Every share class of a single fund owns exactly the same underlying portfolio — identical securities, identical manager, identical pre-fee gross return. What differs is the *distribution wrapper* bolted on top: how the adviser or broker who sold it gets paid, and when. Five classes exist because there are five different ways to charge for the same sale, each tuned to a different holding period and sales channel. This is fund distribution, and it is the single biggest reason "the same fund" can cost an investor twice as much.