Nasdaq: National Association of Securities Dealers Automated Quotation System, designed for over-the-counter stock trading. Unlike the Amex and NYSE, Nasdaq does not have a physical trading floor. All transactions take place over a network of computers and telephones.

Net asset value (NAV): The per share value of a mutual fund at the end of each day figured by taking the total market value of a fund's assets and dividing the figure by the total number of shares outstanding.

Net change: The amount and direction that a security's closing price has changed since its previous close.

New issue: The first offering to the public of a stock, bond or mutual fund.

No-load mutual fund: A mutual fund that does not charge a sales commission (or load) when shares are bought or sold. Transaction fees may apply.

Nominal rate: The stated interest rate that is paid on an investment. Does not include compounding.

Nondiscretionary: An account in which the account holder must know about and approve all investment transactions.