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 03/18/1986
Fund without Sales Charge (%) (NAV) 9.08 3.15 3.83 5.14 6.09
Fund with Sales Charge (%) (POP) 9.08 3.15 3.83 5.14 6.09
Bloomberg Barclays Municipal Bond Index (%) 9.42 3.62 3.55 4.40 5.94
Quarter EndAs of 09/30/2019 1 Yr 3 Yr 5 Yr 10 Yr Since Inception Inception 03/18/1986
Fund without Sales Charge (%) (NAV) 8.23 2.84 3.95 4.93 6.11
Fund with Sales Charge (%) (POP) 8.23 2.84 3.95 4.93 6.11
Bloomberg Barclays Municipal Bond Index (%) 8.55 3.19 3.66 4.16 5.95

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 9.08 3.15 3.83 5.14
Fund without Sales Charge (%) (NAV) After Shares Sold 7.35 3.45 3.97 5.09
Fund with Sales Charge (%) (POP) Before Shares Sold 9.08 3.15 3.83 5.14
Fund with Sales Charge (%) (POP) After Shares Sold 7.35 3.45 3.97 5.09
Quarter EndAs of 09/30/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 8.23 2.84 3.95 4.93
Fund without Sales Charge (%) (NAV) After Shares Sold 6.84 3.21 4.07 4.91
Fund with Sales Charge (%) (POP) Before Shares Sold 8.23 2.84 3.95 4.93
Fund with Sales Charge (%) (POP) After Shares Sold 6.84 3.21 4.07 4.91

Calendar Year Returns

2018 2017
Fund without Sales Charge (%) (NAV) 2.17 3.86
Fund with Sales Charge (%) (POP) 2.17 3.86
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 03/18/1986
Fund without Sales Charge (%) (NAV) 1.10 7.37 9.08 9.75 20.66 65.03 629.89
Fund with Sales Charge (%) (POP) 1.10 7.37 9.08 9.75 20.66 65.03 629.89
Bloomberg Barclays Municipal Bond Index (%) 0.94 6.94 9.42 11.24 19.08 53.88 595.49
Quarter EndAs of 09/30/2019 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 03/18/1986
Fund without Sales Charge (%) (NAV) 1.83 7.43 8.23 8.77 21.38 61.81 630.26
Fund with Sales Charge (%) (POP) 1.83 7.43 8.23 8.77 21.38 61.81 630.26
Bloomberg Barclays Municipal Bond Index (%) 1.58 6.75 8.55 9.88 19.68 50.38 594.25

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

3 YR 5 YR 10 YR
Standard Deviation (Fund) 3.44 3.20 4.42
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.42 3.03 3.42
Alpha -0.35 0.23 -0.20
Beta 0.96 1.00 1.23
Sharpe Ratio 0.47 0.88 1.02
Information Ratio -0.45 0.23 0.41
Tracking Error 0.99 1.01 1.61
R-Squared 0.92 0.90 0.90

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

3 YR 5 YR 10 YR
Beta Bull 0.78 0.91 1.18
Beta Bear 1.14 1.06 1.36
Bull Bear Capture Ratio 0.95 1.05 0.98
% of Positive Months 66.67 70.00 68.33
Gains/Losses 2.08 2.49 2.42
Maximum Drawdown
1.44 5.37 10.51

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

Gross Expense Ratio 0.52%
Net Expense Ratio [further-information] 0.52%
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 0.96
Sharpe Ratio 0.47
Standard Deviation 3.44

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index