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) 7.13 4.01 3.03 4.13 5.44
Fund with Sales Charge (%) (POP) 7.13 4.01 3.03 4.13 5.44
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) 7.13 4.01 3.03 4.13 5.44
Fund with Sales Charge (%) (POP) 7.13 4.01 3.03 4.13 5.44
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 7.13 4.01 3.03 4.13
Fund without Sales Charge (%) (NAV) After Shares Sold 5.57 3.87 3.13 4.10
Fund with Sales Charge (%) (POP) Before Shares Sold 7.13 4.01 3.03 4.13
Fund with Sales Charge (%) (POP) After Shares Sold 5.57 3.87 3.13 4.10
Quarter EndAs of 12/31/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 7.13 4.01 3.03 4.13
Fund without Sales Charge (%) (NAV) After Shares Sold 5.57 3.87 3.13 4.10
Fund with Sales Charge (%) (POP) Before Shares Sold 7.13 4.01 3.03 4.13
Fund with Sales Charge (%) (POP) After Shares Sold 5.57 3.87 3.13 4.10

Calendar Year Returns

2019 2018 2017
Fund without Sales Charge (%) (NAV) 7.13 0.83 4.15
Fund with Sales Charge (%) (POP) 7.13 0.83 4.15
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) 0.37 7.13 7.13 12.51 16.08 49.82 455.11
Fund with Sales Charge (%) (POP) 0.37 7.13 7.13 12.51 16.08 49.82 455.11
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) 0.37 7.13 7.13 12.51 16.08 49.82 455.11
Fund with Sales Charge (%) (POP) 0.37 7.13 7.13 12.51 16.08 49.82 455.11
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 2.68 3.81
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 2.44 3.03 3.42
Alpha -0.26 -0.18 -0.53
Beta 0.85 0.85 1.07
Sharpe Ratio 1.09 0.72 0.91
Information Ratio -1.13 -0.66 -0.28
Tracking Error 0.65 0.86 1.11
R-Squared 0.94 0.93 0.92

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

3 YR 5 YR 10 YR
Beta Bull 0.90 0.91 1.12
Beta Bear 0.88 0.77 1.08
Bull Bear Capture Ratio 1.02 0.98 0.92
% of Positive Months 72.22 70.00 68.33
Gains/Losses 3.70 2.35 2.30
Maximum Drawdown
1.46 3.99 8.45

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

Gross Expense Ratio 0.55%
Net Expense Ratio [further-information] 0.53%
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 0.85
Sharpe Ratio 1.09
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