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) 3.09 3.17 2.89 3.46 5.42
Fund with Sales Charge (%) (POP) 3.09 3.17 2.89 3.46 5.42
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) 4.01 3.26 2.61 3.56 5.42
Fund with Sales Charge (%) (POP) 4.01 3.26 2.61 3.56 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 3.09 3.17 2.89 3.46
Fund without Sales Charge (%) (NAV) After Shares Sold 2.99 3.16 2.99 3.52
Fund with Sales Charge (%) (POP) Before Shares Sold 3.09 3.17 2.89 3.46
Fund with Sales Charge (%) (POP) After Shares Sold 2.99 3.16 2.99 3.52
Quarter EndAs of 03/31/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 4.01 3.26 2.61 3.56
Fund without Sales Charge (%) (NAV) After Shares Sold 3.63 3.24 2.78 3.61
Fund with Sales Charge (%) (POP) Before Shares Sold 4.01 3.26 2.61 3.56
Fund with Sales Charge (%) (POP) After Shares Sold 3.63 3.24 2.78 3.61

Calendar Year Returns

2019 2018 2017
Fund without Sales Charge (%) (NAV) 6.78 1.68 2.25
Fund with Sales Charge (%) (POP) 6.78 1.68 2.25
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) -2.05 0.88 3.09 9.81 15.31 40.56 462.93
Fund with Sales Charge (%) (POP) -2.05 0.88 3.09 9.81 15.31 40.56 462.93
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) -0.08 -0.08 4.01 10.09 13.76 41.86 457.57
Fund with Sales Charge (%) (POP) -0.08 -0.08 4.01 10.09 13.76 41.86 457.57
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) 3.54 3.14 3.90
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.88 3.75 3.81
Alpha -0.32 -0.22 -0.59
Beta 0.89 0.80 0.97
Sharpe Ratio 0.55 0.64 0.74
Information Ratio -0.66 -0.67 -0.58
Tracking Error 0.95 1.18 1.25
R-Squared 0.94 0.92 0.90

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

3 YR 5 YR 10 YR
Beta Bull 0.91 0.85 1.02
Beta Bear 0.82 0.73 0.86
Bull Bear Capture Ratio 0.96 0.98 0.88
Gains/Losses 2.15 2.20 1.98

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

Gross Expense Ratio 0.54%
Net Expense Ratio [further-information] 0.53%
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 0.89
Sharpe Ratio 0.55
Standard Deviation 3.54

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index