Ingles Financiero Account advisor. An individual authorized to recommend grants from a donor-advised fund account. An advisor is named to a fund account by the account's donor. Adjusted yield. Represents what a fund's yield would have been if the fund's manager had not agreed in advance to waive all or a portion of the fund's management fees and/or to reduce expenses. The fund's manager may terminate such agreement at any time upon notice to the fund's board. Alpha. The difference between a fund's actual returns versus its expected performance, given its level of market risk as measured by beta. A positive alpha indicates the fund performed better than its beta would predict while a negative alpha indicates the fund's underperformance based on the expectations indicated by the fund's beta. Alternative minimum tax (AMT). An alternative method of computing your tax liability separate from the regular federal income tax. The AMT was designed to ensure that taxpayers pay a minimum amount of tax on their economic income. This tax may apply to taxpayers that receive certain benefits for regular tax purposes (for example, the exemption from regular tax of interest from municipal private activity bonds) or who have substantial itemized deductions and/or credits. Please consult your tax advisor to determine if the AMT applies to your tax situation. American depositary receipt (ADR). Certificates that represent a given number of shares in a foreign corporation, held on deposit in a U.S. bank that has overseas branches. They can be bought and sold directly in the U.S. market, offering U.S. investors an easy way to own individual foreign stocks. Annuity. A contract between the contract owner and an insurance company guaranteeing that in return for a purchase payment(s), a series of fixed or variable income payments will be paid for the life of the annuitant or for a specified period of time, beginning right after purchase (immediate annuity) or after an accumulation period (deferred annuity). Asset allocation. An investment strategy which involves committing specific percentages of a portfolio to different asset types such as stocks, bonds, or money market instruments. The portfolio is then rebalanced periodically to maintain the target percentages. Automatic investment plan. Any plan in which an investor can automatically accumulate shares of a fund or company on a regular basis. Average annual total return (standardized). An SEC standardized calculation that represents the average annual change in value of an investment over specified periods and assumes reinvestment of dividends and capital gains. Average cost. For a bond fund this figure indicates the average amount paid for bonds in a portfolio as a percentage of their par value. Individual bonds typically have a par value of $1,000. Average coupon rate. For bond funds this figure is computed by weighting the coupon rate of each bond in the portfolio by its market value. Then the average of the weighted figures is determined. Average duration. Indicates the sensitivity of a fund's NAV to changes in interest rates. When comparing funds, the one with the longer average duration is more sensitive to interest rate changes. Average life. This figure refers to the length of time before half of a debt has been retired. It usually refers specifically to mortgage-backed securities as an indicator of how long, on average, before the underlying mortgages will be paid off. Average market value. Indicates the average market value of bonds in a portfolio as a percentage of their par value. Individual bonds typically have a par value of $1,000. Average weighted maturity. For bond funds this figure is computed by weighting the maturity of each bond in a portfolio according to its market value. Then the average of the weighted figures is determined. Backup withholding. Federal income tax withheld by a payer from reportable payments if an investor fails to furnish his certified taxpayer identification number (TIN), or is subject to backup withholding for other reasons. Payments that may be subject to backup withholding include taxable dividends, capital gain distributions, and the proceeds from the sale of fund shares. Bear market. A prolonged period of falling securities prices. Beta. A measure of a fund's volatility in relation to the stock market, as measured by a stated index. By definition, the beta of the stated index is 1; a fund with a higher beta has been more volatile than the index, and a fund with a lower beta has been less volatile than the index. Blue chip. Common stock of a nationally known company that has a long record of profit, growth, and dividend payment; and a reputation for quality management, products, and services. Book value. Net asset value of a company's securities. Book value can be a guide in selecting underpriced stocks and is an indication of the ultimate value of securities in liquidation. Bond. Debt security or IOU issued by a government entity or corporation, which generally pays a stated rate of interest, and plans to return the principal amount of the loan on the maturity date. Unlike stockholders, bondholders do not have corporate ownership privileges. Bourse. French term for stock exchange. Bull market. Term used to describe a prolonged rise in the price