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) 7.41 3.75 2.91 3.62 5.42
Fund with Sales Charge (%) (POP) 7.41 3.75 2.91 3.62 5.42
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) 7.57 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 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 7.41 3.75 2.91 3.62
Fund without Sales Charge (%) (NAV) After Shares Sold 5.77 3.72 3.09 3.71
Fund with Sales Charge (%) (POP) Before Shares Sold 7.41 3.75 2.91 3.62
Fund with Sales Charge (%) (POP) After Shares Sold 5.77 3.72 3.09 3.71
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 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) -0.42 6.50 7.41 11.69 15.40 42.71 428.52
Fund with Sales Charge (%) (POP) -0.42 6.50 7.41 11.69 15.40 42.71 428.52
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) 1.72 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 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 -0.21 0.02 -0.65
Beta 0.69 0.71 0.97
Sharpe Ratio 1.13 0.79 0.85
Information Ratio -1.23 -0.60 -0.64
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 0.66 0.71 0.98
Beta Bear 0.71 0.64 0.89
Bull Bear Capture Ratio 1.06 1.04 0.86
% of Positive Months 69.44 66.67 67.50
Gains/Losses 3.86 2.48 2.14
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 11/30/2019 Updated Monthly, based on a 3-year period

Beta 0.69
Sharpe Ratio 1.13
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