A mutual fund where the load is paid on an ongoing basis. A load is a fee that the investor pays in order to maintain his/her investment in a mutual fund; it is designed to cover the fund's costs; one may think of it as a sales fee. A level load contrasts with a front-end load or a back-end load, in that it is paid in (usually annual) increments over the period of time during which one owns shares in the fund. See also: C-Share.
A mutual fund that charges a relatively high 12b-1 fee.