"Back-end load" refers to one of three types of sales charges imposed by mutual funds that charge fees: front-end load, back-end load, and no-load. A back-end load is a fee in the form of a commission or charge that an individual pays when selling an investment in a mutual fund that charges fees, and is usually paid to the broker who sells the fund's shares. The fee is used to compensate the broker for its work in directing the investment to the mutual fund and is also used to discourage withdrawals from the mutual fund. It is also referred to as a Deferred Sales Charge or Redemption Fee. The amount of the fee may vary, but is usually a percentage of the total amount withdrawn which often decreases the longer an individual remains in a fund. The longer the time period invested, the smaller the fee.