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 12/01/1986
Fund without Sales Charge (%) (NAV) 5.67 3.21 2.70 3.77 5.25
Fund with Sales Charge (%) (POP) 5.67 3.21 2.70 3.77 5.25
Bloomberg Barclays Municipal Bond Index (%) 7.54 4.73 3.53 4.34 5.79
Quarter EndAs of 12/31/2019 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 12/01/1986
Fund without Sales Charge (%) (NAV) 5.67 3.21 2.70 3.77 5.25
Fund with Sales Charge (%) (POP) 5.67 3.21 2.70 3.77 5.25
Bloomberg Barclays Municipal Bond Index (%) 7.54 4.73 3.53 4.34 5.79

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 5.67 3.21 2.70 3.77
Fund without Sales Charge (%) (NAV) After Shares Sold 4.82 3.33 2.94 3.84
Fund with Sales Charge (%) (POP) Before Shares Sold 5.67 3.21 2.70 3.77
Fund with Sales Charge (%) (POP) After Shares Sold 4.82 3.33 2.94 3.84
Quarter EndAs of 12/31/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 5.67 3.21 2.70 3.77
Fund without Sales Charge (%) (NAV) After Shares Sold 4.82 3.33 2.94 3.84
Fund with Sales Charge (%) (POP) Before Shares Sold 5.67 3.21 2.70 3.77
Fund with Sales Charge (%) (POP) After Shares Sold 4.82 3.33 2.94 3.84

Calendar Year Returns

2019 2018 2017
Fund without Sales Charge (%) (NAV) 5.67 1.53 2.49
Fund with Sales Charge (%) (POP) 5.67 1.53 2.49
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 12/01/1986
Fund without Sales Charge (%) (NAV) 0.20 5.67 5.67 9.95 14.26 44.75 442.84
Fund with Sales Charge (%) (POP) 0.20 5.67 5.67 9.95 14.26 44.75 442.84
Bloomberg Barclays Municipal Bond Index (%) 0.74 7.54 7.54 14.85 18.93 52.95 543.67
Quarter EndAs of 12/31/2019 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 12/01/1986
Fund without Sales Charge (%) (NAV) 0.20 5.67 5.67 9.95 14.26 44.75 442.84
Fund with Sales Charge (%) (POP) 0.20 5.67 5.67 9.95 14.26 44.75 442.84
Bloomberg Barclays Municipal Bond Index (%) 0.74 7.54 7.54 14.85 18.93 52.95 543.67

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

3 YR 5 YR 10 YR
Standard Deviation (Fund) 1.77 2.29 3.71
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 2.44 3.03 3.42
Alpha -0.49 -0.12 -0.68
Beta 0.67 0.70 1.01
Sharpe Ratio 0.89 0.71 0.84
Information Ratio -1.53 -0.69 -0.49
Tracking Error 0.99 1.25 1.34
R-Squared 0.88 0.86 0.87

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

3 YR 5 YR 10 YR
Beta Bull 0.72 0.76 1.08
Beta Bear 0.46 0.60 0.93
Bull Bear Capture Ratio 1.00 1.02 0.88
% of Positive Months 69.44 70.00 68.33
Gains/Losses 3.45 2.40 2.17
Maximum Drawdown
0.84 3.13 9.39

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

Gross Expense Ratio 0.57%
Net Expense Ratio [further-information] 0.54%
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 0.89
Standard Deviation 1.77

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index