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) 4.64 3.66 3.44 3.60 5.28
Fund with Sales Charge (%) (POP) 4.64 3.66 3.44 3.60 5.28
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) 4.64 3.66 3.44 3.60 5.28
Fund with Sales Charge (%) (POP) 4.64 3.66 3.44 3.60 5.28
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 4.64 3.66 3.44 3.60
Fund without Sales Charge (%) (NAV) After Shares Sold 3.90 3.53 3.40 3.61
Fund with Sales Charge (%) (POP) Before Shares Sold 4.64 3.66 3.44 3.60
Fund with Sales Charge (%) (POP) After Shares Sold 3.90 3.53 3.40 3.61
Quarter EndAs of 06/30/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 4.64 3.66 3.44 3.60
Fund without Sales Charge (%) (NAV) After Shares Sold 3.90 3.53 3.40 3.61
Fund with Sales Charge (%) (POP) Before Shares Sold 4.64 3.66 3.44 3.60
Fund with Sales Charge (%) (POP) After Shares Sold 3.90 3.53 3.40 3.61

Calendar Year Returns

2019 2018 2017
Fund without Sales Charge (%) (NAV) 6.48 0.75 3.83
Fund with Sales Charge (%) (POP) 6.48 0.75 3.83
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 09/01/1987
Fund without Sales Charge (%) (NAV) 2.13 2.46 4.64 11.38 18.41 42.36 441.55
Fund with Sales Charge (%) (POP) 2.13 2.46 4.64 11.38 18.41 42.36 441.55
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) 2.13 2.46 4.64 11.38 18.41 42.36 441.55
Fund with Sales Charge (%) (POP) 2.13 2.46 4.64 11.38 18.41 42.36 441.55
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) 3.57 3.35 4.02
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.88 3.75 3.81
Alpha -0.27 -0.18 -0.76
Beta 0.91 0.88 1.03
Sharpe Ratio 0.57 0.68 0.73
Information Ratio -0.68 -0.67 -0.73
Tracking Error 0.76 0.78 0.97
R-Squared 0.96 0.96 0.94

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

3 YR 5 YR 10 YR
Beta Bull 1.04 0.99 1.08
Beta Bear 0.75 0.81 0.93
Bull Bear Capture Ratio 0.98 0.99 0.87
% of Positive Months 69.44 73.33 66.67
Gains/Losses 2.26 2.28 1.97
Maximum Drawdown
4.40 4.40 9.55

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

Gross Expense Ratio 0.53%
Net Expense Ratio [further-information] 0.52%
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 0.91
Sharpe Ratio 0.57
Standard Deviation 3.57

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index