Average Annual Total Returns [further-information] As of 03/31/2020

Month EndAs of 03/31/2020 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 09/01/1987
Fund without Sales Charge (%) (NAV) 4.45 3.42 2.75 3.57 5.25
Fund with Sales Charge (%) (POP) 4.45 3.42 2.75 3.57 5.25
Bloomberg Barclays Municipal Bond Index (%) 3.85 3.96 3.19 4.14 5.85
Quarter EndAs of 03/31/2020 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 09/01/1987
Fund without Sales Charge (%) (NAV) 4.45 3.42 2.75 3.57 5.25
Fund with Sales Charge (%) (POP) 4.45 3.42 2.75 3.57 5.25
Bloomberg Barclays Municipal Bond Index (%) 3.85 3.96 3.19 4.14 5.85

After-Tax Average Annual Total Returns [further-information] As of 03/31/2020

Month EndAs of 03/31/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 4.45 3.42 2.75 3.57
Fund without Sales Charge (%) (NAV) After Shares Sold 3.85 3.37 2.88 3.61
Fund with Sales Charge (%) (POP) Before Shares Sold 4.45 3.42 2.75 3.57
Fund with Sales Charge (%) (POP) After Shares Sold 3.85 3.37 2.88 3.61
Quarter EndAs of 03/31/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 4.45 3.42 2.75 3.57
Fund without Sales Charge (%) (NAV) After Shares Sold 3.85 3.37 2.88 3.61
Fund with Sales Charge (%) (POP) Before Shares Sold 4.45 3.42 2.75 3.57
Fund with Sales Charge (%) (POP) After Shares Sold 3.85 3.37 2.88 3.61

Calendar Year Returns

2019 2018 2017 2016 2015 2014 2013 2012 2011 2010
Fund without Sales Charge (%) (NAV) 6.36 0.73 3.92 1.09 2.42 9.88 -6.17 6.98 11.20 1.29
Fund with Sales Charge (%) (POP) 6.36 0.73 3.92 1.09 2.42 9.88 -6.17 6.98 11.20 1.29
Bloomberg Barclays Municipal Bond Index (%) 7.54 1.28 5.45 0.25 3.30 9.05 -2.55 6.78 10.70 2.38

Cumulative Total Returns [further-information] As of 03/31/2020

Month EndAs of 03/31/2020 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 09/01/1987
Fund without Sales Charge (%) (NAV) 0.40 0.40 4.45 10.62 14.54 42.06 430.24
Fund with Sales Charge (%) (POP) 0.40 0.40 4.45 10.62 14.54 42.06 430.24
Bloomberg Barclays Municipal Bond Index (%) -0.63 -0.63 3.85 12.35 17.00 50.11 536.49
Quarter EndAs of 03/31/2020 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 09/01/1987
Fund without Sales Charge (%) (NAV) 0.40 0.40 4.45 10.62 14.54 42.06 430.24
Fund with Sales Charge (%) (POP) 0.40 0.40 4.45 10.62 14.54 42.06 430.24
Bloomberg Barclays Municipal Bond Index (%) -0.63 -0.63 3.85 12.35 17.00 50.11 536.49

MODERN PORTFOLIO THEORY (MPT) STATISTICSAs of 03/31/2020 (updated monthly)

3 YR 5 YR 10 YR
Standard Deviation (Fund) 2.98 3.01 3.89
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.48 3.48 3.68
Sharpe Ratio 0.58 0.55 0.77
Information Ratio -0.68 -0.56 -0.58
Tracking Error 0.78 0.78 0.97

ADDITIONAL RISK STATISTICSAs of 03/31/2020 (updated monthly)

3 YR 5 YR 10 YR
Beta Bull 0.97 0.96 1.10
Beta Bear 0.75 0.78 0.94
Bull Bear Capture Ratio 1.01 1.00 0.89
% of Positive Months 69.44 71.67 67.50
Gains/Losses 2.38 2.08 2.04
Maximum Drawdown
2.77 4.15 9.48

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

Gross Expense Ratio 0.55%
Net Expense Ratio [further-information] 0.55%
Max Initial Sales Charge 0.00%
CDSC

Volatility Measures [further-information] As of 03/31/2020 Updated Monthly, based on a 3-year period

Sharpe Ratio 0.58
Standard Deviation 2.98

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index