Hey Dave,
I finally got a chance to look at the SAI for that little tid bit of info you provided about exchanging to B to A during the CDSC period without paying the A-share load.
I was a little perplexed (as you also said you were) as to why they would allow this. Ofcourse, I was assuming one would not have to pay the CDSC too, I dont know why I assumed this, I guess I just took it as implied the way you stated it.
So after considering this, it is not really perplexing at all. One will be stuck paying the CDSC for the exchange, hence AF still gets the load, so it makes sense that they would not also charge the A-share load. So it really does not matter when you exchange. Not sure if you caught that, so I wanted to share it with you. It seemed like we both thought there may have been some kind of benefit or free lunch there and wondered why AF allowed it, yeah right! It seems like the following verbage is just so people know that they will be paying the CDSC for an exchange, just like a sale for cash. Again, nothing earth shattering, just a clarification. Makes perfect sense.
From SAI:
Exchanging Class B shares for Class A shares — If you exchange Class B shares for Class A shares during the contingent deferred sales charge period you are responsible for paying applicable deferred sales charges on Class B shares, but you will not be required to pay a Class A sales charge. If you exchange your Class B shares for Class A shares after the contingent deferred sales charge period you are responsible for paying any applicable Class A sales charges.
