NO-LOAD FUND Definition

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NO-LOAD FUND is a mutual fund sold directly to investors without commissions paid to salesmen or other up-front costs. Some funds charge surrender fees, although a pure no-load fund has no sales, exit or marketing fees.

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SYNTHETIC LEASE is a transaction that appears, from an accounting standpoint, as a lease, but as a loan from a tax standpoint; resulting in an off-balance sheet account of the financing and the tax benefits that accompany the financed asset.

MATURITY VALUE, in securities, is the amount that will be received at the time a security is redeemed at its maturity. For most securities, maturity value equals par value; in insurance, it is the amount payable under a whole life insurance policy if the insured person lives to the last age on the mortality table on which the values of the contract were based.

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