A type of mutual fund in which the load (loading charges or participation fee) is paid on an recurring basis. The proportion of the level load depends on the period for which an investor holds the shares (class C shares).

Level-load funds differ from a front-end-load fund, in which the load is paid upon purchasing the fund shares. These funds also differ from back-end load funds, in which the investor pays the load upon selling the shares back within a pre-determined period of time.