All mutual funds charge management fees that normally are used to pay the costs of researching, managing and trading the securities in the portfolio. There are generally two types of expenses related to mutual funds: expenses you pay directly and expenses that are deducted from fund assets.

• Expenses you pay directly: These include front-end or back-end loads you may pay when you buy or sell shares of certain classes of funds (A, B, C or K). These are also called "sales charges." Under certain circumstances, you may also pay other fees, such as redemption fees. Your financial advisor or broker may also charge you a separate fee for processing or servicing your account, or a transaction fee relating to purchases or redemptions of shares.
• Expenses you pay through the Funds: There are two types of expenses that you may pay indirectly through your fund:
• Management and Administrative expenses: The costs of managing and administering a fund - including investment management fees, custody, auditing, administrative expenses and others - are spread equally among shareholders of each class of shares. These fees are deducted daily from your fund assets.
• 12b-1 fees: These fees are paid out of assets on an ongoing basis to cover the cost of distribution of certain share classes of selected mutual funds. Not all fund share classes have 12b-1 fees. Click here for additional information.