Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 800.548.4539 Share Class Z N I Z NAV | as of 04/15/2024 $8.68 -$0.06 (-0.69%) Morningstar | Style Box L M E H M L Morningstar Rating Rated against 426 Intermediate Core Bond funds as of 03/31/2024 View Morningstar Details Growth of $10,000 (Hypothetical) Since Inception 05/08/2015 to 03/31/2024 = $10,975.13 From: To: 3YR 5YR 10YR INCEP. INCEP. 3YR 5YR 10YR INCEP. SEE ALL PERFORMANCE 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. Read Important Investment Disclosures Objective The Fund seeks to generate income and capital appreciation by primarily investing in a diversified portfolio of fixed income securities. Why Consider Provides investors with exposure to primarily high-quality intermediate-term bonds Invest in companies that GW&K believes are leaders in effectively addressing exposure to ESG risks through robust business practices, policies and programs or companies that have more limited exposure to ESG risks. The Fund employs a multi-sector approach designed to take advantage of the relative valuations among distinct bond sectors, and provide greater opportunities to generate income and capital appreciation Documents Fact Sheet Commentary Summary Prospectus Prospectus 2023 Distributions View All Documents Investment Style GW&K Core Bond ESG Fund has a Fixed Income objective, seeking to achieve a high level of current income. High Med. Low Ltd. Mod. Ext. Fixed Income Objective GW&K Core Bond ESG Fund is categorized as Medium-Moderate. It combines medium credit quality with moderate interest-rate sensitivity. Morningstar Ratings Risk-adjusted returns as of 03/31/2024 Overall Rating (of 426) 3 Years (of 426) 5 Years (of 385) 10 Years — Category Intermediate Core Bond Read Important Investment Disclosures Mary F. Kane, CFA PARTNER AND PORTFOLIO MANAGER Mary is a partner of the firm and responsible for the implementation and execution of all GW&K taxable fixed income portfolios. She has a long-tenured and successful career in building taxable fixed income portfolios and mutual funds that serve a wide range of clients. Mary is a proven leader and manages all aspects of GW&K’s taxable bond portfolio management, research, and trading. She is a member of the firm's Investment, ESG, and Global Allocation Committees. Prior to joining GW&K, Mary was a managing director and portfolio manager with Fortis Investments where she was responsible for all of the firm's U.S. dollar-denominated taxable bond mutual funds. Previously she was a vice president at Invesco, where she served as a senior high-yield credit analyst and managed various institutional fixed-income mandates. She began her investment career as a fixed income trader and credit analyst at Gardner and Preston Moss. Mary graduated cum laude from Wheaton College where she earned an AB in Economics, and received her MBA from Boston University's Questrom School of Business. She is a CFA® charterholder and a member of the CFA Institute and the CFA Society Boston. 