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) 8.08 3.81 3.01 3.88 5.35
Fund with Sales Charge (%) (POP) 4.03 2.50 2.23 3.49 5.22
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) 6.27 3.25 2.56 3.69 5.29
Fund with Sales Charge (%) (POP) 2.28 1.94 1.78 3.30 5.16
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 8.08 3.81 3.01 3.88
Fund without Sales Charge (%) (NAV) After Shares Sold 5.99 3.62 3.05 3.84
Fund with Sales Charge (%) (POP) Before Shares Sold 4.03 2.50 2.23 3.49
Fund with Sales Charge (%) (POP) After Shares Sold 3.54 2.60 2.43 3.51
Quarter EndAs of 12/31/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 6.27 3.25 2.56 3.69
Fund without Sales Charge (%) (NAV) After Shares Sold 4.94 3.21 2.72 3.70
Fund with Sales Charge (%) (POP) Before Shares Sold 2.28 1.94 1.78 3.29
Fund with Sales Charge (%) (POP) After Shares Sold 2.53 2.19 2.10 3.37

Calendar Year Returns

2019 2018
Fund without Sales Charge (%) (NAV) 6.27 0.59
Fund with Sales Charge (%) (POP) 2.28 -3.18
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) 2.91 2.67 8.08 11.87 16.01 46.38 443.09
Fund with Sales Charge (%) (POP) -0.95 -1.18 4.03 7.68 11.66 40.89 422.72
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) 0.49 6.27 6.27 10.07 13.49 43.69 428.96
Fund with Sales Charge (%) (POP) -3.28 2.28 2.28 5.94 9.23 38.30 409.13
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) 2.20 2.33 3.60
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 2.60 3.01 3.46
Alpha -0.78 -0.20 -0.52
Beta 0.81 0.73 0.98
Sharpe Ratio 0.97 0.83 0.92
Information Ratio -2.08 -0.91 -0.50
Tracking Error 0.73 1.09 1.24
R-Squared 0.94 0.90 0.88

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

3 YR 5 YR 10 YR
Beta Bull 0.83 0.77 0.99
Beta Bear 0.58 0.62 0.94
Bull Bear Capture Ratio 0.85 0.97 0.89
% of Positive Months 72.22 73.33 71.67
Gains/Losses 3.33 2.61 2.27
Maximum Drawdown
1.39 3.35 7.94

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

Gross Expense Ratio 0.91%
Net Expense Ratio [further-information] 0.91%
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 0.81
Sharpe Ratio 0.97
Standard Deviation 2.20

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index