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 04/03/1985
Fund without Sales Charge (%) (NAV) 9.00 3.28 3.53 4.10 5.80
Fund with Sales Charge (%) (POP) 9.00 3.28 3.53 4.10 5.80
Bloomberg Barclays Municipal Bond Index (%) 9.42 3.62 3.55 4.40 6.49
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) 8.21 3.08 3.68 3.92 5.82
Fund with Sales Charge (%) (POP) 8.21 3.08 3.68 3.92 5.82
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 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 9.00 3.28 3.53 4.10
Fund without Sales Charge (%) (NAV) After Shares Sold 6.67 3.25 3.48 4.02
Fund with Sales Charge (%) (POP) Before Shares Sold 9.00 3.28 3.53 4.10
Fund with Sales Charge (%) (POP) After Shares Sold 6.67 3.25 3.48 4.02
Quarter EndAs of 09/30/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 8.21 3.08 3.68 3.92
Fund without Sales Charge (%) (NAV) After Shares Sold 6.19 3.09 3.60 3.86
Fund with Sales Charge (%) (POP) Before Shares Sold 8.21 3.08 3.68 3.92
Fund with Sales Charge (%) (POP) After Shares Sold 6.19 3.09 3.60 3.86

Calendar Year Returns

2018 2017
Fund without Sales Charge (%) (NAV) 0.87 4.75
Fund with Sales Charge (%) (POP) 0.87 4.75
Bloomberg Barclays Municipal Bond Index (%) 1.28 5.45

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 04/03/1985
Fund without Sales Charge (%) (NAV) 0.98 6.42 9.00 10.18 18.96 49.42 602.86
Fund with Sales Charge (%) (POP) 0.98 6.42 9.00 10.18 18.96 49.42 602.86
Bloomberg Barclays Municipal Bond Index (%) 0.94 6.94 9.42 11.24 19.08 53.88 780.36
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) 1.63 6.41 8.21 9.52 19.79 46.84 602.74
Fund with Sales Charge (%) (POP) 1.63 6.41 8.21 9.52 19.79 46.84 602.74
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) 2.98 2.76 3.76
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.42 3.03 3.42
Alpha -0.10 0.17 -0.63
Beta 0.85 0.89 1.06
Sharpe Ratio 0.56 0.89 0.92
Information Ratio -0.54 -0.16 -0.43
Tracking Error 0.73 0.69 0.95
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 0.92 0.99 1.13
Beta Bear 0.75 0.76 1.00
Bull Bear Capture Ratio 1.00 1.05 0.89
% of Positive Months 72.22 71.67 70.83
Gains/Losses 2.21 2.55 2.27
Maximum Drawdown
1.56 3.99 8.66

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

Gross Expense Ratio 0.53%
Net Expense Ratio [further-information] 0.51%
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 0.56
Standard Deviation 2.98

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index