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 09/01/1987
Fund without Sales Charge (%) (NAV) 8.11 2.68 3.02 3.74 5.30
Fund with Sales Charge (%) (POP) 8.11 2.68 3.02 3.74 5.30
Bloomberg Barclays Municipal Bond Index (%) 9.42 3.62 3.55 4.40 5.93
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) 7.55 2.43 3.14 3.55 5.31
Fund with Sales Charge (%) (POP) 7.55 2.43 3.14 3.55 5.31
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 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 8.11 2.68 3.02 3.74
Fund without Sales Charge (%) (NAV) After Shares Sold 6.15 2.81 3.11 3.76
Fund with Sales Charge (%) (POP) Before Shares Sold 8.11 2.68 3.02 3.74
Fund with Sales Charge (%) (POP) After Shares Sold 6.15 2.81 3.11 3.76
Quarter EndAs of 09/30/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 7.55 2.43 3.14 3.55
Fund without Sales Charge (%) (NAV) After Shares Sold 5.82 2.62 3.21 3.61
Fund with Sales Charge (%) (POP) Before Shares Sold 7.55 2.43 3.14 3.55
Fund with Sales Charge (%) (POP) After Shares Sold 5.82 2.62 3.21 3.61

Calendar Year Returns

2018 2017
Fund without Sales Charge (%) (NAV) 0.75 3.83
Fund with Sales Charge (%) (POP) 0.75 3.83
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 09/01/1987
Fund without Sales Charge (%) (NAV) 1.05 6.09 8.11 8.24 16.03 44.40 426.58
Fund with Sales Charge (%) (POP) 1.05 6.09 8.11 8.24 16.03 44.40 426.58
Bloomberg Barclays Municipal Bond Index (%) 0.94 6.94 9.42 11.24 19.08 53.88 536.99
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) 1.77 6.10 7.55 7.48 16.71 41.81 426.66
Fund with Sales Charge (%) (POP) 1.77 6.10 7.55 7.48 16.71 41.81 426.66
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) 2.94 2.72 3.71
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.42 3.03 3.42
Alpha -0.62 -0.26 -0.91
Beta 0.84 0.88 1.05
Sharpe Ratio 0.37 0.73 0.84
Information Ratio -1.33 -0.86 -0.81
Tracking Error 0.72 0.68 0.93
R-Squared 0.97 0.96 0.94

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

3 YR 5 YR 10 YR
Beta Bull 0.88 0.93 1.08
Beta Bear 0.85 0.83 1.04
Bull Bear Capture Ratio 0.91 0.95 0.84
% of Positive Months 66.67 70.00 67.50
Gains/Losses 2.02 2.32 2.14
Maximum Drawdown
1.43 4.18 9.55

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

Gross Expense Ratio 0.53%
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 0.84
Sharpe Ratio 0.37
Standard Deviation 2.94

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index