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) 6.94 3.84 2.95 3.84 5.42
Fund with Sales Charge (%) (POP) 6.94 3.84 2.95 3.84 5.42
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) 6.94 3.84 2.95 3.84 5.42
Fund with Sales Charge (%) (POP) 6.94 3.84 2.95 3.84 5.42
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 6.94 3.84 2.95 3.84
Fund without Sales Charge (%) (NAV) After Shares Sold 5.47 3.73 3.07 3.84
Fund with Sales Charge (%) (POP) Before Shares Sold 6.94 3.84 2.95 3.84
Fund with Sales Charge (%) (POP) After Shares Sold 5.47 3.73 3.07 3.84
Quarter EndAs of 12/31/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 6.94 3.84 2.95 3.84
Fund without Sales Charge (%) (NAV) After Shares Sold 5.47 3.73 3.07 3.84
Fund with Sales Charge (%) (POP) Before Shares Sold 6.94 3.84 2.95 3.84
Fund with Sales Charge (%) (POP) After Shares Sold 5.47 3.73 3.07 3.84

Calendar Year Returns

2019 2018 2017
Fund without Sales Charge (%) (NAV) 6.94 1.25 3.41
Fund with Sales Charge (%) (POP) 6.94 1.25 3.41
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) 0.29 6.94 6.94 11.97 15.65 45.81 450.24
Fund with Sales Charge (%) (POP) 0.29 6.94 6.94 11.97 15.65 45.81 450.24
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) 0.29 6.94 6.94 11.97 15.65 45.81 450.24
Fund with Sales Charge (%) (POP) 0.29 6.94 6.94 11.97 15.65 45.81 450.24
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) 2.18 2.70 3.66
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 2.44 3.03 3.42
Alpha -0.44 -0.25 -0.63
Beta 0.86 0.87 1.04
Sharpe Ratio 1.01 0.71 0.89
Information Ratio -1.51 -0.83 -0.56
Tracking Error 0.59 0.71 0.91
R-Squared 0.95 0.95 0.94

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

3 YR 5 YR 10 YR
Beta Bull 0.89 0.94 1.06
Beta Bear 0.55 0.81 1.05
Bull Bear Capture Ratio 0.92 0.96 0.89
% of Positive Months 69.44 70.00 68.33
Gains/Losses 3.33 2.34 2.23
Maximum Drawdown
1.34 4.18 8.42

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

Gross Expense Ratio 0.61%
Net Expense Ratio [further-information] 0.59%
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 0.86
Sharpe Ratio 1.01
Standard Deviation 2.18

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index