Fund Overview Fund Overview Share Class Z N I Z NAV | as of 01/27/2023 $15.06 -$0.03 (-0.20%) Overall Morningstar Rating Rated against 401 Global Allocation funds as of 12/31/2022 View Morningstar Details Growth of $10,000 (Hypothetical) Since Inception 01/02/1997 to 12/31/2022 = $61,304.45 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 2022 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 | GW&K INVESTMENT MANAGEMENT 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 12/31/2022 Overall Rating (of 401) 3 Years (of 401) 5 Years (of 359) 10 Years (of 256) 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 | GW&K INVESTMENT MANAGEMENT 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: 0.85% Net Expense Ratio: 0.81% 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, 2022 $1.732200 $0.066900 — $1.665300 Dec 15, 2021 $0.469300 — — $0.469300 Mar 29, 2021 $0.014200 $0.014200 — — Dec 16, 2020 $0.009200 $0.009200 — — Sep 28, 2020 $0.014500 $0.014500 — — Jun 26, 2020 $0.013600 $0.013600 — — Apr 27, 2020 $0.483600 — — $0.483600 Mar 27, 2020 $0.090700 $0.090700 — — Dec 16, 2019 $0.825900 $0.089100 — $0.736800 Sep 26, 2019 $0.065500 $0.065500 — — Jun 26, 2019 $0.077400 $0.077400 — — Mar 27, 2019 $0.083800 $0.083800 — — Dec 27, 2018 $0.990900 $0.064800 $0.272600 $0.653500 Sep 26, 2018 $0.047500 $0.047500 — — Jun 27, 2018 $0.051500 $0.051500 — — Mar 27, 2018 $0.042500 $0.042500 — — Dec 27, 2017 $0.754300 $0.044300 $0.304000 $0.406000 Sep 26, 2017 $0.040200 $0.040200 — — Jun 27, 2017 $0.032700 $0.032700 — — Mar 28, 2017 $0.032700 $0.032700 — — Dec 27, 2016 $0.057900 $0.046100 — $0.011800 Sep 27, 2016 $0.053300 $0.053300 — — Jun 27, 2016 $0.040200 $0.040200 — — Mar 28, 2016 $0.040200 $0.040200 — — Dec 28, 2015 $0.445100 $0.052600 $0.042200 $0.350300 Sep 25, 2015 $0.028600 $0.028600 — — Jun 25, 2015 $0.029000 $0.029000 — — Mar 26, 2015 $0.041200 $0.041200 — — Dec 26, 2014 $1.460600 $0.038900 $0.367600 $1.054100 Sep 25, 2014 $0.032700 $0.032700 — — Jun 25, 2014 $0.042800 $0.042800 — — Mar 26, 2014 $0.031700 $0.031700 — — Dec 26, 2013 $1.449400 $0.037700 $0.707200 $0.704500 Sep 25, 2013 $0.030200 $0.030200 — — Jun 25, 2013 $0.030200 $0.030200 — — Mar 25, 2013 $0.027700 $0.027700 — — Dec 26, 2012 $0.751500 $0.064900 $0.117100 $0.569500 Sep 25, 2012 $0.070600 $0.070600 — — Jun 26, 2012 $0.040300 $0.040300 — — Mar 27, 2012 $0.035200 $0.035200 — — Dec 27, 2011 $0.545400 $0.367900 — $0.177500 Sep 27, 2011 $0.045300 $0.045300 — — Jun 27, 2011 $0.060400 $0.060400 — — Mar 28, 2011 $0.045300 $0.045300 — — Dec 28, 2010 $0.073100 $0.073100 — — Sep 27, 2010 $0.055400 $0.055400 — — Jun 25, 2010 $0.055400 $0.055400 — — Mar 26, 2010 $0.052900 $0.052900 — — Dec 28, 2009 $0.080600 $0.080600 — — Sep 25, 2009 $0.050400 $0.050400 — — Jun 25, 2009 $0.055500 $0.055500 — — Mar 26, 2009 $0.055500 $0.055500 — — Dec 26, 2008 $0.092900 $0.092900 — — Sep 25, 2008 $0.075800 $0.075800 — — Jun 25, 2008 $0.075800 $0.075800 — — Mar 26, 2008 $0.065800 $0.065800 — — Dec 26, 2007 $0.090900 $0.090900 — — Sep 25, 2007 $0.076000 $0.076000 — — Jun 26, 2007 $0.065900 $0.065900 — — Mar 27, 2007 $0.075000 $0.075000 — — Dec 26, 2006 $0.100000 $0.100000 — — Sep 26, 2006 $0.075000 $0.075000 — — Jun 27, 2006 $0.060000 $0.060000 — — Mar 28, 2006 $0.055000 $0.055000 — — Dec 27, 2005 $0.061000 $0.061000 — — Sep 27, 