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) 3.77 3.25 3.30 3.62 5.48
Fund with Sales Charge (%) (POP) -0.12 1.94 2.51 3.23 5.37
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) 4.13 3.42 2.83 3.65 5.47
Fund with Sales Charge (%) (POP) 0.23 2.11 2.04 3.26 5.35
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 3.77 3.25 3.30 3.62
Fund without Sales Charge (%) (NAV) After Shares Sold 3.28 3.15 3.24 3.58
Fund with Sales Charge (%) (POP) Before Shares Sold -0.12 1.94 2.51 3.22
Fund with Sales Charge (%) (POP) After Shares Sold 0.94 2.13 2.61 3.25
Quarter EndAs of 03/31/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 4.13 3.42 2.83 3.65
Fund without Sales Charge (%) (NAV) After Shares Sold 3.58 3.30 2.88 3.62
Fund with Sales Charge (%) (POP) Before Shares Sold 0.23 2.11 2.05 3.26
Fund with Sales Charge (%) (POP) After Shares Sold 1.22 2.28 2.26 3.29

Calendar Year Returns

2019 2018
Fund without Sales Charge (%) (NAV) 6.64 -0.16
Fund with Sales Charge (%) (POP) 2.64 -3.90
Bloomberg Barclays Municipal Bond Index (%) 7.54 1.28

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) -1.78 1.60 3.77 10.06 17.61 42.73 553.18
Fund with Sales Charge (%) (POP) -5.46 -2.21 -0.12 5.93 13.20 37.38 528.68
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) 0.18 0.18 4.13 10.61 14.96 43.19 544.06
Fund with Sales Charge (%) (POP) -3.58 -3.58 0.23 6.46 10.65 37.82 519.91
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) 3.93 3.54 4.33
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.88 3.75 3.81
Alpha -0.73 -0.27 -0.89
Beta 0.99 0.92 1.10
Sharpe Ratio 0.46 0.65 0.71
Information Ratio -1.02 -0.59 -0.49
Tracking Error 0.77 0.85 1.17
R-Squared 0.96 0.95 0.93

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

3 YR 5 YR 10 YR
Beta Bull 1.08 1.04 1.15
Beta Bear 0.83 0.76 0.98
Bull Bear Capture Ratio 0.87 0.95 0.85
Gains/Losses 1.97 2.15 1.93

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

Gross Expense Ratio 0.87%
Net Expense Ratio [further-information] 0.87%
Max Initial Sales Charge 3.75%
CDSC 1.00%

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

Beta 0.99
Sharpe Ratio 0.46
Standard Deviation 3.93

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index