This educational material has been prepared in accordance with requirements under SEC Rule 302. No regulatory body has endorsed or approved these educational materials. This educational material is for informational purposes only and does not constitute an offer, solicitation or endorsement of any specific investment product or financial strategy. Specific investment terms are for illustration purposes only and may not reflect the actual terms of an investment product available for purchase via the Firm’s platform. 

This educational material may not contain a complete discussion of investment terms or risks and you should only rely on the information contained in relevant prospectus and/or offering documentation prior to purchasing an investment product. Any investments or strategies referenced herein do not take into account the investment objectives, financial situation or particular needs of any specific person. Suitability of these securities must be independently determined for each individual investor. The Firm explicitly disclaims any responsibility for product suitability. 

Any investment security sold prior to maturity may be worth more or less than the original amount invested.  Depending upon the specific investment product, investment risks include, but are not limited to, interest rate risk, credit risk, call risk and liquidity risk.  Additionally, unless otherwise specified in the respective offering documentation, the product(s) discussed herein are not FDIC insured, may lose value, and are not bank guaranteed.  Investors should carefully review and understand the offering documents and consult with their financial and tax advisors prior to investing in any investment product(s). Past performance is not indicative of future results.

Investment securities described herein may not be offered for sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful or prohibited by the specific offering documentation.

Crowdfunding Terms

Accredited Investors – There are two ways in which an individual can be an accredited investor. One of the following must be true in order for an individual to be an accredited investor. 

  • First, an accredited investor must have at least $1 million in net worth at the time of investment. This worth can be measured jointly with a spouse as well. 
  • Second, an accredited investor must have an income of more than $200,000 in each of the two previous fiscal years.
  • However, if the income is joint with a spouse, the previous yearly income must be more than $300,000.

Acquisition – An acquisition may occur when a larger company purchases a controlling interest in an early stage company. Acquisition by a larger company is a common goal for startups pursuing equity campaigns.

Add-on Services – Assistance an investor may provide to your company aside from their monetary contribution— for example, making introductions to other investors, helping to assemble a management team or helping to prepare for an IPO.

Angel Investors – An angel investor is an individual who makes an early investment in a start-up or company in exchange for debt or equity in said company. Angel investors can often organize themselves into groups in order to pool investments. This investor can also be an early advisor to the company as well.

Benchmarks – Performance goals used to measure the success of a company. Many investors use certain benchmarks – for example, yearly revenue or yearly increase in sales – to decide whether a company merits additional funding.

Buyout – The purchase of either a company or a controlling interest in a company’s shares or business. A buyout is often the long-term goal of startups and other businesses pursuing equity fundraise campaigns.

Board of Directors – A group of people elected to act as representatives of the stockholders in a company. Members of the board of directors handle management-related policies and make decisions regarding major company issues, including the hiring/firing of executives, options policies and executive compensations. The board of directors should fairly balance the interests of both management and shareholders alike.

Bootstrapping – Bootstrapping involves a founder, or founders, using personal finances to fund a new company. This is often sought after due to the fact that founders will not have to dilute their ownership in a company they are starting. Crowdfunding can be useful to a bootstrapped company as it can provide a platform for communicating and networking between new companies and the individuals working at them.

Cap Table – Short for the “Capitalization Table”, a cap table is a detailed list of exactly how much stock each entity or person owns. Think of it like a spreadsheet that simply lists names and percentage ownership stakes, all adding up to 100%.

Common vs. Preferred Stock – There are many “classes” of stock that can be issued in a company, and each class may have its own rights and preferences. Investors often receive preferred stock, which may give them preferences such as the ability to get their investment back first, before the rest of the common stock holders get their proceeds. Founders and employees are usually left with common stock, which means they’re usually the last people to get paid.

Convertible Note – A convertible note is a loan made to a company that can be converted into stock by the choice of the issuer or holder at certain events. Each note has an interest rate, a maturity date, and may come with the option to convert at a discount at a future round or time.

Dilution – The effect of giving someone else part of the company’s stock is considered “dilution”. It means that you are diluting your equity stake to make room for someone else. 

Donation-Based Crowdfunding – This is similar to reward-based crowdfunding. An investor makes a “donation” to a company and receives value in the form of a product in return. Kickstarter uses this model to essential pre-sale products.

Drag Along Rights – Designed to protect the property owner, drag-along rights enable a majority shareholder to force a minority shareholder to agree to the sale of a company. The majority owner is required to give the minority shareholder the same price, terms and conditions as any other seller, with the goal of eliminating minority owners and securing 100% of the company’s stocks to the buyer. 

Due Diligence – The process of investigation and evaluation of the details of a property or area, which investors complete before they make the final decision whether to invest in that position.

Equity-Based Crowdfunding – Equity-based crowdfunding involves an investor receiving a portion of the property’s equity in return for your investment. Essentially, the investor will become a shareholder in the property. Furthermore, the investor may be able to sell his or her share, or a portion thereof, in the future for the current market value. There are certain risks to equity-based crowdfunding as with any other types of investments. 

Executive Summary – A non-technical summary statement at the beginning of a business plan that’s designed to encapsulate your reason for writing the plan.

Exit Strategy – The means by which an investor “cashes out” of an investment and earns the return on investment that they are seeking in making the investment in the first place. Typical exit strategies include initial public offering, acquisition and buyout. Also known as a “harvest strategy” or “liquidity event”.

FINRA – The Financial Industry Regulatory Authority is responsible for governing business between brokers, dealers and the investing public. FINRA aims to eliminate regulatory overlap and cost inefficiencies.

Follow-on investment – An additional investment made by an investor who has already invested in a property, typically made once the investment has matured.

Investor Deck – The pitch deck is typically the first thing you will use when interacting with a potential investor. In many ways, it is one of your most important tools. The content of the pitch deck, along with your presentation, can help the investor to determine whether or not to continue evaluating your business opportunity.

JOBS Act – The Jumpstart Our Business Startups Act (JOBS) was created in order to ease security regulations on small businesses. The JOBS act was signed into law on April 5, 2012.

JOBS ACT: Title II (Access to Capital for Job Creators) – Title II lifts the ban on advertising for regulation D, Rule 506 and Rule 144A offerings. It also lifts the ban on general solicitation.

JOBS ACT: Title III (Crowdfunding) – Title III allows individuals to make investments in small companies without being accredited investors. The company is allowed to receive up to $1.07 million over any 12-month period. Investors may not purchase more than $2,200 in securities or a certain percentage of his or her annual income or net worth during a 12-month period.

