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) 6.00 3.23 2.74 3.53 5.47
Fund with Sales Charge (%) (POP) 6.00 3.23 2.74 3.53 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) 6.00 3.23 2.74 3.53 5.47
Fund with Sales Charge (%) (POP) 6.00 3.23 2.74 3.53 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 6.00 3.23 2.74 3.52
Fund without Sales Charge (%) (NAV) After Shares Sold 5.10 3.36 3.00 3.67
Fund with Sales Charge (%) (POP) Before Shares Sold 6.00 3.23 2.74 3.52
Fund with Sales Charge (%) (POP) After Shares Sold 5.10 3.36 3.00 3.67
Quarter EndAs of 12/31/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 6.00 3.23 2.74 3.52
Fund without Sales Charge (%) (NAV) After Shares Sold 5.10 3.36 3.00 3.67
Fund with Sales Charge (%) (POP) Before Shares Sold 6.00 3.23 2.74 3.52
Fund with Sales Charge (%) (POP) After Shares Sold 5.10 3.36 3.00 3.67

Calendar Year Returns

2019 2018 2017
Fund without Sales Charge (%) (NAV) 6.00 1.81 1.92
Fund with Sales Charge (%) (POP) 6.00 1.81 1.92
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) 0.19 6.00 6.00 10.00 14.50 41.46 459.32
Fund with Sales Charge (%) (POP) 0.19 6.00 6.00 10.00 14.50 41.46 459.32
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) 0.19 6.00 6.00 10.00 14.50 41.46 459.32
Fund with Sales Charge (%) (POP) 0.19 6.00 6.00 10.00 14.50 41.46 459.32
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) 1.81 2.38 3.45
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 2.44 3.03 3.42
Alpha -0.46 -0.13 -0.57
Beta 0.67 0.72 0.94
Sharpe Ratio 0.88 0.70 0.85
Information Ratio -1.42 -0.66 -0.64
Tracking Error 1.06 1.26 1.32
R-Squared 0.84 0.85 0.86

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

3 YR 5 YR 10 YR
Beta Bull 0.63 0.79 0.96
Beta Bear 0.35 0.63 0.89
Bull Bear Capture Ratio 0.94 1.01 0.88
% of Positive Months 66.67 66.67 70.00
Gains/Losses 3.21 2.39 2.20
Maximum Drawdown
1.28 3.33 9.32

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

Gross Expense Ratio 0.58%
Net Expense Ratio [further-information] 0.56%
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 0.67
Sharpe Ratio 0.88
Standard Deviation 1.81

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index