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) 6.12 3.06 2.08 3.00 3.87
Fund with Sales Charge (%) (POP) 5.12 3.06 2.08 3.00 3.87
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) 6.12 3.06 2.08 3.00 3.87
Fund with Sales Charge (%) (POP) 5.12 3.06 2.08 3.00 3.87
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 6.11 3.06 2.08 3.00
Fund without Sales Charge (%) (NAV) After Shares Sold 4.53 2.88 2.14 2.93
Fund with Sales Charge (%) (POP) Before Shares Sold 5.11 3.06 2.08 3.00
Fund with Sales Charge (%) (POP) After Shares Sold 3.94 2.88 2.14 2.93
Quarter EndAs of 12/31/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 6.11 3.06 2.08 3.00
Fund without Sales Charge (%) (NAV) After Shares Sold 4.53 2.88 2.14 2.93
Fund with Sales Charge (%) (POP) Before Shares Sold 5.11 3.06 2.08 3.00
Fund with Sales Charge (%) (POP) After Shares Sold 3.94 2.88 2.14 2.93

Calendar Year Returns

2019 2018 2017 2016 2015 2014 2013 2012 2011 2010
Fund without Sales Charge (%) (NAV) 6.12 -0.24 3.40 -0.29 1.57 7.59 -4.26 6.04 10.31 0.63
Fund with Sales Charge (%) (POP) 5.12 -1.22 2.40 -1.27 0.58 6.59 -5.20 5.04 9.31 -0.34
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) 0.17 6.12 6.12 9.46 10.85 34.41 154.92
Fund with Sales Charge (%) (POP) -0.83 5.12 5.12 9.46 10.85 34.41 154.92
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) 0.17 6.12 6.12 9.46 10.85 34.41 154.92
Fund with Sales Charge (%) (POP) -0.83 5.12 5.12 9.46 10.85 34.41 154.92
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) 2.36 2.60 3.38
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 2.44 3.03 3.42
Sharpe Ratio 0.61 0.40 0.73
Information Ratio -3.90 -2.13 -2.06
Tracking Error 0.42 0.68 0.65

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

3 YR 5 YR 10 YR
Beta Bull 0.98 0.93 1.06
Beta Bear 0.96 0.73 0.90
Bull Bear Capture Ratio 0.70 0.78 0.79
% of Positive Months 66.67 65.00 62.50
Gains/Losses 2.53 1.88 2.00
Maximum Drawdown
2.44 3.93 7.50

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

Gross Expense Ratio 1.23%
Net Expense Ratio [further-information] 1.23%
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 0.61
Standard Deviation 2.36

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index