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) 2.29 3.14 2.95 3.31 5.09
Fund with Sales Charge (%) (POP) 2.29 3.14 2.95 3.31 5.09
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) 2.29 3.14 2.95 3.31 5.09
Fund with Sales Charge (%) (POP) 2.29 3.14 2.95 3.31 5.09
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 2.29 3.14 2.95 3.31
Fund without Sales Charge (%) (NAV) After Shares Sold 2.56 3.16 3.05 3.39
Fund with Sales Charge (%) (POP) Before Shares Sold 2.29 3.14 2.95 3.31
Fund with Sales Charge (%) (POP) After Shares Sold 2.56 3.16 3.05 3.39
Quarter EndAs of 06/30/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 2.29 3.14 2.95 3.31
Fund without Sales Charge (%) (NAV) After Shares Sold 2.56 3.16 3.05 3.39
Fund with Sales Charge (%) (POP) Before Shares Sold 2.29 3.14 2.95 3.31
Fund with Sales Charge (%) (POP) After Shares Sold 2.56 3.16 3.05 3.39

Calendar Year Returns

2019 2018 2017
Fund without Sales Charge (%) (NAV) 6.44 1.33 3.07
Fund with Sales Charge (%) (POP) 6.44 1.33 3.07
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 10/03/1988
Fund without Sales Charge (%) (NAV) 0.92 0.55 2.29 9.73 15.62 38.49 383.88
Fund with Sales Charge (%) (POP) 0.92 0.55 2.29 9.73 15.62 38.49 383.88
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) 0.92 0.55 2.29 9.73 15.62 38.49 383.88
Fund with Sales Charge (%) (POP) 0.92 0.55 2.29 9.73 15.62 38.49 383.88
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) 3.45 3.24 4.05
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.88 3.75 3.81
Alpha -0.68 -0.52 -0.99
Beta 0.86 0.82 1.01
Sharpe Ratio 0.44 0.55 0.65
Information Ratio -1.11 -0.89 -0.79
Tracking Error 0.96 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 0.75 0.70 0.94
Beta Bear 0.88 0.86 0.99
Bull Bear Capture Ratio 0.87 0.89 0.82
Gains/Losses 1.98 2.01 1.84

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 0.86
Sharpe Ratio 0.44
Standard Deviation 3.45

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index