2005 $0.050000 $0.050000 — — Jun 27, 2005 $0.047000 $0.047000 — — Mar 28, 2005 $0.045000 $0.045000 — — Dec 28, 2004 $0.063000 $0.063000 — — Sep 27, 2004 $0.045000 $0.045000 — — Jun 25, 2004 $0.053000 $0.053000 — — Mar 30, 2004 $0.052500 $0.052500 — — Dec 19, 2003 $0.061500 $0.061500 — — Sep 29, 2003 $0.059600 $0.059600 — — Jun 27, 2003 $0.060900 $0.060900 — — Mar 28, 2003 $0.092800 $0.092800 — — Dec 20, 2002 $0.068700 $0.068700 — — Sep 27, 2002 $0.093300 $0.093300 — — Jun 27, 2002 $0.082200 $0.082200 — — Mar 27, 2002 $0.073400 $0.073400 — — Dec 20, 2001 $0.065600 $0.065600 — — Sep 27, 2001 $0.078300 $0.078300 — — Jun 28, 2001 $0.069000 $0.069000 — — Mar 29, 2001 $0.082500 $0.082500 — — Dec 21, 2000 $3.187700 $0.091700 $3.021800 $0.074200 Sep 28, 2000 $0.080200 $0.080200 — — Jun 29, 2000 $0.081800 $0.081800 — — Mar 30, 2000 $0.074200 $0.074200 — — Dec 30, 1999 $1.431200 $0.077700 $1.307000 $0.046500 Sep 30, 1999 $0.069300 $0.069300 — — Jun 30, 1999 $0.064300 $0.064300 — — Mar 31, 1999 $0.078000 $0.078000 — — Dec 31, 1998 $0.086000 $0.086000 — — Sep 30, 1998 $0.080000 $0.080000 — — Jun 30, 1998 $0.060000 $0.060000 — — Mar 31, 1998 $0.184000 — $0.184000 — Dec 31, 1997 $0.802000 — $0.802000 — Sep 30, 1997 $0.075000 $0.075000 — — Jun 30, 1997 $0.065000 $0.065000 — — Mar 31, 1997 $0.050000 $0.050000 — — From: To: Risk & Return Stats As of: 12/31/2022 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. -1.47 -0.49 1.34 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. 15.98 13.53 10.50 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. -0.08 0.08 0.51 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. 102.32 101.56 95.61 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. 107.50 103.01 91.25 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. 1.08 1.06 0.99 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. 89.56 88.45 84.20 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. 5.29 4.65 4.18 View All Characteristics & Stats All Characteristics & Stats GW&K Global Allocation Fund (MBEYX) 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 2,885 Weighted Avg. Market Cap (Mil.$) $225,029 $273,407 Median Market Cap (Mil.$) $53,891 $10,977 Weighted Avg. P/E (1-yr Forward EPS) 22.28 14.42 Weighted Avg. P/E (Trailing EPS) 25.11 15.61 PEG Ratio 1.63 1.35 Weighted Avg. P/B 4.34 2.36 EPS Growth (Trailing 3-yr %) 19.37% 16.57% EPS Growth (Trailing 5-yr %) 16.10% 14.51% Forward EPS Growth (1-yr %) 6.02% 4.46% Forward EPS Growth (Long Term %) 14.58% 10.40% Revenue Growth (Trailing 5-yr %) 11.01% 9.04% Return on Equity 18.33% 20.84% Weighted Avg. Dividend Yield 0.93% 2.33% Debt to Equity 87.45 100.87 As of: 12/31/2022 Fund Holdings Fund Bloomberg Global Aggregate Bond Index Fund Assets (Mil.$) $41 Number of Holdings 99 28912 Average Effective Duration (years) 6.35 6.69 Average Modified Duration (years) 6.51 Convexity 0.31 0.84 Average Maturity (years) 8.61 8.53 Yield to Maturity 5.04% 3.73% Yield to Worst 5.04% 3.73% Current Yield 3.42% 2.53% SEC 30-Day Yield (%) 1.66% SEC 30-Day Yield (%) w/o fee 1.36% Average Coupon 3.19% 2.31% Average Price 91.42 91.41 Average Credit Quality AA- NA Trailing 12-Months Portfolio Turnover 38.19% % Callable 34.14% % Non-US 39.55% Adjustable Coupon 3.40% Step Coupon 0.00% Zero Coupon 0.00% As of: 12/31/2022 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. -1.47 -0.49 1.34 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. 