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 05/12/1988
Fund without Sales Charge (%) (NAV) 1.18 2.79 2.69 3.13 5.30
Fund with Sales Charge (%) (POP) 1.18 2.79 2.69 3.13 5.30
Bloomberg Barclays Municipal Bond Index (%) 3.98 3.81 3.74 4.14 5.85
Quarter EndAs of 03/31/2020 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 05/12/1988
Fund without Sales Charge (%) (NAV) 2.79 3.04 2.49 3.31 5.32
Fund with Sales Charge (%) (POP) 2.79 3.04 2.49 3.31 5.32
Bloomberg Barclays Municipal Bond Index (%) 3.85 3.96 3.19 4.14 5.82

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 1.18 2.79 2.69 3.13
Fund without Sales Charge (%) (NAV) After Shares Sold 1.88 2.95 2.91 3.30
Fund with Sales Charge (%) (POP) Before Shares Sold 1.18 2.79 2.69 3.13
Fund with Sales Charge (%) (POP) After Shares Sold 1.88 2.95 2.91 3.30
Quarter EndAs of 03/31/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 2.79 3.04 2.49 3.31
Fund without Sales Charge (%) (NAV) After Shares Sold 2.92 3.16 2.76 3.46
Fund with Sales Charge (%) (POP) Before Shares Sold 2.79 3.04 2.49 3.31
Fund with Sales Charge (%) (POP) After Shares Sold 2.92 3.16 2.76 3.46

Calendar Year Returns

2019 2018 2017
Fund without Sales Charge (%) (NAV) 6.67 1.66 2.82
Fund with Sales Charge (%) (POP) 6.67 1.66 2.82
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 05/12/1988
Fund without Sales Charge (%) (NAV) -4.15 -1.04 1.18 8.62 14.20 36.10 423.86
Fund with Sales Charge (%) (POP) -4.15 -1.04 1.18 8.62 14.20 36.10 423.86
Bloomberg Barclays Municipal Bond Index (%) -1.81 1.24 3.98 11.87 20.17 49.98 518.34
Quarter EndAs of 03/31/2020 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 05/12/1988
Fund without Sales Charge (%) (NAV) -1.25 -1.25 2.79 9.41 13.10 38.53 422.76
Fund with Sales Charge (%) (POP) -1.25 -1.25 2.79 9.41 13.10 38.53 422.76
Bloomberg Barclays Municipal Bond Index (%) -0.63 -0.63 3.85 12.35 17.00 50.11 506.89

MODERN PORTFOLIO THEORY (MPT) STATISTICSAs of 06/30/2020 (updated monthly)

3 YR 5 YR 10 YR
Standard Deviation (Fund) 4.16 3.58 4.07
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.88 3.75 3.81
Alpha -1.02 -0.63 -1.04
Beta 1.03 0.89 1.01
Sharpe Ratio 0.38 0.52 0.63
Information Ratio -0.87 -0.73 -0.80
Tracking Error 1.14 1.34 1.33
R-Squared 0.93 0.87 0.89

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

3 YR 5 YR 10 YR
Beta Bull 0.94 0.86 0.98
Beta Bear 1.30 0.98 0.99
Bull Bear Capture Ratio 0.85 0.90 0.81
Gains/Losses 1.94 2.05 1.84

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

Gross Expense Ratio 0.54%
Net Expense Ratio [further-information] 0.54%
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 1.03
Sharpe Ratio 0.38
Standard Deviation 4.16

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index