Level Load
An annual load charged to a mutual fund holder for the time he or she is invested in the fund.
Investopedia Commentary
The loads in level-load funds are essentially management fees such as 12b-1 fees. Unlike front-end or back-end (deferred) loads - with which the investor is charged (on top of the yearly fees) a fee upfront (front-end) or upon redemption of his or her shares (back-end) - level loads simply charge the same fee, which is a percentage of the value of the investment, each year.
Though these funds may seem superior to front-end or deferred loads, their yearly fees will typically never decrease, and, over time, actually become more expensive as the yearly fee continuously erodes the fund's return.
Related Links
Mutual Fund Basics Tutorial
See also: Back-End Load, Front-End Load, Load, No-Load