[NAME OF FUND]
AMENDED AND RESTATED
MULTIPLE CLASS PLAN
WHEREAS, _______________________ (the "Fund"), a Massachusetts Business Trust,
is registered under the Investment Company Act of 1940, as amended (the "1940
Act"), as an open-end management investment company that offers shares of
common stock;
WHEREAS, American Funds Distributors, Inc. (the "Distributor") serves as the
principal underwriter for the Fund;
WHEREAS, the Fund has adopted Plans of Distribution (each a "12b-1 Plan") under
which the Fund may bear expenses of distribution of its shares, including
payment and/or reimbursement to the Distributor for certain of its expenses
incurred in connection with the Fund;
WHEREAS, the Fund is authorized to issue four classes of shares of common
stock, designated as Class A shares, Class B shares, Class C shares and Class F
shares;
WHEREAS, Rule 18f-3 under the 1940 Act permits open-end management investment
companies to issue multiple classes of voting stock representing interests in
the same portfolio if, among other things, an investment company adopts a
written Multiple Class Plan (the "Plan") setting forth the separate arrangement
and expense allocation of each class and any related conversion features or
exchange privileges;
WHEREAS, the Board of Trustees of the Fund adopted an Multiple Class Plan on
______________; and
WHEREAS, the Board of Trustees of the Fund has determined, that it is in the
best interest of each class of shares of the Fund individually, and the Fund as
a whole, to amend and restate its Multiple Class Plan in recognition of it
issuing additional classes of shares;
NOW THEREFORE, the Fund adopts this Plan as follows:
1. Each class of shares will represent interests in the same portfolio of
investments of the Fund, and be identical in all respects to each other class,
except as set forth below. The differences among the various classes of shares
of the Fund will relate to: (i) distribution, service and other charges and
expenses as provided for in paragraph 3 of this Plan; (ii) the exclusive right
of each class of shares to vote on matters submitted to shareholders that
relate solely to that class or the separate voting right of each class on
matters for which the interests of one class differ from the interests of
another class; (iii) such differences relating to eligible investors as may be
set forth in the Fund's prospectus and statement of additional information
("SAI"), as the same may be amended or supplemented from time to time; (iv) the
designation of each class of shares; (v) conversion features; and (vi) exchange
privileges.
Exhibit (n)
2. (a) Certain expenses may be attributable to the Fund, but not a particular
class of shares thereof. All such expenses will be borne by each class on the
basis of the relative aggregate net assets of the classes. Notwithstanding the
foregoing, the Distributor, the investment adviser or other provider of
services to the Fund may waive or reimburse the expenses of a specific class or
classes to the extent permitted by Rule 18f-3 under the 1940 Act and any other
applicable law.
(b) A class of shares may be permitted to bear expenses that are directly
attributable to that class, including: (i) any distribution service fees
associated with any rule 12b-1 Plan for a particular class and any other costs
relating to implementing or amending such rule 12b-1 Plan; (ii) any
administrative service fees attributable to such class; and (iii) any transfer
agency and shareholder servicing fees attributable to such class.
(c) Any additional incremental expenses not specifically identified above that
are subsequently identified and determined to be applied properly to one class
of shares of the Fund shall be so applied upon approval by votes of the
majority of both (i) the Board of Trustees of the Fund; and (ii) those Trustees
of the Fund who are not "interested persons" of the Fund (as defined in the
1940 Act) ("Independent Trustees").
3. Consistent with the general provisions of section 2(b), above, each class of
shares of the Fund shall differ in the amount of, and the manner in which costs
are borne by shareholders as follows:
(a) Class A shares
(i) Class A shares shall be sold at net asset value plus a front-end sales
charge, at net asset value without a front-end sales charge but subject to a
contingent deferred sales charge ("CDSC"), and at net asset value without any
sales charge, as set forth in the Fund's prospectus and SAI.
(ii) Class A shares shall be subject to an annual distribution expense under
the Fund's Class A Plan of Distribution of up to 0.25% [or 0.30% or 0.15%] of
average net assets, as set forth in the Fund's prospectus, SAI, and Plan of
Distribution. This expense consists of a service fee of up to 0.25% plus
certain other distribution costs.
(b) Class B shares
(i) Class B shares shall be sold at net asset value without a front-end sales
charge, but are subject to a CDSC and maximum purchase limits as set forth in
the Fund's prospectus and SAI.
