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) 1.49 2.52 2.31 3.33 5.27
Fund with Sales Charge (%) (POP) -2.32 1.22 1.53 2.93 5.14
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) 4.59 3.54 2.71 3.68 5.36
Fund with Sales Charge (%) (POP) 0.67 2.22 1.93 3.29 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 1.49 2.52 2.31 3.33
Fund without Sales Charge (%) (NAV) After Shares Sold 2.00 2.66 2.54 3.42
Fund with Sales Charge (%) (POP) Before Shares Sold -2.32 1.22 1.54 2.93
Fund with Sales Charge (%) (POP) After Shares Sold -0.30 1.64 1.93 3.09
Quarter EndAs of 03/31/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 4.59 3.54 2.71 3.68
Fund without Sales Charge (%) (NAV) After Shares Sold 3.89 3.43 2.84 3.69
Fund with Sales Charge (%) (POP) Before Shares Sold 0.67 2.23 1.93 3.29
Fund with Sales Charge (%) (POP) After Shares Sold 1.53 2.41 2.22 3.36

Calendar Year Returns

2019 2018
Fund without Sales Charge (%) (NAV) 6.64 1.08
Fund with Sales Charge (%) (POP) 2.64 -2.71
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) -3.41 -1.74 1.49 7.76 12.12 38.72 434.49
Fund with Sales Charge (%) (POP) -7.04 -5.42 -2.32 3.72 7.91 33.52 414.45
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) 0.64 0.64 4.59 10.99 14.30 43.60 447.44
Fund with Sales Charge (%) (POP) -3.13 -3.13 0.67 6.82 10.02 38.21 426.91
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) 3.21 3.08 3.88
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.59 3.53 3.70
Alpha -0.48 -0.39 -0.56
Beta 0.84 0.83 1.01
Sharpe Ratio 0.26 0.39 0.71
Information Ratio -0.65 -0.70 -0.53
Tracking Error 1.14 1.02 1.05
R-Squared 0.90 0.92 0.93

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

3 YR 5 YR 10 YR
Beta Bull 0.93 0.90 1.06
Beta Bear 0.63 0.73 0.91
Bull Bear Capture Ratio 0.90 0.92 0.89
% of Positive Months 66.67 70.00 67.50
Gains/Losses 1.78 1.81 1.93
Maximum Drawdown
4.68 4.68 8.42

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

Gross Expense Ratio 0.88%
Net Expense Ratio [further-information] 0.88%
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 0.26
Standard Deviation 3.21

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index