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Tax Deferred
Income on which taxes can be postponed until a later date. Contributions to a 401(k) plan and earnings on those contributions, for example, are not taxed until they are withdrawn from the account, but when withdrawn, they are fully taxed at the tax rate applicable at the time of withdrawal.

Tax Equalization
The practice of a fund treating a portion of a redemption payout made to a redeeming shareholder, which represents his proportionate part of the fund's undistributed net investment income and/or capital gains, as a distribution of income or gain for the fund's tax purposes. Such amounts are referred to as the equalization debits (or payments) and will be considered a distribution by the fund to shareholders of net investment income and capital gain for purposes of the calculation of the Fund’s dividends paid deduction.

Tax-Exempt Bond
See municipal bond.

Tax Loss Carry-Forward
A tax benefit that allows an individual or a mutual fund to offset current profits with past losses.

Tax Year
The period (typically 12-months) used by an individuals or companies to report income for income tax purposes. For most individuals, their tax year is the calendar year.

Taxable Equivalent Distribution Rate
For a closed end fund, the taxable equivalent distribution rate represents the yield that must be earned on a fully taxable investment in order to equal the distribution rate on the fund on an after-tax basis. The taxable equivalent distribution rate for municipal bond funds shown is based on the fund's current distribution rate (on share price) on the indicated date and a federal income tax rate of 28% plus, for a state-specific municipal fund, a state or city tax rate if appropriate. It is calculated by dividing the tax-exempt distribution rate by 1 minus the tax rate. The taxable equivalent distribution rate for a fund that invests in securities whose dividend are qualified for qualified taxable income (QTI) treatment is based on the fund's current distribution rate on the indicated date and the difference between a federal income tax rate of 28% and the 15% federal tax rate applicable to QTI.

Taxable Equivalent Yield
The yield an investor would have to realize on a fully taxable investment to equal the stated yield on a tax-exempt investment, at a specified assumed tax rate. It is calculated by dividing the tax-exempt yield by 1 minus the tax rate.

Taxable Municipal Bond
A municipal bond whose interest is fully taxable under the federal income tax; that is, its interest is not excluded from the gross income of its owners for federal income tax purposes, like it is for most municipal bonds. Certain municipal bonds are taxable because they are issued for purposes which the federal government deems not to provide a significant benefit to the public at large.

Taxable Preferred Securities
Taxable preferred securities do not qualify for the dividends-received deduction for corporations; nor do they qualify for qualified dividend income (QDI) treatment. These securities often offer an additional yield spread versus other types of preferred securities of equivalent quality and duration, due their tax treatment. They are usually junior liabilities of an issuer and pay either fixed or adjustable dividends.

Technical Analysis
Analysis of the supply and demand for securities using charts and graphs to identify price trends that may foretell future price movements.

Tender Option Bonds (TOB)
Floating rate, puttable security issued by a special purpose trust into which a municipal bond has been deposited, for the purpose of creating a leveraged investment in that bond, which is referred to as a "residual interest certificate", "inverse floating rate security", or "inverse floater". The effective leverage created by this technique is sometimes referred to as "TOB-based leverage".

Term Preferred Shares (TPS)
Taxable preferred shares issued by a closed-end fund featuring a fixed term and mandatory redemption. Issued via registered offering or private placement.

Letters that identify a security for trading purposes. For example, a closed-end fund typically has a three-letter ticker, a mutual fund ticker symbol is usually four letters followed by an "X." The "X" indicates that the security is a mutual fund.

Top-Down Approach
An approach to investing in which the investor first looks at general trends in the economy and then chooses specific industries and particular companies that will benefit from these broad trends.

A measure of the overall trend in the Japanese stock market, and is used as a benchmark for investment in Japanese stocks.

Total Investment Exposure
Total Investment Exposure: Total investment exposure is a fund’s assets managed by the Adviser, including assets that are attributable to financial leverage. For these purposes, financial leverage includes a fund’s use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.

Total Return
When measuring performance, is the actual rate of return of an investment or a pool of investments over a given evaluation period. Total return includes interest, capital gains, dividends and distributions realized over a given period of time.

Tracking Error
Tracking Error represents the standard deviation of the difference between the performance of the investment strategy and the benchmark. This provides a historical measure of the variability of the investment strategy’s returns relative to its benchmark.

Trade Date
The actual date on which your units or shares are purchased or sold.

Traditional IRA
A personal, tax-deferred retirement account that allows contributions to be made from current income. Contributions may be tax-deductible subject to certain earned-income limitations and age restrictions.

Transfer Agent
An institution, usually a bank, used by an issuer of units or shares to maintain its unitholder and shareholder records and perform all account transactions.

Transfer Of Assets
A change in ownership of an asset, or a movement of funds and/or assets from one account to another. A transfer may involve an exchange of funds when it involves a change in ownership, such as when an investor sells a real estate holding.

Treasury Bill, Note, Bond
Negotiable debt obligations issued by the U.S. government and backed by its full faith and credit. Treasury bills are short-term securities with maturities of one year or less. Treasury notes are intermediate-term securities with maturities of 1 to 10 years. Treasury bonds are long-term securities with maturities of 10 years longer.

Triple Tax-Exempt Fund
A municipal bond fund whose dividends and interest are exempt from regular Federal, state and local income taxes within a particular state and locality.

Turnover Rate
See Portfolio Turnover

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