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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.

Level Distribution Policy
The goal of a fund’s level distribution policy is to provide shareholders with stable, but not guaranteed, cash flow, independent of the amount or timing of income earned or capital gains realized by the fund. Under the policy, a fund intends to distribute all or substantially all of its net investment income through its regular monthly distribution and to distribute realized capital gains at least annually. In any monthly period, in order to maintain its level distribution amount, each fund may pay out more or less than its net investment income during the period. As a result, regular distributions throughout the year are expected to include net investment income and potentially a return of capital and/or capital gains for tax purposes. If a distribution includes anything other than net investment income, the fund provides a notice (often referred to as a “19a Notice”) of the best estimate of its distribution sources at the time of the distribution. You should not draw any conclusions about a fund’s investment performance from the amount of the distribution. A return of capital is a non-taxable distribution of a portion of a fund’s capital. A distribution including return of capital does not necessarily reflect a Fund’s investment performance and should not be confused with “yield” or “income.”

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.

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.

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.

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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