Fund Overview

Fund Overview

Share Class

I

NAV | as of 09/28/2022

$7.99
-$0.03 (-0.36%)

Morningstar | Style Box

L M E H M L

Growth of $10,000 (Hypothetical)

Since Inception 12/30/2005 to 08/31/2022 = $18,434.52

  • 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 a high level of current income that is exempt from federal income taxes by primarily investing in municipal bonds.

Why Consider

  • Provides investors with exposure to an actively managed portfolio of municipal bonds with a goal to produce high after-tax income
  • The active investment approach combines top-down analysis to respond to interest rate changes with bottom-up research focusing on security structure and credit ratings
  • Ideally suited for investors seeking to capitalize on the strong yield and return characteristics of municipal bonds

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: 0.70%
  • Net Expense Ratio: 0.64%
  • 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
Sep 28, 2022 $0.021100 $0.021100
Aug 29, 2022 $0.021100 $0.021100
Jul 27, 2022 $0.021000 $0.021000
Jun 28, 2022 $0.020400 $0.020400
May 26, 2022 $0.021400 $0.021400
Apr 27, 2022 $0.019500 $0.019500
Mar 29, 2022 $0.019500 $0.019500
Feb 24, 2022 $0.016500 $0.016500
Jan 27, 2022 $0.019300 $0.019300
Dec 15, 2021 $0.164000 $0.020400 $0.041400 $0.102200
Nov 26, 2021 $0.018200 $0.018200
Oct 27, 2021 $0.019200 $0.019200
Sep 28, 2021 $0.018400 $0.018400
Aug 27, 2021 $0.018500 $0.018500
Jul 28, 2021 $0.018600 $0.018600
Jun 28, 2021 $0.018400 $0.018400
May 26, 2021 $0.020100 $0.020100
Apr 28, 2021 $0.019700 $0.019700
Mar 29, 2021 $0.020600 $0.020600
Feb 24, 2021 $0.018800 $0.018800
Jan 27, 2021 $0.021300 $0.021300
Dec 16, 2020 $0.145600 $0.021600 $0.036600 $0.087400
Nov 25, 2020 $0.020700 $0.020700
Oct 28, 2020 $0.021800 $0.021800
Sep 28, 2020 $0.020200 $0.020200
Aug 27, 2020 $0.021300 $0.021300
Jul 29, 2020 $0.021600 $0.021600
Jun 26, 2020 $0.020000 $0.020000
May 27, 2020 $0.020800 $0.020800
Apr 28, 2020 $0.018900 $0.018900
Mar 27, 2020 $0.022900 $0.022900
Feb 26, 2020 $0.020600 $0.020600
Jan 29, 2020 $0.022700 $0.022700
Dec 16, 2019 $0.087900 $0.023200 $0.022700 $0.042000
Nov 26, 2019 $0.023100 $0.023100
Oct 29, 2019 $0.023600 $0.023600
Sep 26, 2019 $0.023300 $0.023300
Aug 28, 2019 $0.023800 $0.023800
Jul 29, 2019 $0.024100 $0.024100
Jun 26, 2019 $0.023600 $0.023600
May 29, 2019 $0.024600 $0.024600
Apr 26, 2019 $0.024900 $0.024900
Mar 27, 2019 $0.025900 $0.025900
Feb 26, 2019 $0.023400 $0.023400
Jan 29, 2019 $0.026100 $0.026100
Dec 27, 2018 $0.270000 $0.270000
Nov 28, 2018 $0.026000 $0.026000
Oct 29, 2018 $0.026600 $0.026600
Sep 26, 2018 $0.025500 $0.025500
Aug 29, 2018 $0.025600 $0.025600
Jul 27, 2018 $0.026600 $0.026600
Jun 27, 2018 $0.025100 $0.025100
May 29, 2018 $0.026600 $0.026600
Apr 26, 2018 $0.025400 $0.025400
Mar 27, 2018 $0.024200 $0.024200
Feb 26, 2018 $0.022700 $0.022700
Jan 29, 2018 $0.025100 $0.025100
Dec 27, 2017 $0.025600 $0.025600
Nov 27, 2017 $0.023700 $0.023700
Oct 26, 2017 $0.024200 $0.024200
Sep 26, 2017 $0.024000 $0.024000
Aug 28, 2017 $0.025200 $0.025200
Jul 26, 2017 $0.024900 $0.024900
Jun 27, 2017 $0.024800 $0.024800
May 25, 2017 $0.025500 $0.025500
Apr 25, 2017 $0.025300 $0.025300
Mar 28, 2017 $0.026000 $0.026000
Feb 23, 2017 $0.023100 $0.023100
Jan 26, 2017 $0.025300 $0.025300
Dec 27, 2016 $0.474500 $0.026900 $0.249300 $0.198300
Nov 25, 2016 $0.024700 $0.024700
Oct 26, 2016 $0.024700 $0.024700
Sep 27, 2016 $0.022900 $0.022900
Aug 26, 2016 $0.024000 $0.024000
Jul 26, 2016 $0.024900 $0.024900
Jun 27, 2016 $0.024700 $0.024700
May 25, 2016 $0.024800 $0.024800
Apr 26, 2016 $0.023900 $0.023900
Mar 28, 2016 $0.026900 $0.026900
Feb 24, 2016 $0.024600 $0.024600
Jan 26, 2016 $0.028000 $0.028000
Dec 28, 2015 $0.161300 $0.028900 $0.011700 $0.120700
Nov 24, 2015 $0.027400 $0.027400
Oct 27, 2015 $0.029800 $0.029800
Sep 25, 2015 $0.028200 $0.028200
Aug 26, 2015 $0.030100 $0.030100
