Mutual funds shares that typically have no up-front or back-end sales load, or sales charge. If the shares are held for a minimum amount of time there is usually no redemption fee. However, they likely will have the highest 12b-1 fee (sales and marketing fee). This fee is paid each year by being deducted from the fundÂ’s assets. Each mutual fund defines its own definition Class C shares. See also Class A shares, Class B shares, and Class I shares.