GW&K Municipal Enhanced Yield Fund  (GWMEX)

Fund Overview

Fund Overview

Share Class

I

NAV | as of 10/27/2020

$10.12
+$0.01 (+0.10%)

Morningstar | Style Box

L M E H M L

Overall Morningstar Rating


Rated against 177 High Yield Muni funds as of 09/30/2020

View Morningstar Details

Growth of $10,000 (Hypothetical)

Since Inception 12/30/2005 to 09/30/2020 = $20,236.21

  • 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. 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

Nancy G. Angell, CFA

Partner and Co-Director of Fixed Income

See Our Approach Read Bio
John B. Fox, CFA

John B. Fox, CFA

Partner and Co-Director of Fixed Income

See Our Approach Read Bio
Martin R. Tourigny, CFA

Martin R. Tourigny, CFA

Partner and Portfolio Manager

See Our Approach Read Bio
Brian T. Moreland, CFA

Brian T. Moreland, CFA

Partner and Portfolio Manager

See Our Approach Read Bio

Performance

Performance

Read Important Investment Disclosures

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: 0.73%
  • Net Expense Ratio: 0.64%
  • Expense Cap Expiration Date: 05/01/2021

Distributions & Pricing


    • Calendar Year Distributions

    • Ex-Date Total Distribution Income Short-term Cap Gains Long-term Cap Gains
      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 6, 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: 09/30/2020

View All Characteristics & Stats

Portfolio & Holdings

Portfolio & Holdings

Top Holdings (Fixed)

As of: 09/30/2020

Texas Private Activity Bond Surface Transportation Co Fixed 3.24%
West Virginia Hospital Finance Authority Fixed 2.89%
New Jersey Economic Development Authority Fixed 2.50%
Chicago O'Hare International Airport Fixed 2.43%
Geisinger Authority Fixed 2.41%
Central Plains Energy Project Fixed 2.36%
Colorado Health Facilities Authority Fixed 2.25%
New York Transportation Development Corp Fixed 2.24%
Commonwealth of Massachusetts Fixed 2.22%
City Of Minneapolis MN Fixed 2.17%
% in Top 10 Holdings 24.71%
View Holding Details Read Important Investment Disclosures

Sector Allocation (Municipal)

As of: 09/30/2020

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.


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About

About GW&K Investment Management

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.

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Founded

1974


Headquarters

Boston, MA


Affiliate Since

2008

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