^{1 UK Office for National Statistics, as of January 20, 2023.
2 FactSet, as of January 20, 2023.
3 Goldman Sachs Asset Management, Municipal Fixed Income 2023 Outlook, as of January 13, 2023. First time municipal bond defaults decreased 25% year-over-year.
4 Morningstar, as of December 31, 2022. US municipal bond ETFs and mutual funds saw $148 billion in outflows in 2022.
5 Goldman Sachs Asset Management, Municipal Fixed Income 2023 Outlook, as of January 13, 2023.
6 Morningstar, for the period from December 1, 2022 – December 31, 2022. Peer group = actively managed ETFs and mutual funds (oldest share class) in the US Fund Muni National Intermediate Morningstar Category.
7 Morningstar, as of January 20, 2023. MBNE ranks in the 81st percentile with a gross expense ratio of 0.43%. Active and passive open-end and exchange traded funds. Total universe is 327 funds.}

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