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) 6.09 3.00 2.46 3.70 5.38
Fund with Sales Charge (%) (POP) 2.11 1.70 1.68 3.31 5.26
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) 6.09 3.00 2.46 3.70 5.38
Fund with Sales Charge (%) (POP) 2.11 1.70 1.68 3.31 5.26
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 6.09 3.00 2.46 3.70
Fund without Sales Charge (%) (NAV) After Shares Sold 4.88 3.05 2.66 3.71
Fund with Sales Charge (%) (POP) Before Shares Sold 2.11 1.70 1.68 3.31
Fund with Sales Charge (%) (POP) After Shares Sold 2.48 2.04 2.05 3.38
Quarter EndAs of 12/31/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 6.09 3.00 2.46 3.70
Fund without Sales Charge (%) (NAV) After Shares Sold 4.88 3.05 2.66 3.71
Fund with Sales Charge (%) (POP) Before Shares Sold 2.11 1.70 1.68 3.31
Fund with Sales Charge (%) (POP) After Shares Sold 2.48 2.04 2.05 3.38

Calendar Year Returns

2019 2018
Fund without Sales Charge (%) (NAV) 6.09 0.53
Fund with Sales Charge (%) (POP) 2.11 -3.75
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) 0.33 6.09 6.09 9.28 12.94 43.85 444.50
Fund with Sales Charge (%) (POP) -3.43 2.11 2.11 5.18 8.71 38.46 424.08
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) 0.33 6.09 6.09 9.28 12.94 43.85 444.50
Fund with Sales Charge (%) (POP) -3.43 2.11 2.11 5.18 8.71 38.46 424.08
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) 2.06 2.53 3.75
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 2.44 3.03 3.42
Alpha -1.05 -0.55 -0.80
Beta 0.80 0.80 1.05
Sharpe Ratio 0.67 0.57 0.84
Information Ratio -2.30 -1.14 -0.59
Tracking Error 0.74 0.93 1.07
R-Squared 0.92 0.92 0.92

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

3 YR 5 YR 10 YR
Beta Bull 0.80 0.86 1.10
Beta Bear 0.67 0.70 1.05
Bull Bear Capture Ratio 0.77 0.88 0.87
% of Positive Months 69.44 71.67 70.83
Gains/Losses 2.75 2.11 2.16
Maximum Drawdown
1.38 3.61 9.03

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

Gross Expense Ratio 0.87%
Net Expense Ratio [further-information] 0.87%
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 0.80
Sharpe Ratio 0.67
Standard Deviation 2.06

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index