Fund Overview Fund Overview Share Class I N I NAV | as of 12/06/2023 $11.42 +$0.04 (+0.35%) Morningstar | Style Box L M E H M L Growth of $10,000 (Hypothetical) Since Inception 06/30/2009 to 11/30/2023 = $16,327.36 From: To: 3YR 5YR 10YR INCEP. INCEP. 3YR 5YR 10YR INCEP. The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month end please call 800.548.4539. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the fund inception date preceded the benchmark, the benchmark data will not be shown. View Performance Read Important Investment Disclosures Objective The Fund seeks to provide current income, exempt from federal income tax, and capital preservation by primarily investing in a portfolio of high-quality municipal bonds. Why Consider Provides investors with exposure to an actively managed portfolio of primarily intermediate-term municipal bonds Investment approach combines top-down analysis to respond to interest rate changes with bottom-up research focusing on security structure and credit ratings The Fund focuses on the intermediate area of the yield curve to maintain flexibility and actively adjusts duration based on interest rate moves Documents Fact Sheet Commentary Summary Prospectus Prospectus 2023 Distributions Estimates View All Documents Nancy G. Angell, CFA PARTNER AND CO-DIRECTOR OF FIXED INCOME See Our Approach Read Bio John B. Fox, CFA PARTNER AND CO-DIRECTOR OF FIXED INCOME See Our Approach Read Bio Martin R. Tourigny, CFA PARTNER AND PORTFOLIO MANAGER See Our Approach Read Bio Brian T. Moreland, CFA PARTNER AND PORTFOLIO MANAGER See Our Approach Read Bio Kara M. South, CFA PRINCIPAL, MUNICIPAL BOND PORTFOLIO MANAGER See Our Approach Read Bio Investment Style GW&K Municipal Bond Fund has a Fixed Income objective, seeking to achieve a high level of current income. High Med. Low Ltd. Mod. Ext. Fixed Income Objective GW&K Municipal Bond Fund is categorized as Medium-Moderate. It combines medium credit quality with moderate interest-rate sensitivity. Morningstar Ratings Risk-adjusted returns as of 10/31/2023 Overall Rating (of 258) 3 Years (of 258) 5 Years (of 235) 10 Years (of 176) Category Muni National Interm Read Important Investment Disclosures Nancy G. Angell, CFA PARTNER AND CO-DIRECTOR OF FIXED INCOME Nancy is a partner and portfolio manager for all of the firm's municipal bond strategies. She was appointed co-director of fixed income in 2001, responsible for overseeing all aspects of our management of fixed income assets, including portfolio management, research, and trading. Nancy is also responsible for relationship management for many high net worth clients and consultants. Nancy is a member of the firm's Management, Investment, and ESG Committees. Nancy began her GW&K career soon after graduating from Duke University and quickly became an integral member of the firm's municipal bond team. She started out doing research for the firm and then assumed responsibility for managing GW&K’s municipal bond trading effort. In 1988 Nancy became a portfolio manager and was eventually appointed leader of the growing municipal bond team. Nancy graduated cum laude with an AB in Economics from Duke University, and received her MBA with high honors in Finance from Boston University. She is a CFA® charterholder and is a member of the CFA Institute, the CFA Society Boston, the Boston Municipal Analysts Forum, and the National Federation of Municipal Analysts. Nancy sits on the Advisory Committee of Challenge Unlimited at Ironstone Farm John B. Fox, CFA PARTNER AND CO-DIRECTOR OF FIXED INCOME John joined GW&K as a member of our municipal bond team in 1990 after graduating from college and was promoted to portfolio manager in 1995, a role in which he continues to serve. John was appointed co-director of fixed income in 2001, responsible for overseeing all aspects of our fixed income operations, including portfolio management, research, and trading. He is a partner in the firm and is also a member of the firm’s Management and Investment Committees. John received a BA in Economics from Boston College and an MBA from Boston University. He is a CFA® charterholder and is a member of the CFA Institute, the CFA Society Boston, the Boston Municipal Analysts Forum, and the National Federation of Municipal Analysts. Martin R. Tourigny, CFA PARTNER AND PORTFOLIO MANAGER Marty is a partner and senior member of GW&K’s municipal bond team responsible for portfolio management. He sits on the trading desk and is uniquely positioned to identify and take advantage of opportunities in the inefficient muni-bond market that match clients’ investment needs. Marty is a member of the firm’s Investment and Management Committees. Prior to joining GW&K in 1994, Marty was employed by Mutual Fund Services Company as a senior fund accountant. Marty received his BA in Economics from Boston College in 1991, and Masters in International Economics from Suffolk University in 2002. He is a CFA® charterholder and a member of the CFA Institute, the CFA Society Boston, the Boston Security Analysts Society, the Boston Municipal Analysts Forum, and the National Federation of Municipal Analysts. Brian T. Moreland, CFA PARTNER AND PORTFOLIO MANAGER Brian is a partner of the firm and has been a portfolio manager on the municipal bond team since 2008. He has primary responsibility for GW&K’s Municipal Enhanced Yield, 2-8 Year Municipal Bond, and Short-Term Municipal Bond Strategies, and he trades bonds across the