Fund Overview Fund Overview Share Class I N I Z NAV | as of 12/06/2023 $9.00 +$0.04 (+0.45%) Morningstar | Style Box L M E H M L Overall Morningstar Rating Rated against 567 Intermediate Core-Plus Bond funds as of 10/31/2023 View Morningstar Details Growth of $10,000 (Hypothetical) Since Inception 11/30/2012 to 11/30/2023 = $11,486.15 From: To: 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 800.548.4539. 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. View Performance Read Important Investment Disclosures Objective The Fund seeks to achieve the highest level of income, as is consistent with the preservation of capital by primarily investing in a diversified portfolio of fixed income securities. Why Consider Provides investors with exposure to a diversified portfolio of fixed income securities Manages risk by monitoring portfolio duration, credit quality, sector over/under weightings relative to the benchmark and changes in fundamentals driving credit quality The Fund employs a multi-sector approach designed to take advantage of the relative valuations among distinct bond sectors and provide greater opportunities to generate income and capital appreciation, while helping to manage risk in changing economic environments Documents Fact Sheet Commentary Summary Prospectus Prospectus 2023 Distributions Estimates View All Documents Mary F. Kane, CFA PARTNER AND PORTFOLIO MANAGER See Our Approach Read Bio Stephen J. Repoff, CFA PRINCIPAL, PORTFOLIO MANAGER See Our Approach Read Bio Investment Style GW&K Enhanced Core Bond ESG Fund has a Fixed Income objective, seeking to achieve a high level of current income. High Med. Low Ltd. Mod. Ext. Fixed Income Objective GW&K Enhanced Core Bond ESG Fund is categorized as Medium-Moderate. It combines medium credit quality with moderate interest-rate sensitivity. Morningstar Ratings Risk-adjusted returns as of 10/31/2023 Overall Rating (of 567) 3 Years (of 567) 5 Years (of 532) 10 Years (of 375) Category Intermediate Core-Plus Bond Read Important Investment Disclosures Mary F. Kane, CFA PARTNER AND PORTFOLIO MANAGER Mary is a partner of the firm and responsible for the implementation and execution of all GW&K taxable fixed income portfolios. She has a long-tenured and successful career in building taxable fixed income portfolios and mutual funds that serve a wide range of clients. Mary is a proven leader and manages all aspects of GW&K’s taxable bond portfolio management, research, and trading. She is a member of the firm's Investment, ESG, and Global Allocation Committees. Prior to joining GW&K, Mary was a managing director and portfolio manager with Fortis Investments where she was responsible for all of the firm's U.S. dollar-denominated taxable bond mutual funds. Previously she was a vice president at Invesco, where she served as a senior high-yield credit analyst and managed various institutional fixed-income mandates. She began her investment career as a fixed income trader and credit analyst at Gardner and Preston Moss. Mary graduated cum laude from Wheaton College where she earned an AB in Economics, and received her MBA from Boston University's Questrom School of Business. She is a CFA® charterholder and a member of the CFA Institute and the CFA Society Boston. Stephen J. Repoff, CFA PRINCIPAL, PORTFOLIO MANAGER Stephen is a principal and a portfolio manager for all of GW&K's taxable fixed income strategies. In this capacity he oversees risk management, portfolio construction and analysis, and taxable bond trading. Stephen also specializes in analyzing and managing GW&K’s preferred stock holdings. He is a member of the firm's Investment Committee. Prior to joining GW&K in 2013, Stephen worked for Fidelity Investments as a research analyst covering the E&P, Energy Services, and Midstream sectors for the firm’s high yield mutual funds. At Fidelity, Stephen also worked on the high yield trading desk where he focused on levered loans. Prior to that, he was responsible for overseeing the construction, warehousing, and ongoing compliance of Fidelity’s Collateralized Loan Obligations. Stephen graduated magna cum laude from Boston University where he received a BA in Philosophy and a BS in English Education. He received his MSF from Boston College. He is a CFA® charterholder and a member of the CFA Institute and the CFA Society Boston. Performance Performance Read Important Investment Disclosures Returns Trailing Returns Trailing Returns Monthly Quarterly Calendar Year 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 800.548.4539. 