Shareholder Report
May 31, 2026
USD ($)
Holding
What were the Fund’s costs for the last year ?
(based on a hypothetical $10,000 investment)
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $170 | 1.66% |
How did the Fund perform last year ?
-
For the 12-month period ended May 31, 2026, the Fund’s Class C shares returned 5.21%.
-
In comparison, the Bloomberg U.S. Municipal Bond Index (the “Index”) returned 6.67% for the same period.
What affected the Fund’s performance?
-
Municipal bonds provided solid returns with consistent demand from investors and resilient credit fundamentals offsetting rate volatility, while elevated yields and supportive technicals helped sustain steady, low-volatility performance.
-
The Fund’s relative returns benefited from security selection and an emphasis on revenue bonds, including airport, tobacco and health care bonds.
-
A slightly longer duration position was also advantageous, as rates declined and exposure to 10-to-15-year maturities, in particular, provided strong returns.
-
Exposure to essential service revenue bonds, such as power & utility and education bonds, detracted from relative returns as these higher-quality sectors underperformed higher-yielding alternatives.
How did the Fund perform over the past 10 years?
The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Cumulative Performance from June 1 , 2016 through May 31, 2026
Initial Investment of $10,000
Initial Investment of $10,000
The above graph compares a hypothetical $10,000 investment in the Fund’s Class C shares to a hypothetical investment of $10,000 made in the Bloomberg U.S. Municipal Bond Index on 5/31/2016. The performance shown takes into account the maximum deferred sales charge on Class C shares and applicable fees and expenses of the Fund, including management fees, 12b-1 fees and other expenses. The Fund’s performance also assumes the reinvestment of dividends and capital gains. Unlike the Fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index.
AVERAGE ANNUAL TOTAL RETURNS (AS OF 5/31/26 )
| Class C Shares | 1YR | 5YR | 10YR | |||
| with Maximum Deferred Sales Charge - 1.00% | 4.21% |
*
|
-0.59% | 0.59% | ||
| without Deferred Sales Charge | 5.21% | -0.59% | 0.59% | |||
| Bloomberg U.S. Municipal Bond Index | 6.67% | 0.92% | 2.21% |
|
*
|
The maximum contingent deferred sales charge for Class C shares is 1.00% for shares redeemed within one year of the date purchased.
|
KEY FUND STATISTICS (AS OF 5/31/26 )
Fund Size (Millions) |
Number of Holdings |
Total Advisory Fee Paid During Period |
Annual Portfolio Turnover |
| $511 | 191 | $2,333,664 | 20.48% |
Portfolio Holdings (as of 5/31/26 )
Sector Allocation (Based on Net Assets)
What were the Fund’s costs for the last year ?
(based on a hypothetical $10,000 investment)
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $88 | 0.85% |
How did the Fund perform last year ?
-
For the 12-month period ended May 31, 2026, the Fund’s Class A shares returned 6.18%.
-
In comparison, the Bloomberg U.S. Municipal Bond Index (the “Index”) returned 6.67% for the same period.
What affected the Fund’s performance?
-
Municipal bonds provided solid returns with consistent demand from investors and resilient credit fundamentals offsetting rate volatility, while elevated yields and supportive technicals helped sustain steady, low-volatility performance.
-
The Fund’s relative returns benefited from security selection and an emphasis on revenue bonds, including airport, tobacco and health care bonds.
-
A slightly longer duration position was also advantageous, as rates declined and exposure to 10-to-15-year maturities, in particular, provided strong returns.
-
Exposure to essential service revenue bonds, such as power & utility and education bonds, detracted from relative returns as these higher-quality sectors underperformed higher-yielding alternatives.
How did the Fund perform over the past 10 years?