of securities. Call date. Date on which a bond may be redeemed before maturity. Capital (or principal). Initial amount of money invested, excluding any subsequent earnings. Capital appreciation. Increase in the value of an asset such as a stock, bond, commodity or real estate. Capital gain or loss. Net profits or losses from the sale of securities in the fund's portfolio. Short-term gains or losses are generated on securities held 12 months or less; long-term gains or losses pertain to securities held for more than 12 months. Capital gain distribution. A distribution to shareholders of net long-term capital gains realized by a fund from the sale of fund securities. (See Qualified 5-year gain) Cash contribution. A contribution consisting of cash, paid by check or electronic transfer, made by donors to their donor-advised fund account. CD (certificate of deposit). Short-term debt instrument issued by banks that usually pays fixed interest. Unlike mutual funds, CDs are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $100,000. Charitable beneficiary. Beneficiaries are charitable organizations that may inherit all of the assets remaining in the account or 5% of the account annually upon the death of all original donors. Charitable organization. An institution established for the public good or to help the needy. Most charitable organizations are considered nonprofit organizations by the Internal Revenue Service. Closed-end fund. A type of fund that has a fixed number of shares, usually listed on a major stock exchange. Unlike open-end mutual funds, closed-end funds do not stand ready to issue and redeem shares on a continuous basis. Common stock. Represents ownership in a public corporation. Owners typically are entitled to vote and receive dividends. These securities generally have the most potential for capital appreciation, but their rights are subordinated in the event of a company liquidation or bankruptcy. Convertible security. Corporate security (usually preferred stock or bond) that is exchangeable for another form of security (usually common stock) at a predetermined price. Corporate dividends received deduction (DRD). A federal deduction taken by corporate shareholders for 70% of the dividends it receives from an unrelated domestic corporation. The percentage of Ordinary Income Dividends qualifying for the corporate DRD can be found in the Tax Designation section of your fund's annual report. Cost basis. The acquisition cost of fund shares including any sales charges, reinvested dividends and distributions used to purchase additional fund shares. Your cost basis may also be affected by wash sales, if any. Cost basis statement (CBS). An annual statement that shows the average cost basis and capital gain or loss on fund shares sold or exchanged during the tax year. Cumulative total return. Usually calculated in the same manner as standardized average annual total return, except that these figures represent the total change in value of an investment over the stated periods and do not reflect any sales charges. Debt security. Security representing a loan that must be repaid to the lender at a future date. Bonds, notes, bills and money market instruments are common debt securities. Direct U.S. government obligations. Securities issued by the United States such as Treasury Bills, Treasury Bonds, Treasury Notes, U.S. Savings Bonds, and other instruments issued by U.S government agencies. Ordinary income attributable to direct obligations may be exempt from state income tax. GNMA, FNMA, and FHLMC securities do not meet the definition of direct U.S. government obligations in most jurisdictions. Derivative. Financial instrument whose value is based on the value of another underlying security. Distribution. Payout to shareholders of the net income or realized capital gains on the securities in the fund's portfolio. Distribution rate(s). Percentage at which a mutual fund distributes income to its shareholders. It is calculated by dividing a fund's annualized dividend amount by its current offering price. Diversification. Investment strategy of spreading investments among a wide variety of securities, potentially lowering risk by reducing the impact of any one security on overall portfolio performance. Dividend. An income distribution to shareholders that generally comes from the net profits of a corporation (or net income from a mutual fund). Dollar-cost averaging. Method of accumulating assets by investing a fixed amount of dollars in securities at set intervals. The investor buys more shares when the price is low and fewer shares when the price is high; the overall cost may be lower than it would be if buying a constant number of shares at set intervals. Donor. An individual or organization making a contribution to a charity.Donors open an account by making an irrevocable contribution to the National PhilanthropicTrust. An account can have one donor or two, if the contributed assets are jointly held. Donor-advised fund (DAF). A charitable investment vehicle administered by a nonprofit organization. Donors can open an account in a donor-advised fund by making a contribuion to the fund. The contribution is irrevocable and becomes controlled by the nonprofit administrator, who invests the funds in investment vehicles recommended