Share Classes & Sales Charges
Class A shares charge a front-end load reduced by breakpoint discounts at higher purchase levels; Class B carry a declining back-end charge (CDSC); Class C charge a level annual fee; 12b-1 fees cover distribution costs in all classes.
A shares suit large, long-term investors; C shares suit shorter horizons because the level load typically does not convert — though many fund families now auto-convert C shares to A shares after about 8 years. The maximum permissible sales charge is 8.5% of the offering price, rarely charged in practice.