Regulation D for Crowdfunding – Regulation D Crowdfunding is the process of seeking funding, either equity or debt, online done by private owners.

Return on Investment (ROI) – The profit or loss resulting from an investment. It’s typically expressed in terms of a percentage. For example, if an investor makes a $5,000 investment in a property and gain $15,000 as the result of an equity event, that is an ROI of 200%.

Risk – The likelihood of loss or less-than-expected returns, including the possibility of losing some or all of the initial investment. Risk is typically quantified using the historical returns or average returns for a specific investment.

SEC – The SEC is a federal agency that enforces federal securities laws and oversees the securities industry.

Term Sheet – A non-binding outline of the terms and conditions according to which an investment is to be made—for example, the interest rate of a debt investment, or the valuation for equity. It’s similar to a Letter of Intent in that it indicates a strong interest to move forward, but it’s not the same as guaranteeing an actual deal gets done.

Valuation – An estimation of what a property is worth at a given point in time. While the property owner may be the person who sets the valuation of their property, until an investor agrees to that valuation, and writes a check based on that valuation, it’s not validated.

Venture Capital – Venture capital usually involves an investment made by a firm in a small company that is seeking growth. This investment is usually much larger than an angel investment and results in the venture capital firm becoming integral in the decision making of the company.

Vesting – A process by which you “earn” your share of equity over time, much like you earn your salary. The purpose of vesting is to grant the equity to people over a fixed period of time so they have an incentive to stick around. For example, in a business setting a typical vesting period for an employee or Founder might be 3 to 4 years, which would mean they would earn 25% of their stock each year over a 4 year period. If they leave early, the unvested portion returns back to the company.

Investment Maturity – This is the date the property owner and investor agree on, on which the investment ends

Average Annual Home Appreciation Projection – This is the projected appreciation of the property after one year

Monthly Dividend – A sum of money paid regularly by a company, or in Invown’s case – the owner – to its investors

Total Dividend Amount – This is the total amount of monthly dividends over the course of the term

Projected Home Value – This is the projected valuation of the property at the end of a term agreed upon by the investor and property owner

Internal Rate of Return (IRR) % – The annual rate of growth an investment is expected to generate

Investment To Value (ITV) % – This percentage declares the likelihood that you will get your initial investment back in the event of a default

Loan To Value (LTV) % – This percentage indicates the likelihood of which the property owner is to repay the investment based on equity

Total ITV+LTV %

Real Estate Terms

Adjustable-Rate Mortgage – There are two types of conventional loans: the fixed-rate and the adjustable-rate mortgage. In an adjustable-rate mortgage, the interest rate can change over the course of the loan at five, seven, or ten year intervals. For homeowners who plan to stay in their home for more than a few years, this is a risky loan as rates can suddenly skyrocket depending on market conditions

Amortization – This is the process of combining both interest and principal in payments, rather than simply paying off interest at the start. This allows you to build more equity in the home early on

Appraisal – In order to get a loan from a bank to buy a home, you first need to get the home appraised so the bank can be sure they are lending the correct amount of money. The appraiser will determine the value of the home based on an examination of the property itself, as well as the sale price of comparable homes in the area

Assessed Value – This is how much a home is worth according to a public tax assessor who makes that determination in order to figure out how much city or state tax the owner owes

Buyer’s Agent – This is the agent who represents the buyer in the home-buying process. On the other side is the listing agent, who represents the seller

Cash Reserves – The cash reserves is the money left over for the buyer after the down payment and the closing costs

Closing – The closing refers to the meeting that takes place where the sale of the property is finalized. At the closing, buyers and sellers sign the final documents, and the buyer makes the down payment and pays closing costs

Closing Costs – In addition to the final price of a home, there are also closing costs, which will typically make up about two to five percent of the purchase price, not including the down payment. Examples of closings costs include loan processing costs, title insurance, and excise tax

Comparative Market Analysis – Comparative market analysis (CMA) is a report on comparable homes in the area that is used to derive an accurate value for the home in question

Contingencies – This term refers to conditions that have to be met in order for the purchase of a home to be finalized. For example, there may be contingencies that the loan must be approved or the appraised value must be near the final sale price

Dual Agency – Dual agency is when one agent represents both sides, rather than having both a buyer’s agent and a listing agent

Equity – Equity is ownership. In homeownership, equity refers to how much of your home you actually own—meaning how much of the principal you’ve paid off. The more equity you have, the more financial flexibility you have, as you can refinance against whatever equity you’ve built. Put another way, equity is the difference between the fair market value of the home and the unpaid balance of the mortgage. If you have a $200,000 home, and you still owe $150,000 on it, you have $50,000 in equity

Escrow – Escrow is an account that the lender sets up that receives monthly payments from the buyer

Fixed-Rate Mortgage – There are two types of conventional loans: the fixed-rate and the adjustable-rate mortgage. In a fixed-rate mortgage, the interest rate stays the same throughout the life of the loan

Home Warranty – This warranty protects from future problems to things such as plumbing and heating, which can be extremely expensive to fix

Inspection – Home inspections are required once a potential buyer makes an offer. Typically, they cost a few hundred dollars. The purpose is to check that the house’s plumbing, foundation, appliances, and other features are up to code. Issues that may turn up during an inspection may factor into the negotiation on a final price. Failing to do an inspection may result in surprise costly repairs down the road for the home buyer

Interest – This is the cost of borrowing money for a home. Interest is combined with principal to determine monthly mortgage payments. The longer a mortgage is, the more you will pay in interest when you have finally paid off the loan

Listing – A listing is essentially a home that is for sale. The term gets its name from the fact that these homes are often “listed” on a website or in a publication

Listing Agent – This is the agent who represents the seller in the home-buying process. On the other side is the buyer’s agent, who represents the buyer

Mortgage Broker – The broker is an individual or company that is responsible for taking care of all aspects of the deal between borrowers and lenders, whether that be originating the loan or placing it with a funding source such as a bank

Offer – This is the initial price offered by a prospective buyer to the seller. A seller may accept the offer, reject it, or counter with a different offer

Pre-approval Letter – Before buying a home, a buyer can obtain a pre-approval letter from a bank, which provides an estimate on how much the bank will lend that person. This letter will help determine what the buyer can afford

Principal – The principal is the amount of money borrowed to purchase a home. Paying off the principal allows a buyer to build equity in a home. Principal is combined with interest to determine the monthly mortgage payment

Private Mortgage Insurance – Private mortgage insurance (PMI) is an insurance premium that the buyer pays to the lender in order to protect the lender from default on a mortgage. These insurance payments typically end once the buyer builds up 20% equity in a home.