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 shorter than one year are not annualized. Expense Ratios Gross Expense Ratio: 0.59% Net Expense Ratio: 0.48% Expense Cap Expiration Date: 03/01/2025 Distributions & Pricing Distributions Distributions Chart List Historical Pricing Calendar Year Distributions Ex-Date Total Distribution Income Short-term Cap Gains Long-term Cap Gains Mar 26, 2024 $0.026100 $0.026100 — — Feb 27, 2024 $0.024000 $0.024000 — — Jan 29, 2024 $0.024100 $0.024100 — — Dec 14, 2023 $0.026300 $0.026300 — — Nov 28, 2023 $0.024700 $0.024700 — — Oct 27, 2023 $0.024300 $0.024300 — — Sep 27, 2023 $0.022800 $0.022800 — — Aug 29, 2023 $0.023200 $0.023200 — — Jul 27, 2023 $0.022500 $0.022500 — — Jun 28, 2023 $0.022000 $0.022000 — — May 26, 2023 $0.021800 $0.021800 — — Apr 26, 2023 $0.021000 $0.021000 — — Mar 29, 2023 $0.022100 $0.022100 — — Feb 24, 2023 $0.020000 $0.020000 — — Jan 27, 2023 $0.019900 $0.019900 — — Dec 15, 2022 $0.023200 $0.023200 — — Nov 28, 2022 $0.020000 $0.020000 — — Oct 27, 2022 $0.020100 $0.020100 — — Sep 28, 2022 $0.018600 $0.018600 — — Aug 29, 2022 $0.018500 $0.018500 — — Jul 27, 2022 $0.017500 $0.017500 — — Jun 28, 2022 $0.016400 $0.016400 — — May 26, 2022 $0.016100 $0.016100 — — Apr 27, 2022 $0.014200 $0.014200 — — Mar 29, 2022 $0.014000 $0.014000 — — Feb 24, 2022 $0.012200 $0.012200 — — Jan 27, 2022 $0.006400 $0.006400 — — Dec 15, 2021 $0.269900 $0.017100 $0.026200 $0.226600 Nov 26, 2021 $0.012600 $0.012600 — — Oct 27, 2021 $0.011700 $0.011700 — — Sep 28, 2021 $0.012400 $0.012400 — — Aug 27, 2021 $0.013000 $0.013000 — — Jul 28, 2021 $0.012800 $0.012800 — — Jun 28, 2021 $0.013400 $0.013400 — — May 26, 2021 $0.011700 $0.011700 — — Apr 28, 2021 $0.010800 $0.010800 — — Mar 29, 2021 $0.015100 $0.015100 — — Feb 24, 2021 $0.015100 $0.015100 — — Jan 27, 2021 $0.017000 $0.017000 — — Dec 16, 2020 $0.015600 $0.015600 — — Nov 25, 2020 $0.015800 $0.015800 — — Oct 28, 2020 $0.017000 $0.017000 — — Sep 28, 2020 $0.016600 $0.016600 — — Aug 27, 2020 $0.016200 $0.016200 — — Jul 29, 2020 $0.016600 $0.016600 — — Jun 26, 2020 $0.017200 $0.017200 — — May 27, 2020 $0.018500 $0.018500 — — Apr 28, 2020 $0.018600 $0.018600 — — Mar 27, 2020 $0.020100 $0.020100 — — Feb 26, 2020 $0.020800 $0.020800 — — Jan 29, 2020 $0.018600 $0.018600 — — Dec 16, 2019 $0.024700 $0.024700 — — Nov 26, 2019 $0.022500 $0.022500 — — Oct 29, 2019 $0.021500 $0.021500 — — Sep 26, 2019 $0.020500 $0.020500 — — Aug 28, 2019 $0.021300 $0.021300 — — Jul 29, 2019 $0.021500 $0.021500 — — Jun 26, 2019 $0.021400 $0.021400 — — May 29, 2019 $0.022500 $0.022500 — — Apr 26, 2019 $0.021000 $0.021000 — — Mar 27, 2019 $0.022000 $0.022000 — — Feb 26, 2019 $0.020500 $0.020500 — — Jan 29, 2019 $0.020200 $0.020200 — — Dec 27, 2018 $0.024700 $0.024700 — — Nov 28, 2018 $0.021400 $0.021400 — — Oct 29, 2018 $0.019500 $0.019500 — — Sep 26, 2018 $0.020200 $0.020200 — — Aug 29, 2018 $0.020200 $0.020200 — — Jul 27, 2018 $0.019000 $0.019000 — — Jun 27, 2018 $0.018700 $0.018700 — — May 29, 2018 $0.019500 $0.019500 — — Apr 26, 2018 $0.017300 $0.017300 — — Mar 27, 2018 $0.018500 $0.018500 — — Feb 26, 2018 $0.018500 $0.018500 — — Jan 29, 2018 $0.017000 $0.017000 — — Dec 27, 2017 $0.021000 $0.021000 — — Nov 27, 2017 $0.018000 $0.018000 — — Oct 26, 2017 $0.018000 $0.018000 — — Sep 26, 2017 $0.018000 $0.018000 — — Aug 28, 2017 $0.018000 $0.018000 — — Jul 26, 2017 $0.018000 $0.018000 — — Jun 27, 2017 $0.018000 $0.018000 — — May 25, 2017 $0.018000 $0.018000 — — Apr 25, 2017 $0.017500 $0.017500 — — Mar 28, 2017 $0.020000 $0.020000 — — Feb 23, 2017 $0.018000 $0.018000 — — Jan 26, 2017 $0.017000 $0.017000 — — Dec 27, 2016 $0.017800 $0.017800 — — Nov 25, 2016 $0.018000 $0.018000 — — Oct 26, 2016 $0.018000 $0.018000 — — Sep 27, 2016 $0.017500 $0.017500 — — Aug 26, 2016 $0.018000 $0.018000 — — Jul 26, 2016 $0.019000 $0.019000 — — Jun 27, 2016 $0.018000 $0.018000 — — May 25, 2016 $0.018000 $0.018000 — — Apr 26, 2016 $0.018000 $0.018000 — — Mar 28, 2016 $0.018000 $0.018000 — — Feb 24, 2016 $0.016000 $0.016000 — — Jan 26, 2016 $0.016000 $0.016000 — — Dec 28, 2015 $0.254800 $0.015700 — $0.239100 Nov 24, 2015 $0.019000 $0.019000 — — Oct 27, 2015 $0.019000 $0.019000 — — Sep 25, 2015 $0.019000 $0.019000 — — Aug 26, 2015 $0.016000 $0.016000 — — Jul 28, 2015 $0.016000 $0.016000 — — Jun 25, 2015 $0.015000 $0.015000 — — May 26, 2015 $0.015000 $0.015000 — — From: To: Risk & Return Statistics As of: 03/31/2024 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. -0.14 -0.08 - 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. 7.72 6.82 - 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. -0.71 -0.26 - 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. 104.81 113.74 - Downside Capture Ratio (%) Downside Capture Ratio (%) measures a manager's performance in down markets relative to a particular benchmark. A down market is one in which the market's quarterly (or monthly) return is less than zero. For example, a ratio of 50% means that the portfolio's value fell half as much as its benchmark index during down markets. 105.49 110.00 - 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 1.09 - 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. 99.22 95.16 - 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. 0.88 1.61 - View All Characteristics & Statistics All Characteristics & Statistics GW&K Core Bond ESG Fund (MBDLX) Portfolio Characteristics (Fixed Income) Risk & Return Effective Maturity Fund Holdings Fund Bloomberg US Aggregate Bond Index Fund Assets (Mil.$) $125 Number of Holdings 107 13534 Average Effective Duration (years) 6.04 6.21 Average Modified Duration (years) 6.25 Convexity 0.23 0.58 Average Maturity (years) 8.52 8.44 Yield to Maturity 5.05% 4.85% Yield to Worst 5.04% 4.85% Current Yield 4.01% 3.54% SEC 30-Day Yield (%) 3.96% SEC 30-Day Yield (%) w/o fee 3.83% Average Coupon 3.79% 3.20% Average Price 92.73 90.49 Average Credit Quality AA AA2/AA3 Trailing 12-Months Portfolio Turnover 23.97% % Callable 53.81% % Non-US 1.91% Adjustable Coupon 13.72% Step Coupon 0.00% Zero Coupon 0.00% As of: 03/31/2024 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. -0.14 -0.08 - 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. 7.72 6.82 - 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. -0.71 -0.26 - 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. 104.81 113.74 - Downside Capture Ratio (%) Downside Capture Ratio (%) measures a manager's performance in down markets relative to a particular benchmark. A down market is one in which the market's quarterly (or monthly) return is less than zero. For example, a ratio of 50% means that the portfolio's value fell half as much as its benchmark index during down markets. 105.49 110.00 - 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 1.09 - 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. 99.22 95.16 - 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. 