credit spectrum from AAA to BBB. Brian is a member of the firm's Investment Committee. Brian joined GW&K in 1998 soon after graduating college. He started as an operations specialist and shortly thereafter transitioned to the municipal bond team to support the research and trading efforts for the firm’s growing municipal bond strategies. Through the years he developed expertise in researching municipal credits across the quality spectrum and gained a deep understanding of the vast and complex municipal bond market. Brian received his BS in Finance from Boston College in 1997. He is a CFA® charterholder, and is a member of the Boston Municipal Analysts Forum, the National Federation of Municipal Analysts, the CFA Institute, and the CFA Society Boston. Kara M. South, CFA PRINCIPAL, MUNICIPAL BOND PORTFOLIO MANAGER Kara is a portfolio manager for all of the firm’s municipal bond strategies and is a member of the Investment Committee and ESG Committee. As a seasoned fixed income manager with deep knowledge of the market, including experience managing taxable municipal bonds and ESG strategies, she is able to draw on her extensive research and management expertise in the evaluation of market risks, opportunities, and strategic portfolio positioning. Kara joins GW&K from Income Research + Management (IR+M), where she was a senior portfolio manager and co-director of credit research and a member of the Investment Committee. Prior to IR+M, she was a securities valuation analyst at John Hancock Financial. She began her career at Wachovia Corporation (now Wells Fargo) as an interest rate derivative analyst. Kara earned a BA in Economics and Psychology from Cornell University. She is a CFA® charterholder and is a member of the CFA Institute, the CFA Society Boston, the Boston Municipal Analysts Forum, and the National Federation of Municipal Analysts. In addition, she holds the Fundamentals of Sustainability Accounting (FSA) certificate. Performance Performance Read Important Investment Disclosures Returns Trailing Returns Trailing Returns Monthly Quarterly Calendar Year Returns The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month end please call 800.548.4539. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the fund inception date preceded the benchmark, the benchmark data will not be shown. Returns for periods less than one year are not annualized. Expense Ratios Gross Expense Ratio: 0.45% Net Expense Ratio: 0.39% Expense Cap Expiration Date: 05/01/2024 Distributions & Pricing Distributions Distributions Chart List Historical Pricing Calendar Year Distributions Ex-Date Total Distribution Income Short-term Cap Gains Long-term Cap Gains Nov 28, 2023 $0.021900 $0.021900 — — Oct 27, 2023 $0.022100 $0.022100 — — Sep 27, 2023 $0.021000 $0.021000 — — Aug 29, 2023 $0.021700 $0.021700 — — Jul 27, 2023 $0.020600 $0.020600 — — Jun 28, 2023 $0.020300 $0.020300 — — May 26, 2023 $0.019300 $0.019300 — — Apr 26, 2023 $0.018800 $0.018800 — — Mar 29, 2023 $0.019600 $0.019600 — — Feb 24, 2023 $0.017500 $0.017500 — — Jan 27, 2023 $0.019000 $0.019000 — — Dec 15, 2022 $0.038800 $0.020300 $0.000900 $0.017600 Nov 28, 2022 $0.017700 $0.017700 — — Oct 27, 2022 $0.018300 $0.018300 — — Sep 28, 2022 $0.016700 $0.016700 — — Aug 29, 2022 $0.016600 $0.016600 — — Jul 27, 2022 $0.016300 $0.016300 — — Jun 28, 2022 $0.015900 $0.015900 — — May 26, 2022 $0.015800 $0.015800 — — Apr 27, 2022 $0.014800 $0.014800 — — Mar 29, 2022 $0.014200 $0.014200 — — Feb 24, 2022 $0.012100 $0.012100 — — Jan 27, 2022 $0.013600 $0.013600 — — Dec 15, 2021 $0.110300 $0.013800 $0.007400 $0.089100 Nov 26, 2021 $0.013200 $0.013200 — — Oct 27, 2021 $0.013500 $0.013500 — — Sep 28, 2021 $0.013000 $0.013000 — — Aug 27, 2021 $0.013900 $0.013900 — — Jul 28, 2021 $0.014400 $0.014400 — — Jun 28, 2021 $0.013800 $0.013800 — — May 26, 2021 $0.014300 $0.014300 — — Apr 28, 2021 $0.013500 $0.013500 — — Mar 29, 2021 $0.014300 $0.014300 — — Feb 24, 2021 $0.013300 $0.013300 — — Jan 27, 2021 $0.015000 $0.015000 — — Dec 16, 2020 $0.049600 $0.014900 $0.000900 $0.033800 Nov 25, 2020 $0.014300 $0.014300 — — Oct 28, 2020 $0.015600 $0.015600 — — Sep 28, 2020 $0.014800 $0.014800 — — Aug 27, 2020 $0.015700 $0.015700 — — Jul 29, 2020 $0.015700 $0.015700 — — Jun 26, 2020 $0.015500 $0.015500 — — May 27, 2020 $0.016200 $0.016200 — — Apr 28, 2020 $0.016900 $0.016900 — — Mar 27, 2020 $0.018600 $0.018600 — — Feb 26, 2020 $0.016900 $0.016900 — — Jan 29, 2020 $0.018400 $0.018400 — — Dec 16, 2019 $0.018500 $0.018500 — — Nov 26, 2019 $0.018000 $0.018000 — — Oct 29, 2019 $0.019000 $0.019000 — — Sep 26, 2019 $0.018800 $0.018800 — — Aug 28, 2019 $0.019300 $0.019300 — — Jul 29, 2019 $0.019500 $0.019500 — — Jun 26, 2019 $0.019700 $0.019700 — — May 29, 2019 $0.019700 $0.019700 — — Apr 26, 2019 $0.019300 $0.019300 — — Mar 27, 2019 $0.019700 $0.019700 — — Feb 26, 2019 $0.017900 $0.017900 — — Jan 29, 2019 $0.019600 $0.019600 — — Dec 27, 2018 $0.023900 $0.020200 — $0.003700 Nov 28, 2018 $0.018900 $0.018900 — — Oct 29, 2018 $0.018800 $0.018800 — — Sep 26, 2018 $0.017800 $0.017800 — — Aug 29, 2018 $0.018000 $0.018000 — — Jul 27, 2018 $0.017800 $0.017800 — — Jun 27, 2018 $0.017100 $0.017100 — — May 29, 2018 $0.017700 $0.017700 — — Apr 26, 2018 $0.017100 $0.017100 — — Mar 27, 2018 $0.017400 $0.017400 — — Feb 26, 2018 $0.015400 $0.015400 — — Jan 29, 2018 $0.016500 $0.016500 — — Dec 27, 2017 $0.028500 $0.017000 — $0.011500 Nov 27, 2017 $0.015800 $0.015800 — — Oct 26, 2017 $0.016100 $0.016100 — — Sep 26, 2017 $0.015600 $0.015600 — — Aug 28, 2017 $0.016300 $0.016300 — — Jul 26, 2017 $0.016100 $0.016100 — — Jun 27, 2017 $0.016000 $0.016000 — — May 25, 2017 $0.015800 $0.015800 — — Apr 25, 2017 $0.015500 $0.015500 — — Mar 28, 2017 $0.016200 $0.016200 — — Feb 23, 2017 $0.014600 $0.014600 — — Jan 26, 2017 $0.015800 $0.015800 — — Dec 27, 2016 $0.224100 $0.015900 $0.133000 $0.075200 Nov 25, 2016 $0.015200 $0.015200 — — Oct 26, 2016 $0.014900 $0.014900 — — Sep 27, 2016 $0.014000 $0.014000 — — Aug 26, 2016 $0.013500 $0.013500 — — Jul 26, 2016 $0.014300 $0.014300 — — Jun 27, 2016 $0.014500 $0.014500 — — May 25, 2016 $0.014900 $0.014900 — — Apr 26, 2016 $0.013400 $0.013400 — — Mar 28, 2016 $0.014200 $0.014200 — — Feb 24, 2016 $0.012900 $0.012900 — — Jan 26, 2016 $0.015900 $0.015900 — — Dec 28, 2015 $0.167800 $0.017300 $0.040100 $0.110400 Nov 24, 2015 $0.017800 $0.017800 — — Oct 27, 2015 $0.017700 $0.017700 — — Sep 25, 2015 $0.016700 $0.016700 — — Aug 26, 2015 $0.018100 $0.018100 — — Jul 28, 2015 $0.017300 $0.017300 — — Jun 25, 2015 $0.017100 $0.017100 — — May 26, 2015 $0.017500 $0.017500 — — Apr 27, 2015 $0.016400 $0.016400 — — Mar 26, 2015 $0.015200 $0.015200 — — Feb 24, 2015 $0.015200 $0.015200 — — Jan 27, 2015 $0.018000 $0.018000 — — Dec 26, 2014 $0.059700 $0.019800 $0.015300 $0.024600 Nov 24, 2014 $0.018000 $0.018000 — — Oct 28, 2014 $0.019500 $0.019500 — — Sep 25, 2014 $0.019500 $0.019500 — — Aug 26, 2014 $0.019800 $0.019800 — — Jul 28, 2014 $0.019000 $0.019000 — — Jun 25, 2014 $0.019000 $0.019000 — — May 27, 2014 $0.019000 $0.019000 — — Apr 25, 2014 $0.018500 $0.018500 — — Mar 26, 2014 $0.018500 $0.018500 — — Feb 25, 2014 $0.017500 $0.017500 — — Jan 28, 2014 $0.020000 $0.020000 — — Dec 26, 2013 $0.063500 $0.020000 $0.023400 $0.020100 Nov 25, 2013 $0.018000 $0.018000 — — Oct 28, 2013 $0.018000 $0.018000 — — Sep 25, 2013 $0.016000 $0.016000 — — Aug 27, 2013 $0.021500 $0.021500 — — Jul 26, 2013 $0.020000 $0.020000 — — Jun 25, 2013 $0.018500 $0.018500 — — May 28, 2013 $0.020000 $0.020000 — — Apr 25, 2013 $0.019500 $0.019500 — — Mar 25, 2013 $0.018500 $0.018500 — — Feb 26, 2013 — — — — Feb 25, 2013 $0.016000 $0.016000 — — Jan 28, 2013 $0.018000 $0.018000 — — Dec 26, 2012 $0.102500 $0.021000 $0.030700 $0.050800 Nov 27, 2012 $0.020000 $0.020000 — — Oct 26, 2012 $0.020000 $0.020000 — — Sep 25, 2012 $0.020000 $0.020000 — — Aug 28, 2012 $0.021500 $0.021500 — — Jul 26, 2012 $0.020000 $0.020000 — — Jun 26, 2012 $0.018500 $0.018500 — — May 25, 2012 $0.021000 $0.021000 — — Apr 25, 2012 $0.021000 $0.021000 — — Mar 27, 2012 $0.021500 $0.021500 — — Feb 24, 2012 $0.018500 $0.018500 — — Jan 26, 2012 $0.023000 $0.023000 — — Dec 27, 2011 $0.070600 $0.024600 $0.030000 $0.016000 Nov 25, 2011 $0.023500 $0.023500 — — Oct 26, 2011 $0.025500 $0.025500 — — Sep 27, 2011 $0.022000 $0.022000 — — Aug 26, 2011 $0.026500 $0.026500 — — Jul 26, 2011 $0.027000 $0.027000 — — Jun 27, 2011 $0.022400 $0.022400 — — May 25, 2011 $0.027500 $0.027500 — — Apr 26, 2011 $0.029600 $0.029600 — — Mar 28, 2011 $0.030000 $0.030000 — — Feb 23, 2011 $0.027600 $0.027600 — — Jan 26, 2011 $0.028600 $0.028600 — — Dec 28, 2010 $0.101500 $0.031400 $0.022100 $0.048000 Nov 24, 2010 $0.028000 $0.028000 — — Oct 26, 2010 $0.027500 $0.027500 — — Sep 27, 2010 $0.026000 $0.026000 — — Aug 26, 2010 $0.030000 $0.030000 — — Jul 27, 2010 $0.031000 $0.031000 — — Jun 25, 2010 $0.030000 $0.030000 — — May 25, 2010 $0.031000 $0.031000 — — Apr 27, 2010 $0.031000 $0.031000 — — Mar 26, 2010 $0.031500 $0.031500 — — Feb 23, 2010 $0.027500 $0.027500 — — Jan 26, 2010 $0.025100 $0.025100 — — Dec 28, 2009 $0.089200 $0.034100 $0.055100 — Nov 24, 2009 $0.040100 $0.040100 — — Oct 27, 2009 $0.030000 $0.030000 — — Sep 25, 2009 $0.025000 $0.025000 — — Aug 26, 2009 $0.020000 $0.020000 — — Jul 28, 2009 $0.015000 $0.015000 — — From: To: Risk & Return Stats As of: 11/30/2023 3YR 5YR 10YR Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. -0.49 -0.61 -0.66 Standard Deviation Standard Deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance. 7.40 6.44 5.19 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. -0.44 - 0.23 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. 105.09 100.50 97.42 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. 108.90 106.36 106.25 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. 1.09 1.06 1.05 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. 99.33 99.07 98.71 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. 0.84 0.72 0.63 View All Characteristics & Stats All Characteristics & Stats GW&K Municipal Bond Fund (GWMIX) Portfolio Characteristics (Fixed Income) Risk & Return Effective Maturity Fund Holdings Fund Bloomberg 10-Year Municipal Bond Index Fund Assets (Mil.$) $1,016 Number of Holdings 185 11116 Average Effective Duration (years) 5.96 5.56 Average Modified Duration (years) 7.12 Convexity 0.08 -0.16 Average Maturity (years) 6.82 9.92 Yield to Maturity 4.26% Yield to Worst 4.05% 3.97% Current Yield 4.65% 4.50% SEC 30-Day Yield (%) 3.37% SEC 30-Day Yield (%) w/o fee 3.29% Average Coupon 4.84% 4.55% Average Price 103.56 101.2 Average Credit Quality AA AA2/AA3 Trailing 12-Months Portfolio Turnover 29.50% % Callable 71.50% As of: 09/30/2023 Risk & Return 3 Years 5 Years 10 Years Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. -0.49 -0.61 -0.66 Standard Deviation Standard Deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance. 7.40 6.44 5.19 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. -0.44 - 0.23 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. 