A share class of a mutual fund that does not require its investors to pay fees (such as front-end loads). Owning shares in a load-waived fund is a benefit to investors because it allows them to retain all of their investment's return instead of losing a portion of it to fees. In most cases, mutual fund companies will limit the number of load-waived funds available to only certain investors.
For example, the purchase of load-waived funds is sometimes restricted to those involved in defined contribution retirement plans and also for investors that invest a substantial amount in the mutual fund company's funds (such as institutional investors).

These special mutual fund shares commonly have an "LW" at the end of the fund's name and ticker in order to differentiate them.