0.88 1.61 - 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. -0.40 -0.05 - Treynor Ratio (%) Treynor Ratio (%) , which was developed by Jack Treynor, measures reward per unit of beta risk. It measures returns earned in excess of that which could have been earned on a less risk investment per each unit of market risk. The Treynor Ratio relates the difference between the portfolio return and the risk-free rate to the portfolio beta for a given time period. -5.11 -1.63 - Max Drawdown Max Drawdown is the maximum loss from a peak to a trough of a portfolio, before a new peak is attained. Maximum Drawdown is an indicator of downside risk over a specified time period. -17.71 -18.10 - As of: 03/31/2024 Maturity Fund Less Than 2 Years 4.61% 2 to 5 Years 26.18% 5 to 10 Years 50.50% 10 to 15 Years 3.16% More Than 15 Years 15.54% NA 0.00% As of: 03/31/2024 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Fixed) As of: 03/31/2024 United States Treasury Note/Bond Fixed 3.61% United States Treasury Note/Bond Fixed 2.54% Freddie Mac Pool ZS9495 Fixed 2.45% State Of California Fixed 2.27% Verizon Communications Inc Fixed 2.27% Freddie Mac Multifamily Structured Pass Through Cert Floating 2.16% Freddie Mac Pool SD3000 Fixed 2.10% United States Treasury Note/Bond Fixed 2.08% Freddie Mac Pool SD7507 Fixed 2.03% Goldman Sachs Group Inc Fixed 1.95% % in Top 10 Holdings 23.45% View Holding Details Holding Details GW&K Core Bond ESG Fund (MBDLX) Top 10 Holdings (Fixed Income) All Holdings Fund Holdings Coupon Maturity % of Net Assets United States Treasury Note/Bond Fixed 2.25% May 2041 3.61% United States Treasury Note/Bond Fixed 3.5% Feb 2039 2.54% Freddie Mac Pool ZS9495 Fixed 3.5% Oct 2045 2.45% State Of California Fixed 7.55% Apr 2039 2.27% Verizon Communications Inc Fixed 3.88% Feb 2029 2.27% Freddie Mac Multifamily Structured Pass Through Cert Floating - Oct 2031 2.16% Freddie Mac Pool SD3000 Fixed 5.5% Jun 2053 2.10% United States Treasury Note/Bond Fixed 3.13% May 2048 2.08% Freddie Mac Pool SD7507 Fixed 3% Nov 2049 2.03% Goldman Sachs Group Inc Fixed 3.5% Nov 2026 1.95% % in Top 10 Holdings 23.45% As of: 03/31/2024 Download All Holdings (PDF) As of: 03/31/2024 Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund United States Treasury Note/Bond Fixed 2.25% May 2041 U.S. Government B US USD 6,080,000 73.88 $4,492,075 3.61% United States Treasury Note/Bond Fixed 3.50% Feb 2039 U.S. Government B US USD 3,437,000 91.87 $3,157,610 2.54% Freddie Mac Pool ZS9495 Fixed 3.50% Oct 2045 Mortgage-Backed Security B US USD 3,333,159 91.52 $3,050,458 2.45% State Of California Fixed 7.55% Apr 2039 Municipal Bond B US USD 2,310,000 122.43 $2,828,226 2.27% Verizon Communications Inc Fixed 3.88% Feb 2029 Corporate B US USD 2,953,000 95.74 $2,827,106 2.27% Freddie Mac Multifamily Structured Pass Through Cert Floating Oct 2031 Mortgage-Backed Security B US USD 3,175,000 84.88 $2,694,975 2.16% Freddie Mac Pool SD3000 Fixed 5.50% Jun 2053 Mortgage-Backed Security B US USD 2,603,721 100.33 $2,612,254 2.10% United States Treasury Note/Bond Fixed 3.13% May 2048 U.S. Government B US USD 3,234,000 79.98 $2,586,442 2.08% Freddie Mac Pool SD7507 Fixed 3.00% Nov 2049 Mortgage-Backed Security B US USD 2,871,188 87.92 $2,524,480 2.03% Goldman Sachs Group Inc Fixed 3.50% Nov 2026 Corporate B US USD 2,526,000 95.94 $2,423,480 1.95% Fannie Mae Pool FM3229 Fixed 3.50% Feb 2047 Mortgage-Backed Security B US USD 2,414,336 91.89 $2,218,421 1.78% Fannie Mae Pool AL0395 Fixed 4.50% Jun 2041 Mortgage-Backed Security B US USD 2,192,480 98.07 $2,150,172 1.73% United States Treasury