15.98 13.53 10.50 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. -0.08 0.08 0.51 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. 102.32 101.56 95.61 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. 107.50 103.01 91.25 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. 1.08 1.06 0.99 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. 89.56 88.45 84.20 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. 5.29 4.65 4.18 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. -0.31 -0.11 0.30 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. -1.21 1.00 5.38 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. -27.33 -27.33 -27.33 As of: 12/31/2022 Market Cap Fund MSCI ACWI Index Market Cap ($mm) 0 - 1,000 0.00% 0.01% Market Cap ($mm) 1,000 - 1,500 0.00% 0.01% Market Cap ($mm) 1,500 - 2,500 3.20% 0.12% Market Cap ($mm) 2,500 - 5,000 2.68% 1.58% Market Cap ($mm) 5,000 - 10,000 7.94% 5.39% Market Cap ($mm) 10,000 - 25,000 18.53% 15.00% Market Cap ($mm) 25,000 - 50,000 16.61% 17.17% Market Cap ($mm) 50,000 - 100,000 5.89% 15.82% Market Cap ($mm) 100,000 - 200,000 17.72% 16.00% Market Cap ($mm) 200,000 - 27.44% 28.90% Market Cap – NA 0.00% 0.00% As of: 12/31/2022 Valuation Characteristics Fund MSCI ACWI Index P/E 0-10 2.77% 16.29% P/E 10-15 2.63% 13.77% P/E 15-20 14.23% 13.53% P/E 20-25 15.40% 14.63% P/E 25-Above 54.08% 38.05% P/E – NA 10.89% 3.72% As of: 12/31/2022 Growth Characteristics Fund MSCI ACWI Index EPS Growth (Trailing 3-yr %) - Negative 9.41% 17.19% EPS Growth (Trailing 3-yr %) 0 - 5 10.37% 7.42% EPS Growth (Trailing 3-yr %) 5 - 10 4.50% 8.23% EPS Growth (Trailing 3-yr %) 10 - 15 13.97% 13.94% EPS Growth (Trailing 3-yr %) 15 - 20 6.09% 7.48% EPS Growth (Trailing 3-yr %) Above 20 38.02% 39.88% EPS Growth (Trailing 3-yr %) - NA 17.64% 5.86% As of: 12/31/2022 Maturity Fund Less Than 2 Years 5.00% 2 to 5 Years 34.02% 5 to 10 Years 40.32% 10 to 15 Years 0.00% More Than 15 Years 20.66% NA 0.00% As of: 12/31/2022 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 12/31/2022 UnitedHealth Group Inc 3.72% Charles Schwab Corp 2.86% Hess Corp 2.63% AIA Group Ltd 2.38% NextEra Energy Inc 2.34% Infineon Technologies AG 2.27% HDFC Bank Ltd ADR 2.25% H World Group Ltd ADR 2.17% STERIS PLC [NYSE] 2.16% Yum China Holdings Inc [HKG] 2.13% % in Top 10 Holdings 24.92% View Holding Details Holding Details GW&K Global Allocation Fund (MBEYX) Top 10 Holdings (Equity) Top 10 Holdings (Fixed Income) All Holdings Fund Holdings 12/31/2022 UnitedHealth Group Inc 3.72% Charles Schwab Corp 2.86% Hess Corp 2.63% AIA Group Ltd 2.38% NextEra Energy Inc 2.34% Infineon Technologies AG 2.27% HDFC Bank Ltd ADR 2.25% H World Group Ltd ADR 2.17% STERIS PLC [NYSE] 2.16% Yum China Holdings Inc [HKG] 2.13% % in Top 10 Holdings 24.92% As of: 12/31/2022 Fund Holdings Coupon Maturity % of Net Assets United States Treasury Note/Bond Fixed 4.38% Feb 2038 1.34% United States Treasury Note/Bond Fixed 2.88% May 2032 1.32% United States Treasury Note/Bond Fixed 2.25% Feb 2052 1.30% United States Treasury Note/Bond Fixed 4.5% Aug 2039 1.27% Fannie Mae Pool CB3596 Fixed 3.5% May 2052 1.08% United States Treasury Note/Bond Fixed 1.5% Feb 2030 0.93% United States Treasury Note/Bond