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) 6.23 3.44 2.69 3.31 4.13
Fund with Sales Charge (%) (POP) 5.23 3.44 2.69 3.31 4.13
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) 6.23 3.44 2.69 3.31 4.13
Fund with Sales Charge (%) (POP) 5.23 3.44 2.69 3.31 4.13
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 6.23 3.44 2.69 3.32
Fund without Sales Charge (%) (NAV) After Shares Sold 4.70 3.21 2.66 3.24
Fund with Sales Charge (%) (POP) Before Shares Sold 5.23 3.44 2.69 3.32
Fund with Sales Charge (%) (POP) After Shares Sold 4.11 3.21 2.66 3.24
Quarter EndAs of 12/31/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 6.23 3.44 2.69 3.32
Fund without Sales Charge (%) (NAV) After Shares Sold 4.70 3.21 2.66 3.24
Fund with Sales Charge (%) (POP) Before Shares Sold 5.23 3.44 2.69 3.32
Fund with Sales Charge (%) (POP) After Shares Sold 4.11 3.21 2.66 3.24

Calendar Year Returns

2019 2018 2017 2016 2015 2014 2013 2012 2011 2010
Fund without Sales Charge (%) (NAV) 6.23 0.09 4.09 0.37 2.78 9.61 -4.98 6.85 10.15 -1.01
Fund with Sales Charge (%) (POP) 5.23 -0.89 3.09 -0.61 1.79 8.61 -5.90 5.85 9.15 -1.97
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) 0.33 6.23 6.23 10.68 14.17 38.55 171.32
Fund with Sales Charge (%) (POP) -0.66 5.23 5.23 10.68 14.17 38.55 171.32
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) 0.33 6.23 6.23 10.68 14.17 38.55 171.32
Fund with Sales Charge (%) (POP) -0.66 5.23 5.23 10.68 14.17 38.55 171.32
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) 2.26 2.71 3.73
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 2.44 3.03 3.42
Sharpe Ratio 0.80 0.61 0.74
Information Ratio -2.68 -1.23 -1.08
Tracking Error 0.48 0.68 0.94

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

3 YR 5 YR 10 YR
Beta Bull 0.92 0.99 1.13
Beta Bear 0.93 0.73 0.98
Bull Bear Capture Ratio 0.79 0.89 0.80
% of Positive Months 72.22 66.67 65.83
Gains/Losses 2.88 2.13 2.01
Maximum Drawdown
2.06 4.16 9.02

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

Gross Expense Ratio 1.20%
Net Expense Ratio [further-information] 1.20%
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 0.80
Standard Deviation 2.26

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index