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 04/03/1985
Fund without Sales Charge (%) (NAV) 3.35 3.33 2.79 3.34 5.57
Fund with Sales Charge (%) (POP) 3.35 3.33 2.79 3.34 5.57
Bloomberg Barclays Municipal Bond Index (%) 2.16 3.27 3.04 3.89 6.36
Quarter EndAs of 03/31/2020 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 04/03/1985
Fund without Sales Charge (%) (NAV) 5.10 3.88 2.88 3.55 5.62
Fund with Sales Charge (%) (POP) 5.10 3.88 2.88 3.55 5.62
Bloomberg Barclays Municipal Bond Index (%) 3.85 3.96 3.19 4.14 6.41

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 3.35 3.33 2.79 3.33
Fund without Sales Charge (%) (NAV) After Shares Sold 3.16 3.28 2.90 3.41
Fund with Sales Charge (%) (POP) Before Shares Sold 3.35 3.33 2.79 3.33
Fund with Sales Charge (%) (POP) After Shares Sold 3.16 3.28 2.90 3.41
Quarter EndAs of 03/31/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 5.10 3.88 2.88 3.55
Fund without Sales Charge (%) (NAV) After Shares Sold 4.25 3.71 2.97 3.58
Fund with Sales Charge (%) (POP) Before Shares Sold 5.10 3.88 2.88 3.55
Fund with Sales Charge (%) (POP) After Shares Sold 4.25 3.71 2.97 3.58

Calendar Year Returns

2019 2018 2017
Fund without Sales Charge (%) (NAV) 7.39 1.05 3.49
Fund with Sales Charge (%) (POP) 7.39 1.05 3.49
Bloomberg Barclays Municipal Bond Index (%) 7.54 1.28 5.45

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 04/03/1985
Fund without Sales Charge (%) (NAV) -2.28 -0.64 3.35 10.32 14.75 38.84 569.59
Fund with Sales Charge (%) (POP) -2.28 -0.64 3.35 10.32 14.75 38.84 569.59
Bloomberg Barclays Municipal Bond Index (%) -3.61 -1.88 2.16 10.14 16.14 46.44 768.64
Quarter EndAs of 03/31/2020 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 04/03/1985
Fund without Sales Charge (%) (NAV) 0.59 0.59 5.10 12.10 15.26 41.80 577.89
Fund with Sales Charge (%) (POP) 0.59 0.59 5.10 12.10 15.26 41.80 577.89
Bloomberg Barclays Municipal Bond Index (%) -0.63 -0.63 3.85 12.35 17.00 50.11 779.68

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

3 YR 5 YR 10 YR
Standard Deviation (Fund) 3.09 2.93 3.53
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.59 3.53 3.70
Alpha 0.33 0.16 -0.28
Beta 0.83 0.78 0.90
Sharpe Ratio 0.54 0.57 0.76
Information Ratio 0.09 -0.22 -0.52
Tracking Error 0.91 1.23 1.22
R-Squared 0.95 0.89 0.89

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

3 YR 5 YR 10 YR
Beta Bull 0.94 0.87 0.92
Beta Bear 0.67 0.68 0.83
Bull Bear Capture Ratio 1.10 1.07 0.93
% of Positive Months 69.44 71.67 68.33
Gains/Losses 2.20 2.03 2.01
Maximum Drawdown
3.69 3.74 7.73

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

Gross Expense Ratio 0.57%
Net Expense Ratio [further-information] 0.54%
Max Initial Sales Charge 0.00%
CDSC

Volatility Measures [further-information] As of 04/30/2020 Updated Monthly, based on a 3-year period

Beta 0.83
Sharpe Ratio 0.54
Standard Deviation 3.09

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index