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 09/01/1987
Fund without Sales Charge (%) (NAV) 0.88 1.90 1.93 3.22 5.25
Fund with Sales Charge (%) (POP) -2.90 0.61 1.15 2.82 5.13
Bloomberg Barclays Municipal Bond Index (%) 2.16 3.27 3.04 3.89 5.79
Quarter EndAs of 03/31/2020 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 09/01/1987
Fund without Sales Charge (%) (NAV) 3.18 2.69 2.17 3.52 5.32
Fund with Sales Charge (%) (POP) -0.69 1.39 1.39 3.13 5.20
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 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 0.88 1.90 1.93 3.22
Fund without Sales Charge (%) (NAV) After Shares Sold 1.65 2.20 2.25 3.32
Fund with Sales Charge (%) (POP) Before Shares Sold -2.90 0.61 1.15 2.82
Fund with Sales Charge (%) (POP) After Shares Sold -0.63 1.19 1.64 3.00
Quarter EndAs of 03/31/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 3.18 2.68 2.17 3.52
Fund without Sales Charge (%) (NAV) After Shares Sold 3.09 2.80 2.43 3.56
Fund with Sales Charge (%) (POP) Before Shares Sold -0.69 1.39 1.39 3.13
Fund with Sales Charge (%) (POP) After Shares Sold 0.75 1.78 1.81 3.24

Calendar Year Returns

2019 2018
Fund without Sales Charge (%) (NAV) 6.09 0.53
Fund with Sales Charge (%) (POP) 2.11 -3.24
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 09/01/1987
Fund without Sales Charge (%) (NAV) -3.79 -2.29 0.88 5.81 10.03 37.25 432.03
Fund with Sales Charge (%) (POP) -7.40 -5.95 -2.90 1.84 5.90 32.10 412.08
Bloomberg Barclays Municipal Bond Index (%) -3.61 -1.88 2.16 10.14 16.14 46.44 528.50
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) -0.47 -0.47 3.18 8.27 11.33 41.34 441.93
Fund with Sales Charge (%) (POP) -4.20 -4.20 -0.69 4.21 7.15 36.04 421.61
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 04/30/2020 (updated monthly)

3 YR 5 YR 10 YR
Standard Deviation (Fund) 3.27 3.02 4.00
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.59 3.53 3.70
Alpha -1.15 -0.75 -0.77
Beta 0.89 0.83 1.04
Sharpe Ratio 0.07 0.27 0.66
Information Ratio -1.73 -1.14 -0.62
Tracking Error 0.79 0.97 1.08
R-Squared 0.96 0.94 0.93

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

3 YR 5 YR 10 YR
Beta Bull 0.83 0.83 1.09
Beta Bear 0.91 0.81 0.99
Bull Bear Capture Ratio 0.80 0.85 0.87
% of Positive Months 66.67 71.67 69.17
Gains/Losses 1.58 1.68 1.88
Maximum Drawdown
5.08 5.08 9.03

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

Gross Expense Ratio 0.87%
Net Expense Ratio [further-information] 0.87%
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 0.89
Sharpe Ratio 0.07
Standard Deviation 3.27

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index