Some mutual funds offer investors different types of shares, known as "classes." Different types of shares issued by a single fund are sometimes referred to as Class A shares, Class B shares, and so on. All classes of a fund hold identical investments and have the same investment objectives and policies. But each class has different fees and expenses, and therefore, each class will have different performance results. A multi-class structure offers investors the ability to select a fee and expense structure that is most appropriate for their investment goals (including the time that they expect to remain invested in the fund).

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