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: 0.83% Net Expense Ratio: 0.56% Expense Cap Expiration Date: 05/01/2024 Distributions & Pricing Distributions Distributions Chart List Historical Pricing Calendar Year Distributions Ex-Date Total Distribution Income Short-term Cap Gains Long-term Cap Gains Nov 28, 2023 $0.026100 $0.026100 — — Oct 27, 2023 $0.027200 $0.027200 — — Sep 27, 2023 $0.025700 $0.025700 — — Aug 29, 2023 $0.025400 $0.025400 — — Jul 27, 2023 $0.025000 $0.025000 — — Jun 28, 2023 $0.025100 $0.025100 — — May 26, 2023 $0.024400 $0.024400 — — Apr 26, 2023 $0.023500 $0.023500 — — Mar 29, 2023 $0.025100 $0.025100 — — Feb 24, 2023 $0.021900 $0.021900 — — Jan 27, 2023 $0.023200 $0.023200 — — Dec 15, 2022 $0.025000 $0.025000 — — Nov 28, 2022 $0.021800 $0.021800 — — Oct 27, 2022 $0.021300 $0.021300 — — Sep 28, 2022 $0.019700 $0.019700 — — Aug 29, 2022 $0.018700 $0.018700 — — Jul 27, 2022 $0.018100 $0.018100 — — Jun 28, 2022 $0.017500 $0.017500 — — May 26, 2022 $0.016300 $0.016300 — — Apr 27, 2022 $0.013200 $0.013200 — — Mar 29, 2022 $0.013400 $0.013400 — — Feb 24, 2022 $0.011900 $0.011900 — — Jan 27, 2022 $0.012100 $0.012100 — — Dec 15, 2021 $0.018900 $0.018900 — — Nov 26, 2021 $0.012800 $0.012800 — — Oct 27, 2021 $0.012300 $0.012300 — — Sep 28, 2021 $0.012800 $0.012800 — — Aug 27, 2021 $0.013900 $0.013900 — — Jul 28, 2021 $0.014400 $0.014400 — — Jun 28, 2021 $0.014300 $0.014300 — — May 26, 2021 $0.013800 $0.013800 — — Apr 28, 2021 $0.013700 $0.013700 — — Mar 29, 2021 $0.014700 $0.014700 — — Feb 24, 2021 $0.014200 $0.014200 — — Jan 27, 2021 $0.016900 $0.016900 — — Dec 16, 2020 $0.014700 $0.014700 — — Nov 25, 2020 $0.015500 $0.015500 — — Oct 28, 2020 $0.016400 $0.016400 — — Sep 28, 2020 $0.016200 $0.016200 — — Aug 27, 2020 $0.016600 $0.016600 — — Jul 29, 2020 $0.016300 $0.016300 — — Jun 26, 2020 $0.019000 $0.019000 — — May 27, 2020 $0.019500 $0.019500 — — Apr 28, 2020 $0.018500 $0.018500 — — Mar 27, 2020 $0.021000 $0.021000 — — Feb 26, 2020 $0.020100 $0.020100 — — Jan 29, 2020 $0.021400 $0.021400 — — Dec 16, 2019 $0.025300 $0.025300 — — Nov 26, 2019 $0.019500 $0.019500 — — Oct 29, 2019 $0.019400 $0.019400 — — Sep 26, 2019 $0.020500 $0.020500 — — Aug 28, 2019 $0.021400 $0.021400 — — Jul 29, 2019 $0.022900 $0.022900 — — Jun 26, 2019 $0.022500 $0.022500 — — May 29, 2019 $0.023400 $0.023400 — — Apr 26, 2019 $0.023500 $0.023500 — — Mar 27, 2019 $0.023600 $0.023600 — — Feb 26, 2019 $0.022000 $0.022000 — — Jan 29, 2019 $0.021400 $0.021400 — — Dec 27, 2018 $0.024100 $0.024100 — — Nov 28, 2018 $0.021100 $0.021100 — — Oct 29, 2018 $0.022100 $0.022100 — — Sep 26, 2018 $0.021100 $0.021100 — — Aug 29, 2018 $0.021200 $0.021200 — — Jul 27, 2018 $0.022600 $0.022600 — — Jun 27, 2018 $0.022800 $0.022800 — — May 29, 2018 $0.020700 $0.020700 — — Apr 26, 2018 $0.018800 $0.018800 — — Mar 27, 2018 $0.020700 $0.020700 — — Feb 26, 2018 $0.019300 $0.019300 — — Jan 29, 2018 $0.018200 $0.018200 — — Dec 27, 2017 $0.022300 $0.022300 — — Nov 27, 2017 $0.019200 $0.019200 — — Oct 26, 2017 $0.019200 $0.019200 — — Sep 26, 2017 $0.019300 $0.019300 — — Aug 28, 2017 $0.021700 $0.021700 — — Jul 26, 2017 $0.017400 $0.017400 — — Jun 27, 2017 $0.020700 $0.020700 — — May 25, 2017 $0.020700 $0.020700 — — Apr 25, 2017 $0.021200 $0.021200 — — Mar 28, 2017 $0.021200 $0.021200 — — Feb 23, 2017 $0.015800 $0.015800 — — Jan 26, 2017 $0.018200 $0.018200 — — Dec 27, 2016 $0.021400 $0.021400 — — Nov 25, 2016 $0.021200 $0.021200 — — Oct 26, 2016 $0.019200 $0.019200 — — Sep 27, 2016 $0.019200 $0.019200 — — Aug 26, 2016 $0.021200 $0.021200 — — Jul 26, 2016 $0.021200 $0.021200 — — Jun 27, 2016 $0.019200 $0.019200 — — May 25, 2016 $0.019200 $0.019200 — — Apr 26, 2016 $0.019200 $0.019200 — — Mar 28, 2016 $0.019200 $0.019200 — — Feb 24, 2016 $0.019300 $0.019300 — — Jan 26, 2016 $0.020400 $0.020400 — — Dec 28, 2015 $0.026200 $0.026200 — — Nov 24, 2015 $0.024500 $0.024500 — — Oct 27, 2015 $0.023700 $0.023700 — — Sep 25, 2015 $0.023600 $0.023600 — — Aug 26, 2015 $0.025600 $0.025600 — — Jul 28, 2015 $0.025600 $0.025600 — — Jun 25, 2015 $0.027100 $0.027100 — — May 26, 2015 $0.025600 $0.025600 — — Apr 27, 2015 $0.026800 $0.026800 — — Mar 26, 2015 $0.028100 $0.028100 — — Feb 24, 2015 $0.028100 $0.028100 — — Jan 27, 2015 $0.026100 $0.026100 — — Dec 26, 2014 $0.026500 $0.026500 — — Nov 24, 2014 $0.026100 $0.026100 — — Oct 28, 2014 $0.026000 $0.026000 — — Sep 25, 2014 $0.025700 $0.025700 — — Aug 26, 2014 $0.025600 $0.025600 — — Jul 28, 2014 $0.024700 $0.024700 — — Jun 25, 2014 $0.024200 $0.024200 — — May 27, 2014 $0.026200 $0.026200 — — Apr 25, 2014 $0.027200 $0.027200 — — Mar 26, 2014 $0.026700 $0.026700 — — Feb 25, 2014 $0.026800 $0.026800 — — Jan 28, 2014 $0.024200 $0.024200 — — Dec 26, 2013 $1.089000 $0.037600 $0.048600 $1.002800 Nov 25, 2013 $0.027600 $0.027600 — — Oct 28, 2013 $0.024100 $0.024100 — — Sep 25, 2013 $0.017700 $0.017700 — — Aug 27, 2013 $0.016600 $0.016600 — — Jul 26, 2013 $0.015200 $0.015200 — — Jun 25, 2013 $0.017500 $0.017500 — — May 28, 2013 $0.024100 $0.024100 — — Apr 25, 2013 $0.019100 $0.019100 — — Mar 25, 2013 $0.022600 $0.022600 — — Feb 25, 2013 $0.020000 $0.020000 — — Jan 28, 2013 $0.040100 $0.040100 — — Dec 26, 2012 $0.159700 $0.050100 $0.001400 $0.108200 From: To: Risk & Return Stats As of: 11/30/2023 3YR 5YR 10YR Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. 