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) 5.10 3.98 3.77 4.05 5.79
Fund with Sales Charge (%) (POP) 5.10 3.98 3.77 4.05 5.79
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) 4.99 4.07 3.22 4.03 5.77
Fund with Sales Charge (%) (POP) 4.99 4.07 3.22 4.03 5.77
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 5.10 3.98 3.77 4.05
Fund without Sales Charge (%) (NAV) After Shares Sold 4.23 3.77 3.64 3.96
Fund with Sales Charge (%) (POP) Before Shares Sold 5.10 3.98 3.77 4.05
Fund with Sales Charge (%) (POP) After Shares Sold 4.23 3.77 3.64 3.96
Quarter EndAs of 03/31/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 4.99 4.07 3.22 4.03
Fund without Sales Charge (%) (NAV) After Shares Sold 4.22 3.86 3.22 3.95
Fund with Sales Charge (%) (POP) Before Shares Sold 4.99 4.07 3.22 4.03
Fund with Sales Charge (%) (POP) After Shares Sold 4.22 3.86 3.22 3.95

Calendar Year Returns

2019 2018 2017
Fund without Sales Charge (%) (NAV) 6.86 0.87 4.75
Fund with Sales Charge (%) (POP) 6.86 0.87 4.75
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) -0.35 2.59 5.10 12.42 20.33 48.81 624.00
Fund with Sales Charge (%) (POP) -0.35 2.59 5.10 12.42 20.33 48.81 624.00
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) 0.79 0.79 4.99 12.72 17.19 48.39 611.30
Fund with Sales Charge (%) (POP) 0.79 0.79 4.99 12.72 17.19 48.39 611.30
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) 3.19 3.08 3.96
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.88 3.75 3.81
Alpha 0.41 0.40 -0.23
Beta 0.80 0.80 1.00
Sharpe Ratio 0.78 0.87 0.86
Information Ratio -0.09 -0.15 -0.22
Tracking Error 1.10 1.00 1.08
R-Squared 0.94 0.95 0.93

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

3 YR 5 YR 10 YR
Beta Bull 0.91 0.91 1.08
Beta Bear 0.51 0.64 0.83
Bull Bear Capture Ratio 1.11 1.11 0.95
Gains/Losses 2.56 2.55 2.16

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

Gross Expense Ratio 0.53%
Net Expense Ratio [further-information] 0.52%
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 0.80
Sharpe Ratio 0.78
Standard Deviation 3.19

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index