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) 6.91 3.80 2.79 3.71 5.63
Fund with Sales Charge (%) (POP) 6.91 3.80 2.79 3.71 5.63
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) 6.91 3.80 2.79 3.71 5.63
Fund with Sales Charge (%) (POP) 6.91 3.80 2.79 3.71 5.63
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 6.91 3.80 2.79 3.71
Fund without Sales Charge (%) (NAV) After Shares Sold 5.30 3.61 2.85 3.65
Fund with Sales Charge (%) (POP) Before Shares Sold 6.91 3.80 2.79 3.71
Fund with Sales Charge (%) (POP) After Shares Sold 5.30 3.61 2.85 3.65
Quarter EndAs of 12/31/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 6.91 3.80 2.79 3.71
Fund without Sales Charge (%) (NAV) After Shares Sold 5.30 3.61 2.85 3.65
Fund with Sales Charge (%) (POP) Before Shares Sold 6.91 3.80 2.79 3.71
Fund with Sales Charge (%) (POP) After Shares Sold 5.30 3.61 2.85 3.65

Calendar Year Returns

2019 2018 2017
Fund without Sales Charge (%) (NAV) 6.91 0.45 4.13
Fund with Sales Charge (%) (POP) 6.91 0.45 4.13
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 04/03/1985
Fund without Sales Charge (%) (NAV) 0.43 6.91 6.91 11.83 14.77 43.95 570.39
Fund with Sales Charge (%) (POP) 0.43 6.91 6.91 11.83 14.77 43.95 570.39
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) 0.43 6.91 6.91 11.83 14.77 43.95 570.39
Fund with Sales Charge (%) (POP) 0.43 6.91 6.91 11.83 14.77 43.95 570.39
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) 2.34 2.60 3.36
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 2.44 3.03 3.42
Alpha -0.78 -0.41 -0.58
Beta 0.94 0.84 0.97
Sharpe Ratio 0.89 0.64 0.91
Information Ratio -2.22 -1.21 -1.16
Tracking Error 0.45 0.68 0.64
R-Squared 0.97 0.97 0.97

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

3 YR 5 YR 10 YR
Beta Bull 0.96 0.92 1.05
Beta Bear 0.86 0.73 0.89
Bull Bear Capture Ratio 0.83 0.91 0.89
% of Positive Months 75.00 73.33 69.17
Gains/Losses 3.03 2.22 2.28
Maximum Drawdown
1.89 3.76 7.10

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

Gross Expense Ratio 0.56%
Net Expense Ratio [further-information] 0.53%
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 0.94
Sharpe Ratio 0.89
Standard Deviation 2.34

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index