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) 9.19 4.48 3.22 3.66 5.64
Fund with Sales Charge (%) (POP) 5.10 3.16 2.44 3.27 5.53
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) 7.20 3.76 2.66 3.45 5.58
Fund with Sales Charge (%) (POP) 3.18 2.45 1.87 3.06 5.46
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 9.19 4.48 3.22 3.66
Fund without Sales Charge (%) (NAV) After Shares Sold 6.56 4.12 3.19 3.63
Fund with Sales Charge (%) (POP) Before Shares Sold 5.10 3.16 2.43 3.26
Fund with Sales Charge (%) (POP) After Shares Sold 4.10 3.09 2.57 3.31
Quarter EndAs of 12/31/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 7.20 3.76 2.66 3.45
Fund without Sales Charge (%) (NAV) After Shares Sold 5.40 3.59 2.77 3.48
Fund with Sales Charge (%) (POP) Before Shares Sold 3.17 2.45 1.87 3.05
Fund with Sales Charge (%) (POP) After Shares Sold 2.98 2.56 2.15 3.16

Calendar Year Returns

2019 2018
Fund without Sales Charge (%) (NAV) 7.20 0.87
Fund with Sales Charge (%) (POP) 3.18 -2.91
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) 3.27 3.04 9.19 14.06 17.18 43.27 579.41
Fund with Sales Charge (%) (POP) -0.60 -0.82 5.10 9.79 12.78 37.90 553.93
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) 0.37 7.20 7.20 11.71 14.00 40.40 559.34
Fund with Sales Charge (%) (POP) -3.39 3.18 3.18 7.52 9.73 35.13 534.61
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) 2.46 2.60 3.38
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 2.60 3.01 3.46
Alpha -0.46 -0.19 -0.50
Beta 0.90 0.80 0.92
Sharpe Ratio 1.14 0.82 0.91
Information Ratio -1.22 -0.70 -0.72
Tracking Error 0.68 1.13 1.17
R-Squared 0.93 0.86 0.89

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

3 YR 5 YR 10 YR
Beta Bull 0.98 0.88 0.92
Beta Bear 0.89 0.68 0.92
Bull Bear Capture Ratio 0.96 0.97 0.90
% of Positive Months 72.22 71.67 70.00
Gains/Losses 3.73 2.52 2.28
Maximum Drawdown
1.50 3.74 7.72

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

Gross Expense Ratio 0.83%
Net Expense Ratio [further-information] 0.83%
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 0.90
Sharpe Ratio 1.14
Standard Deviation 2.46

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index