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) 4.89 3.72 2.85 3.76 5.40
Fund with Sales Charge (%) (POP) 4.89 3.72 2.85 3.76 5.40
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) 4.89 3.72 2.85 3.76 5.40
Fund with Sales Charge (%) (POP) 4.89 3.72 2.85 3.76 5.40
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 4.89 3.72 2.85 3.76
Fund without Sales Charge (%) (NAV) After Shares Sold 4.19 3.62 2.97 3.77
Fund with Sales Charge (%) (POP) Before Shares Sold 4.89 3.72 2.85 3.76
Fund with Sales Charge (%) (POP) After Shares Sold 4.19 3.62 2.97 3.77
Quarter EndAs of 03/31/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 4.89 3.72 2.85 3.76
Fund without Sales Charge (%) (NAV) After Shares Sold 4.19 3.62 2.97 3.77
Fund with Sales Charge (%) (POP) Before Shares Sold 4.89 3.72 2.85 3.76
Fund with Sales Charge (%) (POP) After Shares Sold 4.19 3.62 2.97 3.77

Calendar Year Returns

2019 2018 2017
Fund without Sales Charge (%) (NAV) 6.94 1.25 3.41
Fund with Sales Charge (%) (POP) 6.94 1.25 3.41
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) 0.71 0.71 4.89 11.56 15.08 44.65 454.16
Fund with Sales Charge (%) (POP) 0.71 0.71 4.89 11.56 15.08 44.65 454.16
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) 0.71 0.71 4.89 11.56 15.08 44.65 454.16
Fund with Sales Charge (%) (POP) 0.71 0.71 4.89 11.56 15.08 44.65 454.16
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) 2.84 2.88 3.80
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.48 3.48 3.68
Alpha 0.24 0.05 -0.37
Beta 0.79 0.80 1.00
Sharpe Ratio 0.72 0.60 0.83
Information Ratio -0.22 -0.39 -0.40
Tracking Error 0.95 0.90 0.99
R-Squared 0.95 0.96 0.93

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

3 YR 5 YR 10 YR
Beta Bull 0.93 0.90 1.06
Beta Bear 0.59 0.71 0.89
Bull Bear Capture Ratio 1.09 1.04 0.92
% of Positive Months 69.44 70.00 67.50
Gains/Losses 2.56 2.16 2.12
Maximum Drawdown
2.35 4.18 8.42

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

Gross Expense Ratio 0.61%
Net Expense Ratio [further-information] 0.59%
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 0.72
Standard Deviation 2.84

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index