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Age at which, under the law of the state of residence, a minor reaches majority. This is an important concept for persons with multiple residences or who are under the Uniform Gift to Minors Act.

A written promise by a mutual fund shareholder to invest, during a 13-month period, a specified sum of money to qualify for a reduced percentage sales charge.

A form of business organization in which the general partner provides the management and expertise to engage in a business activity and one or more limited partners provide the funds for the enterprise. Since the partnership pays no income taxes, all profits, losses and deductions are passed through to the individuals involved in the business.

The process to describe the redeeming of mutual fund shares.

Industry term for either the percentage sales charge (load) or the open-end investment company shares (load fund) if there is a sales charge when such shares are purchased. See also: No-Load Fund

1. Noun: As defined by the Internal Revenue Service, a holding period for securities in excess of 6 months that qualifies subsequent sale of those securities for long-term gain or loss treatment. 2. Adjective: Refers to boneds whose maturity is greater than 1 year.

The payment or withdrawal from a qualified retirement plan of the balance of the funds belonging to the participant within one taxable year. When this is done it is important to anticipate the tax consequences of either a rollover to another qualified plan or accepting current taxation under a special 5-year averaging method.