105.09 100.50 97.42 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. 108.90 106.36 106.25 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. 1.09 1.06 1.05 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. 99.33 99.07 98.71 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. 0.84 0.72 0.63 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. -0.68 -0.69 -0.87 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. -3.03 0.02 1.14 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. -12.79 -12.79 -12.79 As of: 11/30/2023 Maturity Fund Less Than 2 Years 4.35% 2 to 5 Years 27.22% 5 to 10 Years 58.82% 10 to 15 Years 6.59% More Than 15 Years 3.01% NA 0.00% As of: 09/30/2023 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Fixed) As of: 09/30/2023 Iowa Finance Authority Fixed 1.55% Metropolitan Transportation Authority Fixed 1.44% State Of Maryland Department Of Transportation Fixed 1.27% State of Maryland Department of Transportation Fixed 1.26% Louisiana Stadium & Exposition District Fixed 1.16% City of San Antonio TX Electric & Gas Systems Revenue Fixed 1.13% Private Colleges & Universities Authority Fixed 1.11% Illinois Finance Authority Fixed 1.11% Wisconsin Department of Transportation Fixed 1.07% State of Connecticut Special Tax Revenue Fixed 1.05% % in Top 10 Holdings 12.16% View Holding Details Holding Details GW&K Municipal Bond Fund (GWMIX) Top 10 Holdings (Fixed Income) All Holdings Fund Holdings Coupon Maturity % of Net Assets Iowa Finance Authority Fixed 5% Aug 2030 1.55% Metropolitan Transportation Authority Fixed 5% Nov 2027 1.44% State Of Maryland Department Of Transportation Fixed 5% Oct 2028 1.27% State of Maryland Department of Transportation Fixed 5% Sep 2029 1.26% Louisiana Stadium & Exposition District Fixed 5% Jul 2042 1.16% City of San Antonio TX Electric & Gas Systems Revenue Fixed 5% Feb 2031 1.13% Private Colleges & Universities Authority Fixed 5% Sep 2030 1.11% Illinois Finance Authority Fixed 5% Jul 2027 1.11% Wisconsin Department of Transportation Fixed 5% Jul 2029 1.07% State of Connecticut Special Tax Revenue Fixed 5% Jan 2030 1.05% % in Top 10 Holdings 12.16% As of: 09/30/2023 Download All Holdings (PDF) As of: 10/31/2023 Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund Iowa Finance Authority Fixed 5.00% Aug 2030 Municipal Bond B US USD 15,025,000 104.37 $15,680,928 1.61% Metropolitan Transportation Authority Fixed 5.00% Nov 2027 Municipal Bond B US USD 14,225,000 102.36 $14,560,380 1.49% State Of Maryland Department Of Transportation Fixed 5.00% Oct 2028 Municipal Bond B US USD 12,365,000 103.38 $12,783,529 1.31% State of Maryland Department of Transportation Fixed 5.00% Sep 2029 Municipal Bond B US USD 12,205,000 104.30 $12,730,345 1.31% Louisiana Stadium & Exposition District Fixed 5.00% Jul 2042 Municipal Bond B US USD 11,500,000 100.67 $11,577,372 1.19% City of San Antonio TX Electric & Gas Systems Revenue Fixed 5.00% Feb 2031 Municipal Bond B US USD 10,715,000 106.35 $11,395,125 1.17% Illinois Finance Authority Fixed 5.00% Jul 2027 Municipal Bond B US USD 11,000,000 102.36 $11,259,053 1.15% Wisconsin Department of Transportation Fixed 5.00% Jul 2029 Municipal Bond B US USD 10,405,000 105.02 $10,927,156 1.12% State of Connecticut Special Tax Revenue Fixed 5.00% Jan 2030 Municipal Bond B US USD 10,180,000 104.32 $10,619,503 1.09% Illinois State Toll Highway Authority Fixed 5.00% Jan 2030 Municipal Bond B US USD 10,110,000 105.00 $10,615,676 1.09% State of North Carolina Fixed 5.00% May 2028 Municipal Bond B US USD 10,000,000 104.14 $10,414,230 1.07% State of Washington Fixed 5.00% Jul 2028 Municipal Bond B US USD 10,280,000 101.17 $10,400,693 1.07% State of Illinois Fixed 5.00% May 2034 Municipal Bond B US USD 10,000,000 102.22 $10,221,833 1.05% Oregon State Lottery Fixed 5.00% Apr 2027 Municipal Bond B US USD 10,000,000 101.58 $10,157,730 1.04% NYC Transitional Finance Authority Building Aid Rev Fixed 5.00% Jul 2032 Municipal Bond B US USD 9,485,000 106.98 $10,147,337 1.04% State of Washington Fixed 5.00% Jul 2031 Municipal Bond B US USD 9,975,000 101.09 $10,084,173 1.03% Chicago O'Hare International Airport Fixed 5.00% Jan 2036 Municipal Bond B US USD 10,050,000 99.83 $10,033,057 1.03% New York Transportation Development Corp Fixed 5.00% Dec 2036 Municipal Bond B US USD 10,000,000 99.50 $9,949,938 1.02% Illinois State Toll Highway Authority Fixed 5.00% Dec 2031 Municipal Bond B US USD 9,735,000 101.36 $9,867,844 1.01% State of Maryland Fixed 4.00% Mar 2028 Municipal Bond B US USD 9,500,000 101.58 $9,650,222 0.99% Dallas Area Rapid Transit Fixed 5.25% Dec 2028 Municipal Bond B US USD 8,865,000 106.87 $9,474,230 0.97% State of Maryland Fixed 4.00% Mar 2029 Municipal Bond B US USD 9,245,000 101.79 $9,410,116 0.96% Oregon State Lottery Fixed 5.00% Apr 2028 Municipal Bond B US USD 9,225,000 101.58 $9,370,506 0.96% Florida Development Finance Corp Fixed 4.00% Nov 2033 Municipal Bond B US USD 10,000,000 91.35 $9,134,527 0.94% Virginia College Building Authority Fixed 5.00% Feb 2033 Municipal Bond B US USD 8,250,000 109.50 $9,033,883 0.93% State of Illinois Fixed 5.25% Mar 2037 Municipal Bond B US USD 8,500,000 102.21 $8,687,928 0.89% Energy Northwest Fixed 5.00% Jul 2035 Municipal Bond B US USD 8,000,000 107.99 $8,639,517 0.89% Lamar Consolidated Independent School District Fixed 5.00% Feb 2034 Municipal Bond B US USD 7,965,000 108.28 $8,624,237 0.88% New