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Liquidating a mutual fund

The early redemption fees are paid to the funds, and are separate from potential back-end load charges, which are paid to the broker.

On Friday, September 9, 2011 the fund reorganizations listed above took place.

The 2-decimal place net asset value ("NAV") disclosed for the funds and published in various publications was used to value transactions with a trade date of September 9, 2011.

The SEC typically limits redemption fees to a maximum of 2%.

A mutual fund can impose an exchange fee when a shareholder exchanges shares in one fund for shares in another fund within the same fund family.

All three share classes also impose a range of shareholder fees and expenses.

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Class B shares do not have a front-end sales load, but they may impose a deferred sales load charge when the shares are sold.Class C shares may have either a front-end load or a back-end load, but these charges tend to be lower than for Class A or B shares.

An expense ratio includes management, administrative, marketing, and distribution fees.Back-end sales load charges cannot exceed 8.5%, and this percentage will decrease over time until it reaches zero.Long-term investors might select Class B shares when they anticipate holding the fund shares for long periods of time.All of these charges are described in a fund's prospectus.It is important that investors read a fund's prospectus to understand all of the financial implications before buying, selling or exchanging mutual fund shares.Generally, these fees take effect for holding periods ranging from 30 days to one year.