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) 6.82 2.32 2.98 3.45 5.51
Fund with Sales Charge (%) (POP) 6.82 2.32 2.98 3.45 5.51
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) 6.82 2.32 2.98 3.45 5.51
Fund with Sales Charge (%) (POP) 6.82 2.32 2.98 3.45 5.51
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 6.82 2.32 2.98 3.44
Fund without Sales Charge (%) (NAV) After Shares Sold 5.62 2.66 3.19 3.60
Fund with Sales Charge (%) (POP) Before Shares Sold 6.82 2.32 2.98 3.44
Fund with Sales Charge (%) (POP) After Shares Sold 5.62 2.66 3.19 3.60
Quarter EndAs of 09/30/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 6.82 2.32 2.98 3.44
Fund without Sales Charge (%) (NAV) After Shares Sold 5.62 2.66 3.19 3.60
Fund with Sales Charge (%) (POP) Before Shares Sold 6.82 2.32 2.98 3.44
Fund with Sales Charge (%) (POP) After Shares Sold 5.62 2.66 3.19 3.60

Calendar Year Returns

2018 2017
Fund without Sales Charge (%) (NAV) 1.81 1.92
Fund with Sales Charge (%) (POP) 1.81 1.92
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) 1.35 5.80 6.82 7.12 15.81 40.40 458.25
Fund with Sales Charge (%) (POP) 1.35 5.80 6.82 7.12 15.81 40.40 458.25
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) 1.35 5.80 6.82 7.12 15.81 40.40 458.25
Fund with Sales Charge (%) (POP) 1.35 5.80 6.82 7.12 15.81 40.40 458.25
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) 2.43 2.39 3.45
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.42 3.03 3.42
Alpha -0.52 -0.01 -0.57
Beta 0.67 0.72 0.93
Sharpe Ratio 0.34 0.77 0.88
Information Ratio -0.91 -0.57 -0.65
Tracking Error 1.33 1.28 1.32
R-Squared 0.91 0.84 0.86

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

3 YR 5 YR 10 YR
Beta Bull 0.59 0.76 0.96
Beta Bear 0.65 0.63 0.89
Bull Bear Capture Ratio 0.94 1.04 0.88
% of Positive Months 63.89 66.67 70.00
Gains/Losses 2.05 2.45 2.21
Maximum Drawdown
1.28 3.33 9.32

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

Gross Expense Ratio 0.58%
Net Expense Ratio [further-information] 0.56%
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 0.67
Sharpe Ratio 0.34
Standard Deviation 2.43

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index