York State Dormitory Authority Fixed 5.00% Mar 2032 Municipal Bond B US USD 8,000,000 107.06 $8,564,631 0.88% New York State Dormitory Authority Fixed 5.00% Mar 2032 Municipal Bond B US USD 8,410,000 100.61 $8,461,097 0.87% State of Connecticut Fixed 5.00% Jan 2031 Municipal Bond B US USD 7,650,000 106.56 $8,151,858 0.84% Commonwealth Financing Authority Fixed 5.00% Jun 2032 Municipal Bond B US USD 7,910,000 102.34 $8,095,116 0.83% Michigan Finance Authority Fixed 5.00% Nov 2029 Municipal Bond B US USD 8,000,000 100.93 $8,074,390 0.83% New Mexico Finance Authority Fixed 5.00% Jun 2030 Municipal Bond B US USD 7,500,000 107.21 $8,040,951 0.82% New Jersey Transportation Trust Fund Authority Fixed 5.00% Jun 2031 Municipal Bond B US USD 7,615,000 105.45 $8,030,233 0.82% Triborough Bridge & Tunnel Authority Fixed 5.00% Nov 2030 Municipal Bond B US USD 7,500,000 106.92 $8,019,373 0.82% Alabama Public School And College Authority Fixed 5.00% Nov 2034 Municipal Bond B US USD 7,500,000 106.77 $8,007,656 0.82% New York State Dormitory Authority Fixed 5.00% Mar 2031 Municipal Bond B US USD 7,670,000 104.32 $8,001,466 0.82% State Of Connecticut Special Tax Revenue Fixed 5.00% Oct 2035 Municipal Bond B US USD 7,500,000 103.71 $7,778,490 0.80% State of Washington Fixed 5.00% Feb 2028 Municipal Bond B US USD 7,370,000 102.39 $7,546,109 0.77% North Texas Municipal Water District Fixed 5.00% Sep 2029 Municipal Bond B US USD 7,350,000 102.53 $7,535,726 0.77% New York State Urban Development Corp Fixed 5.00% Mar 2032 Municipal Bond B US USD 7,000,000 106.89 $7,482,174 0.77% Leander Independent School District Fixed 5.00% Feb 2032 Municipal Bond B US USD 6,795,000 108.25 $7,355,330 0.75% NY Transitional Finance Auth Future Tax Secured Rev Fixed 5.00% Feb 2037 Municipal Bond B US USD 7,000,000 104.85 $7,339,347 0.75% State of Florida Turnpike System Revenue Fixed 5.00% Jul 2028 Municipal Bond B US USD 7,075,000 102.63 $7,261,380 0.74% New Jersey Economic Development Authority Fixed 5.25% Nov 2040 Municipal Bond B US USD 7,000,000 103.66 $7,256,009 0.74% City of New York NY Fixed 5.00% Apr 2033 Municipal Bond B US USD 6,500,000 106.79 $6,941,475 0.71% Port Authority of New York & New Jersey Fixed 5.00% Jul 2032 Municipal Bond B US USD 6,545,000 103.98 $6,805,361 0.70% Maryland State Transportation Authority Fixed 5.00% Jul 2033 Municipal Bond B US USD 6,350,000 107.02 $6,795,713 0.70% City of Salt Lake City UT Airport Revenue Fixed 5.00% Jul 2030 Municipal Bond B US USD 6,585,000 101.58 $6,688,903 0.69% State of Maryland Fixed 4.00% Aug 2029 Municipal Bond B US USD 6,500,000 101.85 $6,620,509 0.68% New Jersey Transportation Trust Fund Authority Fixed 5.00% Jun 2030 Municipal Bond B US USD 6,255,000 105.12 $6,575,543 0.67% District of Columbia Fixed 5.00% Dec 2034 Municipal Bond B US USD 6,000,000 108.95 $6,537,255 0.67% Richland County School District No 2 Fixed 2.00% Mar 2039 Municipal Bond B US USD 10,080,000 63.76 $6,426,793 0.66% State Of Maryland Fixed 5.00% Mar 2030 Municipal Bond B US USD 6,000,000 106.59 $6,395,354 0.66% Connecticut State Health & Educational Facilities Auth Fixed 5.00% Jul 2031 Municipal Bond B US USD 6,205,000 102.32 $6,349,201 0.65% Lower Colorado River Authority Fixed 5.00% May 2031 Municipal Bond B US USD 6,000,000 105.42 $6,325,351 0.65% New Jersey Transportation Trust Fund Authority Fixed 5.00% Jun 2033 Municipal Bond B US USD 6,000,000 104.70 $6,281,885 0.64% Indiana Finance Authority Fixed 5.00% Feb 2034 Municipal Bond B US USD 5,815,000 107.77 $6,266,562 0.64% District of Columbia Fixed 5.00% Jun 2030 Municipal Bond B US USD 6,020,000 102.79 $6,187,986 0.63% New Jersey Turnpike Authority Fixed 5.00% Jan 2028 Municipal Bond B US USD 6,000,000 102.20 $6,131,887 0.63% New Jersey Transportation Trust Fund Authority Fixed 5.00% Jun 2032 Municipal Bond B US USD 5,750,000 105.10 $6,043,141 0.62% City of San Antonio TX Electric & Gas Systems Revenue Fixed 5.00% Feb 2034 Municipal Bond B US USD 5,460,000 107.73 $5,882,203 0.60% San Francisco City & County Airport Fixed 5.00% May 2035 Municipal Bond B US USD 5,800,000 101.30 $5,875,152 0.60% Michigan State Building Authority Fixed 5.00% Apr 2027 Municipal Bond B US USD 5,700,000 101.81 $5,803,440 0.59% Lee Memorial Health System Fixed 5.00% Apr 2034 Municipal Bond B US USD 5,645,000 102.53 $5,787,828 0.59% Escambia County Health Facilities Authority Fixed 5.00% Aug 2037 Municipal Bond B US USD 6,000,000 95.10 $5,705,878 0.58% City of Los Angeles Department of Airports Fixed 5.00% May 2030 Municipal Bond B US USD 5,515,000 103.27 $5,695,425 0.58% City of Chattanooga TN Electric Revenue Fixed 2.00% Sep 2039 Municipal Bond B US USD 8,925,000 63.14 $5,635,114 0.58% Intermountain Power Agency Fixed 5.00% Jul 2034 Municipal Bond B US USD 5,250,000 107.10 $5,622,871 0.58% Louisville/Jefferson County Metropolitan Government Fixed 5.00% Oct 2029 Municipal Bond B US USD 5,505,000 100.62 $5,538,970 0.57% District of Columbia Fixed 5.00% Dec 2033 Municipal Bond B US USD 5,000,000 109.59 $5,479,683 0.56% State of California Fixed 5.00% Sep 2035 Municipal Bond B US USD 5,000,000 109.52 $5,475,798 0.56% Denton Independent School District Fixed 5.00% Aug 2033 Municipal Bond B US USD 5,000,000 109.31 $5,465,583 0.56% State of Wisconsin Fixed 5.00% May 2035 Municipal Bond B US USD 5,000,000 109.16 $5,458,124 0.56% West Virginia Hospital Finance Authority Fixed 6.00% Sep 2048 Municipal Bond B US USD 5,250,000 103.29 $5,422,666 0.56% County of