Fund overview
Exploiting municipal market inefficiencies
The Municipal Bond Fund seeks tax-free income by principally investing in a diversified portfolio of municipal securities.

A relative value approach is conducted by actively managing the four key elements of total return: security selection, sector rotation, duration management, and yield curve positioning.
Key differentiators

  • Leverages a large, seasoned team of municipal fixed income analysts that’s supported by compliance and portfolio analytics systems
  • Collaborates across asset classes, such as using taxable fixed income analysts to gain intelligence on corporate bonds
  • May exercise the willingness and ability to move down in credit without compromising the investment process


Average annual returns Add Minus

Average annual returns

(as of 3/31/2024)
Bloomberg Municipal Bond Index
Lipper General & Insured Municipal Debt Funds
Expenses (as of 11/1/2023)
Gross Expense Ratio
0.39 %
Net Expense Ratio
0.39 %

One-month, three-month and year-to-date returns are not annualized.

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. Investment return, principal value, and yields of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. 

Net asset value (NAV) is the value of one share of the fund excluding any sales charges.

R6 Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Calendar year Add Minus

Calendar year

(as of 12/31/2023)
Cumulative Add Minus


(as of 3/31/2024)

This chart shows the value of a hypothetical $10,000 investment in the fund over the specified time period up to 10 years or since its inception (for funds lacking 10-year records). The result is compared with benchmarks, which may include a broad-based market index and a peer group average or index. Market indexes do not include expenses, which are deducted from fund returns as well as mutual fund averages and indexes.

Does not include sales charges and assumes reinvestment of dividends and capital gains. If sales charges were included, returns would be lower.

Performance and volatility metrics Add Minus

Performance and volatility metrics

(as of 3/31/2024)
3 Year 5 Year 10 Year
Alpha 0.29 0.16 5.03
Beta 0.88 0.93 0.93
Excess Return 0.36 0.05 0.33
Information Ratio 0.31 0.05 0.35
Sharpe Ratio -0.42 -0.07 0.34
R2 0.99 0.97 0.97
Tracking Error 1.17 1.08 0.93
Standard Deviation 6.49 6.00 4.72
Upside Market Capture Ratio 88.69 93.12 96.88
Downside Market Capture Ratio 88.17 93.68 92.06
Morningstar ratings and rankings Add Minus

Morningstar ratings and rankings

(as of 3/31/2024)
Muni National Long (Out of 162 funds)
Three Year
11st percentile (11 out of 162)
Five Year
36th percentile (46 out of 153)

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) ratings.

Morningstar rankings represent a fund's total return rank relative to all funds that have the same category. The percentile ranking is based on the fund's total return percentile rank relative to all funds that have the same category for the same time period. The highest (most favorable) percentile rank is 1% and the lowest (least favorable) percentile rank is 100%. Morningstar rankings do not include the effect of sales charges. Past performance is no guarantee of future results.

Prices, yields and distributions

Historical prices

YTD high $9.84 2/1/2024
YTD low $9.69 4/22/2024
52-week high $9.84 2/1/2024
52-week low $9.16 10/30/2023
2023 high $9.85 4/13/2023
2023 low $9.16 10/30/2023
Best quarterly return 6.38% 12/31/2023
Worst quarterly return -5.83% 3/31/2022
Best annual return 11.39% 12/31/2014
Worst annual return -8.36% 12/31/2022

Distribution summary

Dividends Monthly/Daily accrual
Capital gains Annually


Yield (as of 4/23/2024) Statistic
Distribution yield 3.45%
30-day SEC yield (as of 4/22/2024) 3.77%
30-day unsubsidized SEC yield (as of 4/22/2024) 3.77%
Yield to maturity 4.42%
Yield to worst 4.00%

