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 05/12/1988
Fund without Sales Charge (%) (NAV) 0.88 2.60 2.53 2.99 5.24
Fund with Sales Charge (%) (POP) -2.90 1.30 1.75 2.59 5.11
Bloomberg Barclays Municipal Bond Index (%) 3.98 3.81 3.74 4.14 5.85
Quarter EndAs of 03/31/2020 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 05/12/1988
Fund without Sales Charge (%) (NAV) 2.58 2.86 2.36 3.18 5.26
Fund with Sales Charge (%) (POP) -1.27 1.56 1.58 2.79 5.14
Bloomberg Barclays Municipal Bond Index (%) 3.85 3.96 3.19 4.14 5.82

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 0.88 2.60 2.53 2.99
Fund without Sales Charge (%) (NAV) After Shares Sold 1.58 2.75 2.75 3.16
Fund with Sales Charge (%) (POP) Before Shares Sold -2.90 1.30 1.75 2.59
Fund with Sales Charge (%) (POP) After Shares Sold -0.69 1.73 2.13 2.84
Quarter EndAs of 03/31/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 2.58 2.86 2.36 3.18
Fund without Sales Charge (%) (NAV) After Shares Sold 2.68 2.97 2.62 3.33
Fund with Sales Charge (%) (POP) Before Shares Sold -1.26 1.56 1.58 2.79
Fund with Sales Charge (%) (POP) After Shares Sold 0.36 1.95 2.00 3.00

Calendar Year Returns

2019 2018
Fund without Sales Charge (%) (NAV) 6.36 1.66
Fund with Sales Charge (%) (POP) 2.38 -2.15
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 05/12/1988
Fund without Sales Charge (%) (NAV) -4.22 -1.25 0.88 8.01 13.33 34.22 413.38
Fund with Sales Charge (%) (POP) -7.81 -4.95 -2.90 3.96 9.08 29.19 394.13
Bloomberg Barclays Municipal Bond Index (%) -1.81 1.24 3.98 11.87 20.17 49.98 518.34
Quarter EndAs of 03/31/2020 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 05/12/1988
Fund without Sales Charge (%) (NAV) -1.32 -1.32 2.58 8.83 12.37 36.77 413.01
Fund with Sales Charge (%) (POP) -5.02 -5.02 -1.27 4.75 8.16 31.64 393.77
Bloomberg Barclays Municipal Bond Index (%) -0.63 -0.63 3.85 12.35 17.00 50.11 506.89

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

3 YR 5 YR 10 YR
Standard Deviation (Fund) 4.10 3.53 4.04
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.88 3.75 3.81
Alpha -1.17 -0.72 -1.08
Beta 1.01 0.88 1.00
Sharpe Ratio 0.34 0.49 0.62
Information Ratio -1.05 -0.82 -0.84
Tracking Error 1.14 1.34 1.34
R-Squared 0.92 0.87 0.89

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

3 YR 5 YR 10 YR
Beta Bull 0.90 0.83 0.97
Beta Bear 1.28 0.97 0.98
Bull Bear Capture Ratio 0.82 0.88 0.81
Gains/Losses 1.88 2.00 1.82

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

Gross Expense Ratio 0.82%
Net Expense Ratio [further-information] 0.82%
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 1.01
Sharpe Ratio 0.34
Standard Deviation 4.10

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index