A fee levied by some open-end investment companies on shareholder redemptions and by many insurance companies on annuities. The charge, of up to 5% of the value of the shares being redeemed, frequently varies inversely with the period of time the shares have been owned. A deferred sales charge is indicated in mutual fund transaction tables in newspapers by the symbol r. Also called back-end load, exit fee, redemption fee. See also contingent deferred sales charge.