The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Cumulative Performance from June 1 , 2016 through May 31, 2026
Initial Investment of $10,000
Initial Investment of $10,000
The above graph compares a hypothetical $10,000 investment in the Fund’s Class A shares to a hypothetical investment of $10,000 made in the Bloomberg U.S. Municipal Bond Index on 5/31/2016. The performance shown takes into account the maximum initial sales charge on Class A shares and applicable fees and expenses of the Fund, including management fees and other expenses. The Fund’s performance also assumes the reinvestment of dividends and capital gains. Unlike the Fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index.
AVERAGE ANNUAL TOTAL RETURNS (AS OF 5/31/26 )
| Class A Shares | 1YR | 5YR | 10YR | |||
| with Maximum Sales Charge - 4.50% | 1.38% | -0.72% | 0.92% | |||
| without Sales Charge | 6.18% | 0.21% | 1.39% | |||
| Bloomberg U.S. Municipal Bond Index | 6.67% | 0.92% | 2.21% |
KEY FUND STATISTICS (AS OF 5/31/26 )
Fund Size (Millions) |
Number of Holdings |
Total Advisory Fee Paid During Period |
Annual Portfolio Turnover |
| $511 | 191 | $2,333,664 | 20.48% |
Portfolio Holdings (as of 5/31/26 )
Sector Allocation (Based on Net Assets)
What were the Fund’s costs for the last year ?
(based on a hypothetical $10,000 investment)
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class Z | $68 | 0.66% |
How did the Fund perform last year ?
-
For the 12-month period ended May 31, 2026, the Fund’s Class Z shares returned 6.39%.
-
In comparison, the Bloomberg U.S. Municipal Bond Index (the “Index”) returned 6.67% for the same period.
What affected the Fund’s performance?
-
Municipal bonds provided solid returns with consistent demand from investors and resilient credit fundamentals offsetting rate volatility, while elevated yields and supportive technicals helped sustain steady, low-volatility performance.
-
The Fund’s relative returns benefited from security selection and an emphasis on revenue bonds, including airport, tobacco and health care bonds.
-
A slightly longer duration position was also advantageous, as rates declined and exposure to 10-to-15-year maturities, in particular, provided strong returns.
-
Exposure to essential service revenue bonds, such as power & utility and education bonds, detracted from relative returns as these higher-quality sectors underperformed higher-yielding alternatives.
How did the Fund perform over the past 10 years?
The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Cumulative Performance from June 1 , 2016 through May 31, 2026
Initial Investment of $10,000
Initial Investment of $10,000
The above graph compares a hypothetical $10,000 investment in the Fund’s Class Z shares to a hypothetical investment of $10,000 made in the Bloomberg U.S. Municipal Bond Index on 5/31/2016. The performance shown takes into account applicable fees and expenses of the Fund, including management fees and other expenses. The Fund’s performance also assumes the reinvestment of dividends and capital gains. Unlike the Fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index.
AVERAGE ANNUAL TOTAL RETURNS (AS OF 5/31/26 )
| Share Class | 1YR | 5YR | 10YR | |||
| Class Z | 6.39% | 0.41% | 1.60% | |||
| Bloomberg U.S. Municipal Bond Index | 6.67% | 0.92% | 2.21% |
KEY FUND STATISTICS (AS OF 5/31/26 )
Fund Size (Millions) |
Number of Holdings |
Total Advisory Fee Paid During Period |
Annual Portfolio Turnover |
| $511 | 191 | $2,333,664 | 20.48% |
Portfolio Holdings (as of 5/31/26 )
Sector Allocation (Based on Net Assets)
What were the Fund’s costs for the last year ?
(based on a hypothetical $10,000 investment)
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class Y | $58 | 0.56% |
How did the Fund perform last year ?
-
For the 12-month period ended May 31, 2026, the Fund’s Class Y shares returned 6.49%.
-
In comparison, the Bloomberg U.S. Municipal Bond Index (the “Index”) returned 6.67% for the same period.
What affected the Fund’s performance?
-
Municipal bonds provided solid returns with consistent demand from investors and resilient credit fundamentals offsetting rate volatility, while elevated yields and supportive technicals helped sustain steady, low-volatility performance.
