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Mutual Fund Sales Disclosure

SPECIAL NOTE

The information provided on this page is not an offer to sell nor a solicitation to purchase shares in a mutual fund. This information is provided as an educational tool for clients and prospective clients.  A Broker/Dealer, Investment Advisor, Investment Advisor Agent or Registered Representative may only conduct business in states where they have satisfactorily met all licensing requirements. Any follow-up or individualized responses to any individuals that involve or attempt to effect transactions in securities or the dispensation of personal advice for compensation shall not be made without first complying with all applicable licensing regulations of the state in which the inquiring individual is located.

BREAKPOINT DISCLOSURE

This disclosure is provided for informational purposes only and is not intended  to replace a mutual fund prospectus. Before investing money please obtain a copy of the prospectus for each mutual fund under consideration; review it carefully, as it contains more specific information about the sales charges, expenses and discounts associated with a particular fund.

Class A - purchases are subject to a front-end sales charge; the front-end charge is deducted only at the time of purchase. Class A shares also have lower annual fees and expenses. These fees and expenses are deducted from the funds asset's each year. A share class with lower fees and expenses provides more value to its shareholders. Clients investing $25,000 or more may receive a discount on their purchase, depending on the fund. Class A shares have no purchase limit.

Class B - purchases are subject to a back-end sales charge; the back-end charge may be deducted when an investor sells shares. See "Deferred Sales Charge Schedule" below. Class B shares also have higher annual fees and expenses. Therefore, Class B shares may not provide as good a return as Class A shares over the long-term. Clients will not receive a discount on their purchases, regardless of how much they invest. Total purchases in Class B shares are limited to $100,000 per household.

Class C - purchases are subject to a one-year, one percent (1%) back-end sales charge, which means investors will pay a 1% sales charge on shares sold within one year of purchase. Class C shares have higher annual fees and expenses. Therefore, Class C shares may not provide as good a return as Class A shares over the long-term. Clients will not receive a discount on their purchase, regardless of how much money they invest. Total purchases of Class C shares are limited to $500,000 per household.

Class A, B and C shares are the most common share classes, but there may be other share classes available. Please refer to the particular fund's prospectus for more information.

BREAKPOINT DISCOUNT

Class A shares within the same mutual fund family may carry a reduced sales charge for purchases above a certain dollar amount ("breakpoint").  Breakpoints are not available for investments in Class B shares and  distribution and service fees paid for Class B shares may make Class B shares more expensive for purchases of $50,000 or more. Choosing to allocate or spread investments across more than one fund family may result in higher fees.

RIGHTS OF ACCUMULATION

Many mutual funds allow investors to aggregate the value of previous purchases within the same Fund Family, with  the value of a new purchase to qualify for breakpoint discounts on Class A shares.  Moreover, fund families may allow investors to count existing holdings in multiple accounts such as IRA's or accounts at other Broker/Dealers as well as holdings in accounts of certain related parties (such as a spouse or children to qualify for breakpoint discounts). To obtain breakpoint discounts for the same funds held at various Broker/Dealers, documentation (such as account statements) will need to be provided.

LETTER OF INTENT

Most mutual funds allow investors to qualify for breakpoint discounts by signing a Letter of Intent which commits the investor to purchasing a specified amount of Class A shares within a defined period of time, usually 13 months. For example; If an investor plans to purchase $50,000 worth of Class A shares over a period of 13 months, but each individual purchase would not qualify for a breakpoint discount, the investor could sign a Letter of Intent at the time of the first purchase and receive the breakpoint discount associated with a $50,000 investment. This breakpoint discount would be attributed to the first and all subsequent investments. Additionally, some funds offer retroactive Letters of Intent that allow investors to rely upon purchases in the recent past added to future investments to qualify for a breakpoint discount. If an investor fails to invest the amount required by the Letter of Intent, the fund is entitled to retroactively deduct the correct sales charge(s) based upon the amount that the investor actually invested.