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) 6.44 3.33 2.35 3.43 4.04
Fund with Sales Charge (%) (POP) 5.44 3.33 2.35 3.43 4.04
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) 6.44 3.33 2.35 3.43 4.04
Fund with Sales Charge (%) (POP) 5.44 3.33 2.35 3.43 4.04
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 6.44 3.33 2.35 3.43
Fund without Sales Charge (%) (NAV) After Shares Sold 4.86 3.19 2.45 3.39
Fund with Sales Charge (%) (POP) Before Shares Sold 5.44 3.33 2.35 3.43
Fund with Sales Charge (%) (POP) After Shares Sold 4.27 3.19 2.45 3.39
Quarter EndAs of 12/31/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 6.44 3.33 2.35 3.43
Fund without Sales Charge (%) (NAV) After Shares Sold 4.86 3.19 2.45 3.39
Fund with Sales Charge (%) (POP) Before Shares Sold 5.44 3.33 2.35 3.43
Fund with Sales Charge (%) (POP) After Shares Sold 4.27 3.19 2.45 3.39

Calendar Year Returns

2019 2018 2017 2016 2015 2014 2013 2012 2011 2010
Fund without Sales Charge (%) (NAV) 6.44 0.15 3.50 0.43 1.36 10.42 -5.52 8.20 10.27 0.25
Fund with Sales Charge (%) (POP) 5.44 -0.83 2.50 -0.55 0.38 9.42 -6.44 7.20 9.27 -0.72
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 6.44 6.44 10.33 12.31 40.14 165.96
Fund with Sales Charge (%) (POP) -0.80 5.44 5.44 10.33 12.31 40.14 165.96
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 6.44 6.44 10.33 12.31 40.14 165.96
Fund with Sales Charge (%) (POP) -0.80 5.44 5.44 10.33 12.31 40.14 165.96
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) 2.14 2.69 3.82
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 2.44 3.03 3.42
Sharpe Ratio 0.80 0.49 0.76
Information Ratio -2.12 -1.35 -0.81
Tracking Error 0.65 0.87 1.11

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

3 YR 5 YR 10 YR
Beta Bull 0.88 0.92 1.13
Beta Bear 0.90 0.79 1.08
Bull Bear Capture Ratio 0.84 0.83 0.82
% of Positive Months 69.44 66.67 66.67
Gains/Losses 3.05 1.99 2.05
Maximum Drawdown
1.61 4.15 8.70

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

Gross Expense Ratio 1.21%
Net Expense Ratio [further-information] 1.21%
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 2.14

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index