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) 4.24 3.68 3.25 3.45 5.40
Fund with Sales Charge (%) (POP) 0.33 2.37 2.46 3.06 5.27
Bloomberg Barclays Municipal Bond Index (%) 5.36 4.52 4.13 4.26 5.92
Quarter EndAs of 06/30/2020 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 09/01/1987
Fund without Sales Charge (%) (NAV) 3.41 3.39 3.01 3.42 5.37
Fund with Sales Charge (%) (POP) -0.46 2.08 2.22 3.03 5.25
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 4.24 3.68 3.25 3.45
Fund without Sales Charge (%) (NAV) After Shares Sold 3.53 3.49 3.22 3.47
Fund with Sales Charge (%) (POP) Before Shares Sold 0.33 2.37 2.46 3.06
Fund with Sales Charge (%) (POP) After Shares Sold 1.18 2.46 2.59 3.14
Quarter EndAs of 06/30/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 3.41 3.39 3.01 3.42
Fund without Sales Charge (%) (NAV) After Shares Sold 3.06 3.27 3.04 3.46
Fund with Sales Charge (%) (POP) Before Shares Sold -0.46 2.08 2.22 3.03
Fund with Sales Charge (%) (POP) After Shares Sold 0.73 2.25 2.42 3.13

Calendar Year Returns

2019 2018
Fund without Sales Charge (%) (NAV) 6.49 1.40
Fund with Sales Charge (%) (POP) 2.49 -2.40
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) 5.16 3.06 4.24 11.45 17.32 40.43 464.17
Fund with Sales Charge (%) (POP) 1.22 -0.80 0.33 7.27 12.92 35.16 443.02
Bloomberg Barclays Municipal Bond Index (%) 5.78 3.80 5.36 14.18 22.42 51.77 564.85
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) 1.81 1.74 3.41 10.51 15.97 40.04 456.95
Fund with Sales Charge (%) (POP) -2.01 -2.07 -0.46 6.37 11.62 34.79 436.06
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) 3.58 3.16 3.90
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.94 3.80 3.82
Alpha -0.47 -0.26 -0.65
Beta 0.88 0.80 0.97
Sharpe Ratio 0.58 0.68 0.74
Information Ratio -0.87 -0.75 -0.64
Tracking Error 0.95 1.17 1.25
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 0.91 0.85 1.01
Beta Bear 0.81 0.72 0.85
Bull Bear Capture Ratio 0.93 0.97 0.87
Gains/Losses 2.16 2.24 1.98

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 0.88
Sharpe Ratio 0.58
Standard Deviation 3.58

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index