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) 8.69 4.40 3.36 3.87 5.36
Fund with Sales Charge (%) (POP) 8.69 4.40 3.36 3.87 5.36
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) 6.48 3.66 2.89 3.67 5.28
Fund with Sales Charge (%) (POP) 6.48 3.66 2.89 3.67 5.28
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 8.69 4.40 3.36 3.87
Fund without Sales Charge (%) (NAV) After Shares Sold 6.40 4.12 3.34 3.84
Fund with Sales Charge (%) (POP) Before Shares Sold 8.69 4.40 3.36 3.87
Fund with Sales Charge (%) (POP) After Shares Sold 6.40 4.12 3.34 3.84
Quarter EndAs of 12/31/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 6.48 3.66 2.89 3.67
Fund without Sales Charge (%) (NAV) After Shares Sold 5.14 3.57 3.01 3.70
Fund with Sales Charge (%) (POP) Before Shares Sold 6.48 3.66 2.89 3.67
Fund with Sales Charge (%) (POP) After Shares Sold 5.14 3.57 3.01 3.70

Calendar Year Returns

2019 2018 2017
Fund without Sales Charge (%) (NAV) 6.48 0.75 3.83
Fund with Sales Charge (%) (POP) 6.48 0.75 3.83
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) 3.43 3.18 8.69 13.78 17.95 46.24 445.36
Fund with Sales Charge (%) (POP) 3.43 3.18 8.69 13.78 17.95 46.24 445.36
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) 0.36 6.48 6.48 11.40 15.33 43.44 428.55
Fund with Sales Charge (%) (POP) 0.36 6.48 6.48 11.40 15.33 43.44 428.55
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) 2.38 2.67 3.75
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 2.60 3.01 3.46
Alpha -0.50 -0.30 -0.88
Beta 0.89 0.87 1.05
Sharpe Ratio 1.14 0.84 0.86
Information Ratio -1.59 -1.06 -0.77
Tracking Error 0.58 0.66 0.92
R-Squared 0.95 0.96 0.94

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

3 YR 5 YR 10 YR
Beta Bull 0.96 0.93 1.09
Beta Bear 0.85 0.82 1.04
Bull Bear Capture Ratio 0.96 0.95 0.85
% of Positive Months 69.44 71.67 67.50
Gains/Losses 3.79 2.62 2.18
Maximum Drawdown
1.43 4.18 9.55

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

Gross Expense Ratio 0.53%
Net Expense Ratio [further-information] 0.52%
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 1.14
Standard Deviation 2.38

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index