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 03/18/1986
Fund without Sales Charge (%) (NAV) 1.15 2.79 2.52 4.35 5.86
Fund with Sales Charge (%) (POP) -2.64 1.49 1.74 3.95 5.74
Bloomberg Barclays Municipal Bond Index (%) 3.85 3.96 3.19 4.14 5.86
Quarter EndAs of 03/31/2020 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 03/18/1986
Fund without Sales Charge (%) (NAV) 1.15 2.79 2.52 4.35 5.86
Fund with Sales Charge (%) (POP) -2.64 1.49 1.74 3.95 5.74
Bloomberg Barclays Municipal Bond Index (%) 3.85 3.96 3.19 4.14 5.86

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 1.15 2.79 2.52 4.35
Fund without Sales Charge (%) (NAV) After Shares Sold 2.40 3.16 2.93 4.43
Fund with Sales Charge (%) (POP) Before Shares Sold -2.64 1.49 1.74 3.95
Fund with Sales Charge (%) (POP) After Shares Sold 0.09 2.14 2.31 4.10
Quarter EndAs of 03/31/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 1.15 2.79 2.52 4.35
Fund without Sales Charge (%) (NAV) After Shares Sold 2.40 3.16 2.93 4.43
Fund with Sales Charge (%) (POP) Before Shares Sold -2.64 1.49 1.74 3.95
Fund with Sales Charge (%) (POP) After Shares Sold 0.09 2.14 2.31 4.10

Calendar Year Returns

2019 2018
Fund without Sales Charge (%) (NAV) 7.58 1.88
Fund with Sales Charge (%) (POP) 3.55 -1.94
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 03/18/1986
Fund without Sales Charge (%) (NAV) -3.13 -3.13 1.15 8.62 13.24 53.08 593.87
Fund with Sales Charge (%) (POP) -6.77 -6.77 -2.64 4.54 8.99 47.34 567.85
Bloomberg Barclays Municipal Bond Index (%) -0.63 -0.63 3.85 12.35 17.00 50.11 594.95
Quarter EndAs of 03/31/2020 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 03/18/1986
Fund without Sales Charge (%) (NAV) -3.13 -3.13 1.15 8.62 13.24 53.08 593.87
Fund with Sales Charge (%) (POP) -6.77 -6.77 -2.64 4.54 8.99 47.34 567.85
Bloomberg Barclays Municipal Bond Index (%) -0.63 -0.63 3.85 12.35 17.00 50.11 594.95

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

3 YR 5 YR 10 YR
Standard Deviation (Fund) 4.54 4.30 4.91
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.48 3.48 3.68
Alpha -1.56 -0.97 -0.74
Beta 1.22 1.17 1.28
Sharpe Ratio 0.24 0.33 0.77
Information Ratio -0.65 -0.43 0.12
Tracking Error 1.78 1.55 1.78
R-Squared 0.88 0.89 0.91

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

3 YR 5 YR 10 YR
Beta Bull 0.88 0.91 1.19
Beta Bear 1.83 1.44 1.49
Bull Bear Capture Ratio 0.78 0.84 0.91
Gains/Losses 1.78 1.71 2.05

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

Gross Expense Ratio 0.81%
Net Expense Ratio [further-information] 0.81%
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 1.22
Sharpe Ratio 0.24
Standard Deviation 4.54

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index