| • |
Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that
the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan
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| • |
Shares purchased by or through a 529 Plan
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| • |
Shares purchased through a Merrill Lynch affiliated investment advisory program
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| • |
Shares purchased by third party investment advisors on behalf of their advisory clients through Merrill Lynch’s platform
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| • |
Shares of funds purchased through the Merrill Edge Self-Directed platform (if applicable)
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| • |
Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within
the Aquila Group of Funds)
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| • |
Shares exchanged from Class C (i.e. level-load) shares of the same fund in the month of or following the 10-year anniversary of the purchase date, unless the Fund
provides for an exchange after a shorter time period. The Aquila Group of Funds currently provide for a waiver of the front end sales load on such exchanges in the month of or following the 6-year anniversary of the purchase date so
shareholders purchasing Fund shares through Merrill Lynch will receive waivers on exchanges in the month of or following the 6-year anniversary of the purchase date
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| • |
Employees and registered representatives of Merrill Lynch or its affiliates and their family members
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| • |
Trustees of the Trust, and employees of the Manager or any of its affiliates, as described in this Prospectus
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| • |
Shares purchased from the proceeds of redemptions within the Aquila Group of Funds, provided (1) the repurchase occurs within 90 days following the redemption, (2)
the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement)
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| • |
Death or disability of the shareholder
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| • |
Shares sold as part of a systematic withdrawal plan as described in this Prospectus
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| • |
Return of excess contributions from an IRA Account
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| • |
Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches
qualified age based on applicable IRS regulations
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| • |
Shares sold to pay Merrill Lynch fees but only if the transaction is initiated by Merrill Lynch
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| • |
Shares acquired through a right of reinstatement
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| • |
Shares held in retirement brokerage accounts, that are exchanged for a lower cost share class due to transfer to certain fee based accounts or platforms (applicable
to Class A and C shares only)
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| • |
Breakpoints as described in this Prospectus.
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| • |
Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of Aquila Group of
Funds assets held by accounts within the purchaser’s household at Merrill Lynch. Eligible Aquila Group of Funds assets not held at Merrill Lynch may be included in the ROA calculation only if the shareholder notifies his or her financial
advisor about such assets
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| • |
Letters of Intent (LOI) which allow for breakpoint discounts based on anticipated purchases within the Aquila Group of Funds, through Merrill Lynch, over a 13-month
period of time (if applicable)
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•
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Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans
and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans
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•
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Morgan Stanley employee and employee-related accounts according to Morgan Stanley’s account linking rules
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•
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Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund
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•
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Shares purchased through a Morgan Stanley self-directed brokerage account
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•
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Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same
fund pursuant to Morgan Stanley Wealth Management’s share class conversion program
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•
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Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the
redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge.
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•
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Shares purchased in an investment advisory program.
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•
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Shares purchased within the same fund family through a systematic reinvestment of capital gains and dividend distributions.
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•
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Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.
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•
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Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the
redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).
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•
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A shareholder in the Fund’s Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of
the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Raymond James.
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•
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Death or disability of the shareholder.
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•
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Shares sold as part of a systematic withdrawal plan as described in the fund’s prospectus.
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•
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Return of excess contributions from an IRA Account.
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•
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Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on
applicable IRS regulations as described in the fund’s prospectus.
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•
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Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.
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•
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Shares acquired through a right of reinstatement.
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•
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Breakpoints as described in this prospectus.
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•
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Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund
family assets held by accounts within the purchaser’s household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the calculation of rights of accumulation only if the shareholder notifies his or her
financial advisor about such assets.
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|
•
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Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund
family assets not held at Raymond James may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.
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•
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Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any
other fund within the fund family).
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•
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Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.
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•
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Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within ninety (90) days following
the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., right of reinstatement).
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|
•
|
Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans
and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.
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|
•
|
Shares acquired through a right of reinstatement.
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•
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Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to
Janney’s policies and procedures.
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•
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Shares sold upon the death or disability of the shareholder.
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•
|
Shares sold as part of a systematic withdrawal plan as described in the fund’s Prospectus.