Distribution history

Distribution history Type Per share amount Re investment price
2024-03-28 Dividend $0.027228261 $9.78
2024-02-29 Dividend $0.027602091 $9.80
2024-01-31 Dividend $0.026951127 $9.81
2023-12-29 Dividend $0.027232289 $9.83
2023-11-30 Dividend $0.027810889 $9.66
2023-10-31 Dividend $0.026850401 $9.17
2023-09-29 Dividend $0.026753661 $9.32
2023-08-31 Dividend $0.026411875 $9.58
2023-07-31 Dividend $0.026109469 $9.71
2023-06-30 Dividend $0.026218072 $9.71
2023-05-31 Dividend $0.025832164 $9.66
2023-04-28 Dividend $0.025715216 $9.74
2023-03-31 Dividend $0.025360472 $9.75
2023-02-28 Dividend $0.025961783 $9.62
2023-01-31 Dividend $0.024562564 $9.82
2022-12-30 Dividend $0.024766926 $9.59
2022-11-30 Dividend $0.02434059 $9.61
2022-10-31 Dividend $0.024232004 $9.24
2022-09-30 Dividend $0.023557639 $9.36
2022-08-31 Dividend $0.023181841 $9.68
2022-07-29 Dividend $0.022805878 $9.90
2022-06-30 Dividend $0.022680533 $9.70
2022-05-31 Dividend $0.021776091 $9.89
2022-04-29 Dividend $0.021105879 $9.79
2022-03-31 Dividend $0.021101749 $10.07
2022-02-28 Dividend $0.022099285 $10.39
2022-01-31 Dividend $0.020874277 $10.47
2021-12-31 Dividend $0.021830344 $10.76
2021-11-30 Dividend $0.022457485 $10.77
2021-10-29 Dividend $0.022299439 $10.70
2021-09-30 Dividend $0.022567152 $10.73
2021-08-31 Dividend $0.022235918 $10.84
2021-07-30 Dividend $0.02234671 $10.90
2021-06-30 Dividend $0.0226591 $10.83
2021-05-28 Dividend $0.022488027 $10.81
2021-04-30 Dividend $0.022523895 $10.78
2021-03-31 Dividend $0.022419454 $10.69
2021-02-26 Dividend $0.023329333 $10.65
2021-01-29 Dividend $0.022963114 $10.84
2020-12-31 Dividend $0.023125996 $10.79
2020-11-30 Dividend $0.023803314 $10.74
2020-10-30 Dividend $0.023430461 $10.59
2020-09-30 Dividend $0.02402299 $10.64
2020-08-31 Dividend $0.022987584 $10.66
2020-07-31 Dividend $0.022511227 $10.71
2020-06-30 Dividend $0.024462476 $10.56
2020-05-29 Dividend $0.023551827 $10.46
2020-04-30 Dividend $0.023469377 $10.19
2020-03-31 Dividend $0.02462035 $10.39
2020-02-28 Dividend $0.02415628 $10.93
2020-01-31 Dividend $0.024053718 $10.80
2019-12-31 Dividend $0.023895557 $10.63
2019-12-10 Short-term capital gain $0.01115 $10.64
2019-11-29 Dividend $0.024485346 $10.64
2019-10-31 Dividend $0.024616215 $10.64
2019-09-30 Dividend $0.025297377 $10.66
2019-08-30 Dividend $0.025032266 $10.75
2019-07-31 Dividend $0.025123399 $10.60
2019-06-28 Dividend $0.025257475 $10.55
2019-05-31 Dividend $0.025114185 $10.54
2019-04-30 Dividend $0.027541396 $10.42
2019-03-29 Dividend $0.027627474 $10.40
2019-02-28 Dividend $0.028369165 $10.27
2019-01-31 Dividend $0.027938817 $10.23
2018-12-31 Dividend $0.027914266 $10.19
2018-11-30 Dividend $0.027949327 $10.10
2018-10-31 Dividend $0.027876093 $10.03
2018-09-28 Dividend $0.028727858 $10.12
2018-08-31 Dividend $0.029297573 $10.20
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The 30-day SEC yield is calculated with a standardized formula mandated by the SEC. The formula is based on maximum offering price per share and includes the effect of any fee waivers. Without waivers, yields would be reduced. The 30-day unsubsidized SEC yield does not reflect waivers in effect. A fund’s actual distribution rate will differ from the SEC yield and any income distributions from the fund may be higher or lower than the SEC yield.


Portfolio statistics Add Minus

Portfolio statistics

(as of 3/31/2024)
Fund Benchmark
Number of Holdings 1420 57555
Effective Duration 6.29 6.49
Weighted Average Effective Maturity 15.35 10.80
AMT 12.00 0.00
Average Credit Rating A+ AA-
Average Maturity 16.07 13.67
Credit Spread Duration 5.86 6.00

Placement within the Morningstar Equity Style Box is based on two variables: relative median market capitalization and relative price valuations (price/book and price/earnings) of the fund’s portfolio holdings. These numbers are drawn from the fund’s portfolio holdings figures most recently entered into Morningstar’s database and the corresponding market conditions. The Ownership Zone is represented by a shaded area surrounding the centroid. This zone encompasses 75% of a portfolio’s holdings on an asset-weighted basis and is designed to be a visual measure of how wide-ranging the portfolio is.

Credit quality Add Minus

Credit quality

(as of 3/31/2024)
6.38% 16.16%
41.42% 55.34%
35.76% 23.08%
11.06% 5.41%
2.55% 0.00%
Not rated
3.06% 0.01%
Cash & equivalents
-0.24% -

The ratings indicated are from Standard & Poor's, Fitch Ratings Ltd., and/or Moody's Investors Service. The percentages of the fund's portfolio with the ratings depicted in the chart are calculated based on total investments of the fund. If a security was rated by all three rating agencies, the middle rating was used. If rated by two of three rating agencies, the lower rating was used, and if rated by one of the agencies, that rating was used. Credit quality is subject to change and may have changed since the date specified. Percent total may not add to 100% due to rounding.