Note/Bond Fixed 1.88% Feb 2051 U.S. Government B US USD 3,558,000 60.24 $2,143,417 1.72% Freddie Mac Pool SB0097 Fixed 2.50% Oct 2034 Mortgage-Backed Security B US USD 2,212,731 91.94 $2,034,365 1.63% Los Angeles Unified School District Fixed 5.75% Jul 2034 Municipal Bond B US USD 1,775,000 103.72 $1,841,029 1.48% Crown Castle Inc Fixed 4.00% Mar 2027 Corporate B US USD 1,800,000 96.66 $1,739,829 1.40% JobsOhio Beverage System Fixed 4.53% Jan 2035 Municipal Bond B US USD 1,705,000 99.19 $1,691,240 1.36% Fannie Mae Pool 930921 Fixed 4.50% Apr 2039 Mortgage-Backed Security B US USD 1,666,708 98.07 $1,634,561 1.31% Fannie Mae Pool 930922 Fixed 4.50% Apr 2039 Mortgage-Backed Security B US USD 1,658,192 98.07 $1,626,227 1.31% Ashtead Capital Inc Fixed 1.50% Aug 2026 144A Corporate B US USD 1,786,000 91.05 $1,626,093 1.31% CommonSpirit Health Fixed 3.35% Oct 2029 Corporate B US USD 1,737,000 91.71 $1,592,998 1.28% Dell International LLC Fixed 6.20% Jul 2030 Corporate B US USD 1,512,000 105.22 $1,590,908 1.28% American Tower Corp Fixed 3.60% Jan 2028 Corporate B US USD 1,680,000 94.48 $1,587,197 1.27% Sysco Corp Fixed 2.40% Feb 2030 Corporate B US USD 1,759,000 86.53 $1,522,029 1.22% Fannie Mae Pool CA1354 Fixed 3.50% Mar 2048 Mortgage-Backed Security B US USD 1,662,436 91.37 $1,518,928 1.22% Aircastle Ltd Fixed 4.25% Jun 2026 Corporate B US USD 1,562,000 97.13 $1,517,172 1.22% Kraft Heinz Foods Co Fixed 3.88% May 2027 Corporate B US USD 1,518,000 96.91 $1,471,059 1.18% Parker-Hannifin Corp Fixed 3.25% Jun 2029 Corporate B US USD 1,573,000 92.64 $1,457,267 1.17% Citigroup Inc Floating Mar 2030 Corporate B US USD 1,502,000 94.22 $1,415,207 1.14% Fannie Mae Pool CA2626 Fixed 4.00% Nov 2048 Mortgage-Backed Security B US USD 1,481,701 94.75 $1,403,958 1.13% Ford Foundation Fixed 2.42% Jun 2050 Corporate B US USD 2,207,000 63.12 $1,393,152 1.12% Fannie Mae Pool AS6752 Fixed 3.50% Feb 2046 Mortgage-Backed Security B US USD 1,501,342 91.53 $1,374,225 1.10% Freddie Mac Pool ZT0542 Fixed 4.00% Jul 2048 Mortgage-Backed Security B US USD 1,431,059 94.75 $1,355,939 1.09% MetLife Inc Floating Perpetual Corporate B US USD 1,409,000 96.12 $1,354,336 1.09% Campbell Soup Co Fixed 2.38% Apr 2030 Corporate B US USD 1,578,000 85.62 $1,351,064 1.08% Morgan Stanley Floating Jan 2030 Corporate B US USD 1,374,000 96.84 $1,330,601 1.07% Wells Fargo & Co Floating Apr 2051 Corporate B US USD 1,411,000 93.89 $1,324,758 1.06% United States Treasury Note/Bond Fixed 3.63% Feb 2053 U.S. Government B US USD 1,500,000 87.81 $1,317,188 1.06% Jacobs Engineering Group Inc Fixed 5.90% Mar 2033 Corporate B US USD 1,291,000 101.23 $1,306,894 1.05% National Rural Utilities Cooperative Finance Corp Fixed 1.35% Mar 2031 Corporate B US USD 1,649,000 78.40 $1,292,792 1.04% PNC Financial Services Group Inc Floating Jan 2034 Corporate B US USD 1,326,000 96.87 $1,284,499 1.03% Broadcom Inc Fixed 4.15% Nov 2030 Corporate B US USD 1,347,000 94.56 $1,273,705 1.02% JPMorgan Chase & Co Floating Sep 2027 Corporate B US USD 1,377,000 91.25 $1,256,445 1.01% Microsoft Corp Fixed 2.52% Jun 2050 Corporate B US USD 1,890,000 65.72 $1,242,038 1.00% Bank of New York Mellon Corp Floating Perpetual Corporate B US USD 1,310,000 94.32 $1,235,644 0.99% Massachusetts School Building Authority Fixed 1.75% Aug 2030 Municipal Bond B US USD 1,415,000 86.28 $1,220,929 0.98% Fannie Mae Pool FM5768 Fixed 