-
The Fund’s relative returns benefited from security selection and an emphasis on revenue bonds, including airport, tobacco and health care bonds.
-
A slightly longer duration position was also advantageous, as rates declined and exposure to 10-to-15-year maturities, in particular, provided strong returns.
-
Exposure to essential service revenue bonds, such as power & utility and education bonds, detracted from relative returns as these higher-quality sectors underperformed higher-yielding alternatives.
How did the Fund perform over the past 10 years?
The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Cumulative Performance from June 1 , 2016 through May 31, 2026
Initial Investment of $1,000,000
Initial Investment of $1,000,000
The above graph compares a hypothetical $1,000,000 investment in the Fund’s Class Y shares to a hypothetical investment of $1,000,000 made in the Bloomberg U.S. Municipal Bond Index on 5/31/2016. The performance shown takes into account applicable fees and expenses of the Fund, including management fees and other expenses. The Fund’s performance also assumes the reinvestment of dividends and capital gains. Unlike the Fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index.
AVERAGE ANNUAL TOTAL RETURNS (AS OF 5/31/26 )
| Share Class | 1YR | 5YR | 10YR | |||
| Class Y | 6.49% | 0.39% | 1.62% | |||
| Bloomberg U.S. Municipal Bond Index | 6.67% | 0.92% | 2.21% |
KEY FUND STATISTICS (AS OF 5/31/26 )
Fund Size (Millions) |
Number of Holdings |
Total Advisory Fee Paid During Period |
Annual Portfolio Turnover |
| $511 | 191 | $2,333,664 | 20.48% |
Portfolio Holdings (as of 5/31/26 )
Sector Allocation (Based on Net Assets)
What were the Fund’s costs for the last year ?
(based on a hypothetical $10,000 investment)
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $62 | 0.60% |
How did the Fund perform last year ?
-
For the 12-month period ended May 31, 2026, the Fund’s Class I shares returned 6.43%.
-
In comparison, the Bloomberg U.S. Municipal Bond Index (the “Index”) returned 6.67% for the same period.
What affected the Fund’s performance?
-
Municipal bonds provided solid returns with consistent demand from investors and resilient credit fundamentals offsetting rate volatility, while elevated yields and supportive technicals helped sustain steady, low-volatility performance.
-
The Fund’s relative returns benefited from security selection and an emphasis on revenue bonds, including airport, tobacco and health care bonds.
-
A slightly longer duration position was also advantageous, as rates declined and exposure to 10-to-15-year maturities, in particular, provided strong returns.
-
Exposure to essential service revenue bonds, such as power & utility and education bonds, detracted from relative returns as these higher-quality sectors underperformed higher-yielding alternatives.
How did the Fund perform over the past 10 years?
The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Cumulative Performance from June 1 , 2016 through May 31, 2026
Initial Investment of $10,000
Initial Investment of $10,000
The above graph compares a hypothetical $10,000 investment in the Fund’s Class I shares to a hypothetical investment of $10,000 made in the Bloomberg U.S. Municipal Bond Index on 5/31/2016. The performance shown takes into account applicable fees and expenses of the Fund, including management fees and other expenses. The Fund’s performance also assumes the reinvestment of dividends and capital gains. Unlike the Fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index.
AVERAGE ANNUAL TOTAL RETURNS (AS OF 5/31/26 )
| Share Class | 1YR | 5YR | 10YR | |||
| Class I | 6.43% | 0.44% | 1.63% | |||
| Bloomberg U.S. Municipal Bond Index | 6.67% | 0.92% | 2.21% |
KEY FUND STATISTICS (AS OF 5/31/26 )
Fund Size (Millions) |
Number of Holdings |
Total Advisory Fee Paid During Period |
Annual Portfolio Turnover |
| $511 | 191 | $2,333,664 | 20.48% |
Portfolio Holdings (as of 5/31/26 )
Sector Allocation (Based on Net Assets)
