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) 6.78 3.55 2.91 3.70 5.46
Fund with Sales Charge (%) (POP) 6.78 3.55 2.91 3.70 5.46
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) 6.78 3.55 2.91 3.70 5.46
Fund with Sales Charge (%) (POP) 6.78 3.55 2.91 3.70 5.46
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 6.78 3.55 2.91 3.70
Fund without Sales Charge (%) (NAV) After Shares Sold 5.34 3.48 3.02 3.72
Fund with Sales Charge (%) (POP) Before Shares Sold 6.78 3.55 2.91 3.70
Fund with Sales Charge (%) (POP) After Shares Sold 5.34 3.48 3.02 3.72
Quarter EndAs of 12/31/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 6.78 3.55 2.91 3.70
Fund without Sales Charge (%) (NAV) After Shares Sold 5.34 3.48 3.02 3.72
Fund with Sales Charge (%) (POP) Before Shares Sold 6.78 3.55 2.91 3.70
Fund with Sales Charge (%) (POP) After Shares Sold 5.34 3.48 3.02 3.72

Calendar Year Returns

2019 2018 2017
Fund without Sales Charge (%) (NAV) 6.78 1.68 2.25
Fund with Sales Charge (%) (POP) 6.78 1.68 2.25
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) 0.27 6.78 6.78 11.02 15.42 43.76 458.03
Fund with Sales Charge (%) (POP) 0.27 6.78 6.78 11.02 15.42 43.76 458.03
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 6.78 6.78 11.02 15.42 43.76 458.03
Fund with Sales Charge (%) (POP) 0.27 6.78 6.78 11.02 15.42 43.76 458.03
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) 2.06 2.41 3.57
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 2.44 3.03 3.42
Alpha -0.49 -0.04 -0.63
Beta 0.77 0.74 0.98
Sharpe Ratio 0.91 0.75 0.86
Information Ratio -1.32 -0.60 -0.60
Tracking Error 0.92 1.15 1.22
R-Squared 0.86 0.88 0.88

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

3 YR 5 YR 10 YR
Beta Bull 0.74 0.83 1.03
Beta Bear 0.56 0.61 0.90
Bull Bear Capture Ratio 0.91 1.03 0.88
% of Positive Months 66.67 68.33 68.33
Gains/Losses 3.07 2.43 2.17
Maximum Drawdown
1.62 3.09 8.36

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

Gross Expense Ratio 0.55%
Net Expense Ratio [further-information] 0.54%
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 0.77
Sharpe Ratio 0.91
Standard Deviation 2.06

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index