Back-end loads are commonly assessed on the beginning value of the investment, although some companies calculate the fee on the ending value if it is lower than the original purchase price. Back-end load mutual funds are often referred to as B Shares . Generally, back-end loads are reduced for each year the investor holds the investment. If the investor holds the investment long enough, many funds waive the back-end fee. For example, a back-end fee might be 5% in the first year, 4% in the second year, and so forth until the fee is zero.