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) 1.18 2.12 2.08 3.30 5.29
Fund with Sales Charge (%) (POP) 1.18 2.12 2.08 3.30 5.29
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) 3.56 2.93 2.33 3.61 5.36
Fund with Sales Charge (%) (POP) 3.56 2.93 2.33 3.61 5.36
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 1.18 2.12 2.08 3.30
Fund without Sales Charge (%) (NAV) After Shares Sold 1.95 2.41 2.39 3.40
Fund with Sales Charge (%) (POP) Before Shares Sold 1.18 2.12 2.08 3.30
Fund with Sales Charge (%) (POP) After Shares Sold 1.95 2.41 2.39 3.40
Quarter EndAs of 03/31/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 3.56 2.93 2.33 3.61
Fund without Sales Charge (%) (NAV) After Shares Sold 3.44 3.03 2.58 3.64
Fund with Sales Charge (%) (POP) Before Shares Sold 3.56 2.93 2.33 3.61
Fund with Sales Charge (%) (POP) After Shares Sold 3.44 3.03 2.58 3.64

Calendar Year Returns

2019 2018 2017
Fund without Sales Charge (%) (NAV) 6.40 0.70 2.59
Fund with Sales Charge (%) (POP) 6.40 0.70 2.59
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 09/01/1987
Fund without Sales Charge (%) (NAV) -3.80 -2.20 1.18 6.49 10.82 38.30 438.57
Fund with Sales Charge (%) (POP) -3.80 -2.20 1.18 6.49 10.82 38.30 438.57
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) -0.32 -0.32 3.56 9.05 12.20 42.52 448.92
Fund with Sales Charge (%) (POP) -0.32 -0.32 3.56 9.05 12.20 42.52 448.92
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) 3.31 3.05 4.01
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.59 3.53 3.70
Alpha -0.96 -0.64 -0.72
Beta 0.90 0.83 1.05
Sharpe Ratio 0.13 0.31 0.67
Information Ratio -1.46 -1.01 -0.56
Tracking Error 0.79 0.97 1.08
R-Squared 0.95 0.94 0.93

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

3 YR 5 YR 10 YR
Beta Bull 0.86 0.85 1.10
Beta Bear 0.91 0.81 0.99
Bull Bear Capture Ratio 0.83 0.88 0.88
% of Positive Months 69.44 73.33 69.17
Gains/Losses 1.65 1.73 1.89
Maximum Drawdown
5.11 5.11 9.04

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

Gross Expense Ratio 0.59%
Net Expense Ratio [further-information] 0.57%
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 0.90
Sharpe Ratio 0.13
Standard Deviation 3.31

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index