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) 6.76 3.55 2.85 3.98 5.53
Fund with Sales Charge (%) (POP) 6.76 3.55 2.85 3.98 5.53
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) 6.76 3.55 2.85 3.98 5.53
Fund with Sales Charge (%) (POP) 6.76 3.55 2.85 3.98 5.53
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 6.76 3.55 2.85 3.98
Fund without Sales Charge (%) (NAV) After Shares Sold 5.37 3.51 3.01 3.98
Fund with Sales Charge (%) (POP) Before Shares Sold 6.76 3.55 2.85 3.98
Fund with Sales Charge (%) (POP) After Shares Sold 5.37 3.51 3.01 3.98
Quarter EndAs of 12/31/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 6.76 3.55 2.85 3.98
Fund without Sales Charge (%) (NAV) After Shares Sold 5.37 3.51 3.01 3.98
Fund with Sales Charge (%) (POP) Before Shares Sold 6.76 3.55 2.85 3.98
Fund with Sales Charge (%) (POP) After Shares Sold 5.37 3.51 3.01 3.98

Calendar Year Returns

2019 2018 2017 2016 2015 2014 2013 2012 2011 2010
Fund without Sales Charge (%) (NAV) 6.76 1.10 2.88 1.50 2.10 11.08 -5.23 8.54 12.17 0.11
Fund with Sales Charge (%) (POP) 6.76 1.10 2.88 1.50 2.10 11.08 -5.23 8.54 12.17 0.11
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) 0.22 6.76 6.76 11.04 15.08 47.67 470.65
Fund with Sales Charge (%) (POP) 0.22 6.76 6.76 11.04 15.08 47.67 470.65
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 6.76 6.76 11.04 15.08 47.67 470.65
Fund with Sales Charge (%) (POP) 0.22 6.76 6.76 11.04 15.08 47.67 470.65
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) 2.15 2.58 3.88
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 2.44 3.03 3.42
Sharpe Ratio 0.90 0.70 0.89
Information Ratio -1.43 -0.67 -0.28
Tracking Error 0.81 1.01 1.26

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

3 YR 5 YR 10 YR
Beta Bull 0.88 0.91 1.14
Beta Bear 0.59 0.72 1.09
Bull Bear Capture Ratio 0.91 0.99 0.91
% of Positive Months 66.67 66.67 69.17
Gains/Losses 3.09 2.31 2.25
Maximum Drawdown
1.33 3.65 8.93

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

Gross Expense Ratio 0.59%
Net Expense Ratio [further-information] 0.59%
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 0.90
Standard Deviation 2.15

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index