0.53 0.44 -0.12 Standard Deviation Standard Deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance. 7.41 6.76 5.20 Sharpe Ratio Sharpe Ratio is a risk-adjusted measure developed by William Sharpe. It is calculated using standard deviation and excess return to determine reward per unit of risk. First, the average monthly return of the 90-day Treasury bill (over a 36-month period) is subtracted from the portfolio's average monthly return. The difference in total return represents the portfolio's excess return beyond that of the 90-day Treasury bill, a risk-free investment. An arithmetic annualized excess return is then calculated by multiplying this monthly return by 12. To show a relationship between excess return and risk, this number is then divided by the standard deviation of the portfolio's annualized excess returns. The higher the Sharpe ratio, the better the portfolio's historical risk-adjusted performance. -0.88 -0.10 0.02 Upside Capture Ratio (%) Upside Capture Ratio (%) is a measure of a manager's performance in up markets relative to a particular benchmark. An up market is one in which the market's quarterly (or monthly) return is greater than or equal to zero. For example, a ratio of 50% means that the portfolio's value increased half as much as its benchmark index during up markets. 110.75 118.44 110.90 Downside Capture Ratio (%) Downside Capture Ratio (%) measures a manager's performance in down markets relative to a particular benchmark. A down market is one in which the market's quarterly (or monthly) return is less than zero. For example, a ratio of 50% means that the portfolio's value fell half as much as its benchmark index during down markets. 104.27 107.88 108.10 Beta Beta measures the relationship between the portfolio's excess return over T-bills (representing a risk-free rate) relative to the excess return of the portfolio's benchmark. A low beta does not imply that the portfolio has a low level of volatility; rather, a low beta means that the portfolio's market-related risk is low. Beta is often referred to as systematic risk. 1.09 1.10 1.07 R-Squared R-Squared ranges from 0 to 100 and reflects the percentage of a portfolio's movements that are explained by movements in its benchmark index. A portfolio with an R-squared of 100 means that all movement is completely explained by benchmark index movement. Thus, a portfolio that invests only in S&P 500 stocks will have an R-squared very close to 100. Conversely, a low R-squared indicates that very little of the portfolio's movement is explained by benchmark movement. An R-squared measure of 35, for example, means that movements in its benchmark index can explain only 35% of the portfolio's movements. R-squared is used to ascertain the significance of a particular beta or alpha and generally a higher R-squared will indicate more useful alpha and beta figures. 98.62 92.65 89.48 Tracking Error (%) Tracking Error (%) , which is often referred to as the active risk of the portfolio, measures how closely a manager's returns track the returns of a benchmark index. Specifically, tracking error measures the standard deviation of the excess returns a portfolio generates compared to its benchmark. This gives an indication of the volatility of a portfolio versus its benchmark. If a manager tracks a benchmark closely, then tracking error will be low. If a manager tracks a benchmark perfectly, then tracking error will be zero. 1.08 1.93 1.72 View All Characteristics & Stats All Characteristics & Stats GW&K Enhanced Core Bond ESG Fund (MFDSX) Portfolio Characteristics (Fixed Income) Risk & Return Effective Maturity Fund Holdings Fund Bloomberg US Aggregate Bond Index Fund Assets (Mil.$) $39 Number of Holdings 138 13370 Average Effective Duration (years) 6.09 6.15 Average Modified Duration (years) 6.24 Convexity 0.24 0.64 Average Maturity (years) 8.37 8.49 Yield to Maturity 5.91% 5.39% Yield to Worst 5.91% 5.39% Current Yield 4.28% 3.46% SEC 30-Day Yield (%) 4.48% SEC 30-Day Yield (%) w/o fee 4.16% Average Coupon 3.85% 2.99% Average Price 88.62 86.33 Average Credit Quality AA- AA2/AA3 Trailing 12-Months Portfolio Turnover 40.58% % Callable 50.61% % Non-US 2.83% Adjustable Coupon 8.91% Step Coupon 0.00% Zero Coupon 0.00% As of: 09/30/2023 Risk & Return 3 Years 5 Years 10 Years Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. 