Fund Overview

Fund Overview

Share Class

I

NAV | as of 06/28/2022

$11.04
-$0.01 (-0.13%)

Morningstar | Style Box

L M E H M L

Growth of $10,000 (Hypothetical)

Since Inception 06/30/2009 to 05/31/2022 = $15,735.45

  • 3YR
  • 5YR
  • 10YR
  • INCEP.
INCEP.
  • 3YR
  • 5YR
  • 10YR
  • INCEP.

The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month end please call 800.835.3879. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the fund inception date preceded the benchmark, the benchmark data will not be shown.

Objective

The Fund seeks to provide current income, exempt from federal income tax, and capital preservation by primarily investing in a portfolio of high-quality municipal bonds.

Why Consider

  • Provides investors with exposure to an actively managed portfolio of primarily intermediate-term municipal bonds
  • Investment approach combines top-down analysis to respond to interest rate changes with bottom-up research focusing on security structure and credit ratings
  • The Fund focuses on the intermediate area of the yield curve to maintain flexibility and actively adjusts duration based on interest rate moves

Nancy G. Angell, CFA

PARTNER AND CO-DIRECTOR OF FIXED INCOME

John B. Fox, CFA

PARTNER AND CO-DIRECTOR OF FIXED INCOME

Martin R. Tourigny, CFA

PARTNER AND PORTFOLIO MANAGER

Performance

Performance

Read Important Investment Disclosures

Returns

Trailing Returns

The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month end please call 800.835.3879. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the fund inception date preceded the benchmark, the benchmark data will not be shown. Returns for periods less than one year are not annualized.

Expense Ratios

  • Gross Expense Ratio: 0.44%
  • Net Expense Ratio: 0.39%
  • Expense Cap Expiration Date: 05/01/2023

