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) 5.32 2.33 1.72 2.57 3.87
Fund with Sales Charge (%) (POP) 4.32 2.33 1.72 2.57 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) 5.32 2.33 1.72 2.57 3.87
Fund with Sales Charge (%) (POP) 4.32 2.33 1.72 2.57 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 5.32 2.33 1.72 2.57
Fund without Sales Charge (%) (NAV) After Shares Sold 4.10 2.36 1.93 2.67
Fund with Sales Charge (%) (POP) Before Shares Sold 4.32 2.33 1.72 2.57
Fund with Sales Charge (%) (POP) After Shares Sold 3.51 2.36 1.93 2.67
Quarter EndAs of 12/31/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 5.32 2.33 1.72 2.57
Fund without Sales Charge (%) (NAV) After Shares Sold 4.10 2.36 1.93 2.67
Fund with Sales Charge (%) (POP) Before Shares Sold 4.32 2.33 1.72 2.57
Fund with Sales Charge (%) (POP) After Shares Sold 3.51 2.36 1.93 2.67

Calendar Year Returns

2019 2018 2017 2016 2015 2014 2013 2012 2011 2010
Fund without Sales Charge (%) (NAV) 5.32 0.69 1.05 0.57 1.06 8.06 -7.26 6.37 10.63 0.36
Fund with Sales Charge (%) (POP) 4.32 -0.30 0.07 -0.40 0.08 7.06 -8.16 5.37 9.63 -0.61
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) 0.00 5.32 5.32 7.16 8.92 28.92 154.89
Fund with Sales Charge (%) (POP) -0.99 4.32 4.32 7.16 8.92 28.92 154.89
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) 0.00 5.32 5.32 7.16 8.92 28.92 154.89
Fund with Sales Charge (%) (POP) -0.99 4.32 4.32 7.16 8.92 28.92 154.89
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) 1.95 2.29 3.51
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 2.44 3.03 3.42
Sharpe Ratio 0.36 0.30 0.58
Information Ratio -2.26 -1.48 -1.41
Tracking Error 1.06 1.22 1.25

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

3 YR 5 YR 10 YR
Beta Bull 0.65 0.68 0.98
Beta Bear 0.58 0.66 0.95
Bull Bear Capture Ratio 0.66 0.75 0.72
% of Positive Months 66.67 68.33 67.50
Gains/Losses 2.25 1.79 1.79
Maximum Drawdown
1.89 3.46 9.30

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 0.36
Standard Deviation 1.95

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index