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 03/18/1986
Fund without Sales Charge (%) (NAV) -1.22 2.08 2.43 4.13 5.85
Fund with Sales Charge (%) (POP) -1.22 2.08 2.43 4.13 5.85
Bloomberg Barclays Municipal Bond Index (%) 2.16 3.27 3.04 3.89 5.81
Quarter EndAs of 03/31/2020 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 03/18/1986
Fund without Sales Charge (%) (NAV) 1.36 3.00 2.68 4.49 5.93
Fund with Sales Charge (%) (POP) 1.36 3.00 2.68 4.49 5.93
Bloomberg Barclays Municipal Bond Index (%) 3.85 3.96 3.19 4.14 5.86

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 -1.22 2.08 2.43 4.13
Fund without Sales Charge (%) (NAV) After Shares Sold 0.98 2.68 2.92 4.29
Fund with Sales Charge (%) (POP) Before Shares Sold -1.22 2.08 2.43 4.13
Fund with Sales Charge (%) (POP) After Shares Sold 0.98 2.68 2.92 4.29
Quarter EndAs of 03/31/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 1.36 3.00 2.68 4.49
Fund without Sales Charge (%) (NAV) After Shares Sold 2.64 3.37 3.09 4.57
Fund with Sales Charge (%) (POP) Before Shares Sold 1.36 3.00 2.68 4.49
Fund with Sales Charge (%) (POP) After Shares Sold 2.64 3.37 3.09 4.57

Calendar Year Returns

2019 2018 2017
Fund without Sales Charge (%) (NAV) 7.76 2.17 3.86
Fund with Sales Charge (%) (POP) 7.76 2.17 3.86
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 03/18/1986
Fund without Sales Charge (%) (NAV) -6.66 -4.88 -1.22 6.38 12.74 49.90 596.78
Fund with Sales Charge (%) (POP) -6.66 -4.88 -1.22 6.38 12.74 49.90 596.78
Bloomberg Barclays Municipal Bond Index (%) -3.61 -1.88 2.16 10.14 16.14 46.44 586.23
Quarter EndAs of 03/31/2020 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 03/18/1986
Fund without Sales Charge (%) (NAV) -3.05 -3.05 1.36 9.28 14.14 55.14 610.22
Fund with Sales Charge (%) (POP) -3.05 -3.05 1.36 9.28 14.14 55.14 610.22
Bloomberg Barclays Municipal Bond Index (%) -0.63 -0.63 3.85 12.35 17.00 50.11 594.95

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

3 YR 5 YR 10 YR
Standard Deviation (Fund) 4.69 4.39 4.95
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.59 3.53 3.70
Alpha -1.47 -0.94 -0.72
Beta 1.23 1.18 1.28
Sharpe Ratio 0.09 0.29 0.70
Information Ratio -0.67 -0.42 0.09
Tracking Error 1.76 1.54 1.78
R-Squared 0.89 0.90 0.92

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

3 YR 5 YR 10 YR
Beta Bull 0.90 0.93 1.19
Beta Bear 1.81 1.43 1.49
Bull Bear Capture Ratio 0.77 0.84 0.91
% of Positive Months 63.89 70.00 67.50
Gains/Losses 1.51 1.64 1.94
Maximum Drawdown
8.01 8.01 10.51

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

Gross Expense Ratio 0.52%
Net Expense Ratio [further-information] 0.52%
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 1.23
Sharpe Ratio 0.09
Standard Deviation 4.69

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index