Rochester Annual Overview 2011 - (Page 21)
Muni bond funds offer investors an unparalleled opportunity to help communities across the United States (and in the U.S. territories) by putting investment dollars to work on projects and at institutions that can have a strong, local impact. This characteristic of muni bonds rarely gets top billing—the bonds’ ability to generate tax-free income has a lock on that spot—but we are nonetheless very proud of the difference our funds’ investments make in the hometowns of our investors. (A portion of some funds’ distributions may be subject to income tax and may increase taxes for investors subject to the federal AMT; distributions from net realized long-term capital gains are taxable as capital gains.) like many of you, we’re often focused on the near-term dividends that our investments may provide. We think you’ll agree that it’s nice to take a moment to consider two projects—one in Wisconsin and one in our hometown—the “dividends” of which will be felt for years to come. To us, these investments exemplify the Rochester Way.
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