A level-load mutual fund is one with no front-end or back-end load that charges a 12b-1 fee in excess of 0.25%
Funds with level loads are sometimes called "C" shares, and they deserve the poor grade. They do not charge a front-end or back-end load. These funds impose a high -- and ongoing -- 12b-1 fee each year. There's no getting away from the lofty annual fees. The longer you hold, the more it hurts. A no-load fund may not charge a 12b-1 fee that exceeds 0.25% per year. Any fund with no front-end or back-end load that charges a 12b-1 fee in excess of 0.25% is considered a level-load fund.