Average Annual Total Returns [further-information] As of 11/30/2019

Month EndAs of 11/30/2019 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 05/12/1988
Fund without Sales Charge (%) (NAV) 7.11 3.59 2.77 3.49 5.36
Fund with Sales Charge (%) (POP) 3.09 2.28 1.98 3.09 5.23
Bloomberg Barclays Municipal Bond Index (%) 8.49 5.03 3.57 4.34 5.89
Quarter EndAs of 09/30/2019 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 05/12/1988
Fund without Sales Charge (%) (NAV) 7.17 2.52 2.87 3.30 5.38
Fund with Sales Charge (%) (POP) 3.15 1.23 2.08 2.90 5.25
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 11/30/2019

Month EndAs of 11/30/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 7.11 3.59 2.77 3.49
Fund without Sales Charge (%) (NAV) After Shares Sold 5.46 3.55 2.95 3.57
Fund with Sales Charge (%) (POP) Before Shares Sold 3.09 2.28 1.98 3.09
Fund with Sales Charge (%) (POP) After Shares Sold 3.04 2.53 2.33 3.25
Quarter EndAs of 09/30/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 7.17 2.52 2.87 3.29
Fund without Sales Charge (%) (NAV) After Shares Sold 5.55 2.73 3.04 3.42
Fund with Sales Charge (%) (POP) Before Shares Sold 3.15 1.23 2.08 2.90
Fund with Sales Charge (%) (POP) After Shares Sold 3.13 1.72 2.41 3.09

Calendar Year Returns

2018
Fund without Sales Charge (%) (NAV) 1.66
Fund with Sales Charge (%) (POP) -2.66
Bloomberg Barclays Municipal Bond Index (%) 1.28

Cumulative Total Returns [further-information] As of 11/30/2019

Month EndAs of 11/30/2019 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 05/12/1988
Fund without Sales Charge (%) (NAV) -0.58 6.13 7.11 11.17 14.62 40.86 418.70
Fund with Sales Charge (%) (POP) -4.31 2.15 3.09 7.00 10.32 35.58 399.25
Bloomberg Barclays Municipal Bond Index (%) -0.38 7.21 8.49 15.84 19.17 53.00 508.88
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) 1.64 6.06 7.17 7.77 15.19 38.30 418.36
Fund with Sales Charge (%) (POP) -2.17 2.08 3.15 3.73 10.87 33.11 398.92
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 11/30/2019 (updated monthly)

3 YR 5 YR 10 YR
Standard Deviation (Fund) 1.89 2.33 3.54
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 2.48 3.03 3.42
Alpha -0.34 -0.06 -0.69
Beta 0.69 0.71 0.97
Sharpe Ratio 1.06 0.76 0.83
Information Ratio -1.37 -0.68 -0.68
Tracking Error 1.04 1.18 1.26
R-Squared 0.85 0.88 0.87

ADDITIONAL RISK STATISTICSAs of 11/30/2019 (updated monthly)

3 YR 5 YR 10 YR
Beta Bull 0.65 0.70 0.97
Beta Bear 0.74 0.64 0.89
Bull Bear Capture Ratio 1.00 1.01 0.85
% of Positive Months 69.44 66.67 67.50
Gains/Losses 3.71 2.43 2.12
Maximum Drawdown
1.10 3.18 8.52

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

Gross Expense Ratio 0.83%
Net Expense Ratio [further-information] 0.83%
Max Initial Sales Charge 3.75%
CDSC 0.75%

Volatility Measures [further-information] As of 11/30/2019 Updated Monthly, based on a 3-year period

Beta 0.69
Sharpe Ratio 1.06
Standard Deviation 1.89

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index