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 05/12/1988
Fund without Sales Charge (%) (NAV) 7.90 2.81 2.91 3.58 5.43
Fund with Sales Charge (%) (POP) 7.90 2.81 2.91 3.58 5.43
Bloomberg Barclays Municipal Bond Index (%) 9.42 3.62 3.55 4.40 5.90
Quarter EndAs of 09/30/2019 1 Yr 3 Yr 5 Yr 10 Yr Since Inception Inception 05/12/1988
Fund without Sales Charge (%) (NAV) 7.57 2.67 3.02 3.43 5.44
Fund with Sales Charge (%) (POP) 7.57 2.67 3.02 3.43 5.44
Bloomberg Barclays Municipal Bond Index (%) 8.55 3.19 3.66 4.16 5.91

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 7.90 2.81 2.91 3.58
Fund without Sales Charge (%) (NAV) After Shares Sold 6.09 2.99 3.10 3.68
Fund with Sales Charge (%) (POP) Before Shares Sold 7.90 2.81 2.91 3.58
Fund with Sales Charge (%) (POP) After Shares Sold 6.09 2.99 3.10 3.68
Quarter EndAs of 09/30/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 7.57 2.67 3.02 3.43
Fund without Sales Charge (%) (NAV) After Shares Sold 5.92 2.89 3.18 3.55
Fund with Sales Charge (%) (POP) Before Shares Sold 7.57 2.67 3.02 3.43
Fund with Sales Charge (%) (POP) After Shares Sold 5.92 2.89 3.18 3.55

Calendar Year Returns

2018 2017
Fund without Sales Charge (%) (NAV) 1.66 2.82
Fund with Sales Charge (%) (POP) 1.66 2.82
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 05/12/1988
Fund without Sales Charge (%) (NAV) 0.99 6.26 7.90 8.68 15.43 42.20 427.33
Fund with Sales Charge (%) (POP) 0.99 6.26 7.90 8.68 15.43 42.20 427.33
Bloomberg Barclays Municipal Bond Index (%) 0.94 6.94 9.42 11.24 19.08 53.88 507.36
Quarter EndAs of 09/30/2019 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 05/12/1988
Fund without Sales Charge (%) (NAV) 1.72 6.38 7.57 8.24 16.03 40.07 427.92
Fund with Sales Charge (%) (POP) 1.72 6.38 7.57 8.24 16.03 40.07 427.92
Bloomberg Barclays Municipal Bond Index (%) 1.58 6.75 8.55 9.88 19.68 50.38 506.28

MODERN PORTFOLIO THEORY (MPT) STATISTICSAs of 10/31/2019 (updated monthly)

3 YR 5 YR 10 YR
Standard Deviation (Fund) 2.47 2.33 3.54
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.42 3.03 3.42
Alpha -0.16 0.04 -0.72
Beta 0.68 0.71 0.96
Sharpe Ratio 0.50 0.80 0.84
Information Ratio -0.63 -0.59 -0.70
Tracking Error 1.29 1.18 1.29
R-Squared 0.91 0.88 0.87

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

3 YR 5 YR 10 YR
Beta Bull 0.66 0.71 0.97
Beta Bear 0.66 0.64 0.89
Bull Bear Capture Ratio 1.05 1.04 0.85
% of Positive Months 66.67 66.67 66.67
Gains/Losses 2.32 2.49 2.12
Maximum Drawdown
1.08 3.18 8.53

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

Gross Expense Ratio 0.54%
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 0.68
Sharpe Ratio 0.50
Standard Deviation 2.47

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index