GW&K Municipal Enhanced Yield Fund  (GWMNX)

Fund Overview

Fund Overview

Share Class

N

Morningstar | Style Box

L M E H M L

NAV | as of 11/22/2017

$9.94
-$0.02 (-0.20%)

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

Fund Inception 07/27/2009

YTD 1YR 3YR 5YR 10YR INCEP.
GWMNX 7.06 -0.17 4.34 3.97 - 7.08
Bloomberg Barclays U.S. Municipal Bond BAA Index 7.23 2.46 4.62 3.70 4.07 6.25

Expense Ratios

  • Gross Expense Ratio: 1.08%
  • Net Expense Ratio: 1.00%
  • Expense Cap Expiration Date: 05/01/2018

Read Important Investment Disclosures

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 C. Angell, CFA

Nancy C. Angell, CFA

Co-Director of Fixed Income

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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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Brian T. Moreland, CFA

Brian T. Moreland, 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 $0.021200 $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 $0.000000 $0.000000
      Jun 25, 2013 $0.030900 $0.030900
      May 28, 2013 $0.030900 $0.030900
      Apr 29, 2013 $0.000000 $0.000000
      Apr 25, 2013 $0.030200 $0.030200
      Mar 25, 2013 $0.029000 $0.029000
      Feb 25, 2013 $0.026700 $0.026700
      Jan 30, 2013 $0.000000 $0.000000
      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

Growth of $10,000 (Hypothetical)

Since Inception 07/27/2009 to 10/31/2017 = $17,530.13

  • 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 California Fixed 3.88%
New York Transportation Development Corp Fixed 3.80%
New York City Transitional Finance Authority Future Tax Secured Revenue 3.61%
Brooklyn Arena Local Development Corp Fixed 3.42%
Central Texas Turnpike System Fixed 3.34%
Alachua County Health Facilities Authority Fixed 3.11%
Metropolitan Pier & Exposition Authority Fixed 2.58%
Michigan Finance Authority Fixed 2.56%
New Jersey Economic Development Authority Fixed 2.47%
Miami Beach Health Facilities Authority Fixed 2.45%
% in Top 10 Holdings 31.22%
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 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 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.

Learn More

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Founded

1974


Headquarters

Boston, MA


Affiliate Since

2008


AUM

$35.8B

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