Fixed 2.25% Feb 2027 0.82% Inter-American Development Bank Fixed 4.38% Jan 2044 0.74% Korea Development Bank Fixed 0.5% Oct 2023 0.70% Japan Finance Organization for Municipalities Fixed 144A 1% May 2025 0.67% % in Top 10 Holdings 10.18% As of: 12/31/2022 Download All Holdings (PDF) As of: 12/31/2022 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund UNH UnitedHealth Group Inc Health Care S US USD 2,881 530.18 $1,527,449 3.72% SCHW Charles Schwab Corp Financials S US USD 14,103 83.26 $1,174,216 2.86% HES Hess Corp Energy S US USD 7,620 141.82 $1,080,668 2.63% 1299 AIA Group Ltd Financials S HK HKD 88,500 11.04 $977,340 2.38% NEE NextEra Energy Inc Utilities S US USD 11,509 83.60 $962,152 2.34% IFX Infineon Technologies AG Information Technology S DE EUR 30,707 30.39 $933,245 2.27% HDB HDFC Bank Ltd ADR Financials S IN USD 13,494 68.41 $923,125 2.25% HTHT H World Group Ltd ADR Consumer Discretionary S CN USD 21,035 42.42 $892,305 2.17% STE STERIS PLC [NYSE] Health Care S US USD 4,807 184.69 $887,805 2.16% 9987 Yum China Holdings Inc [HKG] Consumer Discretionary S CN HKD 15,700 55.84 $876,686 2.13% MA MasterCard Inc, Class A Information Technology S US USD 2,503 347.73 $870,368 2.12% GOOGL Alphabet Inc, Class A Communication Services S US USD 9,520 88.23 $839,950 2.04% MMYT MakeMyTrip Ltd Consumer Discretionary S IN USD 30,251 27.57 $834,020 2.03% 9961 Trip.Com Group Ltd Consumer Discretionary S CN HKD 24,100 34.49 $831,199 2.02% MSFT Microsoft Corp Information Technology S US USD 3,361 239.82 $806,035 1.96% AMT American Tower Corp, Class A Real Estate S US USD 3,725 211.86 $789,179 1.92% BKI Black Knight Inc, Class A Information Technology S US USD 11,918 61.75 $735,937 1.79% CNQ Canadian Natural Resources Ltd [CAD] Energy S CA CAD 13,046 55.53 $724,467 1.76% IDXX IDEXX Laboratories Inc Health Care S US USD 1,763 407.96 $719,233 1.75% ADYEN Adyen NV 144A Information Technology S NL EUR 518 1,388.25 $719,113 1.75% CWST Casella Waste Systems Inc, Class A Industrials S US USD 8,807 79.31 $698,483 1.70% TSM Taiwan Semiconductor Manufacturing Co Ltd ADR Information Technology S TW USD 9,221 74.49 $686,872 1.67% AVTR Avantor Inc Health Care S US USD 32,300 21.09 $681,207 1.66% HLMA Halma PLC Information Technology S GB GBP 28,111 23.81 $669,462 1.63% MONC Moncler SpA Consumer Discretionary S IT EUR 12,596 53.14 $669,312 1.63% MC LVMH Moet Hennessy Louis Vuitton SE Consumer Discretionary S FR EUR 919 727.69 $668,750 1.63% 9962 MISUMI Group Inc Industrials S JP JPY 30,650 21.73 $666,157 1.62% 700 Tencent Holdings Ltd Communication Services S CN HKD 14,600 42.40 $619,045 1.51% TDG TransDigm Group Inc Industrials S US USD 964 629.65 $606,983 1.48% UNP Union Pacific Corp Industrials S US USD 2,800 207.07 $579,796 1.41% 9988 Alibaba Group Holding Ltd Consumer Discretionary S CN HKD 52,500 10.97 $576,078 1.40% AMZN Amazon.com Inc Consumer Discretionary S US USD 6,633 84.00 $557,172 1.36% 1928 Sands China Ltd Consumer Discretionary S MO HKD 85,600 3.28 $280,788 0.68% 9618 JD.Com Inc, Class A Consumer Discretionary S CN HKD 880 27.92 $24,567 0.06% T United States Treasury Note/Bond Fixed 4.38% Feb 2038 U.S. Government B US USD 527,000 104.70 $551,765 1.34% T United States Treasury Note/Bond Fixed 2.88% May 2032 U.S. Government B US USD 590,000 92.16 $543,722 1.32% T United States