Fund Overview Fund Overview Share Class N N I Z NAV | as of 08/11/2022 $16.50 +$0.02 (+0.12%) Overall Morningstar Rating Rated against 399 Global Allocation funds as of 07/31/2022 View Morningstar Details Growth of $10,000 (Hypothetical) Since Inception 01/02/1997 to 06/30/2022 = $58,574.51 From: To: 3YR 5YR 10YR INCEP. INCEP. 3YR 5YR 10YR INCEP. Performance shown for periods prior to April 17, 2020 reflects the performance and investment strategies of the Fund’s previous subadvisor, Chicago Equity Partners, LLC. The Fund’s past performance would have been different if the Fund were managed by the current subadvisor and strategy, and the Fund’s prior performance record might be less pertinent for investors considering whether to purchase shares of the Fund. 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.. On April 17, 2020, The MSCI ACWI Index, 60% MSCI ACWI Index/40% Bloomberg Global Aggregate Bond Index and Bloomberg Global Aggregate Bond Index replaced the Russell 1000® Index, 60% Russell 1000® Index/40% Bloomberg U.S. Aggregate Bond Index and Bloomberg U.S. Aggregate Bond Index as the Fund’s benchmarks on April 17, 2020 because the Investment Manager and Subadviser believe the new benchmarks are more representative of the Fund’s current investment strategies. View Performance Read Important Investment Disclosures Objective Long-term capital appreciation and moderate current income Why Consider Tactical asset allocation portfolio that seeks to capitalize on relative valuation opportunities across asset classes and geographies Focused global equity portfolio combined with well diversified fixed income portfolio Our disciplined long-term research focus allows us to develop a deep understanding of our targeted companies Documents Fact Sheet Commentary Summary Prospectus Prospectus 2021 Year End Distributions View All Documents Daniel L. Miller, CFA PARTNER AND DIRECTOR OF EQUITIES See Our Approach Read Bio William Sterling, Ph.D. GLOBAL STRATEGIST See Our Approach Read Bio Aaron C. Clark, CFA PRINCIPAL, PORTFOLIO MANAGER See Our Approach Read Bio Thomas Masi, CFA PARTNER AND PORTFOLIO MANAGER See Our Approach Read Bio Mary F. Kane, CFA PARTNER AND PORTFOLIO MANAGER See Our Approach Read Bio Investment Style GW&K Global Allocation Fund has an Equity Income Objective, seeking to achieve income and capital appreciation. Large Mid Small Value Blend Growth Equity Objective GW&K Global Allocation Fund Morningstar Ratings Risk-adjusted returns as of 07/31/2022 Overall Rating (of 399) 3 Years (of 399) 5 Years (of 348) 10 Years (of 249) Category Global Allocation Read Important Investment Disclosures Daniel L. Miller, CFA PARTNER AND DIRECTOR OF EQUITIES Dan is a partner of the firm and brings over four decades of investment management experience to GW&K. As director of our equity department, he is responsible for overseeing all aspects of our equity investment teams including portfolio management, research, and trading. He is a member of the firm’s Management, Investment, and ESG Committees. Dan has worked with various companies in the Boston area as an investment and financial consultant. Prior to joining GW&K, he spent 21 years at Putnam Investments in Boston, where he was chief investment officer for the specialty growth group and oversaw a team of twenty and up to $100 billion in assets under management. He was also a portfolio management team member of several small and mid-cap growth funds, the lead manager for the Putnam New Opportunities Fund, and a member of Putnam’s management committee and partners group. He began his career as an analyst at Morgan Stanley. Dan graduated from the University of California, Berkeley with highest honors, and received his MBA from Stanford University Graduate School of Business. He is a CFA® charterholder and is a member of the CFA Institute and the CFA Society Boston. Dan serves on the board of trustees for The Rashi School in Dedham, Massachusetts. William Sterling, Ph.D. GLOBAL STRATEGIST As global strategist, Bill works closely with GW&K analysts and portfolio managers to provide insights and guidance on the global economy and strategy allocations, with a special emphasis on emerging markets. His work focuses on monitoring relative value opportunities across and within global asset classes and seeks to identify anomalies that create opportunities. Bill is a member of our Investment Committee and heads the firm’s Asset Allocation Committee. Before joining GW&K in 2019, Bill was with Trilogy Global Advisors, a global equities