Average Annual Total Returns [further-information] As of 10/31/2019

Month EndAs of 10/31/2019 1 Yr 3 Yr 5 Yr 10 Yr Since Inception Inception 09/01/1987
Fund without Sales Charge (%) (NAV) 8.48 2.89 3.11 4.05 5.40
Fund with Sales Charge (%) (POP) 4.41 1.59 2.33 3.65 5.27
Bloomberg Barclays Municipal Bond Index (%) 9.42 3.62 3.55 4.40 5.93
Quarter EndAs of 09/30/2019 1 Yr 3 Yr 5 Yr 10 Yr Since Inception Inception 09/01/1987
Fund without Sales Charge (%) (NAV) 7.89 2.64 3.24 3.83 5.41
Fund with Sales Charge (%) (POP) 3.84 1.34 2.46 3.44 5.29
Bloomberg Barclays Municipal Bond Index (%) 8.55 3.19 3.66 4.16 5.94

After-Tax Average Annual Total Returns [further-information] As of 10/31/2019

Month EndAs of 10/31/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 8.48 2.90 3.11 4.05
Fund without Sales Charge (%) (NAV) After Shares Sold 6.29 2.97 3.18 4.02
Fund with Sales Charge (%) (POP) Before Shares Sold 4.41 1.59 2.33 3.65
Fund with Sales Charge (%) (POP) After Shares Sold 3.84 1.96 2.55 3.68
Quarter EndAs of 09/30/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 7.89 2.64 3.24 3.83
Fund without Sales Charge (%) (NAV) After Shares Sold 5.95 2.78 3.28 3.84
Fund with Sales Charge (%) (POP) Before Shares Sold 3.84 1.34 2.46 3.44
Fund with Sales Charge (%) (POP) After Shares Sold 3.51 1.76 2.66 3.51

Calendar Year Returns

2018
Fund without Sales Charge (%) (NAV) 0.86
Fund with Sales Charge (%) (POP) -3.43
Bloomberg Barclays Municipal Bond Index (%) 1.28

Cumulative Total Returns [further-information] As of 10/31/2019

Month EndAs of 10/31/2019 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 09/01/1987
Fund without Sales Charge (%) (NAV) 1.04 6.47 8.48 8.94 16.57 48.71 442.48
Fund with Sales Charge (%) (POP) -2.75 2.48 4.41 4.85 12.20 43.14 422.14
Bloomberg Barclays Municipal Bond Index (%) 0.94 6.94 9.42 11.24 19.08 53.88 536.99
Quarter EndAs of 09/30/2019 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 09/01/1987
Fund without Sales Charge (%) (NAV) 1.71 6.43 7.89 8.13 17.30 45.68 442.26
Fund with Sales Charge (%) (POP) -2.11 2.44 3.84 4.07 12.90 40.22 421.93
Bloomberg Barclays Municipal Bond Index (%) 1.58 6.75 8.55 9.88 19.68 50.38 535.85

MODERN PORTFOLIO THEORY (MPT) STATISTICSAs of 10/31/2019 (updated monthly)

3 YR 5 YR 10 YR
Standard Deviation (Fund) 2.86 2.69 3.80
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.42 3.03 3.42
Alpha -0.33 -0.05 -0.57
Beta 0.81 0.85 1.06
Sharpe Ratio 0.47 0.79 0.93
Information Ratio -0.85 -0.50 -0.32
Tracking Error 0.85 0.88 1.10
R-Squared 0.96 0.92 0.92

ADDITIONAL RISK STATISTICSAs of 10/31/2019 (updated monthly)

3 YR 5 YR 10 YR
Beta Bull 0.85 0.88 1.11
Beta Bear 0.79 0.77 1.08
Bull Bear Capture Ratio 0.97 1.00 0.91
% of Positive Months 69.44 70.00 67.50
Gains/Losses 2.16 2.40 2.30
Maximum Drawdown
1.39 3.98 8.44

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

Gross Expense Ratio 0.81%
Net Expense Ratio [further-information] 0.81%
Max Initial Sales Charge 3.75%
CDSC 0.75%

Volatility Measures [further-information] As of 10/31/2019 Updated Monthly, based on a 3-year period

Beta 0.81
Sharpe Ratio 0.47
Standard Deviation 2.86

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index