Jul 28, 2015 $0.029000 $0.029000
Jun 25, 2015 $0.029200 $0.029200
May 26, 2015 $0.033100 $0.033100
Apr 27, 2015 $0.029700 $0.029700
Mar 26, 2015 $0.027000 $0.027000
Feb 24, 2015 $0.027000 $0.027000
Jan 27, 2015 $0.029000 $0.029000
Dec 26, 2014 $0.031500 $0.031500
Nov 24, 2014 $0.030000 $0.030000
Oct 28, 2014 $0.030000 $0.030000
Sep 25, 2014 $0.031000 $0.031000
Aug 26, 2014 $0.031000 $0.031000
Jul 28, 2014 $0.031000 $0.031000
Jun 25, 2014 $0.032500 $0.032500
May 27, 2014 $0.032500 $0.032500
Apr 25, 2014 $0.032500 $0.032500
Mar 26, 2014 $0.030000 $0.030000
Feb 25, 2014 $0.030000 $0.030000
Jan 28, 2014 $0.032000 $0.032000
Dec 26, 2013 $0.103400 $0.035000 $0.000700 $0.067700
Nov 25, 2013 $0.031500 $0.031500
Oct 28, 2013 $0.031500 $0.031500
Sep 25, 2013 $0.030000 $0.030000
Aug 27, 2013 $0.036500 $0.036500
Jul 26, 2013 $0.035000 $0.035000
Jun 25, 2013 $0.034500 $0.034500
May 28, 2013 $0.034500 $0.034500
Apr 25, 2013 $0.033500 $0.033500
Mar 25, 2013 $0.032500 $0.032500
Feb 25, 2013 $0.030000 $0.030000
Jan 28, 2013 $0.032000 $0.032000
Dec 26, 2012 $0.276800 $0.035500 $0.178300 $0.063000
Nov 27, 2012 $0.032500 $0.032500
Oct 26, 2012 $0.034000 $0.034000
Sep 25, 2012 $0.033000 $0.033000
Aug 28, 2012 $0.034000 $0.034000
Jul 26, 2012 $0.034700 $0.034700
Jun 26, 2012 $0.033500 $0.033500
May 25, 2012 $0.034500 $0.034500
Apr 25, 2012 $0.031500 $0.031500
Mar 27, 2012 $0.035000 $0.035000
Feb 24, 2012 $0.027500 $0.027500
Jan 26, 2012 $0.032000 $0.032000
Dec 27, 2011 $0.055600 $0.035000 $0.019000 $0.001600
Nov 25, 2011 $0.031200 $0.031200
Oct 26, 2011 $0.033000 $0.033000
Sep 27, 2011 $0.034000 $0.034000
Aug 26, 2011 $0.036000 $0.036000
Jul 26, 2011 $0.036500 $0.036500
Jun 27, 2011 $0.032500 $0.032500
May 25, 2011 $0.036500 $0.036500
Apr 26, 2011 $0.035000 $0.035000
Mar 28, 2011 $0.036000 $0.036000
Feb 23, 2011 $0.035000 $0.035000
Jan 26, 2011 $0.036500 $0.036500
Dec 28, 2010 $0.036000 $0.036000
Nov 24, 2010 $0.035000 $0.035000
Oct 26, 2010 $0.034000 $0.034000
Sep 27, 2010 $0.034200 $0.034200
Aug 26, 2010 $0.036500 $0.036500
Jul 27, 2010 $0.035000 $0.035000
Jun 25, 2010 $0.038500 $0.038500
May 25, 2010 $0.035000 $0.035000
Apr 27, 2010 $0.035000 $0.035000
Mar 26, 2010 $0.031500 $0.031500
Feb 23, 2010 $0.027500 $0.027500
Jan 26, 2010 $0.025000 $0.025000
Dec 28, 2009 $0.036400 $0.036400
Nov 24, 2009 $0.040000 $0.040000
Oct 27, 2009 $0.035000 $0.035000
Sep 25, 2009 $0.032500 $0.032500
Aug 26, 2009 $0.032500 $0.032500
Jul 28, 2009 $0.030000 $0.030000
Jun 25, 2009 $0.027500 $0.027500
May 26, 2009 $0.027500 $0.027500
Apr 27, 2009 $0.025000 $0.025000
Mar 26, 2009 $0.025000 $0.025000
Feb 24, 2009 $0.025000 $0.025000
Jan 27, 2009 $0.037500 $0.037500
Dec 26, 2008 $0.051900 $0.051900
Nov 24, 2008 $0.022500 $0.022500
Nov 06, 2008 $0.021904 $0.021904
Oct 21, 2008 $0.035748 $0.035748
Sep 19, 2008 $0.035214 $0.035214
Aug 21, 2008 $0.035713 $0.035713
Jul 21, 2008 $0.033143 $0.033143
Jun 20, 2008 $0.035861 $0.035861
May 21, 2008 $0.034347 $0.034347
Apr 18, 2008 $0.030825 $0.030825
Mar 20, 2008 $0.036693 $0.036693
Feb 19, 2008 $0.032649 $0.032649
Jan 18, 2008 $0.034199 $0.034199
Dec 21, 2007 $0.087741 $0.038401 $0.049340
Nov 20, 2007 $0.034886 $0.034886
Oct 19, 2007 $0.035591 $0.035591
Sep 20, 2007 $0.034363 $0.034363
Aug 21, 2007 $0.034175 $0.034175
Jul 20, 2007 $0.035957 $0.035957
Jun 20, 2007 $0.033852 $0.033852
May 21, 2007 $0.032788 $0.032788
Apr 20, 2007 $0.036632 $0.036632
Mar 21, 2007 $0.034301 $0.034301
Feb 16, 2007 $0.032154 $0.032154
Jan 19, 2007 $0.035171 $0.035171
Dec 21, 2006 $0.034618 $0.034618
Nov 20, 2006 $0.031724 $0.031724
Oct 20, 2006 $0.035780 $0.035780
Sep 20, 2006 $0.034188 $0.034188
Aug 21, 2006 $0.032684 $0.032684
Jul 21, 2006 $0.037568 $0.037568
Jun 20, 2006 $0.033859 $0.033859
May 19, 2006 $0.034158 $0.034158
Apr 20, 2006 $0.032084 $0.032084
Mar 21, 2006 $0.030059 $0.030059
Feb 17, 2006 $0.027208 $0.027208
Jan 20, 2006 $0.016661 $0.016661

