What do the several share classes of one mutual fund share?

1. A multi-class fund runs one portfolio behind every class. 2. Each class invests in that same portfolio and carries the same investment objectives and policies. 3. What differs is the shareholder services and distribution arrangements, and so the fees and expenses. 4. Because the fee load differs, each class will likely show different performance results. 5. That is the point of the structure: an investor picks the fee shape that suits the expected holding period. _Source: US SEC Office of Investor Education and Advocacy, "Mutual Funds and ETFs: A Guide for Investors", section Classes of Mutual Funds_