Real Estate Agent – A real estate agent is a professional with a real estate license who works under a broker and assists both buyers and sellers in the home-buying process

Real Estate Broker – A real estate broker is a real estate agent who has passed a state broker’s exam and met a minimum number of transactions. These brokers are able to work on their own or hire their own agents

Realtor – A Realtor is a real estate agent who specifically is a member of the National Association of Realtors. NAR has a code of standards and ethics that members must adhere to

Refinancing – Refinancing is when you restructure your home loan, replacing your old loan with an entirely new loan that has different rates and payment structures. The main reason people refinance their home loans is to get a lower interest rate on their mortgage, and therefore lower not only the monthly payment but also the overall debt owed

Title insurance – Title insurance is often required as part of the closing costs. It covers research into public records to ensure that the title is free and clear, and ready for sale. If you purchase a home and find out later that there are liens on the home, you’ll be glad you had title insurance

Investing Terms


Abstract – An abbreviation of the cardinal aspects of all recorded deeds, mortgages, leases and other instruments affecting the title to a particular piece of land

Abstracting – The process of making and compiling an abstract

Abstractor – The person or company engaged in making abstracts

Adverse Possession – The unauthorized occupation of land belonging to another, by a person who does not have the consent of the owner. Said occupier is said to hold possession adversely to the rights and interests of the owner. In most states, by operation of law, title to the land becomes vested in such occupier after a fixed number of years of peaceful occupancy

All Inclusive Rate – This is a rate that includes the insurance premium, and at least some part of the cost of the title search, examination and the cost of conducting the closing/settlement

Alpha – The amount of return expected from an investment from its inherent value

ALTA – American Land Title Association, the national trade association for the title insurance industry. ALTA member companies include businesses that conduct your closing and issue you an Owner’s Policy of Title Insurance

Alternative Minimum Tax (AMT) – Federal tax, revamped by the Tax Reform Act of 1986, aimed at ensuring that wealthy individuals, trusts, estates and corporations pay at least some tax

Amortization – This term has developed through French and Old English from the Latin words “mors” or “mort” meaning death or dead. It is the killing off of an existing debt by regular partial payments. The word “mortgage” is also derived from the same Latin root

Annualized – A procedure where figures covering a period of less than one year are extended to cover a 12-month period

Annualized Rate of Return – The average annual return over a period of years, taking into account the effect of compounding. Annualized rate of return also can be called compound growth rate

Annual Report – The yearly audited record of a corporation or a mutual fund’s condition and performance that is distributed to shareholders

Appraisal – An estimate of value of property from analysis of facts about the property; an opinion of value

Appreciation – The increase in value of a financial asset

APR – Annual Percentage Rate. The yearly interest percentage of a loan as expressed by the actual rate of interest paid

Asset Allocation – The process of dividing investments among cash, income and growth buckets to optimize the balance between risk and reward based on investment needs

Asset Class – Securities with similar features. The most common asset classes are stocks, bonds and cash equivalents

Attorney’s Opinion – The written statement of an attorney setting forth what he believes to be the condition of a real estate title

Average Maturity – For a bond fund, the average of the stated maturity dates of the debt securities in the portfolio. Also called average weighted maturity. In general, the longer the average maturity, the greater the fund’s sensitivity to interest-rate changes, which means greater price fluctuation. A shorter average maturity usually means a less sensitive – and consequently, less volatile – portfolio


Balanced Fund – Mutual funds that seek both growth and income in a portfolio with a mix of common stock, preferred stock or bonds. The companies selected typically are in different industries and different geographic regions

Basic Rate – When referring to title insurance, the basic rate is the rate charged to a consumer who does not qualify for a reduced rate

Bear Market – A bear market is a prolonged period of falling stock prices, usually marked by a decline of 20% or more. A market in which prices decline sharply against a background of widespread pessimism, growing unemployment or business recession. The opposite of a bull market

Benchmark – A standard, usually an unmanaged index, used for comparative purposes in assessing performance of a portfolio or mutual fund

Beta – A measurement of volatility where 1 is neutral; above 1 is more volatile; and less than 1 is less volatile

Blue Chip – A high-quality, relatively low-risk investment; the term usually refers to stocks of large, well-established companies that have performed well over a long period. The term Blue Chip is borrowed from poker, where the blue chips are the most valuable

Board of Trustees – A governing board elected or appointed to direct the policies of an institution

Bond – A bond acts like a loan or an IOU that is issued by a corporation, municipality or the U.S. government. The issuer promises to repay the full amount of the loan on a specific date and pay a specified rate of return for the use of the money to the investor at specific time intervals

Bond Fund – A mutual fund that invests exclusively in bonds

Breakpoint – The level of dollar investment in a mutual fund at which an investor becomes eligible for a discounted sales fee. This level may be achieved through a single purchase or a series of smaller purchases

Broker – One who acts as an agent for another in negotiating sales or purchases in return for a fee or commission

Brokerage – A fee or commission paid to a broker

Bull Market – Any market in which prices are advancing in an upward trend. In general, someone is bullish if they believe the value of a security or market will rise. The opposite of a bear market


Capital Gains Ex-Date – The date that a shareholder is no longer eligible for a capital gain distribution that has been declared by a security or mutual fund

Capital Gains Long Term – The difference between an asset’s purchase price and selling price (when the difference is positive) that was earned in more than one year

Capital Gains Reinvest NAV – The difference between an asset’s purchase price and selling price (when the difference is positive) that was automatically invested in more shares of the security or mutual fund invested at the security’s net asset value

Capital Gains Short Term -The difference between an asset’s purchase price and selling price (when the difference is positive) that was earned in under one year

Capital Gain – The difference between a security’s purchase price and its selling price, when the difference is positive

Capitalization – The market value of a company, calculated by multiplying the number of shares outstanding by the price per share

Capital Loss – The amount by which the proceeds from a sale of a security are less than its purchase price

Capital – The funds invested in a company on a long-term basis and obtained by issuing preferred or common stock, by retaining a portion of the company’s earnings from date of incorporation and by long-term borrowing

Cash Equivalent – A short-term money-market instrument, such as a Treasury bill or repurchase agreement, of such high liquidity and safety that it is easily converted into cash

