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Contingent Deferred Sales Charge
Some mutual funds impose a back-end load, or a contingent deferred sales charge, if you sell shares in the fund during the first six or seven years after you purchase them.
The charge is a percentage of the value of the assets you're selling. The percentage typically declines each year the charge applies and then is dropped.
However, the annual asset-based management fee is higher on back-end load funds, also known as Class B shares, than on front-end load funds, where you pay the sales charge at the time you purchase.