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 10/03/1988
Fund without Sales Charge (%) (NAV) 3.73 3.27 2.98 3.03 4.87
Fund with Sales Charge (%) (POP) 3.73 3.27 2.98 3.03 4.87
Quarter EndAs of 06/30/2020 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 10/03/1988
Fund without Sales Charge (%) (NAV) 3.18 3.02 2.69 3.00 4.84
Fund with Sales Charge (%) (POP) 3.18 3.02 2.69 3.00 4.84
Bloomberg Barclays Municipal Bond Index (%) 4.45 4.22 3.93 4.21 5.80

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 3.73 3.27 2.98 3.03
Fund without Sales Charge (%) (NAV) After Shares Sold 3.44 3.28 3.07 3.17
Fund with Sales Charge (%) (POP) Before Shares Sold 3.73 3.27 2.98 3.03
Fund with Sales Charge (%) (POP) After Shares Sold 3.44 3.28 3.07 3.17
Quarter EndAs of 06/30/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 3.18 3.02 2.69 3.00
Fund without Sales Charge (%) (NAV) After Shares Sold 3.14 3.09 2.86 3.16
Fund with Sales Charge (%) (POP) Before Shares Sold 3.18 3.02 2.69 3.00
Fund with Sales Charge (%) (POP) After Shares Sold 3.14 3.09 2.86 3.16

Calendar Year Returns

2019 2018 2017
Fund without Sales Charge (%) (NAV) 5.28 1.00 2.04
Fund with Sales Charge (%) (POP) 5.28 1.00 2.04
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 10/03/1988
Fund without Sales Charge (%) (NAV) 4.60 2.74 3.73 10.14 15.80 34.75 353.86
Fund with Sales Charge (%) (POP) 4.60 2.74 3.73 10.14 15.80 34.75 353.86
Quarter EndAs of 06/30/2020 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 10/03/1988
Fund without Sales Charge (%) (NAV) 1.95 1.60 3.18 9.34 14.22 34.46 348.82
Fund with Sales Charge (%) (POP) 1.95 1.60 3.18 9.34 14.22 34.46 348.82
Bloomberg Barclays Municipal Bond Index (%) 2.72 2.08 4.45 13.20 21.26 51.12 499.11

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

3 YR 5 YR 10 YR
Standard Deviation (Fund) 2.96 2.83 3.77
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.94 3.80 3.82
Alpha -0.46 -0.34 -1.00
Beta 0.74 0.72 0.93
Sharpe Ratio 0.56 0.64 0.63
Information Ratio -1.03 -0.90 -0.99
Tracking Error 1.20 1.34 1.32
R-Squared 0.96 0.92 0.88

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

3 YR 5 YR 10 YR
Beta Bull 0.70 0.67 0.91
Beta Bear 0.76 0.73 0.88
Bull Bear Capture Ratio 0.95 0.95 0.81
Gains/Losses 2.31 2.23 1.84

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

Gross Expense Ratio 0.70%
Net Expense Ratio [further-information] 0.64%
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 0.74
Sharpe Ratio 0.56
Standard Deviation 2.96

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index