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 04/03/1985
Fund without Sales Charge (%) (NAV) 4.78 3.86 3.06 3.88 5.70
Fund with Sales Charge (%) (POP) 0.85 2.54 2.27 3.48 5.59
Bloomberg Barclays Municipal Bond Index (%) 3.85 3.96 3.19 4.14 6.41
Quarter EndAs of 03/31/2020 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 04/03/1985
Fund without Sales Charge (%) (NAV) 4.78 3.86 3.06 3.88 5.70
Fund with Sales Charge (%) (POP) 0.85 2.54 2.27 3.48 5.59
Bloomberg Barclays Municipal Bond Index (%) 3.85 3.96 3.19 4.14 6.41

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 4.78 3.86 3.06 3.88
Fund without Sales Charge (%) (NAV) After Shares Sold 3.97 3.65 3.06 3.80
Fund with Sales Charge (%) (POP) Before Shares Sold 0.85 2.54 2.27 3.48
Fund with Sales Charge (%) (POP) After Shares Sold 1.60 2.62 2.43 3.47
Quarter EndAs of 03/31/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 4.78 3.86 3.06 3.88
Fund without Sales Charge (%) (NAV) After Shares Sold 3.97 3.65 3.06 3.80
Fund with Sales Charge (%) (POP) Before Shares Sold 0.85 2.54 2.27 3.48
Fund with Sales Charge (%) (POP) After Shares Sold 1.60 2.62 2.43 3.47

Calendar Year Returns

2019 2018
Fund without Sales Charge (%) (NAV) 6.56 0.68
Fund with Sales Charge (%) (POP) 2.56 -3.09
Bloomberg Barclays Municipal Bond Index (%) 7.54 1.28

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 04/03/1985
Fund without Sales Charge (%) (NAV) 0.72 0.72 4.78 12.03 16.24 46.27 596.19
Fund with Sales Charge (%) (POP) -3.06 -3.06 0.85 7.83 11.88 40.79 570.09
Bloomberg Barclays Municipal Bond Index (%) -0.63 -0.63 3.85 12.35 17.00 50.11 779.68
Quarter EndAs of 03/31/2020 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 04/03/1985
Fund without Sales Charge (%) (NAV) 0.72 0.72 4.78 12.03 16.24 46.27 596.19
Fund with Sales Charge (%) (POP) -3.06 -3.06 0.85 7.83 11.88 40.79 570.09
Bloomberg Barclays Municipal Bond Index (%) -0.63 -0.63 3.85 12.35 17.00 50.11 779.68

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

3 YR 5 YR 10 YR
Standard Deviation (Fund) 2.85 2.87 3.86
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.48 3.48 3.68
Alpha 0.36 0.27 -0.29
Beta 0.79 0.80 1.01
Sharpe Ratio 0.76 0.68 0.85
Information Ratio -0.09 -0.14 -0.26
Tracking Error 0.98 0.93 1.04
R-Squared 0.94 0.95 0.93

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

3 YR 5 YR 10 YR
Beta Bull 0.95 0.96 1.12
Beta Bear 0.54 0.65 0.84
Bull Bear Capture Ratio 1.10 1.08 0.94
% of Positive Months 69.44 70.00 70.00
Gains/Losses 2.60 2.25 2.16
Maximum Drawdown
2.12 3.99 8.66

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

Gross Expense Ratio 0.80%
Net Expense Ratio [further-information] 0.80%
Max Initial Sales Charge 3.75%
CDSC 1.00%

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

Beta 0.79
Sharpe Ratio 0.76
Standard Deviation 2.85

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index