4.00% Nov 2044 Mortgage-Backed Security B US USD 1,256,805 94.76 $1,190,942 0.96% AerCap Ireland Capital DAC Fixed 6.45% Apr 2027 144A Corporate B IE USD 1,098,000 102.67 $1,127,355 0.91% Bank of America Corp Floating Mar 2050 Corporate B US USD 1,300,000 86.07 $1,118,974 0.90% Freddie Mac Pool ZS4051 Fixed 5.00% Jul 2044 Mortgage-Backed Security B US USD 1,045,100 99.79 $1,042,873 0.84% Fannie Mae Pool AV7104 Fixed 4.00% Mar 2044 Mortgage-Backed Security B US USD 1,094,061 94.76 $1,036,678 0.83% Air Products and Chemicals Inc Fixed 4.80% Mar 2033 Corporate B US USD 1,030,000 99.46 $1,024,459 0.82% University Of California Fixed 3.35% Jul 2029 Municipal Bond B US USD 1,060,000 94.55 $1,002,232 0.80% Fannie Mae Pool 930920 Fixed 4.50% Apr 2039 Mortgage-Backed Security B US USD 981,535 98.07 $962,604 0.77% Fannie Mae Pool FM7323 Fixed 5.00% Jul 2047 Mortgage-Backed Security B US USD 955,164 100.53 $960,183 0.77% McDonald's Corp Fixed 4.80% Aug 2028 Corporate B US USD 932,000 100.29 $934,691 0.75% Merck & Co Inc Fixed 1.90% Dec 2028 Corporate B US USD 1,047,000 88.69 $928,597 0.75% Comcast Corp Fixed 4.65% Feb 2033 Corporate B US USD 915,000 98.13 $897,934 0.72% Fannie Mae Pool CA8645 Fixed 4.00% Jan 2051 Mortgage-Backed Security B US USD 937,021 93.10 $872,383 0.70% Smith & Nephew PLC Fixed 2.03% Oct 2030 Corporate B GB USD 1,010,000 82.52 $833,477 0.67% Freddie Mac Pool QA8185 Fixed 3.00% Mar 2050 Mortgage-Backed Security B US USD 911,842 87.92 $801,733 0.64% GS Mortgage-Backed Securities Corp Trust 2021-PJ4 Floating Sep 2051 144A Mortgage-Backed Security B US USD 867,715 90.52 $785,449 0.63% Fannie Mae Pool FS1891 Fixed 4.00% Jan 2050 Mortgage-Backed Security B US USD 827,558 94.38 $781,076 0.63% Fannie Mae Pool BM5508 Fixed 5.00% Feb 2049 Mortgage-Backed Security B US USD 768,486 99.42 $764,051 0.61% Fannie Mae Pool BM5603 Fixed 4.00% Nov 2048 Mortgage-Backed Security B US USD 792,369 94.23 $746,674 0.60% Fannie Mae Pool AL8818 Fixed 3.50% Feb 2045 Mortgage-Backed Security B US USD 785,868 91.70 $720,632 0.58% California Health Facilities Financing Authority Fixed 4.19% Jun 2037 Municipal Bond B US USD 775,000 92.90 $719,974 0.58% Fannie Mae Pool AL6632 Fixed 3.50% Mar 2030 Mortgage-Backed Security B US USD 730,530 96.72 $706,599 0.57% Commonwealth of Massachusetts Fixed 4.11% Jul 2031 Municipal Bond B US USD 685,805 98.77 $677,366 0.54% AT&T Inc Fixed 4.30% Feb 2030 Corporate B US USD 700,000 96.11 $672,749 0.54% Packaging Corp of America Fixed 5.70% Dec 2033 Corporate B US USD 640,000 103.28 $661,003 0.53% AT&T Inc Fixed 1.65% Feb 2028 Corporate B US USD 731,000 88.56 $647,370 0.52% Ford Credit Auto Owner Trust 2022-B Fixed 3.93% Aug 2027 Asset-Backed Security B US USD 652,000 97.88 $638,154 0.51% Wells Fargo & Co Floating Perpetual Corporate B US USD 636,000 99.78 $634,601 0.51% Netflix Inc Fixed 5.88% Nov 2028 Corporate B US USD 610,000 103.95 $634,112 0.51% Fannie Mae Pool FM6147 Fixed 2.00% Feb 2036 Mortgage-Backed Security B US USD 706,813 89.56 $633,012 0.51% Government National Mortgage Association Floating Aug 2053 Mortgage-Backed Security B US USD 629,316 99.78 $627,957 0.50% American Express Credit Account Master Trust Fixed 4.95% Oct 2027 Asset-Backed Security B US USD 630,000 99.65 $627,811 0.50% Santander Drive Auto Receivables Trust 2022-7 Fixed 5.95% Jan 2028 Asset-Backed Security B US USD 625,000 100.43 $627,690 0.50% John Deere Owner Trust 2022 Fixed 2.49% Jan 2029 Asset-Backed Security B US USD 650,000 95.88 $623,195 0.50% Freddie Mac REMICS Fixed 5.00% Dec 2052 Mortgage-Backed Security B US USD 635,704 97.52 $619,915 0.50% Fannie Mae Pool FM1577 Fixed 3.50% Sep 2034 Mortgage-Backed Security B US USD 629,620 95.69 $602,513 0.48% Bank Of New York Mellon Corp Fixed 2.45% Aug 2026 Corporate B US USD 637,000 94.42 $601,487 0.48% Fannie Mae Pool FS0833 Fixed 3.00% Jun 2038 Mortgage-Backed Security B US USD 625,676 93.44 $584,649 0.47% MS Residential Mortgage Loan Trust 2024-1 Floating Dec 2053 144A Mortgage-Backed Security B US USD 592,929 98.44 $583,679 0.47% Freddie Mac Gold Pool G16207 Fixed 3.50% Jul 2032 Mortgage-Backed Security B US USD 604,867 96.38 $582,973 0.47% Fannie Mae Pool BM1778 Fixed 4.00% Feb 2047 Mortgage-Backed Security B US USD 597,033 95.40 $569,588 0.46% Freddie Mac Pool RA3586 Fixed 4.00% Sep 2050 Mortgage-Backed Security B US USD 594,889 93.33 $555,183 0.45% Fannie Mae Pool CA2044 Fixed 4.50% Jul 2048 Mortgage-Backed Security B US USD 531,657 97.16 $516,578 0.41% Fannie Mae Pool AL6729 Fixed 3.50% May 2044 Mortgage-Backed Security B US USD 551,114 91.90 $506,494 0.41% Fannie Mae Pool FS1125 Fixed 3.50% Jul 2050 Mortgage-Backed Security B US USD 517,776 91.21 $472,246 0.38% Chase Home Lending Mortgage Trust Series 2024-1 Floating Jan 2055 144A Mortgage-Backed Security B US USD 464,542 99.76 $463,432 0.37% Santander Drive Auto Receivables Trust 2020-4 Fixed 1.48% Jan 2027 Asset-Backed Security B US USD 468,209 98.25 $460,015 0.37% GS Mortgage-Backed Securities Trust 2021-PJ9 Floating Feb 2052 144A Mortgage-Backed Security B US USD 497,617 86.64 $431,123 0.35% AerCap Ireland Capital DAC Fixed 1.65% Oct 2024 Corporate B IE USD 432,000 97.56 $421,463 0.34% Fannie Mae Pool FS2587 Fixed 4.50% Aug 2052 Mortgage-Backed Security B US USD 433,904 95.80 $415,693 0.33% Fannie Mae Pool AS8683 Fixed 3.50% Jan 2047 Mortgage-Backed Security B US USD 435,926 91.39 $398,386 0.32% Freddie Mac Gold Pool G07849 Fixed 3.50% May 2044 Mortgage-Backed Security B US USD 432,160 92.00 $397,593 0.32% Fannie Mae Pool CA8234 Fixed 3.00% Dec 2050 Mortgage-Backed Security B US USD 357,006 87.65 $312,931 0.25% Fannie Mae Pool FM9362 Fixed 3.00% Jun 2038 Mortgage-Backed Security B US USD 314,271 93.44 $293,664 0.24% Toyota Auto Receivables 2021-B Owner Trust Fixed 0.53% Oct 2026 Asset-Backed Security B US USD 297,000 95.13 $282,530 0.23% Fannie Mae Pool FM1258 Fixed 4.00% Jul 2049 Mortgage-Backed Security B US USD 294,228 93.59 $275,353 0.22% JPMorgan Chase & Co Floating Perpetual Corporate B US USD 275,000 100.04 $275,111 0.22% Bank of America Corp Floating Perpetual Corporate B US USD 265,000 100.11 $265,302 0.21% Fannie Mae Pool FM1420 Fixed 3.50% Dec 2047 Mortgage-Backed Security B US USD 137,029 91.55 $125,444 0.10% Fannie Mae Pool AL7689 Fixed 3.50% Nov 2030 Mortgage-Backed Security B US USD 96,364 96.69 $93,176 0.07% Toyota Auto Receivables 2021-B Owner Trust Fixed 0.26% Nov 2025 Asset-Backed Security B US USD 85,938 98.39 $84,551 0.07% Cash & Equivalents Cash C US USD - - $1,778,813 1.43% Read Important Investment Disclosures Read Important Investment Disclosures Sector Allocation (Fixed) As of: 03/31/2024 View Allocation Details Allocation Details GW&K Core Bond ESG Fund (MBDLX) Sector Allocation (Fixed Income) Credit Allocation