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 05/12/1988
Fund without Sales Charge (%) (NAV) 8.92 4.48 3.41 3.79 5.49
Fund with Sales Charge (%) (POP) 8.92 4.48 3.41 3.79 5.49
Bloomberg Barclays Municipal Bond Index (%) 9.46 5.32 4.01 4.51 5.96
Quarter EndAs of 12/31/2019 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 05/12/1988
Fund without Sales Charge (%) (NAV) 6.67 3.70 2.84 3.57 5.41
Fund with Sales Charge (%) (POP) 6.67 3.70 2.84 3.57 5.41
Bloomberg Barclays Municipal Bond Index (%) 7.54 4.73 3.53 4.34 5.89

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 8.92 4.48 3.41 3.79
Fund without Sales Charge (%) (NAV) After Shares Sold 6.58 4.25 3.45 3.82
Fund with Sales Charge (%) (POP) Before Shares Sold 8.92 4.48 3.41 3.79
Fund with Sales Charge (%) (POP) After Shares Sold 6.58 4.25 3.45 3.82
Quarter EndAs of 12/31/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 6.67 3.70 2.84 3.57
Fund without Sales Charge (%) (NAV) After Shares Sold 5.30 3.67 3.03 3.67
Fund with Sales Charge (%) (POP) Before Shares Sold 6.67 3.70 2.84 3.57
Fund with Sales Charge (%) (POP) After Shares Sold 5.30 3.67 3.03 3.67

Calendar Year Returns

2019 2018 2017
Fund without Sales Charge (%) (NAV) 6.67 1.66 2.82
Fund with Sales Charge (%) (POP) 6.67 1.66 2.82
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 05/12/1988
Fund without Sales Charge (%) (NAV) 3.41 3.24 8.92 14.06 18.25 45.11 446.51
Fund with Sales Charge (%) (POP) 3.41 3.24 8.92 14.06 18.25 45.11 446.51
Bloomberg Barclays Municipal Bond Index (%) 3.42 3.11 9.46 16.83 21.75 55.38 529.73
Quarter EndAs of 12/31/2019 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 05/12/1988
Fund without Sales Charge (%) (NAV) 0.28 6.67 6.67 11.51 15.01 42.06 429.37
Fund with Sales Charge (%) (POP) 0.28 6.67 6.67 11.51 15.01 42.06 429.37
Bloomberg Barclays Municipal Bond Index (%) 0.74 7.54 7.54 14.85 18.93 52.95 510.74

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

3 YR 5 YR 10 YR
Standard Deviation (Fund) 2.16 2.36 3.58
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 2.60 3.01 3.46
Alpha 0.01 0.16 -0.64
Beta 0.77 0.72 0.97
Sharpe Ratio 1.29 0.97 0.87
Information Ratio -0.87 -0.55 -0.63
Tracking Error 0.96 1.17 1.26
R-Squared 0.87 0.87 0.88

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

3 YR 5 YR 10 YR
Beta Bull 0.82 0.78 0.99
Beta Bear 0.71 0.63 0.89
Bull Bear Capture Ratio 1.16 1.10 0.86
% of Positive Months 69.44 68.33 67.50
Gains/Losses 4.42 2.96 2.19
Maximum Drawdown
1.08 3.18 8.53

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

Gross Expense Ratio 0.54%
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 0.77
Sharpe Ratio 1.29
Standard Deviation 2.16

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index