Ladder
A fixed income investment strategy that seeks to reduce interest rate risk by investing in fixed income securities with a wide variety of maturities. Though this strategy assures continuous cash flow, there may be some sacrifice of total return, since shorter-term bonds tend to have lower yields than longer-term bonds.

Large-Caps
Stocks of companies with market capitalizations of more than $1 billion. Large-caps tend to be well established companies, so that their stocks entail less risk than smaller-caps, but which also offer less potential for dramatic growth.

Latin American Fund
A fund that invests primarily in the securities of companies in Latin American countries.

Legal Transfer
A type of transfer that requires legal documentation in addition to the normal forms. Usually in the name of a deceased person, a trust, or other third party.

Letter Of Intent
An agreement calling for an investor to invest a specific amount in a fund over a defined period in order to qualify for reduced sales charges. The reduced sales charge may apply to an individual fund or to all the funds operated by a single investment management firm.

Letter Of Renunciation
This applies to a rights issue and is the form attached to an Allotment Letter which is completed should the original holder wish to pass his entitlement to someone else or to renounce his rights absolutely.

Liabilities
Debts or anything owed to another person or party. Liabilities include credit card balances, loans secured by investment or personal assets, such as an automobile, or loans secured by a home.

Limit Order
An order that sets the highest price the customer is willing to be paid or the lowest price acceptable. Buy orders may be executed at or below the limit price, but never higher. Sell orders may be executed at or above the limit price, but never lower.

Limited Tax Bond
A municipal bond whose ability to pay back principal and interest is based on special tax.

Limited Trading Authorization
An account in which the customer gives the power to buy and sell only in his account to another person.

Liquid Assets
Cash or cash equivalents, such as money market funds or certificates of deposit.

Liquid Capital Available
For purposes of the premature death analysis, refers to any assets that are assumed to be liquidated at the death of a principal client and made available for immediate survivor capital needs.

Liquidation
(1) Closing out a position. (2) An action taken by the margin department when a client hasn't paid for a purchase.

Liquidity
(1) The ease with which an investment can be converted into cash. Shares in a fund are generally considered highly liquid investments because they can be sold on any business day for their then current value (which may be more or less than an investor's original cost). (2)The characteristic of a market that enables investors to buy and sell securities easily.

Listed Options
An option that trades on a national option exchange.

Listed Securities
Securities that trade on a national exchange.

Listed Stock
Stock that has qualified for trading on an exchange.

Load
A sales charge assessed by certain mutual funds (load funds) to cover selling costs. A front-end load is charged at the time of purchase. A back-end load is charged at the time of sale.

Loan Consent Agreement
An agreement whereby the customer gives the brokerage firm permission to lend his securities.

Loan Market Value
Value of securities in customer's account.

Loan Stock
Stock bearing a fixed rate of interest. Unlike a Debenture, loan stocks may be unsecured.

Loan Value
The amount of money, expressed as a percentage of market value, that the customer may borrow from the firm.

Long Position
(1) In a customer's account, securities that are either fully paid for (a cash account) or partially paid for (a margin account). (2) Any position on the firm's security records that has a debit balance.

Long-Term Bonds
Bonds that mature in more than ten years.

Long-Term Care
Continuous care that provides help with daily activities, such as bathing, eating and walking. May include health care provided by skilled or semi-skilled health professionals.

Long-Term Funds
All funds other than short-term funds (i.e., money market funds).

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