by the donor. Although donors no longer control the funds once contributed, they can advise the administrator regarding grants to other charitable organizations. Dow Jones® industrial average (the Dow). The oldest and most quoted measure of stock market price movements. It is a price-weighted average of 30 actively traded blue chip stocks. EAFE index. The Europe, Australasia, Far East Index. Created by Morgan Stanley Capital International®, this index is the most widely used measurement of international stock market performance. It represents the performance of approximately 20,000 securities from more than 20 countries. Employer identification number (EIN). A unique number assigned by the Internal Revenue Service to any organization (nonprofit or for profit) with paid employees. Equity security. Security representing ownership interest in a corporation-stocks as opposed to bonds. Exchange rate. Price at which one country's currency can be converted into another country's. Ex-dividend. Literally, trading without the dividend. It is the interval between the record date and payment of the next dividend. An investor who buys shares during that interval is not entitled to the dividend. A security or fund that has gone ex-dividend is marked with an "x" in most newspaper listings. Exempt income dividend. See Tax-exempt dividend. 501(c)(3). An Internal Revenue Service designation for a tax-exempt, charitable, nonprofit organization. All organizations with this designation are eligible to receive grants from a donor-advised fund. Foreign bonds. Bonds issued by a foreign corporation or by a foreign government or government agency. Foreign mutual fund. A mutual fund that invests primarily in non-U.S. securities. Foreign stocks. Represent ownership in a foreign corporation. The stocks of a few large foreign companies are traded on U.S. stock markets, but for the most part, foreign stocks must be purchased in the countries where they are issued. Foreign tax credit. A credit to eliminate double taxation on foreign income earned by a fund. A fund that has invested in foreign companies and has paid income taxes to foreign governments may pass through a foreign tax credit to its shareholders in certain circumstances. This credit may be taken as a tax deduction or tax credit by shareholders. Ginnie Mae. Mortgage-backed security guaranteed by the Government National Mortgage Association (GNMA). Ginnie Mae guarantees are backed by the full faith and credit of the U.S. government, which guarantees that investors will receive timely principal and interest payments even if homeowners do not make mortgage payments on time. Global mutual fund. assets in U.S. markets as well as in Europe, Asia, and often developing market countries. Global funds differ from foreign mutual funds, which invest primarily in non-U.S. securities. Grant. An award of funds to a charitable organization. In a donor-advised fund donors can recommend that a grant be awarded to a nonprofit of their choice. The National Philanthropic Trust then reviews the recommendation and, if approved, awards the grant to the recipient nonprofit. Hedging. Strategy used to offset investment risk. A perfect hedge is one eliminating the possibility of future gain or loss. Index. Statistical composite that measures changes in the economy or in financial markets. Examples are the Dow Jones® Industrial Average and S&P 500®. Intangible tax. A tax applied by some states to the value of intangible assets owned by taxpayers at some point in time. It is not an income tax. Intangible assets may include stocks, bonds, patents and copyrights. The tax does not include tangible property such as a house or car. Different states may have varying definitions of intangible assets. Please consult your tax advisor or state tax office for specific information on whether your state has an intangible tax and how it is calculated. International mutual fund. See Foreign mutual fund. Letter of intent. Non-binding agreement stating the shareholder's intention to invest over a specified period, typically 13 months, a specified amount, which if made at one time, would qualify for a reduced sales charge. Liquidity. The ease with which an asset can be converted to cash. Long position. Purchase and ownership of a security by an investor. Investor has the right to profits and losses as the security's value changes. Long-term capital gain or loss. Gain or loss on the sale or exchange of a security (including mutual fund shares) that has been held for more than one year. A maximum tax rate of 20% will generally be applied to long-term capital gains. Investors in the 10% or 15% federal income tax brackets are taxed at a rate of 10% on their long-term capital gains. (See Qualified 5-year gain) Market capitalization. The value of a corporation as determined by the market price of its issued and outstanding common stock. Analysts look at market capitalization in relation to book value for an indication of how investors value a company's future prospects. Market timer. Any person or group whose transactions seem to follow a pattern of buying, selling or exchanging shares based on market indicators. Maturity date. Date on which the principal amount of a debt instrument becomes due and payable. Money market fund. A mutual fund