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) 1.92 2.50 2.39 3.15 5.12
Fund with Sales Charge (%) (POP) -1.90 1.20 1.61 2.75 5.00
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) 4.10 3.27 2.60 3.44 5.19
Fund with Sales Charge (%) (POP) 0.19 1.96 1.82 3.05 5.07
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 1.92 2.49 2.39 3.15
Fund without Sales Charge (%) (NAV) After Shares Sold 2.19 2.62 2.58 3.25
Fund with Sales Charge (%) (POP) Before Shares Sold -1.90 1.20 1.61 2.75
Fund with Sales Charge (%) (POP) After Shares Sold -0.11 1.61 1.96 2.93
Quarter EndAs of 03/31/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 4.10 3.27 2.60 3.44
Fund without Sales Charge (%) (NAV) After Shares Sold 3.53 3.21 2.73 3.48
Fund with Sales Charge (%) (POP) Before Shares Sold 0.19 1.96 1.82 3.05
Fund with Sales Charge (%) (POP) After Shares Sold 1.18 2.19 2.11 3.16

Calendar Year Returns

2019 2018
Fund without Sales Charge (%) (NAV) 6.19 0.67
Fund with Sales Charge (%) (POP) 2.21 -3.11
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) -3.14 -1.45 1.92 7.67 12.55 36.31 411.72
Fund with Sales Charge (%) (POP) -6.77 -5.14 -1.90 3.64 8.33 31.20 392.53
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) 0.25 0.25 4.10 10.13 13.70 40.31 420.55
Fund with Sales Charge (%) (POP) -3.50 -3.50 0.19 6.00 9.44 35.04 401.03
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) 3.14 3.06 3.90
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.59 3.53 3.70
Alpha -0.53 -0.35 -0.78
Beta 0.85 0.85 1.02
Sharpe Ratio 0.26 0.42 0.66
Information Ratio -0.96 -0.81 -0.77
Tracking Error 0.81 0.79 0.96
R-Squared 0.96 0.96 0.94

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

3 YR 5 YR 10 YR
Beta Bull 0.92 0.91 1.08
Beta Bear 0.77 0.80 0.94
Bull Bear Capture Ratio 0.92 0.94 0.86
% of Positive Months 66.67 70.00 65.83
Gains/Losses 1.83 1.86 1.87
Maximum Drawdown
4.44 4.44 9.55

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

Gross Expense Ratio 0.80%
Net Expense Ratio [further-information] 0.80%
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 0.85
Sharpe Ratio 0.26
Standard Deviation 3.14

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index