Load

Load is the Mutual Fund world's tag for "commission," but "load" is such a better word. It feels like extra weight you have to carry and, in fact, that's kind of what it is. 

When you buy a mutual fund, i.e. you invest $20,000 with a 3% load, you are paying $600 to the broker who sold it to you. So Day One, you start out with $19,400 to invest. That 3% is a "weight," or load, on your investment returns. However, most load funds charge a relatively low annual management fee, like 1%. Funds trickily sold as "no load" let you start out with the full $20,000, having paid no load or commission up front. But those funds often charge way more in management fees, like 2% a year. So after 3 years, you've paid more in management fees that you would have had you just paid a load up front. And if you keep the fund another decade, you've paid vastly more for "free" or "no load."