Certificate of Title – In areas where attorneys examine abstracts or chains of title, a written opinion, executed by the examining attorney stating that title is vested as stated in the abstract

Chain of Title – Beginning with a conveyance out of an original source of title such as a government, each succeeding deed, will or other medium which conveys and transfers the title to succeeding owners constitutes a link in the chain of title. The chain of title is the composite of all such links

Claim – A right to assert, or the assertion of, a demand for payment of money due; or the surrender or delivery of possession of property or the recognition or some right. A demand for something as one’s rightful due

Closing – In some areas called a “settlement.” The process of completing a real estate transaction during which deeds, mortgages, leases and other required instruments are signed and/or delivered, an accounting between the parties is made, the money is disbursed, the papers are recorded, and all other details such as payment of outstanding liens and transfer of hazard insurance policies are attended to

Closing disclosure – The five-page Closing Disclosure must be provided to the consumer three business days before they close on the loan. The Closing Disclosure details all of the costs associated with their mortgage transaction

Closing statement – A summation, in the form of a balance sheet, made at a closing, showing the amounts of debits and credits to which each party to a real estate transaction is entitled

Cloud on title – An irregularity, possible claim, or encumbrance which, if valid, would affect or impair the title

Commission – The amount due a real estate broker, mortgage loan broker or real estate professional for services performed in such capacity

Common stock – Securities that represent ownership in a corporation; must be issued by a corporation

Conditions – This refers to provisions in deeds and other real estate instruments that make a particular right contingent upon the occurrence of some future events

Consummation – Consummation is not the same thing as closing or settlement. Consummation occurs when the consumer becomes contractually obligated to the creditor on the loan, not, for example, when the consumer becomes contractually obligated to a seller on a real estate transaction

Contingent Deferred Sales Charge (CDSC) – A back-end sales charge imposed when shares are redeemed from a fund. This fee usually declines over time

Contract – Same as “agreement,” but usually more formal

Corporate Bond – A long-term bond issued by a corporation to raise outside capital

Country Breakdown – Breakdown of securities in a portfolio by country

Covenant – A formal agreement or contract between two parties in which one party gives the other certain promises and assurances, such as covenants of warranty in a warranty deed

Custodian – A bank that holds a mutual fund’s assets, settles all portfolio trades and collects most of the valuation data required to calculate a fund’s net asset value (NAV)

Cut-off Time – The time of day when a transaction can no longer be accepted for that trading day


Daily Dividend Factor (Date) – Daily dividend distributed by a money market mutual fund

Deed – A written document by which title to real estate is conveyed from one party to another

Deed Book – A book among the public records in which deeds are recorded

Default – Failure to perform a promised task or to pay an obligation when due

Default – Failure of a debtor to make timely payments of interest and principal as they come due or to meet some other provision of a bond indenture

Defect – A blemish, imperfection or deficiency. A defective title is one that is irregular and faulty

Depreciation – Loss in value occasioned by ordinary wear and tear, destructive action of the elements, or functional or economic obsolescence

Distribution Schedule – A tentative distribution schedule of a mutual fund’s dividends and capital gains

Diversification – The process of owning different investments that tend to perform well at different times in order to reduce the effects of volatility in a portfolio, and also increase the potential for increasing returns

Dividend – A dividend is a portion of a company’s profit paid to common and preferred shareholders. Dividends provide an incentive to own stock in stable companies even if they are not experiencing much growth. Companies are not required to pay dividends

Dividend Paid – Amount paid to the shareholder of a security or mutual fund

Dividend Reinvest NAV – Dividends paid to the shareholder of record that are automatically invested in more shares of the security or mutual fund that are purchased at the security’s net asset value

Dividend Yield – Annual percentage of return earned by a mutual fund. The yield is determined by dividing the amount of the annual dividends per share by the current net asset value or public offering price

Dollar Cost Averaging – Investing the same amount of money at regular intervals over an extended period of time, regardless of the share price. By investing a fixed amount, you purchase more shares when prices are low, and fewer shares when prices are high. This may reduce your overall average cost of investing

Dow Jones Industrial Average (Dow) – The most commonly used indicator of stock market performance, based on prices of 30 actively traded blue chip stocks, primarily major industrial companies. The Average is the sum of the current market price of 30 major industrial companies’ stocks divided by a number that has been adjusted to take into account stock splits and changes in stock composition


Earnest Money – Down payment or a small part of the purchase price made by a purchaser as evidence of good faith

Easement – A right held by a person to enjoy or make limited use of another’s real property

Egress – The right to a path or right-of-way over that a person may leave or go away from his own real estate

Ejectment – 1) Eviction or dispossession. 2) A lawsuit to regain possession of real estate held by another

Eminent Domain – The right of a government to take privately owned property for public purposes under condemnation proceedings upon payment of its reasonable value

Encroachment – The extension of a structure from the real estate to which it belongs across a boundary line and onto adjoining property

Encumbrance – A claim, right or lien upon the title to real estate, held by someone other than the real estate owner

Endorsement – Addition to or modification of a title insurance policy that expands or changes coverage of the policy, fulfilling specific requirements of the insured

EPS – The portion of a company’s profit allocated to each outstanding share of common stock. EPS serves as an indicator of a company’s profitability

Equities – Shares issued by a company which represent ownership in it. Ownership of property, usually in the form of common stocks, as distinguished from fixed-income securities such as bonds or mortgages. Stock funds may vary depending on the fund’s investment objective

Equity Fund – A mutual fund/collective fund in which the money is invested primarily in common and/or preferred stock. Stock funds may vary, depending on the fund’s investment objective

Escrow – Technically, this term strictly refers to a deed delivered to a third person to be held by him until the fulfillment or performance of some act or condition by the grantee. In the title industry, it means the depositing with an impartial third party (typically an escrow agent or title company) of anything pertaining to a real estate transaction including money and documents of all kinds. The money and documents are to be disbursed and delivered to the rightful parties by the escrow agent or title company when all conditions of the transaction have been met

Escrow Agreement – A written agreement usually made between buyer, seller and escrow agent, but sometimes only between one person and the escrow agent. It sets forth the conditions to be performed incident to the object deposited in escrow, and gives the escrow agent instructions with respect to the disposition of the object so deposited

Estate – 1) A sizable piece of rural land usually with a large house and other pretentious improvements. 2) The whole of one’s possessions, especially all of the property, assets, debts, and liabilities left by a deceased or bankrupt person. (3) The nature and extent of an owner’s rights in real estate

