Fund Overview

Share Class

I

NAV | as of 03/18/2024

$11.52
+$0.00 (+0.00%)

Morningstar | Style Box

L M E H M L

Morningstar Rating

Rated against 260 Muni National Interm funds as of 02/29/2024 View Morningstar Details

Growth of $10,000 (Hypothetical)

Since Inception 06/30/2009 to 02/29/2024 = $16,694.57

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  • 5YR
  • 10YR
  • INCEP.
INCEP.
  • 3YR
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  • INCEP.
SEE ALL PERFORMANCE

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 800.548.4539. 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

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 800.548.4539. 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 shorter than one year are not annualized.

Expense Ratios

  • Gross Expense Ratio: 0.45%
  • Net Expense Ratio: 0.39%
  • Expense Cap Expiration Date: 05/01/2024

Distributions & Pricing

Distributions

Calendar Year Distributions

Ex-Date Total Distribution Income Short-term Cap Gains Long-term Cap Gains
Feb 27, 2024 $0.019000 $0.019000 — —
Jan 29, 2024 $0.023000 $0.023000 — —
Dec 14, 2023 $0.022400 $0.022400 — —
Nov 28, 2023 $0.021900 $0.021900 — —
Oct 27, 2023 $0.022100 $0.022100 — —
Sep 27, 2023 $0.021000 $0.021000 — —
Aug 29, 2023 $0.021700 $0.021700 — —
Jul 27, 2023 $0.020600 $0.020600 — —
Jun 28, 2023 $0.020300 $0.020300 — —
May 26, 2023 $0.019300 $0.019300 — —
Apr 26, 2023 $0.018800 $0.018800 — —
Mar 29, 2023 $0.019600 $0.019600 — —
Feb 24, 2023 $0.017500 $0.017500 — —
Jan 27, 2023 $0.019000 $0.019000 — —
Dec 15, 2022 $0.038800 $0.020300 $0.000900 $0.017600
Nov 28, 2022 $0.017700 $0.017700 — —
Oct 27, 2022 $0.018300 $0.018300 — —
Sep 28, 2022 $0.016700 $0.016700 — —
Aug 29, 2022 $0.016600 $0.016600 — —
Jul 27, 2022 $0.016300 $0.016300 — —
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 Statistics

As of: 02/29/2024

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.
-0.33 -0.57 -0.63
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.
7.49 6.49 5.21
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.
-0.37 -0.05 0.19
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.
107.29 100.67 97.68
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.
108.94 106.02 105.96
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.
1.09 1.06 1.05
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.
99.35 99.04 98.71
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.
0.87 0.73 0.64
View All Characteristics & Statistics

Portfolio & Holdings

Portfolio & Holdings

Top Holdings (Fixed)

As of: 12/31/2023

Iowa Finance Authority Fixed 1.59%
Metropolitan Transportation Authority Fixed 1.49%
State of Maryland Department of Transportation Fixed 1.29%
State Of Maryland Department Of Transportation Fixed 1.28%
Louisiana Stadium & Exposition District Fixed 1.25%
City of San Antonio TX Electric & Gas Systems Revenue Fixed 1.21%
Illinois Finance Authority Fixed 1.12%
Wisconsin Department of Transportation Fixed 1.10%
State of Illinois Fixed 1.10%
Illinois State Toll Highway Authority Fixed 1.10%
% in Top 10 Holdings 12.54%
View Holding Details Read Important Investment Disclosures

Sector Allocation (Fixed)

As of: 12/31/2023

View Allocation Details

About the Affiliate

About GW&K Investment Management

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 About GW&K Investment Management's Approach

FOUNDED

1974

AMG AFFILIATE SINCE

2008

HEADQUARTERS

Boston, MA

Portfolio Managers

John B. Fox, CFA

PARTNER AND DIRECTOR OF FIXED INCOME

Read full bio
Martin R. Tourigny, CFA

PARTNER AND PORTFOLIO MANAGER

Read full bio
Brian T. Moreland, CFA

PARTNER AND PORTFOLIO MANAGER

Read full bio
Kara M. South, CFA

PRINCIPAL, MUNICIPAL BOND PORTFOLIO MANAGER

Read full bio

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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