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 10/03/1988
Fund without Sales Charge (%) (NAV) 8.11 3.86 2.95 3.63 5.16
Fund with Sales Charge (%) (POP) 4.05 2.54 2.16 3.24 5.03
Bloomberg Barclays Municipal Bond Index (%) 9.46 5.32 4.01 4.51 5.90
Quarter EndAs of 12/31/2019 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 10/03/1988
Fund without Sales Charge (%) (NAV) 6.13 3.36 2.45 3.51 5.09
Fund with Sales Charge (%) (POP) 2.15 2.05 1.67 3.11 4.96
Bloomberg Barclays Municipal Bond Index (%) 7.54 4.73 3.53 4.34 5.83

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 8.11 3.86 2.95 3.63
Fund without Sales Charge (%) (NAV) After Shares Sold 6.00 3.66 3.00 3.62
Fund with Sales Charge (%) (POP) Before Shares Sold 4.05 2.55 2.16 3.24
Fund with Sales Charge (%) (POP) After Shares Sold 3.56 2.64 2.38 3.29
Quarter EndAs of 12/31/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 6.13 3.36 2.45 3.50
Fund without Sales Charge (%) (NAV) After Shares Sold 4.87 3.31 2.63 3.54
Fund with Sales Charge (%) (POP) Before Shares Sold 2.16 2.06 1.67 3.11
Fund with Sales Charge (%) (POP) After Shares Sold 2.47 2.28 2.02 3.21

Calendar Year Returns

2019 2018
Fund without Sales Charge (%) (NAV) 6.13 1.15
Fund with Sales Charge (%) (POP) 2.15 -2.64
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 10/03/1988
Fund without Sales Charge (%) (NAV) 3.00 2.86 8.11 12.03 15.62 42.86 385.31
Fund with Sales Charge (%) (POP) -0.86 -1.00 4.05 7.83 11.29 37.50 367.11
Bloomberg Barclays Municipal Bond Index (%) 3.42 3.11 9.46 16.83 21.75 55.38 505.17
Quarter EndAs of 12/31/2019 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 10/03/1988
Fund without Sales Charge (%) (NAV) 0.20 6.13 6.13 10.43 12.86 41.13 371.81
Fund with Sales Charge (%) (POP) -3.56 2.15 2.15 6.29 8.63 35.84 354.12
Bloomberg Barclays Municipal Bond Index (%) 0.74 7.54 7.54 14.85 18.93 52.95 486.92

MODERN PORTFOLIO THEORY (MPT) STATISTICSAs of 02/29/2020 (updated monthly)

3 YR 5 YR 10 YR
Standard Deviation (Fund) 2.25 2.60 3.80
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 2.60 3.01 3.46
Alpha -0.72 -0.47 -0.99
Beta 0.81 0.80 1.04
Sharpe Ratio 0.97 0.72 0.80
Information Ratio -1.68 -0.97 -0.72
Tracking Error 0.87 1.10 1.21
R-Squared 0.90 0.87 0.90

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

3 YR 5 YR 10 YR
Beta Bull 0.77 0.72 1.00
Beta Bear 0.52 0.78 1.07
Bull Bear Capture Ratio 0.83 0.88 0.82
% of Positive Months 69.44 70.00 68.33
Gains/Losses 3.14 2.32 2.08
Maximum Drawdown
1.31 3.94 9.28

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

Gross Expense Ratio 0.88%
Net Expense Ratio [further-information] 0.88%
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 2.25

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index