Harris TX Toll Road Revenue Fixed 5.00% Aug 2034 Municipal Bond B US USD 5,000,000 108.40 $5,419,753 0.56% City of New York NY Fixed 5.00% Aug 2034 Municipal Bond B US USD 5,000,000 108.21 $5,410,727 0.55% State of California Fixed 5.00% Oct 2036 Municipal Bond B US USD 5,000,000 108.12 $5,405,817 0.55% New York State Dormitory Authority Fixed 5.00% Sep 2033 Municipal Bond B US USD 5,000,000 107.91 $5,395,687 0.55% Chicago O'Hare International Airport Fixed 5.00% Jan 2038 Municipal Bond B US USD 5,500,000 97.73 $5,375,250 0.55% Indiana Finance Authority Fixed 5.00% Feb 2032 Municipal Bond B US USD 5,000,000 107.48 $5,374,074 0.55% Pennsylvania Turnpike Commission Fixed 5.00% Dec 2033 Municipal Bond B US USD 5,000,000 107.03 $5,351,738 0.55% New York State Dormitory Authority Fixed 5.00% Mar 2030 Municipal Bond B US USD 5,000,000 106.92 $5,345,985 0.55% West Virginia Parkways Authority Fixed 5.00% Jun 2039 Municipal Bond B US USD 5,150,000 103.32 $5,320,771 0.55% Illinois Finance Authority Fixed 4.00% Aug 2037 Municipal Bond B US USD 5,910,000 89.94 $5,315,401 0.54% District Of Columbia Fixed 5.00% Jun 2031 Municipal Bond B US USD 5,080,000 104.61 $5,314,235 0.54% New York City Transitional Finance Authority Fixed 5.00% Jul 2031 Municipal Bond B US USD 5,080,000 104.39 $5,303,140 0.54% New York State Dormitory Authority Fixed 5.00% Sep 2030 Municipal Bond B US USD 5,000,000 106.03 $5,301,669 0.54% University of Utah Fixed 5.00% Aug 2037 Municipal Bond B US USD 5,000,000 105.61 $5,280,325 0.54% Chicago O'Hare International Airport Fixed 5.00% Jan 2035 Municipal Bond B US USD 5,010,000 104.57 $5,239,124 0.54% Long Island Power Authority Fixed 5.00% Sep 2035 Municipal Bond B US USD 5,030,000 103.78 $5,219,886 0.54% State Of Ohio Fixed 5.00% May 2030 Municipal Bond B US USD 5,000,000 104.30 $5,215,179 0.53% Port of Seattle WA Fixed 5.00% Aug 2031 Municipal Bond B US USD 5,000,000 102.73 $5,136,661 0.53% Indiana Finance Authority Fixed 5.00% Jun 2029 Municipal Bond B US USD 4,800,000 106.79 $5,125,787 0.53% San Francisco City & County Airport Fixed 5.00% May 2034 Municipal Bond B US USD 5,010,000 101.62 $5,090,986 0.52% State of Texas Fixed 5.00% Oct 2029 Municipal Bond B US USD 5,000,000 101.74 $5,086,844 0.52% Pennsylvania Economic Development Financing Authority Fixed 5.75% Jun 2048 Municipal Bond B US USD 5,000,000 101.70 $5,085,017 0.52% Washington Convention & Sports Authority Fixed 5.00% Oct 2027 Municipal Bond B US USD 4,845,000 104.37 $5,056,514 0.52% State of Washington Fixed 5.00% Aug 2031 Municipal Bond B US USD 4,680,000 102.36 $4,790,514 0.49% Metropolitan Transportation Authority Fixed 5.00% Nov 2028 Municipal Bond B US USD 4,760,000 100.36 $4,776,994 0.49% North Texas Tollway Authority Fixed 5.25% Jan 2038 Municipal Bond B US USD 4,500,000 104.96 $4,723,404 0.48% Orange County Health Facilities Authority Fixed 5.00% Oct 2031 Municipal Bond B US USD 4,525,000 101.77 $4,605,262 0.47% Texas Private Activity Bond Surface Transportation Co Fixed 4.00% Dec 2037 Municipal Bond B US USD 5,000,000 88.50 $4,424,933 0.45% Colorado Health Facilities Authority Fixed 5.00% Aug 2033 Municipal Bond B US USD 4,260,000 101.93 $4,342,106 0.45% Triborough Bridge & Tunnel Authority Fixed 5.00% Nov 2033 Municipal Bond B US USD 3,970,000 109.02 $4,328,095 0.44% NY Transitional Finance Auth Future Tax Secured Rev Fixed 5.00% Nov 2032 Municipal Bond B US USD 4,000,000 106.89 $4,275,640 0.44% State of California Fixed 5.00% Sep 2029 Municipal Bond B US USD 4,075,000 103.08 $4,200,328 0.43% NYC Transitional Finance Auth Future Tax Secured Rev Fixed 5.00% Feb 2039 Municipal Bond B US USD 4,000,000 103.28 $4,131,389 0.42% Massachusetts Development Finance Agency Fixed 5.25% Jul 2048 Municipal Bond B US USD 4,250,000 96.38 $4,096,065 0.42% Richland County School District No 2 Fixed 2.00% Mar 2038 Municipal Bond B US USD 6,190,000 65.69 $4,066,374 0.42% Lower Colorado River Authority Fixed 5.00% May 2029 Municipal Bond B US USD 3,815,000 100.23 $3,823,678 0.39% Intermountain Power Agency Fixed 5.00% Jul 2033 Municipal Bond B US USD 3,500,000 108.47 $3,796,536 0.39% Indiana Finance Authority Fixed 5.00% Oct 2029 Municipal Bond B US USD 3,555,000 106.28 $3,778,329 0.39% Intermountain Power Agency Fixed 5.00% Jul 2034 Municipal Bond B US USD 3,500,000 107.88 $3,775,920 0.39% Prosper Independent School District Fixed 1.75% Feb 2035 Municipal Bond B US USD 5,155,000 69.53 $3,584,251 0.37% City of Salt Lake City UT Airport Revenue Fixed 5.00% Jul 2029 Municipal Bond B US USD 3,450,000 101.63 $3,506,179 0.36% Intermountain Power Agency Fixed 5.00% Jul 2035 Municipal Bond B US USD 3,250,000 107.30 $3,487,273 0.36% New York State Dormitory Authority Fixed 5.00% Mar 2033 Municipal Bond B US USD 3,200,000 107.68 $3,445,871 0.35% City of New York NY Fixed 5.00% Aug 2034 Municipal Bond B US USD 3,250,000 106.01 $3,445,364 0.35% Long Island Power Authority Fixed 5.00% Sep 2033 Municipal Bond B US USD 3,000,000 109.77 $3,293,174 0.34% City of Corpus Christi TX Utility System Revenue Fixed 5.00% Jul 2029 Municipal Bond B US USD 3,125,000 104.83 $3,276,058 0.34% Texas Private Activity Bond Surface Transportation Co Fixed 4.00% Dec 2038 Municipal Bond B US USD 3,735,000 87.34 $3,262,182 0.33% City of New York NY Fixed 5.00% Aug 2032 Municipal Bond B US USD 3,000,000 108.09 $3,242,570 0.33% Denton Independent School District Fixed 5.00% Aug 2035 Municipal Bond B US USD 3,000,000 107.90 $3,237,038 0.33% New York State