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) 2.67 3.22 2.95 3.55 5.32
Fund with Sales Charge (%) (POP) -1.18 1.91 2.17 3.16 5.20
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) 2.67 3.22 2.95 3.55 5.32
Fund with Sales Charge (%) (POP) -1.18 1.91 2.17 3.16 5.20
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 2.67 3.22 2.95 3.55
Fund without Sales Charge (%) (NAV) After Shares Sold 2.67 3.17 3.02 3.58
Fund with Sales Charge (%) (POP) Before Shares Sold -1.18 1.91 2.17 3.16
Fund with Sales Charge (%) (POP) After Shares Sold 0.35 2.15 2.40 3.25
Quarter EndAs of 06/30/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 2.67 3.22 2.95 3.55
Fund without Sales Charge (%) (NAV) After Shares Sold 2.67 3.17 3.02 3.58
Fund with Sales Charge (%) (POP) Before Shares Sold -1.18 1.91 2.17 3.16
Fund with Sales Charge (%) (POP) After Shares Sold 0.35 2.15 2.40 3.25

Calendar Year Returns

2019 2018
Fund without Sales Charge (%) (NAV) 6.64 1.08
Fund with Sales Charge (%) (POP) 2.64 -2.71
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) 0.29 0.93 2.67 9.96 15.64 41.75 449.00
Fund with Sales Charge (%) (POP) -3.47 -2.86 -1.18 5.84 11.30 36.43 428.42
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) 0.29 0.93 2.67 9.96 15.64 41.75 449.00
Fund with Sales Charge (%) (POP) -3.47 -2.86 -1.18 5.84 11.30 36.43 428.42
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) 3.34 3.18 3.92
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.88 3.75 3.81
Alpha -0.49 -0.43 -0.59
Beta 0.81 0.81 0.99
Sharpe Ratio 0.47 0.58 0.76
Information Ratio -0.79 -0.88 -0.60
Tracking Error 1.26 1.12 1.10
R-Squared 0.90 0.92 0.92

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

3 YR 5 YR 10 YR
Beta Bull 0.78 0.78 0.98
Beta Bear 0.61 0.71 0.91
Bull Bear Capture Ratio 0.89 0.90 0.88
% of Positive Months 69.44 73.33 68.33
Gains/Losses 2.03 2.06 1.99
Maximum Drawdown
4.68 4.68 8.42

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

Gross Expense Ratio 0.86%
Net Expense Ratio [further-information] 0.86%
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 0.81
Sharpe Ratio 0.47
Standard Deviation 3.34

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index