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 05/12/1988
Fund without Sales Charge (%) (NAV) 2.58 2.86 2.36 3.18 5.26
Fund with Sales Charge (%) (POP) -1.27 1.56 1.58 2.79 5.14
Bloomberg Barclays Municipal Bond Index (%) 3.85 3.96 3.19 4.14 5.82
Quarter EndAs of 03/31/2020 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 05/12/1988
Fund without Sales Charge (%) (NAV) 2.58 2.86 2.36 3.18 5.26
Fund with Sales Charge (%) (POP) -1.27 1.56 1.58 2.79 5.14
Bloomberg Barclays Municipal Bond Index (%) 3.85 3.96 3.19 4.14 5.82

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 2.58 2.86 2.36 3.18
Fund without Sales Charge (%) (NAV) After Shares Sold 2.68 2.97 2.62 3.33
Fund with Sales Charge (%) (POP) Before Shares Sold -1.26 1.56 1.58 2.79
Fund with Sales Charge (%) (POP) After Shares Sold 0.36 1.95 2.00 3.00
Quarter EndAs of 03/31/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 2.58 2.86 2.36 3.18
Fund without Sales Charge (%) (NAV) After Shares Sold 2.68 2.97 2.62 3.33
Fund with Sales Charge (%) (POP) Before Shares Sold -1.26 1.56 1.58 2.79
Fund with Sales Charge (%) (POP) After Shares Sold 0.36 1.95 2.00 3.00

Calendar Year Returns

2019 2018
Fund without Sales Charge (%) (NAV) 6.36 1.66
Fund with Sales Charge (%) (POP) 2.38 -2.15
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 05/12/1988
Fund without Sales Charge (%) (NAV) -1.32 -1.32 2.58 8.83 12.37 36.77 413.01
Fund with Sales Charge (%) (POP) -5.02 -5.02 -1.27 4.75 8.16 31.64 393.77
Bloomberg Barclays Municipal Bond Index (%) -0.63 -0.63 3.85 12.35 17.00 50.11 506.89
Quarter EndAs of 03/31/2020 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 05/12/1988
Fund without Sales Charge (%) (NAV) -1.32 -1.32 2.58 8.83 12.37 36.77 413.01
Fund with Sales Charge (%) (POP) -5.02 -5.02 -1.27 4.75 8.16 31.64 393.77
Bloomberg Barclays Municipal Bond Index (%) -0.63 -0.63 3.85 12.35 17.00 50.11 506.89

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

3 YR 5 YR 10 YR
Standard Deviation (Fund) 3.39 3.09 3.86
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.48 3.48 3.68
Alpha -0.90 -0.46 -0.89
Beta 0.93 0.83 0.99
Sharpe Ratio 0.34 0.41 0.67
Information Ratio -1.09 -0.69 -0.76
Tracking Error 1.00 1.20 1.26
R-Squared 0.92 0.88 0.89

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

3 YR 5 YR 10 YR
Beta Bull 0.76 0.75 0.98
Beta Bear 1.24 0.92 0.97
Bull Bear Capture Ratio 0.88 0.93 0.83
Gains/Losses 2.08 1.93 1.91

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

Gross Expense Ratio 0.83%
Net Expense Ratio [further-information] 0.83%
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 0.93
Sharpe Ratio 0.34
Standard Deviation 3.39

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index