0.53 0.44 -0.12 Standard Deviation Standard Deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance. 7.41 6.76 5.20 Sharpe Ratio Sharpe Ratio is a risk-adjusted measure developed by William Sharpe. It is calculated using standard deviation and excess return to determine reward per unit of risk. First, the average monthly return of the 90-day Treasury bill (over a 36-month period) is subtracted from the portfolio's average monthly return. The difference in total return represents the portfolio's excess return beyond that of the 90-day Treasury bill, a risk-free investment. An arithmetic annualized excess return is then calculated by multiplying this monthly return by 12. To show a relationship between excess return and risk, this number is then divided by the standard deviation of the portfolio's annualized excess returns. The higher the Sharpe ratio, the better the portfolio's historical risk-adjusted performance. -0.88 -0.10 0.02 Upside Capture Ratio (%) Upside Capture Ratio (%) is a measure of a manager's performance in up markets relative to a particular benchmark. An up market is one in which the market's quarterly (or monthly) return is greater than or equal to zero. For example, a ratio of 50% means that the portfolio's value increased half as much as its benchmark index during up markets. 110.75 118.44 110.90 Downside Capture Ratio (%) Downside Capture Ratio (%) measures a manager's performance in down markets relative to a particular benchmark. A down market is one in which the market's quarterly (or monthly) return is less than zero. For example, a ratio of 50% means that the portfolio's value fell half as much as its benchmark index during down markets. 104.27 107.88 108.10 Beta Beta measures the relationship between the portfolio's excess return over T-bills (representing a risk-free rate) relative to the excess return of the portfolio's benchmark. A low beta does not imply that the portfolio has a low level of volatility; rather, a low beta means that the portfolio's market-related risk is low. Beta is often referred to as systematic risk. 1.09 1.10 1.07 R-Squared R-Squared ranges from 0 to 100 and reflects the percentage of a portfolio's movements that are explained by movements in its benchmark index. A portfolio with an R-squared of 100 means that all movement is completely explained by benchmark index movement. Thus, a portfolio that invests only in S&P 500 stocks will have an R-squared very close to 100. Conversely, a low R-squared indicates that very little of the portfolio's movement is explained by benchmark movement. An R-squared measure of 35, for example, means that movements in its benchmark index can explain only 35% of the portfolio's movements. R-squared is used to ascertain the significance of a particular beta or alpha and generally a higher R-squared will indicate more useful alpha and beta figures. 98.62 92.65 89.48 Tracking Error (%) Tracking Error (%) , which is often referred to as the active risk of the portfolio, measures how closely a manager's returns track the returns of a benchmark index. Specifically, tracking error measures the standard deviation of the excess returns a portfolio generates compared to its benchmark. This gives an indication of the volatility of a portfolio versus its benchmark. If a manager tracks a benchmark closely, then tracking error will be low. If a manager tracks a benchmark perfectly, then tracking error will be zero. 1.08 1.93 1.72 Information Ratio Information Ratio s a ratio of portfolio returns above the returns of a benchmark (usually an index) to the volatility of those returns. The information ratio (IR) measures a portfolio manager's ability to generate excess returns relative to a benchmark, but also attempts to identify the consistency of the investor. This ratio will identify if a manager has beaten the benchmark by a lot in a few months or a little every month. The higher the IR, the more consistent a manager is, and consistency is an ideal trait. 0.06 0.25 -0.03 Treynor Ratio (%) Treynor Ratio (%) , which was developed by Jack Treynor, measures reward per unit of beta risk. It measures returns earned in excess of that which could have been earned on a less risk investment per each unit of market risk. The Treynor Ratio relates the difference between the portfolio return and the risk-free rate to the portfolio beta for a given time period. -5.94 -0.60 0.11 Max Drawdown Max Drawdown is the maximum loss from a peak to a trough of a portfolio, before a new peak is attained. Maximum Drawdown is an indicator of downside risk over a specified time period. -17.87 -17.87 -17.87 As of: 11/30/2023 Maturity Fund Less Than 2 Years 3.64% 2 to 5 Years 22.00% 5 to 10 Years 56.82% 10 to 15 Years 1.00% More Than 15 Years 16.53% NA 0.00% As of: 09/30/2023 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Fixed) As of: 09/30/2023 United States Treasury Note/Bond Fixed 2.82% United States Treasury Note/Bond Fixed 2.69% United States Treasury Note/Bond Fixed 2.33% Fannie Mae Pool FM3229 Fixed 2.13% Fannie Mae Pool AU6743 Fixed 1.94% Freddie Mac Pool SD3000 Fixed 1.94% Fannie Mae Pool FM9679 Fixed 1.82% Freddie Mac Multifamily Structured Pass Through Cert Fixed 1.79% Freddie Mac Pool RA4919 Fixed 1.60% United States Treasury Note/Bond Fixed 1.55% % in Top 10 Holdings 20.61% View Holding Details Holding Details GW&K Enhanced Core Bond ESG Fund (MFDSX) Top 10 Holdings (Fixed Income) All Holdings Fund Holdings Coupon Maturity % of Net Assets United States Treasury