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) 8.39 4.23 3.21 3.74 5.30
Fund with Sales Charge (%) (POP) 4.33 2.91 2.43 3.34 5.18
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) 6.19 3.50 2.76 3.54 5.23
Fund with Sales Charge (%) (POP) 2.21 2.19 1.97 3.15 5.10
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 8.39 4.23 3.21 3.74
Fund without Sales Charge (%) (NAV) After Shares Sold 6.10 3.94 3.20 3.71
Fund with Sales Charge (%) (POP) Before Shares Sold 4.33 2.91 2.43 3.34
Fund with Sales Charge (%) (POP) After Shares Sold 3.65 2.91 2.58 3.38
Quarter EndAs of 12/31/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 6.19 3.50 2.76 3.54
Fund without Sales Charge (%) (NAV) After Shares Sold 4.84 3.41 2.87 3.57
Fund with Sales Charge (%) (POP) Before Shares Sold 2.21 2.19 1.97 3.15
Fund with Sales Charge (%) (POP) After Shares Sold 2.44 2.39 2.25 3.24

Calendar Year Returns

2019 2018
Fund without Sales Charge (%) (NAV) 6.19 0.67
Fund with Sales Charge (%) (POP) 2.21 -3.11
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) 3.36 3.13 8.39 13.23 17.14 44.33 435.50
Fund with Sales Charge (%) (POP) -0.52 -0.73 4.33 8.98 12.74 38.92 415.42
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) 0.29 6.19 6.19 10.88 14.56 41.61 419.23
Fund with Sales Charge (%) (POP) -3.47 2.21 2.21 6.72 10.27 36.30 399.76
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) 2.34 2.64 3.74
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 2.60 3.01 3.46
Alpha -0.60 -0.38 -0.92
Beta 0.88 0.86 1.05
Sharpe Ratio 1.09 0.80 0.85
Information Ratio -1.85 -1.20 -0.84
Tracking Error 0.59 0.67 0.91
R-Squared 0.96 0.96 0.94

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

3 YR 5 YR 10 YR
Beta Bull 0.94 0.91 1.08
Beta Bear 0.89 0.82 1.05
Bull Bear Capture Ratio 0.93 0.93 0.84
% of Positive Months 69.44 71.67 66.67
Gains/Losses 3.66 2.57 2.16
Maximum Drawdown
1.38 4.17 9.55

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

Gross Expense Ratio 0.80%
Net Expense Ratio [further-information] 0.80%
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 0.88
Sharpe Ratio 1.09
Standard Deviation 2.34

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index