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 09/01/1987
Fund without Sales Charge (%) (NAV) 7.77 2.54 3.23 3.87 5.57
Fund with Sales Charge (%) (POP) 7.77 2.54 3.23 3.87 5.57
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) 7.77 2.54 3.23 3.87 5.57
Fund with Sales Charge (%) (POP) 7.77 2.54 3.23 3.87 5.57
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 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 7.77 2.54 3.23 3.87
Fund without Sales Charge (%) (NAV) After Shares Sold 6.03 2.74 3.32 3.89
Fund with Sales Charge (%) (POP) Before Shares Sold 7.77 2.54 3.23 3.87
Fund with Sales Charge (%) (POP) After Shares Sold 6.03 2.74 3.32 3.89
Quarter EndAs of 09/30/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 7.77 2.54 3.23 3.87
Fund without Sales Charge (%) (NAV) After Shares Sold 6.03 2.74 3.32 3.89
Fund with Sales Charge (%) (POP) Before Shares Sold 7.77 2.54 3.23 3.87
Fund with Sales Charge (%) (POP) After Shares Sold 6.03 2.74 3.32 3.89

Calendar Year Returns

2018 2017
Fund without Sales Charge (%) (NAV) 1.22 2.88
Fund with Sales Charge (%) (POP) 1.22 2.88
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 09/01/1987
Fund without Sales Charge (%) (NAV) 1.82 6.46 7.77 7.81 17.21 46.15 469.93
Fund with Sales Charge (%) (POP) 1.82 6.46 7.77 7.81 17.21 46.15 469.93
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) 1.82 6.46 7.77 7.81 17.21 46.15 469.93
Fund with Sales Charge (%) (POP) 1.82 6.46 7.77 7.81 17.21 46.15 469.93
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) 2.78 2.58 3.86
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.42 3.03 3.42
Alpha -0.44 0.00 -0.65
Beta 0.78 0.80 1.07
Sharpe Ratio 0.41 0.80 0.90
Information Ratio -0.85 -0.48 -0.33
Tracking Error 1.06 1.05 1.26
R-Squared 0.93 0.89 0.90

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

3 YR 5 YR 10 YR
Beta Bull 0.83 0.85 1.11
Beta Bear 0.73 0.73 1.09
Bull Bear Capture Ratio 0.95 1.03 0.90
% of Positive Months 63.89 66.67 69.17
Gains/Losses 2.06 2.42 2.25
Maximum Drawdown
1.23 3.67 9.00

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

Gross Expense Ratio 0.58%
Net Expense Ratio [further-information] 0.55%
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 0.78
Sharpe Ratio 0.41
Standard Deviation 2.78

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index