Note/Bond Fixed 2.25% May 2041 2.82% United States Treasury Note/Bond Fixed 3.5% Feb 2039 2.69% United States Treasury Note/Bond Fixed 1.88% Feb 2051 2.33% Fannie Mae Pool FM3229 Fixed 3.5% Feb 2047 2.13% Fannie Mae Pool AU6743 Fixed 4% Oct 2043 1.94% Freddie Mac Pool SD3000 Fixed 5.5% Jun 2053 1.94% Fannie Mae Pool FM9679 Fixed 4.5% Sep 2046 1.82% Freddie Mac Multifamily Structured Pass Through Cert Fixed 2.1% Sep 2031 1.79% Freddie Mac Pool RA4919 Fixed 3% Mar 2051 1.60% United States Treasury Note/Bond Fixed 3.13% May 2048 1.55% % in Top 10 Holdings 20.61% As of: 09/30/2023 Download All Holdings (PDF) As of: 10/31/2023 Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund United States Treasury Note/Bond Fixed 2.25% May 2041 U.S. Government B US USD 1,583,000 65.57 $1,038,040 2.76% United States Treasury Note/Bond Fixed 3.50% Feb 2039 U.S. Government B US USD 1,198,000 82.68 $990,456 2.64% United States Treasury Note/Bond Fixed 1.88% Feb 2051 U.S. Government B US USD 1,587,000 52.49 $832,989 2.22% Fannie Mae Pool FM3229 Fixed 3.50% Feb 2047 Mortgage-Backed Security B US USD 930,429 87.19 $811,206 2.16% Fannie Mae Pool AU6743 Fixed 4.00% Oct 2043 Mortgage-Backed Security B US USD 822,885 88.74 $730,187 1.94% Fannie Mae Pool FM9679 Fixed 4.50% Sep 2046 Mortgage-Backed Security B US USD 747,808 92.33 $690,436 1.84% Freddie Mac Multifamily Structured Pass Through Cert Fixed 2.10% Sep 2031 Mortgage-Backed Security B US USD 880,000 77.62 $683,058 1.82% Freddie Mac Pool RA4919 Fixed 3.00% Mar 2051 Mortgage-Backed Security B US USD 744,642 80.71 $600,974 1.60% State Of California Fixed 7.55% Apr 2039 Municipal Bond B US USD 505,000 114.11 $576,250 1.53% United States Treasury Note/Bond Fixed 3.13% May 2048 U.S. Government B US USD 796,000 70.67 $562,548 1.50% Fannie Mae Pool FS1125 Fixed 3.50% Jul 2050 Mortgage-Backed Security B US USD 634,234 86.27 $547,164 1.46% Fannie Mae Pool FM7323 Fixed 5.00% Jul 2047 Mortgage-Backed Security B US USD 500,628 96.85 $484,848 1.29% Freddie Mac Pool SD3000 Fixed 5.50% Jun 2053 Mortgage-Backed Security B US USD 483,626 95.14 $460,132 1.22% Fannie Mae Pool CA3664 Fixed 4.00% Jun 2049 Mortgage-Backed Security B US USD 499,877 88.77 $443,733 1.18% AerCap Ireland Capital DAC Fixed 1.65% Oct 2024 Corporate B IE USD 450,000 95.35 $429,096 1.14% Alcoa Nederland Holding BV Fixed 4.13% Mar 2029 144A Corporate B NL USD 480,000 87.09 $418,048 1.11% Fannie Mae Pool FS0833 Fixed 3.00% Jun 2038 Mortgage-Backed Security B US USD 460,543 90.55 $417,017 1.11% Fannie Mae Pool FM5768 Fixed 4.00% Nov 2044 Mortgage-Backed Security B US USD 461,470 89.27 $411,956 1.10% Freddie Mac Pool Fixed 4.50% Oct 2041 Mortgage-Backed Security B US USD 436,097 92.32 $402,620 1.07% Morgan Stanley Floating Jan 2030 Corporate B US USD 435,000 91.05 $396,078 1.05% Wells Fargo & Co Floating Oct 2030 Corporate B US USD 480,000 81.77 $392,519 1.04% American Express Co Floating Perpetual Corporate B US USD 485,000 78.50 $380,725 1.01% Verizon Communications Inc Fixed 3.88% Feb 2029 Corporate B US USD 414,000 90.79 $375,864 1.00% County Of Miami-Dade FL Aviation Revenue Fixed 4.28% Oct 2041 Municipal Bond B US USD 460,000 81.45 $374,689 1.00% US Bancorp Floating Jun 2029 Corporate B US USD 385,000 96.16 $370,201 0.99% CommonSpirit Health Fixed 3.35% Oct 2029 Corporate B US USD 428,000 85.82 $367,293 0.98% Sysco Corp Fixed 2.40% Feb 2030 Corporate B US USD 455,000 80.52 $366,376 0.98% Merck & Co Inc Fixed 1.90% Dec 2028 Corporate B US USD 429,000 84.61 $362,981 0.97% Massachusetts School Building Authority Fixed 1.75% Aug 2030 Municipal Bond B US USD 448,000 80.90 $362,426 0.96% Los Angeles Unified School District Fixed 5.75% Jul 2034 Municipal Bond B US USD 365,000 99.07 $361,596 0.96% Charter Communications Operating LLC Fixed 4.91% Jul 2025 Corporate B US USD 367,000 97.78 $358,845 0.96% United States Treasury Note/Bond Fixed 3.88% Feb 2043 U.S. Government B US USD 427,000 83.14 $355,010 0.95% PNC Financial Services Group Inc Floating Jan 2034 Corporate B US USD 402,000 87.99 $353,737 0.94% Fannie Mae Pool FM6355 Fixed 4.50% Aug 2050 Mortgage-Backed Security B US USD 385,958 90.71 $350,117 0.93% Fiserv Inc Fixed 4.20% Oct 2028 Corporate B US USD 373,000 92.30 $344,279 0.92% JPMorgan Chase & Co Floating Sep 2027 Corporate B US USD 393,000 87.11 $342,356 0.91% Fannie Mae Pool AS9588 Fixed 4.00% May 2047 Mortgage-Backed Security B US USD 383,178 88.28 $338,267 0.90% Celanese US Holdings LLC Fixed 6.55% Nov 2030 Corporate B US USD 350,000 96.19 $336,648 0.90% Kraft Heinz Foods Co Fixed 4.25% Mar 2031 Corporate B US USD 376,000 88.37 $332,261 0.88% Jacobs Engineering Group Inc Fixed 5.90% Mar 2033 Corporate B US USD 350,000 92.62 $324,164 0.86% Fannie Mae Pool FS3698 Fixed 5.50% Nov 2052 Mortgage-Backed Security B US USD 334,805 95.77 $320,634 0.85% Fannie Mae Pool AS8683 Fixed 3.50% Jan 2047 Mortgage-Backed Security B US USD 369,566 85.69 $316,698 0.84% Fannie Mae Pool