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 10/03/1988
Fund without Sales Charge (%) (NAV) 2.81 3.21 3.04 3.18 5.05
Fund with Sales Charge (%) (POP) -1.04 1.90 2.26 2.79 4.92
Quarter EndAs of 06/30/2020 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 10/03/1988
Fund without Sales Charge (%) (NAV) 1.99 2.91 2.75 3.15 5.02
Fund with Sales Charge (%) (POP) -1.84 1.61 1.96 2.75 4.89
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 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 2.81 3.21 3.04 3.18
Fund without Sales Charge (%) (NAV) After Shares Sold 2.74 3.15 3.08 3.25
Fund with Sales Charge (%) (POP) Before Shares Sold -1.04 1.90 2.26 2.79
Fund with Sales Charge (%) (POP) After Shares Sold 0.42 2.13 2.46 2.93
Quarter EndAs of 06/30/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 1.99 2.91 2.75 3.15
Fund without Sales Charge (%) (NAV) After Shares Sold 2.25 2.93 2.86 3.23
Fund with Sales Charge (%) (POP) Before Shares Sold -1.84 1.61 1.96 2.75
Fund with Sales Charge (%) (POP) After Shares Sold -0.05 1.92 2.24 2.91

Calendar Year Returns

2019 2018
Fund without Sales Charge (%) (NAV) 6.13 1.15
Fund with Sales Charge (%) (POP) 2.15 -2.64
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 10/03/1988
Fund without Sales Charge (%) (NAV) 4.33 1.72 2.81 9.94 16.18 36.77 379.94
Fund with Sales Charge (%) (POP) 0.41 -2.09 -1.04 5.81 11.82 31.64 361.94
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) 0.85 0.40 1.99 9.00 14.51 36.30 373.72
Fund with Sales Charge (%) (POP) -2.94 -3.36 -1.84 4.91 10.21 31.19 355.95
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 07/31/2020 (updated monthly)

3 YR 5 YR 10 YR
Standard Deviation (Fund) 3.51 3.28 4.06
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.94 3.80 3.82
Alpha -0.87 -0.55 -1.06
Beta 0.86 0.83 1.01
Sharpe Ratio 0.45 0.59 0.64
Information Ratio -1.35 -0.96 -0.85
Tracking Error 0.97 1.13 1.27
R-Squared 0.95 0.92 0.90

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

3 YR 5 YR 10 YR
Beta Bull 0.74 0.70 0.94
Beta Bear 0.86 0.85 0.99
Bull Bear Capture Ratio 0.83 0.88 0.81
Gains/Losses 1.97 2.05 1.82

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

Gross Expense Ratio 0.88%
Net Expense Ratio [further-information] 0.88%
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 0.86
Sharpe Ratio 0.45
Standard Deviation 3.51

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index