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Load is a money term you need to understand. Here’s what it means.
A load is a commission or fee paid to a sales intermediary or broker by an investor. Separate from operating costs of a mutual fund, this sales charge can be paid upfront at the purchase of assets (front-end load), upon an investor selling assets (back-end load), or annually (12b-1 fee). When the fee is paid throughout the year, it is called a level-load fund. If there is no fee, it is called a no-load fund.
A load is essentially a percentage of the invested amount that brokers charge at the beginning, during or at the end of an investment schedule. It is typically within the 1 percent to 5 percent range and may vary according to the type of asset purchased.
Brokers often assign a type of load to a category of shares. Class A funds commonly feature a front-end load, Class B funds a back-end load, and Class C funds a level load. Here’s what to know:
If you purchase a $10,000 fund with a front-load fee of 5 percent, you will be required to pay $500 as a fee. Therefore, the total amount would be $10,500 to enter the fund.
If you purchase the same $10,000 fund with a bank-end load of 5 percent, the broker will deduct $500 from the total value of your assets upon sale. Therefore, you will receive $9,500 after the transaction (assuming there are no gains).
If a broker charges a 1 percent level load annually for the same $10,000 fund, you will be required to pay $100 per year over a specified period unless adjusted.
Calculate how much you will pay in fees for your mutual fund.
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