GWMZX Fees and Costs — AMG GW&K Municipal Enhanced Yield Fund, Class Z
Data updated: 2026-08-28
The net expense ratio is 0.59%: a 0.45% management fee plus 0.25% other expenses, less a 0.11% fee waiver. There are no sales loads or redemption fees. Portfolio turnover was 36%.
GWMZX Fees and Expenses
Annual operating expenses and sales charges of GWMZX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.45% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.25% |
| Gross expense ratio | 0.70% |
| Fee waiver | −0.11% |
| Net expense ratio | 0.59% |
| 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 |
GWMZX Costs Over Time
On $10,000 invested in GWMZX, assuming 5% a year before costs, total costs come to $372 over 5 years, cutting the return by 0.62% 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 0.59%) | $62 | $194 | $338 |
| Lost growth on money paid in costs | $0 | $10 | $34 |
| Total costs | $62 | $204 | $372 |
| Value after costs | $10,438 | $11,373 | $12,391 |
| Impact on return, per year | 0.62% | 0.62% | 0.62% |
GWMZX 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): $143.1M
- Portfolio turnover (prospectus): 36%
- Securities lending: none during the year
GWMZX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Merrill Lynch Pierce Fenner & Smith Inc | $16.3M | 15.45% |
| BARCLAYS CAPITAL, INC. | $15.1M | 14.25% |
| J.P. Morgan Securities LLC | $14.3M | 13.54% |
| PERSHING LLC | $11.1M | 10.47% |
| MORGAN STANLEY & CO. LLC | $10.9M | 10.28% |
| RBC CAPITAL MARKETS, LLC | $9.7M | 9.20% |
| Stifel, Nicolaus & Company, Incorporated | $7.6M | 7.23% |
| B. Riley Securities, Inc. | $7.1M | 6.76% |
| WELLS FARGO SECURITIES, LLC | $6.9M | 6.52% |
| Loop Capital Markets LLC | $6.7M | 6.29% |
AMG GW&K Municipal Enhanced Yield Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| GWMZX | Class Z | 0.59% | — |
| GWMEX | Class I | 0.64% | — |
| GWMNX | Class N | 0.99% | — |
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.