that invests in short-term government securities, certificates of deposit and other highly liquid securities, and generally pays money market rates of interest. The fund's net asset value tends to remain a constant $1.00 per share, but an investment in a money market fund is neither insured nor guaranteed by the U.S. government or by any other entity or institution, so there is no assurance that the share price will be maintained. Mortgage-backed securities. Issues in which residential mortgages are packaged and sold to investors who receive payments from the interest and principal on the underlying mortgages. (See Ginnie Mae) Municipal bond. A debt obligation of a state or local government entity. The interest these securities pay is generally free from regular federal income tax and may be free from state and local personal income taxes. The two major types of municipal securities are general obligation bonds and revenue bonds. Mutual fund. An investment company that operates and professionally manages a portfolio of securities with money raised from shareholders. The portfolio may be invested in stocks, bonds or cash. These funds offer investors the advantages of diversification and professional management, for a management fee. NASD (National Association of Securities Dealers Inc.). A nonprofit organization whose members include virtually all investment banking houses and firms dealing in the over-the-counter market. Operating under the supervision of the SEC, some of the NASD's basic purposes are to standardize practices and establish ethical standards in securities trading. Nasdaq (National Association of Securities Dealers Automated Quotation System). A computerized system that stores and displays current price quotations for the over-the-counter market. Net asset value (NAV). Market value of one share of a mutual fund on a given day; also known as the bid price. Unlike the public offering price, the NAV includes no sales charges. It is calculated each business day by taking the closing market value of all securities owned by the mutual fund, plus all other assets (e.g., cash) and subtracting liabilities. To reach the NAV per share, the remainder is then divided by the total number of shares outstanding. New York Stock Exchange (NYSE). Oldest and largest stock exchange (an organized marketplace where stocks and bonds are traded) in the U.S., listing more than 3,000 companies. Nominee. A shareholder that receives a Form 1099-DIV that includes amounts that belong to another person. Special reporting rules applicable to nominees can be found in IRS Publication 564, Mutual Fund Distributions. IRS publications can be obtained free of charge by calling the IRS at 800/829-3676 (800/TAXFORM). Publications can also be viewed online at http://www.irs.gov/. Nonprofit. An organization whose income is not used for the gain of persons with an interest in the organization, as designated by the Internal Revenue Service. Funds received by a nonprofit must be used only in support of its mission and operations. Non-resident alien (NRA) withholding. U.S tax withheld from income earned by a non-resident alien from sources within the U.S. Unless proper certification is on file with a fund, tax must be withheld on ordinary dividends and short-term capital gain distributions owned by non-resident aliens. Nontaxable distribution. A return of capital distribution from a fund as reported to shareholders on Form 1099-DIV, Column 3. (See Return of capital distribution) NSCC (National Securities Clearing Corporation). Securities clearing organization that functions essentially as a medium through which brokerage firms, exchanges and other clearing corporations reconcile accounts with each other. Offering price. See Public Offering Price Open-end fund (mutual fund). An investment company that sells shares to the public. The firm continually creates new shares on demand. Ordinary dividend. A fund distribution comprised of net investment income and net short-term capital gains. Over-the-counter market (OTC). Market in which securities transactions are conducted through a telephone and computer network connecting dealers in stocks and bonds, rather than on the floor of an exchange. OTC stocks are traditionally those of smaller companies that do not meet the listing requirements of the New York Stock Exchange, though in recent years many companies that qualify for listing have chosen to remain with OTC trading. Portfolio. Combined total of securities owned by an individual or a mutual fund. Preferred stock. Class of capital stock that pays dividends at a specified rate. It has preference over common stock in the payment of dividends and the liquidation of assets, but does not ordinarily carry voting rights. Price/Book ratio. For an individual company, the P/B ratio is the current share price divided by a company's book value (or net worth) per share. A P/B ratio lower than one indicates a company is trading below its book value per share (and, theoretically, below its liquidation value). For a mutual fund, the P/B ratio is the weighted average of the price/book ratios of all the stocks in a fund's portfolio. Price/Earnings ratio. The P/E ratio for an individual stock compares the stock price to the company's earnings per share. (This figure is