Dormitory Authority Fixed 5.00% Mar 2032 Municipal Bond B US USD 3,000,000 107.72 $3,231,683 0.33% City of San Antonio TX Electric & Gas Systems Revenue Fixed 5.00% Feb 2035 Municipal Bond B US USD 3,000,000 107.18 $3,215,542 0.33% Washington Health Care Facilities Authority Fixed 5.00% Aug 2038 Municipal Bond B US USD 3,270,000 98.21 $3,211,599 0.33% Connecticut State Health & Educational Facilities Auth Fixed 5.00% Jul 2034 Municipal Bond B US USD 3,100,000 101.75 $3,154,163 0.32% City of San Antonio TX Electric & Gas Systems Revenue Fixed 5.00% Feb 2037 Municipal Bond B US USD 3,010,000 103.52 $3,115,980 0.32% New Jersey Economic Development Authority Fixed 5.25% Jun 2036 Municipal Bond B US USD 3,000,000 103.45 $3,103,430 0.32% NYC Transitional Finance Auth Future Tax Secured Rev Fixed 5.00% May 2041 Municipal Bond B US USD 3,000,000 102.69 $3,080,555 0.32% Pennsylvania Economic Development Financing Authority Fixed 5.25% Jun 2035 Municipal Bond B US USD 3,000,000 102.55 $3,076,566 0.32% San Francisco City & County Airport Fixed 5.00% May 2032 Municipal Bond B US USD 3,000,000 102.33 $3,069,860 0.31% North Texas Tollway Authority Fixed 5.00% Jan 2032 Municipal Bond B US USD 3,010,000 101.95 $3,068,721 0.31% City of San Antonio TX Electric & Gas Systems Revenue Fixed 5.00% Feb 2038 Municipal Bond B US USD 2,985,000 102.42 $3,057,204 0.31% County of Union NC Enterprise System Revenue Fixed 1.75% Jun 2035 Municipal Bond B US USD 4,225,000 69.85 $2,951,050 0.30% County of Union NC Enterprise System Revenue Fixed 1.85% Jun 2036 Municipal Bond B US USD 4,315,000 68.23 $2,944,173 0.30% City of Houston TX Airport System Revenue Fixed 5.00% Jul 2034 Municipal Bond B US USD 2,835,000 101.52 $2,877,951 0.30% Connecticut State Health & Educational Facilities Auth Fixed 5.00% Jul 2033 Municipal Bond B US USD 2,750,000 102.06 $2,806,608 0.29% Louisiana Stadium & Exposition District Fixed 5.00% Jul 2040 Municipal Bond B US USD 2,750,000 101.59 $2,793,784 0.29% New Jersey Transportation Trust Fund Authority Fixed 5.25% Jun 2041 Municipal Bond B US USD 2,700,000 102.48 $2,766,827 0.28% New Jersey Transportation Trust Fund Authority Fixed 4.00% Jun 2037 Municipal Bond B US USD 3,000,000 92.15 $2,764,633 0.28% Ohio Water Dev Auth Water Pollution Control Loan Fund Fixed 5.00% Jun 2035 Municipal Bond B US USD 2,500,000 108.83 $2,720,762 0.28% NY Transitional Finance Auth Future Tax Secured Rev Fixed 5.00% Nov 2031 Municipal Bond B US USD 2,500,000 107.11 $2,677,650 0.27% Virginia Small Business Financing Authority Fixed 4.00% Jan 2037 Municipal Bond B US USD 3,000,000 87.15 $2,614,421 0.27% NYC Transitional Finance Auth Future Tax Secured Rev Fixed 5.00% May 2040 Municipal Bond B US USD 2,500,000 103.03 $2,575,647 0.26% Virginia Small Business Financing Authority Fixed 4.00% Jan 2038 Municipal Bond B US USD 3,000,000 85.83 $2,574,881 0.26% Prosper Independent School District Fixed 1.75% Feb 2034 Municipal Bond B US USD 3,565,000 71.74 $2,557,417 0.26% New Jersey Transportation Trust Fund Authority Fixed 5.25% Jun 2042 Municipal Bond B US USD 2,500,000 102.06 $2,551,593 0.26% South Jersey Transportation Authority Fixed 5.00% Nov 2041 Municipal Bond B US USD 2,500,000 97.03 $2,425,794 0.25% County of Union NC Enterprise System Revenue Fixed 1.75% Jun 2034 Municipal Bond B US USD 3,300,000 71.91 $2,373,175 0.24% Wayne County Airport Authority Fixed 5.00% Dec 2037 Municipal Bond B US USD 2,285,000 103.17 $2,357,370 0.24% Allegheny County Airport Authority Fixed 5.00% Jan 2032 Municipal Bond B US USD 2,215,000 101.87 $2,256,483 0.23% Hospitals & Higher Education Facilities Auth of PA Fixed 4.00% Jul 2038 Municipal Bond B US USD 2,500,000 89.19 $2,229,671 0.23% Triborough Bridge & Tunnel Authority Fixed 5.00% Nov 2035 Municipal Bond B US USD 2,000,000 107.60 $2,152,048 0.22% County of Union NC Enterprise System Revenue Fixed 2.13% Jun 2040 Municipal Bond B US USD 3,350,000 63.40 $2,123,768 0.22% State of Louisiana Fixed 5.00% Sep 2030 Municipal Bond B US USD 2,000,000 103.88 $2,077,505 0.21% West Virginia Parkways Authority Fixed 5.00% Jun 2038 Municipal Bond B US USD 2,000,000 103.69 $2,073,736 0.21% New Jersey Economic Development Authority Fixed 5.25% Jun 2037 Municipal Bond B US USD 2,000,000 102.30 $2,045,935 0.21% North Texas Tollway Authority Fixed 5.00% Jan 2031 Municipal Bond B US USD 2,000,000 101.18 $2,023,642 0.21% California Municipal Finance Authority Fixed 5.00% Feb 2032 Municipal Bond B US USD 1,855,000 100.94 $1,872,370 0.19% Wayne County Airport Authority Fixed 5.00% Dec 2039 Municipal Bond B US USD 1,800,000 102.01 $1,836,195 0.19% West Virginia Parkways Authority Fixed 5.00% Jun 2037 Municipal Bond B US USD 1,750,000 104.60 $1,830,501 0.19% Hospitals & Higher Education Facilities Auth of PA Fixed 4.00% Jul 2039 Municipal Bond B US USD 2,000,000 87.98 $1,759,683 0.18% New York State Dormitory Authority Fixed 4.00% May 2039 Municipal Bond B US USD 2,000,000 84.43 $1,688,555 0.17% City of New York NY Fixed 5.00% Aug 2033 Municipal Bond B US USD 1,500,000 106.23 $1,593,503 0.16% New York Transportation Development Corp Fixed 5.00% Dec 2032 Municipal Bond B US USD 1,450,000 102.51 $1,486,353 0.15% Wayne County Airport Authority Fixed 5.00% Dec 2038 Municipal Bond B US USD 1,405,000 102.41 $1,438,902 0.15% Allegheny County Airport Authority Fixed 5.00% Jan 2031 Municipal Bond B US USD 1,350,000 101.97 $1,376,656 0.14% City of Los Angeles Department of Airports Fixed 5.00% May 2037 Municipal