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) 8.32 4.06 3.07 3.73 5.47
Fund with Sales Charge (%) (POP) 4.26 2.74 2.28 3.33 5.34
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) 6.49 3.32 2.73 3.55 5.40
Fund with Sales Charge (%) (POP) 2.49 2.01 1.95 3.16 5.27
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 8.32 4.06 3.07 3.73
Fund without Sales Charge (%) (NAV) After Shares Sold 6.09 3.81 3.09 3.70
Fund with Sales Charge (%) (POP) Before Shares Sold 4.26 2.74 2.28 3.33
Fund with Sales Charge (%) (POP) After Shares Sold 3.64 2.78 2.47 3.37
Quarter EndAs of 12/31/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 6.49 3.32 2.73 3.55
Fund without Sales Charge (%) (NAV) After Shares Sold 5.05 3.26 2.85 3.58
Fund with Sales Charge (%) (POP) Before Shares Sold 2.49 2.01 1.95 3.16
Fund with Sales Charge (%) (POP) After Shares Sold 2.64 2.24 2.23 3.25

Calendar Year Returns

2019 2018
Fund without Sales Charge (%) (NAV) 6.49 1.40
Fund with Sales Charge (%) (POP) 2.49 -2.40
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) 3.09 2.95 8.32 12.68 16.30 44.18 463.55
Fund with Sales Charge (%) (POP) -0.78 -0.91 4.26 8.45 11.94 38.77 442.42
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) 0.12 6.49 6.49 10.30 14.42 41.76 447.42
Fund with Sales Charge (%) (POP) -3.64 2.49 2.49 6.16 10.13 36.44 426.89
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) 2.29 2.35 3.61
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 2.60 3.01 3.46
Alpha -0.57 -0.15 -0.67
Beta 0.82 0.73 0.98
Sharpe Ratio 1.04 0.84 0.87
Information Ratio -1.42 -0.85 -0.64
Tracking Error 0.89 1.12 1.21
R-Squared 0.89 0.89 0.89

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

3 YR 5 YR 10 YR
Beta Bull 0.83 0.79 1.04
Beta Bear 0.69 0.62 0.90
Bull Bear Capture Ratio 0.91 0.99 0.87
% of Positive Months 66.67 70.00 68.33
Gains/Losses 3.33 2.66 2.21
Maximum Drawdown
1.60 3.09 8.35

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

Gross Expense Ratio 0.84%
Net Expense Ratio [further-information] 0.84%
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 0.82
Sharpe Ratio 1.04
Standard Deviation 2.29

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index