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 10/03/1988
Fund without Sales Charge (%) (NAV) 3.04 2.47 2.04 2.98 4.82
Fund with Sales Charge (%) (POP) 3.04 2.47 2.04 2.98 4.82
Bloomberg Barclays Municipal Bond Index (%) 3.85 3.96 3.19 4.14 5.76
Quarter EndAs of 03/31/2020 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 10/03/1988
Fund without Sales Charge (%) (NAV) 3.04 2.47 2.04 2.98 4.82
Fund with Sales Charge (%) (POP) 3.04 2.47 2.04 2.98 4.82
Bloomberg Barclays Municipal Bond Index (%) 3.85 3.96 3.19 4.14 5.76

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 3.04 2.47 2.04 2.98
Fund without Sales Charge (%) (NAV) After Shares Sold 3.18 2.68 2.36 3.16
Fund with Sales Charge (%) (POP) Before Shares Sold 3.04 2.47 2.04 2.98
Fund with Sales Charge (%) (POP) After Shares Sold 3.18 2.68 2.36 3.16
Quarter EndAs of 03/31/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 3.04 2.47 2.04 2.98
Fund without Sales Charge (%) (NAV) After Shares Sold 3.18 2.68 2.36 3.16
Fund with Sales Charge (%) (POP) Before Shares Sold 3.04 2.47 2.04 2.98
Fund with Sales Charge (%) (POP) After Shares Sold 3.18 2.68 2.36 3.16

Calendar Year Returns

2019 2018 2017
Fund without Sales Charge (%) (NAV) 5.28 1.00 2.04
Fund with Sales Charge (%) (POP) 5.28 1.00 2.04
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 10/03/1988
Fund without Sales Charge (%) (NAV) -0.34 -0.34 3.04 7.59 10.61 34.15 340.26
Fund with Sales Charge (%) (POP) -0.34 -0.34 3.04 7.59 10.61 34.15 340.26
Bloomberg Barclays Municipal Bond Index (%) -0.63 -0.63 3.85 12.35 17.00 50.11 483.22
Quarter EndAs of 03/31/2020 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 10/03/1988
Fund without Sales Charge (%) (NAV) -0.34 -0.34 3.04 7.59 10.61 34.15 340.26
Fund with Sales Charge (%) (POP) -0.34 -0.34 3.04 7.59 10.61 34.15 340.26
Bloomberg Barclays Municipal Bond Index (%) -0.63 -0.63 3.85 12.35 17.00 50.11 483.22

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

3 YR 5 YR 10 YR
Standard Deviation (Fund) 2.44 2.57 3.68
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.48 3.48 3.68
Alpha -0.74 -0.55 -0.99
Beta 0.67 0.69 0.94
Sharpe Ratio 0.31 0.34 0.63
Information Ratio -1.17 -0.88 -0.97
Tracking Error 1.27 1.36 1.29
R-Squared 0.94 0.89 0.88

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

3 YR 5 YR 10 YR
Beta Bull 0.58 0.61 0.96
Beta Bear 0.75 0.70 0.88
Bull Bear Capture Ratio 0.91 0.90 0.81
Gains/Losses 2.18 1.83 1.86

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

Gross Expense Ratio 0.66%
Net Expense Ratio [further-information] 0.63%
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 0.67
Sharpe Ratio 0.31
Standard Deviation 2.44

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index