Funds offering multiple classes of stock but which have ownership interests in one portfolio of securities may have additional reporting requirements. Prior to the issuance of Rule 18f-3 by the SEC in early 1995, funds offering multiple classes of stock were required to obtain individual SEC exemptive orders approving the multi-class distribution arrangements. In connection with granting exemptive orders, the SEC typically required "experts'" reports, initially covering the design of the system used to calculate the net asset value and dividends of the classes, and annually thereafter on the design and compliance of the system with the order's terms. Rule 18f-3 does not require the filing of any such "experts'" reports.