Distributions & Pricing

Distributions

Calendar Year Distributions

Ex-Date Total Distribution Income Short-term Cap Gains Long-term Cap Gains
Jun 28, 2022 $0.015900 $0.015900
May 26, 2022 $0.015800 $0.015800
Apr 27, 2022 $0.014800 $0.014800
Mar 29, 2022 $0.014200 $0.014200
Feb 24, 2022 $0.012100 $0.012100
Jan 27, 2022 $0.013600 $0.013600
Dec 15, 2021 $0.110300 $0.013800 $0.007400 $0.089100
Nov 26, 2021 $0.013200 $0.013200
Oct 27, 2021 $0.013500 $0.013500
Sep 28, 2021 $0.013000 $0.013000
Aug 27, 2021 $0.013900 $0.013900
Jul 28, 2021 $0.014400 $0.014400
Jun 28, 2021 $0.013800 $0.013800
May 26, 2021 $0.014300 $0.014300
Apr 28, 2021 $0.013500 $0.013500
Mar 29, 2021 $0.014300 $0.014300
Feb 24, 2021 $0.013300 $0.013300
Jan 27, 2021 $0.015000 $0.015000
Dec 16, 2020 $0.049600 $0.014900 $0.000900 $0.033800
Nov 25, 2020 $0.014300 $0.014300
Oct 28, 2020 $0.015600 $0.015600
Sep 28, 2020 $0.014800 $0.014800
Aug 27, 2020 $0.015700 $0.015700
Jul 29, 2020 $0.015700 $0.015700
Jun 26, 2020 $0.015500 $0.015500
May 27, 2020 $0.016200 $0.016200
Apr 28, 2020 $0.016900 $0.016900
Mar 27, 2020 $0.018600 $0.018600
Feb 26, 2020 $0.016900 $0.016900
Jan 29, 2020 $0.018400 $0.018400
Dec 16, 2019 $0.018500 $0.018500
Nov 26, 2019 $0.018000 $0.018000
Oct 29, 2019 $0.019000 $0.019000
Sep 26, 2019 $0.018800 $0.018800
Aug 28, 2019 $0.019300 $0.019300
Jul 29, 2019 $0.019500 $0.019500
Jun 26, 2019 $0.019700 $0.019700
May 29, 2019 $0.019700 $0.019700
Apr 26, 2019 $0.019300 $0.019300
Mar 27, 2019 $0.019700 $0.019700
Feb 26, 2019 $0.017900 $0.017900
Jan 29, 2019 $0.019600 $0.019600
Dec 27, 2018 $0.023900 $0.020200 $0.003700
Nov 28, 2018 $0.018900 $0.018900
Oct 29, 2018 $0.018800 $0.018800
Sep 26, 2018 $0.017800 $0.017800
Aug 29, 2018 $0.018000 $0.018000
Jul 27, 2018 $0.017800 $0.017800
Jun 27, 2018 $0.017100 $0.017100
May 29, 2018 $0.017700 $0.017700
Apr 26, 2018 $0.017100 $0.017100
Mar 27, 2018 $0.017400 $0.017400
Feb 26, 2018 $0.015400 $0.015400
Jan 29, 2018 $0.016500 $0.016500
Dec 27, 2017 $0.028500 $0.017000 $0.011500
Nov 27, 2017 $0.015800 $0.015800
Oct 26, 2017 $0.016100 $0.016100
Sep 26, 2017 $0.015600 $0.015600
Aug 28, 2017 $0.016300 $0.016300
Jul 26, 2017 $0.016100 $0.016100
Jun 27, 2017 $0.016000 $0.016000
May 25, 2017 $0.015800 $0.015800
Apr 25, 2017 $0.015500 $0.015500
Mar 28, 2017 $0.016200 $0.016200
Feb 23, 2017 $0.014600 $0.014600
Jan 26, 2017 $0.015800 $0.015800
Dec 27, 2016 $0.224100 $0.015900 $0.133000 $0.075200
Nov 25, 2016 $0.015200 $0.015200
Oct 26, 2016 $0.014900 $0.014900
Sep 27, 2016 $0.014000 $0.014000
Aug 26, 2016 $0.013500 $0.013500
Jul 26, 2016 $0.014300 $0.014300
Jun 27, 2016 $0.014500 $0.014500
May 25, 2016 $0.014900 $0.014900
Apr 26, 2016 $0.013400 $0.013400
Mar 28, 2016 $0.014200 $0.014200
Feb 24, 2016 $0.012900 $0.012900
