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NASDAQ: National Association of Securities Dealers Automated Quotations. Computerized communications network that provides brokers and dealers with price quotations on securities traded in the over-the-counter market.

NAV: Net Asset Value. Price of a mutual fund share that is equal to the assets minus all liabilities, divided by the number of shares outstanding. Also known as Bid Price.

Net Change: Difference between the closing price of a stock, bond, commodity, or mutual fund from one day to the next. Also, difference between bid prices on over-the-counter securities.

Net Income: Gross income less expenses incurred to produce gross income. Taxes due are calculated based on "net income."

Net Worth: Amount by which assets exceed liabilities. For a corporation, net worth is also known as stockholders' equity or net assets.

New Issue: Stock or bond sold by a corporation for the first time. Also known as IPO (Initial Public Offering).

New York Stock Exchange(NYSE): The largest and most prestigious U.S. corporations trade on the floor of the NYSE. The NYSE includes member securities firms and dealers and more than 1,700 listed companies whose securities trade on the exchange.

Next Determined NAV: Net Asset Value (NAV) per share is determined as of the close of trading on the floor of the New York Stock Exchange (currently 4 P.M., New York time), on each day the New York Stock Exchange is open for business.

No-Load Fund: Fund that offers shares to the investing public, at net asset value, without a commission charge in excess of 25 basis points annually.

Nominal Rate: Interest rate of a bond.

Nominal Value: Either the stated value of a bond (e.g., $1,000) or an arbitrary bookkeeping value of stocks. Also known as Par Value or Face Value.

Non-Rated Security: Security issued without a review of creditworthiness by a known rating agency (e.g., Moody's). Commonly applies to one-time issues, an issue of a small dollar size, or privately sold issues.

Noncumulative Preferred Stock: Preferred stock where unpaid dividends do not accumulate.