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) 3.62 3.52 3.18 3.84 5.73
Fund with Sales Charge (%) (POP) 3.62 3.52 3.18 3.84 5.73
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) 4.99 4.07 3.22 4.03 5.77
Fund with Sales Charge (%) (POP) 4.99 4.07 3.22 4.03 5.77
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 3.62 3.52 3.18 3.84
Fund without Sales Charge (%) (NAV) After Shares Sold 3.38 3.43 3.19 3.80
Fund with Sales Charge (%) (POP) Before Shares Sold 3.62 3.52 3.18 3.84
Fund with Sales Charge (%) (POP) After Shares Sold 3.38 3.43 3.19 3.80
Quarter EndAs of 03/31/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 4.99 4.07 3.22 4.03
Fund without Sales Charge (%) (NAV) After Shares Sold 4.22 3.86 3.22 3.95
Fund with Sales Charge (%) (POP) Before Shares Sold 4.99 4.07 3.22 4.03
Fund with Sales Charge (%) (POP) After Shares Sold 4.22 3.86 3.22 3.95

Calendar Year Returns

2019 2018 2017
Fund without Sales Charge (%) (NAV) 6.86 0.87 4.75
Fund with Sales Charge (%) (POP) 6.86 0.87 4.75
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) -1.76 -0.15 3.62 10.93 16.93 45.81 604.71
Fund with Sales Charge (%) (POP) -1.76 -0.15 3.62 10.93 16.93 45.81 604.71
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) 0.79 0.79 4.99 12.72 17.19 48.39 611.30
Fund with Sales Charge (%) (POP) 0.79 0.79 4.99 12.72 17.19 48.39 611.30
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) 2.93 2.89 3.89
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.59 3.53 3.70
Alpha 0.52 0.45 -0.17
Beta 0.79 0.80 1.01
Sharpe Ratio 0.61 0.69 0.81
Information Ratio 0.20 0.08 -0.13
Tracking Error 1.03 0.95 1.06
R-Squared 0.94 0.95 0.93

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

3 YR 5 YR 10 YR
Beta Bull 0.95 0.96 1.13
Beta Bear 0.53 0.65 0.83
Bull Bear Capture Ratio 1.15 1.13 0.96
% of Positive Months 69.44 71.67 70.00
Gains/Losses 2.29 2.25 2.09
Maximum Drawdown
3.01 3.99 8.66

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

Gross Expense Ratio 0.53%
Net Expense Ratio [further-information] 0.51%
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 0.79
Sharpe Ratio 0.61
Standard Deviation 2.93

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index