How Sales Charges are Calculated / Reducing Your Sales Charges /
Waivers of Deferred Sales Charges / Reinstatement Privilege /
More About Deferred Sales Charges

REDUCING YOUR SALES CHARGES

There are several ways you can combine multiple purchases of Fund shares to take advantage of the breakpoints in the sales charge schedule.

Right of Accumulation
The right of accumulation lets you add the value of any Fund shares you already own and for which a sales charge was paid to the amount of your next purchase for purposes of calculating the initial sales charge.

Letter of Intent
A letter of intent lets you purchase Fund shares over a 13-month period and receive the same sales charge as if all shares had been purchased at once. You can use a letter of intent to qualify for reduced sales charges if you plan to invest at least $50,000 in the Fund’s shares during the next 13 months. The calculation of this amount would include your current holdings of all Fund shares, as well as any reinvestment of dividends and capital gains distributions. When you sign this letter, the Fund agrees to charge you the reduced sales charges listed above. Completing a letter of intent does not obligate you to purchase additional shares. However, if you do not achieve the stated investment goal within the 13-month period, you are required to pay the difference between sales charges otherwise applicable and sales charges actually paid, which may be deducted from your investment.

Group Investment Program
Family groups may be treated as a single purchaser under the right of accumulation privilege. Each investor has an individual account, but the group’s investments are lumped together for sales charge purposes, making the investors potentially eligible for reduced sales charges. A family group includes a spouse, parent, stepparent, grandparent, child, stepchild, grandchild, sibling, father-in-law, mother-in-law, brother-in-law, or sister-in-law, including trusts created by these family members.

In order to take advantage of any reduction in sales charges that may be available to you, you must inform your Service Organization. In order to obtain sales charge reductions, you may be required to provide information and records, such as account statements, to your Service Organization. Please retain all account statements. The records required to take advantage of a reduction in sales charges may not be maintained by the Fund, its transfer agent, or your Service Organization.

For more information about sales charges, please consult your Service Organization, or refer to the Fund’s prospectus.