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) 7.20 3.76 2.66 3.45 5.58
Fund with Sales Charge (%) (POP) 3.18 2.45 1.87 3.06 5.46
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) 7.20 3.76 2.66 3.45 5.58
Fund with Sales Charge (%) (POP) 3.18 2.45 1.87 3.06 5.46
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 7.20 3.76 2.66 3.45
Fund without Sales Charge (%) (NAV) After Shares Sold 5.40 3.59 2.77 3.48
Fund with Sales Charge (%) (POP) Before Shares Sold 3.17 2.45 1.87 3.05
Fund with Sales Charge (%) (POP) After Shares Sold 2.98 2.56 2.15 3.16
Quarter EndAs of 12/31/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 7.20 3.76 2.66 3.45
Fund without Sales Charge (%) (NAV) After Shares Sold 5.40 3.59 2.77 3.48
Fund with Sales Charge (%) (POP) Before Shares Sold 3.17 2.45 1.87 3.05
Fund with Sales Charge (%) (POP) After Shares Sold 2.98 2.56 2.15 3.16

Calendar Year Returns

2019 2018
Fund without Sales Charge (%) (NAV) 7.20 0.87
Fund with Sales Charge (%) (POP) 3.18 -3.41
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 04/03/1985
Fund without Sales Charge (%) (NAV) 0.37 7.20 7.20 11.71 14.00 40.40 559.34
Fund with Sales Charge (%) (POP) -3.39 3.18 3.18 7.52 9.73 35.13 534.61
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) 0.37 7.20 7.20 11.71 14.00 40.40 559.34
Fund with Sales Charge (%) (POP) -3.39 3.18 3.18 7.52 9.73 35.13 534.61
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) 2.27 2.62 3.34
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 2.44 3.03 3.42
Alpha -0.57 -0.35 -0.54
Beta 0.88 0.80 0.92
Sharpe Ratio 0.94 0.62 0.87
Information Ratio -1.42 -0.77 -0.76
Tracking Error 0.68 1.13 1.17
R-Squared 0.92 0.87 0.88

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

3 YR 5 YR 10 YR
Beta Bull 0.96 0.85 0.92
Beta Bear 0.89 0.68 0.92
Bull Bear Capture Ratio 0.93 0.92 0.89
% of Positive Months 72.22 70.00 70.00
Gains/Losses 3.29 2.13 2.21
Maximum Drawdown
1.50 3.74 7.72

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

Gross Expense Ratio 0.83%
Net Expense Ratio [further-information] 0.83%
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 0.88
Sharpe Ratio 0.94
Standard Deviation 2.27

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index