entered on the reporting page after the morning
deadline until the close of the market day. For still later corrections,
contact a customer service representative at 866-4-REFLOW (available Monday through Friday,
9:00 AM to 8:00 PM
EST).
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How do I change my password? |
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Go to the section labeled User Profile. You may change your password by typing in your username and old password and selecting a new password. It is recommended that you change your password periodically.
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What if I have problems
logging in? |
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If you have problems logging in, please contact a customer service representative at
866-4-REFLOW (available Monday through Friday, 9:00 AM to 8:00 PM
EST).
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When should I request
redemptions? |
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This feature lets you capitalize
on selling opportunities when you want to liquidate portfolio assets anyway.
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