Average Annual Total Returns [further-information] As of 07/31/2020

Month EndAs of 07/31/2020 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 09/01/1987
Fund without Sales Charge (%) (NAV) 4.52 3.64 3.37 3.77 5.48
Fund with Sales Charge (%) (POP) 0.60 2.33 2.59 3.37 5.36
Quarter EndAs of 06/30/2020 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 09/01/1987
Fund without Sales Charge (%) (NAV) 3.87 3.33 3.07 3.71 5.45
Fund with Sales Charge (%) (POP) -0.02 2.02 2.28 3.31 5.33
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 07/31/2020

Month EndAs of 07/31/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 4.51 3.64 3.37 3.77
Fund without Sales Charge (%) (NAV) After Shares Sold 3.73 3.49 3.35 3.75
Fund with Sales Charge (%) (POP) Before Shares Sold 0.60 2.33 2.59 3.37
Fund with Sales Charge (%) (POP) After Shares Sold 1.37 2.46 2.72 3.42
Quarter EndAs of 06/30/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 3.87 3.32 3.07 3.71
Fund without Sales Charge (%) (NAV) After Shares Sold 3.38 3.25 3.12 3.71
Fund with Sales Charge (%) (POP) Before Shares Sold -0.02 2.02 2.28 3.31
Fund with Sales Charge (%) (POP) After Shares Sold 1.03 2.23 2.50 3.38

Calendar Year Returns

2019 2018
Fund without Sales Charge (%) (NAV) 6.40 1.04
Fund with Sales Charge (%) (POP) 2.41 -2.75
Bloomberg Barclays Municipal Bond Index (%) 7.54 1.28

Cumulative Total Returns [further-information] As of 07/31/2020

Month EndAs of 07/31/2020 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 09/01/1987
Fund without Sales Charge (%) (NAV) 5.13 3.26 4.52 11.34 18.04 44.76 479.05
Fund with Sales Charge (%) (POP) 1.19 -0.61 0.60 7.16 13.62 39.33 457.34
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) 2.10 1.84 3.87 10.31 16.30 43.88 471.09
Fund with Sales Charge (%) (POP) -1.73 -1.98 -0.02 6.18 11.94 38.49 449.68
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 07/31/2020 (updated monthly)

3 YR 5 YR 10 YR
Standard Deviation (Fund) 3.74 3.36 4.20
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.94 3.80 3.82
Alpha -0.65 -0.32 -0.65
Beta 0.93 0.86 1.05
Sharpe Ratio 0.54 0.67 0.76
Information Ratio -1.23 -0.81 -0.40
Tracking Error 0.70 0.92 1.23
R-Squared 0.97 0.95 0.92

ADDITIONAL RISK STATISTICSAs of 07/31/2020 (updated monthly)

3 YR 5 YR 10 YR
Beta Bull 1.01 0.94 1.10
Beta Bear 0.89 0.82 1.01
Bull Bear Capture Ratio 0.91 0.97 0.89
Gains/Losses 2.14 2.24 2.03

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

Gross Expense Ratio 0.84%
Net Expense Ratio [further-information] 0.84%
Max Initial Sales Charge 3.75%
CDSC 1.00%

Volatility Measures [further-information] As of 07/31/2020 Updated Monthly, based on a 3-year period

Beta 0.93
Sharpe Ratio 0.54
Standard Deviation 3.74

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index