It is calculated at the close of trading each day. A fund that is sold without a sales charge, or load. Portfolio turnover Percentage of a portfolio that is bought and sold in a given year. Redemption fee A fee imposed when you sell your shares. Also called back-end loads.
Some redemption fees stay the same indefinitely.
Others get smaller the longer you own the shares, and may disappear after a cerain number of years. Sales charge Many funds charge sales fees, or loads, when you buy them. The most common is the front-end load, which is deducted from your investment. Not all funds charge loads. Those that don't are called no-load funds.