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 04/03/1985
Fund without Sales Charge (%) (NAV) 5.47 4.20 3.79 3.98 5.75
Fund with Sales Charge (%) (POP) 1.51 2.88 3.00 3.58 5.63
Bloomberg Barclays Municipal Bond Index (%) 5.36 4.52 4.13 4.26 6.48
Quarter EndAs of 06/30/2020 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 04/03/1985
Fund without Sales Charge (%) (NAV) 4.65 3.93 3.66 3.91 5.72
Fund with Sales Charge (%) (POP) 0.72 2.62 2.87 3.52 5.60
Bloomberg Barclays Municipal Bond Index (%) 4.45 4.22 3.93 4.21 6.45

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 5.47 4.20 3.80 3.98
Fund without Sales Charge (%) (NAV) After Shares Sold 4.30 3.88 3.61 3.86
Fund with Sales Charge (%) (POP) Before Shares Sold 1.51 2.88 3.00 3.58
Fund with Sales Charge (%) (POP) After Shares Sold 1.92 2.85 2.98 3.53
Quarter EndAs of 06/30/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 4.65 3.93 3.66 3.91
Fund without Sales Charge (%) (NAV) After Shares Sold 3.84 3.69 3.52 3.82
Fund with Sales Charge (%) (POP) Before Shares Sold 0.72 2.62 2.87 3.52
Fund with Sales Charge (%) (POP) After Shares Sold 1.48 2.66 2.89 3.49

Calendar Year Returns

2019 2018
Fund without Sales Charge (%) (NAV) 6.56 0.68
Fund with Sales Charge (%) (POP) 2.56 -3.09
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 04/03/1985
Fund without Sales Charge (%) (NAV) 4.40 4.15 5.47 13.14 20.47 47.70 619.89
Fund with Sales Charge (%) (POP) 0.48 0.24 1.51 8.90 15.95 42.16 592.90
Bloomberg Barclays Municipal Bond Index (%) 5.78 3.80 5.36 14.18 22.42 51.77 818.86
Quarter EndAs of 06/30/2020 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 04/03/1985
Fund without Sales Charge (%) (NAV) 1.95 2.68 4.65 12.27 19.69 46.81 609.78
Fund with Sales Charge (%) (POP) -1.87 -1.17 0.72 8.06 15.20 41.31 583.17
Bloomberg Barclays Municipal Bond Index (%) 2.72 2.08 4.45 13.20 21.26 51.12 803.64

MODERN PORTFOLIO THEORY (MPT) STATISTICSAs of 07/31/2020 (updated monthly)

3 YR 5 YR 10 YR
Standard Deviation (Fund) 3.24 3.11 3.96
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.94 3.80 3.82
Alpha 0.26 0.26 -0.26
Beta 0.80 0.80 1.00
Sharpe Ratio 0.80 0.86 0.86
Information Ratio -0.29 -0.33 -0.27
Tracking Error 1.08 0.99 1.06
R-Squared 0.95 0.96 0.93

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

3 YR 5 YR 10 YR
Beta Bull 0.90 0.91 1.08
Beta Bear 0.52 0.64 0.84
Bull Bear Capture Ratio 1.07 1.08 0.94
Gains/Losses 2.58 2.55 2.16

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

Gross Expense Ratio 0.81%
Net Expense Ratio [further-information] 0.81%
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 0.80
Sharpe Ratio 0.80
Standard Deviation 3.24

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index