A mutual fund that charges a small sales commission, usually around 2% to 3% or less when shares are purchased in the fund.
Additional meaning of Low-load fund:
Low Load Fund refers to a mutual fund that charges a low sales fee for the purchase of shares compared to other funds. Usually a sales commission of maximum 3.5% of the value of the shares purchased or sold is considered low. Regular load funds may charge up to 9% of the net amount invested.