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) 6.56 3.93 3.20 3.87 5.72
Fund with Sales Charge (%) (POP) 2.56 2.62 2.41 3.48 5.61
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) 6.56 3.93 3.20 3.87 5.72
Fund with Sales Charge (%) (POP) 2.56 2.62 2.41 3.48 5.61
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 6.56 3.93 3.20 3.87
Fund without Sales Charge (%) (NAV) After Shares Sold 5.07 3.71 3.18 3.81
Fund with Sales Charge (%) (POP) Before Shares Sold 2.56 2.62 2.41 3.48
Fund with Sales Charge (%) (POP) After Shares Sold 2.66 2.68 2.56 3.48
Quarter EndAs of 12/31/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 6.56 3.93 3.20 3.87
Fund without Sales Charge (%) (NAV) After Shares Sold 5.07 3.71 3.18 3.81
Fund with Sales Charge (%) (POP) Before Shares Sold 2.56 2.62 2.41 3.48
Fund with Sales Charge (%) (POP) After Shares Sold 2.66 2.68 2.56 3.48

Calendar Year Returns

2019 2018
Fund without Sales Charge (%) (NAV) 6.56 0.68
Fund with Sales Charge (%) (POP) 2.56 -3.59
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 6.56 6.56 12.27 17.06 46.23 591.23
Fund with Sales Charge (%) (POP) -3.41 2.56 2.56 8.06 12.67 40.74 565.31
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 6.56 6.56 12.27 17.06 46.23 591.23
Fund with Sales Charge (%) (POP) -3.41 2.56 2.56 8.06 12.67 40.74 565.31
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) 2.30 2.74 3.75
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 2.44 3.03 3.42
Alpha -0.52 -0.04 -0.68
Beta 0.92 0.89 1.07
Sharpe Ratio 1.01 0.79 0.89
Information Ratio -1.66 -0.51 -0.50
Tracking Error 0.47 0.64 0.93
R-Squared 0.96 0.96 0.94

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

3 YR 5 YR 10 YR
Beta Bull 0.95 1.00 1.13
Beta Bear 0.95 0.76 1.01
Bull Bear Capture Ratio 0.90 1.01 0.88
% of Positive Months 72.22 70.00 70.00
Gains/Losses 3.29 2.44 2.24
Maximum Drawdown
1.68 3.99 8.66

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

Gross Expense Ratio 0.80%
Net Expense Ratio [further-information] 0.80%
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 0.92
Sharpe Ratio 1.01
Standard Deviation 2.30

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index