Classified Shares are mutual fund shares that are grouped alphabetically. “A” shares are traditional load fund where you pay the broker right off the top of your investment. “B” shares still pay a commission, but the mutual fund puts up the money and then gradually withdraws it from your account. “C” and “D” shares are sometimes called level-load funds. The broker gets no commission up front, but instead gets an annual fee (called a trail commission) from the investor’s account.