Fund Overview

Fund Overview

Share Class

N

NAV | as of 08/10/2022

$11.38
+$0.01 (+0.09%)

Morningstar | Style Box

L M E H M L

Growth of $10,000 (Hypothetical)

Since Inception 06/30/2009 to 06/30/2022 = $15,182.65

  • 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

Brian T. Moreland, CFA

PARTNER AND PORTFOLIO MANAGER

Kara M. South, CFA

PRINCIPAL, MUNICIPAL BOND 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: 0.76%
  • Net Expense Ratio: 0.71%
  • 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
Jul 27, 2022 $0.013200 $0.013200
Jun 28, 2022 $0.012800 $0.012800
May 26, 2022 $0.012800 $0.012800
Apr 27, 2022 $0.011800 $0.011800
Mar 29, 2022 $0.010900 $0.010900
Feb 24, 2022 $0.009200 $0.009200
Jan 27, 2022 $0.010200 $0.010200
Dec 15, 2021 $0.106900 $0.010400 $0.007400 $0.089100
Nov 26, 2021 $0.009900 $0.009900
Oct 27, 2021 $0.010200 $0.010200
Sep 28, 2021 $0.009700 $0.009700
Aug 27, 2021 $0.010500 $0.010500
Jul 28, 2021 $0.011000 $0.011000
Jun 28, 2021 $0.010500 $0.010500
May 26, 2021 $0.010900 $0.010900
Apr 28, 2021 $0.010200 $0.010200
Mar 29, 2021 $0.011000 $0.011000
Feb 24, 2021 $0.010200 $0.010200
Jan 27, 2021 $0.011600 $0.011600
Dec 16, 2020 $0.046200 $0.011500 $0.000900 $0.033800
Nov 25, 2020 $0.011000 $0.011000
Oct 28, 2020 $0.012200 $0.012200
Sep 28, 2020 $0.011500 $0.011500
Aug 27, 2020 $0.012300 $0.012300
Jul 29, 2020 $0.012300 $0.012300
Jun 26, 2020 $0.012400 $0.012400
May 27, 2020 $0.013000 $0.013000
Apr 28, 2020 $0.013700 $0.013700
Mar 27, 2020 $0.015300 $0.015300
Feb 26, 2020 $0.013800 $0.013800
Jan 29, 2020 $0.015200 $0.015200
Dec 16, 2019 $0.015200 $0.015200
Nov 26, 2019 $0.014900 $0.014900
Oct 29, 2019 $0.015800 $0.015800
Sep 26, 2019 $0.015600 $0.015600
Aug 28, 2019 $0.016000 $0.016000
Jul 29, 2019 $0.016300 $0.016300
Jun 26, 2019 $0.016600 $0.016600
May 29, 2019 $0.016500 $0.016500
Apr 26, 2019 $0.016300 $0.016300
Mar 27, 2019 $0.017400 $0.017400
Feb 26, 2019 $0.015000 $0.015000
Jan 29, 2019 $0.016600 $0.016600
Dec 27, 2018 $0.021600 $0.017900 $0.003700
Nov 28, 2018 $0.015800 $0.015800
Oct 29, 2018 $0.015600 $0.015600
Sep 26, 2018 $0.014600 $0.014600
Aug 29, 2018 $0.014800 $0.014800
Jul 27, 2018 $0.014700 $0.014700
Jun 27, 2018 $0.013500 $0.013500
May 29, 2018 $0.014500 $0.014500
Apr 26, 2018 $0.014600 $0.014600
Mar 27, 2018 $0.014200 $0.014200
Feb 26, 2018 $0.012600 $0.012600
Jan 29, 2018 $0.012700 $0.012700
Dec 27, 2017 $0.025400 $0.013900 $0.011500
Nov 27, 2017 $0.012700 $0.012700
Oct 26, 2017 $0.012900 $0.012900
Sep 26, 2017 $0.012500 $0.012500
Aug 28, 2017 $0.013000 $0.013000
Jul 26, 2017 $0.013200 $0.013200
Jun 27, 2017 $0.012400 $0.012400
May 25, 2017 $0.012600 $0.012600
Apr 25, 2017 $0.012500 $0.012500
Mar 28, 2017 $0.013000 $0.013000
Feb 23, 2017 $0.011300 $0.011300
Jan 26, 2017 $0.012200 $0.012200
Dec 27, 2016 $0.219200 $0.012100 $0.132300 $0.074800
Nov 25, 2016 $0.011600 $0.011600
Oct 26, 2016 $0.013100 $0.013100
Sep 27, 2016 $0.009000 $0.009000
Aug 26, 2016 $0.008400 $0.008400
Jul 26, 2016 $0.012500 $0.012500
Jun 27, 2016 $0.009500 $0.009500
May 25, 2016 $0.009800 $0.009800
Apr 26, 2016 $0.008500 $0.008500
Mar 28, 2016 $0.009200 $0.009200
Feb 24, 2016 $0.008100 $0.008100
Jan 26, 2016 $0.010800 $0.010800
Dec 28, 2015 $0.161900 $0.012300 $0.039800 $0.109800
Nov 24, 2015 $0.012900 $0.012900
Oct 27, 2015 $0.012600 $0.012600
Sep 25, 2015 $0.011900 $0.011900
Aug 26, 2015 $0.013100 $0.013100
Jul 28, 2015 $0.012800 $0.012800
Jun 25, 2015 $0.012500 $0.012500
May 26, 2015 $0.012900 $0.012900
Apr 27, 2015 $0.011800 $0.011800
Mar 26, 2015 $0.010500 $0.010500
Feb 24, 2015 $0.011000 $0.011000
Jan 27, 2015 $0.013300 $0.013300
Dec 26, 2014 $0.055000 $0.015300 $0.015200 $0.024500
