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) 6.36 3.64 2.88 3.66 5.28
Fund with Sales Charge (%) (POP) 6.36 3.64 2.88 3.66 5.28
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) 6.36 3.64 2.88 3.66 5.28
Fund with Sales Charge (%) (POP) 6.36 3.64 2.88 3.66 5.28
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 6.36 3.64 2.88 3.66
Fund without Sales Charge (%) (NAV) After Shares Sold 5.05 3.55 2.99 3.68
Fund with Sales Charge (%) (POP) Before Shares Sold 6.36 3.64 2.88 3.66
Fund with Sales Charge (%) (POP) After Shares Sold 5.05 3.55 2.99 3.68
Quarter EndAs of 12/31/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 6.36 3.64 2.88 3.66
Fund without Sales Charge (%) (NAV) After Shares Sold 5.05 3.55 2.99 3.68
Fund with Sales Charge (%) (POP) Before Shares Sold 6.36 3.64 2.88 3.66
Fund with Sales Charge (%) (POP) After Shares Sold 5.05 3.55 2.99 3.68

Calendar Year Returns

2019 2018 2017 2016 2015 2014 2013 2012 2011 2010
Fund without Sales Charge (%) (NAV) 6.36 0.73 3.92 1.09 2.42 9.88 -6.17 6.98 11.20 1.29
Fund with Sales Charge (%) (POP) 6.36 0.73 3.92 1.09 2.42 9.88 -6.17 6.98 11.20 1.29
Bloomberg Barclays Municipal Bond Index (%) 7.54 1.28 5.45 0.25 3.30 9.05 -2.55 6.78 10.70 2.38

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) 0.27 6.36 6.36 11.33 15.26 43.21 428.11
Fund with Sales Charge (%) (POP) 0.27 6.36 6.36 11.33 15.26 43.21 428.11
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) 0.27 6.36 6.36 11.33 15.26 43.21 428.11
Fund with Sales Charge (%) (POP) 0.27 6.36 6.36 11.33 15.26 43.21 428.11
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) 2.16 2.73 3.73
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 2.44 3.03 3.42
Sharpe Ratio 0.94 0.68 0.83
Information Ratio -1.90 -0.97 -0.73
Tracking Error 0.56 0.67 0.93

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

3 YR 5 YR 10 YR
Beta Bull 0.92 0.97 1.10
Beta Bear 0.87 0.82 1.06
Bull Bear Capture Ratio 0.91 0.95 0.86
% of Positive Months 72.22 71.67 68.33
Gains/Losses 3.34 2.29 2.15
Maximum Drawdown
1.45 4.15 9.48

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

Gross Expense Ratio 0.55%
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

Sharpe Ratio 0.94
Standard Deviation 2.16

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index