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) 8.23 2.59 2.78 3.78 5.33
Fund with Sales Charge (%) (POP) 8.23 2.59 2.78 3.78 5.33
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) 7.33 2.33 2.87 3.58 5.34
Fund with Sales Charge (%) (POP) 7.33 2.33 2.87 3.58 5.34
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 8.23 2.59 2.78 3.78
Fund without Sales Charge (%) (NAV) After Shares Sold 6.25 2.74 2.93 3.79
Fund with Sales Charge (%) (POP) Before Shares Sold 8.23 2.59 2.78 3.78
Fund with Sales Charge (%) (POP) After Shares Sold 6.25 2.74 2.93 3.79
Quarter EndAs of 09/30/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 7.33 2.33 2.87 3.58
Fund without Sales Charge (%) (NAV) After Shares Sold 5.71 2.54 3.00 3.62
Fund with Sales Charge (%) (POP) Before Shares Sold 7.33 2.33 2.87 3.58
Fund with Sales Charge (%) (POP) After Shares Sold 5.71 2.54 3.00 3.62

Calendar Year Returns

2018 2017
Fund without Sales Charge (%) (NAV) 0.67 3.17
Fund with Sales Charge (%) (POP) 0.67 3.17
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) 0.83 6.05 8.23 7.96 14.72 44.95 431.83
Fund with Sales Charge (%) (POP) 0.83 6.05 8.23 7.96 14.72 44.95 431.83
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) 1.40 5.88 7.33 7.15 15.19 42.17 430.97
Fund with Sales Charge (%) (POP) 1.40 5.88 7.33 7.15 15.19 42.17 430.97
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) 2.60 2.44 3.59
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.42 3.03 3.42
Alpha -0.46 -0.13 -0.52
Beta 0.73 0.75 0.98
Sharpe Ratio 0.40 0.74 0.91
Information Ratio -0.91 -0.70 -0.49
Tracking Error 1.12 1.10 1.28
R-Squared 0.94 0.89 0.87

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

3 YR 5 YR 10 YR
Beta Bull 0.77 0.77 0.99
Beta Bear 0.60 0.63 0.94
Bull Bear Capture Ratio 0.93 0.97 0.89
% of Positive Months 66.67 70.00 70.83
Gains/Losses 2.06 2.31 2.24
Maximum Drawdown
1.35 3.36 7.95

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

Gross Expense Ratio 0.65%
Net Expense Ratio [further-information] 0.63%
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 0.73
Sharpe Ratio 0.40
Standard Deviation 2.60

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index