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•
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Shares purchased in connection with a return of excess contributions from an IRA account.
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•
|
Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder
reaches qualified age based on applicable IRS regulations.
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|
•
|
Shares sold to pay Janney fees but only if the transaction is initiated by Janney.
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•
|
Shares acquired through a right of reinstatement.
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•
|
Shares exchanged into the same share class of a different fund.
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|
•
|
Breakpoints as described in the fund’s Prospectus.
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|
•
|
Rights of accumulation (“ROA”), which entitle shareholders to breakpoint discounts, will be automatically calculated based on the aggregated holding
of fund family assets held by accounts within the purchaser’s household at Janney. Eligible fund family assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial advisor
about such assets.
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|
•
|
Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund
family assets not held at Janney Montgomery Scott may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.
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|
•
|
Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those
plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan
|
|
•
|
Shares purchased by or through a 529 Plan
|
|
•
|
Shares purchased through a OPCO affiliated investment advisory program
|
|
•
|
Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any
other fund within the fund family)
|
|
•
|
Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the
redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Restatement).
|
|
•
|
A shareholder in the Fund’s Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of
the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of OPCO
|
|
•
|
Employees and registered representatives of OPCO or its affiliates and their family members
|
|
•
|
Directors or Trustees of the Fund, and employees of the Fund’s investment adviser or any of its affiliates, as described in this prospectus
|
|
•
|
Death or disability of the shareholder
|
|
•
|
Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus
|
|
•
|
Return of excess contributions from an IRA Account
|
|
•
|
Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on
applicable IRS regulations as described in the prospectus
|
|
•
|
Shares sold to pay OPCO fees but only if the transaction is initiated by OPCO
|
|
•
|
Shares acquired through a right of reinstatement
|
|
•
|
Breakpoints as described in this prospectus.
|
|
•
|
Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of
fund family assets held by accounts within the purchaser’s household at OPCO. Eligible fund family assets not held at OPCO may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such
assets.
|
|
•
|
The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except any money market funds and
retirement plan share classes) of [the mutual fund family] held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations ("pricing groups"). This includes all
share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund family assets in the rights of accumulation calculation is dependent on the shareholder notifying his or her financial advisor of
such assets at the time of calculation.
|
|
•
|
ROA is determined by calculating the higher of cost or market value (current shares x NAV).
|
|
•
|
Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to make over a 13-month period
from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a 13-month
period to calculate the front-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The
inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying his or her financial advisor of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are
not covered under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if LOI is not met.
|
|
•
|
Associates of Edward Jones and its affiliates and their family members who are in the same pricing group (as determined by Edward
Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate's life if the associate retires from Edward Jones in good-standing.
|
|
•
|
Shares purchased in an Edward Jones fee-based program.
|
|
•
|
Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.
|
|
•
|
Shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: 1) the
proceeds are from the sale of shares within 60 days of the purchase, and 2) the sale and purchase are made in the same share class and the same account or the purchase is made in an individual retirement account with proceeds from
liquidations in a non-retirement account.
|
|
•
|
Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at
the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus.
|
|
•
|
Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84th month following the
anniversary of the purchase date or earlier at the discretion of Edward Jones.
|
|
•
|
The death or disability of the shareholder
|
|
•
|
Systematic withdrawals with up to 10% per year of the account value
|
|
•
|
Return of excess contributions from an Individual Retirement Account (IRA)
|
|
•
|
Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder
reaches qualified age based on applicable IRS regulations
|
|
•
|
Shares sold to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones
|
|
•
|
Shares exchanged in an Edward Jones fee-based program
|
|
•
|
Shares acquired through NAV reinstatement
|
|
•
|
$250 initial purchase minimum
|
|
•
|
$50 subsequent purchase minimum
|
|
•
|
Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are
not included in this policy:
|
|
o
|
A fee-based account held on an Edward Jones platform
|
|
o
|
A 529 account held on an Edward Jones platform
|
|
o
|
An account with an active systematic investment plan or letter of intent (LOI)
|
|
•
|
At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder's holdings in a fund to Class A shares.
|