firm which he founded in 1999. Bill served as CIO and CEO, and was the chair of Trilogy’s management committee. Trilogy became part of GW&K in 2019. Prior to Trilogy, he was an executive director and global head of equities at Credit Suisse Asset Management (CSAM). Previously, he was a managing director and head of international equities at BEA Associates before the firm was acquired by CSAM. Bill was also head of economic research in Tokyo and later chief international economist at Merrill Lynch. Bill graduated magna cum laude from Carleton College with distinction in economics. He earned a Ph.D. in economics from Harvard University. In graduate school he also became a Fulbright Scholar and spent a year as a visiting scholar at Tokyo University, where he became fluent in Japanese. Aaron C. Clark, CFA PRINCIPAL, PORTFOLIO MANAGER Aaron is a portfolio manager for GW&K’s all-cap and dividend-focused strategies and is a member of the firm's Investment Committee. Overseeing two of GW&K’s original equity strategies, Aaron applies his rigorous fundamental analysis to seek out high quality businesses across the market cap spectrum to help clients meet their personal goals for income and growth. Aaron started in the industry as an analyst and has had portfolio management responsibilities since 1998. Previously, he was a principal and portfolio manager at Tetrem Capital Management with responsibility for U.S. Value and U.S. Dividend mandates as well as a Canadian Dividend Fund. He also managed flagship portfolios at Morgan Stanley Investment Management and Pioneer Investments. His portfolio management experience has been wide ranging. In addition to his focus on dividend strategies throughout his career, Aaron has managed portfolios across the market cap spectrum, both growth and value disciplines, and some mandates that invested outside of the U.S. Aaron received a BA in Economics from Trinity College. He is a CFA® charterholder and is a member of the CFA Institute and the CFA Society Boston. Thomas Masi, CFA PARTNER AND PORTFOLIO MANAGER Tom is a partner of the firm and is responsible for the management of GW&K’s Emerging Wealth Equity Strategy. With over three decades of experience investing through many market cycles, multiple recessions, elevated and receding oil prices, gulf wars, the technology bubble and implosion, declining inflation and declining interest rates, Tom has developed a deep appreciation for good businesses and an assessment of what it means to be a best-in-class company. He is a member of the firm's Investment Committee. Tom joined GW&K from Trilogy Global Advisors, where he launched the Emerging Wealth Equity Strategy and served as partner and co-portfolio manager since the strategy’s inception. Trilogy became part of GW&K in 2019. Throughout his investment career, Tom has evaluated and invested in stocks across every sector. Previously, he was a partner at Dominick and Dominick Advisors, a managing director and senior portfolio manager at SG Cowen Asset Management, and a senior vice president and senior portfolio manager at Kidder Peabody Asset Management. Tom credits each and every work experience throughout his life as valuable learning lessons in understanding and identifying successful businesses. Tom earned a BA in economics from Rutgers University and an MBA in finance from the Rutgers Graduate School of Management. Tom is a CFA® charterholder and a member of the CFA Institute and the CFA Society New York. 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. Performance Performance Read Important Investment Disclosures Returns Trailing Returns Trailing Returns Monthly Quarterly Calendar Year Returns Performance shown for periods prior to April 17, 2020 reflects the performance and investment strategies of the Fund’s previous subadvisor, Chicago Equity Partners, LLC. The Fund’s past performance would have been different if the Fund were managed by the current subadvisor and strategy, and the Fund’s prior performance record might be less pertinent for investors considering whether to purchase shares of the Fund. 