Average Annual Total Returns [further-information] As of 02/29/2020

Month EndAs of 02/29/2020 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 04/03/1985
Fund without Sales Charge (%) (NAV) 9.29 4.59 3.56 4.01 5.58
Fund with Sales Charge (%) (POP) 5.19 3.27 2.77 3.61 5.46
Bloomberg Barclays Municipal Bond Index (%) 9.46 5.32 4.01 4.51 6.54
Quarter EndAs of 12/31/2019 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 04/03/1985
Fund without Sales Charge (%) (NAV) 6.64 3.67 2.95 3.74 5.50
Fund with Sales Charge (%) (POP) 2.64 2.35 2.16 3.34 5.39
Bloomberg Barclays Municipal Bond Index (%) 7.54 4.73 3.53 4.34 6.48

After-Tax Average Annual Total Returns [further-information] As of 02/29/2020

Month EndAs of 02/29/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 9.28 4.59 3.56 4.00
Fund without Sales Charge (%) (NAV) After Shares Sold 6.65 4.20 3.44 3.89
Fund with Sales Charge (%) (POP) Before Shares Sold 5.19 3.27 2.77 3.61
Fund with Sales Charge (%) (POP) After Shares Sold 4.19 3.16 2.82 3.56
Quarter EndAs of 12/31/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 6.64 3.67 2.95 3.73
Fund without Sales Charge (%) (NAV) After Shares Sold 5.13 3.51 2.98 3.69
Fund with Sales Charge (%) (POP) Before Shares Sold 2.65 2.35 2.16 3.34
Fund with Sales Charge (%) (POP) After Shares Sold 2.72 2.48 2.36 3.36

Calendar Year Returns

2019 2018
Fund without Sales Charge (%) (NAV) 6.64 -0.16
Fund with Sales Charge (%) (POP) 2.64 -3.90
Bloomberg Barclays Municipal Bond Index (%) 7.54 1.28

Cumulative Total Returns [further-information] As of 02/29/2020

Month EndAs of 02/29/2020 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 04/03/1985
Fund without Sales Charge (%) (NAV) 3.66 3.44 9.29 14.41 19.13 48.10 565.01
Fund with Sales Charge (%) (POP) -0.22 -0.44 5.19 10.12 14.66 42.55 540.07
Bloomberg Barclays Municipal Bond Index (%) 3.42 3.11 9.46 16.83 21.75 55.38 812.79
Quarter EndAs of 12/31/2019 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 04/03/1985
Fund without Sales Charge (%) (NAV) 0.22 6.64 6.64 11.41 15.63 44.31 542.92
Fund with Sales Charge (%) (POP) -3.54 2.64 2.64 7.23 11.29 38.90 518.81
Bloomberg Barclays Municipal Bond Index (%) 0.74 7.54 7.54 14.85 18.93 52.95 785.26

MODERN PORTFOLIO THEORY (MPT) STATISTICSAs of 02/29/2020 (updated monthly)

3 YR 5 YR 10 YR
Standard Deviation (Fund) 2.82 2.84 4.05
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 2.60 3.01 3.46
Alpha -0.89 -0.19 -0.97
Beta 1.06 0.91 1.13
Sharpe Ratio 1.03 0.87 0.85
Information Ratio -1.15 -0.57 -0.43
Tracking Error 0.63 0.79 1.15
R-Squared 0.95 0.93 0.93

ADDITIONAL RISK STATISTICSAs of 02/29/2020 (updated monthly)

3 YR 5 YR 10 YR
Beta Bull 1.12 1.06 1.17
Beta Bear 1.10 0.70 1.08
Bull Bear Capture Ratio 0.83 0.95 0.84
% of Positive Months 66.67 70.00 68.33
Gains/Losses 3.23 2.57 2.15
Maximum Drawdown
2.46 3.92 10.03

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

Gross Expense Ratio 0.86%
Net Expense Ratio [further-information] 0.86%
Max Initial Sales Charge 3.75%
CDSC 1.00%

Volatility Measures [further-information] As of 02/29/2020 Updated Monthly, based on a 3-year period

Beta 1.06
Sharpe Ratio 1.03
Standard Deviation 2.82

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index