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) 3.42 3.56 3.21 3.85 5.34
Fund with Sales Charge (%) (POP) -0.46 2.25 2.42 3.46 5.22
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) 3.42 3.56 3.21 3.85 5.34
Fund with Sales Charge (%) (POP) -0.46 2.25 2.42 3.46 5.22
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 3.43 3.56 3.21 3.85
Fund without Sales Charge (%) (NAV) After Shares Sold 3.12 3.45 3.22 3.83
Fund with Sales Charge (%) (POP) Before Shares Sold -0.46 2.25 2.42 3.46
Fund with Sales Charge (%) (POP) After Shares Sold 0.78 2.42 2.60 3.50
Quarter EndAs of 06/30/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 3.43 3.56 3.21 3.85
Fund without Sales Charge (%) (NAV) After Shares Sold 3.12 3.45 3.22 3.83
Fund with Sales Charge (%) (POP) Before Shares Sold -0.46 2.25 2.42 3.46
Fund with Sales Charge (%) (POP) After Shares Sold 0.78 2.42 2.60 3.50

Calendar Year Returns

2019 2018
Fund without Sales Charge (%) (NAV) 6.84 0.86
Fund with Sales Charge (%) (POP) 2.84 -2.92
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) 2.05 1.29 3.42 11.05 17.10 45.94 451.41
Fund with Sales Charge (%) (POP) -1.78 -2.50 -0.46 6.89 12.71 40.47 430.73
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) 2.05 1.29 3.42 11.05 17.10 45.94 451.41
Fund with Sales Charge (%) (POP) -1.78 -2.50 -0.46 6.89 12.71 40.47 430.73
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) 3.87 3.50 4.18
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.88 3.75 3.81
Alpha -0.60 -0.45 -0.56
Beta 0.99 0.91 1.06
Sharpe Ratio 0.50 0.60 0.78
Information Ratio -1.27 -0.87 -0.33
Tracking Error 0.52 0.83 1.09
R-Squared 0.98 0.95 0.94

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

3 YR 5 YR 10 YR
Beta Bull 0.98 0.93 1.09
Beta Bear 1.10 0.95 1.07
Bull Bear Capture Ratio 0.91 0.94 0.91
Gains/Losses 2.10 2.14 2.06

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

Gross Expense Ratio 0.81%
Net Expense Ratio [further-information] 0.81%
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 0.99
Sharpe Ratio 0.50
Standard Deviation 3.87

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index