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) 6.27 3.25 2.56 3.69 5.29
Fund with Sales Charge (%) (POP) 2.28 1.94 1.78 3.30 5.16
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) 6.27 3.25 2.56 3.69 5.29
Fund with Sales Charge (%) (POP) 2.28 1.94 1.78 3.30 5.16
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 6.27 3.25 2.56 3.69
Fund without Sales Charge (%) (NAV) After Shares Sold 4.94 3.21 2.72 3.70
Fund with Sales Charge (%) (POP) Before Shares Sold 2.28 1.94 1.78 3.29
Fund with Sales Charge (%) (POP) After Shares Sold 2.53 2.19 2.10 3.37
Quarter EndAs of 12/31/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 6.27 3.25 2.56 3.69
Fund without Sales Charge (%) (NAV) After Shares Sold 4.94 3.21 2.72 3.70
Fund with Sales Charge (%) (POP) Before Shares Sold 2.28 1.94 1.78 3.29
Fund with Sales Charge (%) (POP) After Shares Sold 2.53 2.19 2.10 3.37

Calendar Year Returns

2019 2018
Fund without Sales Charge (%) (NAV) 6.27 0.59
Fund with Sales Charge (%) (POP) 2.28 -3.68
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) 0.49 6.27 6.27 10.07 13.49 43.69 428.96
Fund with Sales Charge (%) (POP) -3.28 2.28 2.28 5.94 9.23 38.30 409.13
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) 0.49 6.27 6.27 10.07 13.49 43.69 428.96
Fund with Sales Charge (%) (POP) -3.28 2.28 2.28 5.94 9.23 38.30 409.13
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) 2.03 2.40 3.58
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 2.44 3.03 3.42
Alpha -0.81 -0.32 -0.55
Beta 0.80 0.75 0.98
Sharpe Ratio 0.80 0.64 0.88
Information Ratio -2.04 -0.89 -0.52
Tracking Error 0.72 1.09 1.25
R-Squared 0.93 0.89 0.88

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

3 YR 5 YR 10 YR
Beta Bull 0.80 0.79 1.00
Beta Bear 0.58 0.63 0.94
Bull Bear Capture Ratio 0.83 0.93 0.89
% of Positive Months 72.22 71.67 71.67
Gains/Losses 2.99 2.22 2.21
Maximum Drawdown
1.39 3.35 7.94

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

Gross Expense Ratio 0.91%
Net Expense Ratio [further-information] 0.91%
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 0.80
Standard Deviation 2.03

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index