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. On April 17, 2020, The MSCI ACWI Index, 60% MSCI ACWI Index/40% Bloomberg Global Aggregate Bond Index and Bloomberg Global Aggregate Bond Index replaced the Russell 1000® Index, 60% Russell 1000® Index/40% Bloomberg U.S. Aggregate Bond Index and Bloomberg U.S. Aggregate Bond Index as the Fund’s benchmarks on April 17, 2020 because the Investment Manager and Subadviser believe the new benchmarks are more representative of the Fund’s current investment strategies. Expense Ratios Gross Expense Ratio: 1.10% Net Expense Ratio: 1.06% Expense Cap Expiration Date: 05/01/2023 Distributions & Pricing Distributions Distributions Chart List Historical Pricing Calendar Year Distributions Ex-Date Total Distribution Income Short-term Cap Gains Long-term Cap Gains Dec 15, 2021 $0.469300 — — $0.469300 Mar 29, 2021 $0.001900 $0.001900 — — Sep 28, 2020 $0.003600 $0.003600 — — Jun 26, 2020 $0.003500 $0.003500 — — Apr 27, 2020 $0.483600 — — $0.483600 Mar 27, 2020 $0.079000 $0.079000 — — Dec 16, 2019 $0.814700 $0.077900 — $0.736800 Sep 26, 2019 $0.054500 $0.054500 — — Jun 26, 2019 $0.067700 $0.067700 — — Mar 27, 2019 $0.073500 $0.073500 — — Dec 27, 2018 $0.980200 $0.054100 $0.272600 $0.653500 Sep 26, 2018 $0.036300 $0.036300 — — Jun 27, 2018 $0.040600 $0.040600 — — Mar 27, 2018 $0.031800 $0.031800 — — Dec 27, 2017 $0.742700 $0.032700 $0.304000 $0.406000 Sep 26, 2017 $0.029000 $0.029000 — — Jun 27, 2017 $0.022100 $0.022100 — — Mar 28, 2017 $0.022400 $0.022400 — — Dec 27, 2016 $0.047300 $0.035600 — $0.011700 Sep 27, 2016 $0.043000 $0.043000 — — Jun 27, 2016 $0.030400 $0.030400 — — Mar 28, 2016 $0.031100 $0.031100 — — Dec 28, 2015 $0.432500 $0.043600 $0.041800 $0.347100 Sep 25, 2015 $0.018800 $0.018800 — — Jun 25, 2015 $0.019600 $0.019600 — — Mar 26, 2015 $0.031700 $0.031700 — — Dec 26, 2014 $1.436000 $0.028400 $0.364000 $1.043600 Sep 25, 2014 $0.023100 $0.023100 — — Jun 25, 2014 $0.032500 $0.032500 — — Mar 26, 2014 $0.022200 $0.022200 — — Dec 26, 2013 $1.426600 $0.027400 $0.700900 $0.698300 Sep 25, 2013 $0.020000 $0.020000 — — Jun 25, 2013 $0.020400 $0.020400 — — Mar 25, 2013 $0.018200 $0.018200 — — Dec 26, 2012 $0.736500 $0.056000 $0.116100 $0.564400 Sep 25, 2012 $0.060400 $0.060400 — — Jun 26, 2012 $0.031200 $0.031200 — — Mar 27, 2012 $0.026800 $0.026800 — — Dec 27, 2011 $0.531700 $0.355700 — $0.176000 Sep 27, 2011 $0.037800 $0.037800 — — Jun 27, 2011 $0.051200 $0.051200 — — Mar 28, 2011 $0.036400 $0.036400 — — Dec 28, 2010 $0.064100 $0.064100 — — Sep 27, 2010 $0.047000 $0.047000 — — Jun 25, 2010 $0.046900 $0.046900 — — Mar 26, 2010 $0.044700 $0.044700 — — Dec 28, 2009 $0.068700 $0.068700 — — Sep 25, 2009 $0.042700 $0.042700 — — Jun 25, 2009 $0.048500 $0.048500 — — Mar 26, 2009 $0.048700 $0.048700 — — Dec 26, 2008 $0.086400 $0.086400 — — Sep 25, 2008 $0.070500 $0.070500 — — Jun 25, 2008 $0.068100 $0.068100 — — Mar 26, 2008 $0.057900 $0.057900 — — Dec 26, 2007 $0.082000 $0.082000 — — Sep 25, 2007 $0.067500 $0.067500 — — Jun 26, 2007 $0.056000 $0.056000 — — Mar 27, 2007 $0.067300 $0.067300 — — Dec 26, 2006 $0.092200 $0.092200 — — Sep 26, 2006 $0.067600 $0.067600 — — Jun 27, 2006 $0.052700 $0.052700 — — Mar 28, 2006 $0.047500 $0.047500 — — Dec 27, 2005 $0.052000 $0.052000 — — Sep 27, 2005 $0.042600 $0.042600 — — Jun 27, 2005 $0.037400 $0.037400 — — Mar 28, 2005 $0.031000 $0.031000 — — Dec 28, 2004 $0.049000 $0.049000 — — Sep 27, 2004 $0.031000 $0.031000 — — Jun 25, 2004 $0.039000 $0.039000 — — Mar 30, 2004 $0.038000 $0.038000 — — Dec 19, 2003 $0.049900 $0.049900 — — Sep 29, 2003 $0.046800 $0.046800 — — Jun 27, 2003 $0.050500 $0.050500 — — Mar 28, 2003 $0.081400 $0.081400 — — Dec 20, 2002 $0.056400 $0.056400 — — Sep 27, 2002 $0.070000 $0.070000 — — Jun 27, 2002 $0.068200 $0.068200 — — Mar 27, 2002 $0.061900 $0.061900 — — Dec 20, 2001 $0.051900 $0.051900 — — Sep 27, 2001 $0.065400 $0.065400 — — Jun 28, 2001 $0.055800 $0.055800 — — Mar 29, 2001 $0.069400 $0.069400 — — Dec 21, 2000 $3.171300 $0.075300 $3.021800 $0.074200 Sep 28, 2000 $0.060800 $0.060800 — — Jun 29, 2000 $0.063800 $0.063800 — — Mar 30, 2000 $0.056400 $0.056400 — — Dec 30, 1999 $1.414400 $0.060900 $1.307000 $0.046500 Sep 30, 1999 $0.053500 $0.053500 — — Jun 30, 1999 $0.049500 $0.049500 — — Mar 31, 1999 $0.064000 $0.064000 — — Dec 31, 1998 $0.072000 $0.072000 — — Sep 30, 1998 $0.070000 $0.070000 — — Jun 30, 1998 $0.055000 $0.055000 — — Mar 31, 1998 $0.171000 — $0.171000 — Dec 31, 1997 $0.800000 — $0.800000 — Sep 30, 1997 $0.065000 $0.065000 — — Jun 30, 1997 $0.060000 $0.060000 — — Mar 31, 1997 $0.050000 $0.050000 — — From: To: Risk & Return Stats As of: 07/31/2022 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. -2.27 -0.55 0.89 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. 13.96 12.11 9.57 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. 0.12 0.27 0.61 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. 97.22 101.78 89.74 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. 