GWMTX Fees and Costs — AMG GW&K Municipal Bond Fund, Class N
Data updated: 2026-08-28
The net expense ratio is 0.73%: a 0.21% management fee, a 0.25% 12b-1 fee plus 0.34% other expenses, less a 0.07% fee waiver. There are no sales loads or redemption fees. Portfolio turnover was 61%.
GWMTX Fees and Expenses
Annual operating expenses and sales charges of GWMTX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.21% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.34% |
| Gross expense ratio | 0.80% |
| Fee waiver | −0.07% |
| Net expense ratio | 0.73% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
GWMTX Costs Over Time
On $10,000 invested in GWMTX, assuming 5% a year before costs, total costs come to $459 over 5 years, cutting the return by 0.77% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.73%) | $77 | $240 | $417 |
| Lost growth on money paid in costs | $0 | $12 | $42 |
| Total costs | $77 | $252 | $459 |
| Value after costs | $10,423 | $11,325 | $12,304 |
| Impact on return, per year | 0.77% | 0.77% | 0.77% |
GWMTX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $1.2B
- Portfolio turnover (prospectus): 61%
- Securities lending: none during the year
GWMTX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Merrill Lynch Pierce Fenner & Smith Inc | $157.8M | 16.24% |
| J.P. Morgan Securities LLC | $152.6M | 15.70% |
| MORGAN STANLEY & CO. LLC | $137.7M | 14.18% |
| JEFFERIES LLC | $106.8M | 10.99% |
| WELLS FARGO SECURITIES, LLC | $93.3M | 9.60% |
| RBC CAPITAL MARKETS, LLC | $92.0M | 9.47% |
| PERSHING LLC | $83.8M | 8.63% |
| GOLDMAN SACHS & CO. LLC | $53.2M | 5.47% |
| Mesirow Financial Inc. | $49.5M | 5.09% |
| Siebert Cisneros Shank & Co., L.L.C. | $45.0M | 4.63% |
AMG GW&K Municipal Bond Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| GWMIX | Class I | 0.39% | — |
| GWMTX | Class N | 0.73% | — |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.