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) 7.50 3.38 2.66 3.29 5.33
Fund with Sales Charge (%) (POP) 3.47 2.07 1.88 2.90 5.21
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) 5.81 2.84 2.24 3.12 5.28
Fund with Sales Charge (%) (POP) 1.84 1.53 1.46 2.73 5.15
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 7.50 3.38 2.66 3.29
Fund without Sales Charge (%) (NAV) After Shares Sold 5.53 3.26 2.76 3.34
Fund with Sales Charge (%) (POP) Before Shares Sold 3.47 2.07 1.88 2.90
Fund with Sales Charge (%) (POP) After Shares Sold 3.10 2.24 2.14 3.02
Quarter EndAs of 12/31/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 5.81 2.84 2.24 3.12
Fund without Sales Charge (%) (NAV) After Shares Sold 4.57 2.87 2.45 3.23
Fund with Sales Charge (%) (POP) Before Shares Sold 1.84 1.53 1.46 2.73
Fund with Sales Charge (%) (POP) After Shares Sold 2.18 1.86 1.84 2.90

Calendar Year Returns

2019 2018
Fund without Sales Charge (%) (NAV) 5.81 1.21
Fund with Sales Charge (%) (POP) 1.84 -2.58
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) 2.75 2.62 7.50 10.47 14.02 38.23 441.27
Fund with Sales Charge (%) (POP) -1.10 -1.23 3.47 6.33 9.75 33.05 420.97
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) 0.09 5.81 5.81 8.75 11.70 35.97 427.45
Fund with Sales Charge (%) (POP) -3.66 1.84 1.84 4.68 7.51 30.87 407.67
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) 2.10 2.24 3.53
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 2.60 3.01 3.46
Alpha -0.92 -0.42 -0.99
Beta 0.73 0.69 0.95
Sharpe Ratio 0.81 0.70 0.77
Information Ratio -1.85 -1.09 -0.96
Tracking Error 1.05 1.24 1.27
R-Squared 0.85 0.86 0.87

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

3 YR 5 YR 10 YR
Beta Bull 0.73 0.69 0.98
Beta Bear 0.50 0.62 0.94
Bull Bear Capture Ratio 0.82 0.92 0.82
% of Positive Months 66.67 71.67 70.00
Gains/Losses 3.02 2.44 2.06
Maximum Drawdown
1.55 3.21 9.03

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

Gross Expense Ratio 0.83%
Net Expense Ratio [further-information] 0.83%
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 0.73
Sharpe Ratio 0.81
Standard Deviation 2.10

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index