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) 1.59 2.30 2.33 3.13 5.35
Fund with Sales Charge (%) (POP) -2.22 1.00 1.55 2.74 5.23
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) 3.12 2.64 2.21 3.29 5.37
Fund with Sales Charge (%) (POP) -0.75 1.34 1.43 2.89 5.25
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 1.59 2.30 2.33 3.12
Fund without Sales Charge (%) (NAV) After Shares Sold 2.22 2.58 2.64 3.33
Fund with Sales Charge (%) (POP) Before Shares Sold -2.22 1.00 1.55 2.72
Fund with Sales Charge (%) (POP) After Shares Sold -0.08 1.57 2.02 3.00
Quarter EndAs of 03/31/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 3.12 2.64 2.21 3.27
Fund without Sales Charge (%) (NAV) After Shares Sold 3.22 2.86 2.55 3.46
Fund with Sales Charge (%) (POP) Before Shares Sold -0.74 1.34 1.43 2.88
Fund with Sales Charge (%) (POP) After Shares Sold 0.88 1.84 1.93 3.13

Calendar Year Returns

2019 2018
Fund without Sales Charge (%) (NAV) 5.61 1.84
Fund with Sales Charge (%) (POP) 1.65 -1.98
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) -2.47 -0.16 1.59 7.06 12.21 36.09 451.30
Fund with Sales Charge (%) (POP) -6.13 -3.90 -2.22 3.04 8.00 30.99 430.62
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) -0.28 -0.28 3.12 8.13 11.55 38.18 450.63
Fund with Sales Charge (%) (POP) -4.02 -4.02 -0.75 4.08 7.37 33.00 429.98
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) 3.01 2.83 3.69
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.88 3.75 3.81
Alpha -0.69 -0.41 -0.60
Beta 0.73 0.71 0.90
Sharpe Ratio 0.39 0.56 0.72
Information Ratio -1.02 -0.87 -0.69
Tracking Error 1.36 1.42 1.42
R-Squared 0.91 0.89 0.86

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

3 YR 5 YR 10 YR
Beta Bull 0.68 0.66 0.90
Beta Bear 0.69 0.67 0.81
Bull Bear Capture Ratio 0.88 0.92 0.87
Gains/Losses 2.03 2.10 1.96

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

Gross Expense Ratio 0.85%
Net Expense Ratio [further-information] 0.85%
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 0.73
Sharpe Ratio 0.39
Standard Deviation 3.01

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index