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Security

Evidence of an investment, either in direct ownership (as with stocks), creditorship (as with bonds), or indirect ownership (as with options).

Single-life annuity

An insurance-based contract that provides future payments at regular intervals in exchange for current premiums. Generally used as a supplement to retirement income and pays over the life of one individual, usually the retiree, with no rights of payments to any survivor.

Small cap stocks

Small capitalization stocks are often defined as stocks in corporation with total capitalization (price of the stock times the number of outstanding shares) of less than $500 million.

Specialist

A specialist is a person who acts as a dealer on the floor of the New York stock exchange and is charged with continuously buying and selling shares in a few (or only one) issues. The specialist matches up buyers and sellers where possible and uses his own capital or line of credit to buy stocks where there are no buyers. In doing so the specialist is charged with maintaining an orderly liquid market.

Spot rate

The spot rate is the segment yield that is implied by the yield curve at given "spot" on the curve. For example, the spot rate out 8 years is the implied rate of return that a 10 year bond will earn between year 8 and year 9. The yield to maturity can be thought of as an average of all the spot rates during a bond's life.

Standard deviation

Standard deviation is a statistical term referring to the probable spread of observations around the average or expected value. In financial context standard deviation is used as measure of risk. That is, as the standard deviation increases, the confidence one has in being able to predict the outcome decreases. A drop in one's confidence usually is considered to equate with risk.

Stock broker

A stock broker is an individual or firm registered with the SEC to effect the transfer of registered securities. A broker may act as agent for the seller, buyer, or both. The broker does not use his own assets in the process, in contrast a dealer, who does.

Stratified sampling

Stratified sampling is a technique for matching the return characteristics of an index made up of a large number of issues without having to hold all of the issues. Under this technique, the index is divided up into a number of cells (e.g. industry groups or sizes of companies). The manager then selects a portfolio making sure that his portfolio has at least a few stocks in each cell.

Subordinated debt

Subordinated debt are bonds whose place in a bankruptcy is behind that of another Class of bonds.

Surplus management

Surplus management is a strategy employed to attempt to keep the value of a fund's asset above the level of fund's liabilities. The purpose of surplus management is hold down or eliminate any required contributions.

   
 

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