Rules and Regulations
promulgated
under the
Investment Company Act of 1940
Rule 22d-1 -- Exemption from Section 22(d) to Permit Sales of Redeemable Securities at Prices Which Reflect Sales Loads Set Pursuant to a Schedule
A registered investment company that is the issuer of redeemable securities, a principal
underwriter of such securities or a dealer therein shall be exempt from the provisions
of section 22(d) to the extent necessary to
permit the sale of such securities at prices that reflect scheduled variations in,
or elimination of, the sales load. These price schedules may offer such variations
in or elimination of the sales load to particular classes of investors or transactions,
Provided, That:
The company, the principal underwriter and dealers
in the company's shares apply any scheduled variation uniformly to all offerees in
the class specified;
The company furnishes to existing shareholders and
prospective investors adequate information concerning any scheduled variation, as
prescribed in applicable registration statement form requirements;
Before making any new sales load variation available
to purchasers of the company's shares, the company revises its prospectus and statement
of additional information to describe that new variation; and
The company advises existing shareholders of any new
sales load variation within one year of the date when that variation is first made
available to purchasers of the company's shares.
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