Fund Overview

Fund Overview

Share Class

N

NAV | as of 08/10/2022

$9.24
+$0.02 (+0.22%)

Morningstar | Style Box

L M E H M L

Growth of $10,000 (Hypothetical)

Since Inception 07/27/2009 to 06/30/2022 = $18,870.09

  • 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: 1.05%
  • Net Expense Ratio: 0.99%
  • 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 $0.018400 $0.018400
Jun 28, 2022 $0.016000 $0.016000
May 26, 2022 $0.018600 $0.018600
Apr 27, 2022 $0.016600 $0.016600
Mar 29, 2022 $0.016500 $0.016500
Feb 24, 2022 $0.013400 $0.013400
Jan 27, 2022 $0.008200 $0.008200
Dec 15, 2021 $0.151700 $0.008100 $0.041400 $0.102200
Nov 26, 2021 $0.015900 $0.015900
Oct 27, 2021 $0.016300 $0.016300
Sep 28, 2021 $0.015400 $0.015400
Aug 27, 2021 $0.015100 $0.015100
Jul 28, 2021 $0.015300 $0.015300
Jun 28, 2021 $0.015200 $0.015200
May 26, 2021 $0.016500 $0.016500
Apr 28, 2021 $0.017400 $0.017400
Mar 29, 2021 $0.017700 $0.017700
Feb 24, 2021 $0.015900 $0.015900
Jan 27, 2021 $0.018100 $0.018100
Dec 16, 2020 $0.142200 $0.018200 $0.036600 $0.087400
Nov 25, 2020 $0.017900 $0.017900
Oct 28, 2020 $0.018300 $0.018300
Sep 28, 2020 $0.017200 $0.017200
Aug 27, 2020 $0.018000 $0.018000
Jul 29, 2020 $0.018400 $0.018400
Jun 26, 2020 $0.017100 $0.017100
May 27, 2020 $0.019500 $0.019500
Apr 28, 2020 $0.016100 $0.016100
Mar 27, 2020 $0.016600 $0.016600
Feb 26, 2020 $0.017600 $0.017600
Jan 29, 2020 $0.020000 $0.020000
Dec 16, 2019 $0.084700 $0.020000 $0.022700 $0.042000
Nov 26, 2019 $0.019900 $0.019900
Oct 29, 2019 $0.020300 $0.020300
Sep 26, 2019 $0.020300 $0.020300
Aug 28, 2019 $0.020100 $0.020100
Jul 29, 2019 $0.020900 $0.020900
Jun 26, 2019 $0.020700 $0.020700
May 29, 2019 $0.021700 $0.021700
Apr 26, 2019 $0.022000 $0.022000
Mar 27, 2019 $0.023800 $0.023800
Feb 26, 2019 $0.020900 $0.020900
Jan 29, 2019 $0.023300 $0.023300
Dec 27, 2018 $0.025000 $0.025000
Nov 28, 2018 $0.023300 $0.023300
Oct 29, 2018 $0.023700 $0.023700
Sep 26, 2018 $0.022700 $0.022700
Aug 29, 2018 $0.022700 $0.022700
Jul 27, 2018 $0.023700 $0.023700
Jun 27, 2018 $0.022200 $0.022200
May 29, 2018 $0.023700 $0.023700
Apr 26, 2018 $0.022600 $0.022600
Mar 27, 2018 $0.021300 $0.021300
Feb 26, 2018 $0.019500 $0.019500
Jan 29, 2018 $0.022100 $0.022100
Dec 27, 2017 $0.022400 $0.022400
Nov 27, 2017 $0.020800 $0.020800
Oct 26, 2017 $0.021200 $0.021200
Sep 26, 2017 $0.021000 $0.021000
Aug 28, 2017 $0.022100 $0.022100
Jul 26, 2017 $0.023300 $0.023300
Jun 27, 2017 $0.021900 $0.021900
May 25, 2017 $0.022700 $0.022700
Apr 25, 2017 $0.022500 $0.022500
Mar 28, 2017 $0.023200 $0.023200
Feb 23, 2017 $0.019500 $0.019500
Jan 26, 2017 $0.022000 $0.022000
Dec 27, 2016 $0.470500 $0.022600 $0.249500 $0.198400
Nov 25, 2016 $0.020500 $0.020500
Oct 26, 2016 $0.020300 $0.020300
Sep 27, 2016 $0.018600 $0.018600
Aug 26, 2016 $0.019500 $0.019500
Jul 26, 2016 $0.020400 $0.020400
Jun 27, 2016 $0.020500 $0.020500
May 25, 2016 $0.020300 $0.020300
Apr 26, 2016 $0.019800 $0.019800
Mar 28, 2016 $0.022600 $0.022600
Feb 24, 2016 $0.020800 $0.020800
Jan 26, 2016 $0.023700 $0.023700
Dec 28, 2015 $0.157600 $0.025100 $0.011700 $0.120800
Nov 24, 2015 $0.023100 $0.023100
Oct 27, 2015 $0.025500 $0.025500
Sep 25, 2015 $0.024100 $0.024100
