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) 5.70 2.99 2.23 2.99 3.99
Fund with Sales Charge (%) (POP) 4.70 2.99 2.23 2.99 3.99
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) 5.70 2.99 2.23 2.99 3.99
Fund with Sales Charge (%) (POP) 4.70 2.99 2.23 2.99 3.99
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 5.70 2.99 2.23 2.99
Fund without Sales Charge (%) (NAV) After Shares Sold 4.37 2.89 2.34 3.01
Fund with Sales Charge (%) (POP) Before Shares Sold 4.70 2.99 2.23 2.99
Fund with Sales Charge (%) (POP) After Shares Sold 3.78 2.89 2.34 3.01
Quarter EndAs of 12/31/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 5.70 2.99 2.23 2.99
Fund without Sales Charge (%) (NAV) After Shares Sold 4.37 2.89 2.34 3.01
Fund with Sales Charge (%) (POP) Before Shares Sold 4.70 2.99 2.23 2.99
Fund with Sales Charge (%) (POP) After Shares Sold 3.78 2.89 2.34 3.01

Calendar Year Returns

2019 2018 2017 2016 2015 2014 2013 2012 2011 2010
Fund without Sales Charge (%) (NAV) 5.70 0.15 3.19 0.42 1.81 9.15 -6.79 6.28 10.47 0.61
Fund with Sales Charge (%) (POP) 4.70 -0.82 2.19 -0.56 0.82 8.15 -7.69 5.28 9.47 -0.36
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) 0.19 5.70 5.70 9.24 11.68 34.22 162.47
Fund with Sales Charge (%) (POP) -0.80 4.70 4.70 9.24 11.68 34.22 162.47
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) 0.19 5.70 5.70 9.24 11.68 34.22 162.47
Fund with Sales Charge (%) (POP) -0.80 4.70 4.70 9.24 11.68 34.22 162.47
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) 2.15 2.73 3.73
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 2.44 3.03 3.42
Sharpe Ratio 0.64 0.44 0.65
Information Ratio -3.02 -1.94 -1.45
Tracking Error 0.57 0.67 0.93

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

3 YR 5 YR 10 YR
Beta Bull 0.91 0.96 1.10
Beta Bear 0.86 0.83 1.05
Bull Bear Capture Ratio 0.75 0.80 0.75
% of Positive Months 66.67 66.67 65.00
Gains/Losses 2.69 1.93 1.88
Maximum Drawdown
1.75 4.25 9.96

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 0.64
Standard Deviation 2.15

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index