Average Annual Total Returns [further-information] As of 12/31/2019

Month EndAs of 12/31/2019 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 09/01/1987
Fund without Sales Charge (%) (NAV) 6.70 3.57 2.86 3.99 5.54
Fund with Sales Charge (%) (POP) 6.70 3.57 2.86 3.99 5.54
Bloomberg Barclays Municipal Bond Index (%) 7.54 4.73 3.53 4.34 5.91
Quarter EndAs of 12/31/2019 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 09/01/1987
Fund without Sales Charge (%) (NAV) 6.70 3.57 2.86 3.99 5.54
Fund with Sales Charge (%) (POP) 6.70 3.57 2.86 3.99 5.54
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 12/31/2019

Month EndAs of 12/31/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 6.70 3.57 2.86 3.99
Fund without Sales Charge (%) (NAV) After Shares Sold 5.35 3.54 3.02 4.00
Fund with Sales Charge (%) (POP) Before Shares Sold 6.70 3.57 2.86 3.99
Fund with Sales Charge (%) (POP) After Shares Sold 5.35 3.54 3.02 4.00
Quarter EndAs of 12/31/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 6.70 3.57 2.86 3.99
Fund without Sales Charge (%) (NAV) After Shares Sold 5.35 3.54 3.02 4.00
Fund with Sales Charge (%) (POP) Before Shares Sold 6.70 3.57 2.86 3.99
Fund with Sales Charge (%) (POP) After Shares Sold 5.35 3.54 3.02 4.00

Calendar Year Returns

2019 2018 2017
Fund without Sales Charge (%) (NAV) 6.70 1.22 2.88
Fund with Sales Charge (%) (POP) 6.70 1.22 2.88
Bloomberg Barclays Municipal Bond Index (%) 7.54 1.28 5.45

Cumulative Total Returns [further-information] As of 12/31/2019

Month 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) 0.22 6.70 6.70 11.11 15.15 47.95 471.21
Fund with Sales Charge (%) (POP) 0.22 6.70 6.70 11.11 15.15 47.95 471.21
Bloomberg Barclays Municipal Bond Index (%) 0.74 7.54 7.54 14.85 18.93 52.95 540.53
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) 0.22 6.70 6.70 11.11 15.15 47.95 471.21
Fund with Sales Charge (%) (POP) 0.22 6.70 6.70 11.11 15.15 47.95 471.21
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 12/31/2019 (updated monthly)

3 YR 5 YR 10 YR
Standard Deviation (Fund) 2.14 2.57 3.86
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 2.44 3.03 3.42
Alpha -0.58 -0.22 -0.67
Beta 0.81 0.80 1.07
Sharpe Ratio 0.90 0.69 0.87
Information Ratio -1.37 -0.72 -0.35
Tracking Error 0.86 1.01 1.26
R-Squared 0.88 0.90 0.90

ADDITIONAL RISK STATISTICSAs of 12/31/2019 (updated monthly)

3 YR 5 YR 10 YR
Beta Bull 0.87 0.89 1.12
Beta Bear 0.66 0.73 1.09
Bull Bear Capture Ratio 0.92 0.98 0.90
% of Positive Months 66.67 66.67 69.17
Gains/Losses 3.14 2.31 2.23
Maximum Drawdown
1.23 3.67 9.00

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

Gross Expense Ratio 0.58%
Net Expense Ratio [further-information] 0.55%
Max Initial Sales Charge 0.00%
CDSC

Volatility Measures [further-information] As of 12/31/2019 Updated Monthly, based on a 3-year period

Beta 0.81
Sharpe Ratio 0.90
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