Manulife Mutual Funds said Monday it will launch a “10% free” change offer for all funds sold under the low-load sales charge option.

The program launches August 1, and all purchases made in 2012 and beyond will qualify.

Starting with purchases made in 2012, investors will have the opportunity to redeem, reclassify or convert up to 10% of their securities from the low-load sales charge option each year, based on the number of securities purchased as of December 31 of the previous year and those purchased within the current year up to the date of redemption, reclassification or conversion.

“The low-load sales charge option has become increasingly popular as it offers a shorter sales charge redemption schedule (typically three-four years) versus a fund purchased with a standard six year sales charge option. We are pleased to add more flexibility for our investors through this purchase option, by allowing them to access a portion of their investments each year without paying a redemption fee,” says Jeff Ray, assistant vice president, mutual funds & structured products.