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) 7.27 2.13 2.84 3.62 5.45
Fund with Sales Charge (%) (POP) 7.27 2.13 2.84 3.62 5.45
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) 7.27 2.13 2.84 3.62 5.45
Fund with Sales Charge (%) (POP) 7.27 2.13 2.84 3.62 5.45
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 7.27 2.13 2.84 3.62
Fund without Sales Charge (%) (NAV) After Shares Sold 5.75 2.42 2.99 3.66
Fund with Sales Charge (%) (POP) Before Shares Sold 7.27 2.13 2.84 3.62
Fund with Sales Charge (%) (POP) After Shares Sold 5.75 2.42 2.99 3.66
Quarter EndAs of 09/30/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 7.27 2.13 2.84 3.62
Fund without Sales Charge (%) (NAV) After Shares Sold 5.75 2.42 2.99 3.66
Fund with Sales Charge (%) (POP) Before Shares Sold 7.27 2.13 2.84 3.62
Fund with Sales Charge (%) (POP) After Shares Sold 5.75 2.42 2.99 3.66

Calendar Year Returns

2018 2017
Fund without Sales Charge (%) (NAV) 0.70 2.59
Fund with Sales Charge (%) (POP) 0.70 2.59
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) 1.46 5.97 7.27 6.52 15.05 42.76 448.45
Fund with Sales Charge (%) (POP) 1.46 5.97 7.27 6.52 15.05 42.76 448.45
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) 1.46 5.97 7.27 6.52 15.05 42.76 448.45
Fund with Sales Charge (%) (POP) 1.46 5.97 7.27 6.52 15.05 42.76 448.45
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) 2.70 2.55 3.76
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.42 3.03 3.42
Alpha -0.76 -0.32 -0.73
Beta 0.76 0.80 1.05
Sharpe Ratio 0.29 0.68 0.88
Information Ratio -1.26 -0.89 -0.51
Tracking Error 1.01 0.93 1.09
R-Squared 0.95 0.92 0.92

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

3 YR 5 YR 10 YR
Beta Bull 0.79 0.85 1.09
Beta Bear 0.69 0.70 1.05
Bull Bear Capture Ratio 0.87 0.93 0.88
% of Positive Months 69.44 73.33 70.83
Gains/Losses 1.91 2.23 2.21
Maximum Drawdown
1.33 3.61 9.04

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

Gross Expense Ratio 0.59%
Net Expense Ratio [further-information] 0.57%
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 0.76
Sharpe Ratio 0.29
Standard Deviation 2.70

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index