no load fund definition

no load fund

Mutual fund (unit trust) that does not charge a sales commission (called Load) when an investor buys its shares (units). It sells directly to the actual investor without involving a broker or dealer. Its net asset value (NAV), market price, and offer prices are identical because there is no sales charge. Some no-load funds, however, levy an annual fee for advertising and marketing. Listing of a no-load fund's share (unit) price in newspapers is denoted by the designation 'NL.'

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