Treasury Note/Bond Fixed 2.25% Feb 2052 U.S. Government B US USD 769,000 69.54 $534,755 1.30% T United States Treasury Note/Bond Fixed 4.50% Aug 2039 U.S. Government B US USD 492,000 106.04 $521,693 1.27% FN Fannie Mae Pool CB3596 Fixed 3.50% May 2052 Mortgage-Backed Security B US USD 479,755 92.30 $442,829 1.08% T United States Treasury Note/Bond Fixed 1.50% Feb 2030 U.S. Government B US USD 448,000 85.22 $381,780 0.93% T United States Treasury Note/Bond Fixed 2.25% Feb 2027 U.S. Government B US USD 364,000 93.06 $338,733 0.82% IADB Inter-American Development Bank Fixed 4.38% Jan 2044 Corporate B US USD 310,000 97.92 $303,541 0.74% KDB Korea Development Bank Fixed 0.50% Oct 2023 Foreign Government B KR USD 299,000 96.59 $288,791 0.70% JFM Japan Finance Organization for Municipalities Fixed 1.00% May 2025 144A Foreign Government B JP USD 300,000 91.35 $274,041 0.67% NEDFIN Government of Netherlands Fixed 0.88% Jun 2026 Foreign Government B NL USD 300,000 88.58 $265,733 0.65% IBRD International Bank For Reconstruction & Development Fixed 3.13% Nov 2025 Corporate B US USD 275,000 96.61 $265,672 0.65% FN Fannie Mae Pool FM9679 Fixed 4.50% Sep 2046 Mortgage-Backed Security B US USD 265,891 99.13 $263,586 0.64% FN Fannie Mae Pool FM0036 Fixed 5.00% Aug 2049 Mortgage-Backed Security B US USD 259,414 100.65 $261,108 0.64% AER AerCap Ireland Capital DAC Fixed 1.65% Oct 2024 Corporate B IE USD 280,000 92.24 $258,272 0.63% FR Freddie Mac Pool ZS4127 Fixed 4.50% Jul 2044 Mortgage-Backed Security B US USD 253,776 98.31 $249,489 0.61% NESNVX Nestle Holdings Inc Fixed 1.00% Sep 2027 144A Corporate B US USD 275,000 84.72 $232,986 0.57% T United States Treasury Note/Bond Fixed 3.00% Feb 2049 U.S. Government B US USD 281,000 82.35 $231,408 0.56% FN Fannie Mae Pool CA4119 Fixed 4.00% Sep 2049 Mortgage-Backed Security B US USD 232,406 95.35 $221,600 0.54% RIFP Pernod Ricard International Finance LLC Fixed 1.25% Apr 2028 144A Corporate B US USD 250,000 82.52 $206,300 0.50% FN Fannie Mae Pool CA2626 Fixed 4.00% Nov 2048 Mortgage-Backed Security B US USD 185,794 95.82 $178,030 0.43% AGFRNC Agence Francaise de Developpement EPIC Fixed 0.63% Jan 2026 Foreign Government B FR USD 200,000 88.94 $177,890 0.43% BNG BNG Bank NV Fixed 0.88% May 2026 144A Corporate B NL USD 200,000 88.79 $177,581 0.43% AA Alcoa Nederland Holding BV Fixed 4.13% Mar 2029 144A Corporate B NL USD 200,000 88.72 $177,432 0.43% KBN Kommunalbanken AS Fixed 1.13% Oct 2026 144A Foreign Government B NO USD 200,000 88.56 $177,125 0.43% KDB Korea Development Bank Fixed 1.38% Apr 2027 Foreign Government B KR USD 200,000 86.45 $172,906 0.42% PHILIP Philippine Government International Bond Fixed 1.65% Jun 2031 Foreign Government B PH USD 200,000 79.77 $159,535 0.39% BELG Kingdom of Belgium Government International Bond Fixed 1.00% May 2030 Foreign Government B BE USD 200,000 79.57 $159,139 0.39% RENTEN Landwirtschaftliche Rentenbank Fixed 1.75% Jan 2027 Corporate B DE USD 175,000 90.91 $159,095 0.39% FINL Finland Government International Bond Fixed 0.88% May 2030 144A Foreign Government B FI USD 200,000 79.24 $158,490 0.39% AMPBEV Ardagh Metal Packaging Finance USA LLC Fixed 3.25% Sep 2028 144A Corporate B US USD 185,000 84.94 $157,147 0.38% MET MetLife Inc Floating Perpetual Corporate B US USD 163,000 92.88 $151,386 0.37% IFC