Jan 26, 2016 $0.015900 $0.015900
Dec 28, 2015 $0.167800 $0.017300 $0.040100 $0.110400
Nov 24, 2015 $0.017800 $0.017800
Oct 27, 2015 $0.017700 $0.017700
Sep 25, 2015 $0.016700 $0.016700
Aug 26, 2015 $0.018100 $0.018100
Jul 28, 2015 $0.017300 $0.017300
Jun 25, 2015 $0.017100 $0.017100
May 26, 2015 $0.017500 $0.017500
Apr 27, 2015 $0.016400 $0.016400
Mar 26, 2015 $0.015200 $0.015200
Feb 24, 2015 $0.015200 $0.015200
Jan 27, 2015 $0.018000 $0.018000
Dec 26, 2014 $0.059700 $0.019800 $0.015300 $0.024600
Nov 24, 2014 $0.018000 $0.018000
Oct 28, 2014 $0.019500 $0.019500
Sep 25, 2014 $0.019500 $0.019500
Aug 26, 2014 $0.019800 $0.019800
Jul 28, 2014 $0.019000 $0.019000
Jun 25, 2014 $0.019000 $0.019000
May 27, 2014 $0.019000 $0.019000
Apr 25, 2014 $0.018500 $0.018500
Mar 26, 2014 $0.018500 $0.018500
Feb 25, 2014 $0.017500 $0.017500
Jan 28, 2014 $0.020000 $0.020000
Dec 26, 2013 $0.063500 $0.020000 $0.023400 $0.020100
Nov 25, 2013 $0.018000 $0.018000
Oct 28, 2013 $0.018000 $0.018000
Sep 25, 2013 $0.016000 $0.016000
Aug 27, 2013 $0.021500 $0.021500
Jul 26, 2013 $0.020000 $0.020000
Jun 25, 2013 $0.018500 $0.018500
May 28, 2013 $0.020000 $0.020000
Apr 25, 2013 $0.019500 $0.019500
Mar 25, 2013 $0.018500 $0.018500
Feb 26, 2013
Feb 25, 2013 $0.016000 $0.016000
Jan 28, 2013 $0.018000 $0.018000
Dec 26, 2012 $0.102500 $0.021000 $0.030700 $0.050800
Nov 27, 2012 $0.020000 $0.020000
Oct 26, 2012 $0.020000 $0.020000
Sep 25, 2012 $0.020000 $0.020000
Aug 28, 2012 $0.021500 $0.021500
Jul 26, 2012 $0.020000 $0.020000
Jun 26, 2012 $0.018500 $0.018500
May 25, 2012 $0.021000 $0.021000
Apr 25, 2012 $0.021000 $0.021000
Mar 27, 2012 $0.021500 $0.021500
Feb 24, 2012 $0.018500 $0.018500
Jan 26, 2012 $0.023000 $0.023000
Dec 27, 2011 $0.070600 $0.024600 $0.030000 $0.016000
Nov 25, 2011 $0.023500 $0.023500
Oct 26, 2011 $0.025500 $0.025500
Sep 27, 2011 $0.022000 $0.022000
Aug 26, 2011 $0.026500 $0.026500
Jul 26, 2011 $0.027000 $0.027000
Jun 27, 2011 $0.022400 $0.022400
May 25, 2011 $0.027500 $0.027500
Apr 26, 2011 $0.029600 $0.029600
Mar 28, 2011 $0.030000 $0.030000
Feb 23, 2011 $0.027600 $0.027600
Jan 26, 2011 $0.028600 $0.028600
Dec 28, 2010 $0.101500 $0.031400 $0.022100 $0.048000
Nov 24, 2010 $0.028000 $0.028000
Oct 26, 2010 $0.027500 $0.027500
Sep 27, 2010 $0.026000 $0.026000
Aug 26, 2010 $0.030000 $0.030000
Jul 27, 2010 $0.031000 $0.031000
Jun 25, 2010 $0.030000 $0.030000
May 25, 2010 $0.031000 $0.031000
Apr 27, 2010 $0.031000 $0.031000
Mar 26, 2010 $0.031500 $0.031500
Feb 23, 2010 $0.027500 $0.027500
Jan 26, 2010 $0.025100 $0.025100
Dec 28, 2009 $0.089200 $0.034100 $0.055100
Nov 24, 2009 $0.040100 $0.040100
Oct 27, 2009 $0.030000 $0.030000
Sep 25, 2009 $0.025000 $0.025000
Aug 26, 2009 $0.020000 $0.020000
Jul 28, 2009 $0.015000 $0.015000

