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 09/01/1987
Fund without Sales Charge (%) (NAV) 7.28 3.57 2.52 3.82 5.32
Fund with Sales Charge (%) (POP) 3.26 2.26 1.74 3.42 5.20
Bloomberg Barclays Municipal Bond Index (%) 8.65 5.12 3.53 4.47 5.95
Quarter EndAs of 12/31/2019 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 09/01/1987
Fund without Sales Charge (%) (NAV) 6.27 3.25 2.56 3.69 5.29
Fund with Sales Charge (%) (POP) 2.28 1.94 1.78 3.30 5.16
Bloomberg Barclays Municipal Bond Index (%) 7.54 4.73 3.53 4.34 5.91

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 7.28 3.57 2.52 3.82
Fund without Sales Charge (%) (NAV) After Shares Sold 5.53 3.45 2.67 3.79
Fund with Sales Charge (%) (POP) Before Shares Sold 3.26 2.26 1.74 3.42
Fund with Sales Charge (%) (POP) After Shares Sold 3.10 2.42 2.06 3.46
Quarter EndAs of 12/31/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 6.27 3.25 2.56 3.69
Fund without Sales Charge (%) (NAV) After Shares Sold 4.94 3.21 2.72 3.70
Fund with Sales Charge (%) (POP) Before Shares Sold 2.28 1.94 1.78 3.29
Fund with Sales Charge (%) (POP) After Shares Sold 2.53 2.19 2.10 3.37

Calendar Year Returns

2019 2018
Fund without Sales Charge (%) (NAV) 6.27 0.59
Fund with Sales Charge (%) (POP) 2.28 -3.18
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 09/01/1987
Fund without Sales Charge (%) (NAV) 1.93 1.48 7.28 11.09 13.26 45.45 436.81
Fund with Sales Charge (%) (POP) -1.89 -2.32 3.26 6.92 9.01 39.99 416.68
Bloomberg Barclays Municipal Bond Index (%) 2.36 1.80 8.65 16.15 18.96 54.89 552.04
Quarter EndAs of 12/31/2019 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 09/01/1987
Fund without Sales Charge (%) (NAV) 0.49 6.27 6.27 10.07 13.49 43.69 428.96
Fund with Sales Charge (%) (POP) -3.28 2.28 2.28 5.94 9.23 38.30 409.13
Bloomberg Barclays Municipal Bond Index (%) 0.74 7.54 7.54 14.85 18.93 52.95 540.53

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

3 YR 5 YR 10 YR
Standard Deviation (Fund) 2.14 2.38 3.59
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 2.56 3.03 3.45
Alpha -0.82 -0.35 -0.54
Beta 0.80 0.74 0.98
Sharpe Ratio 0.89 0.61 0.91
Information Ratio -2.12 -0.93 -0.52
Tracking Error 0.73 1.09 1.25
R-Squared 0.94 0.90 0.88

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

3 YR 5 YR 10 YR
Beta Bull 0.81 0.76 0.99
Beta Bear 0.58 0.63 0.94
Bull Bear Capture Ratio 0.84 0.92 0.89
% of Positive Months 72.22 71.67 71.67
Gains/Losses 3.19 2.20 2.25
Maximum Drawdown
1.39 3.35 7.94

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

Gross Expense Ratio 0.91%
Net Expense Ratio [further-information] 0.91%
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 0.80
Sharpe Ratio 0.89
Standard Deviation 2.14

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index