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) 4.85 3.82 3.46 3.74 5.33
Fund with Sales Charge (%) (POP) 4.85 3.82 3.46 3.74 5.33
Quarter EndAs of 06/30/2020 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 09/01/1987
Fund without Sales Charge (%) (NAV) 4.34 3.62 3.16 3.68 5.31
Fund with Sales Charge (%) (POP) 4.34 3.62 3.16 3.68 5.31
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 4.85 3.82 3.46 3.74
Fund without Sales Charge (%) (NAV) After Shares Sold 4.07 3.66 3.41 3.72
Fund with Sales Charge (%) (POP) Before Shares Sold 4.85 3.82 3.46 3.74
Fund with Sales Charge (%) (POP) After Shares Sold 4.07 3.66 3.41 3.72
Quarter EndAs of 06/30/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 4.34 3.62 3.16 3.68
Fund without Sales Charge (%) (NAV) After Shares Sold 3.78 3.51 3.19 3.68
Fund with Sales Charge (%) (POP) Before Shares Sold 4.34 3.62 3.16 3.68
Fund with Sales Charge (%) (POP) After Shares Sold 3.78 3.51 3.19 3.68

Calendar Year Returns

2019 2018 2017 2016
Fund without Sales Charge (%) (NAV) 6.54 0.65 3.17 1.82
Fund with Sales Charge (%) (POP) 6.54 0.65 3.17 1.82
Bloomberg Barclays Municipal Bond Index (%) 7.54 1.28 5.45 0.25

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) 4.01 3.49 4.85 11.90 18.52 44.43 452.67
Fund with Sales Charge (%) (POP) 4.01 3.49 4.85 11.90 18.52 44.43 452.67
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) 1.70 2.25 4.34 11.27 16.84 43.58 446.03
Fund with Sales Charge (%) (POP) 1.70 2.25 4.34 11.27 16.84 43.58 446.03
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) 3.02 2.81 3.78
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.94 3.80 3.82
Sharpe Ratio 0.73 0.84 0.84
Information Ratio -0.61 -0.52 -0.38
Tracking Error 1.15 1.28 1.35

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

3 YR 5 YR 10 YR
Beta Bull 0.82 0.76 0.95
Beta Bear 0.52 0.57 0.79
Bull Bear Capture Ratio 1.03 1.06 0.93
Gains/Losses 2.49 2.51 2.12

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

Gross Expense Ratio 0.66%
Net Expense Ratio [further-information] 0.66%
Max Initial Sales Charge 0.00%
CDSC

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

Beta 0.75
Sharpe Ratio 0.73
Standard Deviation 3.02

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index