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) 7.82 4.05 2.75 3.91 5.42
Fund with Sales Charge (%) (POP) 3.78 2.73 1.96 3.51 5.29
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) 6.64 3.65 2.83 3.77 5.38
Fund with Sales Charge (%) (POP) 2.64 2.33 2.04 3.38 5.25
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 7.82 4.05 2.75 3.91
Fund without Sales Charge (%) (NAV) After Shares Sold 5.85 3.83 2.86 3.87
Fund with Sales Charge (%) (POP) Before Shares Sold 3.78 2.73 1.96 3.51
Fund with Sales Charge (%) (POP) After Shares Sold 3.41 2.80 2.24 3.54
Quarter EndAs of 12/31/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 6.64 3.65 2.83 3.77
Fund without Sales Charge (%) (NAV) After Shares Sold 5.16 3.53 2.94 3.78
Fund with Sales Charge (%) (POP) Before Shares Sold 2.64 2.33 2.04 3.38
Fund with Sales Charge (%) (POP) After Shares Sold 2.75 2.51 2.32 3.45

Calendar Year Returns

2019 2018
Fund without Sales Charge (%) (NAV) 6.64 1.08
Fund with Sales Charge (%) (POP) 2.64 -2.71
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) 2.00 1.74 7.82 12.64 14.50 46.71 453.39
Fund with Sales Charge (%) (POP) -1.82 -2.08 3.78 8.42 10.21 41.21 432.64
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) 0.13 6.64 6.64 11.34 14.95 44.85 443.95
Fund with Sales Charge (%) (POP) -3.62 2.64 2.64 7.17 10.64 39.42 423.55
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) 2.32 2.64 3.69
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 2.56 3.03 3.45
Alpha -0.60 -0.40 -0.68
Beta 0.88 0.85 1.04
Sharpe Ratio 1.03 0.64 0.91
Information Ratio -1.74 -1.13 -0.62
Tracking Error 0.61 0.69 0.91
R-Squared 0.95 0.96 0.94

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

3 YR 5 YR 10 YR
Beta Bull 0.92 0.89 1.05
Beta Bear 0.51 0.80 1.05
Bull Bear Capture Ratio 0.89 0.92 0.88
% of Positive Months 69.44 70.00 69.17
Gains/Losses 3.36 2.23 2.24
Maximum Drawdown
1.38 4.18 8.42

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

Gross Expense Ratio 0.88%
Net Expense Ratio [further-information] 0.88%
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 0.88
Sharpe Ratio 1.03
Standard Deviation 2.32

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index