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) 1.85 2.49 2.50 3.21 5.39
Fund with Sales Charge (%) (POP) 1.85 2.49 2.50 3.21 5.39
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) 3.47 2.82 2.37 3.36 5.42
Fund with Sales Charge (%) (POP) 3.47 2.82 2.37 3.36 5.42
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 1.85 2.49 2.50 3.20
Fund without Sales Charge (%) (NAV) After Shares Sold 2.48 2.77 2.79 3.40
Fund with Sales Charge (%) (POP) Before Shares Sold 1.85 2.49 2.50 3.20
Fund with Sales Charge (%) (POP) After Shares Sold 2.48 2.77 2.79 3.40
Quarter EndAs of 03/31/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 3.48 2.82 2.37 3.35
Fund without Sales Charge (%) (NAV) After Shares Sold 3.53 3.04 2.70 3.53
Fund with Sales Charge (%) (POP) Before Shares Sold 3.48 2.82 2.37 3.35
Fund with Sales Charge (%) (POP) After Shares Sold 3.53 3.04 2.70 3.53

Calendar Year Returns

2019 2018 2017 2016
Fund without Sales Charge (%) (NAV) 5.97 1.79 1.92 1.52
Fund with Sales Charge (%) (POP) 5.97 1.79 1.92 1.52
Bloomberg Barclays Municipal Bond Index (%) 7.54 1.28 5.45 0.25

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) -2.41 -0.05 1.85 7.65 13.13 37.15 458.62
Fund with Sales Charge (%) (POP) -2.41 -0.05 1.85 7.65 13.13 37.15 458.62
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) -0.21 -0.21 3.47 8.70 12.42 39.16 457.72
Fund with Sales Charge (%) (POP) -0.21 -0.21 3.47 8.70 12.42 39.16 457.72
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) 3.00 2.79 3.68
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.88 3.75 3.81
Sharpe Ratio 0.46 0.62 0.74
Information Ratio -0.91 -0.76 -0.64
Tracking Error 1.33 1.42 1.42

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

3 YR 5 YR 10 YR
Beta Bull 0.67 0.66 0.90
Beta Bear 0.69 0.64 0.79
Bull Bear Capture Ratio 0.91 0.95 0.88
Gains/Losses 2.11 2.18 1.99

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

Gross Expense Ratio 0.60%
Net Expense Ratio [further-information] 0.60%
Max Initial Sales Charge 0.00%
CDSC

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

Beta 0.74
Sharpe Ratio 0.46
Standard Deviation 3.00

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index