AB6802 Fixed 3.50% Nov 2042 Mortgage-Backed Security B US USD 359,767 87.81 $315,924 0.84% Fannie Mae Pool FS0314 Fixed 3.00% Jun 2033 Mortgage-Backed Security B US USD 336,090 90.55 $304,321 0.81% Microsoft Corp Fixed 2.52% Jun 2050 Corporate B US USD 499,000 57.24 $285,638 0.76% United States Treasury Inflation Indexed Bonds Fixed 0.25% Jan 2025 U.S. Government B US USD 291,661 96.28 $280,803 0.75% Bank of America Corp Floating Mar 2050 Corporate B US USD 375,000 73.42 $275,310 0.73% Freddie Mac Pool QA8185 Fixed 3.00% Mar 2050 Mortgage-Backed Security B US USD 336,567 81.66 $274,855 0.73% Ford Foundation Fixed 2.42% Jun 2050 Corporate B US USD 503,000 54.63 $274,780 0.73% Ashtead Capital Inc Fixed 1.50% Aug 2026 144A Corporate B US USD 308,000 87.89 $270,687 0.72% United States Treasury Inflation Indexed Bonds Fixed 0.50% Jan 2028 U.S. Government B US USD 292,505 91.77 $268,421 0.71% Freddie Mac Pool ZT0542 Fixed 4.00% Jul 2048 Mortgage-Backed Security B US USD 302,822 88.25 $267,250 0.71% Crown Americas LLC Fixed 4.25% Sep 2026 Corporate B US USD 272,000 94.54 $257,150 0.68% National Rural Utilities Cooperative Finance Corp Fixed 1.35% Mar 2031 Corporate B US USD 357,000 71.59 $255,566 0.68% Freddie Mac Gold Pool G60506 Fixed 3.50% Apr 2046 Mortgage-Backed Security B US USD 293,953 86.32 $253,748 0.68% Crown Castle Inc Fixed 4.30% Feb 2029 Corporate B US USD 280,000 90.51 $253,437 0.67% First-Citizens Bank & Trust Co Fixed 6.13% Mar 2028 Corporate B US USD 260,000 96.96 $252,099 0.67% Air Lease Corp Fixed 2.88% Jan 2026 Corporate B US USD 268,000 92.82 $248,745 0.66% Air Products and Chemicals Inc Fixed 4.80% Mar 2033 Corporate B US USD 261,000 93.52 $244,097 0.65% Cogent Communications Group Inc Fixed 3.50% May 2026 144A Corporate B US USD 262,000 90.52 $237,175 0.63% Fannie Mae Pool FM1577 Fixed 3.50% Sep 2034 Mortgage-Backed Security B US USD 253,568 92.94 $235,669 0.63% Fannie Mae Pool BM3362 Fixed 4.50% Jan 2044 Mortgage-Backed Security B US USD 255,006 92.33 $235,453 0.63% SLM Corp Fixed 3.13% Nov 2026 Corporate B US USD 270,000 86.93 $234,722 0.62% United States Treasury Inflation Indexed Bonds Fixed 1.13% Jan 2033 U.S. Government B US USD 262,834 88.59 $232,834 0.62% University Of California Fixed 3.35% Jul 2029 Municipal Bond B US USD 260,000 89.46 $232,583 0.62% Commonwealth of Massachusetts Fixed 4.11% Jul 2031 Municipal Bond B US USD 226,015 96.04 $217,065 0.58% Freddie Mac Pool RC1546 Fixed 2.00% Sep 2035 Mortgage-Backed Security B US USD 246,889 85.75 $211,703 0.56% California Health Facilities Financing Authority Fixed 4.19% Jun 2037 Municipal Bond B US USD 250,000 84.50 $211,239 0.56% Fannie Mae Pool MA4785 Fixed 5.00% Oct 2052 Mortgage-Backed Security B US USD 225,696 92.27 $208,256 0.55% Comcast Corp Fixed 4.15% Oct 2028 Corporate B US USD 221,000 93.42 $206,449 0.55% United States Treasury Note/Bond Fixed 2.50% Feb 2046 U.S. Government B US USD 323,000 63.57 $205,345 0.55% Aramark Services Inc Fixed 5.00% Feb 2028 144A Corporate B US USD 222,000 91.71 $203,607 0.54% Clearwater Paper Corp Fixed 4.75% Aug 2028 144A Corporate B US USD 229,000 88.25 $202,099 0.54% Fannie Mae Pool FM5891 Fixed 3.50% Jan 2048 Mortgage-Backed Security B US USD 233,915 86.32 $201,925 0.54% AECOM Fixed 5.13% Mar 2027 Corporate B US USD 213,000 94.41 $201,094 0.54% Fannie Mae Pool FM3734 Fixed 3.50% Sep 2049 Mortgage-Backed Security B US USD 232,696 86.33 $200,881 0.53% Clean Harbors Inc Fixed 4.88% Jul 2027 144A Corporate B US USD 215,000 93.22 $200,422 0.53% Fannie Mae Pool AS6831 Fixed 3.50% Mar 2046 Mortgage-Backed Security B US USD 230,890 86.15 $198,912 0.53% American Express Credit Account Master Trust Fixed 4.95% Oct 2027 Asset-Backed Security B US USD 200,000 98.72 $197,436 0.53% Freddie Mac REMICS Fixed 5.00% Dec 2052 Mortgage-Backed Security B US USD 207,578 95.03 $197,271 0.53% SBA Communications Corp Fixed 3.88% Feb 2027 Corporate B US USD 215,000 91.07 $195,799 0.52% Bank of New York Mellon Corp Floating Perpetual Corporate B US USD 206,000 94.65 $194,973 0.52% Goldman Sachs Group Inc Floating Perpetual Corporate B US USD 208,000 93.21 $193,878 0.52% Government National Mortgage Association Floating Aug 2053 Mortgage-Backed Security B US USD 198,640 97.14 $192,950 0.51% Hilton Domestic Operating Co Inc Fixed 4.88% Jan 2030 Corporate B US USD 212,000 89.77 $190,318 0.51% Fannie Mae Pool CA5687 Fixed 3.00% May 2050 Mortgage-Backed Security B US USD 228,600 81.74 $186,856 0.50% Sonoco Products Co Fixed 2.85% Feb 2032 Corporate B US USD 239,000 77.68 $185,655 0.49% Broadcom Inc Fixed 4.15% Nov 2030 Corporate B US USD 213,000 87.04 $185,404 0.49% Fannie Mae Pool FM3946 Fixed 4.00% Jan 2049 Mortgage-Backed Security B US USD 208,718 88.22 $184,140 0.49% AT&T Inc Fixed 4.30% Feb 2030 Corporate B US USD 205,000 89.68 $183,847 0.49% Fannie Mae Pool FM9498 Fixed 4.50% May 2048 Mortgage-Backed Security B US USD 196,749 92.19 $181,379 0.48% Fannie Mae Pool CB3596 