GW&K Municipal Bond Fund  (GWMIX)

Fund Overview

Fund Overview

Share Class

I

  • I

Morningstar | Style Box

L M E H M L

NAV | as of 11/16/2017

$11.70
-$0.01 (-0.09%)

Overall Morningstar Rating



Rated against 257 Muni National Interm funds as of 10/31/2017

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Quarterly Performance (%) |
vs. Benchmark as of 09/30/2017

Fund Inception 06/30/2009

YTD 1YR 3YR 5YR 10YR INCEP.
GWMIX 4.81 0.42 3.00 2.85 - 5.00
Bloomberg Barclays 10-Year Municipal Bond Index 5.28 0.77 3.42 3.18 4.98 5.11

Expense Ratios

  • Gross Expense Ratio: 0.45%
  • Net Expense Ratio: 0.39%
  • Expense Cap Expiration Date: 05/01/2018

Read Important Investment Disclosures

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 C. Angell, CFA

Nancy C. Angell, CFA

Co-Director of Fixed Income

See Our Approach Read Bio
John B. Fox, CFA

John B. Fox, CFA

Co-Director of Fixed Income

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Martin R. Tourigny, CFA

Martin R. Tourigny, CFA

Partner

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Performance

Performance

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Returns & Distributions

as of 09/30/2017

    • Ex-Date Total Distribution Income Short-term Cap Gains Long-term Cap Gains
      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 $0.000000 $0.000000
      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

Growth of $10,000 (Hypothetical)

Since Inception 06/30/2009 to 10/31/2017 = $14,967.21

  • 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 or visit our website at amgfunds.com. 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.

Top Holdings (Fixed)

Quarter Ending: 09/30/2017

State of Maryland Fixed 2.41%
State of North Carolina Fixed 1.82%
Arizona Water Infrastructure Finance Authority Fixed 1.77%
Commonwealth of Massachusetts Fixed 1.54%
State of Michigan Fixed 1.52%
State of Maryland Department of Transportation Fixed 1.44%
State of Texas Fixed 1.41%
State of Washington Fixed 1.35%
City of New York NY Fixed 1.30%
Illinois Finance Authority Fixed 1.29%
% in Top 10 Holdings 15.85%
View Holding Details Read Important Investment Disclosures

MPT Stats

Month Ending: 10/31/2017

View All Characteristics & Stats

Sector Allocation (Municipal)

Quarter Ending: 09/30/2017

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


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About

About GW&K Investment Management

Background

GW&K is a dynamic investment management firm that offers 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.

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Founded

1974


Headquarters

Boston, MA


Affiliate Since

2008


AUM

$35.8B

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