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) 5.97 3.21 2.73 3.51 5.47
Fund with Sales Charge (%) (POP) 5.97 3.21 2.73 3.51 5.47
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) 5.97 3.21 2.73 3.51 5.47
Fund with Sales Charge (%) (POP) 5.97 3.21 2.73 3.51 5.47
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 5.97 3.21 2.73 3.50
Fund without Sales Charge (%) (NAV) After Shares Sold 5.06 3.34 2.99 3.65
Fund with Sales Charge (%) (POP) Before Shares Sold 5.97 3.21 2.73 3.50
Fund with Sales Charge (%) (POP) After Shares Sold 5.06 3.34 2.99 3.65
Quarter EndAs of 12/31/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 5.97 3.21 2.73 3.50
Fund without Sales Charge (%) (NAV) After Shares Sold 5.06 3.34 2.99 3.65
Fund with Sales Charge (%) (POP) Before Shares Sold 5.97 3.21 2.73 3.50
Fund with Sales Charge (%) (POP) After Shares Sold 5.06 3.34 2.99 3.65

Calendar Year Returns

2019 2018 2017 2016
Fund without Sales Charge (%) (NAV) 5.97 1.79 1.92 1.52
Fund with Sales Charge (%) (POP) 5.97 1.79 1.92 1.52
Bloomberg Barclays Municipal Bond Index (%) 7.54 1.28 5.45 0.25

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) 0.18 5.97 5.97 9.94 14.43 41.22 458.91
Fund with Sales Charge (%) (POP) 0.18 5.97 5.97 9.94 14.43 41.22 458.91
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) 0.18 5.97 5.97 9.94 14.43 41.22 458.91
Fund with Sales Charge (%) (POP) 0.18 5.97 5.97 9.94 14.43 41.22 458.91
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) 1.84
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 2.44 3.03 3.42
Sharpe Ratio 0.86
Information Ratio -1.47
Tracking Error 1.03

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

3 YR 5 YR 10 YR
Beta Bull 0.63
Beta Bear 0.27
Bull Bear Capture Ratio 0.89
% of Positive Months 66.67
Gains/Losses 3.17
Maximum Drawdown
1.33

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

Gross Expense Ratio 0.60%
Net Expense Ratio [further-information] 0.60%
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 0.69
Sharpe Ratio 0.86
Standard Deviation 1.84

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index