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 03/18/1986
Fund without Sales Charge (%) (NAV) -0.16 2.43 2.88 4.19 5.85
Fund with Sales Charge (%) (POP) -3.90 1.13 2.09 3.80 5.73
Bloomberg Barclays Municipal Bond Index (%) 3.98 3.81 3.74 4.14 5.89
Quarter EndAs of 03/31/2020 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 03/18/1986
Fund without Sales Charge (%) (NAV) 1.15 2.79 2.52 4.35 5.86
Fund with Sales Charge (%) (POP) -2.64 1.49 1.74 3.95 5.74
Bloomberg Barclays Municipal Bond Index (%) 3.85 3.96 3.19 4.14 5.86

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 -0.16 2.43 2.88 4.19
Fund without Sales Charge (%) (NAV) After Shares Sold 1.46 2.87 3.21 4.30
Fund with Sales Charge (%) (POP) Before Shares Sold -3.90 1.13 2.09 3.80
Fund with Sales Charge (%) (POP) After Shares Sold -0.82 1.85 2.59 3.96
Quarter EndAs of 03/31/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 1.15 2.79 2.52 4.35
Fund without Sales Charge (%) (NAV) After Shares Sold 2.40 3.16 2.93 4.43
Fund with Sales Charge (%) (POP) Before Shares Sold -2.64 1.49 1.74 3.95
Fund with Sales Charge (%) (POP) After Shares Sold 0.09 2.14 2.31 4.10

Calendar Year Returns

2019 2018
Fund without Sales Charge (%) (NAV) 7.58 1.88
Fund with Sales Charge (%) (POP) 3.55 -1.94
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 03/18/1986
Fund without Sales Charge (%) (NAV) -5.57 -2.40 -0.16 7.47 15.24 50.82 599.12
Fund with Sales Charge (%) (POP) -9.11 -6.06 -3.90 3.44 10.91 45.16 572.90
Bloomberg Barclays Municipal Bond Index (%) -1.81 1.24 3.98 11.87 20.17 49.98 608.06
Quarter EndAs of 03/31/2020 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 03/18/1986
Fund without Sales Charge (%) (NAV) -3.13 -3.13 1.15 8.62 13.24 53.08 593.87
Fund with Sales Charge (%) (POP) -6.77 -6.77 -2.64 4.54 8.99 47.34 567.85
Bloomberg Barclays Municipal Bond Index (%) -0.63 -0.63 3.85 12.35 17.00 50.11 594.95

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

3 YR 5 YR 10 YR
Standard Deviation (Fund) 5.01 4.59 5.04
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.88 3.75 3.81
Alpha -1.40 -0.83 -0.68
Beta 1.21 1.15 1.26
Sharpe Ratio 0.32 0.51 0.76
Information Ratio -0.49 -0.27 0.12
Tracking Error 1.98 1.69 1.84
R-Squared 0.87 0.88 0.90

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

3 YR 5 YR 10 YR
Beta Bull 0.90 0.89 1.12
Beta Bear 1.85 1.52 1.50
Bull Bear Capture Ratio 0.80 0.88 0.91
Gains/Losses 1.78 1.96 2.02

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

Gross Expense Ratio 0.79%
Net Expense Ratio [further-information] 0.79%
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 1.21
Sharpe Ratio 0.32
Standard Deviation 5.01

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index