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) 4.08 3.45 3.04 3.63 5.27
Fund with Sales Charge (%) (POP) 0.17 2.14 2.26 3.23 5.15
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) 4.08 3.45 3.04 3.63 5.27
Fund with Sales Charge (%) (POP) 0.17 2.14 2.26 3.23 5.15
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 4.08 3.45 3.04 3.63
Fund without Sales Charge (%) (NAV) After Shares Sold 3.52 3.34 3.07 3.63
Fund with Sales Charge (%) (POP) Before Shares Sold 0.17 2.15 2.26 3.23
Fund with Sales Charge (%) (POP) After Shares Sold 1.17 2.32 2.45 3.30
Quarter EndAs of 06/30/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 4.08 3.45 3.04 3.63
Fund without Sales Charge (%) (NAV) After Shares Sold 3.52 3.34 3.07 3.63
Fund with Sales Charge (%) (POP) Before Shares Sold 0.17 2.15 2.26 3.23
Fund with Sales Charge (%) (POP) After Shares Sold 1.17 2.32 2.45 3.30

Calendar Year Returns

2019 2018
Fund without Sales Charge (%) (NAV) 6.27 0.59
Fund with Sales Charge (%) (POP) 2.28 -3.18
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) 1.64 2.12 4.08 10.73 16.17 42.81 440.18
Fund with Sales Charge (%) (POP) -2.17 -1.71 0.17 6.57 11.81 37.46 419.93
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) 1.64 2.12 4.08 10.73 16.17 42.81 440.18
Fund with Sales Charge (%) (POP) -2.17 -1.71 0.17 6.57 11.81 37.46 419.93
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) 2.99 2.79 3.77
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.88 3.75 3.81
Alpha -0.12 -0.08 -0.31
Beta 0.75 0.71 0.93
Sharpe Ratio 0.61 0.69 0.81
Information Ratio -0.67 -0.67 -0.43
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 0.85 0.79 0.96
Beta Bear 0.52 0.57 0.80
Bull Bear Capture Ratio 1.01 1.01 0.92
% of Positive Months 72.22 73.33 70.00
Gains/Losses 2.36 2.31 2.08
Maximum Drawdown
3.16 3.35 7.94

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

Gross Expense Ratio 0.91%
Net Expense Ratio [further-information] 0.91%
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 0.75
Sharpe Ratio 0.61
Standard Deviation 2.99

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index