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) 7.59 3.76 2.63 3.88 5.35
Fund with Sales Charge (%) (POP) 7.59 3.76 2.63 3.88 5.35
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) 6.57 3.44 2.67 3.75 5.32
Fund with Sales Charge (%) (POP) 6.57 3.44 2.67 3.75 5.32
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 7.59 3.76 2.63 3.88
Fund without Sales Charge (%) (NAV) After Shares Sold 5.83 3.64 2.79 3.85
Fund with Sales Charge (%) (POP) Before Shares Sold 7.59 3.76 2.63 3.88
Fund with Sales Charge (%) (POP) After Shares Sold 5.83 3.64 2.79 3.85
Quarter EndAs of 12/31/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 6.57 3.44 2.67 3.75
Fund without Sales Charge (%) (NAV) After Shares Sold 5.23 3.40 2.83 3.76
Fund with Sales Charge (%) (POP) Before Shares Sold 6.57 3.44 2.67 3.75
Fund with Sales Charge (%) (POP) After Shares Sold 5.23 3.40 2.83 3.76

Calendar Year Returns

2019 2018 2017
Fund without Sales Charge (%) (NAV) 6.57 0.67 3.17
Fund with Sales Charge (%) (POP) 6.57 0.67 3.17
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 09/01/1987
Fund without Sales Charge (%) (NAV) 2.00 1.51 7.59 11.72 13.86 46.30 442.49
Fund with Sales Charge (%) (POP) 2.00 1.51 7.59 11.72 13.86 46.30 442.49
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) 0.65 6.57 6.57 10.68 14.07 44.50 434.44
Fund with Sales Charge (%) (POP) 0.65 6.57 6.57 10.68 14.07 44.50 434.44
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) 2.19 2.41 3.60
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 2.56 3.03 3.45
Alpha -0.69 -0.26 -0.50
Beta 0.82 0.74 0.98
Sharpe Ratio 0.96 0.65 0.92
Information Ratio -1.85 -0.82 -0.48
Tracking Error 0.74 1.09 1.25
R-Squared 0.93 0.89 0.88

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

3 YR 5 YR 10 YR
Beta Bull 0.81 0.75 0.99
Beta Bear 0.64 0.63 0.94
Bull Bear Capture Ratio 0.86 0.94 0.90
% of Positive Months 69.44 70.00 70.83
Gains/Losses 3.27 2.24 2.27
Maximum Drawdown
1.35 3.36 7.95

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

Gross Expense Ratio 0.65%
Net Expense Ratio [further-information] 0.63%
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 0.82
Sharpe Ratio 0.96
Standard Deviation 2.19

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index