International Finance Corp Fixed 2.13% Apr 2026 Corporate B US USD 160,000 93.38 $149,412 0.36% HYUELE SK Hynix Inc Fixed 2.38% Jan 2031 144A Corporate B KR USD 200,000 73.32 $146,633 0.36% ORCL Oracle Corp Fixed 2.80% Apr 2027 Corporate B US USD 161,000 91.00 $146,509 0.36% AMT American Tower Corp Fixed 2.75% Jan 2027 Corporate B US USD 160,000 90.65 $145,042 0.35% KMI Kinder Morgan Inc Fixed 4.30% Jun 2025 Corporate B US USD 146,000 98.07 $143,180 0.35% ASIA Asian Development Bank Fixed 1.75% Sep 2029 Corporate B PH USD 165,000 86.06 $142,006 0.35% CPE Callon Petroleum Co Fixed 6.38% Jul 2026 Corporate B US USD 147,000 93.20 $137,011 0.33% EMBRBZ Embraer Netherlands Finance BV Fixed 5.05% Jun 2025 Corporate B NL USD 135,000 97.05 $131,019 0.32% ONT Province of Ontario Canada Fixed 1.05% May 2027 Foreign Government B CA USD 151,000 86.70 $130,918 0.32% FN Fannie Mae Pool FM5768 Fixed 4.00% Nov 2044 Mortgage-Backed Security B US USD 135,019 96.04 $129,669 0.32% JOBGEN JobsOhio Beverage System Fixed 4.53% Jan 2035 Municipal Bond B US USD 130,000 96.46 $125,402 0.31% T United States Treasury Note/Bond Fixed 3.00% Nov 2044 U.S. Government B US USD 150,000 82.53 $123,797 0.30% AMZN Amazon.com Inc Fixed 4.60% Dec 2025 Corporate B US USD 123,000 99.75 $122,697 0.30% AFDB African Development Bank Fixed 0.88% Mar 2026 Corporate B CI USD 135,000 89.42 $120,715 0.29% D Dominion Energy Inc Floating Perpetual Corporate B US USD 131,000 87.50 $114,625 0.28% EIB European Investment Bank Fixed 0.63% Oct 2027 Corporate B LU USD 122,000 84.82 $103,484 0.25% Q Province of Quebec Canada Fixed 1.35% May 2030 Foreign Government B CA USD 123,000 81.00 $99,634 0.24% FN Fannie Mae Pool BM5629 Fixed 4.50% Feb 2049 Mortgage-Backed Security B US USD 99,430 97.94 $97,384 0.24% TFC Truist Financial Corp Floating Perpetual Corporate B US USD 106,000 90.03 $95,427 0.23% FN Fannie Mae Pool BM3374 Fixed 3.00% Jan 2038 Mortgage-Backed Security B US USD 102,642 92.77 $95,220 0.23% NJSTRN New Jersey Transportation Trust Fund Authority Fixed 5.75% Dec 2028 Municipal Bond B US USD 90,000 100.75 $90,672 0.22% LOSSCD Los Angeles Unified School District Fixed 5.75% Jul 2034 Municipal Bond B US USD 85,000 104.46 $88,789 0.22% AYR Aircastle Ltd Fixed 5.25% Aug 2025 144A Corporate B US USD 91,000 96.17 $87,518 0.21% MUR Murphy Oil Corp Fixed 6.38% Jul 2028 Corporate B US USD 90,000 96.25 $86,629 0.21% T United States Treasury Note/Bond Fixed 2.25% May 2041 U.S. Government B US USD 112,000 75.18 $84,197 0.20% SNLN Smith & Nephew PLC Fixed 2.03% Oct 2030 Corporate B GB USD 107,000 78.16 $83,635 0.20% FN Fannie Mae Pool FM3148 Fixed 4.00% Feb 2050 Mortgage-Backed Security B US USD 83,538 94.95 $79,322 0.19% FCNCA First-Citizens Bank & Trust Co Fixed 6.13% Mar 2028 Corporate B US USD 78,000 101.63 $79,269 0.19% T AT&T Inc Fixed 4.30% Dec 2042 Corporate B US USD 96,000 82.04 $78,758 0.19% NSUS NuStar Logistics LP Fixed 5.75% Oct 2025 Corporate B US USD 80,000 96.13 $76,907 0.19% CAS State Of California Fixed 7.55% Apr 2039 Municipal Bond B US USD 60,000 125.16 $75,098 0.18% C Citigroup Inc Floating Perpetual Corporate B US USD 85,000 85.25 $72,463 0.18% DAL Delta Air Lines Inc Fixed 7.38% Jan 2026 Corporate B US USD 70,000 102.17 $71,522 0.17% FN Fannie Mae Pool MA3151 Fixed 3.00% Oct 2037 Mortgage-Backed Security B US USD 