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 04/03/1985
Fund without Sales Charge (%) (NAV) 8.97 4.52 3.30 3.88 5.69
Fund with Sales Charge (%) (POP) 8.97 4.52 3.30 3.88 5.69
Bloomberg Barclays Municipal Bond Index (%) 9.46 5.32 4.01 4.51 6.54
Quarter EndAs of 12/31/2019 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 04/03/1985
Fund without Sales Charge (%) (NAV) 6.91 3.80 2.79 3.71 5.63
Fund with Sales Charge (%) (POP) 6.91 3.80 2.79 3.71 5.63
Bloomberg Barclays Municipal Bond Index (%) 7.54 4.73 3.53 4.34 6.48

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 8.97 4.52 3.30 3.88
Fund without Sales Charge (%) (NAV) After Shares Sold 6.48 4.15 3.23 3.76
Fund with Sales Charge (%) (POP) Before Shares Sold 8.97 4.52 3.30 3.88
Fund with Sales Charge (%) (POP) After Shares Sold 6.48 4.15 3.23 3.76
Quarter EndAs of 12/31/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 6.91 3.80 2.79 3.71
Fund without Sales Charge (%) (NAV) After Shares Sold 5.30 3.61 2.85 3.65
Fund with Sales Charge (%) (POP) Before Shares Sold 6.91 3.80 2.79 3.71
Fund with Sales Charge (%) (POP) After Shares Sold 5.30 3.61 2.85 3.65

Calendar Year Returns

2019 2018 2017
Fund without Sales Charge (%) (NAV) 6.91 0.45 4.13
Fund with Sales Charge (%) (POP) 6.91 0.45 4.13
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 04/03/1985
Fund without Sales Charge (%) (NAV) 3.28 3.04 8.97 14.17 17.63 46.26 590.78
Fund with Sales Charge (%) (POP) 3.28 3.04 8.97 14.17 17.63 46.26 590.78
Bloomberg Barclays Municipal Bond Index (%) 3.42 3.11 9.46 16.83 21.75 55.38 812.79
Quarter EndAs of 12/31/2019 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 04/03/1985
Fund without Sales Charge (%) (NAV) 0.43 6.91 6.91 11.83 14.77 43.95 570.39
Fund with Sales Charge (%) (POP) 0.43 6.91 6.91 11.83 14.77 43.95 570.39
Bloomberg Barclays Municipal Bond Index (%) 0.74 7.54 7.54 14.85 18.93 52.95 785.26

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

3 YR 5 YR 10 YR
Standard Deviation (Fund) 2.53 2.59 3.40
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 2.60 3.01 3.46
Alpha -0.68 -0.32 -0.58
Beta 0.95 0.84 0.97
Sharpe Ratio 1.09 0.82 0.94
Information Ratio -1.96 -1.17 -1.15
Tracking Error 0.45 0.68 0.64
R-Squared 0.97 0.96 0.97

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

3 YR 5 YR 10 YR
Beta Bull 0.98 0.94 1.05
Beta Bear 0.86 0.72 0.89
Bull Bear Capture Ratio 0.86 0.94 0.90
% of Positive Months 75.00 75.00 69.17
Gains/Losses 3.42 2.60 2.34
Maximum Drawdown
1.89 3.76 7.10

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

Gross Expense Ratio 0.56%
Net Expense Ratio [further-information] 0.53%
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 0.95
Sharpe Ratio 1.09
Standard Deviation 2.53

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index