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Some U.S. mutual funds offer several different classes of shares of the same fund. Each class has the same investment objective and the money invested in all of the share classes is pooled together.
However, each class maintains different fees and shareholder servicing agreements. I-Shares is the term used for the share class of mutual funds sold to institutional shareholders. Sometimes called Y-Shares, this class has different fees, contains no load and does not charge a 12b-1 fee to investors.