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 09/01/1987
Fund without Sales Charge (%) (NAV) 6.40 3.38 2.70 3.86 5.48
Fund with Sales Charge (%) (POP) 2.41 2.07 1.92 3.46 5.35
Bloomberg Barclays Municipal Bond Index (%) 7.54 4.73 3.53 4.34 5.91
Quarter EndAs of 12/31/2019 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 09/01/1987
Fund without Sales Charge (%) (NAV) 6.40 3.38 2.70 3.86 5.48
Fund with Sales Charge (%) (POP) 2.41 2.07 1.92 3.46 5.35
Bloomberg Barclays Municipal Bond Index (%) 7.54 4.73 3.53 4.34 5.91

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 6.40 3.38 2.70 3.86
Fund without Sales Charge (%) (NAV) After Shares Sold 5.05 3.34 2.86 3.86
Fund with Sales Charge (%) (POP) Before Shares Sold 2.41 2.07 1.92 3.46
Fund with Sales Charge (%) (POP) After Shares Sold 2.64 2.32 2.24 3.53
Quarter EndAs of 12/31/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 6.40 3.38 2.70 3.86
Fund without Sales Charge (%) (NAV) After Shares Sold 5.05 3.34 2.86 3.86
Fund with Sales Charge (%) (POP) Before Shares Sold 2.41 2.07 1.92 3.46
Fund with Sales Charge (%) (POP) After Shares Sold 2.64 2.32 2.24 3.53

Calendar Year Returns

2019 2018
Fund without Sales Charge (%) (NAV) 6.40 1.04
Fund with Sales Charge (%) (POP) 2.41 -3.25
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 09/01/1987
Fund without Sales Charge (%) (NAV) 0.15 6.40 6.40 10.49 14.26 46.00 460.76
Fund with Sales Charge (%) (POP) -3.60 2.41 2.41 6.35 9.98 40.52 439.73
Bloomberg Barclays Municipal Bond Index (%) 0.74 7.54 7.54 14.85 18.93 52.95 540.53
Quarter EndAs of 12/31/2019 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 09/01/1987
Fund without Sales Charge (%) (NAV) 0.15 6.40 6.40 10.49 14.26 46.00 460.76
Fund with Sales Charge (%) (POP) -3.60 2.41 2.41 6.35 9.98 40.52 439.73
Bloomberg Barclays Municipal Bond Index (%) 0.74 7.54 7.54 14.85 18.93 52.95 540.53

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

3 YR 5 YR 10 YR
Standard Deviation (Fund) 2.16 2.58 3.86
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 2.44 3.03 3.42
Alpha -0.78 -0.33 -0.72
Beta 0.83 0.81 1.07
Sharpe Ratio 0.81 0.65 0.86
Information Ratio -1.64 -0.83 -0.39
Tracking Error 0.81 0.99 1.24
R-Squared 0.89 0.90 0.90

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

3 YR 5 YR 10 YR
Beta Bull 0.90 0.90 1.12
Beta Bear 0.62 0.73 1.09
Bull Bear Capture Ratio 0.87 0.95 0.89
% of Positive Months 66.67 66.67 68.33
Gains/Losses 2.95 2.24 2.21
Maximum Drawdown
1.38 3.67 8.99

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

Gross Expense Ratio 0.84%
Net Expense Ratio [further-information] 0.84%
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 0.83
Sharpe Ratio 0.81
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