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 04/03/1985
Fund without Sales Charge (%) (NAV) 4.84 3.61 3.23 3.66 5.63
Fund with Sales Charge (%) (POP) 4.84 3.61 3.23 3.66 5.63
Bloomberg Barclays Municipal Bond Index (%) 3.98 3.81 3.74 4.14 6.44
Quarter EndAs of 03/31/2020 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 04/03/1985
Fund without Sales Charge (%) (NAV) 4.67 3.60 2.72 3.65 5.60
Fund with Sales Charge (%) (POP) 4.67 3.60 2.72 3.65 5.60
Bloomberg Barclays Municipal Bond Index (%) 3.85 3.96 3.19 4.14 6.41

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 4.84 3.61 3.23 3.66
Fund without Sales Charge (%) (NAV) After Shares Sold 3.94 3.44 3.17 3.58
Fund with Sales Charge (%) (POP) Before Shares Sold 4.84 3.61 3.23 3.66
Fund with Sales Charge (%) (POP) After Shares Sold 3.94 3.44 3.17 3.58
Quarter EndAs of 03/31/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 4.67 3.60 2.72 3.65
Fund without Sales Charge (%) (NAV) After Shares Sold 3.91 3.45 2.78 3.60
Fund with Sales Charge (%) (POP) Before Shares Sold 4.67 3.60 2.72 3.65
Fund with Sales Charge (%) (POP) After Shares Sold 3.91 3.45 2.78 3.60

Calendar Year Returns

2019 2018 2017
Fund without Sales Charge (%) (NAV) 6.91 0.45 4.13
Fund with Sales Charge (%) (POP) 6.91 0.45 4.13
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 04/03/1985
Fund without Sales Charge (%) (NAV) -0.64 2.38 4.84 11.23 17.22 43.19 586.34
Fund with Sales Charge (%) (POP) -0.64 2.38 4.84 11.23 17.22 43.19 586.34
Bloomberg Barclays Municipal Bond Index (%) -1.81 1.24 3.98 11.87 20.17 49.98 796.27
Quarter EndAs of 03/31/2020 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 04/03/1985
Fund without Sales Charge (%) (NAV) 0.53 0.53 4.67 11.20 14.36 43.17 573.95
Fund with Sales Charge (%) (POP) 0.53 0.53 4.67 11.20 14.36 43.17 573.95
Bloomberg Barclays Municipal Bond Index (%) -0.63 -0.63 3.85 12.35 17.00 50.11 779.68

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

3 YR 5 YR 10 YR
Standard Deviation (Fund) 3.67 3.32 3.70
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.88 3.75 3.81
Alpha -0.23 -0.27 -0.43
Beta 0.92 0.86 0.95
Sharpe Ratio 0.58 0.64 0.81
Information Ratio -0.47 -0.72 -0.80
Tracking Error 0.94 0.94 0.78
R-Squared 0.94 0.94 0.96

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

3 YR 5 YR 10 YR
Beta Bull 1.11 1.05 1.08
Beta Bear 0.62 0.66 0.81
Bull Bear Capture Ratio 0.97 0.96 0.92
Gains/Losses 2.22 2.22 2.12

SALES CHARGE, EXPENSES & FEES As of 07/01/2020 (updated annually)

Gross Expense Ratio 0.55%
Net Expense Ratio [further-information] 0.53%
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 0.92
Sharpe Ratio 0.58
Standard Deviation 3.67

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index