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) 1.09 2.22 2.14 3.10 5.28
Fund with Sales Charge (%) (POP) -2.70 0.92 1.36 2.71 5.15
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) 3.72 3.08 2.44 3.42 5.35
Fund with Sales Charge (%) (POP) -0.17 1.77 1.66 3.02 5.23
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 1.09 2.22 2.14 3.10
Fund without Sales Charge (%) (NAV) After Shares Sold 1.72 2.40 2.38 3.22
Fund with Sales Charge (%) (POP) Before Shares Sold -2.70 0.92 1.36 2.71
Fund with Sales Charge (%) (POP) After Shares Sold -0.57 1.39 1.77 2.90
Quarter EndAs of 03/31/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 3.72 3.08 2.44 3.42
Fund without Sales Charge (%) (NAV) After Shares Sold 3.34 3.06 2.62 3.47
Fund with Sales Charge (%) (POP) Before Shares Sold -0.17 1.77 1.66 3.02
Fund with Sales Charge (%) (POP) After Shares Sold 1.00 2.04 2.00 3.14

Calendar Year Returns

2019 2018
Fund without Sales Charge (%) (NAV) 6.49 1.40
Fund with Sales Charge (%) (POP) 2.49 -2.40
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) -3.68 -2.00 1.09 6.80 11.15 35.72 436.47
Fund with Sales Charge (%) (POP) -7.29 -5.68 -2.70 2.80 6.98 30.63 416.35
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) -0.07 -0.07 3.72 9.52 12.83 39.93 447.05
Fund with Sales Charge (%) (POP) -3.81 -3.81 -0.17 5.41 8.60 34.69 426.54
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) 3.19 2.89 3.80
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.59 3.53 3.70
Alpha -0.78 -0.45 -0.66
Beta 0.84 0.77 0.97
Sharpe Ratio 0.17 0.36 0.66
Information Ratio -1.01 -0.75 -0.63
Tracking Error 1.04 1.20 1.25
R-Squared 0.92 0.90 0.89

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

3 YR 5 YR 10 YR
Beta Bull 0.81 0.79 1.04
Beta Bear 0.81 0.72 0.85
Bull Bear Capture Ratio 0.86 0.91 0.87
% of Positive Months 63.89 68.33 66.67
Gains/Losses 1.68 1.79 1.88
Maximum Drawdown
4.81 4.81 8.35

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

Gross Expense Ratio 0.84%
Net Expense Ratio [further-information] 0.84%
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 0.84
Sharpe Ratio 0.17
Standard Deviation 3.19

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index