No Load, or NL is a type of commission charged on mutual funds - in this case, no commission at all is charged. That's a little misleading, because there is still a fee to the purchaser of NL funds - the MER, or Management Expense Ratio, a percentage which covers the mutual fund company's operating expenses. However, No Load funds are still the cheapest, commission-wise, of all mutual funds.

Other commission types include Front-End Load (FE), also known as Initial Sales Charge (ISC); and Deferred Sales Charge (DSC), also known as Back-End Load.

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