Average Annual Total Returns [further-information] As of 04/30/2020

Month EndAs of 04/30/2020 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 04/03/1985
Fund without Sales Charge (%) (NAV) 3.05 3.12 2.62 3.18 5.50
Fund with Sales Charge (%) (POP) -0.81 1.81 1.84 2.79 5.38
Bloomberg Barclays Municipal Bond Index (%) 2.16 3.27 3.04 3.89 6.36
Quarter EndAs of 03/31/2020 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 04/03/1985
Fund without Sales Charge (%) (NAV) 4.89 3.71 2.72 3.41 5.55
Fund with Sales Charge (%) (POP) 0.96 2.39 1.94 3.02 5.44
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 04/30/2020

Month EndAs of 04/30/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 3.06 3.12 2.62 3.18
Fund without Sales Charge (%) (NAV) After Shares Sold 2.86 3.07 2.74 3.26
Fund with Sales Charge (%) (POP) Before Shares Sold -0.81 1.81 1.84 2.79
Fund with Sales Charge (%) (POP) After Shares Sold 0.53 2.06 2.12 2.94
Quarter EndAs of 03/31/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 4.89 3.71 2.72 3.41
Fund without Sales Charge (%) (NAV) After Shares Sold 4.00 3.53 2.81 3.44
Fund with Sales Charge (%) (POP) Before Shares Sold 0.96 2.39 1.94 3.01
Fund with Sales Charge (%) (POP) After Shares Sold 1.63 2.50 2.19 3.12

Calendar Year Returns

2019 2018
Fund without Sales Charge (%) (NAV) 7.20 0.87
Fund with Sales Charge (%) (POP) 3.18 -2.91
Bloomberg Barclays Municipal Bond Index (%) 7.54 1.28

Cumulative Total Returns [further-information] As of 04/30/2020

Month EndAs of 04/30/2020 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 04/03/1985
Fund without Sales Charge (%) (NAV) -2.36 -0.82 3.05 9.64 13.83 36.79 553.92
Fund with Sales Charge (%) (POP) -6.02 -4.54 -0.81 5.53 9.56 31.66 529.39
Bloomberg Barclays Municipal Bond Index (%) -3.61 -1.88 2.16 10.14 16.14 46.44 768.64
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) 0.52 0.52 4.89 11.54 14.36 39.85 562.78
Fund with Sales Charge (%) (POP) -3.25 -3.25 0.96 7.36 10.07 34.61 537.93
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 04/30/2020 (updated monthly)

3 YR 5 YR 10 YR
Standard Deviation (Fund) 3.06 2.91 3.52
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.59 3.53 3.70
Alpha 0.12 0.02 -0.34
Beta 0.83 0.77 0.90
Sharpe Ratio 0.47 0.52 0.74
Information Ratio -0.16 -0.33 -0.57
Tracking Error 0.93 1.24 1.23
R-Squared 0.95 0.89 0.89

ADDITIONAL RISK STATISTICSAs of 04/30/2020 (updated monthly)

3 YR 5 YR 10 YR
Beta Bull 0.95 0.88 0.92
Beta Bear 0.66 0.68 0.83
Bull Bear Capture Ratio 1.06 1.04 0.92
% of Positive Months 69.44 71.67 69.17
Gains/Losses 2.11 1.98 1.99
Maximum Drawdown
3.75 3.75 7.72

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

Gross Expense Ratio 0.83%
Net Expense Ratio [further-information] 0.83%
Max Initial Sales Charge 3.75%
CDSC 1.00%

Volatility Measures [further-information] As of 04/30/2020 Updated Monthly, based on a 3-year period

Beta 0.83
Sharpe Ratio 0.47
Standard Deviation 3.06

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index