Examination – In title industry terms, to peruse and study the instruments in a chain of title and to determine their effect and condition in order to reach a conclusion as to the status of the title

Examiner – Usually referred to, in title industry terms, as title examiner. One who examines and determines the condition and status of real estate titles

Exceptions – Insurance policies include a list of items excluded from coverage. Items excluded from coverage can be found in section two of Schedule B of the policy

Exchange Privilege – The ability to transfer money from one mutual fund to another within the same fund family

Ex-Dividend Date – The date on which a stock goes ex-dividend. Typically about three weeks before the dividend is paid to shareholders of record

Ex-Dividend – The interval between the announcement and the payment of the next dividend for a stock

Expense Ratio (Date) – Amount, expressed as a percentage of total investment that shareholders pay annually for mutual fund operating expenses and management fees

Expense Ratio – The ratio between a mutual fund’s operating expenses for the year and the average value of its net assets


Federal Funds Rate (Fed Funds Rate) – The interest rate charged by banks with excess reserves at a Federal Reserve district bank to banks needing overnight loans to meet reserve requirements. The most sensitive indicator of the direction of interest rates, since it is set daily by the market, unlike the prime rate and the discount rate, which are periodically changed by banks and by the Federal Reserve Board

Federal Reserve Board (The Fed) – The governing board of the Federal Reserve System, it regulates the nation’s money supply by setting the discount rate, tightening or easing the availability of credit in the economy

Fee Simple – The highest degree of ownership that a person can have in real estate. An interest in real estate that gives the owner unqualified ownership and full power of disposition

First Mortgage – A mortgage having priority as a lien over any other mortgage or lien on the same property

Fixed Income Fund – A fund or portfolio where bonds are primarily purchased as investments. There is no fixed maturity date and no repayment guarantee

Fixed Income Security – A security that pays a set rate of interest on a regular basis

Foreclosure – A legal proceeding for the collection of real estate mortgages and other types of liens on real estate, which results in cutting off the right to redeem the mortgaged property and usually involves a judicial sale of the property to pay the mortgage debt

Fund – A pool of money from a group of investors in order to buy securities. The two major ways funds may be offered are (1) by companies in the securities business (these funds are called mutual funds); and (2) by bank trust departments (these are called collective funds)


General Warranty – A warranty provision in a deed or mortgage or other real estate instrument containing all of the common law items of warranty. Also known as a full warranty

Growth Investing – Investment strategy that focuses on stocks of companies and stock funds where earnings are growing rapidly and are expected to continue growing

Growth Stock – Typically a well-known, successful company that is experiencing rapid growth in earnings and revenue, and usually pays little or no dividend

Growth-Style Funds – Growth funds focus on future gains. A growth fund manager will typically invest in stocks with earnings that outperform the current market. The manager attempts to achieve success by focusing on rapidly growing sectors of the economy and investing in leading companies with consistent earnings growth. The fund grows primarily as individual share prices climb

Hazard Insurance – Real estate insurance protecting against fire, some natural causes, vandalism, etc., depending upon the policy. The buyer often adds liability insurance and extended coverage for personal property

Heir – A person who inherits or who is entitled to inherit real estate by provisions of law or under the provisions of a will


Index – An investment index tracks the performance of many investments as a way of measuring the overall performance of a particular investment type or category. The S&P 500 is widely considered the benchmark for large-stock investors. It tracks the performance of 500 large U.S. company stocks

Individual Retirement Account (IRA) – A tax-deferred account to which an eligible individual can make annual contributions up to $3,000 ($6,000 for a single-income married couple filing a joint income tax return)

Inflation – A rise in the prices of goods and services, often equated with loss of purchasing power

Ingress – The right or permission to enter; also the means or place of entry such as a right-of-way across adjoining land

Interest-Rate Risk – The possibility of a reduction in the value of a security, especially a bond, resulting from a rise in interest rates

Interest Rate – The fixed amount of money that an issuer agrees to pay the bondholders. It is most often a percentage of the face value of the bond. Interest rates constitute one of the self-regulating mechanisms of the market, falling in response to economic weakness and rising on strength

Intestate – Dying without leaving a legal will

Investment Advisor – An organization employed by a mutual fund to give professional advice on the fund’s investments and asset management practices

Investment Company – A corporation, trust or partnership that invests pooled shareholder dollars in securities appropriate to the organization’s objective. Mutual funds, closed-end funds and unit investment trusts are the three types of investment companies

Investment Grade Bonds – A bond generally considered suitable for purchase by prudent investors

Investment Objective – The goal of a mutual fund and its shareholders, e.g. growth, growth and income, income and tax-free income


Joint Tenants – Two or more persons who hold title to real estate jointly, with equal rights to share in its enjoyment during their respective lives with the provision that upon the death of a joint tenant, his share in the property passes to the surviving tenants, and so on, until the full title is vested in the last survivor. A joint tenant cannot legally sell or encumber his interest without the consent or joinder of all of the other joint tenants

Judgement – A conclusion or determination by a court of law usually awarding the payment of money or relief of some kind to one of the parties to a lawsuit

Junk Bond – A lower-rated, usually higher-yielding bond, with a credit rating of BB or lower



Large-Cap – The market capitalization of the stocks of companies with market values greater than $10 billion

Lease – An agreement granting the use or occupancy of land during a specified period in exchange for rent

Letter of intent – A letter of intent may also be issued by a mutual fund shareholder to indicate that he/she would like to invest certain amounts of money at certain specified times. In exchange for signing a letter of intent, the shareholder would often qualify for reduced sales charges. A letter of intent is not a contract and cannot be enforced, it is just a document stating serious intent to carry out certain business activities

Lien – The liability of real estate as security for payment of a debt. Such liability may be created by contract, such as a mortgage, or by operation of law, such as a mechanics lien

Lipper ratings – The Lipper Mutual Fund Industry Average is the performance level of all mutual funds, as reported by Lipper Analytical Services of New York. The performance of all mutual funds is ranked quarterly and annually, by type of fund such as aggressive growth fund or income fund. Mutual fund managers try to beat the industry average as well as the other funds in their category

Liquidity – The ability to have ready access to invested money. Mutual funds are liquid because their shares can be redeemed for current value (which may be more or less than the original cost) on any business day

Lis pendens – A pending lawsuit. A lis pendens notice is legal notice to the world that a lawsuit is pending

