Average Annual Total Returns [further-information] As of 06/30/2020

Month EndAs of 06/30/2020 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 09/01/1987
Fund without Sales Charge (%) (NAV) 2.38 2.82 2.69 3.23 5.37
Fund with Sales Charge (%) (POP) -1.46 1.52 1.91 2.84 5.25
Bloomberg Barclays Municipal Bond Index (%) 4.45 4.22 3.93 4.21 5.89
Quarter EndAs of 06/30/2020 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 09/01/1987
Fund without Sales Charge (%) (NAV) 2.38 2.82 2.69 3.23 5.37
Fund with Sales Charge (%) (POP) -1.46 1.52 1.91 2.84 5.25
Bloomberg Barclays Municipal Bond Index (%) 4.45 4.22 3.93 4.21 5.89

After-Tax Average Annual Total Returns [further-information] As of 06/30/2020

Month EndAs of 06/30/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 2.38 2.82 2.69 3.22
Fund without Sales Charge (%) (NAV) After Shares Sold 2.70 2.97 2.91 3.40
Fund with Sales Charge (%) (POP) Before Shares Sold -1.45 1.52 1.91 2.83
Fund with Sales Charge (%) (POP) After Shares Sold 0.38 1.96 2.29 3.08
Quarter EndAs of 06/30/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 2.38 2.82 2.69 3.22
Fund without Sales Charge (%) (NAV) After Shares Sold 2.70 2.97 2.91 3.40
Fund with Sales Charge (%) (POP) Before Shares Sold -1.45 1.52 1.91 2.83
Fund with Sales Charge (%) (POP) After Shares Sold 0.38 1.96 2.29 3.08

Calendar Year Returns

2019 2018
Fund without Sales Charge (%) (NAV) 5.61 1.84
Fund with Sales Charge (%) (POP) 1.65 -1.98
Bloomberg Barclays Municipal Bond Index (%) 7.54 1.28

Cumulative Total Returns [further-information] As of 06/30/2020

Month EndAs of 06/30/2020 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 09/01/1987
Fund without Sales Charge (%) (NAV) 1.25 0.97 2.38 8.70 14.20 37.45 457.50
Fund with Sales Charge (%) (POP) -2.55 -2.82 -1.46 4.62 9.92 32.30 436.59
Bloomberg Barclays Municipal Bond Index (%) 2.72 2.08 4.45 13.20 21.26 51.12 553.83
Quarter EndAs of 06/30/2020 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 09/01/1987
Fund without Sales Charge (%) (NAV) 1.25 0.97 2.38 8.70 14.20 37.45 457.50
Fund with Sales Charge (%) (POP) -2.55 -2.82 -1.46 4.62 9.92 32.30 436.59
Bloomberg Barclays Municipal Bond Index (%) 2.72 2.08 4.45 13.20 21.26 51.12 553.83

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

3 YR 5 YR 10 YR
Standard Deviation (Fund) 3.01 2.83 3.69
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.88 3.75 3.81
Alpha -0.69 -0.41 -0.60
Beta 0.73 0.71 0.90
Sharpe Ratio 0.39 0.56 0.72
Information Ratio -1.02 -0.87 -0.69
Tracking Error 1.36 1.42 1.42
R-Squared 0.91 0.89 0.86

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

3 YR 5 YR 10 YR
Beta Bull 0.68 0.66 0.90
Beta Bear 0.69 0.67 0.81
Bull Bear Capture Ratio 0.88 0.92 0.87
% of Positive Months 66.67 70.00 68.33
Gains/Losses 2.03 2.10 1.96
Maximum Drawdown
4.39 4.39 9.31

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

Gross Expense Ratio 0.85%
Net Expense Ratio [further-information] 0.85%
Max Initial Sales Charge 3.75%
CDSC 1.00%

Volatility Measures [further-information] As of 06/30/2020 Updated Monthly, based on a 3-year period

Beta 0.73
Sharpe Ratio 0.39
Standard Deviation 3.01

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index