Risk & Return Stats

As of: 05/31/2022

3YR 5YR 10YR
Alpha
Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha.
-0.83 -0.72 -0.49
Standard Deviation
Standard Deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance.
4.98 4.32 4.19
Sharpe Ratio
Sharpe Ratio is a risk-adjusted measure developed by William Sharpe. It is calculated using standard deviation and excess return to determine reward per unit of risk. First, the average monthly return of the 90-day Treasury bill (over a 36-month period) is subtracted from the portfolio's average monthly return. The difference in total return represents the portfolio's excess return beyond that of the 90-day Treasury bill, a risk-free investment. An arithmetic annualized excess return is then calculated by multiplying this monthly return by 12. To show a relationship between excess return and risk, this number is then divided by the standard deviation of the portfolio's annualized excess returns. The higher the Sharpe ratio, the better the portfolio's historical risk-adjusted performance.
- - -
Upside Capture Ratio (%)
Upside Capture Ratio (%) is a measure of a manager's performance in up markets relative to a particular benchmark. An up market is one in which the market's quarterly (or monthly) return is greater than or equal to zero. For example, a ratio of 50% means that the portfolio's value increased half as much as its benchmark index during up markets.
90.86 92.71 95.53
Downside Capture Ratio (%)
Downside Capture Ratio (%) measures a manager's performance in down markets relative to a particular benchmark. A down market is one in which the market's quarterly (or monthly) return is less than zero. For example, a ratio of 50% means that the portfolio's value fell half as much as its benchmark index during down markets.
103.93 105.47 104.63
Beta
Beta measures the relationship between the portfolio's excess return over T-bills (representing a risk-free rate) relative to the excess return of the portfolio's benchmark. A low beta does not imply that the portfolio has a low level of volatility; rather, a low beta means that the portfolio's market-related risk is low. Beta is often referred to as systematic risk.
1.00 1.01 1.01
R-Squared
R-Squared ranges from 0 to 100 and reflects the percentage of a portfolio's movements that are explained by movements in its benchmark index. A portfolio with an R-squared of 100 means that all movement is completely explained by benchmark index movement. Thus, a portfolio that invests only in S&P 500 stocks will have an R-squared very close to 100. Conversely, a low R-squared indicates that very little of the portfolio's movement is explained by benchmark movement. An R-squared measure of 35, for example, means that movements in its benchmark index can explain only 35% of the portfolio's movements. R-squared is used to ascertain the significance of a particular beta or alpha and generally a higher R-squared will indicate more useful alpha and beta figures.
99.23 99.07 98.59
Tracking Error (%)
Tracking Error (%) , which is often referred to as the active risk of the portfolio, measures how closely a manager's returns track the returns of a benchmark index. Specifically, tracking error measures the standard deviation of the excess returns a portfolio generates compared to its benchmark. This gives an indication of the volatility of a portfolio versus its benchmark. If a manager tracks a benchmark closely, then tracking error will be low. If a manager tracks a benchmark perfectly, then tracking error will be zero.
0.44 0.42 0.50
View All Characteristics & Stats

Portfolio & Holdings

Portfolio & Holdings

Top Holdings (Fixed)

As of: 03/31/2022

City of Los Angeles CA Fixed 2.63%
Hampton Roads Transportation Accountability Commission Fixed 2.53%
Wisconsin Department of Transportation Fixed 1.93%
State of North Carolina Fixed 1.44%
Iowa Finance Authority Fixed 1.43%
Colorado State Education Loan Program Fixed 1.35%
Metropolitan Transportation Authority Fixed 1.32%
New York State Urban Development Corp Fixed 1.17%
State Of California Fixed 1.16%
State of Maryland Department of Transportation Fixed 1.15%
% in Top 10 Holdings 16.10%
View Holding Details Read Important Investment Disclosures

Sector Allocation (Municipal)

As of: 03/31/2022

View Allocation Details

Investment Approach

Investment Approach

GW&K Municipal Bond Fund

The Fund’s active investment approach combines top-down analysis to respond to interest rate changes with bottom-up research focusing on security structure and credit ratings. The Fund uses fundamental research to seek to uncover and exploit inefficiencies in the investment-grade municipal bond market, primarily selecting investment-grade securities with a rating of at least BBB/Baa by a nationally recognized statistical rating organization such as Moody’s Investors Service, Inc. or Standard & Poor’s.

Additional Fund Highlight

GW&K has invested in municipal bonds since the firm’s founding in 1974

GW&K ESG Bond Fund Introduction

Mary Kane and Stephen Repoff of GW&K Investment Management provide an overview of the firm's investment philosophy and the GW&K ESG Bond strategy.

View Webcast

About

Background

GW&K Investment Management is a dynamic investment management firm that offers asset allocation, active equity and fixed income investment solutions to help meet the needs of a diverse client base. GW&K’s founding principles of applying rigorous fundamental research, focusing on quality and maintaining a long-term view still guide its investment process today.

Learn More

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Founded

1974


Headquarters

Boston, MA


Affiliate Since

2008

Discover how the boutique advantage helps generate alpha.

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