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 05/01/1995
Fund without Sales Charge (%) (NAV) 3.91 2.78 2.40 3.07 3.89
Fund with Sales Charge (%) (POP) 2.91 2.78 2.40 3.07 3.89
Bloomberg Barclays Municipal Bond Index (%) 3.98 3.81 3.74 4.14 5.16
Quarter EndAs of 03/31/2020 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 05/01/1995
Fund without Sales Charge (%) (NAV) 3.84 2.61 2.02 3.08 3.86
Fund with Sales Charge (%) (POP) 2.84 2.61 2.02 3.08 3.86
Bloomberg Barclays Municipal Bond Index (%) 3.85 3.96 3.19 4.14 5.11

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 3.91 2.78 2.40 3.07
Fund without Sales Charge (%) (NAV) After Shares Sold 3.25 2.71 2.45 3.06
Fund with Sales Charge (%) (POP) Before Shares Sold 2.91 2.78 2.40 3.07
Fund with Sales Charge (%) (POP) After Shares Sold 2.65 2.71 2.45 3.06
Quarter EndAs of 03/31/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 3.84 2.61 2.02 3.08
Fund without Sales Charge (%) (NAV) After Shares Sold 3.29 2.59 2.17 3.09
Fund with Sales Charge (%) (POP) Before Shares Sold 2.84 2.61 2.02 3.08
Fund with Sales Charge (%) (POP) After Shares Sold 2.70 2.59 2.17 3.09

Calendar Year Returns

2019 2018 2017 2016 2015 2014 2013 2012 2011 2010
Fund without Sales Charge (%) (NAV) 5.88 -0.10 2.46 1.30 0.74 9.84 -5.34 6.92 11.68 -0.91
Fund with Sales Charge (%) (POP) 4.88 -1.08 1.46 0.32 -0.24 8.84 -6.26 5.92 10.68 -1.87
Bloomberg Barclays Municipal Bond Index (%) 7.54 1.28 5.45 0.25 3.30 9.05 -2.55 6.78 10.70 2.38

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 05/01/1995
Fund without Sales Charge (%) (NAV) -0.75 1.81 3.91 8.58 12.58 35.30 160.65
Fund with Sales Charge (%) (POP) -1.74 0.81 2.91 8.58 12.58 35.30 160.65
Bloomberg Barclays Municipal Bond Index (%) -1.81 1.24 3.98 11.87 20.17 49.98 252.96
Quarter EndAs of 03/31/2020 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 05/01/1995
Fund without Sales Charge (%) (NAV) 0.38 0.38 3.84 8.04 10.54 35.48 157.00
Fund with Sales Charge (%) (POP) -0.62 -0.62 2.84 8.04 10.54 35.48 157.00
Bloomberg Barclays Municipal Bond Index (%) -0.63 -0.63 3.85 12.35 17.00 50.11 246.43

MODERN PORTFOLIO THEORY (MPT) STATISTICSAs of 05/31/2020 (updated monthly)

3 YR 5 YR 10 YR
Standard Deviation (Fund) 3.04 2.82 3.81
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.89 3.75 3.80
Sharpe Ratio 0.37 0.46 0.63
Information Ratio -0.95 -1.02 -0.83
Tracking Error 1.08 1.32 1.38

ADDITIONAL RISK STATISTICSAs of 05/31/2020 (updated monthly)

3 YR 5 YR 10 YR
Beta Bull 0.85 0.79 0.95
Beta Bear 0.52 0.55 0.79
Bull Bear Capture Ratio 0.91 0.87 0.82
% of Positive Months 69.44 71.67 70.00
Gains/Losses 1.97 1.92 1.84
Maximum Drawdown
3.18 3.45 8.83

SALES CHARGE, EXPENSES & FEES As of 07/01/2019 (updated annually)

Gross Expense Ratio 1.31%
Net Expense Ratio [further-information] 1.31%
Max Initial Sales Charge 0.00%
CDSC 1.00%

Volatility Measures [further-information] As of 05/31/2020 Updated Monthly, based on a 3-year period

Sharpe Ratio 0.37
Standard Deviation 3.04

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index