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| Investing in ENTERPRISE Funds |
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How Sales Charges are Calculated
The following information highlights how sales charges are calculated for each share class of Enterprise funds. For related information, visit:
Choosing a Share Class
Ways to Reduce or Eliminate Sales Charges
Class A Shares
The price that you pay when you buy Class A shares (the "offering price") is the net asset value plus a sales charge (sometimes called a "front-end sales charge"), which varies depending upon the size of your purchase and the fund of which you purchase shares. Additionally, no initial sales charge applies to Class A shares you receive through reinvestment of dividends or distributions.
Class B Shares
Class B shares are sold at net asset value, without any sales charges at the time of purchase. However, there is a Contingent Deferred Sales Charge (CDSC) on shares that is payable upon redemption. The holding period for purposes of timing the conversion to Class A shares and determining the CDSC will continue to run after an exchange to Class B shares of another fund. The funds will not accept single purchase orders for Class B shares over $100,000. The amount of the CDSC declines as you hold your shares over time, according to the following schedule:
Class B shares will automatically convert to Class A shares of the same fund eight years after the end of the calendar month in which your purchase order for Class B shares was accepted. A pro rata portion of any Class B shares acquired through reinvestment of dividends or distributions will convert along with Class B shares that were purchased. Class A shares are subject to lower expenses than Class B shares. The conversion of Class B to Class A is not a taxable event for federal income tax purposes.
How the CDSC is Applied to Your Shares:
The CDSC is a sales charge you pay when you redeem certain fund shares. The CDSC:
is calculated based on the number of shares you are selling;*
is based on either your original purchase price or the then-current net asset value of the shares being sold, whichever is lower;
is deducted from the proceeds of the redemption, not from the amount remaining in your account;
for year one applies to redemptions through the day one year after the date on which your purchase was accepted, and so on for subsequent years; and
applied to your shares at the time of sale is based on the schedule applicable to those shares when you bought them.
A CDSC Will Not be Charged On:
increases in net asset value above the purchase price;
shares you acquired by reinvesting your dividends or capital gains distributions; or
exchanges of shares of one fund for shares of the same class of another fund.
To keep your CDSC as low as possible, each time you request to sell shares Enterprise will first sell any shares in your account that carry no CDSC. If there are not enough of these shares available to meet your request, Enterprise will sell the shares with the lowest CDSC.
Class C Shares
Class C shares are sold at net asset value. However, there is a CDSC on shares that is payable on redemptions made within one year of the date of purchase. The holding period for purposes of determining the CDSC will continue to run after an exchange to Class C shares of another fund. The funds will not accept single purchase orders for Class C shares over $1,000,000.
Class C Contingent Deferred Sales Charges
Class Y Shares
Investors who purchase Class Y shares do not pay sales charges. The ongoing expenses for Class Y shares are the lowest of all the classes because there are no ongoing 12b-1 distribution or service fees.
Class Y shares are sold at net asset value and have no sales charge. Only specific types of investors can purchase Class Y shares. You may be eligible to purchase Class Y shares if you:
Are a corporation, bank, savings institution, trust company, insurance company, pension fund, employee benefit plan, professional firm, trust, estate or educational, religious or charitable organization;
Are an investment company registered under the 1940 Act;
Are an employee of AXA Financial, Inc. or its subsidiaries or an immediate family member of such employee;
Are a wrap account client of an eligible broker-dealer; and
Are a present or former trustee of the Trust or a spouse or minor child of any such trustee or any trust, IRA or retirement plan account for the benefit of any such person or relative or the estate of any such person or relative; or
Are a financial institutional buyer.
The minimum investment amount for purchasing Class Y shares is $1,000,000.
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