A mutual fund that charges a sales commission (load) in order to cover administrative and advisory charges. The fund investor pays the load that compensates brokers, financial planners, or investment advisors, among others. The load is payable either at the time of its purchase (front-end load), the investor still holds the fund (level-load), or the shares are sold (back-end load). A no-load fund neither charges any fee nor offers any investment or financial advice.