(ii) Class B shares shall be subject to an annual 12b-1 expense under the
Fund's Class B Plan of Distribution of 1.00% [or 0.90%] of average net assets,
as set forth in the Fund's prospectus, SAI, and Class B Plan of Distribution.
This expense shall consist of a distribution fee of 0.75% and a service fee of
0.25% of such net assets.
(iii) Class B shares will automatically convert to Class A shares of the Fund
approximately eight years after purchase, subject to the limitations described
in the Fund's prospectus and SAI. All conversions shall be effected on the
basis of the relative net asset values of the two classes of shares without the
imposition of any sales load or other charge.
(iv) Class B shares shall be subject to a fee (included within the transfer
agency expense) for additional costs associated with tracking the age of each
Class B share.
(c) Class C shares
(i) Class C shares shall be sold at net asset value without a front-end sales
charge, but are subject to a CDSC and maximum purchase limits as set forth in
the Fund's prospectus and SAI.
(g) Class C shares shall be subject to an annual 12b-1 expense under the Fund's
Class C Plan of Distribution of 1.00% of average net assets, as set forth in
the Fund's prospectus, SAI, and Class C Plan of Distribution. This expense
shall consist of a distribution fee of 0.75% and a service fee of 0.25% of such
net assets.
(iii) Class C shares shall be subject to an Administrative Services fee
comprising transfer agent fees (according to the fee schedule contained in the
Shareholder Services Agreement between the Fund and its transfer agent for its
Class A and Class B shares) plus 0.15% of average net assets, as set forth in
the Fund's prospectus, SAI, and Class C Administrative Services Agreement.
Class C shares will pay only those transfer agent fees that are attributed to
accounts of and activities generated by the Class C shares.
(iv) Class C shares will automatically convert to Class F shares of the Fund
approximately ten years after purchase, subject to the limitations described in
the Fund's prospectus and SAI. All conversions shall be effected on the basis
of the relative net asset values of the two classes of shares without the
imposition of any sales load or other charge.
(v) Class C shares shall be subject to a fee (included within the transfer
agency expense) for additional costs associated with tracking the age of each
Class C share.
(d) Class F shares
(i) Class F shares shall be sold at net asset value without a front-end or
back-end sales charge.
(ii) Class F shares shall be subject to an annual 12b-1 expense under the
Fund's Class F Plan of Distribution of up to 0.50% of average net assets, as
set forth in the Fund's prospectus, SAI, and Class F Plan of Distribution.
This expense shall consist of a distribution fee of 0.25% and a service fee of
0.25% of such net assets.
(iii) Class F shares shall be subject to an Administrative Services fee
comprising transfer agent fees (according to the fee schedule contained in the
Shareholder Services Agreement between the Fund and its transfer agent for its
Class A and Class B shares) plus 0.15% of average net assets, as set forth in
the Fund's prospectus, SAI, and Class F Administrative Services Agreement.
Class F shares will pay only those transfer agent fees that are attributed to
accounts of and activities generated by the Class F shares.
All other rights and privileges of Fund shareholders are identical regardless
of which class of shares are held.
4. This Plan shall not take effect until it has been approved by votes of the
majority of both (i) the Board of Trustees of the Fund; and (ii) the
Independent Trustees.
5. This Plan shall become effective with respect to any class of shares of the
Fund, other than Class A, Class B, Class C or Class F shares, upon the
commencement of the initial public offering thereof (provided that the Plan has
previously been approved with respect to such additional class by votes of the
majority of both (i) the Board of Trustees of the Fund; and (ii) Independent
Trustees prior to the offering of such additional class of shares), and shall
continue in effect with respect to such additional class or classes until
terminated in accordance with paragraph 7. An addendum setting forth such
specific and different terms of such additional class or classes shall be
attached to and made part of this Plan.
6. No material amendment to the Plan shall be effective unless it is approved
by the votes of the majority of both (i) the Board of Trustees of the Fund; and
(ii) Independent Trustees.
7. This Plan may be terminated at any time with respect to the Fund as a whole
or any class of shares individually, by the votes of the majority of both (i)
the Board of Trustees of the Fund; and (ii) Independent Trustees. This Plan
may remain in effect with respect to a particular class or classes of shares of
the Fund even if it has been terminated in accordance with this paragraph with
respect to any other class of shares.
IN WITNESS WHEREOF, the Fund has caused this Plan to be executed by its
officers thereunto duly authorized, as of ____________________.
By _______________________________
By ________________
