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 10/03/1988
Fund without Sales Charge (%) (NAV) 0.40 1.98 2.03 2.92 4.95
Fund with Sales Charge (%) (POP) -3.36 0.69 1.26 2.53 4.82
Bloomberg Barclays Municipal Bond Index (%) 2.16 3.27 3.04 3.89 5.70
Quarter EndAs of 03/31/2020 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 10/03/1988
Fund without Sales Charge (%) (NAV) 3.23 2.82 2.29 3.28 5.03
Fund with Sales Charge (%) (POP) -0.64 1.52 1.51 2.88 4.91
Bloomberg Barclays Municipal Bond Index (%) 3.85 3.96 3.19 4.14 5.76

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 0.40 1.98 2.03 2.92
Fund without Sales Charge (%) (NAV) After Shares Sold 1.33 2.24 2.32 3.07
Fund with Sales Charge (%) (POP) Before Shares Sold -3.37 0.69 1.26 2.53
Fund with Sales Charge (%) (POP) After Shares Sold -0.94 1.23 1.71 2.75
Quarter EndAs of 03/31/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 3.23 2.82 2.29 3.28
Fund without Sales Charge (%) (NAV) After Shares Sold 3.09 2.88 2.50 3.35
Fund with Sales Charge (%) (POP) Before Shares Sold -0.64 1.52 1.51 2.88
Fund with Sales Charge (%) (POP) After Shares Sold 0.76 1.86 1.89 3.02

Calendar Year Returns

2019 2018
Fund without Sales Charge (%) (NAV) 6.13 1.15
Fund with Sales Charge (%) (POP) 2.15 -2.64
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 10/03/1988
Fund without Sales Charge (%) (NAV) -4.01 -2.50 0.40 6.07 10.59 33.41 360.04
Fund with Sales Charge (%) (POP) -7.61 -6.15 -3.36 2.09 6.44 28.41 342.79
Bloomberg Barclays Municipal Bond Index (%) -3.61 -1.88 2.16 10.14 16.14 46.44 475.90
Quarter EndAs of 03/31/2020 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 10/03/1988
Fund without Sales Charge (%) (NAV) -0.44 -0.44 3.23 8.72 11.98 38.03 369.74
Fund with Sales Charge (%) (POP) -4.17 -4.17 -0.64 4.64 7.78 32.86 352.12
Bloomberg Barclays Municipal Bond Index (%) -0.63 -0.63 3.85 12.35 17.00 50.11 483.22

MODERN PORTFOLIO THEORY (MPT) STATISTICSAs of 04/30/2020 (updated monthly)

3 YR 5 YR 10 YR
Standard Deviation (Fund) 3.27 3.15 4.01
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.59 3.53 3.70
Alpha -1.05 -0.68 -1.02
Beta 0.87 0.84 1.03
Sharpe Ratio 0.09 0.29 0.58
Information Ratio -1.32 -0.87 -0.78
Tracking Error 0.98 1.16 1.23
R-Squared 0.93 0.90 0.91

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

3 YR 5 YR 10 YR
Beta Bull 0.74 0.71 1.00
Beta Bear 0.87 0.84 0.99
Bull Bear Capture Ratio 0.80 0.86 0.82
% of Positive Months 66.67 70.00 66.67
Gains/Losses 1.58 1.67 1.76
Maximum Drawdown
5.21 5.21 9.28

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 0.87
Sharpe Ratio 0.09
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