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 10/03/1988
Fund without Sales Charge (%) (NAV) 0.70 2.23 2.23 3.09 5.02
Fund with Sales Charge (%) (POP) 0.70 2.23 2.23 3.09 5.02
Bloomberg Barclays Municipal Bond Index (%) 2.16 3.27 3.04 3.89 5.70
Quarter EndAs of 03/31/2020 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 10/03/1988
Fund without Sales Charge (%) (NAV) 3.53 3.07 2.48 3.44 5.10
Fund with Sales Charge (%) (POP) 3.53 3.07 2.48 3.44 5.10
Bloomberg Barclays Municipal Bond Index (%) 3.85 3.96 3.19 4.14 5.76

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 0.70 2.23 2.23 3.09
Fund without Sales Charge (%) (NAV) After Shares Sold 1.63 2.48 2.51 3.23
Fund with Sales Charge (%) (POP) Before Shares Sold 0.70 2.23 2.23 3.09
Fund with Sales Charge (%) (POP) After Shares Sold 1.63 2.48 2.51 3.23
Quarter EndAs of 03/31/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 3.53 3.07 2.48 3.44
Fund without Sales Charge (%) (NAV) After Shares Sold 3.40 3.12 2.69 3.50
Fund with Sales Charge (%) (POP) Before Shares Sold 3.53 3.07 2.48 3.44
Fund with Sales Charge (%) (POP) After Shares Sold 3.40 3.12 2.69 3.50

Calendar Year Returns

2019 2018 2017
Fund without Sales Charge (%) (NAV) 6.44 1.33 3.07
Fund with Sales Charge (%) (POP) 6.44 1.33 3.07
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 10/03/1988
Fund without Sales Charge (%) (NAV) -3.93 -2.39 0.70 6.85 11.64 35.52 369.70
Fund with Sales Charge (%) (POP) -3.93 -2.39 0.70 6.85 11.64 35.52 369.70
Bloomberg Barclays Municipal Bond Index (%) -3.61 -1.88 2.16 10.14 16.14 46.44 475.90
Quarter EndAs of 03/31/2020 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 10/03/1988
Fund without Sales Charge (%) (NAV) -0.36 -0.36 3.53 9.50 13.02 40.19 379.47
Fund with Sales Charge (%) (POP) -0.36 -0.36 3.53 9.50 13.02 40.19 379.47
Bloomberg Barclays Municipal Bond Index (%) -0.63 -0.63 3.85 12.35 17.00 50.11 483.22

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

3 YR 5 YR 10 YR
Standard Deviation (Fund) 3.26 3.14 4.01
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.59 3.53 3.70
Alpha -0.84 -0.55 -0.96
Beta 0.87 0.84 1.03
Sharpe Ratio 0.16 0.34 0.60
Information Ratio -1.09 -0.75 -0.73
Tracking Error 0.98 1.15 1.23
R-Squared 0.93 0.90 0.91

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

3 YR 5 YR 10 YR
Beta Bull 0.75 0.72 1.00
Beta Bear 0.88 0.85 0.99
Bull Bear Capture Ratio 0.85 0.89 0.83
% of Positive Months 66.67 70.00 66.67
Gains/Losses 1.67 1.72 1.78
Maximum Drawdown
5.15 5.15 9.29

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

Gross Expense Ratio 0.61%
Net Expense Ratio [further-information] 0.58%
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 0.87
Sharpe Ratio 0.16
Standard Deviation 3.26

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index