Risk & Return Stats

As of: 08/31/2022

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.
-1.73 -1.50 -0.75
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.
10.13 8.31 7.37
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.
-0.31 -0.01 0.30
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.
122.81 119.52 132.79
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.
128.94 127.74 121.98
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.
1.20 1.21 1.23
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.
95.61 95.46 93.45
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.
2.68 2.25 2.30
View All Characteristics & Stats

Portfolio & Holdings

Portfolio & Holdings

Top Holdings (Fixed)

As of: 06/30/2022

Texas Private Activity Bond Surface Transportation Co Fixed 3.36%
West Virginia Hospital Finance Authority Fixed 2.95%
Chicago O'Hare International Airport Fixed 2.55%
Pennsylvania Turnpike Commission Fixed 2.34%
Brevard County Health Facilities Authority Fixed 2.31%
Central Texas Regional Mobility Authority Fixed 2.27%
Central Plains Energy Project Fixed 2.16%
New York Transportation Development Corp Fixed 2.05%
Public Authority for Colorado Energy Fixed 1.99%
Escambia County Health Facilities Authority Fixed 1.94%
% in Top 10 Holdings 23.92%
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 Enhanced Yield Fund

The Fund focuses on the long end of the curve, seeking to capitalize on the yield and return characteristics of longer-term municipal bonds. The Fund uses fundamental research to attempt to uncover and exploit inefficiencies in the municipal bond market with a goal to produce high after-tax income. The Portfolio is constructed using a research-intensive approach, executing purchases and sales after conducting both structure and credit research.

Additional Fund Highlight

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

Emerging Markets

As population and demographics shift meaningfully within Emerging Markets, investors see the opportunity to increase their exposure within this allocation.

Read More

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

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