Form N-1a - United States Securities And Exchange Commission Page 22
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54Item 12.
Distribution Arrangements
(a) Sales Loads.
(1)
Describe any sales loads, including deferred sales loads, applied to purchases of the Fund’s shares. Include in a table any
front-end sales load (and each breakpoint in the sales load, if any) as a percentage of both the offering price and the net
amount invested.
Instructions
1.
If the Fund’s shares are sold subject to a front-end sales load, explain that the term “offering price” includes the front-
end sales load.
2.
Disclose, if applicable, that sales loads are imposed on shares, or amounts representing shares, that are purchased with
reinvested dividends or other distributions.
3.
Discuss, if applicable, how deferred sales loads are imposed and calculated, including:
(a)
Whether the specified percentage of the sales load is based on the offering price, or the lesser of the offering
price or net asset value at the time the sales load is paid.
(b)
The amount of the sales load as a percentage of both the offering price and the net amount invested.
(c)
A description of how the sales load is calculated (e.g., in the case of a partial redemption, whether or not the sales
load is calculated as if shares or amounts representing shares not subject to a sales load are redeemed first,
and other shares or amounts representing shares are then redeemed in the order purchased).
(d)
If applicable, the method of paying an installment sales load (e.g., by withholding of dividend payments,
involuntary redemptions, or separate billing of a shareholder’s account).
(2)
Unless disclosed in response to paragraph (a)(1), briefly describe any arrangements that result in breakpoints in, or
elimination of, sales loads (e.g., letters of intent, accumulation plans, dividend reinvestment plans, withdrawal plans,
exchange privileges, employee benefit plans, redemption reinvestment plans, and waivers for particular classes of
investors). Identify each class of individuals or transactions to which the arrangements apply and state each different
breakpoint as a percentage of both the offering price and the net amount invested. If applicable, state that additional
information concerning sales load breakpoints is available in the Fund’s SAI.
Instructions
1.
The description, pursuant to paragraph (a)(1) or (a)(2) of this Item 12, of arrangements that result in breakpoints in,
or elimination of, sales loads must include a brief summary of shareholder eligibility requirements, including a
description or list of the types of accounts (e.g., retirement accounts, accounts held at other financial intermediaries),
account holders (e.g., immediate family members, family trust accounts, solely-controlled business accounts), and
fund holdings (e.g., funds held within the same fund complex) that may be aggregated for purposes of determining
eligibility for sales load breakpoints.
2.
The description pursuant to paragraph (a)(2) of this Item 12 need not contain any information required by Items 17(d)
and 23(b).
(3)
Describe, if applicable, the methods used to value accounts in order to determine whether a shareholder has met sales load
breakpoints, including the circumstances in which and the classes of individuals to whom each method applies. Methods
that should be described, if applicable, include historical cost, net amount invested, and offering price.
a
(4)
(i)
State, if applicable, that, in order to obtain a breakpoint discount, it may be necessary at the time of purchase for
shareholder to inform the Fund or his or her financial intermediary of the existence of other accounts in which there are
holdings eligible to be aggregated to meet sales load breakpoints. Describe any information or records, such as account
statements, that it may be necessary for a shareholder to provide to the Fund or his or her financial intermediary in order
to verify his or her eligibility for a breakpoint discount. This description must include, if applicable:
(A) Information or records regarding shares of the Fund or other funds held in all accounts (e.g., retirement accounts)
of the shareholder at the financial intermediary;
(B) Information or records regarding shares of the Fund or other funds held in any account of the shareholder at
another financial intermediary; and
(C) Information or records regarding shares of the Fund or other funds held at any financial intermediary by related
parties of the shareholder, such as members of the same family or household.
(ii)
If the Fund permits eligibility for breakpoints to be determined based on historical cost, state that a shareholder
should retain any records necessary to substantiate historical costs because the Fund, its transfer agent, and financial
intermediaries may not maintain this information.
15
SEC 2052 (10/16)
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