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 09/01/1987
Fund without Sales Charge (%) (NAV) 8.27 3.77 2.90 3.89 5.45
Fund with Sales Charge (%) (POP) 4.21 2.46 2.12 3.49 5.32
Bloomberg Barclays Municipal Bond Index (%) 9.46 5.32 4.01 4.51 5.98
Quarter EndAs of 12/31/2019 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 09/01/1987
Fund without Sales Charge (%) (NAV) 6.09 3.00 2.46 3.70 5.38
Fund with Sales Charge (%) (POP) 2.11 1.70 1.68 3.31 5.26
Bloomberg Barclays Municipal Bond Index (%) 7.54 4.73 3.53 4.34 5.91

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 8.27 3.77 2.90 3.89
Fund without Sales Charge (%) (NAV) After Shares Sold 6.13 3.62 2.98 3.84
Fund with Sales Charge (%) (POP) Before Shares Sold 4.21 2.46 2.12 3.49
Fund with Sales Charge (%) (POP) After Shares Sold 3.68 2.60 2.36 3.51
Quarter EndAs of 12/31/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 6.09 3.00 2.46 3.70
Fund without Sales Charge (%) (NAV) After Shares Sold 4.88 3.05 2.66 3.71
Fund with Sales Charge (%) (POP) Before Shares Sold 2.11 1.70 1.68 3.31
Fund with Sales Charge (%) (POP) After Shares Sold 2.48 2.04 2.05 3.38

Calendar Year Returns

2019 2018
Fund without Sales Charge (%) (NAV) 6.09 0.53
Fund with Sales Charge (%) (POP) 2.11 -3.24
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 09/01/1987
Fund without Sales Charge (%) (NAV) 3.17 2.94 8.27 11.75 15.39 46.44 460.48
Fund with Sales Charge (%) (POP) -0.70 -0.92 4.21 7.56 11.06 40.95 439.47
Bloomberg Barclays Municipal Bond Index (%) 3.42 3.11 9.46 16.83 21.75 55.38 560.45
Quarter EndAs of 12/31/2019 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 09/01/1987
Fund without Sales Charge (%) (NAV) 0.33 6.09 6.09 9.28 12.94 43.85 444.50
Fund with Sales Charge (%) (POP) -3.43 2.11 2.11 5.18 8.71 38.46 424.08
Bloomberg Barclays Municipal Bond Index (%) 0.74 7.54 7.54 14.85 18.93 52.95 540.53

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

3 YR 5 YR 10 YR
Standard Deviation (Fund) 2.27 2.44 3.78
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 2.60 3.01 3.46
Alpha -0.90 -0.45 -0.78
Beta 0.83 0.78 1.05
Sharpe Ratio 0.92 0.74 0.88
Information Ratio -2.12 -1.19 -0.57
Tracking Error 0.73 0.93 1.07
R-Squared 0.93 0.93 0.92

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

3 YR 5 YR 10 YR
Beta Bull 0.85 0.83 1.09
Beta Bear 0.67 0.69 1.05
Bull Bear Capture Ratio 0.82 0.91 0.87
% of Positive Months 69.44 73.33 70.83
Gains/Losses 3.19 2.46 2.22
Maximum Drawdown
1.38 3.61 9.03

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

Gross Expense Ratio 0.87%
Net Expense Ratio [further-information] 0.87%
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 0.83
Sharpe Ratio 0.92
Standard Deviation 2.27

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index