Sector Sort Order Fund Bloomberg US Aggregate Bond Index U.S. Agency 10 0.00% 0.89% U.S. Treasury 20 11.00% 42.13% Sovereign Debt 30 0.00% 3.97% Corporate 60 38.62% 24.96% Investment Grade 70 38.62% 24.96% Non-Investment Grade & Not Rated 100 0.00% 0.00% Mortgage-Backed Security 130 38.25% 27.56% Asset-Backed Security 170 2.69% 0.49% Municipal Bond 180 8.02% 0.00% Other Bonds 190 0.00% 0.00% Interest Rate Futures 200 0.00% 0.00% Equity Futures 210 0.00% 0.00% Swaps, Caps, and Floors 220 0.00% 0.00% Preferred Stock 230 0.00% 0.00% Options 240 0.00% 0.00% Other Sectors 250 0.00% 0.00% Cash 270 1.43% As of: 03/31/2024 Credit 03/31/2024 Treasury 11.16% Agency 36.96% AAA 8.26% AA 9.01% A 13.31% BBB 21.30% BB 0.00% B 0.00% CCC 0.00% CC 0.00% C 0.00% D 0.00% Not Rated 0.00% As of: 03/31/2024 Read Important Investment Disclosures About the Affiliate About GW&K Investment Management 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 About GW&K Investment Management's Approach FOUNDED 1974 AMG AFFILIATE SINCE 2008 HEADQUARTERS Boston, MA Portfolio Managers Mary F. Kane, CFA PARTNER AND PORTFOLIO MANAGER Read full bio Investment Approach Investment Approach GW&K Core Bond ESG Fund GW&K believes that a multi-sector approach takes advantage of the relative valuations among distinct bond sectors and provides greater opportunities to generate income and capital appreciation, while helping to manage risk in changing economic environments. The Fund invests in a diversified portfolio of fixed income securities. Typically, when deciding which securities to buy or sell, GW&K: Incorporates ESG factors among many other fundamental, technical, and valuation factors Seeks companies that maintain sustainable competitive advantages and expect to benefit from emerging cyclical or secular drivers Seeks to identify companies that are undervalued due to temporary or discrete events Identifies companies that it believes are leaders in effectively addressing exposure to ESG risks through robust business practices, policies, and programs, or companies that have more limited exposure to ESG risks. Uses top-down research that focuses on managing: duration, yield curve, credit quality, volatility, and liquidity Uses bottom-up research that focuses on: fundamental analysis, valuation analysis, and technical analysis The Rising Tide of ESG Investing ESG investing, once considered an outlier, has moved to a mainstay of the investment management industry. Read Blog Equity Style Analysis: Growth vs. Value Value has shifted to outperform growth; will the trend continue? Read Full Perspective Related products Other Products From GW&K Investment Management MFDAX GW&K Enhanced Core Bond ESG Fund View Fund Details MGFIX GW&K ESG Bond Fund View Fund Details MGGBX GW&K High Income Fund View Fund Details MECAX GW&K International Small Cap Fund View Fund Details GWMTX GW&K Municipal Bond Fund View Fund Details MESHX GW&K Municipal Enhanced SMA Shares View Fund Details GWMNX GW&K Municipal Enhanced Yield Fund View Fund Details GWETX GW&K Small Cap Core Fund View Fund Details SKSEX GW&K Small Cap Value Fund View Fund Details GWGVX GW&K Small/Mid Cap Core Fund View Fund Details ACWDX GW&K Small/Mid Cap Growth Fund View Fund Details Stay up-to-date Sign up to receive our latest views and thinking, in addition to other news and product-related information. CHOOSE SUBSCRIPTIONS