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 10/03/1988
Fund without Sales Charge (%) (NAV) 1.99 2.91 2.75 3.15 5.02
Fund with Sales Charge (%) (POP) -1.84 1.61 1.96 2.75 4.89
Bloomberg Barclays Municipal Bond Index (%) 4.45 4.22 3.93 4.21 5.80
Quarter EndAs of 06/30/2020 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 10/03/1988
Fund without Sales Charge (%) (NAV) 1.99 2.91 2.75 3.15 5.02
Fund with Sales Charge (%) (POP) -1.84 1.61 1.96 2.75 4.89
Bloomberg Barclays Municipal Bond Index (%) 4.45 4.22 3.93 4.21 5.80

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 1.99 2.91 2.75 3.15
Fund without Sales Charge (%) (NAV) After Shares Sold 2.25 2.93 2.86 3.23
Fund with Sales Charge (%) (POP) Before Shares Sold -1.84 1.61 1.96 2.75
Fund with Sales Charge (%) (POP) After Shares Sold -0.05 1.92 2.24 2.91
Quarter EndAs of 06/30/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 1.99 2.91 2.75 3.15
Fund without Sales Charge (%) (NAV) After Shares Sold 2.25 2.93 2.86 3.23
Fund with Sales Charge (%) (POP) Before Shares Sold -1.84 1.61 1.96 2.75
Fund with Sales Charge (%) (POP) After Shares Sold -0.05 1.92 2.24 2.91

Calendar Year Returns

2019 2018
Fund without Sales Charge (%) (NAV) 6.13 1.15
Fund with Sales Charge (%) (POP) 2.15 -2.64
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 10/03/1988
Fund without Sales Charge (%) (NAV) 0.85 0.40 1.99 9.00 14.51 36.30 373.72
Fund with Sales Charge (%) (POP) -2.94 -3.36 -1.84 4.91 10.21 31.19 355.95
Bloomberg Barclays Municipal Bond Index (%) 2.72 2.08 4.45 13.20 21.26 51.12 499.11
Quarter EndAs of 06/30/2020 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 10/03/1988
Fund without Sales Charge (%) (NAV) 0.85 0.40 1.99 9.00 14.51 36.30 373.72
Fund with Sales Charge (%) (POP) -2.94 -3.36 -1.84 4.91 10.21 31.19 355.95
Bloomberg Barclays Municipal Bond Index (%) 2.72 2.08 4.45 13.20 21.26 51.12 499.11

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

3 YR 5 YR 10 YR
Standard Deviation (Fund) 3.46 3.25 4.05
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.88 3.75 3.81
Alpha -0.91 -0.67 -1.06
Beta 0.86 0.82 1.01
Sharpe Ratio 0.37 0.50 0.63
Information Ratio -1.34 -1.01 -0.84
Tracking Error 0.97 1.17 1.27
R-Squared 0.94 0.91 0.90

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

3 YR 5 YR 10 YR
Beta Bull 0.74 0.70 0.94
Beta Bear 0.86 0.85 0.99
Bull Bear Capture Ratio 0.82 0.86 0.81
% of Positive Months 69.44 71.67 67.50
Gains/Losses 1.88 1.94 1.81
Maximum Drawdown
5.21 5.21 9.28

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

Gross Expense Ratio 0.88%
Net Expense Ratio [further-information] 0.88%
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 0.86
Sharpe Ratio 0.37
Standard Deviation 3.46

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index