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) 7.18 3.47 2.75 3.57 5.47
Fund with Sales Charge (%) (POP) 3.16 2.16 1.96 3.18 5.35
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) 5.61 3.04 2.59 3.44 5.43
Fund with Sales Charge (%) (POP) 1.65 1.74 1.81 3.05 5.30
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 7.18 3.47 2.75 3.56
Fund without Sales Charge (%) (NAV) After Shares Sold 5.64 3.48 2.95 3.67
Fund with Sales Charge (%) (POP) Before Shares Sold 3.16 2.16 1.96 3.16
Fund with Sales Charge (%) (POP) After Shares Sold 3.20 2.46 2.33 3.35
Quarter EndAs of 12/31/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 5.61 3.04 2.59 3.43
Fund without Sales Charge (%) (NAV) After Shares Sold 4.75 3.18 2.85 3.59
Fund with Sales Charge (%) (POP) Before Shares Sold 1.65 1.74 1.81 3.04
Fund with Sales Charge (%) (POP) After Shares Sold 2.35 2.16 2.23 3.26

Calendar Year Returns

2019 2018
Fund without Sales Charge (%) (NAV) 5.61 1.84
Fund with Sales Charge (%) (POP) 1.65 -1.98
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) 2.46 2.38 7.18 10.76 14.51 42.03 465.27
Fund with Sales Charge (%) (POP) -1.38 -1.46 3.16 6.61 10.21 36.71 444.07
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 5.61 5.61 9.41 13.62 40.31 452.16
Fund with Sales Charge (%) (POP) -3.64 1.65 1.65 5.30 9.36 35.05 431.45
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) 1.97 2.25 3.47
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 2.60 3.01 3.46
Alpha -0.69 -0.35 -0.64
Beta 0.69 0.69 0.93
Sharpe Ratio 0.91 0.74 0.86
Information Ratio -1.71 -1.02 -0.71
Tracking Error 1.08 1.24 1.32
R-Squared 0.85 0.86 0.86

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

3 YR 5 YR 10 YR
Beta Bull 0.68 0.69 0.96
Beta Bear 0.23 0.61 0.88
Bull Bear Capture Ratio 0.87 0.93 0.87
% of Positive Months 66.67 68.33 70.00
Gains/Losses 3.32 2.51 2.22
Maximum Drawdown
1.40 3.33 9.31

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

Gross Expense Ratio 0.85%
Net Expense Ratio [further-information] 0.85%
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 0.69
Sharpe Ratio 0.91
Standard Deviation 1.97

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index