Average Annual Total Returns [further-information] As of 05/31/2020

Month EndAs of 05/31/2020 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 10/07/1983
Fund without Sales Charge (%) (NAV) 3.24 3.14 2.97 4.00 6.27
Fund with Sales Charge (%) (POP) 3.24 3.14 2.97 4.00 6.27
Bloomberg Barclays Municipal Bond Index (%) 3.98 3.81 3.74 4.14 6.57
Quarter EndAs of 03/31/2020 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 10/07/1983
Fund without Sales Charge (%) (NAV) 3.90 3.19 2.56 4.06 6.27
Fund with Sales Charge (%) (POP) 3.90 3.19 2.56 4.06 6.27
Bloomberg Barclays Municipal Bond Index (%) 3.85 3.96 3.19 4.14 6.55

After-Tax Average Annual Total Returns [further-information] As of 05/31/2020

Month EndAs of 05/31/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 3.24 3.14 2.97 4.00
Fund without Sales Charge (%) (NAV) After Shares Sold 3.24 3.23 3.13 4.00
Fund with Sales Charge (%) (POP) Before Shares Sold 3.24 3.14 2.97 4.00
Fund with Sales Charge (%) (POP) After Shares Sold 3.24 3.23 3.13 4.00
Quarter EndAs of 03/31/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 3.90 3.19 2.56 4.06
Fund without Sales Charge (%) (NAV) After Shares Sold 3.71 3.29 2.81 4.07
Fund with Sales Charge (%) (POP) Before Shares Sold 3.90 3.19 2.56 4.06
Fund with Sales Charge (%) (POP) After Shares Sold 3.71 3.29 2.81 4.07

Calendar Year Returns

2019 2018 2017
Fund without Sales Charge (%) (NAV) 7.00 0.75 3.40
Fund with Sales Charge (%) (POP) 7.00 0.75 3.40
Bloomberg Barclays Municipal Bond Index (%) 7.54 1.28 5.45

Cumulative Total Returns [further-information] As of 05/31/2020

Month EndAs of 05/31/2020 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 10/07/1983
Fund without Sales Charge (%) (NAV) -2.54 0.79 3.24 9.73 15.74 47.96 830.34
Fund with Sales Charge (%) (POP) -2.54 0.79 3.24 9.73 15.74 47.96 830.34
Bloomberg Barclays Municipal Bond Index (%) -1.81 1.24 3.98 11.87 20.17 49.98 929.76
Quarter EndAs of 03/31/2020 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 10/07/1983
Fund without Sales Charge (%) (NAV) -0.40 -0.40 3.90 9.88 13.46 48.90 819.35
Fund with Sales Charge (%) (POP) -0.40 -0.40 3.90 9.88 13.46 48.90 819.35
Bloomberg Barclays Municipal Bond Index (%) -0.63 -0.63 3.85 12.35 17.00 50.11 910.69

MODERN PORTFOLIO THEORY (MPT) STATISTICSAs of 06/30/2020 (updated monthly)

3 YR 5 YR 10 YR
Standard Deviation (Fund) 3.95 3.51 4.11
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.88 3.75 3.81
Alpha -0.52 -0.38 -0.31
Beta 1.01 0.91 1.06
Sharpe Ratio 0.52 0.62 0.85
Information Ratio -0.83 -0.79 -0.14
Tracking Error 0.63 0.81 0.92
R-Squared 0.97 0.95 0.95

ADDITIONAL RISK STATISTICSAs of 06/30/2020 (updated monthly)

3 YR 5 YR 10 YR
Beta Bull 1.05 0.98 1.11
Beta Bear 1.05 0.90 1.02
Bull Bear Capture Ratio 0.93 0.95 0.95
Gains/Losses 2.14 2.18 2.18

SALES CHARGE, EXPENSES & FEES As of 09/01/2019 (updated annually)

Gross Expense Ratio 0.49%
Net Expense Ratio [further-information] 0.49%
Max Initial Sales Charge 0.00%
CDSC

Volatility Measures [further-information] As of 06/30/2020 Updated Monthly, based on a 3-year period

Beta 1.01
Sharpe Ratio 0.52
Standard Deviation 3.95

Benchmarks

A benchmark is a comparable broad-based index that can be used to evaluate a fund's performance.

  • Bloomberg Barclays Municipal Bond Index