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) 8.40 2.75 2.99 3.88 5.40
Fund with Sales Charge (%) (POP) 4.33 1.45 2.21 3.48 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) 7.91 2.53 3.14 3.69 5.42
Fund with Sales Charge (%) (POP) 3.86 1.23 2.35 3.29 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 8.40 2.75 2.99 3.88
Fund without Sales Charge (%) (NAV) After Shares Sold 6.24 2.84 3.08 3.87
Fund with Sales Charge (%) (POP) Before Shares Sold 4.33 1.45 2.21 3.48
Fund with Sales Charge (%) (POP) After Shares Sold 3.79 1.83 2.46 3.54
Quarter EndAs of 09/30/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 7.91 2.53 3.14 3.69
Fund without Sales Charge (%) (NAV) After Shares Sold 5.95 2.67 3.20 3.71
Fund with Sales Charge (%) (POP) Before Shares Sold 3.86 1.24 2.35 3.29
Fund with Sales Charge (%) (POP) After Shares Sold 3.51 1.66 2.58 3.38

Calendar Year Returns

2018
Fund without Sales Charge (%) (NAV) 1.08
Fund with Sales Charge (%) (POP) -3.22
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) 0.94 6.36 8.40 8.48 15.88 46.30 442.52
Fund with Sales Charge (%) (POP) -2.85 2.37 4.33 4.41 11.54 40.81 422.17
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) 1.59 6.50 7.91 7.79 16.71 43.67 443.22
Fund with Sales Charge (%) (POP) -2.22 2.50 3.86 3.75 12.33 38.28 422.85
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) 2.94 2.70 3.66
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.42 3.03 3.42
Alpha -0.53 -0.20 -0.64
Beta 0.84 0.86 1.04
Sharpe Ratio 0.40 0.74 0.91
Information Ratio -1.17 -0.75 -0.56
Tracking Error 0.74 0.75 0.93
R-Squared 0.97 0.95 0.94

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

3 YR 5 YR 10 YR
Beta Bull 0.87 0.91 1.05
Beta Bear 0.79 0.80 1.05
Bull Bear Capture Ratio 0.91 0.97 0.89
% of Positive Months 66.67 70.00 69.17
Gains/Losses 2.01 2.33 2.23
Maximum Drawdown
1.38 4.18 8.42

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

Gross Expense Ratio 0.88%
Net Expense Ratio [further-information] 0.88%
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 0.84
Sharpe Ratio 0.40
Standard Deviation 2.94

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index