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 10/03/1988
Fund without Sales Charge (%) (NAV) 6.44 3.59 2.63 3.66 5.16
Fund with Sales Charge (%) (POP) 6.44 3.59 2.63 3.66 5.16
Bloomberg Barclays Municipal Bond Index (%) 7.54 4.73 3.53 4.34 5.83
Quarter EndAs of 12/31/2019 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 10/03/1988
Fund without Sales Charge (%) (NAV) 6.44 3.59 2.63 3.66 5.16
Fund with Sales Charge (%) (POP) 6.44 3.59 2.63 3.66 5.16
Bloomberg Barclays Municipal Bond Index (%) 7.54 4.73 3.53 4.34 5.83

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 6.44 3.59 2.63 3.66
Fund without Sales Charge (%) (NAV) After Shares Sold 5.18 3.53 2.81 3.69
Fund with Sales Charge (%) (POP) Before Shares Sold 6.44 3.59 2.63 3.66
Fund with Sales Charge (%) (POP) After Shares Sold 5.18 3.53 2.81 3.69
Quarter EndAs of 12/31/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 6.44 3.59 2.63 3.66
Fund without Sales Charge (%) (NAV) After Shares Sold 5.18 3.53 2.81 3.69
Fund with Sales Charge (%) (POP) Before Shares Sold 6.44 3.59 2.63 3.66
Fund with Sales Charge (%) (POP) After Shares Sold 5.18 3.53 2.81 3.69

Calendar Year Returns

2019 2018 2017
Fund without Sales Charge (%) (NAV) 6.44 1.33 3.07
Fund with Sales Charge (%) (POP) 6.44 1.33 3.07
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 10/03/1988
Fund without Sales Charge (%) (NAV) 0.28 6.44 6.44 11.17 13.86 43.26 381.22
Fund with Sales Charge (%) (POP) 0.28 6.44 6.44 11.17 13.86 43.26 381.22
Bloomberg Barclays Municipal Bond Index (%) 0.74 7.54 7.54 14.85 18.93 52.95 486.92
Quarter EndAs of 12/31/2019 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 10/03/1988
Fund without Sales Charge (%) (NAV) 0.28 6.44 6.44 11.17 13.86 43.26 381.22
Fund with Sales Charge (%) (POP) 0.28 6.44 6.44 11.17 13.86 43.26 381.22
Bloomberg Barclays Municipal Bond Index (%) 0.74 7.54 7.54 14.85 18.93 52.95 486.92

MODERN PORTFOLIO THEORY (MPT) STATISTICSAs of 12/31/2019 (updated monthly)

3 YR 5 YR 10 YR
Standard Deviation (Fund) 2.06 2.62 3.77
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 2.44 3.03 3.42
Alpha -0.48 -0.46 -0.91
Beta 0.78 0.80 1.05
Sharpe Ratio 0.93 0.58 0.80
Information Ratio -1.32 -0.88 -0.64
Tracking Error 0.89 1.10 1.21
R-Squared 0.88 0.87 0.90

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

3 YR 5 YR 10 YR
Beta Bull 0.71 0.71 1.01
Beta Bear 0.65 0.79 1.08
Bull Bear Capture Ratio 0.89 0.89 0.83
% of Positive Months 69.44 68.33 68.33
Gains/Losses 3.09 2.08 2.06
Maximum Drawdown
1.29 3.94 9.29

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

Gross Expense Ratio 0.61%
Net Expense Ratio [further-information] 0.58%
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 0.78
Sharpe Ratio 0.93
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