|Expense Ratio (net)||0.47%|
|Category||Muni National Interm|
|Last Cap Gain||0.00|
|Morningstar Risk Rating||Average|
|Beta (3Y Monthly)||0.96|
|5y Average Return||N/A|
|Average for Category||N/A|
|Inception Date||Nov 29, 1976|
The broad intermediate-term bond Morningstar Category lost 50 basis points for the year, though funds with less duration and more-tailored exposure to U.S. Treasuries and mortgages outperformed those with a significant overweight in corporate credit. JPMorgan Mortgage-Backed Securities OMBIX , which has a Morningstar Analyst Rating of Silver, was a good example of this, generating a 1.8% gain for the year, while Gold-rated Western Asset Core Plus Bond WACPX lost 1.5% on the back of significantly more credit exposure and a longer duration.
Despite anxiety over an ever-lengthening credit cycle, contentious trade negotiations, and tightening monetary policy, U.S. fixed-income markets remained resilient over the summer. The Bloomberg Barclays U.S. Aggregate Bond Index delivered a meager 0.02% return in the third quarter. The most rate-sensitive sectors suffered modest losses as yields pushed higher, with the index's U.S. Treasury and mortgage components each losing 0.59% and 0.12%, respectively, over that period.