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) 6.60 3.56 2.61 3.55 5.57
Fund with Sales Charge (%) (POP) 2.60 2.25 1.83 3.16 5.45
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) 6.60 3.56 2.61 3.55 5.57
Fund with Sales Charge (%) (POP) 2.60 2.25 1.83 3.16 5.45
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 6.59 3.56 2.61 3.55
Fund without Sales Charge (%) (NAV) After Shares Sold 4.99 3.39 2.67 3.50
Fund with Sales Charge (%) (POP) Before Shares Sold 2.60 2.25 1.83 3.16
Fund with Sales Charge (%) (POP) After Shares Sold 2.58 2.36 2.06 3.17
Quarter EndAs of 12/31/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 6.59 3.56 2.61 3.55
Fund without Sales Charge (%) (NAV) After Shares Sold 4.99 3.39 2.67 3.50
Fund with Sales Charge (%) (POP) Before Shares Sold 2.60 2.25 1.83 3.16
Fund with Sales Charge (%) (POP) After Shares Sold 2.58 2.36 2.06 3.17

Calendar Year Returns

2019 2018
Fund without Sales Charge (%) (NAV) 6.60 0.26
Fund with Sales Charge (%) (POP) 2.60 -4.00
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) 0.35 6.60 6.60 11.08 13.76 41.80 556.46
Fund with Sales Charge (%) (POP) -3.41 2.60 2.60 6.91 9.49 36.48 531.85
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) 0.35 6.60 6.60 11.08 13.76 41.80 556.46
Fund with Sales Charge (%) (POP) -3.41 2.60 2.60 6.91 9.49 36.48 531.85
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 -0.94 -0.50 -0.63
Beta 0.94 0.84 0.97
Sharpe Ratio 0.83 0.61 0.89
Information Ratio -2.74 -1.36 -1.23
Tracking Error 0.42 0.67 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 0.97 0.92 1.04
Beta Bear 0.87 0.72 0.90
Bull Bear Capture Ratio 0.80 0.89 0.89
% of Positive Months 69.44 70.00 67.50
Gains/Losses 2.92 2.17 2.26
Maximum Drawdown
2.03 3.76 7.10

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 0.94
Sharpe Ratio 0.83
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