often calculated using trailing 12-month earnings, but some stock pickers use forecasted earnings.) The P/E indicates how much the market will pay for a company's earnings. A high P/E usually indicates a strong belief in the company's ability to increase those earnings. A low P/E indicates the market has less confidence that the company's earnings will increase. The P/E ratio for a mutual fund is the weighted average of the price/earnings ratios of the stocks in a fund's portfolio. Private foundation. A nonprofit organization established and supported primarily by private funds. A private operating foundation conducts its own programs, paying out funds directly for charitable activities. A private non-operating foundation supports charitable activities by making grants to other nonprofit organizations. A donor-advised fund can make grants to private operating foundations, but not to private non-operating foundations. Privatization. Act of converting a publicly operated enterprise into a privately owned and operated entity. Shares formerly owned by the government, as well as management control, are sold to the public. The theory behind privatization is that these enterprises run more effectively and offer better service. Public offering price (POP). Price at which mutual fund shares are offered for sale to the public. The public offering price represents the Net Asset Value plus any applicable initial sales charges. Qualified 5-year gain. Gain on the sale or exchange of a security (including mutual fund shares) that has been held for more than five years. If a shareholder is in the 10% or 15% federal income tax bracket, he may be eligible to apply a reduced capital gain tax rate to qualified 5-year gains. R-Squared. This number indicates what percentage of fluctuation in a fund's performance can be explained by movements in the benchmark index. R-squared is quoted in a range from 0 to 100. An R-squared of 100 would mean that the fund is tracking its benchmark exactly. A low R-squared indicates that very few of the fund's movements are explained by movements of its benchmark. R-squared can also help determine the significance of a fund's beta. A higher R-squared generally indicates a more statistically significant beta. A lower R-squared means a fund's beta is less meaningful. Real yield. A bond's yield, adjusted for inflation. In other words, if the rate of inflation was 3% and a bond was yielding 10%, the real yield would be 7%. See also, Standardized yield. Recipient. A nonprofit organization recommended to receive a grant by a donor of a donor-advised fund. Record date. Date on which a shareholder must officially own shares in order to be entitled to a dividend. After the record date, shares are sold ex-dividend, or without the dividend. Regional mutual funds. Funds that limit their investments primarily to a specific country or geographic region, such as California, Europe, Japan, or Latin America. Regional mutual funds tend to be more volatile than funds with more geographically diverse holdings. REIT (Real Estate Investment Trust). A company, usually traded publicly, that manages a portfolio of real estate to earn profits for shareholders. Return of capital distribution. A distribution in excess of a fund's current and accumulated earnings and profits. A return of capital distribution is generally a nontaxable distribution that reduces a shareholder's cost basis in shares of a fund. S&P 500® (Standard & Poor's® composite index of 500 stocks). Market value-weighted index that measures stock market price movements, based on the aggregate performance of 500 widely held common stocks. SAI. A mutual fund's Statement of Additional Information. It contains additional and more detailed information about a mutual fund. SEC (Securities and Exchange Commission). A federal agency created by the Securities Exchange Act of 1934. The SEC administers statutes designed to promote full public disclosure and protect the investing public against malpractice in the securities markets. Sector mutual funds. Funds that concentrate on one industry such as utilities, health care or small companies. These funds tend to be more volatile than funds holding a diversified portfolio of securities in many industries. Security. A document identifying ownership of stocks, bonds or other investments. Publicly traded securities can be contributed to a donor-advised fund. 7-day annualized yield. Reflects the interest income per share a money market fund earned on its investments for the last seven days, calculated as an annual percentage rate. Sharpe ratio. Developed by Nobel Prize winner William Sharpe, the Sharpe ratio measures a fund's historical risk-adjusted performance. A higher number indicates better historical risk-adjusted performance. Short position. Sale of a security not owned by the seller to take advantage of an anticipated decline in the price. Short-term capital gain or loss. Gain or loss on the sale or exchange of a security (including mutual fund shares) that has been held one year or less. Standard deviation. Provides a statistical measure of the range of a fund's returns. A high standard deviation indicates a wide range of returns and, thus, greater volatility. Standardized (SEC) yield. Mutual fund's yield, calculated as required by