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) 2.98 2.92 2.66 3.53 5.37
Fund with Sales Charge (%) (POP) 2.98 2.92 2.66 3.53 5.37
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) 3.56 2.93 2.33 3.61 5.36
Fund with Sales Charge (%) (POP) 3.56 2.93 2.33 3.61 5.36
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 2.98 2.92 2.66 3.53
Fund without Sales Charge (%) (NAV) After Shares Sold 2.98 3.01 2.83 3.57
Fund with Sales Charge (%) (POP) Before Shares Sold 2.98 2.92 2.66 3.53
Fund with Sales Charge (%) (POP) After Shares Sold 2.98 3.01 2.83 3.57
Quarter EndAs of 03/31/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 3.56 2.93 2.33 3.61
Fund without Sales Charge (%) (NAV) After Shares Sold 3.44 3.03 2.58 3.64
Fund with Sales Charge (%) (POP) Before Shares Sold 3.56 2.93 2.33 3.61
Fund with Sales Charge (%) (POP) After Shares Sold 3.44 3.03 2.58 3.64

Calendar Year Returns

2019 2018 2017
Fund without Sales Charge (%) (NAV) 6.40 0.70 2.59
Fund with Sales Charge (%) (POP) 6.40 0.70 2.59
Bloomberg Barclays Municipal Bond Index (%) 7.54 1.28 5.45

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) -2.24 0.75 2.98 9.01 14.00 41.51 454.81
Fund with Sales Charge (%) (POP) -2.24 0.75 2.98 9.01 14.00 41.51 454.81
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) -0.32 -0.32 3.56 9.05 12.20 42.52 448.92
Fund with Sales Charge (%) (POP) -0.32 -0.32 3.56 9.05 12.20 42.52 448.92
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) 3.68 3.29 4.10
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.88 3.75 3.81
Alpha -0.72 -0.58 -0.72
Beta 0.94 0.85 1.04
Sharpe Ratio 0.45 0.55 0.74
Information Ratio -1.49 -1.09 -0.55
Tracking Error 0.61 0.93 1.08
R-Squared 0.98 0.95 0.93

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

3 YR 5 YR 10 YR
Beta Bull 0.97 0.91 1.08
Beta Bear 0.90 0.81 0.99
Bull Bear Capture Ratio 0.88 0.90 0.88
Gains/Losses 2.03 2.06 1.98

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

Gross Expense Ratio 0.59%
Net Expense Ratio [further-information] 0.57%
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 0.94
Sharpe Ratio 0.45
Standard Deviation 3.68

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index