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) 7.57 2.62 3.12 3.61 5.50
Fund with Sales Charge (%) (POP) 7.57 2.62 3.12 3.61 5.50
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) 7.57 2.62 3.12 3.61 5.50
Fund with Sales Charge (%) (POP) 7.57 2.62 3.12 3.61 5.50
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 7.57 2.62 3.12 3.61
Fund without Sales Charge (%) (NAV) After Shares Sold 5.85 2.77 3.20 3.66
Fund with Sales Charge (%) (POP) Before Shares Sold 7.57 2.62 3.12 3.61
Fund with Sales Charge (%) (POP) After Shares Sold 5.85 2.77 3.20 3.66
Quarter EndAs of 09/30/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 7.57 2.62 3.12 3.61
Fund without Sales Charge (%) (NAV) After Shares Sold 5.85 2.77 3.20 3.66
Fund with Sales Charge (%) (POP) Before Shares Sold 7.57 2.62 3.12 3.61
Fund with Sales Charge (%) (POP) After Shares Sold 5.85 2.77 3.20 3.66

Calendar Year Returns

2018 2017
Fund without Sales Charge (%) (NAV) 1.68 2.25
Fund with Sales Charge (%) (POP) 1.68 2.25
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) 1.60 6.50 7.57 8.06 16.62 42.56 456.52
Fund with Sales Charge (%) (POP) 1.60 6.50 7.57 8.06 16.62 42.56 456.52
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) 1.60 6.50 7.57 8.06 16.62 42.56 456.52
Fund with Sales Charge (%) (POP) 1.60 6.50 7.57 8.06 16.62 42.56 456.52
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) 2.59 2.42 3.57
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.42 3.03 3.42
Alpha -0.30 0.06 -0.60
Beta 0.71 0.74 0.98
Sharpe Ratio 0.44 0.81 0.89
Information Ratio -0.72 -0.52 -0.58
Tracking Error 1.25 1.15 1.23
R-Squared 0.90 0.88 0.88

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

3 YR 5 YR 10 YR
Beta Bull 0.71 0.81 1.03
Beta Bear 0.61 0.61 0.90
Bull Bear Capture Ratio 0.97 1.05 0.88
% of Positive Months 63.89 68.33 68.33
Gains/Losses 2.09 2.48 2.20
Maximum Drawdown
1.62 3.09 8.36

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

Gross Expense Ratio 0.55%
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 0.71
Sharpe Ratio 0.44
Standard Deviation 2.59

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index