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) 4.88 3.84 3.47 3.76 5.33
Fund with Sales Charge (%) (POP) 4.88 3.84 3.47 3.76 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) 4.37 3.65 3.18 3.70 5.31
Fund with Sales Charge (%) (POP) 4.37 3.65 3.18 3.70 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 4.88 3.84 3.47 3.76
Fund without Sales Charge (%) (NAV) After Shares Sold 4.10 3.68 3.43 3.74
Fund with Sales Charge (%) (POP) Before Shares Sold 4.88 3.84 3.47 3.76
Fund with Sales Charge (%) (POP) After Shares Sold 4.10 3.68 3.43 3.74
Quarter EndAs of 06/30/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 4.37 3.65 3.18 3.70
Fund without Sales Charge (%) (NAV) After Shares Sold 3.81 3.54 3.20 3.70
Fund with Sales Charge (%) (POP) Before Shares Sold 4.37 3.65 3.18 3.70
Fund with Sales Charge (%) (POP) After Shares Sold 3.81 3.54 3.20 3.70

Calendar Year Returns

2019 2018 2017
Fund without Sales Charge (%) (NAV) 6.57 0.67 3.17
Fund with Sales Charge (%) (POP) 6.57 0.67 3.17
Bloomberg Barclays Municipal Bond Index (%) 7.54 1.28 5.45

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 3.51 4.88 11.97 18.60 44.66 453.18
Fund with Sales Charge (%) (POP) 4.01 3.51 4.88 11.97 18.60 44.66 453.18
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) 1.71 2.26 4.37 11.34 16.92 43.81 446.52
Fund with Sales Charge (%) (POP) 1.71 2.26 4.37 11.34 16.92 43.81 446.52
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) 3.04 2.82 3.79
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.94 3.80 3.82
Alpha 0.07 0.19 -0.23
Beta 0.75 0.72 0.93
Sharpe Ratio 0.74 0.84 0.84
Information Ratio -0.56 -0.51 -0.37
Tracking Error 1.16 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 0.82 0.77 0.95
Beta Bear 0.52 0.57 0.79
Bull Bear Capture Ratio 1.04 1.06 0.93
Gains/Losses 2.52 2.51 2.12

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

Gross Expense Ratio 0.65%
Net Expense Ratio [further-information] 0.63%
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 0.74
Standard Deviation 3.04

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index