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) 4.99 4.07 3.22 4.03 5.77
Fund with Sales Charge (%) (POP) 4.99 4.07 3.22 4.03 5.77
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) 4.99 4.07 3.22 4.03 5.77
Fund with Sales Charge (%) (POP) 4.99 4.07 3.22 4.03 5.77
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 4.99 4.07 3.22 4.03
Fund without Sales Charge (%) (NAV) After Shares Sold 4.22 3.86 3.22 3.95
Fund with Sales Charge (%) (POP) Before Shares Sold 4.99 4.07 3.22 4.03
Fund with Sales Charge (%) (POP) After Shares Sold 4.22 3.86 3.22 3.95
Quarter EndAs of 03/31/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 4.99 4.07 3.22 4.03
Fund without Sales Charge (%) (NAV) After Shares Sold 4.22 3.86 3.22 3.95
Fund with Sales Charge (%) (POP) Before Shares Sold 4.99 4.07 3.22 4.03
Fund with Sales Charge (%) (POP) After Shares Sold 4.22 3.86 3.22 3.95

Calendar Year Returns

2019 2018 2017
Fund without Sales Charge (%) (NAV) 6.86 0.87 4.75
Fund with Sales Charge (%) (POP) 6.86 0.87 4.75
Bloomberg Barclays Municipal Bond Index (%) 7.54 1.28 5.45

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) 0.79 0.79 4.99 12.72 17.19 48.39 611.30
Fund with Sales Charge (%) (POP) 0.79 0.79 4.99 12.72 17.19 48.39 611.30
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) 0.79 0.79 4.99 12.72 17.19 48.39 611.30
Fund with Sales Charge (%) (POP) 0.79 0.79 4.99 12.72 17.19 48.39 611.30
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 3.87
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.48 3.48 3.68
Alpha 0.52 0.37 -0.25
Beta 0.79 0.80 1.01
Sharpe Ratio 0.81 0.71 0.86
Information Ratio 0.07 -0.03 -0.21
Tracking Error 1.02 0.95 1.06
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 0.53 0.65 0.83
Bull Bear Capture Ratio 1.14 1.10 0.94
Gains/Losses 2.68 2.29 2.18

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

Gross Expense Ratio 0.53%
Net Expense Ratio [further-information] 0.51%
Max Initial Sales Charge 0.00%
CDSC

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

Beta 0.79
Sharpe Ratio 0.81
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