A 12b-1 fee is an annual marketing or distribution fee on a mutual fund charged to investors. It is generally between 0.25% and 0.75% (the maximum allowed) of a fund's net assets and must be disclosed ...

The share class led the index by 48 basis points over an eight-year period and underperformed it by 59 basis points over the 10-year period. When adjusting for risk, the fund is not favorable.

When adjusting for risk, this fund is not compelling. The share class trailed the index with a lower Sharpe ratio, a measure of risk-adjusted returns, over the trailing 10-year period. But notably ...

The overall US taxable fixed income market declined over the fourth quarter. Muni fundamentals have remained resilient, supported by elevated tax collections.