Fixed 3.50% May 2052 Mortgage-Backed Security B US USD 213,166 84.98 $181,149 0.48% Fannie Mae Pool FS4703 Fixed 4.50% May 2053 Mortgage-Backed Security B US USD 201,146 89.38 $179,787 0.48% Novelis Corp Fixed 3.25% Nov 2026 144A Corporate B US USD 200,000 89.01 $178,028 0.47% United States Treasury Note/Bond Fixed 3.63% Feb 2053 U.S. Government B US USD 225,000 77.92 $175,324 0.47% Tenet Healthcare Corp Fixed 4.88% Jan 2026 Corporate B US USD 180,000 95.84 $172,513 0.46% Sensata Technologies BV Fixed 4.00% Apr 2029 144A Corporate B US USD 200,000 85.01 $170,021 0.45% United Rentals North America Inc Fixed 3.88% Feb 2031 Corporate B US USD 205,000 82.31 $168,726 0.45% HCA Inc Fixed 3.50% Sep 2030 Corporate B US USD 202,000 82.76 $167,184 0.45% United States Treasury Note/Bond Fixed 5.00% May 2037 U.S. Government B US USD 163,000 100.14 $163,223 0.43% KB Home Fixed 4.80% Nov 2029 Corporate B US USD 186,000 86.65 $161,162 0.43% Prime Security Services Borrower LLC Fixed 5.75% Apr 2026 144A Corporate B US USD 164,000 97.01 $159,098 0.42% Howmet Aerospace Inc Fixed 5.90% Feb 2027 Corporate B US USD 161,000 98.60 $158,742 0.42% Freeport-McMoRan Inc Fixed 4.63% Aug 2030 Corporate B US USD 176,000 88.11 $155,071 0.41% WESCO Distribution Inc Fixed 7.25% Jun 2028 144A Corporate B US USD 155,000 99.37 $154,016 0.41% Ball Corp Fixed 2.88% Aug 2030 Corporate B US USD 193,000 78.01 $150,550 0.40% Fannie Mae Pool FM5893 Fixed 5.00% Aug 2050 Mortgage-Backed Security B US USD 157,268 93.36 $146,823 0.39% Citigroup Inc Floating Perpetual Corporate B US USD 150,000 95.08 $142,613 0.38% MSCI Inc Fixed 3.25% Aug 2033 144A Corporate B US USD 188,000 73.99 $139,097 0.37% Fannie Mae Pool CA3278 Fixed 3.50% Apr 2034 Mortgage-Backed Security B US USD 144,474 93.05 $134,440 0.36% Murphy Oil USA Inc Fixed 5.63% May 2027 Corporate B US USD 135,000 96.66 $130,487 0.35% Fannie Mae Pool CA3840 Fixed 4.50% Jul 2049 Mortgage-Backed Security B US USD 131,603 90.89 $119,617 0.32% Fannie Mae Pool AS8684 Fixed 3.50% Jan 2047 Mortgage-Backed Security B US USD 133,329 85.69 $114,256 0.30% Fannie Mae Pool FM3375 Fixed 3.50% Feb 2035 Mortgage-Backed Security B US USD 122,133 93.06 $113,663 0.30% Freddie Mac Gold Pool G15290 Fixed 3.50% Feb 2030 Mortgage-Backed Security B US USD 118,010 95.66 $112,889 0.30% Starwood Property Trust Inc Fixed 5.50% Nov 2023 144A Corporate B US USD 111,000 100.00 $111,000 0.30% Freddie Mac Gold Pool G15855 Fixed 3.50% Jan 2031 Mortgage-Backed Security B US USD 116,144 95.08 $110,431 0.29% Fannie Mae Pool 930920 Fixed 4.50% Apr 2039 Mortgage-Backed Security B US USD 116,434 92.23 $107,390 0.29% BWX Technologies Inc Fixed 4.13% Jun 2028 144A Corporate B US USD 110,000 88.00 $96,798 0.26% Air Canada Fixed 3.88% Aug 2026 144A Corporate B CA USD 105,000 90.99 $95,536 0.25% Comcast Corp Fixed 4.65% Feb 2033 Corporate B US USD 105,000 90.49 $95,019 0.25% APi Group DE Inc Fixed 4.13% Jul 2029 144A Corporate B US USD 115,000 81.56 $93,792 0.25% Methanex Corp Fixed 5.13% Oct 2027 Corporate B CA USD 97,000 91.49 $88,749 0.24% Fannie Mae Pool FM0036 Fixed 5.00% Aug 2049 Mortgage-Backed Security B US USD 91,988 93.83 $86,315 0.23% Bank of New York Mellon Corp Floating Perpetual Corporate B US USD 111,000 77.40 $85,915 0.23% Toyota Auto Receivables 2021-B Owner Trust Fixed 0.53% Oct 2026 Asset-Backed Security B US USD 85,000 92.98 $79,030 0.21% Freddie Mac Multifamily Structured Pass Through Cert Floating Oct 2031 Mortgage-Backed Security B US USD 95,000 78.43 $74,506 0.20% Murphy Oil USA Inc Fixed 4.75% Sep 2029 Corporate B US USD 75,000 88.54 $66,403 0.18% FMG Resources August 2006 Pty Ltd Fixed 4.50% Sep 2027 144A Corporate B AU USD 72,000 90.04 $64,830 0.17% Delta Air Lines Inc Fixed 4.38% Apr 2028 Corporate B US USD 70,000 91.85 $64,296 0.17% Teleflex Inc Fixed 4.25% Jun 2028 144A Corporate B US USD 70,000 88.25 $61,775 0.16% Sealed Air Corp Fixed 4.00% Dec 2027 144A Corporate B US USD 70,000 87.90 $61,532 0.16% HB Fuller Co Fixed 4.25% Oct 2028 Corporate B US USD 71,000 86.63 $61,509 0.16% Lamar Media Corp Fixed 3.75% Feb 2028 Corporate B US USD 65,000 88.57 $57,572 0.15% Hillenbrand Inc Fixed 5.00% Sep 2026 Corporate B US USD 60,000 95.91 $57,544 0.15% Meritage Homes Corp Fixed 5.13% Jun 2027 Corporate B US USD 60,000 94.50 $56,700 0.15% Graphic Packaging International LLC Fixed 4.75% Jul 2027 144A Corporate B US USD 60,000 93.11 $55,868 0.15% Mueller Water Products Inc Fixed 4.00% Jun 2029 144A Corporate B US USD 55,000 85.50 $47,025 0.13% JPMorgan Chase & Co Floating Feb 2028 Corporate B US USD 35,000 92.78 $32,473 0.09% Cash & Equivalents Cash C US USD - - $1,259,806 3.35% Read Important Investment Disclosures Read Important Investment Disclosures Sector Allocation (Fixed) As of: 09/30/2023 View Allocation Details Allocation Details GW&K Enhanced Core Bond ESG Fund (MFDSX) Sector Allocation (Fixed Income) Credit Allocation Sector Sort Order Fund Bloomberg US Aggregate