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Management Fee 
   The payment to the sponsor of a direct participation program for managing and administering the program. The fee is capped at about 5% of the programs gross revenues. 

Margin 
   The amount of equity contributed by a customer as a percentage of the current market value of the securities held in a margin account.

Margin Account 
   A customer account in which a brokerage firm lends the customer part of the purchase price of securities. 

Markdown 
   The difference between the highest current bid price among dealers and the lower price that a dealer pays to a customer.

Market Maker 
   A dealer willing to accept the risk of holding a particular security in its own account to facilitate trading in that security.

Market Risk 
   The potential for an investor to experience losses owing to day-to-day fluctuations in the prices at which securities can be bought and sold. 

Markup 
   The difference between the lowest current offering price among dealers and the higher price a dealer charges a customer.

Money Market Fund 
   A mutual fund that invests in short-term debt instruments. The fund’s objective is to earn interest while maintaining a stable net asset value of $1.00 per share. Generally sold with no load, the fund may also offer draft-writing privileges and low opening investments.

Mutual Fund 
   An investment company that continuously offers new equity shares in an actively managed portfolio of securities. All shareholders participate in the gains or losses of the fund. The shares are redeemable on any business day at the net asset value. Each mutual fund’s portfolio is invested to match the objective stated in the prospectus.