GW&K Municipal Enhanced Yield Fund  (GWMZX)

Fund Overview

Fund Overview

Share Class

Z

NAV | as of 08/10/2020

$10.41
+$0.02 (+0.19%)

Morningstar | Style Box

L M E H M L

Overall Morningstar Rating


Rated against 171 High Yield Muni funds as of 07/31/2020

Growth of $10,000 (Hypothetical)

Since Inception 02/24/2017 to 07/31/2020 = $12,414.56

  • 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

See Our Approach Read Bio
Brian T. Moreland, CFA

Brian T. Moreland, CFA

Partner

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: 0.68%
  • Net Expense Ratio: 0.59%
  • 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
      Jul 29, 2020 $0.022000 $0.022000
      Jun 26, 2020 $0.020400 $0.020400
      May 27, 2020 $0.021200 $0.021200
      Apr 28, 2020 $0.019300 $0.019300
      Mar 27, 2020 $0.023300 $0.023300
      Feb 26, 2020 $0.021000 $0.021000
      Jan 29, 2020 $0.023100 $0.023100
      Dec 16, 2019 $0.088300 $0.023600 $0.022700 $0.042000
      Nov 26, 2019 $0.023500 $0.023500
      Oct 29, 2019 $0.024000 $0.024000
      Sep 26, 2019 $0.023700 $0.023700
      Aug 28, 2019 $0.024200 $0.024200
      Jul 29, 2019 $0.024500 $0.024500
      Jun 26, 2019 $0.024000 $0.024000
      May 29, 2019 $0.025000 $0.025000
      Apr 26, 2019 $0.025300 $0.025300
      Mar 27, 2019 $0.026200 $0.026200
      Feb 26, 2019 $0.023800 $0.023800
      Jan 29, 2019 $0.026500 $0.026500
      Dec 27, 2018 $0.274000 $0.274000
      Nov 28, 2018 $0.026400 $0.026400
      Oct 29, 2018 $0.027000 $0.027000
      Sep 26, 2018 $0.025900 $0.025900
      Aug 29, 2018 $0.026000 $0.026000
      Jul 27, 2018 $0.027000 $0.027000
      Jun 27, 2018 $0.025500 $0.025500
      May 29, 2018 $0.027000 $0.027000
      Apr 26, 2018 $0.025800 $0.025800
      Mar 27, 2018 $0.024600 $0.024600
      Feb 26, 2018 $0.023100 $0.023100
      Jan 29, 2018 $0.025500 $0.025500
      Dec 27, 2017 $0.025900 $0.025900
      Nov 27, 2017 $0.024000 $0.024000
      Oct 26, 2017 $0.024500 $0.024500
      Sep 26, 2017 $0.024300 $0.024300
      Aug 28, 2017 $0.025500 $0.025500
      Jul 26, 2017 $0.025500 $0.025500
      Jun 27, 2017 $0.025000 $0.025000
      May 25, 2017 $0.025900 $0.025900
      Apr 25, 2017 $0.025700 $0.025700
      Mar 28, 2017 $0.026400 $0.026400

Risk & Return Stats

As of: 07/31/2020

View All Characteristics & Stats

Portfolio & Holdings

Portfolio & Holdings

Top Holdings (Fixed)

As of: 06/30/2020

Texas Private Activity Bond Surface Transportation Co Fixed 3.35%
West Virginia Hospital Finance Authority Fixed 2.98%
State of California Fixed 2.77%
California Municipal Finance Authority Fixed 2.61%
New Jersey Economic Development Authority Fixed 2.56%
Chicago O'Hare International Airport Fixed 2.55%
Central Plains Energy Project Fixed 2.38%
New York Transportation Development Corp Fixed 2.36%
Colorado Health Facilities Authority Fixed 2.31%
Commonwealth of Massachusetts Fixed 2.28%
% in Top 10 Holdings 26.15%
View Holding Details Read Important Investment Disclosures

Sector Allocation (Municipal)

As of: 06/30/2020

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.

Learn More

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Founded

1974


Headquarters

Boston, MA


Affiliate Since

2008

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