Bond Index U.S. Agency 10 0.00% 1.05% U.S. Treasury 20 14.64% 41.49% Sovereign Debt 30 0.00% 3.96% Corporate 60 42.61% 24.67% Investment Grade 70 31.16% 24.67% Non-Investment Grade & Not Rated 100 11.45% 0.00% Mortgage-Backed Security 130 34.58% 28.33% Asset-Backed Security 170 0.18% 0.50% Municipal Bond 180 6.18% 0.00% Other Bonds 190 0.00% 0.00% Interest Rate Futures 200 0.00% 0.00% Equity Futures 210 0.00% 0.00% Swaps, Caps, and Floors 220 0.00% 0.00% Preferred Stock 230 0.00% 0.00% Options 240 0.00% 0.00% Other Sectors 250 0.00% 0.00% Cash 270 1.80% As of: 09/30/2023 Credit 09/30/2023 Treasury 14.91% Agency 35.22% AAA 3.27% AA 5.56% A 10.25% BBB 19.12% BB 11.41% B 0.25% CCC 0.00% CC 0.00% C 0.00% D 0.00% Not Rated 0.00% As of: 09/30/2023 Read Important Investment Disclosures Investment Approach Investment Approach GW&K Enhanced Core Bond ESG Fund GW&K believes that a multi-sector approach takes advantage of the relative valuations among distinct bond sectors and provides greater opportunities to generate income and capital appreciation, while helping to manage risk in changing economic environments. The Fund invests in a diversified portfolio of fixed income securities. When deciding which securities to buy or sell, typically, GW&K: Incorporates ESG factors among many other fundamental, technical and valuation factors Seeks companies that maintain sustainable competitive advantages and expect to benefit from emerging cyclical or secular drivers Seeks to identify companies that are undervalued due to temporary or discrete events Identifies companies that it believes are leaders in effectively addressing exposure to ESG risks through robust business practices, policies and programs or companies that have more limited exposure to ESG risks. Uses top-down research that focuses on managing: duration, yield curve, credit quality, volatility and liquidity Uses bottom-up research that focuses on: fundamental analysis, valuation analysis and technical analysis The Rising Tide of ESG Investing ESG investing, once considered an outlier, has moved to a mainstay of the investment management industry. Read Blog 5 Questions Every Advisor Should Ask Their Clients About ESG With 7 in 10 adults in the U.S. expressing interest in investments that look beyond financial considerations to consider a company’s carbon emissions, labor practices, or regulatory and compliance history, ESG investing can also be a big opportunity for advisors—if they ask their clients the right questions. Read Blog 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 More Products From GW&K Investment Management MBGVX GW&K Core Bond ESG Fund The Fund seeks to generate income and capital appreciation by primarily investing in a diversified portfolio of fixed income securities. View Fund Details TLEVX GW&K Emerging Markets Equity Fund Seeks to provide long-term capital appreciation by investing in companies located in emerging market countries. View Fund Details TYWVX GW&K Emerging Wealth Equity Fund Seeks to provide long-term capital appreciation by investing in emerging market companies and developed market companies that have emerging markets revenue exposure. View Fund Details MGFIX GW&K ESG Bond Fund The Fund seeks to generate income and capital appreciation by primarily investing in a diversified portfolio of fixed income securities. View Fund Details MBEAX GW&K Global Allocation Fund Long-term capital appreciation and moderate current income View Fund Details MGGBX GW&K High Income Fund The Fund seeks high income. View Fund Details MECAX GW&K International Small Cap Fund Seeks long-term capital appreciation. View Fund Details GWMTX GW&K Municipal Bond Fund The Fund seeks to provide current income, exempt from federal income tax, and capital preservation by primarily investing in a portfolio of high-quality municipal bonds. View Fund Details MESHX GW&K Municipal Enhanced SMA Shares View Fund Details GWMNX GW&K Municipal Enhanced Yield Fund The Fund seeks to provide a high level of current income that is exempt from federal income taxes by primarily investing in municipal bonds. View Fund Details GWETX GW&K Small Cap Core Fund The Fund seeks to provide long-term capital appreciation by primarily investing in U.S. small cap stocks. View Fund Details SKSEX GW&K Small Cap Value Fund Seeks capital appreciation. View Fund Details GWGVX GW&K Small/Mid Cap Core Fund The Fund seeks to provide long-term capital appreciation by primarily investing in small to mid cap stocks exhibiting growth and value characteristics. View Fund Details ACWDX GW&K Small/Mid Cap Growth Fund The Fund seeks to provide long-term capital appreciation by investing in small to mid cap stocks exhibiting consistent, sustainable earnings growth. View Fund Details Read Important Investment Disclosures Founded 1974 Headquarters Boston, MA Affiliate Since 2008 Discover how the boutique advantage helps generate alpha. Learn More About AMG