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) 8.71 4.26 3.23 3.88 5.53
Fund with Sales Charge (%) (POP) 8.71 4.26 3.23 3.88 5.53
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) 6.78 3.55 2.91 3.70 5.46
Fund with Sales Charge (%) (POP) 6.78 3.55 2.91 3.70 5.46
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 8.71 4.26 3.23 3.88
Fund without Sales Charge (%) (NAV) After Shares Sold 6.44 4.01 3.25 3.85
Fund with Sales Charge (%) (POP) Before Shares Sold 8.71 4.26 3.23 3.88
Fund with Sales Charge (%) (POP) After Shares Sold 6.44 4.01 3.25 3.85
Quarter EndAs of 12/31/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 6.78 3.55 2.91 3.70
Fund without Sales Charge (%) (NAV) After Shares Sold 5.34 3.48 3.02 3.72
Fund with Sales Charge (%) (POP) Before Shares Sold 6.78 3.55 2.91 3.70
Fund with Sales Charge (%) (POP) After Shares Sold 5.34 3.48 3.02 3.72

Calendar Year Returns

2019 2018 2017
Fund without Sales Charge (%) (NAV) 6.78 1.68 2.25
Fund with Sales Charge (%) (POP) 6.78 1.68 2.25
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 09/01/1987
Fund without Sales Charge (%) (NAV) 3.15 2.99 8.71 13.35 17.24 46.26 474.72
Fund with Sales Charge (%) (POP) 3.15 2.99 8.71 13.35 17.24 46.26 474.72
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) 0.27 6.78 6.78 11.02 15.42 43.76 458.03
Fund with Sales Charge (%) (POP) 0.27 6.78 6.78 11.02 15.42 43.76 458.03
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) 2.27 2.35 3.61
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 2.60 3.01 3.46
Alpha -0.35 -0.02 -0.61
Beta 0.81 0.73 0.98
Sharpe Ratio 1.13 0.90 0.89
Information Ratio -1.17 -0.73 -0.58
Tracking Error 0.91 1.12 1.22
R-Squared 0.88 0.89 0.89

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

3 YR 5 YR 10 YR
Beta Bull 0.82 0.78 1.03
Beta Bear 0.56 0.61 0.90
Bull Bear Capture Ratio 0.96 1.03 0.88
% of Positive Months 66.67 70.00 68.33
Gains/Losses 3.51 2.74 2.23
Maximum Drawdown
1.62 3.09 8.36

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

Gross Expense Ratio 0.55%
Net Expense Ratio [further-information] 0.54%
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 0.81
Sharpe Ratio 1.13
Standard Deviation 2.27

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index