A charge levied on the proceeds from selling shares/units in specific funds (also referred to as a withdrawal fee or exit fee). The charge is levied on a sliding scale where shares/units are sold before the stated anniversary of their acquisition. M&G exit fees are as follows: 4.5% of the value before the end of year 1 4% of the value before the end of year 2 3% of the value before the end of year 3 2% of the value before the end of year 4 1% of the value before the end of year 5

Commission charged at redemption.

The commission charged by a mutual fund when redeeming shares. For example, a 2 % redemption charge (also called a "back end load") on the sale of shares valued at $1000 will result in payment of $980 (or 98 % of the value) to the investor. This charge may decrease or be eliminated as shares are held for longer time periods.

A fee charged upon a voluntary redemption from an investment fund.