the SEC, based on the earnings of the fund's portfolio during a 30-day period, divided by the offering price per share at the end of the period. Statement of average cost (SOAC). A statement issued by Franklin Templeton that lists the average cost of all fund share purchases, reinvested dividends and capital gains, and redemptions for the life of a shareholder's account. Average cost is one of several methods available for use when calculating the cost basis of your fund shares. Successor. An individual named by the donor to succeed the donor in advising a donor-advised fund account in the event of the donor's death. A successor has no authority over the account until the donor's death, at which time the successor takes on all the responsibilities of the donor, with the ability to recommend grants, and name advisors and successors. A donor may name more than one successor and can declare that the successors will share responsibility for the account, or that the account funds will be split with each successor becoming responsible for a portion. Systematic withdrawal plan (SWIP). A withdrawal method that gives mutual fund shareholders the option of receiving regular periodic payments from an account by redemption of shares at net asset value (NAV). Tax-deferred income. Investment earnings that will be subject to federal income tax at some later date. For example, reinvested earnings from retirement plans, such as IRAs or pension plans, are tax deferred and will be subject to income tax when distributed to the participant. Tax-exempt dividend. Income that is not subject to federal income tax, such as a dividend derived from interest earned from tax-exempt municipal bonds. Tax-exempt dividends may be subject to state income tax. Taxable equivalent distribution rate. Reflects the rate of income that a shareholder must earn in a fully taxable investment vehicle to equal the current distribution rate in a particular tax-free mutual fund. It equals the tax-free distribution rate divided by 1, minus the shareholder's tax bracket. Taxable equivalent yield. Comparison of the taxable yield on a corporate or government bond and the tax-free yield on a municipal bond. Depending on the tax bracket, an investor's after-tax return may be greater with a municipal bond than with a corporate or government bond offering a higher interest rate. Total assets. This figure represents the total market value of securities held in a portfolio. Total return. Return on an investment over a specified period of time, which includes share-price appreciation, reinvested dividends or interest, and any capital gains. Treasuries. Negotiable debt obligations of the U. S. government, secured by its full faith and credit and issued at various schedules and maturities. The income from Treasury securities is exempt from state, but not federal, income taxes. Treasury bills. Short-term securities with maturities of one year or less. Treasury bills have minimum denominations of $10,000, and are issued at a discount from face value. Treasury bonds. Long-term debt instruments with maturities of 10 years or longer issued in minimum denominations of $1,000. Treasury notes. Intermediate-term securities with maturities of 1 to 10 years. Denominations range from $1,000 to $1 million or more. Turnover ratio. This percentage indicates how much the holdings in a fund's portfolio change in one year. A 100% turnover ratio means the fund changes its entire portfolio composition each year. A low figure indicates the fund tends to hold securities longer. A high figure (approaching or exceeding 100%) means the investment strategy calls for buying and selling securities more frequently, which can lead to higher costs and increased distribution of capital gains. Uniform Gifts to Minors Act (UGMA) and Uniform Transfers to Minors Act (UTMA). State laws that allow any adult to contribute cash or securities to a minor child without having to name a legal guardian or establish a trust. Contributions are irrevocable, and income earned is taxable to the child. Under current tax laws, each person can contribute up to $10,000 a year per child without incurring any tax liability. Variable annuity. Annuity whose value or income payout fluctuates based upon the investment performance of an underlying portfolio of securities. Volatility. Characteristic of a security or market to rise or fall sharply in price within a short-term period. Volatility is measured by beta. Wash sale. If you redeem fund shares at a loss and purchase new shares of the same fund within 30 days before or after the sale, you may have created a "wash sale." You cannot deduct losses from wash sales. If the wash sale rules apply, all or a portion of the loss is deferred and is added to the cost basis of the repurchased shares. Yield. See Standardized yield.

Ingles Militar: Desde una pistola automatica a sistemas integrados de alerta temprana. CLICK AQUI Ingles de Negocios: Comente en Ingles un Business plan, o envie por e-mail un contrato. CLICK AQUI     Ingles legal: Aprenda terminos legales en ingles y derecho civil, comercial, criminal y constitucional de los Estados Unidos. CLICK AQUI     Nomenclatura IT: Para los que trabajan en Sistemas, es escencial conocer terminos comerciales de IT, internet y Computacion. CLICK AQUI