Average Annual Total Returns [further-information] As of 01/31/2020

Month EndAs of 01/31/2020 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 03/18/1986
Fund without Sales Charge (%) (NAV) 8.89 4.80 3.43 5.02 6.04
Fund with Sales Charge (%) (POP) 4.81 3.47 2.65 4.62 5.92
Bloomberg Barclays Municipal Bond Index (%) 8.65 5.12 3.53 4.47 5.97
Quarter EndAs of 12/31/2019 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 03/18/1986
Fund without Sales Charge (%) (NAV) 7.58 4.38 3.49 4.94 6.00
Fund with Sales Charge (%) (POP) 3.55 3.06 2.70 4.54 5.88
Bloomberg Barclays Municipal Bond Index (%) 7.54 4.73 3.53 4.34 5.93

After-Tax Average Annual Total Returns [further-information] As of 01/31/2020

Month EndAs of 01/31/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 8.89 4.80 3.43 5.02
Fund without Sales Charge (%) (NAV) After Shares Sold 7.04 4.69 3.61 4.95
Fund with Sales Charge (%) (POP) Before Shares Sold 4.81 3.47 2.65 4.62
Fund with Sales Charge (%) (POP) After Shares Sold 4.56 3.65 2.98 4.61
Quarter EndAs of 12/31/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 7.58 4.39 3.49 4.94
Fund without Sales Charge (%) (NAV) After Shares Sold 6.29 4.38 3.67 4.90
Fund with Sales Charge (%) (POP) Before Shares Sold 3.55 3.06 2.70 4.54
Fund with Sales Charge (%) (POP) After Shares Sold 3.84 3.34 3.04 4.56

Calendar Year Returns

2019 2018
Fund without Sales Charge (%) (NAV) 7.58 1.88
Fund with Sales Charge (%) (POP) 3.55 -1.94
Bloomberg Barclays Municipal Bond Index (%) 7.54 1.28

Cumulative Total Returns [further-information] As of 01/31/2020

Month EndAs of 01/31/2020 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 03/18/1986
Fund without Sales Charge (%) (NAV) 2.21 1.78 8.89 15.11 18.38 63.23 629.11
Fund with Sales Charge (%) (POP) -1.63 -2.03 4.81 10.79 13.94 57.11 601.77
Bloomberg Barclays Municipal Bond Index (%) 2.36 1.80 8.65 16.15 18.96 54.89 611.92
Quarter EndAs of 12/31/2019 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 03/18/1986
Fund without Sales Charge (%) (NAV) 0.24 7.58 7.58 13.74 18.69 61.90 616.32
Fund with Sales Charge (%) (POP) -3.52 3.55 3.55 9.47 14.24 55.83 589.46
Bloomberg Barclays Municipal Bond Index (%) 0.74 7.54 7.54 14.85 18.93 52.95 599.36

MODERN PORTFOLIO THEORY (MPT) STATISTICSAs of 01/31/2020 (updated monthly)

3 YR 5 YR 10 YR
Standard Deviation (Fund) 2.39 3.15 4.43
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 2.56 3.03 3.45
Alpha 0.17 -0.05 -0.30
Beta 0.86 0.98 1.22
Sharpe Ratio 1.32 0.75 1.01
Information Ratio -0.33 -0.10 0.35
Tracking Error 0.94 1.01 1.57
R-Squared 0.86 0.90 0.90

ADDITIONAL RISK STATISTICSAs of 01/31/2020 (updated monthly)

3 YR 5 YR 10 YR
Beta Bull 0.86 0.89 1.19
Beta Bear 0.78 1.07 1.37
Bull Bear Capture Ratio 1.10 0.99 0.97
% of Positive Months 69.44 70.00 70.00
Gains/Losses 3.94 2.34 2.41
Maximum Drawdown
1.39 5.36 10.50

SALES CHARGE, EXPENSES & FEES As of 07/01/2019 (updated annually)

Gross Expense Ratio 0.81%
Net Expense Ratio [further-information] 0.81%
Max Initial Sales Charge 3.75%
CDSC 0.75%

Volatility Measures [further-information] As of 01/31/2020 Updated Monthly, based on a 3-year period

Beta 0.86
Sharpe Ratio 1.32
Standard Deviation 2.39

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index