The term level load refers to a load paid for a mutual fund that is dependent upon how long the investor has held shares in the fund. These loads are often deducted annually from the shareholder’s account, and are computed as a percentage of the fund’s assets. So, even if a the load percentage does not change over time, and if the net asset value of the fund increases over time, the value of the level load will become more expensive, and will erode the potential returns to the fund’s investors. Level loads are often concealed within a fund’s operating expenses.