Aug 26, 2015 $0.025900 $0.025900
Jul 28, 2015 $0.024700 $0.024700
Jun 25, 2015 $0.025900 $0.025900
May 26, 2015 $0.029700 $0.029700
Apr 27, 2015 $0.026300 $0.026300
Mar 26, 2015 $0.023700 $0.023700
Feb 24, 2015 $0.022700 $0.022700
Jan 27, 2015 $0.026000 $0.026000
Dec 26, 2014 $0.028300 $0.028300
Nov 24, 2014 $0.026700 $0.026700
Oct 28, 2014 $0.027400 $0.027400
Sep 25, 2014 $0.028400 $0.028400
Aug 26, 2014 $0.028300 $0.028300
Jul 28, 2014 $0.027900 $0.027900
Jun 25, 2014 $0.029900 $0.029900
May 27, 2014 $0.030000 $0.030000
Apr 25, 2014 $0.030100 $0.030100
Mar 26, 2014 $0.027300 $0.027300
Feb 25, 2014 $0.026900 $0.026900
Jan 28, 2014 $0.028800 $0.028800
Dec 26, 2013 $0.100400 $0.031700 $0.000700 $0.068000
Nov 25, 2013 $0.028400 $0.028400
Oct 28, 2013 $0.028300 $0.028300
Sep 25, 2013 $0.027100 $0.027100
Aug 27, 2013 $0.033400 $0.033400
Jul 26, 2013 $0.031700 $0.031700
Jun 27, 2013
Jun 25, 2013 $0.030900 $0.030900
May 28, 2013 $0.030900 $0.030900
Apr 29, 2013
Apr 25, 2013 $0.030200 $0.030200
Mar 25, 2013 $0.029000 $0.029000
Feb 25, 2013 $0.026700 $0.026700
Jan 30, 2013
Jan 28, 2013 $0.028300 $0.028300
Dec 26, 2012 $0.272800 $0.031100 $0.178600 $0.063100
Nov 27, 2012 $0.028400 $0.028400
Oct 26, 2012 $0.031000 $0.031000
Sep 25, 2012 $0.030100 $0.030100
Aug 28, 2012 $0.030400 $0.030400
Jul 26, 2012 $0.031100 $0.031100
Jun 26, 2012 $0.030500 $0.030500
May 25, 2012 $0.031400 $0.031400
Apr 25, 2012 $0.029500 $0.029500
Mar 27, 2012 $0.032900 $0.032900
Feb 24, 2012 $0.025500 $0.025500
Jan 26, 2012 $0.027900 $0.027900
Dec 27, 2011 $0.051200 $0.030900 $0.018700 $0.001600
Nov 25, 2011 $0.026900 $0.026900
Oct 26, 2011 $0.028900 $0.028900
Sep 27, 2011 $0.030200 $0.030200
Aug 26, 2011 $0.032100 $0.032100
Jul 26, 2011 $0.032200 $0.032200
Jun 27, 2011 $0.030000 $0.030000
May 25, 2011 $0.032800 $0.032800
Apr 26, 2011 $0.031600 $0.031600
Mar 28, 2011 $0.031900 $0.031900
Feb 23, 2011 $0.032500 $0.032500
Jan 26, 2011 $0.032800 $0.032800
Dec 28, 2010 $0.032400 $0.032400
Nov 24, 2010 $0.031200 $0.031200
Oct 26, 2010 $0.030200 $0.030200
Sep 27, 2010 $0.030000 $0.030000
Aug 26, 2010 $0.032600 $0.032600
Jul 27, 2010 $0.031100 $0.031100
Jun 25, 2010 $0.034600 $0.034600
May 25, 2010 $0.032100 $0.032100
Apr 27, 2010 $0.032000 $0.032000
Mar 26, 2010 $0.027900 $0.027900
Feb 23, 2010 $0.025800 $0.025800
Jan 26, 2010 $0.023100 $0.023100
Dec 28, 2009 $0.034500 $0.034500
Nov 24, 2009 $0.037900 $0.037900
Oct 27, 2009 $0.034100 $0.034100
Sep 25, 2009 $0.030697 $0.030697
Aug 26, 2009 $0.030800 $0.030800
Jul 28, 2009 $0.029702 $0.029702

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.
-1.75 -1.78 -1.04
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.
10.11 8.19 7.29
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.
-0.13 0.07 0.31
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.
122.52 116.31 128.77
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.
130.25 129.52 123.72
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 1.20 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.
95.62 95.29 93.34
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.
2.69 2.23 2.29
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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