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.
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A mutual fund that charges a relatively high 12b-1 fee.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.