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 04/03/1985
Fund without Sales Charge (%) (NAV) 4.99 4.28 3.51 3.60 5.64
Fund with Sales Charge (%) (POP) 4.99 4.28 3.51 3.60 5.64
Bloomberg Barclays Municipal Bond Index (%) 4.45 4.22 3.93 4.21 6.45
Quarter EndAs of 06/30/2020 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 04/03/1985
Fund without Sales Charge (%) (NAV) 4.99 4.28 3.51 3.60 5.64
Fund with Sales Charge (%) (POP) 4.99 4.28 3.51 3.60 5.64
Bloomberg Barclays Municipal Bond Index (%) 4.45 4.22 3.93 4.21 6.45

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 4.99 4.28 3.51 3.60
Fund without Sales Charge (%) (NAV) After Shares Sold 4.11 4.00 3.45 3.61
Fund with Sales Charge (%) (POP) Before Shares Sold 4.99 4.28 3.51 3.60
Fund with Sales Charge (%) (POP) After Shares Sold 4.11 4.00 3.45 3.61
Quarter EndAs of 06/30/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 4.99 4.28 3.51 3.60
Fund without Sales Charge (%) (NAV) After Shares Sold 4.11 4.00 3.45 3.61
Fund with Sales Charge (%) (POP) Before Shares Sold 4.99 4.28 3.51 3.60
Fund with Sales Charge (%) (POP) After Shares Sold 4.11 4.00 3.45 3.61

Calendar Year Returns

2019 2018 2017
Fund without Sales Charge (%) (NAV) 7.39 1.05 3.49
Fund with Sales Charge (%) (POP) 7.39 1.05 3.49
Bloomberg Barclays Municipal Bond Index (%) 7.54 1.28 5.45

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 04/03/1985
Fund without Sales Charge (%) (NAV) 2.12 2.73 4.99 13.41 18.84 42.48 592.26
Fund with Sales Charge (%) (POP) 2.12 2.73 4.99 13.41 18.84 42.48 592.26
Bloomberg Barclays Municipal Bond Index (%) 2.72 2.08 4.45 13.20 21.26 51.12 803.64
Quarter EndAs of 06/30/2020 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 04/03/1985
Fund without Sales Charge (%) (NAV) 2.12 2.73 4.99 13.41 18.84 42.48 592.26
Fund with Sales Charge (%) (POP) 2.12 2.73 4.99 13.41 18.84 42.48 592.26
Bloomberg Barclays Municipal Bond Index (%) 2.72 2.08 4.45 13.20 21.26 51.12 803.64

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

3 YR 5 YR 10 YR
Standard Deviation (Fund) 3.42 3.15 3.63
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.88 3.75 3.81
Alpha 0.43 0.11 -0.31
Beta 0.87 0.80 0.90
Sharpe Ratio 0.78 0.75 0.81
Information Ratio 0.12 -0.38 -0.56
Tracking Error 0.83 1.18 1.23
R-Squared 0.96 0.91 0.90

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

3 YR 5 YR 10 YR
Beta Bull 0.98 0.91 0.93
Beta Bear 0.66 0.66 0.83
Bull Bear Capture Ratio 1.12 1.05 0.93
% of Positive Months 72.22 73.33 68.33
Gains/Losses 2.58 2.35 2.09
Maximum Drawdown
3.69 3.74 7.73

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

Gross Expense Ratio 0.55%
Net Expense Ratio [further-information] 0.53%
Max Initial Sales Charge 0.00%
CDSC

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

Beta 0.87
Sharpe Ratio 0.78
Standard Deviation 3.42

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index