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) 6.49 3.32 2.73 3.55 5.40
Fund with Sales Charge (%) (POP) 2.49 2.01 1.95 3.16 5.27
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) 6.49 3.32 2.73 3.55 5.40
Fund with Sales Charge (%) (POP) 2.49 2.01 1.95 3.16 5.27
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 6.49 3.32 2.73 3.55
Fund without Sales Charge (%) (NAV) After Shares Sold 5.05 3.26 2.85 3.58
Fund with Sales Charge (%) (POP) Before Shares Sold 2.49 2.01 1.95 3.16
Fund with Sales Charge (%) (POP) After Shares Sold 2.64 2.24 2.23 3.25
Quarter EndAs of 12/31/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 6.49 3.32 2.73 3.55
Fund without Sales Charge (%) (NAV) After Shares Sold 5.05 3.26 2.85 3.58
Fund with Sales Charge (%) (POP) Before Shares Sold 2.49 2.01 1.95 3.16
Fund with Sales Charge (%) (POP) After Shares Sold 2.64 2.24 2.23 3.25

Calendar Year Returns

2019 2018
Fund without Sales Charge (%) (NAV) 6.49 1.40
Fund with Sales Charge (%) (POP) 2.49 -2.91
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) 0.12 6.49 6.49 10.30 14.42 41.76 447.42
Fund with Sales Charge (%) (POP) -3.64 2.49 2.49 6.16 10.13 36.44 426.89
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) 0.12 6.49 6.49 10.30 14.42 41.76 447.42
Fund with Sales Charge (%) (POP) -3.64 2.49 2.49 6.16 10.13 36.44 426.89
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) 2.07 2.42 3.57
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 2.44 3.03 3.42
Alpha -0.69 -0.15 -0.69
Beta 0.78 0.74 0.98
Sharpe Ratio 0.82 0.70 0.84
Information Ratio -1.55 -0.70 -0.65
Tracking Error 0.90 1.14 1.21
R-Squared 0.87 0.88 0.88

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

3 YR 5 YR 10 YR
Beta Bull 0.76 0.83 1.04
Beta Bear 0.69 0.62 0.90
Bull Bear Capture Ratio 0.86 1.00 0.87
% of Positive Months 66.67 68.33 68.33
Gains/Losses 2.91 2.36 2.15
Maximum Drawdown
1.60 3.09 8.35

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 0.78
Sharpe Ratio 0.82
Standard Deviation 2.07

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index