Mutual fund or unit trust with no fees or charges or sales commission, known as the load. When an investor buys shares as units, or the fund sells, it is directly to the actual investor without involving a broker or dealer. Net asset value (NAV), market price, and offer prices are all identical because there is no load. Some no-load funds do have an annual advertising and marketing fee. the designation ‘NL.’ denotes a listing of a no-load fund’s share or unit price in newspapers.

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