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Municipal Income Fund - A (OTBAX)

Municipal Income Fund - A (OTBAX)
Overview Performance and Ratings Holdings and Details Management Dividends and Capital Gains Fees and Expenses Sales Resources
Top ten holdings (as of 10/31/2015)
1. Massachusetts Water Resources Authority, 5.25%, 8/1/2028 3.3%
2. Massachusetts Water Pollution Abatement Trust, Pool Program, 5.25%, 8/1/2024 2.0%
3. Tampa Bay Water Utility System, 5.50%, 10/1/2022 2.0%
4. City of Port St. Lucie, Utility Systems, 5.25%, 9/1/2024 1.9%
5. Gwinnett County Development Authority, Public Schools Project, 5.25%, 1/1/2022 1.9%
6. Fulton County School District, 5.50%, 1/1/2021 1.9%
7. Nuveen Premium Income Municipal Fund, Inc., LIQ: Barclays Bank plc,, 0.00%, 3/1/2040 1.7%
8. New York State Dormitory Authority, State Sales Tax, 5.00%, 3/15/2030 1.5%
9. Collier County School Board, Master Lease Program, 5.25%, 2/15/2021 1.5%
10. City of Manchester, School Facilities, 5.50%, 6/1/2024 1.4%
Total of top ten 19.1%
Portfolio breakdown* (as of 10/31/2015)
Investment Companies 1.7%
Municipal Bonds 88.0%
Short-Term Investments 9.8%
Other 0.6%

* Due to rounding, values may not total 100%.

Average life* (as of 10/31/2015)
Years 0-2 12.6%
Years 2-4 6.7%
Years 4-6 11.0%
Years 6-8 16.7%
Years 8-10 17.3%
Years 10-12 11.3%
Years 12-17 17.1%
Years 17-22 1.5%
Years 22+ 5.9%
Duration 4.43 years
Average Maturity 8.76 years
Average Life 4.66 years

* Due to rounding, values may not total 100%.

Contribution to duration (in years) (as of 10/31/2015)
Revenue 3.77
GO 0.56
Pre-refunded 0.07
Insured 0.03
Portfolio stats (as of 10/31/2015)
Number of Holdings 194
Fund Assets $305.19
(in millions)
Turnover Ratio 9.15%
(Trailing 12 month) (2/28/2015)
Yield to maturity 2.39%
Quality* (as of 10/31/2015)
AAA 27.6%
AA 47.5%
A 16.9%
BAA 6.2%
<=BA & NR 1.7%

The manager receives credit quality ratings on underlying securities of the portfolio from the three major ratings agencies - S&P, Moody's and Fitch. When calculating the credit quality breakdown, the manager selects the middle rating of the agencies when all three agencies rate a security. The manager will use the lower of the two ratings if only two agencies rate a security and will use one rating if that is all that is provided. Securities that are not rated by all three agencies are reflected as such.

* Due to rounding, values may not total 100%.

What's this? Mouse over an  underlined  word to see its definition. Check out our glossary >

The Fund's fixed income securities are subject to interest rate risk. If rates increase, the value of the Fund's investments generally declines.

Under normal circumstances, the Fund invests at least 80% of its net assets in municipal bonds, the income from which is exempt from federal income tax. This is a fundamental policy. For the purposes of this policy, the Fund's net assets include borrowings by the Fund for investment purposes. The Fund also invests in mortgage-backed securities and asset-backed securities, as well as auction rate securities and restricted securities. The securities in which the Fund invests may have fixed rates of return or floating or variable rates.

For some investors, income may be subject to the Alternative Minimum Tax. Capital gains, if any, are federally taxable. Income may be subject to state and local taxes.

The Fund may invest in futures contracts and derivatives. Many derivatives create leverage that can cause the Fund to be more volatile than it would be if it had not used derivatives.

Total return assumes reinvestment of income.

The top 10 holdings listed reflect only the Fund's long-term investments. Short-term investments are excluded. Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and does not include the use of derivative positions, where applicable.