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 3.18 2.58 3.75 5.41
Fund with Sales Charge (%) (POP) 6.36 3.18 2.58 3.75 5.41
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 3.18 2.58 3.75 5.41
Fund with Sales Charge (%) (POP) 6.36 3.18 2.58 3.75 5.41
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 3.17 2.58 3.75
Fund without Sales Charge (%) (NAV) After Shares Sold 5.15 3.22 2.77 3.76
Fund with Sales Charge (%) (POP) Before Shares Sold 6.36 3.17 2.58 3.75
Fund with Sales Charge (%) (POP) After Shares Sold 5.15 3.22 2.77 3.76
Quarter EndAs of 12/31/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 6.36 3.17 2.58 3.75
Fund without Sales Charge (%) (NAV) After Shares Sold 5.15 3.22 2.77 3.76
Fund with Sales Charge (%) (POP) Before Shares Sold 6.36 3.17 2.58 3.75
Fund with Sales Charge (%) (POP) After Shares Sold 5.15 3.22 2.77 3.76

Calendar Year Returns

2019 2018 2017 2016
Fund without Sales Charge (%) (NAV) 6.36 0.67 2.58 1.24
Fund with Sales Charge (%) (POP) 6.36 0.67 2.58 1.24
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) 0.39 6.36 6.36 9.83 13.56 44.55 450.15
Fund with Sales Charge (%) (POP) 0.39 6.36 6.36 9.83 13.56 44.55 450.15
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) 0.39 6.36 6.36 9.83 13.56 44.55 450.15
Fund with Sales Charge (%) (POP) 0.39 6.36 6.36 9.83 13.56 44.55 450.15
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) 2.04
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 2.44 3.03 3.42
Sharpe Ratio 0.76
Information Ratio -2.11
Tracking Error 0.73

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

3 YR 5 YR 10 YR
Beta Bull 0.80
Beta Bear 0.72
Bull Bear Capture Ratio 0.82
% of Positive Months 72.22
Gains/Losses 2.94
Maximum Drawdown
1.34

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

Gross Expense Ratio 0.62%
Net Expense Ratio [further-information] 0.62%
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 0.80
Sharpe Ratio 0.76
Standard Deviation 2.04

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index