Bond B US USD 1,250,000 100.10 $1,251,256 0.13% New York Transportation Development Corp Fixed 4.00% Oct 2046 Municipal Bond B US USD 1,500,000 79.11 $1,186,618 0.12% South Jersey Transportation Authority Fixed 5.00% Nov 2039 Municipal Bond B US USD 1,150,000 98.19 $1,129,206 0.12% New York Transportation Development Corp Fixed 5.00% Dec 2031 Municipal Bond B US USD 1,100,000 102.52 $1,127,764 0.12% Indiana Finance Authority Fixed 5.00% Oct 2028 Municipal Bond B US USD 1,000,000 105.60 $1,055,982 0.11% New York Transportation Development Corp Fixed 4.00% Oct 2041 Municipal Bond B US USD 1,250,000 83.33 $1,041,632 0.11% New York Transportation Development Corp Fixed 5.00% Dec 2030 Municipal Bond B US USD 1,000,000 102.87 $1,028,722 0.11% City of Houston TX Airport System Revenue Fixed 4.00% Jul 2035 Municipal Bond B US USD 1,100,000 93.13 $1,024,457 0.11% New York Transportation Development Corp Fixed 5.00% Dec 2033 Municipal Bond B US USD 1,000,000 102.12 $1,021,208 0.10% City of Houston TX Airport System Revenue Fixed 4.00% Jul 2036 Municipal Bond B US USD 1,100,000 91.56 $1,007,192 0.10% City of Los Angeles Department of Airports Fixed 5.00% May 2038 Municipal Bond B US USD 1,000,000 99.10 $991,020 0.10% California Municipal Finance Authority Fixed 5.00% Feb 2031 Municipal Bond B US USD 900,000 101.03 $909,269 0.09% Cash & Equivalents Cash C US USD - - $9,511,358 0.98% Read Important Investment Disclosures Read Important Investment Disclosures Sector Allocation (Municipal) As of: 09/30/2023 View Allocation Details Allocation Details GW&K Municipal Bond Fund (GWMIX) Sector Allocation (Municipal) Credit Allocation Sector 09/30/2023 Airport 7.23% Cash & Other 0.59% Development 1.69% Education 0.80% General 30.36% General Obligation 16.19% Higher Education 1.66% Housing 0.53% Medical 8.27% Other Municipal Issues 0.80% Power 1.97% School District 4.14% Transportation 15.98% Utilities 5.58% Water 4.21% As of: 09/30/2023 Credit 09/30/2023 Treasury 0.00% Agency 0.00% AAA 25.75% AA 43.95% A 23.85% BBB 6.45% BB 0.00% B 0.00% CCC 0.00% CC 0.00% C 0.00% D 0.00% Not Rated 0.00% As of: 09/30/2023 Read Important Investment Disclosures Investment Approach Investment Approach GW&K Municipal Bond Fund The Fund’s active investment approach combines top-down analysis to respond to interest rate changes with bottom-up research focusing on security structure and credit ratings. The Fund uses fundamental research to seek to uncover and exploit inefficiencies in the investment-grade municipal bond market, primarily selecting investment-grade securities with a rating of at least BBB/Baa by a nationally recognized statistical rating organization such as Moody’s Investors Service, Inc. or Standard & Poor’s. Additional Fund Highlight GW&K has invested in municipal bonds since the firm’s founding in 1974 GW&K ESG Bond Fund Introduction Mary Kane and Stephen Repoff of GW&K Investment Management provide an overview of the firm's investment philosophy and the GW&K ESG Bond strategy. View Webcast About About GW&K Investment Management Background GW&K Investment Management is a dynamic investment management firm that offers asset allocation, active equity, and fixed income investment solutions to help meet the needs of a diverse client base. GW&K’s founding principles of applying rigorous fundamental research, focusing on quality, and maintaining a long-term view still guide its investment process today. Learn More More Products From GW&K Investment Management MBGVX GW&K Core Bond ESG Fund The Fund seeks to generate income and capital appreciation by primarily investing in a diversified portfolio of fixed income securities. View Fund Details TLEVX GW&K Emerging Markets Equity Fund Seeks to provide long-term capital appreciation by investing in companies located in emerging market countries. View Fund Details TYWVX GW&K Emerging Wealth Equity Fund Seeks to provide long-term capital appreciation by investing in emerging market companies and developed market companies that have emerging markets revenue exposure. View Fund Details 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 MBEAX GW&K Global Allocation Fund Long-term capital appreciation and moderate current income View Fund Details MGGBX GW&K High Income Fund The Fund seeks high income. View Fund Details MECAX GW&K International Small Cap Fund Seeks long-term capital appreciation. View Fund Details MESHX GW&K Municipal Enhanced SMA Shares View Fund Details GWMNX GW&K Municipal Enhanced Yield Fund The Fund seeks to provide a high level of current income that is exempt from federal income taxes by primarily investing in municipal bonds. View Fund Details GWETX GW&K Small Cap Core Fund The Fund seeks to provide long-term capital appreciation by primarily investing in U.S. small cap stocks. View Fund Details SKSEX GW&K Small Cap Value Fund Seeks capital appreciation. View Fund Details GWGVX GW&K Small/Mid Cap Core Fund The Fund seeks to provide long-term capital appreciation by primarily investing in small to mid cap stocks exhibiting growth and value characteristics. View Fund Details ACWDX GW&K Small/Mid Cap Growth Fund The Fund seeks to provide long-term capital appreciation by investing in small to mid cap stocks exhibiting consistent, sustainable earnings growth. View Fund Details Read Important Investment Disclosures Founded 1974 Headquarters Boston, MA Affiliate Since 2008 Discover how the boutique advantage helps generate alpha. Learn More About AMG