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) 9.28 5.03 3.59 5.18 6.11
Fund with Sales Charge (%) (POP) 9.28 5.03 3.59 5.18 6.11
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) 7.76 4.57 3.64 5.08 6.07
Fund with Sales Charge (%) (POP) 7.76 4.57 3.64 5.08 6.07
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 9.28 5.03 3.59 5.18
Fund without Sales Charge (%) (NAV) After Shares Sold 7.40 4.91 3.76 5.10
Fund with Sales Charge (%) (POP) Before Shares Sold 9.28 5.03 3.59 5.18
Fund with Sales Charge (%) (POP) After Shares Sold 7.40 4.91 3.76 5.10
Quarter EndAs of 12/31/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 7.76 4.57 3.64 5.08
Fund without Sales Charge (%) (NAV) After Shares Sold 6.52 4.57 3.82 5.04
Fund with Sales Charge (%) (POP) Before Shares Sold 7.76 4.57 3.64 5.08
Fund with Sales Charge (%) (POP) After Shares Sold 6.52 4.57 3.82 5.04

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 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) 2.27 1.90 9.28 15.85 19.27 65.67 646.48
Fund with Sales Charge (%) (POP) 2.27 1.90 9.28 15.85 19.27 65.67 646.48
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) 0.31 7.76 7.76 14.35 19.55 64.14 632.56
Fund with Sales Charge (%) (POP) 0.31 7.76 7.76 14.35 19.55 64.14 632.56
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) 2.43 3.17 4.44
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 2.56 3.03 3.45
Alpha 0.32 0.06 -0.24
Beta 0.88 0.99 1.23
Sharpe Ratio 1.39 0.79 1.02
Information Ratio -0.10 0.04 0.40
Tracking Error 0.90 0.98 1.57
R-Squared 0.88 0.90 0.91

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

3 YR 5 YR 10 YR
Beta Bull 0.89 0.92 1.19
Beta Bear 0.61 1.06 1.36
Bull Bear Capture Ratio 1.13 1.01 0.97
% of Positive Months 69.44 70.00 69.17
Gains/Losses 4.19 2.41 2.43
Maximum Drawdown
1.44 5.37 10.51

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

Gross Expense Ratio 0.52%
Net Expense Ratio [further-information] 0.52%
Max Initial Sales Charge 0.00%
CDSC

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

Beta 0.88
Sharpe Ratio 1.39
Standard Deviation 2.43

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index