Loads (back-end, front-end and no-load) – Sales charges on mutual funds. A back-end load is assessed at redemption (see contingent deferred sales charge), while a front-end load is paid at the time of purchase. No-load funds are free of sales charges

Loan estimate – A three-page Loan Estimate must be provided to the consumers no later than three business days after they submit a loan application for most mortgages. The Loan Estimate provides information about key features, costs and risks of the mortgage loan for which the consumer is applying

Loan policy – A policy of title insurance issued to the mortgage lender insuring against loss by defects in, liens against, or unmarketability of title

Long-term investment strategy – A strategy that looks past the day-to-day fluctuations of the stock and bond markets and responds to fundamental changes in the financial markets or the economy


Management Fee – The amount paid by a mutual fund to the investment advisor for its services

Marketable Title – A title that a court of equity considers to be so free of material defects and liens that it will force the title’s acceptance by questioning purchaser. Also known as a merchantable title

Market Price – The current price of an asset

Market Risk – The possibility that an investment will not achieve its target

Market Timing – A risky investment strategy that calls for buying and selling securities in anticipation of market conditions

Market Value – An average between the highest price that a buyer, willing but not compelled to buy, would pay and the lowest price a seller, willing, but not compelled to sell, would accept

Maturity Distribution – The breakdown of a portfolio’s assets based on the time frame when the investments will mature

Maturity – The date specified in a note or bond on which the debt is due and payable

Mechanic’s Lien – A lien on real estate, created by operation of law, which secures the payment of debts due to persons who perform labor or services or furnish materials incident to the construction of buildings and improvements on the real estate

Median Market Cap – The midpoint of market capitalization (market price multiplied by the number of shares outstanding) of the stocks in a portfolio, where half the stocks have higher market capitalization and half have lower

Metes and Bounds – Describing boundaries by using courses, directions, distances and monuments

Mid-Cap – The market capitalization of the stocks of companies with market values between $3 to $10 billion

Money Market Mutual Fund – A short-term investment that seeks to protect principal and generate income by investing in Treasury bills, CDs with maturities less than one year and other conservative investments

Morningstar Ratings – System for rating open- and closed-end mutual funds and annuities by Morningstar Inc. of Chicago. The system rates funds from one to five stars, using a risk-adjusted performance rating in which performance equals total return of the fund

Mortgage – A temporary conditional pledge of property to a creditor as security for the payment of a debt that may be cancelled by payment

Mutual Fund – Fund operated by an investment company that raises money from shareholders and invests it in stocks, bonds, options, commodities or money market securities


NASDAQ – National Association of Securities Dealers Automated Quotations system, which is owned and operated by the National Association of Securities Dealers. NASDAQ is a computerized system that provides brokers and dealers with price quotations for securities traded over-the-counter as well as for many New York Stock Exchange listed securities

Net Asset Value per share (NAV) – The current dollar value of a single mutual fund share; also known as share price. The fund’s NAV is calculated daily by taking the fund’s total assets, subtracting the fund’s liabilities, and dividing by the number of shares outstanding. The NAV does not include the sales charge. The process of calculating the NAV is called pricing

Number of Holdings – Total number of individual securities in a fund or portfolio


Opinion – In title industry terms, referred to as title opinion. The conclusion and judgment of a skilled person as to the status of a title, based upon a title examination

Owner’s Policy – This policy is purchased for a one-time fee and protects a homeowner’s investment in a property for as long as they or their heirs have an interest in the property. Only an owner’s policy protects the buyer should a covered title problem arise with the title that was not found during the title search. Possible hidden title problems can include errors or omissions in deeds, mistakes in examining records, forgery and undisclosed heirs


P/B Ratio – The price per share of a stock divided by its book value (net worth) per share. For a stock portfolio, the ratio is the weighted average price-to-book ratio of the stocks it holds

P/E Ratio (1 YR Forecast) – Price of a stock divided by its projected earnings for the coming year

P/E Ratio (1 YR Trailing) (Long Position) – Price of a stock divided by its earnings from the latest year

Par Value – Par value is the amount originally paid for a bond and the amount that will be repaid at maturity. Bonds are typically sold in multiples of $1,000

Portfolio – A collection of investments owned by one organization or individual, and managed as a collective whole with specific investment goals in mind

Portfolio Allocation – Amount of assets in a portfolio specifically designated for a certain type of investment

Portfolio Holdings – Investments included in a portfolio

Portfolio Manager – The person or entity responsible for making investment decisions of the portfolio to meet the specific investment objective or goal of the portfolio

Power of Attorney – A legal instrument authorizing one to act as another’s agent or attorney

Preferred Stock – A class of stock with a fixed dividend that has preference over a company’s common stock in the payment of dividends and the liquidation of assets. There are several kinds of preferred stock, among them adjustable-rate and convertible

Preliminary title report – A report prepared prior to issuing a title insurance policy that shows the ownership of a specific parcel of land. It includes information about liens and encumbrances that will not be covered under a title insurance policy

Premium – The amount by which a bond or stock sells above its par value

Price-to-book – The price per share of a stock divided by its book value (net worth) per share. For a stock portfolio, the ratio is the weighted average price-to-book ratio of the stocks it holds

Price-to-Earnings (P/E) Ratio – A stock’s price divided by its earnings per share, which indicates how much investors are paying for a company’s earning power

Probate – A legal procedure in which the validity and probity of a document, such as a will, is proven

Promissory Note – A written promise to pay or repay a specified sum of money at a stated time, or on demand, to a named person. In addition to the payment of principal, a promissory note usually provides for the payment of interest

Prospectus – Formal written offer to sell securities that sets forth the plan for proposed business enterprise or the facts concerning an existing one that an investor needs to make an informed decision. Prospectuses are also issued by mutual funds, containing information required by the SEC, such as history, background of managers, fund objectives and policies, financial statement, risks, services and fees

Proxy – A shareholder vote on matters that require shareholders’ approval

Public Offering Price (POP) – A mutual fund share’s purchase price, including sales charges

Public Records – The transcriptions in a recorder’s office of instruments that have been recorded, including the indexes pertaining to them


Quality Distribution – The breakdown of a portfolio’s assets based on quality rating of the investments

Quiet Title Suit – A lawsuit brought by an owner of real estate for the purpose of cancelling, wiping out, and putting a quietus upon supposedly immaterial, inconsequential, and unenforceable claims and interests that cloud the owner’s title

Quit Claim Deed – A deed that does not imply the grantor holds title, but which surrenders and gives to the grantee any possible interest or rights that the grantor may have in the property