Nov 24, 2014 $0.013800 $0.013800
Oct 28, 2014 $0.015500 $0.015500
Sep 25, 2014 $0.015500 $0.015500
Aug 26, 2014 $0.015700 $0.015700
Jul 28, 2014 $0.014700 $0.014700
Jun 25, 2014 $0.015200 $0.015200
May 27, 2014 $0.015100 $0.015100
Apr 25, 2014 $0.014800 $0.014800
Mar 26, 2014 $0.014700 $0.014700
Feb 25, 2014 $0.014000 $0.014000
Jan 28, 2014 $0.016200 $0.016200
Dec 26, 2013 $0.059200 $0.016300 $0.023100 $0.019800
Nov 25, 2013 $0.013400 $0.013400
Oct 28, 2013 $0.013700 $0.013700
Sep 25, 2013 $0.012000 $0.012000
Aug 27, 2013 $0.016300 $0.016300
Jul 26, 2013 $0.015900 $0.015900
Jun 25, 2013 $0.013900 $0.013900
May 28, 2013 $0.015100 $0.015100
Apr 25, 2013 $0.014800 $0.014800
Mar 25, 2013 $0.013600 $0.013600
Feb 26, 2013
Feb 25, 2013 $0.011600 $0.011600
Jan 28, 2013 $0.013300 $0.013300
Dec 26, 2012 $0.097600 $0.016300 $0.030600 $0.050700
Nov 27, 2012 $0.016700 $0.016700
Oct 26, 2012 $0.016600 $0.016600
Sep 25, 2012 $0.016800 $0.016800
Aug 28, 2012 $0.016800 $0.016800
Jul 26, 2012 $0.015300 $0.015300
Jun 26, 2012 $0.014000 $0.014000
May 25, 2012 $0.016200 $0.016200
Apr 25, 2012 $0.016400 $0.016400
Mar 27, 2012 $0.016800 $0.016800
Feb 24, 2012 $0.014300 $0.014300
Jan 26, 2012 $0.018600 $0.018600
Dec 27, 2011 $0.065900 $0.020200 $0.029900 $0.015800
Nov 25, 2011 $0.019100 $0.019100
Oct 26, 2011 $0.020900 $0.020900
Sep 27, 2011 $0.017800 $0.017800
Aug 26, 2011 $0.022200 $0.022200
Jul 26, 2011 $0.023200 $0.023200
Jun 27, 2011 $0.018900 $0.018900
May 25, 2011 $0.023900 $0.023900
Apr 26, 2011 $0.026000 $0.026000
Mar 28, 2011 $0.026200 $0.026200
Feb 23, 2011 $0.024000 $0.024000
Jan 26, 2011 $0.024100 $0.024100
Dec 28, 2010 $0.096900 $0.027100 $0.022000 $0.047800
Nov 24, 2010 $0.023800 $0.023800
Oct 26, 2010 $0.022900 $0.022900
Sep 27, 2010 $0.021700 $0.021700
Aug 26, 2010 $0.026400 $0.026400
Jul 27, 2010 $0.027400 $0.027400
Jun 25, 2010 $0.026600 $0.026600
May 25, 2010 $0.027500 $0.027500
Apr 27, 2010 $0.028900 $0.028900
Mar 26, 2010 $0.029300 $0.029300
Feb 23, 2010 $0.025500 $0.025500
Jan 26, 2010 $0.023000 $0.023000
Dec 28, 2009 $0.087000 $0.032100 $0.054900
Nov 24, 2009 $0.038600 $0.038600
Oct 27, 2009 $0.027600 $0.027600
Sep 25, 2009 $0.023000 $0.023000
Aug 26, 2009 $0.018900 $0.018900
Jul 28, 2009 $0.012802 $0.012802

Risk & Return Stats

As of: 07/31/2022

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.
-1.13 -1.01 -0.87
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.
5.34 4.57 4.29
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.
-0.19 -0.01 0.28
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.
90.08 90.66 90.30
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.
106.47 107.40 106.42
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.
1.01 1.02 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.
99.14 99.00 98.58
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.
0.50 0.47 0.51
View All Characteristics & Stats

Portfolio & Holdings

Portfolio & Holdings

Top Holdings (Fixed)

As of: 06/30/2022

Wisconsin Department of Transportation Fixed 2.08%
Iowa Finance Authority Fixed 1.53%
Metropolitan Transportation Authority Fixed 1.41%
State Of Maryland Department Of Transportation Fixed 1.26%
State of Maryland Department of Transportation Fixed 1.25%
New York State Urban Development Corp Fixed 1.25%
State Of California Fixed 1.25%
State of New Jersey Fixed 1.19%
NYC Transitional Finance Authority Building Aid Rev Fixed 1.15%
Michigan Finance Authority Fixed 1.13%
% in Top 10 Holdings 13.50%
View Holding Details Read Important Investment Disclosures

Sector Allocation (Municipal)

As of: 06/30/2022

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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