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“Even though they are nominally written in English, the disclosures in some documents that are provided to investors are often so full of legal jargon and boilerplate disclosure that they can actually obscure important information.
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Christopher Cox, former SEC Chairman, May 3, 2006
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SAMPLE 6 - Original
Dividends paid to shareholders from interest earned by the Fund from tax-exempt municipal obligations and from exempt interest dividends received by the Fund from other tax-exempt securities are not includible in a shareholder’s gross income for federal income tax purposes. Distributions of net interest income derived from other sources, if any, and of net short-term capital gains realized by the Fund will be taxable to shareholders as ordinary income. Net long-term capital gain distributions, if any, will be taxable to shareholders as long-term capital gain regardless of how long the shares of the Fund have been held.
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