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 03/18/1986
Fund without Sales Charge (%) (NAV) 3.53 4.08 4.02 4.67 6.03
Fund with Sales Charge (%) (POP) 3.53 4.08 4.02 4.67 6.03
Bloomberg Barclays Municipal Bond Index (%) 5.36 4.52 4.13 4.26 5.94
Quarter EndAs of 06/30/2020 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 03/18/1986
Fund without Sales Charge (%) (NAV) 2.13 3.50 3.66 4.58 5.98
Fund with Sales Charge (%) (POP) 2.13 3.50 3.66 4.58 5.98
Bloomberg Barclays Municipal Bond Index (%) 4.45 4.22 3.93 4.21 5.90

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 3.53 4.08 4.02 4.67
Fund without Sales Charge (%) (NAV) After Shares Sold 3.76 4.16 4.12 4.68
Fund with Sales Charge (%) (POP) Before Shares Sold 3.53 4.08 4.02 4.67
Fund with Sales Charge (%) (POP) After Shares Sold 3.76 4.16 4.12 4.68
Quarter EndAs of 06/30/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 2.13 3.50 3.66 4.58
Fund without Sales Charge (%) (NAV) After Shares Sold 2.95 3.73 3.85 4.62
Fund with Sales Charge (%) (POP) Before Shares Sold 2.13 3.50 3.66 4.58
Fund with Sales Charge (%) (POP) After Shares Sold 2.95 3.73 3.85 4.62

Calendar Year Returns

2019 2018 2017
Fund without Sales Charge (%) (NAV) 7.76 2.17 3.86
Fund with Sales Charge (%) (POP) 7.76 2.17 3.86
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 03/18/1986
Fund without Sales Charge (%) (NAV) 7.27 2.03 3.53 12.74 21.79 57.78 647.42
Fund with Sales Charge (%) (POP) 7.27 2.03 3.53 12.74 21.79 57.78 647.42
Bloomberg Barclays Municipal Bond Index (%) 5.78 3.80 5.36 14.18 22.42 51.77 625.91
Quarter EndAs of 06/30/2020 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 03/18/1986
Fund without Sales Charge (%) (NAV) 3.13 -0.02 2.13 10.88 19.67 56.51 632.42
Fund with Sales Charge (%) (POP) 3.13 -0.02 2.13 10.88 19.67 56.51 632.42
Bloomberg Barclays Municipal Bond Index (%) 2.72 2.08 4.45 13.20 21.26 51.12 613.88

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

3 YR 5 YR 10 YR
Standard Deviation (Fund) 5.12 4.66 5.07
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.94 3.80 3.82
Alpha -0.96 -0.56 -0.59
Beta 1.22 1.16 1.27
Sharpe Ratio 0.49 0.62 0.79
Information Ratio -0.20 -0.08 0.18
Tracking Error 1.96 1.67 1.85
R-Squared 0.88 0.89 0.91

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

3 YR 5 YR 10 YR
Beta Bull 0.94 0.93 1.13
Beta Bear 1.82 1.50 1.49
Bull Bear Capture Ratio 0.86 0.92 0.92
Gains/Losses 2.00 2.11 2.06

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

Gross Expense Ratio 0.51%
Net Expense Ratio [further-information] 0.50%
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 1.22
Sharpe Ratio 0.49
Standard Deviation 5.12

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index