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|Initial Sales Charge||Up to 5.00%, reduced for large purchases; no charge for purchases over $1 million||None||1.00%|
|Deferred Sales Charge||1.00% on purchases over $1 million or more if redeemed within one year of purchase||Up to 5.00% with reduction over time; no deferred charge after six years||1.00% if redeemed within one year|
|Annual Distribution Fee||0.25% of average daily assets||1.00% of average daily assets||1.00% of average daily assets|
Some mutual funds charge a load, or sales commission, when you buy or sell shares or, in some cases, each year you own the fund. The charge is generally figured as a percentage of your investment amount.
Most load funds are sold by brokers or other investment professionals. The sales charge compensates them for their time.
In contrast, no-load funds, which don't have sales charges but may levy other fees, are usually sold directly to the public by the investment company that offers the fund. Some companies offer both load and no-load versions of the same fund.