Average Annual Total Returns [further-information] As of 09/30/2019

Month EndAs of 09/30/2019 1 Yr 3 Yr 5 Yr 10 Yr Since Inception Inception 04/03/1985
Fund without Sales Charge (%) (NAV) 8.27 2.76 2.99 3.56 5.66
Fund with Sales Charge (%) (POP) 8.27 2.76 2.99 3.56 5.66
Quarter EndAs of 09/30/2019 1 Yr 3 Yr 5 Yr 10 Yr Since Inception Inception 04/03/1985
Fund without Sales Charge (%) (NAV) 8.27 2.76 2.99 3.56 5.66
Fund with Sales Charge (%) (POP) 8.27 2.76 2.99 3.56 5.66
Bloomberg Barclays Municipal Bond Index (%) 8.55 3.19 3.66 4.16 6.50

After-Tax Average Annual Total Returns [further-information] As of 09/30/2019

Month EndAs of 09/30/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 8.27 2.76 2.99 3.56
Fund without Sales Charge (%) (NAV) After Shares Sold 6.16 2.81 3.01 3.52
Fund with Sales Charge (%) (POP) Before Shares Sold 8.27 2.76 2.99 3.56
Fund with Sales Charge (%) (POP) After Shares Sold 6.16 2.81 3.01 3.52
Quarter EndAs of 09/30/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 8.27 2.76 2.99 3.56
Fund without Sales Charge (%) (NAV) After Shares Sold 6.16 2.81 3.01 3.52
Fund with Sales Charge (%) (POP) Before Shares Sold 8.27 2.76 2.99 3.56
Fund with Sales Charge (%) (POP) After Shares Sold 6.16 2.81 3.01 3.52

Calendar Year Returns

2018 2017
Fund without Sales Charge (%) (NAV) 0.45 4.13
Fund with Sales Charge (%) (POP) 0.45 4.13
Bloomberg Barclays Municipal Bond Index (%) 1.28 5.45

Cumulative Total Returns [further-information] As of 09/30/2019

Month EndAs of 09/30/2019 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 04/03/1985
Fund without Sales Charge (%) (NAV) 1.59 6.45 8.27 8.51 15.87 41.84 567.55
Fund with Sales Charge (%) (POP) 1.59 6.45 8.27 8.51 15.87 41.84 567.55
Quarter EndAs of 09/30/2019 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 04/03/1985
Fund without Sales Charge (%) (NAV) 1.59 6.45 8.27 8.51 15.87 41.84 567.55
Fund with Sales Charge (%) (POP) 1.59 6.45 8.27 8.51 15.87 41.84 567.55
Bloomberg Barclays Municipal Bond Index (%) 1.58 6.75 8.55 9.88 19.68 50.38 778.79

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

3 YR 5 YR 10 YR
Standard Deviation (Fund) 2.95 2.60 3.37
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.42 3.03 3.42
Alpha -0.36 -0.36 -0.60
Beta 0.85 0.84 0.97
Sharpe Ratio 0.46 0.69 0.92
Information Ratio -0.92 -1.14 -1.19
Tracking Error 0.75 0.68 0.65
R-Squared 0.97 0.96 0.96

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

3 YR 5 YR 10 YR
Beta Bull 0.95 0.92 1.05
Beta Bear 0.70 0.73 0.89
Bull Bear Capture Ratio 0.93 0.92 0.89
% of Positive Months 72.22 73.33 68.33
Gains/Losses 2.07 2.25 2.29
Maximum Drawdown
1.89 3.76 7.10

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

Gross Expense Ratio 0.56%
Net Expense Ratio [further-information] 0.53%
Max Initial Sales Charge 0.00%
CDSC

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

Beta 0.85
Sharpe Ratio 0.46
Standard Deviation 2.95

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index