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) 4.44 3.47 3.04 3.68 5.31
Fund with Sales Charge (%) (POP) 4.44 3.47 3.04 3.68 5.31
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) 4.57 3.30 2.68 3.71 5.30
Fund with Sales Charge (%) (POP) 4.57 3.30 2.68 3.71 5.30
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 4.44 3.47 3.04 3.68
Fund without Sales Charge (%) (NAV) After Shares Sold 3.84 3.40 3.10 3.69
Fund with Sales Charge (%) (POP) Before Shares Sold 4.44 3.47 3.04 3.68
Fund with Sales Charge (%) (POP) After Shares Sold 3.84 3.40 3.10 3.69
Quarter EndAs of 03/31/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 4.57 3.30 2.68 3.70
Fund without Sales Charge (%) (NAV) After Shares Sold 4.01 3.28 2.83 3.72
Fund with Sales Charge (%) (POP) Before Shares Sold 4.57 3.30 2.68 3.70
Fund with Sales Charge (%) (POP) After Shares Sold 4.01 3.28 2.83 3.72

Calendar Year Returns

2019 2018 2017
Fund without Sales Charge (%) (NAV) 6.57 0.67 3.17
Fund with Sales Charge (%) (POP) 6.57 0.67 3.17
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) -0.69 2.01 4.44 10.78 16.18 43.58 445.18
Fund with Sales Charge (%) (POP) -0.69 2.01 4.44 10.78 16.18 43.58 445.18
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) 0.54 0.54 4.57 10.23 14.12 43.90 437.33
Fund with Sales Charge (%) (POP) 0.54 0.54 4.57 10.23 14.12 43.90 437.33
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 2.80 3.78
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.88 3.75 3.81
Alpha 0.08 0.05 -0.25
Beta 0.75 0.71 0.93
Sharpe Ratio 0.68 0.74 0.82
Information Ratio -0.48 -0.57 -0.38
Tracking Error 1.13 1.33 1.35
R-Squared 0.96 0.92 0.88

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

3 YR 5 YR 10 YR
Beta Bull 0.83 0.77 0.95
Beta Bear 0.52 0.57 0.79
Bull Bear Capture Ratio 1.05 1.03 0.93
Gains/Losses 2.44 2.36 2.10

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

Gross Expense Ratio 0.65%
Net Expense Ratio [further-information] 0.63%
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 0.75
Sharpe Ratio 0.68
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