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) 1.78 2.74 2.46 3.41 5.31
Fund with Sales Charge (%) (POP) 1.78 2.74 2.46 3.41 5.31
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) 4.89 3.72 2.85 3.76 5.40
Fund with Sales Charge (%) (POP) 4.89 3.72 2.85 3.76 5.40
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 1.78 2.74 2.46 3.41
Fund without Sales Charge (%) (NAV) After Shares Sold 2.29 2.87 2.68 3.49
Fund with Sales Charge (%) (POP) Before Shares Sold 1.78 2.74 2.46 3.41
Fund with Sales Charge (%) (POP) After Shares Sold 2.29 2.87 2.68 3.49
Quarter EndAs of 03/31/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 4.89 3.72 2.85 3.76
Fund without Sales Charge (%) (NAV) After Shares Sold 4.19 3.62 2.97 3.77
Fund with Sales Charge (%) (POP) Before Shares Sold 4.89 3.72 2.85 3.76
Fund with Sales Charge (%) (POP) After Shares Sold 4.19 3.62 2.97 3.77

Calendar Year Returns

2019 2018 2017
Fund without Sales Charge (%) (NAV) 6.94 1.25 3.41
Fund with Sales Charge (%) (POP) 6.94 1.25 3.41
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) -3.35 -1.65 1.78 8.43 12.90 39.77 441.18
Fund with Sales Charge (%) (POP) -3.35 -1.65 1.78 8.43 12.90 39.77 441.18
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) 0.71 0.71 4.89 11.56 15.08 44.65 454.16
Fund with Sales Charge (%) (POP) 0.71 0.71 4.89 11.56 15.08 44.65 454.16
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) 3.21 3.08 3.88
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.59 3.53 3.70
Alpha -0.28 -0.27 -0.50
Beta 0.84 0.83 1.01
Sharpe Ratio 0.33 0.43 0.72
Information Ratio -0.47 -0.58 -0.47
Tracking Error 1.13 1.02 1.05
R-Squared 0.90 0.93 0.93

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

3 YR 5 YR 10 YR
Beta Bull 0.93 0.90 1.06
Beta Bear 0.63 0.73 0.90
Bull Bear Capture Ratio 0.94 0.94 0.90
% of Positive Months 66.67 70.00 66.67
Gains/Losses 1.87 1.87 1.95
Maximum Drawdown
4.64 4.64 8.42

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

Gross Expense Ratio 0.61%
Net Expense Ratio [further-information] 0.59%
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 0.84
Sharpe Ratio 0.33
Standard Deviation 3.21

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index