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) 4.59 3.64 3.33 3.69 5.30
Fund with Sales Charge (%) (POP) 0.67 2.33 2.55 3.29 5.17
Quarter EndAs of 06/30/2020 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 09/01/1987
Fund without Sales Charge (%) (NAV) 4.08 3.45 3.04 3.63 5.27
Fund with Sales Charge (%) (POP) 0.17 2.14 2.26 3.23 5.15
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 4.59 3.65 3.33 3.68
Fund without Sales Charge (%) (NAV) After Shares Sold 3.81 3.48 3.29 3.67
Fund with Sales Charge (%) (POP) Before Shares Sold 0.67 2.33 2.55 3.29
Fund with Sales Charge (%) (POP) After Shares Sold 1.45 2.45 2.66 3.34
Quarter EndAs of 06/30/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 4.08 3.45 3.04 3.63
Fund without Sales Charge (%) (NAV) After Shares Sold 3.52 3.34 3.07 3.63
Fund with Sales Charge (%) (POP) Before Shares Sold 0.17 2.15 2.26 3.23
Fund with Sales Charge (%) (POP) After Shares Sold 1.17 2.32 2.45 3.30

Calendar Year Returns

2019 2018
Fund without Sales Charge (%) (NAV) 6.27 0.59
Fund with Sales Charge (%) (POP) 2.28 -3.18
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) 3.94 3.34 4.59 11.34 17.81 43.63 446.63
Fund with Sales Charge (%) (POP) 0.04 -0.53 0.67 7.16 13.39 38.24 426.13
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) 1.64 2.12 4.08 10.73 16.17 42.81 440.18
Fund with Sales Charge (%) (POP) -2.17 -1.71 0.17 6.57 11.81 37.46 419.93
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) 3.03 2.81 3.78
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.94 3.80 3.82
Alpha -0.15 0.05 -0.29
Beta 0.75 0.72 0.93
Sharpe Ratio 0.67 0.79 0.82
Information Ratio -0.75 -0.62 -0.42
Tracking Error 1.15 1.28 1.35
R-Squared 0.96 0.94 0.88

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

3 YR 5 YR 10 YR
Beta Bull 0.84 0.78 0.96
Beta Bear 0.52 0.57 0.80
Bull Bear Capture Ratio 1.00 1.04 0.92
Gains/Losses 2.43 2.45 2.10

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

Gross Expense Ratio 0.91%
Net Expense Ratio [further-information] 0.91%
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 0.75
Sharpe Ratio 0.67
Standard Deviation 3.03

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index