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 09/01/1987
Fund without Sales Charge (%) (NAV) 7.85 4.08 3.02 3.91 5.42
Fund with Sales Charge (%) (POP) 7.85 4.08 3.02 3.91 5.42
Bloomberg Barclays Municipal Bond Index (%) 8.49 5.03 3.57 4.34 5.92
Quarter EndAs of 09/30/2019 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 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 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 7.85 4.08 3.02 3.91
Fund without Sales Charge (%) (NAV) After Shares Sold 6.02 3.91 3.12 3.90
Fund with Sales Charge (%) (POP) Before Shares Sold 7.85 4.08 3.02 3.91
Fund with Sales Charge (%) (POP) After Shares Sold 6.02 3.91 3.12 3.90
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 11/30/2019

Month EndAs of 11/30/2019 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 09/01/1987
Fund without Sales Charge (%) (NAV) -0.50 6.76 7.85 12.73 16.03 46.74 449.31
Fund with Sales Charge (%) (POP) -0.50 6.76 7.85 12.73 16.03 46.74 449.31
Bloomberg Barclays Municipal Bond Index (%) -0.38 7.21 8.49 15.84 19.17 53.00 538.58
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 11/30/2019 (updated monthly)

3 YR 5 YR 10 YR
Standard Deviation (Fund) 2.19 2.70 3.67
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 2.48 3.03 3.42
Alpha -0.44 -0.21 -0.57
Beta 0.85 0.87 1.04
Sharpe Ratio 1.12 0.74 0.92
Information Ratio -1.58 -0.80 -0.48
Tracking Error 0.61 0.70 0.93
R-Squared 0.95 0.95 0.94

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

3 YR 5 YR 10 YR
Beta Bull 0.87 0.94 1.05
Beta Bear 0.55 0.81 1.05
Bull Bear Capture Ratio 0.92 0.97 0.90
Gains/Losses 3.47 2.37 2.25

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 11/30/2019 Updated Monthly, based on a 3-year period

Beta 0.85
Sharpe Ratio 1.12
Standard Deviation 2.19

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index