What may a fund that calls itself no-load still charge?

1. No-load means the fund charges no sales load of any kind, front-end or deferred. 2. But not every shareholder fee is a sales load. 3. A no-load fund may still charge purchase fees, redemption fees, exchange fees and account fees. 4. It will also have annual fund operating expenses, which investors pay indirectly out of fund assets. 5. Every option naming a load contradicts the no-load label itself. _Source: US SEC Office of Investor Education and Advocacy, "Mutual Funds and ETFs: A Guide for Investors", section A Word about No-Load Mutual Funds_