R2 – The percentage of a fund’s movements that result from movements in the index ranging from 0 to 100. A fund with an R2 of 100 means that 100 percent of the fund’s movement can completely be explained by movements in the fund’s external index benchmark

Ratings – Evaluations of the credit quality of bonds usually made by independent rating services. Ratings generally measure the probability of timely repayment of principal and interest on debt securities

Realtor – A copyrighted trade name that can be legally used only by those belonging to the National Association of Realtors

Recession – A downturn in economic activity, defined by many economists as at least two consecutive quarters of decline in a country’s gross domestic product

Record title – The aspects of a title that appear in the public records as distinguished from unrecorded title aspects and interests

Redemption – Sale of mutual fund shares by a shareholder

Refinance Rate – When referring to title insurance, the refinance rate is the reduced rate for a loan policy issued on the new loan in a refinance transaction, in which the original loan was previously insured within some period of years

Reinvestment Option – Refers to an arrangement under which a mutual fund will apply dividends or capital gains distributions for its shareholders toward the purchase of additional shares

Reissue rate – When referring to title insurance, the reissue rate is the reduced rate for an Owner’s Policy of title insurance issued on a property that was previously insured within some period of years. In some states, the term is also used for a refinance rate

Relative Risk and Potential Return – The amount of potential return from an investment as related to the amount of risk you are willing to accept

Right of Way – (1) The right to pass over property owned by another, usually based upon an easement. (2) A path or thoroughfare over which passage is made. (3) A strip of land over which facilities such as highways, railroads, or power lines are built

Rights of Accumulation – The right to buy over a period of time. For example, this might be done by an institutional investor to avoid making a single substantial purchase that might drive up the market price, or by a retail investor who wants to reduce risk by dollar cost averaging

Riparian Rights – The many rights of a person in, to, and over the banks, bed, shallows, shore, and water of a stream or body of water upon which his land borders

Risk Rate – When referring to title insurance, the risk rate is a rate that does not include the cost of researching the title or the cost of conducting the closing

Risk Tolerance – The degree to which you can tolerate volatility in your investment values


Sales Charge – An amount charged for the sale of some fund shares, usually those sold by brokers or other sales professionals. By regulation, a mutual fund sales charge may not exceed 8.5 percent of an investment purchase. The charge may vary depending on the amount invested and the fund chosen. A sales charge or load is reflected in the asked or offering price. See loads

Search – A careful exploration and inspection of the public records in an effort to find all recorded instruments relating to a particular chain of title

Second Mortgage – A mortgage ranking in priority immediately below a first mortgage

Sector – A group of similar securities, such as equities in a specific industry

Sector Breakdown – Breakdown of securities in a portfolio by industry categories

Securities and Exchange Commission (SEC) – The federal agency created by the Securities and Exchange Act of 1934 that administers the laws governing the securities industry, including the registration and distribution of mutual fund shares

Securities – Another name for investments such as stocks or bonds. The name ‘securities’ comes from the documents that certify an investor’s ownership of particular stocks or bonds

Settlement – In some areas called a “closing.” The process of completing a real estate transaction during which deeds, mortgages, leases and other required instruments are signed and/or delivered, an accounting between the parties is made, the money is disbursed, the papers are recorded, and all other details such as payment of outstanding liens and transfer of hazard insurance policies are attended to

Share – A unit of ownership in an investment, such as a share of a stock or a mutual fund

Share Classes – Classes represent ownership in the same fund but charge different fees. This can enable shareholders to choose the type of fee structure that best suits their particular needs

Share Class Net Assets (date) – Fund assets included in a specific share class

Sharpe Ratio – A risk-adjusted measure that measures reward per unit of risk. The higher the sharpe ratio, the better. The numerator is the difference between the Fund’s annualized return and the annualized return of the risk-free instrument (T-Bills)

Short-term Investment Asset purchased with an investment life of less than a year

Simultaneous Issue Rate – When referring to title insurance, the simultaneous issue rate is the reduced rate for a loan policy or owner’s policy issued on the same property or loan at the same time as another policy. The term usually refers to a loan policy issued at the same time as an owner’s policy when a property is purchased

Small-Cap The market capitalization of the stocks of companies with market values less than $3 billion

Special Warranty Deed – A deed that warrants the title only with respect to acts of the seller and the interests of anyone claiming by, through, or under him

Standard & Poor’s Index Broad-based measurement of changes in stock market conditions based on the average performance of 500 widely held common stocks commonly known as the Standard & Poor’s 500 or S&P 500

Standard Deviation A statistical measure of the degree to which an individual value in a probability distribution tends to vary from the mean of the distribution

Statement of Additional Information (SAI) The supplementary document to a prospectus that contains more detailed information about a mutual fund; also known as ‘Part B’ of the prospectus

Stock A long-term, growth-oriented investment representing ownership in a company; also known as ‘equity’

Stockholder The owner of common or preferred stock of a corporation. Also called ‘shareholder’

Subdivision – An area of land divided into lots, blocks and building sites, and in which public facilities are laid out, such as streets, alleys, parks and easements for public utilities

Survey – 1) To determine the location, boundaries, area, or the elevations of land and structures upon the earth’s surface by means of courses in relation to the North Star, and the measuring of angles and distances by using the techniques of geometry and trigonometry. 2) The map or plat drawn by a surveyor that represents the property surveyed and shows the results of a survey

Systematic Investment Plan A service option that allows investors to buy mutual fund shares on a regular schedule, usually through bank account deductions


Tax-Exempt Income Tax-exempt income is income that is exempt from income taxes. A purchaser of state municipal bonds is exempt from federal taxation on the income earned from the bonds

Tax Lien – The lien that is imposed upon real estate by operation of law that secures the payment of real estate taxes

Tenancy by Entireties – An estate or interest in real estate predicated upon the legal fiction that a husband and wife are one person. A conveyance or devise to them (unless contrary intent is expressed) vests title in them as one person. Upon the death of either husband or wife, full title passes to the survivor

Tenant – 1) Usually one who holds possession of real estate under a lease. 2) In a broader sense, one who holds or possesses lands and tenements by any kind of title

Tenants in Common – Two or more persons in whom title to a single piece of real estate is vested in such a manner that they have a common or equal right to possession and enjoyment of the property, but each holds a separate individual interest or estate in the property. Each owner may sell or encumber his respective interest or dispose of it by will, and if he dies without leaving a will, his heirs inherit his undivided interest

