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Glossary

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Large Capitalization Stocks
Definitions vary, but usually the stocks of companies whose market value is more than $5-10 billion. Large-cap companies are usually well-established corporations.

Letter of Intent (LOI)
A way for a shareholder to qualify for a reduced sales charge by promising to invest a certain amount within a specified time.

Leverage
Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.

Leverage-Adjusted Effective Duration / Option-Adjusted Duration / OAD
A fund’s average effective duration, sometimes known as option-adjusted duration or OAD, adjusted for the impact of the fund’s utilization of leverage in the form of senior securities as defined by Section 18 of the Investment Company Act of 1940. Funds that utilize leverage in the form of senior securities will have a leverage-adjusted effective duration or OAD that is longer than its baseline effective duration. Because the impact of leverage obtained through any investments in residual certificates of tender option bond (TOB) trusts is already reflected in a fund’s average effective duration, no additional adjustment is made for the leveraging impact of these TOB investments.

Leverage-Adjusted Duration
Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond Fund’s value to changes when market interest rates change. Generally, the longer a bond’s or Fund’s duration, the more the price of the bond or Fund will change as interest rates change. Leverage-adjusted duration takes into account the leveraging process for a Fund and therefore is longer than the duration of the Fund’s portfolio of bonds.

Lipper Average
The Lipper Average is the average performance of all funds within a Lipper fund classification for any time period specified.

Liquidity
The ability to easily turn assets into cash. An investor should be able to sell a liquid asset quickly with little effect on the price. Liquidity is a central objective of money market funds.

Load
See Sales Charge.

Load Fund
A mutual fund that assesses a sales charge.

London Interbank Offered Rate (LIBOR)
LIBOR is the average interest rate estimated by leading banks in London that the average leading bank would be charged if borrowing from other banks.

Long
The buying of a security with the expectation that the asset will rise in value.

Long-Term Capital Gain
A profit on the sale of a security or mutual fund share that has been held for more than one year. Long-term capital gains are typically taxed at lower rates than short-term capital gains.

Long-Term Investment Strategy
A strategy that can be usefully defined as investing with the expectation of holding an asset for an indefinite period of time by an investor with the capability to do so. Typically this long-term investment is expected to be held for at least 10 years or through an entire business cycle.

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