109.51 104.03 89.97 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. 1.07 1.04 0.96 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. 88.95 87.80 82.72 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. 4.72 4.26 3.99 View All Characteristics & Stats All Characteristics & Stats GW&K Global Allocation Fund (MBEAX) Portfolio Characteristics (Equity) Portfolio Characteristics (Fixed Income) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Effective Maturity Fund Holdings Fund MSCI ACWI Index Number of Holdings 34 2,895 Weighted Avg. Market Cap (Mil.$) $266,465 $312,913 Median Market Cap (Mil.$) $71,388 $11,122 Weighted Avg. P/E (1-yr Forward EPS) 22.07 14.30 Weighted Avg. P/E (Trailing EPS) 26.53 15.46 PEG Ratio 1.38 1.29 Weighted Avg. P/B 4.04 2.39 EPS Growth (Trailing 3-yr %) 18.83% 15.34% EPS Growth (Trailing 5-yr %) 20.61% 15.61% Forward EPS Growth (1-yr %) 3.07% 7.22% Forward EPS Growth (Long Term %) 14.80% 11.76% Revenue Growth (Trailing 5-yr %) 12.30% 9.42% Return on Equity 18.87% 20.82% Weighted Avg. Dividend Yield 0.89% 2.23% Debt to Equity 95.08 95.78 As of: 06/30/2022 Fund Holdings Fund Bloomberg Global Aggregate Bond Index Fund Assets (Mil.$) $60 Number of Holdings 102 28203 Average Effective Duration (years) 6.76 6.99 Average Modified Duration (years) 7.08 Convexity 0.31 0.9 Average Maturity (years) 9.17 8.77 Yield to Maturity 4.11% 2.91% Yield to Worst 4.11% 2.91% Current Yield 3.26% 2.34% SEC 30-Day Yield (%) 0.67% SEC 30-Day Yield (%) w/o fee 0.53% Average Coupon 3.18% 2.23% Average Price 95.79 95.4 Average Credit Quality AA NA Trailing 12-Months Portfolio Turnover 30.99% % Callable 28.57% % Non-US 38.84% Adjustable Coupon 3.15% Step Coupon 0.00% Zero Coupon 0.00% As of: 06/30/2022 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. -2.27 -0.55 0.89 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. 13.96 12.11 9.57 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. 0.12 0.27 0.61 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. 97.22 101.78 89.74 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. 109.51 104.03 89.97 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. 1.07 1.04 0.96 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. 88.95 87.80 82.72 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. 4.72 4.26 3.99 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. -0.47 -0.11 0.16 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. 1.59 3.10 6.11 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. -22.24 -22.24 -22.24 As of: 07/31/2022 Market Cap Fund MSCI ACWI Index Market Cap ($mm) 0 - 1,000 1.46% 0.00% Market Cap ($mm) 1,000 - 1,500 0.00% 0.01% Market Cap ($mm) 1,500 - 2,500 3.04% 0.16% Market Cap ($mm) 2,500 - 5,000 2.51% 1.48% Market Cap ($mm) 5,000 - 10,000 5.18% 5.70% Market Cap ($mm) 10,000 - 25,000 22.08% 15.18% Market Cap ($mm) 25,000 - 50,000 11.57% 17.02% Market Cap ($mm) 50,000 - 100,000 6.96% 15.77% Market Cap ($mm) 100,000 - 200,000 16.94% 15.24% Market Cap ($mm) 200,000 - 30.26% 29.44% Market Cap – NA 0.00% 0.00% As of: 06/30/2022 Valuation Characteristics Fund MSCI ACWI Index P/E 0-10 2.65% 16.20% P/E 10-15 2.87% 15.19% P/E 15-20 19.15% 15.25% P/E 20-25 15.59% 14.76% P/E 25-Above 50.45% 35.93% P/E – NA 9.30% 2.66% As of: 06/30/2022 Growth Characteristics Fund MSCI ACWI Index EPS Growth (Trailing 3-yr %) - Negative 12.59% 19.89% EPS Growth (Trailing 3-yr %) 0 - 5 5.66% 6.40% EPS Growth (Trailing 3-yr %) 5 - 10 5.49% 12.38% EPS Growth (Trailing 3-yr %) 10 - 15 17.54% 10.73% EPS Growth (Trailing 3-yr %) 15 - 20 5.17% 7.34% EPS Growth (Trailing 3-yr %) Above 20 37.78% 37.45% EPS Growth (Trailing 3-yr %) - NA 15.78% 5.83% As of: 06/30/2022 Maturity Fund Less Than 2 Years 7.34% 2 to 5 Years 27.01% 5 to 10 Years 42.70% 10 to 15 Years 5.31% More Than 15 Years 17.64% NA 0.00% As of: 06/30/2022 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 06/30/2022 UnitedHealth Group Inc 3.74% Alphabet Inc, Class A 2.63% STERIS PLC [NYSE] 2.51% AIA Group Ltd 2.44% Alibaba Group Holding Ltd 2.42% American Tower Corp, Class A 2.40% NextEra Energy Inc 2.26% Yum China Holdings Inc [HKG] 2.25% Charles Schwab Corp 2.25% Microsoft Corp 2.18% % in Top 10 Holdings 25.08% View Holding Details Holding Details GW&K Global Allocation Fund (MBEAX) Top 10 Holdings (Equity) Top 10 Holdings (Fixed Income) All Holdings Fund Holdings 06/30/2022 UnitedHealth Group Inc 3.74% Alphabet Inc, Class A 2.63% STERIS PLC [NYSE] 2.51% AIA Group Ltd 2.44% Alibaba Group Holding Ltd 2.42% American Tower Corp, Class A 2.40% NextEra Energy