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 05/01/1995
Fund without Sales Charge (%) (NAV) 5.81 2.90 1.96 2.97 3.92
Fund with Sales Charge (%) (POP) 4.81 2.90 1.96 2.97 3.92
Bloomberg Barclays Municipal Bond Index (%) 7.54 4.73 3.53 4.34 5.19
Quarter EndAs of 12/31/2019 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 05/01/1995
Fund without Sales Charge (%) (NAV) 5.81 2.90 1.96 2.97 3.92
Fund with Sales Charge (%) (POP) 4.81 2.90 1.96 2.97 3.92
Bloomberg Barclays Municipal Bond Index (%) 7.54 4.73 3.53 4.34 5.19

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 5.81 2.90 1.96 2.97
Fund without Sales Charge (%) (NAV) After Shares Sold 4.50 2.82 2.13 2.98
Fund with Sales Charge (%) (POP) Before Shares Sold 4.81 2.90 1.96 2.97
Fund with Sales Charge (%) (POP) After Shares Sold 3.91 2.82 2.13 2.98
Quarter EndAs of 12/31/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 5.81 2.90 1.96 2.97
Fund without Sales Charge (%) (NAV) After Shares Sold 4.50 2.82 2.13 2.98
Fund with Sales Charge (%) (POP) Before Shares Sold 4.81 2.90 1.96 2.97
Fund with Sales Charge (%) (POP) After Shares Sold 3.91 2.82 2.13 2.98

Calendar Year Returns

2019 2018 2017 2016 2015 2014 2013 2012 2011 2010
Fund without Sales Charge (%) (NAV) 5.81 0.62 2.34 0.57 0.57 9.75 -6.38 5.68 10.24 1.57
Fund with Sales Charge (%) (POP) 4.81 -0.36 1.34 -0.41 -0.40 8.75 -7.30 4.68 9.24 0.59
Bloomberg Barclays Municipal Bond Index (%) 7.54 1.28 5.45 0.25 3.30 9.05 -2.55 6.78 10.70 2.38

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 05/01/1995
Fund without Sales Charge (%) (NAV) 0.20 5.81 5.81 8.95 10.20 33.97 158.15
Fund with Sales Charge (%) (POP) -0.80 4.81 4.81 8.95 10.20 33.97 158.15
Bloomberg Barclays Municipal Bond Index (%) 0.74 7.54 7.54 14.85 18.93 52.95 248.63
Quarter EndAs of 12/31/2019 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 05/01/1995
Fund without Sales Charge (%) (NAV) 0.20 5.81 5.81 8.95 10.20 33.97 158.15
Fund with Sales Charge (%) (POP) -0.80 4.81 4.81 8.95 10.20 33.97 158.15
Bloomberg Barclays Municipal Bond Index (%) 0.74 7.54 7.54 14.85 18.93 52.95 248.63

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

3 YR 5 YR 10 YR
Standard Deviation (Fund) 2.04 2.60 3.75
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 2.44 3.03 3.42
Sharpe Ratio 0.62 0.36 0.65
Information Ratio -2.02 -1.37 -1.10
Tracking Error 0.90 1.14 1.25

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

3 YR 5 YR 10 YR
Beta Bull 0.72 0.70 0.99
Beta Bear 0.67 0.79 1.07
Bull Bear Capture Ratio 0.75 0.76 0.75
% of Positive Months 69.44 68.33 67.50
Gains/Losses 2.61 1.78 1.85
Maximum Drawdown
1.42 4.01 9.68

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

Gross Expense Ratio 1.28%
Net Expense Ratio [further-information] 1.28%
Max Initial Sales Charge 0.00%
CDSC 1.00%

Volatility Measures [further-information] As of 12/31/2019 Updated Monthly, based on a 3-year period

Sharpe Ratio 0.62
Standard Deviation 2.04

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index