Maturity Add Minus


(as of 3/31/2024)
Maturity Range
0 - 1 year
1 - 3 years
3 - 5 years
5 - 10 years
10 - 20 years
20+ years

Maturity distribution is subject to change and may have changed since the date specified. Percent total may not add to 100% due to rounding.

Top 10 holdings Add Minus

Top 10 holdings

(as of 3/31/2024)
County of Clark (Nevada)
Regional Transportation District (Colorado)
Texas Water Development Board
City & County of San Francisco (California)
South Carolina Public Service Authority
Illinois Finance Authority (Illinois)
Main Str Nat Gas Inc Ga Gas Supply Rev
Tennergy Corp Tenn Gas Rev
Kentucky Inc Ky Pub Energy Auth Gas Suplly Rev
Top 10 represents 5.65% of total net assets
Portfolio composition Add Minus

Portfolio composition

(as of 3/31/2024)
Credit Assets
100.00% 100.00%

Portfolio composition and maturity distribution are subject to change and may have changed since the date specified. Percent total may not add to 100% due to rounding


Literature Details Date
Fact Sheet A, Administrator, C, R6, Institutional 12/31/2023 Download Download
Regulatory Document Details Date
Annual Report A, Administrator, C, R6, Institutional 6/30/2023 Download Download
Full Prospectus R6 11/1/2023 Download Download
Quarterly Holdings A, Administrator, C, R6, Institutional 3/31/2023 Download Download
Quarterly Holdings A, Administrator, C, R6, Institutional 9/30/2023 Download Download
Semi-annual Report A, Administrator, C, R6, Institutional 12/31/2023 Download Download
Statement of Additional Information A, Administrator, C, R6, Institutional 11/1/2023 Download Download
Summary Prospectus R6 11/1/2023 Download Download
Our team
Meet the investment team

Investment success results from disciplined return-enhancement strategies balanced with prudent risk management.

Contact Us

We look forward to helping you with your investment needs


Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This fund is exposed to high-yield securities risk and municipal securities risk. Consult the fund's prospectus for additional information on these and other risks. A portion of the fund's income may be subject to federal, state, and/or local income taxes or the Alternative Minimum Tax (AMT). Any capital gains distributions may be taxable.

The Morningstar Rating™ for funds, or star rating, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar risk-adjusted return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category 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 managed product is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% 3-year rating for 36–59 months of total returns, 60% 5-year rating/40% 3-year rating for 60–119 months of total returns, and 50% 10-year rating/30% 5-year rating/20% 3-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent 3-year period actually has the greatest impact because it is included in all three rating periods. Past performance is no guarantee of future results.

Some of Morningstar’s proprietary calculations, including the Morningstar Rating™, are not customarily calculated based on adjusted historical returns. However, for new share classes/channels, Morningstar may calculate an extended-performance Morningstar Rating. The extended performance is calculated by adjusting the historical total returns of the oldest share class of a fund to reflect the fee structure of the younger share class/channel, attaching this data to the younger share class’s performance record, and then compounding the adjusted plus actual monthly returns into the extended-performance Morningstar risk-adjusted return for the 3-, 5-, and 10-year time periods. The Morningstar risk-adjusted returns are used to determine the extended-performance Morningstar Rating. The extended-performance Morningstar Rating for this fund does not affect the retail fund data published by Morningstar, as the bell curve distribution on which the ratings are based includes only funds with actual returns. The Overall Morningstar Rating for multi-share funds is based on actual performance only or extended performance only. Once the share class turns three years old, the Overall Morningstar Rating will be based on actual ratings only. The Overall Morningstar Rating for multi-share variable annuities is based on a weighted average of any ratings that are available.

While the inclusion of pre-inception data in the form of extended performance can provide valuable insight into the probable long-term behavior of newer share classes of a fund, investors should be aware that an adjusted historical return can provide only an approximation of that behavior. For example, the fee structures of a retail share class will vary from that of an institutional share class, as retail shares tend to have higher operating expenses and sales charges. These adjusted historical returns are not actual returns. The underlying investments in the share classes used to calculate the pre-performance string likely will vary from the underlying investments held in the fund after inception. Calculation methodologies used by Morningstar may differ from those applied by other entities, including the fund itself.

© 2024 Morningstar. All rights reserved. The information contained herein is proprietary to Morningstar and/or its content providers; may not be copied or distributed; and is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Performance for the fund or the class shown may reflect a predecessor fund's or class' performance and may be adjusted to reflect the fund's or class' expenses as applicable.