Inc 2.26% Yum China Holdings Inc [HKG] 2.25% Charles Schwab Corp 2.25% Microsoft Corp 2.18% % in Top 10 Holdings 25.08% As of: 06/30/2022 Fund Holdings Coupon Maturity % of Net Assets United States Treasury Note/Bond Fixed 1.88% Feb 2032 1.56% China Government Bond Fixed 2.88% Nov 2023 1.55% United States Treasury Note/Bond Fixed 5% May 2037 1.41% Fannie Mae Pool CA4182 Fixed 4.5% Sep 2049 0.99% United States Treasury Note/Bond Fixed 3.5% Feb 2039 0.99% Freddie Mac Gold Pool G07849 Fixed 3.5% May 2044 0.97% United States Treasury Note/Bond Fixed 2.25% Feb 2027 0.92% United States Treasury Note/Bond Fixed 1.5% Feb 2030 0.85% United States Treasury Note/Bond Fixed 1.88% Feb 2051 0.85% United States Treasury Note/Bond Fixed 3.13% May 2048 0.74% % in Top 10 Holdings 10.83% As of: 06/30/2022 Download All Holdings (PDF) As of: 06/30/2022 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund UNH UnitedHealth Group Inc Health Care S US USD 4,403 514 $2,261,513 3.74% GOOGL Alphabet Inc, Class A Communication Services S US USD 728 2,179 $1,586,501 2.63% STE STERIS PLC [NYSE] Health Care S US USD 7,360 206 $1,517,264 2.51% 1299 AIA Group Ltd Financials S HK HKD 135,100 11 $1,476,180 2.44% 9988 Alibaba Group Holding Ltd Consumer Discretionary S CN HKD 102,500 14 $1,462,203 2.42% AMT American Tower Corp, Class A Real Estate S US USD 5,685 256 $1,453,029 2.40% NEE NextEra Energy Inc Utilities S US USD 17,620 77 $1,364,845 2.26% 9987 Yum China Holdings Inc [HKG] Consumer Discretionary S CN HKD 27,700 49 $1,358,996 2.25% SCHW Charles Schwab Corp Financials S US USD 21,500 63 $1,358,370 2.25% MSFT Microsoft Corp Information Technology S US USD 5,140 257 $1,320,106 2.18% AVTR Avantor Inc Health Care S US USD 41,820 31 $1,300,602 2.15% HES Hess Corp Energy S US USD 11,590 106 $1,227,845 2.03% HTHT Huazhu Group Ltd ADR Consumer Discretionary S CN USD 32,090 38 $1,222,629 2.02% MA MasterCard Inc, Class A Information Technology S US USD 3,820 315 $1,205,134 1.99% BKI Black Knight Inc, Class A Information Technology S US USD 18,210 65 $1,190,752 1.97% MMYT MakeMyTrip Ltd Consumer Discretionary S IN USD 46,181 26 $1,185,928 1.96% IFX Infineon Technologies AG Information Technology S DE EUR 48,530 24 $1,180,518 1.95% ADYEN Adyen NV 144A Information Technology S NL EUR 818 1,443 $1,180,482 1.95% 9961 Trip.Com Group Ltd Consumer Discretionary S CN HKD 42,600 28 $1,178,761 1.95% HDB HDFC Bank Ltd ADR Financials S IN USD 20,660 55 $1,135,474 1.88% 700 Tencent Holdings Ltd Communication Services S CN HKD 24,800 45 $1,122,576 1.86% AMZN Amazon.com Inc Consumer Discretionary S US USD 9,860 106 $1,047,231 1.73% CNQ Canadian Natural Resources Ltd [CAD] Energy S CA CAD 19,250 54 $1,034,433 1.71% HLMA Halma PLC Information Technology S GB GBP 41,562 25 $1,020,436 1.69% 9962 MISUMI Group Inc Industrials S JP JPY 47,800 21 $1,009,511 1.67% CWST Casella Waste Systems Inc, Class A Industrials S US USD 13,470 73 $979,000 1.62% UNP Union Pacific Corp Industrials S US USD 4,545 213 $969,358 1.60% IDXX IDEXX Laboratories Inc Health Care S US USD 2,652 351 $930,136 1.54% TSM Taiwan Semiconductor Manufacturing Co Ltd ADR Information Technology S TW USD 11,310 82 $924,593 1.53% MC LVMH Moet Hennessy Louis Vuitton SE Consumer Discretionary S FR EUR 1,452 613 $889,899 1.47% MONC Moncler SpA Consumer Discretionary S IT EUR 19,850 43 $855,257 1.42% GSHD Goosehead Insurance Inc, Class A Financials S US USD 12,475 46 $569,733 0.94% PYPL PayPal Holdings Inc Information Technology S US USD 7,260 70 $507,038 0.84% 9618 JD.Com Inc, Class A Consumer Discretionary S CN HKD 1,280 32 $41,245 0.07% T United States Treasury Note/Bond Fixed 1.88% Feb 2032 U.S. Government B US USD 1,041,000 91 $943,081 1.56% CGB China Government Bond Fixed 2.88% Nov 2023 Foreign Government B CN CNY 6,210,000 15 $936,688 1.55% T United States Treasury Note/Bond Fixed 5.00% May 2037 U.S. Government B US USD 687,000 124 $849,331 1.41% FN Fannie Mae Pool CA4182 Fixed 4.50% Sep 2049 Mortgage-Backed Security B US USD 589,929 102 $600,465 0.99% T United States Treasury Note/Bond Fixed 3.50% Feb 2039 U.S. Government B US USD 574,000 104 $599,628 0.99% FG Freddie Mac Gold Pool G07849 Fixed 3.50% May 2044 Mortgage-Backed Security B US USD 597,834 98 $588,041 0.97% T United States Treasury Note/Bond Fixed 2.25% Feb 2027 U.S. Government B US USD 574,000 96 $553,439 0.92% T United States Treasury Note/Bond Fixed 1.50% Feb 2030 U.S. Government B US USD 573,000 90 $514,670 0.85% T United States Treasury Note/Bond Fixed 1.88% Feb 2051 U.S. Government B US