Third Party – A term usually applied to persons who are not principal parties to a contract or other instrument, but who have some right, interest or duty that such contract or instrument affects. For example, where a sale contract between buyer and seller of real estate provides that the money and documents involved in the transaction will be deposited with a title company pending the closing of the deal, the title company becomes a third party to the transaction

Time Horizon The amount of time that you expect to stay invested in an asset or security

Title – 1) A combination of all the elements that constitute the highest legal right to own, possess, use, control, enjoy, and dispose of real estate or an inheritable right or interest therein. 2) The rights of ownership recognized and protected by the law

Title Commitment – An offer to issue a title insurance policy. The title commitment will describe the various conditions, exclusions and exceptions that will apply to that particular policy

Title Covenants – Covenants ordinarily inserted in conveyances and in transfers of title to real estate for the purpose of giving protection to the purchaser against possible insufficiency of the title received. A group of such covenants known as “common law covenants” includes: a) covenant against encumbrances; b) covenant for further assurance (in other words, to do whatever is necessary to rectify title deficiencies); c) covenant of good right and authority to convey; d) covenant of quiet enjoyment; e) covenant of seisin; f) covenant of warranty

Title Defect – 1) Any possible or patent claim or right outstanding in a chain of title that is adverse to the claim of ownership. 2) Any material irregularity in the execution or effect of an instrument in the chain of title

Title Examination – To peruse and study the instruments in a chain of title and to determine their effect and condition in order to reach a conclusion as to the status of the title

Title Insurance – Is insurance that protects purchasers of real estate and mortgages against loss from defective titles, liens and encumbrances

Title Plant – (1) In many areas, synonymous with abstract plant. (2) A geographically filed assemblage of title information which is to help in expediting title examinations, such as copies of previous attorneys’ opinions, abstracts, tax searches, and copies or take-offs of the public records

Title Search – A search and perusal of the public records for recorded instruments that affect the title to a particular piece of land. (See also Abstract and Examination)

Title Searcher – One who searches titles

Top 10 Holdings Ten largest holdings in a portfolio based on asset value

Top 10 Long and Short Positions The top 10 holdings ranked by market value in each position category (long and short). A long position is one in which an investor buys shares of stock and as an equity holder will profit if the price of the stock rises. With a short position an investor will sell shares of stock that they do not own but have borrowed. The investor in a short position will profit if the price of the stock falls

Top Five Contributors Top five industries in a portfolio based on amount of invested assets

Top Five Detractors Five assets in a portfolio that generated largest negative returns (losses)

Top Five Holdings Top five securities in a portfolio based on amount of invested assets

Top Five Industries Top five industries in a portfolio based on amount of invested assets

Total Return Accounts for all of the dividends and interest earned before deductions for fees and expenses, in addition to any changes in the value of the principal, including share price, assuming the funds’ dividends and capital gains are reinvested. Often, this percentage is presented in a specified period of time (one, five, ten years and/or life of fund). Also, a method of calculating an investment’s return that takes share price changes and dividends into account

Tracking Error – The active risk of the portfolio. It determines the annualized standard deviation of the excess returns between the portfolio and the benchmark

Transfer Agent An agent, usually a commercial bank, appointed to monitor records of stocks, bonds and shareholders. A transfer agent keeps a record of the name of each registered shareholder, his or her address, the number of shares owned, and sees that certificates presented for the transfer are properly canceled and new certificates are issued in the name of the new owner

Treasury Bill – Negotiable short-term (one year or less) debt obligations issued by the U.S. government and backed by its full faith and credit

Treasury Bond – Negotiable long-term (10 years or longer) debt obligations issued by the U.S. government and backed by its full faith and credit

Treasury Note – Negotiable medium-term (one year to 10 years) debt obligations issued by the U.S. government and backed by its full faith and credit

Treasury Security – Securities issued by the U.S. Treasury Department and backed by the U.S. government

Trustee – 1) An organization or individual who has responsibility for one or more accounts. 2) An individual who, as part of a fund’s board of trustees, has ultimate responsibility for a fund’s activities

Turnover Ratio – Percentage of holdings in a mutual fund that are sold in a specified period

Underwriter – An insurance company that issues insurance policies either to the public or to another insurer



Valuation – An estimate of the value or worth of a company; the price investors assign to an individual stock

Value Investing – A strategy whereby investors purchase equity securities that they believe are selling below estimated true value. The investor can profit by buying these securities then selling them once they appreciate to their real value

Value Stock – Typically an overlooked or underpriced company that is growing at slower rates

Value-Style Funds – Value-style funds typically hold company stocks that are undervalued in the market. Fundamentally strong companies whose stocks are inexpensive but trending upward may also be selected for value funds

Vesting – The way ownership of title is taken. Common methods of holding title include sole ownership (such as a single man or woman) or co-ownership (such as community property, community property with right of survivorship, joint tenancy or tenancy in common). The way the title is vested has important legal consequences and tax consequences.  The tax consequences may be different for same sex legally related couples.  You may wish to consult an attorney or tax advisor to determine the most advantageous form of ownership for your particular situation

Volatility – The amount and frequency with which an investment fluctuates in value


Waiver – The voluntary and intentional relinquishment of a known right, claim or privilege

Warranty Deed – A deed containing one or more title covenants. (See Title Covenants)

Weighted Average Maturity – A Fund’s WAM calculates an average time to maturity of all the securities held in the portfolio, weighted by each security’s percentage of net assets. The calculation takes into account the final maturity for a fixed income security and the interest rate reset date for floating rate securities held in the portfolio. This is a way to measure a fund’s sensitivity to potential interest rate changes

Wtd. Avg. Market Cap – Most indexes are constructed by weighting the market capitalization of each stock on the index. In such an index, larger companies account for a greater portion of the index. An example is the S&P 500 Index



Yield – Annual percentage rate of return on capital. The dividend or interest paid by a company expressed as a percentage of the current price

Yield to Maturity – Concept used to determine the rate of return an investor will receive if a long-term, interest-bearing investment, such as a bond, is held to its maturity date

Yield to Maturity Distribution – The average rate of return that will be earned on a bond if held to maturity

YTD Return (w/ Load) – Year-to-date return on an investment including appreciation and dividends or interest, minus any applicable expenses or charges

YTD Total Return – Year-to-date return on an investment including appreciation and dividends or interest

YTD – Year-to-date return on an investment including appreciation and dividends or interest