Institutional shares - It is a type of mutual fund shares of a class available to institutional investors. In this class mutual funds that is either on a load or no load basis and no 12b-1fees. With a sizeable minimum investment usually around $500,000 or more these fund will typically waive any front-end sales changes on these types of a shares. An investor my buy a big bock of mutual fund shares expect and very commonly receive a break on the commission that is charged. This investor of these large investments requires receiving these breaks as many individual investors typically can not afford these types of shares.