USD 684,000 75 $513,080 0.85% T United States Treasury Note/Bond Fixed 3.13% May 2048 U.S. Government B US USD 463,000 97 $448,079 0.74% FN Fannie Mae Pool FM0036 Fixed 5.00% Aug 2049 Mortgage-Backed Security B US USD 373,763 104 $389,345 0.64% IBRD International Bank For Reconstruction & Development Fixed 3.13% Nov 2025 Corporate B US USD 360,000 100 $360,037 0.60% AFDB African Development Bank Fixed 0.88% Mar 2026 Corporate B CI USD 375,000 92 $345,008 0.57% IADB Inter-American Development Bank Fixed 4.38% Jan 2044 Corporate B US USD 310,000 110 $342,009 0.57% KDB Korea Development Bank Fixed 0.50% Oct 2023 Foreign Government B KR USD 299,000 96 $288,287 0.48% JFM Japan Finance Organization for Municipalities Fixed 1.00% May 2025 144A Foreign Government B JP USD 300,000 94 $280,598 0.46% NEDFIN Government of Netherlands Fixed 0.88% Jun 2026 Foreign Government B NL USD 300,000 91 $273,353 0.45% T United States Treasury Note/Bond Fixed 2.25% May 2041 U.S. Government B US USD 318,000 83 $265,356 0.44% AER AerCap Ireland Capital DAC Fixed 1.65% Oct 2024 Corporate B IE USD 280,000 92 $258,533 0.43% FN Fannie Mae Pool CA4119 Fixed 4.00% Sep 2049 Mortgage-Backed Security B US USD 253,251 100 $253,008 0.42% NESNVX Nestle Holdings Inc Fixed 1.00% Sep 2027 144A Corporate B US USD 275,000 88 $240,739 0.40% T United States Treasury Note/Bond Fixed 3.00% Nov 2044 U.S. Government B US USD 235,000 93 $217,770 0.36% IFC International Finance Corp Fixed 2.13% Apr 2026 Corporate B US USD 220,000 96 $211,798 0.35% RIFP Pernod Ricard International Finance LLC Fixed 1.25% Apr 2028 144A Corporate B US USD 250,000 84 $210,909 0.35% RENTEN Landwirtschaftliche Rentenbank Fixed 1.75% Jan 2027 Corporate B DE USD 220,000 94 $206,818 0.34% ASIA Asian Development Bank Fixed 1.75% Sep 2029 Corporate B PH USD 225,000 91 $203,693 0.34% JOBGEN JobsOhio Beverage System Fixed 4.53% Jan 2035 Municipal Bond B US USD 195,000 103 $200,165 0.33% FN Fannie Mae Pool CA2626 Fixed 4.00% Nov 2048 Mortgage-Backed Security B US USD 193,708 100 $193,940 0.32% NJSTRN New Jersey Transportation Trust Fund Authority Fixed 5.75% Dec 2028 Municipal Bond B US USD 175,000 105 $183,315 0.30% KBN Kommunalbanken AS Fixed 1.13% Oct 2026 144A Foreign Government B NO USD 200,000 92 $183,123 0.30% BNG BNG Bank NV Fixed 0.88% May 2026 144A Corporate B NL USD 200,000 91 $182,912 0.30% AGFRNC Agence Francaise de Developpement EPIC Fixed 0.63% Jan 2026 Foreign Government B FR USD 200,000 91 $182,489 0.30% FN Fannie Mae Pool BM5603 Fixed 4.00% Nov 2048 Mortgage-Backed Security B US USD 182,097 100 $182,257 0.30% KDB Korea Development Bank Fixed 1.38% Apr 2027 Foreign Government B KR USD 200,000 90 $180,224 0.30% AA Alcoa Nederland Holding BV Fixed 4.13% Mar 2029 144A Corporate B NL USD 200,000 89 $178,828 0.30% MET MetLife Inc Floating Perpetual Corporate B US USD 198,000 89 $176,310 0.29% AMPBEV Ardagh Metal Packaging Finance USA LLC Fixed 3.25% Sep 2028 144A Corporate B US USD 200,000 85 $170,714 0.28% EIB European Investment Bank Fixed 0.63% Oct 2027 Corporate B LU USD 192,000 88 $168,353 0.28% BELG Kingdom of Belgium Government International Bond Fixed 1.00% May 2030 Foreign Government B BE USD 200,000 84 $168,229 0.28% FINL Finland Government International Bond Fixed 0.88% May 2030 144A Foreign Government B FI USD 200,000 84 $167,338 0.28% ONT Province of Ontario Canada Fixed 1.05% May 2027 Foreign Government B CA USD 181,000 90 $162,133 0.27% PHILIP Philippine Government International Bond Fixed 1.65% Jun 2031 Foreign Government B PH USD 200,000 80 $160,184 0.27% HYUELE SK Hynix Inc Fixed 2.38% Jan 2031 144A Corporate B KR USD 200,000 79 $157,518 0.26% LOSSCD Los Angeles Unified School District Fixed 5.75% Jul 2034 Municipal Bond B US USD 140,000 111 $155,531 0.26% CAS State Of California Fixed 7.55% Apr 2039 Municipal Bond B US USD 110,000 136 $149,214 0.25% FN Fannie Mae Pool FM5768 Fixed 4.00% Nov 2044 Mortgage-Backed Security B US USD 145,544 101 $147,194 0.24% FN Fannie Mae Pool FM7808 Fixed 4.00% Nov 2050 Mortgage-Backed Security B US USD 140,397 100 $140,456 0.23% Q Province of Quebec Canada Fixed 1.35% May 2030 Foreign Government B CA USD 163,000 85 $138,330 0.23% SNLN Smith & Nephew PLC Fixed 2.03% Oct 2030 Corporate B GB USD 172,000 80 $136,858 0.23% TFC Truist Financial Corp Floating Perpetual Corporate B US USD 151,000 89 $135,130 0.22% D Dominion Energy Inc Floating Perpetual Corporate B US USD 151,000 89 $134,184 0.22% FN Fannie Mae Pool FM2908 Fixed 5.00% Oct 2049 Mortgage-Backed Security B US USD 118,121 103 $121,694 0.20% FN Fannie Mae Pool CA0995 Fixed 3.50% Jan 2048 Mortgage-Backed Security B US USD 124,439 98 $121,678 0.20% FN Fannie Mae Pool BM5629 Fixed 4.50% Feb 2049 Mortgage-Backed Security B US USD 115,968 102 $118,038 0.20% FN Fannie Mae Pool FM5893 Fixed 5.00% Aug 2050 Mortgage-Backed Security B US USD 107,855 104 $111,873 0.19% OXY Occidental Petroleum Corp Fixed 5.50% Dec 2025 Corporate B US USD 109,000 99 $107,365 0.18% ABIBB Anheuser-Busch InBev Worldwide Inc Fixed 4.38% Apr 2038 Corporate B US USD 117,000 92 $107,305 0.18% FN Fannie Mae Pool BM3374 Fixed 3.00% Jan 2038 Mortgage-Backed Security B US USD 110,508 96 $106,511 0.18% FCNCA First-Citizens Bank & Trust Co Fixed 6.13% Mar 2028 Corporate B US USD 93,000 104 $96,903 0.16% C Citigroup Inc Floating Perpetual Corporate B US USD 115,000 83 $95,450 0.16% DAL Delta Air Lines Inc Fixed 7.38% Jan 2026 Corporate B US USD 95,000 100 $94,853 0.16% NSUS NuStar Logistics LP Fixed 5.75% Oct 2025 Corporate B US USD 100,000 94 $93,500 0.15% MTOR Meritor Inc Fixed 6.25% Jun 2025 144A Corporate B US USD 91,000 103 $93,326 0.15% AYR Aircastle Ltd Fixed 5.25% Aug 2025 144A Corporate B US USD 96,000 97 $92,687 0.15% DELL Dell Inc Fixed 7.10% Apr 2028 Corporate B US USD 85,000 109 $92,440 0.15% MTNA ArcelorMittal SA Fixed 4.25% Jul 2029 Corporate B LU USD 94,000 95 $89,238 0.15% KHC Kraft Heinz Foods Co Fixed 4.38% Jun 2046 Corporate B US USD 106,000 83 $88,341 0.15% CF CF Industries Inc Fixed 5.38% Mar 2044 Corporate B US USD 92,000 93 $85,755 0.14% T AT&T Inc Fixed 4.30% Dec 2042 Corporate B US USD 94,000 87 $81,942 0.14% CVS CVS Health Corp Fixed 5.13% Jul 2045 Corporate B US USD 83,000 96 $79,947 0.13% BALL Ball Corp Fixed 4.88% Mar 2026 Corporate B US USD 81,000 98 $79,684 0.13% S Sprint Capital Corp Fixed 6.88% Nov 2028 Corporate B US USD 75,000 105 $78,864 0.13% MEGCN MEG Energy Corp Fixed 5.88% Feb 2029 144A Corporate B CA USD 82,000 91 $74,896 0.12% FUL HB Fuller Co Fixed 4.25% Oct 2028 Corporate B US USD 89,000 84 $74,676 0.12% LAMR Lamar Media Corp Fixed 3.75% Feb 2028 Corporate B US USD 84,000 89 $74,569 0.12% CSCO Cisco Systems Inc Fixed 5.50% Jan 2040 Corporate B US USD 68,000 109 $74,161 0.12% CCOI Cogent Communications Group Inc Fixed 3.50% May 2026 144A Corporate B US USD 78,000 92 $71,760 0.12% MDC MDC Holdings Inc Fixed 2.50% Jan 2031 Corporate B US USD 97,000 74 $71,598 0.12% VZ Verizon Communications Inc Fixed 3.88% Feb 2029 Corporate B US USD 74,000 97 $71,594 0.12% NWL Newell Brands Inc Fixed 4.45% Apr 2026 Corporate B US USD 74,000 95 $70,486 0.12% TNL Travel + Leisure Co Fixed 5.65% Apr 2024 Corporate B US USD 71,000 98 $69,758 0.12% WDC Western Digital Corp Fixed 4.75% Feb 2026 Corporate B US USD 73,000 95 $69,650 0.12% F Ford Motor Co Fixed 6.63% Oct 2028 Corporate B US USD 70,000 99 $69,038 0.11% TEVA Teva Pharmaceutical Finance Netherlands III BV Fixed 3.15% Oct 2026 Corporate B NL USD 84,000 82 $68,880 0.11% HCA HCA Inc Fixed 3.50% Sep 2030 Corporate B US USD 79,000 85 $67,206 0.11% MUSA Murphy Oil USA Inc Fixed 5.63% May 2027 Corporate B US USD 67,000 98 $65,660 0.11% ACM AECOM Fixed 5.13% Mar 2027 Corporate B US USD 66,000 95 $62,370 0.10% SLGN Silgan Holdings Inc Fixed 4.13% Feb 2028 Corporate B US USD 69,000 90 $61,874 0.10% YUM Yum! Brands Inc Fixed 3.63% Mar 2031 Corporate B US USD 73,000 84 $61,320 0.10% SBAC SBA Communications Corp Fixed 3.88% Feb 2027 Corporate B US USD 67,000 91 $61,157 0.10% URI United Rentals North America Inc Fixed 3.88% Feb 2031 Corporate B US USD 71,000 84 $59,895 0.10% FN Fannie Mae Pool BT0101 Fixed 2.00% May 2036 Mortgage-Backed Security B US USD 63,242 94 $59,293 0.10% CCK Crown Americas LLC Fixed 4.25% Sep 2026 Corporate B US USD 64,000 92 $59,040 0.10% MSFT Microsoft Corp Fixed 2.52% Jun 2050 Corporate B US USD 80,000 74 $58,922 0.10% WMT Walmart Inc Fixed 4.05% Jun 2048 Corporate B US USD 60,000 98 $58,644 0.10% BA Boeing Co Fixed 5.80% May 2050 Corporate B US USD 62,000 92 $56,945 0.09% XEL Northern States Power Co Fixed 2.90% Mar 2050 Corporate B US USD 73,000 75 $54,871 0.09% BAC Bank of America Corp Floating Mar 2050 Corporate B US USD 60,000 90 $53,883 0.09% CNC Centene Corp Fixed 3.38% Feb 2030 Corporate B US USD 59,000 85 $50,035 0.08% KBH KB Home Fixed 4.00% Jun 2031 Corporate B US USD 63,000 77 $48,589 0.08% CNC Centene Corp Fixed 2.50% Mar 2031 Corporate B US USD 51,000 79 $40,482 0.07% FN Fannie Mae Pool 888129 Fixed 5.50% Feb 2037 Mortgage-Backed Security B US USD 5,403 106 $5,713 0.01% Cash & Equivalents Cash C US USD - - $2,450,463 4.05% Read