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 04/03/1985
Fund without Sales Charge (%) (NAV) 7.36 3.89 2.78 3.56 5.64
Fund with Sales Charge (%) (POP) 7.36 3.89 2.78 3.56 5.64
Bloomberg Barclays Municipal Bond Index (%) 7.54 4.73 3.53 4.34 6.48
Quarter EndAs of 12/31/2019 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 04/03/1985
Fund without Sales Charge (%) (NAV) 7.36 3.89 2.78 3.56 5.64
Fund with Sales Charge (%) (POP) 7.36 3.89 2.78 3.56 5.64
Bloomberg Barclays Municipal Bond Index (%) 7.54 4.73 3.53 4.34 6.48

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 7.36 3.90 2.78 3.56
Fund without Sales Charge (%) (NAV) After Shares Sold 5.61 3.73 2.89 3.59
Fund with Sales Charge (%) (POP) Before Shares Sold 7.36 3.90 2.78 3.56
Fund with Sales Charge (%) (POP) After Shares Sold 5.61 3.73 2.89 3.59
Quarter EndAs of 12/31/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 7.36 3.90 2.78 3.56
Fund without Sales Charge (%) (NAV) After Shares Sold 5.61 3.73 2.89 3.59
Fund with Sales Charge (%) (POP) Before Shares Sold 7.36 3.90 2.78 3.56
Fund with Sales Charge (%) (POP) After Shares Sold 5.61 3.73 2.89 3.59

Calendar Year Returns

2019 2018 2017 2016 2015 2014 2013 2012 2011 2010
Fund without Sales Charge (%) (NAV) 7.36 1.02 3.40 1.26 1.00 11.02 -5.04 6.19 10.04 0.42
Fund with Sales Charge (%) (POP) 7.36 1.02 3.40 1.26 1.00 11.02 -5.04 6.19 10.04 0.42
Bloomberg Barclays Municipal Bond Index (%) 7.54 1.28 5.45 0.25 3.30 9.05 -2.55 6.78 10.70 2.38

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 04/03/1985
Fund without Sales Charge (%) (NAV) 0.44 7.36 7.36 12.14 14.69 41.90 572.64
Fund with Sales Charge (%) (POP) 0.44 7.36 7.36 12.14 14.69 41.90 572.64
Bloomberg Barclays Municipal Bond Index (%) 0.74 7.54 7.54 14.85 18.93 52.95 785.26
Quarter EndAs of 12/31/2019 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 04/03/1985
Fund without Sales Charge (%) (NAV) 0.44 7.36 7.36 12.14 14.69 41.90 572.64
Fund with Sales Charge (%) (POP) 0.44 7.36 7.36 12.14 14.69 41.90 572.64
Bloomberg Barclays Municipal Bond Index (%) 0.74 7.54 7.54 14.85 18.93 52.95 785.26

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

3 YR 5 YR 10 YR
Standard Deviation (Fund) 2.23 2.60 3.33
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 2.44 3.03 3.42
Sharpe Ratio 1.02 0.67 0.90
Information Ratio -1.16 -0.66 -0.65
Tracking Error 0.71 1.13 1.18

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

3 YR 5 YR 10 YR
Beta Bull 0.91 0.83 0.91
Beta Bear 0.98 0.68 0.91
Bull Bear Capture Ratio 0.97 0.96 0.91
% of Positive Months 72.22 70.00 69.17
Gains/Losses 3.48 2.21 2.26
Maximum Drawdown
1.39 3.79 7.67

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

Gross Expense Ratio 0.58%
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

Sharpe Ratio 1.02
Standard Deviation 2.23

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index