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) 4.90 3.91 3.59 3.93 5.55
Fund with Sales Charge (%) (POP) 4.90 3.91 3.59 3.93 5.55
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) 4.08 3.55 3.24 3.85 5.51
Fund with Sales Charge (%) (POP) 4.08 3.55 3.24 3.85 5.51
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 4.90 3.91 3.59 3.93
Fund without Sales Charge (%) (NAV) After Shares Sold 4.08 3.74 3.56 3.91
Fund with Sales Charge (%) (POP) Before Shares Sold 4.90 3.91 3.59 3.93
Fund with Sales Charge (%) (POP) After Shares Sold 4.08 3.74 3.56 3.91
Quarter EndAs of 06/30/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 4.08 3.55 3.24 3.85
Fund without Sales Charge (%) (NAV) After Shares Sold 3.62 3.48 3.29 3.86
Fund with Sales Charge (%) (POP) Before Shares Sold 4.08 3.55 3.24 3.85
Fund with Sales Charge (%) (POP) After Shares Sold 3.62 3.48 3.29 3.86

Calendar Year Returns

2019 2018 2017
Fund without Sales Charge (%) (NAV) 6.70 1.22 2.88
Fund with Sales Charge (%) (POP) 6.70 1.22 2.88
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) 5.20 3.52 4.90 12.18 19.28 47.09 491.34
Fund with Sales Charge (%) (POP) 5.20 3.52 4.90 12.18 19.28 47.09 491.34
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) 2.17 1.99 4.08 11.03 17.31 45.93 482.57
Fund with Sales Charge (%) (POP) 2.17 1.99 4.08 11.03 17.31 45.93 482.57
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) 3.75 3.37 4.21
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.94 3.80 3.82
Alpha -0.42 -0.18 -0.59
Beta 0.94 0.86 1.06
Sharpe Ratio 0.61 0.72 0.77
Information Ratio -0.85 -0.64 -0.34
Tracking Error 0.73 0.94 1.24
R-Squared 0.97 0.95 0.92

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

3 YR 5 YR 10 YR
Beta Bull 1.01 0.94 1.10
Beta Bear 0.91 0.84 1.02
Bull Bear Capture Ratio 0.96 1.00 0.91
% of Positive Months 66.67 71.67 67.50
Gains/Losses 2.25 2.32 2.06
Maximum Drawdown
4.72 4.72 9.00

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

Gross Expense Ratio 0.56%
Net Expense Ratio [further-information] 0.55%
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 0.94
Sharpe Ratio 0.61
Standard Deviation 3.75

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index