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) 2.96 3.44 3.10 3.63 5.36
Fund with Sales Charge (%) (POP) 2.96 3.44 3.10 3.63 5.36
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) 2.96 3.44 3.10 3.63 5.36
Fund with Sales Charge (%) (POP) 2.96 3.44 3.10 3.63 5.36
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 2.96 3.44 3.10 3.63
Fund without Sales Charge (%) (NAV) After Shares Sold 2.97 3.39 3.17 3.66
Fund with Sales Charge (%) (POP) Before Shares Sold 2.96 3.44 3.10 3.63
Fund with Sales Charge (%) (POP) After Shares Sold 2.97 3.39 3.17 3.66
Quarter EndAs of 06/30/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 2.96 3.44 3.10 3.63
Fund without Sales Charge (%) (NAV) After Shares Sold 2.97 3.39 3.17 3.66
Fund with Sales Charge (%) (POP) Before Shares Sold 2.96 3.44 3.10 3.63
Fund with Sales Charge (%) (POP) After Shares Sold 2.97 3.39 3.17 3.66

Calendar Year Returns

2019 2018 2017
Fund without Sales Charge (%) (NAV) 6.94 1.25 3.41
Fund with Sales Charge (%) (POP) 6.94 1.25 3.41
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) 0.36 1.07 2.96 10.68 16.51 42.88 456.14
Fund with Sales Charge (%) (POP) 0.36 1.07 2.96 10.68 16.51 42.88 456.14
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) 0.36 1.07 2.96 10.68 16.51 42.88 456.14
Fund with Sales Charge (%) (POP) 0.36 1.07 2.96 10.68 16.51 42.88 456.14
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) 3.33 3.17 3.92
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.88 3.75 3.81
Alpha -0.27 -0.29 -0.52
Beta 0.81 0.81 0.99
Sharpe Ratio 0.54 0.62 0.78
Information Ratio -0.60 -0.75 -0.54
Tracking Error 1.28 1.13 1.11
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 0.77 0.77 0.97
Beta Bear 0.61 0.72 0.90
Bull Bear Capture Ratio 0.93 0.93 0.89
% of Positive Months 69.44 73.33 67.50
Gains/Losses 2.13 2.13 2.02
Maximum Drawdown
4.64 4.64 8.42

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

Gross Expense Ratio 0.60%
Net Expense Ratio [further-information] 0.58%
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 0.81
Sharpe Ratio 0.54
Standard Deviation 3.33

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index