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 09/01/1987
Fund without Sales Charge (%) (NAV) 2.59 2.66 2.49 3.44 5.33
Fund with Sales Charge (%) (POP) -1.25 1.37 1.71 3.05 5.21
Bloomberg Barclays Municipal Bond Index (%) 3.98 3.81 3.74 4.14 5.87
Quarter EndAs of 03/31/2020 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 09/01/1987
Fund without Sales Charge (%) (NAV) 3.18 2.69 2.17 3.52 5.32
Fund with Sales Charge (%) (POP) -0.69 1.39 1.39 3.13 5.20
Bloomberg Barclays Municipal Bond Index (%) 3.85 3.96 3.19 4.14 5.85

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 2.59 2.67 2.49 3.44
Fund without Sales Charge (%) (NAV) After Shares Sold 2.63 2.76 2.66 3.49
Fund with Sales Charge (%) (POP) Before Shares Sold -1.25 1.37 1.71 3.05
Fund with Sales Charge (%) (POP) After Shares Sold 0.31 1.75 2.05 3.16
Quarter EndAs of 03/31/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 3.18 2.68 2.17 3.52
Fund without Sales Charge (%) (NAV) After Shares Sold 3.09 2.80 2.43 3.56
Fund with Sales Charge (%) (POP) Before Shares Sold -0.69 1.39 1.39 3.13
Fund with Sales Charge (%) (POP) After Shares Sold 0.75 1.78 1.81 3.24

Calendar Year Returns

2019 2018
Fund without Sales Charge (%) (NAV) 6.09 0.53
Fund with Sales Charge (%) (POP) 2.11 -3.24
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 09/01/1987
Fund without Sales Charge (%) (NAV) -2.32 0.55 2.59 8.21 13.07 40.28 447.49
Fund with Sales Charge (%) (POP) -5.98 -3.22 -1.25 4.15 8.83 35.02 426.96
Bloomberg Barclays Municipal Bond Index (%) -1.81 1.24 3.98 11.87 20.17 49.98 548.50
Quarter EndAs of 03/31/2020 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 09/01/1987
Fund without Sales Charge (%) (NAV) -0.47 -0.47 3.18 8.27 11.33 41.34 441.93
Fund with Sales Charge (%) (POP) -4.20 -4.20 -0.69 4.21 7.15 36.04 421.61
Bloomberg Barclays Municipal Bond Index (%) -0.63 -0.63 3.85 12.35 17.00 50.11 536.49

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

3 YR 5 YR 10 YR
Standard Deviation (Fund) 3.62 3.25 4.08
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.88 3.75 3.81
Alpha -0.91 -0.69 -0.76
Beta 0.92 0.84 1.04
Sharpe Ratio 0.40 0.51 0.73
Information Ratio -1.82 -1.23 -0.62
Tracking Error 0.63 0.94 1.09
R-Squared 0.98 0.95 0.93

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

3 YR 5 YR 10 YR
Beta Bull 0.94 0.88 1.06
Beta Bear 0.90 0.81 0.99
Bull Bear Capture Ratio 0.85 0.88 0.87
Gains/Losses 1.95 2.01 1.97

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

Gross Expense Ratio 0.86%
Net Expense Ratio [further-information] 0.86%
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 0.92
Sharpe Ratio 0.40
Standard Deviation 3.62

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index