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Class C shares are a common class of mutual funds. Class C shares of this type are often referred to as "level-load" shares. In addition to Class C shares, there are also Class A and Class B mutual funds. Class C shares carry neither a back-end or front-end load, yet have higher expense ratios. This means that the full dollar amount paid for Class C shares is immediately invested. Class C shares usually assess an annual fee known as a 12b-1 fee and carry a possible deferred sales charge for Class C shares sold during the first year. Unlike mutual fund Class B shares, Class C shares cannot be converted to Class A and continue to charge higher annual expenses for as long as the Class C shares are held. Class C shares are often used for asset-allocation purposes.
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