Financial and Investment Glossary
Financial Dictionary
Large-Capitalization (Large-Cap) Stocks
Stocks of companies whose capitalization (the value of all its outstanding stock) is greater than $5 billion.
Last Price
The last reported transaction or trade price of the requested security. (Prices are delayed for at least 15 minutes).
Last Sale
The most recent price (during a trading session) or the price of the final transaction (after the market closes) for a given security.
Last Trade Volume
The number of shares traded on the most recent trade.
Latest Price
Previous day's closing price.
LEAPS
Long-term Equity Anticipation Securities, or LEAPS
Leverage/Total Assets
Leverage as a percentage of total assets.
Liability
A financial obligation or debt.
Liability Insurance
Coverage that protects you if you cause damage to someone else's property or person.
Limit Price
This is a price instruction on a buy or sell order. With a sell limit order, the customer is instructing that the sale be made at or above the specified price. With a buy limit order, the customer is instructing the purchase be made at or below the specified price.
Lipper Objective Average
The mean (average) of the total return of funds in the same Lipper Investment Objective category chosen by Lipper Analytical Services, Inc. Like a benchmark index, the Lipper Objective Average provides a means of evaluating the performance of a fund included in a category as compared to the average performance of other funds.
Liquid Assets
Assets, such as CDs, checking accounts and savings accounts, that can be converted into cash quickly.
Liquidation Amount
The proceeds from the sale of a security.
Liquidation Date
The date of the sale of a security.
Liquidation Price
The price you received for the sale of a security.
Liquidity
The ability to convert assets into cash quickly and easily.
Listed Price/Size
The offer price or bid price and quantity offered or quantity asked for a listed security, which is traded on an exchange.
Load Type
A fund's initial or deferred sales charge, if any. "Front-end Load" funds have initial sales charges, which are fees paid at the time of purchase and are expressed as a percentage of the amount to be invested. "Back-end Load" Funds have deferred sales charges, which are paid at the time of redemption and generally decrease with the amount of time that the fund shares are held after sale, ultimately declining to 0%. "Level Load" Funds also have deferred sales charges of a shorter duration (generally one year) and a smaller amount (typically 1% of amounts invested), but impose a more significant Rule 12b-1 fee. In contrast to "Load" funds, "No-Load" funds do not have an initial or contingent deferred sales charge, and may only impose a Rule 12b-1 fee that does not exceed 0.25% annually. "Low Load" funds also do not have initial or deferred sales charges, and impose Rule 12b-1 fees of between 0.25% - 0.35% annually.
Loan Amount Available
The amount of money a policy owner can borrow against the cash value of a life insurance policy.
Local Tax
Securities can be either exempt from or subject to state and local taxes.
Long Position
A position wherein an investor's interest in a particular series of options is as a net holder (i.e., the number of contracts bought exceeds the number of contracts sold).
Long Term Care Insurance
A policy that can cover costs for nursing home stays, home care and/or assisted living.
Low
The lowest trading price of a security or option during the current trading session. When the market is closed, this number indicates the lowest price for the entire most-recent trading session.
Stocks of companies whose capitalization (the value of all its outstanding stock) is greater than $5 billion.
Last Price
The last reported transaction or trade price of the requested security. (Prices are delayed for at least 15 minutes).
Last Sale
The most recent price (during a trading session) or the price of the final transaction (after the market closes) for a given security.
Last Trade Volume
The number of shares traded on the most recent trade.
Latest Price
Previous day's closing price.
LEAPS
Long-term Equity Anticipation Securities, or LEAPS
Leverage/Total Assets
Leverage as a percentage of total assets.
Liability
A financial obligation or debt.
Liability Insurance
Coverage that protects you if you cause damage to someone else's property or person.
Limit Price
This is a price instruction on a buy or sell order. With a sell limit order, the customer is instructing that the sale be made at or above the specified price. With a buy limit order, the customer is instructing the purchase be made at or below the specified price.
Lipper Objective Average
The mean (average) of the total return of funds in the same Lipper Investment Objective category chosen by Lipper Analytical Services, Inc. Like a benchmark index, the Lipper Objective Average provides a means of evaluating the performance of a fund included in a category as compared to the average performance of other funds.
Liquid Assets
Assets, such as CDs, checking accounts and savings accounts, that can be converted into cash quickly.
Liquidation Amount
The proceeds from the sale of a security.
Liquidation Date
The date of the sale of a security.
Liquidation Price
The price you received for the sale of a security.
Liquidity
The ability to convert assets into cash quickly and easily.
Listed Price/Size
The offer price or bid price and quantity offered or quantity asked for a listed security, which is traded on an exchange.
Load Type
A fund's initial or deferred sales charge, if any. "Front-end Load" funds have initial sales charges, which are fees paid at the time of purchase and are expressed as a percentage of the amount to be invested. "Back-end Load" Funds have deferred sales charges, which are paid at the time of redemption and generally decrease with the amount of time that the fund shares are held after sale, ultimately declining to 0%. "Level Load" Funds also have deferred sales charges of a shorter duration (generally one year) and a smaller amount (typically 1% of amounts invested), but impose a more significant Rule 12b-1 fee. In contrast to "Load" funds, "No-Load" funds do not have an initial or contingent deferred sales charge, and may only impose a Rule 12b-1 fee that does not exceed 0.25% annually. "Low Load" funds also do not have initial or deferred sales charges, and impose Rule 12b-1 fees of between 0.25% - 0.35% annually.
Loan Amount Available
The amount of money a policy owner can borrow against the cash value of a life insurance policy.
Local Tax
Securities can be either exempt from or subject to state and local taxes.
Long Position
A position wherein an investor's interest in a particular series of options is as a net holder (i.e., the number of contracts bought exceeds the number of contracts sold).
Long Term Care Insurance
A policy that can cover costs for nursing home stays, home care and/or assisted living.
Low
The lowest trading price of a security or option during the current trading session. When the market is closed, this number indicates the lowest price for the entire most-recent trading session.