A mutual fund that does not charge a sales fee (load). Investors in no-load funds purchase shares directly from the fund company, rather than through a broker. Because no-load funds do not charge commissions, a salesperson may not be available to offer advice on buying and selling. Some companies selling no-load funds may charge an annual fee for marketing, commonly called a 12b-1 fee. Mutual funds are sold by prospectus, which contains complete information on the fund’s investment objectives, the risks involved, and any fees and expenses associated with the fund. The prospectus should always be read carefully before investing.