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) 8.12 2.68 3.23 3.74 5.45
Fund with Sales Charge (%) (POP) 8.12 2.68 3.23 3.74 5.45
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) 8.12 2.68 3.23 3.74 5.45
Fund with Sales Charge (%) (POP) 8.12 2.68 3.23 3.74 5.45
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 8.12 2.68 3.23 3.74
Fund without Sales Charge (%) (NAV) After Shares Sold 6.20 2.83 3.30 3.76
Fund with Sales Charge (%) (POP) Before Shares Sold 8.12 2.68 3.23 3.74
Fund with Sales Charge (%) (POP) After Shares Sold 6.20 2.83 3.30 3.76
Quarter EndAs of 09/30/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 8.12 2.68 3.23 3.74
Fund without Sales Charge (%) (NAV) After Shares Sold 6.20 2.83 3.30 3.76
Fund with Sales Charge (%) (POP) Before Shares Sold 8.12 2.68 3.23 3.74
Fund with Sales Charge (%) (POP) After Shares Sold 6.20 2.83 3.30 3.76

Calendar Year Returns

2018 2017
Fund without Sales Charge (%) (NAV) 1.25 3.41
Fund with Sales Charge (%) (POP) 1.25 3.41
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) 1.57 6.63 8.12 8.26 17.23 44.40 448.62
Fund with Sales Charge (%) (POP) 1.57 6.63 8.12 8.26 17.23 44.40 448.62
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) 1.57 6.63 8.12 8.26 17.23 44.40 448.62
Fund with Sales Charge (%) (POP) 1.57 6.63 8.12 8.26 17.23 44.40 448.62
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) 2.95 2.70 3.67
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.42 3.03 3.42
Alpha -0.38 -0.11 -0.59
Beta 0.84 0.87 1.04
Sharpe Ratio 0.46 0.78 0.93
Information Ratio -0.97 -0.62 -0.51
Tracking Error 0.72 0.73 0.93
R-Squared 0.97 0.95 0.94

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

3 YR 5 YR 10 YR
Beta Bull 0.87 0.91 1.05
Beta Bear 0.80 0.81 1.05
Bull Bear Capture Ratio 0.95 0.99 0.90
% of Positive Months 66.67 70.00 68.33
Gains/Losses 2.10 2.41 2.26
Maximum Drawdown
1.34 4.18 8.42

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

Gross Expense Ratio 0.61%
Net Expense Ratio [further-information] 0.59%
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 0.46
Standard Deviation 2.95

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index