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Exchange Privilege

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Exchange privilege
A mutual fund shareholder's right to switch from one fund to another within one fund family, usually at no additional charge.

exchange privilege
The right to exchange shares in one mutual fund for shares in another fund managed by the same firm. The rate at which shares are exchanged is determined by differences in relative values. There is usually a nominal charge for each transfer. This privilege is designed to allow investors to move their money among funds without incurring additional sales fees as their investment goals change. Also called conversion privilege.

Exchange Privilege
The right of a shareholder in a mutual fund to sell his/her shares and buy shares in another mutual fund within the same fund family, generally with no additional load (or sales fee). Different mutual funds within a fund family have different investment goals and/or strategies. However, because the same company manages the whole group, individual investors may generally exercise the exchange privilege to move money from one fund to another without extra commissions or fees, or with only a nominal charge. The exchange privilege allows investors to be flexible in their own investment goals according to their particular needs at a given time.


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For the purposes of this provision only, the meaning of "shares" has been expanded to include any conversion or exchange privilege, option or right to acquire shares.
Extend military commissary and exchange privileges to service-connected disabled veterans.
Patrons get savings on ticket prices, priority seating and ticket exchange privileges by purchasing any of seven series: Comedy, Children and Family,
 
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