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 12/01/1986
Fund without Sales Charge (%) (NAV) 6.75 2.38 2.82 3.83 5.26
Fund with Sales Charge (%) (POP) 6.75 2.38 2.82 3.83 5.26
Bloomberg Barclays Municipal Bond Index (%) 9.42 3.62 3.55 4.40 5.80
Quarter EndAs of 09/30/2019 1 Yr 3 Yr 5 Yr 10 Yr Since Inception Inception 12/01/1986
Fund without Sales Charge (%) (NAV) 6.46 2.27 2.94 3.67 5.28
Fund with Sales Charge (%) (POP) 6.46 2.27 2.94 3.67 5.28
Bloomberg Barclays Municipal Bond Index (%) 8.55 3.19 3.66 4.16 5.81

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 6.75 2.38 2.82 3.83
Fund without Sales Charge (%) (NAV) After Shares Sold 5.51 2.68 3.04 3.90
Fund with Sales Charge (%) (POP) Before Shares Sold 6.75 2.38 2.82 3.83
Fund with Sales Charge (%) (POP) After Shares Sold 5.51 2.68 3.04 3.90
Quarter EndAs of 09/30/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 6.46 2.27 2.94 3.67
Fund without Sales Charge (%) (NAV) After Shares Sold 5.34 2.60 3.14 3.76
Fund with Sales Charge (%) (POP) Before Shares Sold 6.46 2.27 2.94 3.67
Fund with Sales Charge (%) (POP) After Shares Sold 5.34 2.60 3.14 3.76

Calendar Year Returns

2018 2017
Fund without Sales Charge (%) (NAV) 1.53 2.49
Fund with Sales Charge (%) (POP) 1.53 2.49
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 12/01/1986
Fund without Sales Charge (%) (NAV) 0.90 5.32 6.75 7.32 14.90 45.63 441.06
Fund with Sales Charge (%) (POP) 0.90 5.32 6.75 7.32 14.90 45.63 441.06
Bloomberg Barclays Municipal Bond Index (%) 0.94 6.94 9.42 11.24 19.08 53.88 540.11
Quarter EndAs of 09/30/2019 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 12/01/1986
Fund without Sales Charge (%) (NAV) 1.43 5.46 6.46 6.96 15.57 43.41 441.76
Fund with Sales Charge (%) (POP) 1.43 5.46 6.46 6.96 15.57 43.41 441.76
Bloomberg Barclays Municipal Bond Index (%) 1.58 6.75 8.55 9.88 19.68 50.38 538.97

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

3 YR 5 YR 10 YR
Standard Deviation (Fund) 2.34 2.30 3.71
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.42 3.03 3.42
Alpha -0.51 -0.01 -0.66
Beta 0.64 0.70 1.01
Sharpe Ratio 0.34 0.78 0.87
Information Ratio -0.92 -0.62 -0.48
Tracking Error 1.37 1.26 1.36
R-Squared 0.92 0.86 0.87

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

3 YR 5 YR 10 YR
Beta Bull 0.67 0.75 1.07
Beta Bear 0.62 0.60 0.93
Bull Bear Capture Ratio 0.97 1.04 0.88
% of Positive Months 66.67 70.00 68.33
Gains/Losses 2.13 2.46 2.20
Maximum Drawdown
0.84 3.13 9.39

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

Gross Expense Ratio 0.57%
Net Expense Ratio [further-information] 0.54%
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 0.64
Sharpe Ratio 0.34
Standard Deviation 2.34

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index