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.
Black’s Law Online Dictionary
