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 10/07/1983
Fund without Sales Charge (%) (NAV) 6.69 3.58 2.76 4.13 6.25
Fund with Sales Charge (%) (POP) 2.69 2.27 1.98 3.73 6.14
Bloomberg Barclays Municipal Bond Index (%) 7.54 4.73 3.53 4.34 6.61
Quarter EndAs of 12/31/2019 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 10/07/1983
Fund without Sales Charge (%) (NAV) 6.69 3.58 2.76 4.13 6.25
Fund with Sales Charge (%) (POP) 2.69 2.27 1.98 3.73 6.14
Bloomberg Barclays Municipal Bond Index (%) 7.54 4.73 3.53 4.34 6.61

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 6.69 3.58 2.76 4.13
Fund without Sales Charge (%) (NAV) After Shares Sold 5.31 3.58 2.96 4.11
Fund with Sales Charge (%) (POP) Before Shares Sold 2.69 2.27 1.98 3.73
Fund with Sales Charge (%) (POP) After Shares Sold 2.89 2.55 2.34 3.77
Quarter EndAs of 12/31/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 6.69 3.58 2.76 4.13
Fund without Sales Charge (%) (NAV) After Shares Sold 5.31 3.58 2.96 4.11
Fund with Sales Charge (%) (POP) Before Shares Sold 2.69 2.27 1.98 3.73
Fund with Sales Charge (%) (POP) After Shares Sold 2.89 2.55 2.34 3.77

Calendar Year Returns

2019 2018
Fund without Sales Charge (%) (NAV) 6.69 0.56
Fund with Sales Charge (%) (POP) 2.69 -3.71
Bloomberg Barclays Municipal Bond Index (%) 7.54 1.28

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 10/07/1983
Fund without Sales Charge (%) (NAV) 0.31 6.69 6.69 11.14 14.60 49.89 800.52
Fund with Sales Charge (%) (POP) -3.45 2.69 2.69 6.97 10.31 44.27 766.74
Bloomberg Barclays Municipal Bond Index (%) 0.74 7.54 7.54 14.85 18.93 52.95 917.11
Quarter EndAs of 12/31/2019 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 10/07/1983
Fund without Sales Charge (%) (NAV) 0.31 6.69 6.69 11.14 14.60 49.89 800.52
Fund with Sales Charge (%) (POP) -3.45 2.69 2.69 6.97 10.31 44.27 766.74
Bloomberg Barclays Municipal Bond Index (%) 0.74 7.54 7.54 14.85 18.93 52.95 917.11

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

3 YR 5 YR 10 YR
Standard Deviation (Fund) 2.16 2.61 3.70
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 2.44 3.03 3.42
Alpha -0.65 -0.35 -0.38
Beta 0.85 0.84 1.05
Sharpe Ratio 0.91 0.66 0.97
Information Ratio -1.80 -0.99 -0.22
Tracking Error 0.63 0.76 0.91
R-Squared 0.94 0.95 0.94

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

3 YR 5 YR 10 YR
Beta Bull 0.93 0.94 1.13
Beta Bear 0.74 0.73 1.03
Bull Bear Capture Ratio 0.91 0.94 0.95
% of Positive Months 69.44 70.00 71.67
Gains/Losses 3.31 2.27 2.40
Maximum Drawdown
1.30 3.98 8.29

SALES CHARGE, EXPENSES & FEES As of 09/01/2019 (updated annually)

Gross Expense Ratio 0.78%
Net Expense Ratio [further-information] 0.78%
Max Initial Sales Charge 3.75%
CDSC 0.75%

Volatility Measures [further-information] As of 12/31/2019 Updated Monthly, based on a 3-year period

Beta 0.85
Sharpe Ratio 0.91
Standard Deviation 2.16

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index