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) 1.56 2.70 2.46 3.67 5.31
Fund with Sales Charge (%) (POP) 1.56 2.70 2.46 3.67 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) 3.68 3.46 2.66 3.95 5.38
Fund with Sales Charge (%) (POP) 3.68 3.46 2.66 3.95 5.38
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 1.56 2.70 2.46 3.67
Fund without Sales Charge (%) (NAV) After Shares Sold 2.17 2.86 2.70 3.74
Fund with Sales Charge (%) (POP) Before Shares Sold 1.56 2.70 2.46 3.67
Fund with Sales Charge (%) (POP) After Shares Sold 2.17 2.86 2.70 3.74
Quarter EndAs of 03/31/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 3.68 3.46 2.66 3.95
Fund without Sales Charge (%) (NAV) After Shares Sold 3.47 3.44 2.84 3.95
Fund with Sales Charge (%) (POP) Before Shares Sold 3.68 3.46 2.66 3.95
Fund with Sales Charge (%) (POP) After Shares Sold 3.47 3.44 2.84 3.95

Calendar Year Returns

2019 2018 2017
Fund without Sales Charge (%) (NAV) 7.13 0.83 4.15
Fund with Sales Charge (%) (POP) 7.13 0.83 4.15
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) -4.08 -2.27 1.56 8.31 12.95 43.42 442.49
Fund with Sales Charge (%) (POP) -4.08 -2.27 1.56 8.31 12.95 43.42 442.49
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) -0.67 -0.67 3.68 10.73 14.04 47.27 451.38
Fund with Sales Charge (%) (POP) -0.67 -0.67 3.68 10.73 14.04 47.27 451.38
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) 3.61 3.33 4.12
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.59 3.53 3.70
Alpha -0.54 -0.45 -0.53
Beta 0.99 0.91 1.08
Sharpe Ratio 0.28 0.39 0.73
Information Ratio -0.85 -0.72 -0.27
Tracking Error 0.68 0.88 1.11
R-Squared 0.96 0.94 0.93

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

3 YR 5 YR 10 YR
Beta Bull 0.96 0.93 1.13
Beta Bear 1.13 0.94 1.07
Bull Bear Capture Ratio 0.92 0.93 0.92
% of Positive Months 69.44 70.00 66.67
Gains/Losses 1.83 1.83 1.99
Maximum Drawdown
5.48 5.48 8.45

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

Gross Expense Ratio 0.55%
Net Expense Ratio [further-information] 0.53%
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 0.99
Sharpe Ratio 0.28
Standard Deviation 3.61

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index