Important Investment Disclosures Read Important Investment Disclosures Regional Allocation (Equity) As of: 06/30/2022 View Allocation Details Allocation Details GW&K Global Allocation Fund (MBEAX) Sector Allocation (Equity) Sector Allocation (Fixed Income) Investment Allocation Credit Allocation Country Allocation (Equity) Country Allocation (Fixed Income) Regional Allocation (Equity) Regional Allocation (Fixed Income) Top 10 Industries Sector Sort Order Fund MSCI ACWI Index Consumer Discretionary 23.66% 11.06% Information Technology 21.83% 20.86% Health Care 15.38% 12.95% Financials 11.62% 14.46% Industrials 7.57% 9.40% Communication Services 6.93% 7.93% Energy 5.79% 4.99% Real Estate 3.72% 2.81% Utilities 3.49% 3.17% Bonds 0.00% 0.00% Consumer Staples 0.00% 7.61% Futures 0.00% 0.00% Materials 0.00% 4.77% Other Equities 0.00% 0.00% Cash & Other 0.00% 0.00% As of: 06/30/2022 Sector Sort Order Fund Bloomberg Global Aggregate Bond Index U.S. Agency 10 0.00% 0.54% U.S. Treasury 20 25.93% 16.72% Sovereign Debt 30 16.50% 50.32% Corporate 60 37.33% 17.97% Investment Grade 70 28.83% 17.97% Non-Investment Grade & Not Rated 100 8.50% 0.00% Mortgage-Backed Security 130 16.60% 14.28% Asset-Backed Security 170 0.00% 0.17% Municipal Bond 180 3.64% 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% As of: 06/30/2022 Investment Allocation 06/30/2022 Stocks 64.65% Bonds 31.30% Cash and Other 4.05% As of: 06/30/2022 Credit 06/30/2022 Treasury 25.93% Agency 16.60% AAA 13.41% AA 16.98% A 2.83% BBB 15.75% BB 8.50% B 0.00% CCC 0.00% CC 0.00% C 0.00% D 0.00% Not Rated 0.00% As of: 06/30/2022 Country Fund MSCI ACWI Index United States 53.21% 60.63% China 16.35% 4.14% India 5.94% 1.49% Hong Kong 3.78% 0.82% Germany 3.02% 1.90% Netherlands 3.02% 1.01% Canada 2.65% 3.18% United Kingdom 2.61% 3.90% Japan 2.58% 5.45% Taiwan 2.37% 1.70% France 2.28% 2.74% Italy 2.19% 0.56% United States 100% 87.52% As of: 06/30/2022 Country Fund United States 72.55% China 4.95% Netherlands 3.72% South Korea 3.31% Canada 1.98% Philippines 1.92% Ivory Coast 1.82% Japan 1.48% Ireland 1.37% Luxembourg 1.36% Germany 1.09% Norway 0.97% France 0.96% Belgium 0.89% Finland 0.88% United States 99.25% As of: 06/30/2022 Region Fund MSCI ACWI Index Developed 75.34% 88.29% Europe & Middle East 13.12% 15.90% North America 55.86% 63.81% Pacific 6.36% 8.58% Emerging 24.66% 11.71% Asia 24.66% 9.34% Latin America 0.00% 0.92% Europe & Middle East 0.00% 1.04% Africa 0.00% 0.42% Frontier 0.00% 0.00% Africa 0.00% 0.00% Asia 0.00% 0.00% Europe 0.00% 0.00% Latin America 0.00% 0.00% Middle East 0.00% 0.00% Cash & Other 0.00% 0.00% As of: 06/30/2022 Region Fund Developed 86.63% Europe & Middle East 10.61% North America 74.53% Pacific 1.48% Emerging 10.19% Asia 10.19% Latin America 0.00% Europe & Middle East 0.00% Africa 0.00% Frontier 1.82% Africa 0.00% Asia 0.00% Europe 0.00% Latin America 0.00% Middle East 0.00% Cash & Other 1.36% As of: 06/30/2022 Industry Fund MSCI ACWI Index Hotels, Restaurants & Leisure 12.66% 1.60% IT Services 7.40% 3.52% Interactive Media & Services 6.93% 3.89% Internet & Direct Marketing Retail 6.53% 2.87% Software 6.43% 6.09% Health Care Equipment & Supplies 6.26% 2.13% Oil, Gas & Consumable Fuels 5.79% 4.78% Health Care Providers & Services 5.79% 2.18% Semiconductors & Semiconductor Equipment 5.39% 4.74% Insurance 5.24% 3.23% % in Top 10 Industries 68.42% 35.03% As of: 06/30/2022 Read Important Investment Disclosures Investment Approach Investment Approach GW&K Global Allocation Fund The Fund’s investment approach looks to capitalize on global opportunities with a diversified balanced portfolio combining equity and debt securities to help protect principal and manage volatility. The Fund uses an active approach to managing the global equity and fixed income portions of the portfolio with the core principal of managing risk through diversification, in-depth research and a focus on quality. GW&K’s disciplined long-term research focus allows the team to develop a deep understanding of their targeted companies. Keep Calm and Remain Diversified A Short - and Long-Term Review on the Power of Diversification Read More 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 Funds 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 MFDAX GW&K Enhanced 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 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 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 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 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