SUPPLEMENT TO THE CURRENTLY
EFFECTIVE PROSPECTUSES OF EACH OF THE LISTED FUNDS
The following
disclosure is added under the “SALES CHARGE WAIVERS AND DISCOUNTS AVAILABLE THROUGH INTERMEDIARIES” sub-section under the “APPENDIX B” section of each fund’s prospectus.
JANNEY MONTGOMERY
SCOTT LLC CLASS A AND C SALES CHARGE WAIVERS AND DISCOUNTS
Effective May 1,
2020, if you purchase fund shares through a Janney Montgomery Scott LLC (“Janney”) brokerage account, you will be eligible only for the following load waivers (front-end sales charge waivers and contingent
deferred sales charge (“CDSC”), or back-end sales charge, waivers) and discounts, which may differ from those disclosed elsewhere in the fund’s prospectus or SAI.
Front-end sales
charge* waivers on Class A shares available at Janney
| ■ | 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 by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney. |
| ■ | Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within ninety (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 load (i.e., right of reinstatement). |
| ■ | 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. |
| ■ | Shares acquired through a right of reinstatement. |
| ■ | Class C shares that are no longer subject to a contingent deferred sales charge and are converted by Janney at net asset value to Class A shares of the same fund pursuant to Janney’s policies and procedures. |
CDSC waivers on Class
A and C shares available at Janney
| ■ | Shares sold upon the death or disability of the shareholder. |
| ■ | Shares sold as part of a systematic withdrawal plan as described in the fund’s prospectus. |
| ■ | Shares purchased in connection with a return of excess contributions from an IRA account. |
| ■ | Shares sold as part of a required minimum distribution for IRA and other retirement accounts due to the shareholder reaching age 70½ as described in the fund’s prospectus. |
| ■ | Shares sold to pay Janney fees but only if the transaction is initiated by Janney. |
| ■ | Shares acquired through a right of reinstatement. |
| ■ | Shares exchanged into the same share class of a different fund. |
Front-end sales
charge* discounts available at Janney: breakpoints, rights of accumulation, and/or letters of intent
| ■ | Breakpoints as described in the fund’s prospectus. |
February 7, 2020
PROSTKR20-01
| ■ | 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. |
| ■ | 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 may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets. |
*Also referred to as an
“initial sales charge.”
Please Retain This Supplement
for Future Reference
February 7, 2020
PROSTKR20-01
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