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 03/18/1986
Fund without Sales Charge (%) (NAV) -1.52 1.87 2.26 3.99 5.78
Fund with Sales Charge (%) (POP) -5.22 0.58 1.48 3.59 5.66
Bloomberg Barclays Municipal Bond Index (%) 2.16 3.27 3.04 3.89 5.81
Quarter EndAs of 03/31/2020 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 03/18/1986
Fund without Sales Charge (%) (NAV) 1.15 2.79 2.52 4.35 5.86
Fund with Sales Charge (%) (POP) -2.64 1.49 1.74 3.95 5.74
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 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 -1.52 1.87 2.26 3.99
Fund without Sales Charge (%) (NAV) After Shares Sold 0.67 2.46 2.75 4.15
Fund with Sales Charge (%) (POP) Before Shares Sold -5.22 0.58 1.48 3.59
Fund with Sales Charge (%) (POP) After Shares Sold -1.57 1.46 2.13 3.82
Quarter EndAs of 03/31/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 1.15 2.79 2.52 4.35
Fund without Sales Charge (%) (NAV) After Shares Sold 2.40 3.16 2.93 4.43
Fund with Sales Charge (%) (POP) Before Shares Sold -2.64 1.49 1.74 3.95
Fund with Sales Charge (%) (POP) After Shares Sold 0.09 2.14 2.31 4.10

Calendar Year Returns

2019 2018
Fund without Sales Charge (%) (NAV) 7.58 1.88
Fund with Sales Charge (%) (POP) 3.55 -1.94
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 03/18/1986
Fund without Sales Charge (%) (NAV) -6.67 -5.00 -1.52 5.71 11.82 47.86 580.51
Fund with Sales Charge (%) (POP) -10.17 -8.56 -5.22 1.75 7.63 42.32 554.99
Bloomberg Barclays Municipal Bond Index (%) -3.61 -1.88 2.16 10.14 16.14 46.44 586.23
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) -3.13 -3.13 1.15 8.62 13.24 53.08 593.87
Fund with Sales Charge (%) (POP) -6.77 -6.77 -2.64 4.54 8.99 47.34 567.85
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 04/30/2020 (updated monthly)

3 YR 5 YR 10 YR
Standard Deviation (Fund) 4.69 4.39 4.95
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.59 3.53 3.70
Alpha -1.68 -1.06 -0.77
Beta 1.23 1.18 1.28
Sharpe Ratio 0.04 0.26 0.69
Information Ratio -0.77 -0.49 0.06
Tracking Error 1.81 1.57 1.79
R-Squared 0.88 0.89 0.91

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

3 YR 5 YR 10 YR
Beta Bull 0.88 0.91 1.19
Beta Bear 1.84 1.45 1.50
Bull Bear Capture Ratio 0.75 0.83 0.90
% of Positive Months 63.89 70.00 68.33
Gains/Losses 1.45 1.60 1.92
Maximum Drawdown
8.08 8.08 10.50

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

Gross Expense Ratio 0.81%
Net Expense Ratio [further-information] 0.81%
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 1.23
Sharpe Ratio 0.04
Standard Deviation 4.69

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index