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 10/07/1983
Fund without Sales Charge (%) (NAV) 9.59 4.50 3.38 4.47 6.40
Fund with Sales Charge (%) (POP) 9.59 4.50 3.38 4.47 6.40
Bloomberg Barclays Municipal Bond Index (%) 9.46 5.32 4.01 4.51 6.67
Quarter EndAs of 12/31/2019 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 10/07/1983
Fund without Sales Charge (%) (NAV) 7.00 3.68 2.87 4.24 6.33
Fund with Sales Charge (%) (POP) 7.00 3.68 2.87 4.24 6.33
Bloomberg Barclays Municipal Bond Index (%) 7.54 4.73 3.53 4.34 6.61

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 9.59 4.50 3.38 4.47
Fund without Sales Charge (%) (NAV) After Shares Sold 7.10 4.28 3.44 4.38
Fund with Sales Charge (%) (POP) Before Shares Sold 9.59 4.50 3.38 4.47
Fund with Sales Charge (%) (POP) After Shares Sold 7.10 4.28 3.44 4.38
Quarter EndAs of 12/31/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 7.00 3.68 2.87 4.24
Fund without Sales Charge (%) (NAV) After Shares Sold 5.62 3.67 3.06 4.21
Fund with Sales Charge (%) (POP) Before Shares Sold 7.00 3.68 2.87 4.24
Fund with Sales Charge (%) (POP) After Shares Sold 5.62 3.67 3.06 4.21

Calendar Year Returns

2019 2018 2017
Fund without Sales Charge (%) (NAV) 7.00 0.75 3.40
Fund with Sales Charge (%) (POP) 7.00 0.75 3.40
Bloomberg Barclays Municipal Bond Index (%) 7.54 1.28 5.45

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 10/07/1983
Fund without Sales Charge (%) (NAV) 3.71 3.42 9.59 14.10 18.09 54.79 854.63
Fund with Sales Charge (%) (POP) 3.71 3.42 9.59 14.10 18.09 54.79 854.63
Bloomberg Barclays Municipal Bond Index (%) 3.42 3.11 9.46 16.83 21.75 55.38 948.73
Quarter EndAs of 12/31/2019 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 10/07/1983
Fund without Sales Charge (%) (NAV) 0.39 7.00 7.00 11.44 15.17 51.44 823.05
Fund with Sales Charge (%) (POP) 0.39 7.00 7.00 11.44 15.17 51.44 823.05
Bloomberg Barclays Municipal Bond Index (%) 0.74 7.54 7.54 14.85 18.93 52.95 917.11

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

3 YR 5 YR 10 YR
Standard Deviation (Fund) 2.41 2.58 3.74
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 2.60 3.01 3.46
Alpha -0.29 -0.10 -0.26
Beta 0.89 0.83 1.05
Sharpe Ratio 1.22 0.90 1.03
Information Ratio -1.07 -0.78 -0.06
Tracking Error 0.65 0.76 0.91
R-Squared 0.94 0.95 0.94

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

3 YR 5 YR 10 YR
Beta Bull 0.99 0.93 1.13
Beta Bear 0.86 0.74 1.03
Bull Bear Capture Ratio 1.04 1.01 0.97
% of Positive Months 69.44 71.67 71.67
Gains/Losses 4.13 2.79 2.51
Maximum Drawdown
1.25 3.97 8.28

SALES CHARGE, EXPENSES & FEES As of 09/01/2019 (updated annually)

Gross Expense Ratio 0.49%
Net Expense Ratio [further-information] 0.49%
Max Initial Sales Charge 0.00%
CDSC

Volatility Measures [further-information] As of 02/29/2020 Updated Monthly, based on a 3-year period

Beta 0.89
Sharpe Ratio 1.22
Standard Deviation 2.41

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index