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) 1.36 3.00 2.68 4.49 5.93
Fund with Sales Charge (%) (POP) 1.36 3.00 2.68 4.49 5.93
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) 1.36 3.00 2.68 4.49 5.93
Fund with Sales Charge (%) (POP) 1.36 3.00 2.68 4.49 5.93
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 1.36 3.00 2.68 4.49
Fund without Sales Charge (%) (NAV) After Shares Sold 2.64 3.37 3.09 4.57
Fund with Sales Charge (%) (POP) Before Shares Sold 1.36 3.00 2.68 4.49
Fund with Sales Charge (%) (POP) After Shares Sold 2.64 3.37 3.09 4.57
Quarter EndAs of 03/31/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 1.36 3.00 2.68 4.49
Fund without Sales Charge (%) (NAV) After Shares Sold 2.64 3.37 3.09 4.57
Fund with Sales Charge (%) (POP) Before Shares Sold 1.36 3.00 2.68 4.49
Fund with Sales Charge (%) (POP) After Shares Sold 2.64 3.37 3.09 4.57

Calendar Year Returns

2019 2018 2017
Fund without Sales Charge (%) (NAV) 7.76 2.17 3.86
Fund with Sales Charge (%) (POP) 7.76 2.17 3.86
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 03/18/1986
Fund without Sales Charge (%) (NAV) -3.05 -3.05 1.36 9.28 14.14 55.14 610.22
Fund with Sales Charge (%) (POP) -3.05 -3.05 1.36 9.28 14.14 55.14 610.22
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) -3.05 -3.05 1.36 9.28 14.14 55.14 610.22
Fund with Sales Charge (%) (POP) -3.05 -3.05 1.36 9.28 14.14 55.14 610.22
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 4.31 4.92
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.48 3.48 3.68
Alpha -1.37 -0.85 -0.68
Beta 1.22 1.17 1.28
Sharpe Ratio 0.29 0.36 0.78
Information Ratio -0.55 -0.36 0.15
Tracking Error 1.74 1.52 1.77
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 0.90 0.93 1.19
Beta Bear 1.80 1.42 1.48
Bull Bear Capture Ratio 0.80 0.86 0.92
% of Positive Months 66.67 70.00 68.33
Gains/Losses 1.85 1.75 2.07
Maximum Drawdown
6.23 6.23 10.51

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

Gross Expense Ratio 0.52%
Net Expense Ratio [further-information] 0.52%
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 1.22
Sharpe Ratio 0.29
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