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Five Nationwide funds tack on fees to shares redeemed before 18 months
By Toni Weeks
San Diego, Dec. 13 - Nationwide Mutual Funds announced a change to the fee structure for some of its funds, according to a 497 filing with the Securities and Exchange Commission.
Effective Jan. 1, a contingent deferred sales charge will be applied to class A shares redeemed within 18 months of purchase if a finder's fee was paid by the distributor to an investor's financial advisor or intermediary. The charge does not apply to shares acquired through reinvestment of dividends or capital gains distributions.
For the Nationwide International Index Fund, Nationwide Mid Cap Market Index Fund, Nationwide S&P 500 Index Fund and Nationwide Small Cap Index Fund, the amount will be 1% for purchases of $1 million to $3,999,999, 0.5% for purchases of $4 million to $24,999,999 and 0.25% for purchases of $25 million or more.
For the Nationwide Bond Index Fund, the fee will be 0.75%, 0.5% and 0.25%, respectively, for those same purchase amount categories.
The contingent deferred sales charge is based on the original purchase price or the current market value of the shares being redeemed, whichever is less. If an investor redeems shares, those that are not subject to a fee are redeemed first, followed by shares that have been owned the longest in order to minimize the fee.
The fund's adviser is King of Prussia, Pa.-based Nationwide Fund Advisors.
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