Securities and Advisory Services offered through First Allied Securities, Inc., A Registered Broker Dealer, Member FINRA/SIPC. An Advanced Equities Company.

• Value-added tax
  Method of indirect taxation whereby a tax is levied at each stage of production on the value added at that specific stage.
  
  
• Variable annuity
  Annuity contracts in which the issuer pays a periodic amount linked to the investment performance of the underlying portfolio.
  
  
• Variable life insurance policy
  A whole-life insurance product that provides a death benefit dependent on the insured's portfolio market value at the time of death. Variable life insurance is offered by prospectus only. The prospectus contains details including charges and expenses. Please read the prospectus carefully before purchasing a policy. Life insurance policies contain exclusions, limitations, reduction of benefits and terms for keeping them in force. Insurance policies are the contractual obligation of the issuing insurance company.
  
  
• Venture capital
  An investment in a start-up business that the investor perceives as having growth prospects but lacking access to capital markets.
  
  
• Volume
  Daily number of shares of a security that change hands between a buyer and seller.
  
  
• Voting right
  The stockholders' right to vote on matters that are put to a vote of security holders.