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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
Performance basics
  Total returns
(as of 3/31/2014)
Annualized returns
(as of 3/31/2014)
  1
Month
3
Month

YTD
1
Year
3
Year
5
Year
10
Year
at NAV -0.17% 2.12% 2.12% 0.33% 3.83% 4.16% 3.29%
With 3.75% max. sales charge -3.92% -1.69% -1.69% -3.40% 2.52% 3.37% 2.90%
Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index -0.16% 2.26% 2.26% 0.83% 4.59% 4.62% 4.16%
Lipper Intermediate Municipal Debt Funds Index -0.19% 2.28% 2.28% 0.14% 4.61% 4.86% 3.62%

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Current performance may be higher or lower than the performance data shown. For performance current to the most recent month-end, please call 1-800-480-4111.

 

Cumulative returns (as of 3/31/2014)
  1 Year 3 Year 5 Year 10 Year
at NAV 0.33% 11.92% 22.60% 38.25%
With 3.75% max. sales charge -3.40% 7.75% 18.03% 33.12%
Share price stability
Calendar year returns
 
at NAV
Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index
Lipper Intermediate Municipal Debt Funds Index
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
2.54% 1.95% 3.72% 3.17% -1.57% 10.18% 2.56% 7.43% 4.29% -1.60%
3.53% 2.20% 4.08% 4.47% 2.49% 8.89% 2.94% 8.79% 4.72% -1.05%
2.85% 2.01% 3.87% 3.21% -2.27% 11.36% 2.42% 8.85% 5.38% -1.73%
Browse your yearly returns: 2004
2013

N/A: Not available at this time


Annual operating expenses (%)
Expense cap expiration date 06/30/2014
Expense cap 0.87%
Total annual operating expenses 0.94%
Fee waivers and/or expense reimbursements 0.05%
Net expenses 0.89%

Fee waivers and/or expense reimbursements,Net Expenses
The Investment Advisor, Administrator and Distributor (the "Service Providers") have contractually agreed to waive fees and/or reimburse expenses to the extent that Total Annual Operating Expenses (excluding Acquired Fund Fees and Expenses, dividend expenses relating to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees' deferred compensation plan) exceed the expense cap of the average daily net assets through the expense cap expiration date. This contract continues through that date, at which time the Service Providers will determine whether or not to renew or revise it.

Yields
  3/31/2014
30-Day SEC Yield 2.05%
30-Day SEC Yield (Unsubsidized) 1.96%
Dividend Yield 2.62%
Tax Equivalent Yield at 35% 0.03%

Must be preceded or accompanied by a prospectus

Morningstar ratings (as of 3/31/2014)
Morningstar category: Muni National Interm
Overall
251 funds in category
3 Year
251 funds in category
5 Year
210 funds in category
10 Year
153 funds in category

2014, Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its providers; (2) may not be copied or distributed; (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damage or losses arising from any use of this information. Past performance is not a guarantee of future results. For each fund with a three-year history, Morningstar calculates a Morningstar Rating™ metric each month by subtracting the return on a 90-day U.S. Treasury Bill from the fund's load-adjusted return for the same period, and then adjusting this excess return for risk. The top 10% of funds in each broad asset class receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Past performance is no guarantee of future results. Different share classes may have different ratings.

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.

The quoted performance of the Fund includes performance of a predecessor fund/share class prior to the Fund's commencement of operations. Please refer to the current prospectus for further information.

The Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index represents the performance of municipal bonds with maturities from 1 to 17 years. The performance of the index does not reflect the deduction of expenses associated with a fund, such as investment management fees. By contrast, the performance of the Fund reflects the deduction of the fund expenses, including sales charges if applicable. An individual cannot invest directly in an index.

The performance of the Lipper Intermediate Municipal Debt Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses charged by the Fund.

Total return assumes reinvestment of dividends and capital gains distributions and reflects the deduction of any sales charges, where applicable. Performance may reflect the waiver of a portion of the Fund's advisory or administrative fees for certain periods since the inception date. If fees had not been waived, performance would have been less favorable.