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Management Fee - The fee paid to compensate the investment advisor for professional advice. It is calculated as a percentage of the average daily net assets of the separate account.

Mandatory Distribution Age - The age at which the annuitant must begin taking distribution from an annuity. For IRA's, this age is currently 70-1/2. For non-qualified annuities, this age will be designated by the issuing insurance company.

Mandatory Sinking Fund - A requirement to redeem a fixed portion of term bonds, which may comprise the entire issue, in accordance with a fixed schedule. Although the principal amount of the bonds to be redeemed is fixed, the specific bonds called to satisfy the requirement are selected by the trustee on a lot basis.

Margin - The difference between the market value of a stock and the loan provided by a broker makes. A margin may be used by an investor to buy securities by borrowing money from a broker.

Market Liquidity - The ability of market participants to easily enter into or exit a particular type of transaction.

Market-Maker - A financial intermediary that provides both bid and offer prices.

Market Risk - The risk of loss resulting from changes to foreign exchange rates, interest rates, commodity prices, or equity prices or indices.

Mark to Market - A procedure which adjusts the carrying value of a security or derivative contract to its current market value.

Maturity - The termination period of a note (e.g., a 30-year mortgage has maturity of 30 years) on which final payment on a loan must be paid in full.

Minimum Distribution Requirement - The minimum distributions a person must take from his/her Traditional IRA beginning no later than April 1 of the year following the year the person turns 70-1/2. The minimum distribution amount depends on many factors, including life expectancy.

Momentum - The rate of acceleration of an economic, price or volume movement. For example, an economy with strong growth that is likely to continue is said to have momentum.

Money Market - The borrowing and lending of money for three years or less. The securities in a money market can be U.S. government bonds, Treasury bills and commercial paper from banks and companies.

Money Market Mutual Funds - Short-term securities mutual funds.

Money Supply - Money available in the economy, consisting of currency in circulation and deposits in checking and savings accounts. M1, M2 and M3 represent money and near-money.

Mortgage - A legal document that pledges real property to the lender as security for repayment of a debt.

Mortgage Broker - A firm or individual who brings a borrower and a lender together, receiving a commission if a sale results.

Mortgage Commitment - A commitment by a lender to a borrower to advance a mortgage loan when the borrower meets certain requirements.

Mortgage Note - A written promise to pay a sum of money at a stated interest rate during a specified term. The note contains a specific description of the conditions under which the loan is to be repaid and when it is due.

Mortgagee - The lender on a mortgage loan transaction.

Mortgagor - The borrower in a mortgage loan transaction who pledges property as security for a debt.

Moving Average - An average of a security's price over a specific time period. The average changes, for example, on a 30-day moving average so that it includes the most current 30 trading days. Moving averages often indicate levels of support or resistance for a security.

MSRP - Manufacturer's Suggested Retail Price (List or Sticker Price).

Multi-Currency Accounts - Foreign currency accounts held in one central location. These accounts facilitate multiple currency wire transfer settlement services for receipt and payment of funds.

Municipal Bond (Muni Bonds) - Bonds that state or local governments offer to pay for special projects such as highways or sewers. The interest that investors receive is exempt from some income taxes.

Mutual Fund - Pools of money that are managed by an investment company. They offer investors a variety of investment goals, depending on the fund and its investment charter. Some funds, for example, seek to generate income on a regular basis where others seek to preserve an investor's money. Still others seek to invest in companies that are growing at a rapid pace. Funds can impose a sales charge, or load, on investors when they buy or sell shares. Today, many funds are no load and impose no sales charge.

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Glossary

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