76,946 92.82 $71,420 0.17% DELL Dell Inc Fixed 7.10% Apr 2028 Corporate B US USD 65,000 106.64 $69,313 0.17% BALL Ball Corp Fixed 4.88% Mar 2026 Corporate B US USD 71,000 96.86 $68,773 0.17% FG Freddie Mac Gold Pool C91975 Fixed 3.00% Feb 2038 Mortgage-Backed Security B US USD 74,067 92.25 $68,330 0.17% FUL HB Fuller Co Fixed 4.25% Oct 2028 Corporate B US USD 74,000 88.50 $65,490 0.16% ABIBB Anheuser-Busch InBev Worldwide Inc Fixed 4.38% Apr 2038 Corporate B US USD 72,000 89.39 $64,362 0.16% SLGN Silgan Holdings Inc Fixed 4.13% Feb 2028 Corporate B US USD 69,000 92.52 $63,836 0.16% S Sprint Capital Corp Fixed 6.88% Nov 2028 Corporate B US USD 60,000 103.79 $62,276 0.15% CCOI Cogent Communications Group Inc Fixed 3.50% May 2026 144A Corporate B US USD 68,000 90.84 $61,774 0.15% CSCO Cisco Systems Inc Fixed 5.50% Jan 2040 Corporate B US USD 58,000 104.06 $60,355 0.15% TEVA Teva Pharmaceutical Finance Netherlands III BV Fixed 3.15% Oct 2026 Corporate B NL USD 69,000 87.45 $60,341 0.15% NWL Newell Brands Inc Fixed 4.45% Apr 2026 Corporate B US USD 64,000 94.08 $60,211 0.15% HCA HCA Inc Fixed 3.50% Sep 2030 Corporate B US USD 67,000 86.25 $57,786 0.14% KHC Kraft Heinz Foods Co Fixed 4.38% Jun 2046 Corporate B US USD 71,000 81.26 $57,695 0.14% LAMR Lamar Media Corp Fixed 3.75% Feb 2028 Corporate B US USD 64,000 89.51 $57,287 0.14% MUSA Murphy Oil USA Inc Fixed 5.63% May 2027 Corporate B US USD 57,000 97.10 $55,348 0.13% TNL Travel + Leisure Co Fixed 5.65% Apr 2024 Corporate B US USD 56,000 98.50 $55,157 0.13% ACM AECOM Fixed 5.13% Mar 2027 Corporate B US USD 56,000 96.25 $53,900 0.13% CCK Crown Americas LLC Fixed 4.25% Sep 2026 Corporate B US USD 54,000 95.36 $51,493 0.13% VZ Verizon Communications Inc Fixed 3.88% Feb 2029 Corporate B US USD 54,000 93.83 $50,666 0.12% MEGCN MEG Energy Corp Fixed 5.88% Feb 2029 144A Corporate B CA USD 52,000 94.30 $49,037 0.12% SBAC SBA Communications Corp Fixed 3.88% Feb 2027 Corporate B US USD 52,000 90.35 $46,983 0.11% URI United Rentals North America Inc Fixed 3.88% Feb 2031 Corporate B US USD 56,000 83.83 $46,944 0.11% WDC Western Digital Corp Fixed 4.75% Feb 2026 Corporate B US USD 48,000 94.17 $45,203 0.11% WMT Walmart Inc Fixed 4.05% Jun 2048 Corporate B US USD 50,000 88.75 $44,373 0.11% XEL Northern States Power Co Fixed 2.90% Mar 2050 Corporate B US USD 63,000 68.40 $43,090 0.10% BAC Bank of America Corp Floating Mar 2050 Corporate B US USD 50,000 82.02 $41,009 0.10% CNC Centene Corp Fixed 2.50% Mar 2031 Corporate B US USD 51,000 78.25 $39,906 0.10% KBH KB Home Fixed 4.00% Jun 2031 Corporate B US USD 48,000 80.39 $38,585 0.09% MSFT Microsoft Corp Fixed 2.52% Jun 2050 Corporate B US USD 55,000 65.80 $36,193 0.09% YUM Yum! Brands Inc Fixed 3.63% Mar 2031 Corporate B US USD 43,000 83.85 $36,056 0.09% CNC Centene Corp Fixed 3.38% Feb 2030 Corporate B US USD 39,000 84.54 $32,969 0.08% BA Boeing Co Fixed 5.80% May 2050 Corporate B US USD 32,000 92.72 $29,670 0.07% FN Fannie Mae Pool 888129 Fixed 5.50% Feb 2037 Mortgage-Backed Security B US USD 4,970 102.08 $5,074 0.01% Cash & Equivalents Cash C US USD - - $1,035,756 2.52% Read Important Investment Disclosures Read Important Investment Disclosures Regional Allocation (Equity) As of: 12/31/2022 View Allocation Details Allocation Details GW&K Global Allocation Fund (MBEYX) 