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LAST - The price of the last trade of the day for a particular stock or bond.

LIBOR - London InterBank Offer Rate

LIFFE - London International Financial Futures Exchange

LIPPER - A service that provides information and analysis of mutual funds. (www.lipperweb.com/index.shtml)

LIQUIDATION - Converting stock or other assets into cash.

LIQUIDITY - The ease with which assets can be converted to cash, without loss or value.

LOAD - The amount investors are charged to buy shares in a fund. This amount is added to the NAV when determining the offer price. Also known as sales charge.

LOW - The lowest price a stock reaches during a particular period, such as the daily low, which would be the lowest point the stock traded at during the trading day.

LOW-LOAD - A smaller amount investors are charged to buy shares in a fund (1 or 2 percent - instead of 4 percent or more).