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) 3.56 2.93 2.33 3.61 5.36
Fund with Sales Charge (%) (POP) 3.56 2.93 2.33 3.61 5.36
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) 3.56 2.93 2.33 3.61 5.36
Fund with Sales Charge (%) (POP) 3.56 2.93 2.33 3.61 5.36
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 3.56 2.93 2.33 3.61
Fund without Sales Charge (%) (NAV) After Shares Sold 3.44 3.03 2.58 3.64
Fund with Sales Charge (%) (POP) Before Shares Sold 3.56 2.93 2.33 3.61
Fund with Sales Charge (%) (POP) After Shares Sold 3.44 3.03 2.58 3.64
Quarter EndAs of 03/31/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 3.56 2.93 2.33 3.61
Fund without Sales Charge (%) (NAV) After Shares Sold 3.44 3.03 2.58 3.64
Fund with Sales Charge (%) (POP) Before Shares Sold 3.56 2.93 2.33 3.61
Fund with Sales Charge (%) (POP) After Shares Sold 3.44 3.03 2.58 3.64

Calendar Year Returns

2019 2018 2017
Fund without Sales Charge (%) (NAV) 6.40 0.70 2.59
Fund with Sales Charge (%) (POP) 6.40 0.70 2.59
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 09/01/1987
Fund without Sales Charge (%) (NAV) -0.32 -0.32 3.56 9.05 12.20 42.52 448.92
Fund with Sales Charge (%) (POP) -0.32 -0.32 3.56 9.05 12.20 42.52 448.92
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) -0.32 -0.32 3.56 9.05 12.20 42.52 448.92
Fund with Sales Charge (%) (POP) -0.32 -0.32 3.56 9.05 12.20 42.52 448.92
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) 3.08 2.93 3.96
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.48 3.48 3.68
Alpha -0.71 -0.48 -0.66
Beta 0.87 0.82 1.04
Sharpe Ratio 0.40 0.41 0.76
Information Ratio -1.41 -0.93 -0.52
Tracking Error 0.73 0.93 1.07
R-Squared 0.97 0.95 0.93

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

3 YR 5 YR 10 YR
Beta Bull 0.86 0.85 1.10
Beta Bear 0.89 0.80 0.98
Bull Bear Capture Ratio 0.89 0.92 0.89
% of Positive Months 72.22 73.33 70.00
Gains/Losses 2.09 1.89 2.03
Maximum Drawdown
3.28 3.61 9.04

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

Gross Expense Ratio 0.59%
Net Expense Ratio [further-information] 0.57%
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 0.87
Sharpe Ratio 0.40
Standard Deviation 3.08

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index