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 23.81% 10.43% Information Technology 20.78% 20.00% Health Care 14.63% 13.37% Financials 11.79% 15.19% Industrials 9.78% 10.16% Energy 6.92% 5.58% Communication Services 5.59% 6.78% Utilities 3.69% 3.18% Real Estate 3.02% 2.59% Consumer Staples 0.00% 7.75% Materials 0.00% 4.98% Cash & Other 0.00% 0.00% As of: 12/31/2022 Sector Sort Order Fund Bloomberg Global Aggregate Bond Index U.S. Agency 10 0.00% 0.49% U.S. Treasury 20 23.74% 16.84% Sovereign Debt 30 14.80% 50.29% Corporate 60 43.23% 18.01% Investment Grade 70 33.19% 18.01% Non-Investment Grade & Not Rated 100 10.03% 0.00% Mortgage-Backed Security 130 15.51% 14.17% Asset-Backed Security 170 0.00% 0.20% Municipal Bond 180 2.72% 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: 12/31/2022 Investment Allocation 12/31/2022 Stocks 63.52% Bonds 33.96% Cash and Other 2.52% As of: 12/31/2022 Credit 12/31/2022 Treasury 23.74% Agency 15.51% AAA 13.63% AA 14.49% A 2.98% BBB 19.62% BB 9.05% B 0.98% CCC 0.00% CC 0.00% C 0.00% D 0.00% Not Rated 0.00% As of: 12/31/2022 Country Fund MSCI ACWI Index United States 51.81% 60.37% China 14.64% 3.63% India 6.74% 1.62% Hong Kong 3.75% 0.77% Germany 3.58% 2.06% Canada 2.78% 3.06% Netherlands 2.76% 1.08% Taiwan 2.63% 1.55% United Kingdom 2.57% 3.87% Italy 2.57% 0.59% France 2.56% 3.00% Japan 2.55% 5.56% Macau 1.08% 0.00% % in Top 13 Countries 100.02% 87.16% As of: 12/31/2022 Country Fund United States 73.67% Netherlands 5.82% South Korea 4.36% Philippines 2.16% Canada 2.00% Japan 1.96% Ireland 1.85% France 1.28% Norway 1.27% Belgium 1.14% Germany 1.14% Finland 1.14% Ivory Coast 0.87% Luxembourg 0.74% United Kingdom 0.60% % in Top 15 Countries 100% As of: 12/31/2022 Region Fund MSCI ACWI Index Developed 74.91% 88.76% Europe & Middle East 14.03% 16.56% North America 54.59% 63.43% Pacific 6.30% 8.77% Emerging 24.01% 11.24% Asia 24.01% 8.80% Latin America 0.00% 0.95% Europe & Middle East 0.00% 1.06% 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 1.08% 0.00% As of: 12/31/2022 Region Fund Developed 91.87% Europe & Middle East 14.24% North America 75.67% Pacific 1.96% Emerging 6.52% Asia 6.52% Latin America 0.00% Europe & Middle East 0.00% Africa 0.00% Frontier 0.87% Africa 0.00% Asia 0.00% Europe 0.00% Latin America 0.00% Middle East 0.00% Cash & Other 0.74% As of: 12/31/2022 Industry Fund MSCI ACWI Index Hotels, Restaurants & Leisure 14.24% 1.78% Oil, Gas & Consumable Fuels 6.92% 5.30% Semiconductors & Semiconductor Equipment 6.21% 4.64% Health Care Equipment & Supplies 6.16% 2.22% IT Services 6.09% 3.54% Software 5.91% 5.62% Health Care Providers & Services 5.85% 2.29% Interactive Media & Services 5.59% 3.07% Textiles, Apparel & Luxury Goods 5.13% 1.24% Capital Markets 4.50% 2.93% % in Top 10 Industries 66.6% 32.63% As of: 12/31/2022 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 A World of Opportunity While the U.S. stock market has rebounded from the COVID-19 Global Pandemic, uncertainty remains high. U.S. investors who have stayed invested are back to enjoying strong returns and continue to question the need to allocate beyond the U.S. However, while the U.S. stock market has led for the past several years, it is unclear that this will continue and further neglects opportunities abroad. 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