A fund's initial or deferred sales charge, if any. "Front-end Load" funds have initial sales charges, which are fees paid at the time of purchase and are expressed as a percentage of the amount to be invested. "Back-end Load" Funds have deferred sales charges, which are paid at the time of redemption and generally decrease with the amount of time that the fund shares are held after sale, ultimately declining to 0%. "Level Load" Funds also have deferred sales charges of a shorter duration (generally one year) and a smaller amount (typically 1% of amounts invested), but impose a more significant Rule 12b-1 fee. In contrast to "Load" funds, "No-Load" funds do not have an initial or contingent deferred sales charge, and may only impose a Rule 12b-1 fee that does not exceed 0.25% annually. "Low Load" funds also do not have initial or deferred sales charges, and impose Rule 12b-1 fees of between 0.25% - 0.35% annually.