Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 800.548.4539 Share Class I N I Z NAV | as of 04/26/2024 $8.80 +$0.00 (+0.35%) Morningstar | Style Box L M E H M L Growth of $10,000 (Hypothetical) Since Inception 11/30/2012 to 03/31/2024 = $11,862.52 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 achieve the highest level of income, as is consistent with the preservation of capital by primarily investing in a diversified portfolio of fixed income securities. Why Consider Provides investors with exposure to a diversified portfolio of fixed income securities Manages risk by monitoring portfolio duration, credit quality, sector over/under weightings relative to the benchmark and changes in fundamentals driving credit quality The Fund employs a multi-sector approach designed to take advantage of the relative valuations among distinct bond sectors and provide greater opportunities to generate income and capital appreciation, while helping to manage risk in changing economic environments Documents Fact Sheet Commentary Summary Prospectus Prospectus 2023 Distributions View All Documents Investment Style GW&K Enhanced Core Bond ESG Fund has a Fixed Income objective, seeking to achieve a high level of current income. High Med. Low Ltd. Mod. Ext. Fixed Income Objective GW&K Enhanced Core Bond ESG Fund is categorized as Medium-Moderate. It combines medium credit quality with moderate interest-rate sensitivity. Morningstar Ratings Risk-adjusted returns as of 03/31/2024 Overall Rating (of 557) 3 Years (of 557) 5 Years (of 527) 10 Years (of 368) Category Intermediate Core-Plus Bond Read Important Investment Disclosures Mary F. Kane, CFA PARTNER AND PORTFOLIO MANAGER Mary is a partner of the firm and responsible for the implementation and execution of all GW&K taxable fixed income portfolios. She has a long-tenured and successful career in building taxable fixed income portfolios and mutual funds that serve a wide range of clients. Mary is a proven leader and manages all aspects of GW&K’s taxable bond portfolio management, research, and trading. She is a member of the firm's Investment, ESG, and Global Allocation Committees. Prior to joining GW&K, Mary was a managing director and portfolio manager with Fortis Investments where she was responsible for all of the firm's U.S. dollar-denominated taxable bond mutual funds. Previously she was a vice president at Invesco, where she served as a senior high-yield credit analyst and managed various institutional fixed-income mandates. She began her investment career as a fixed income trader and credit analyst at Gardner and Preston Moss. Mary graduated cum laude from Wheaton College where she earned an AB in Economics, and received her MBA from Boston University's Questrom School of Business. She is a CFA® charterholder and a member of the CFA Institute and the CFA Society Boston. 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: 0.83% Net Expense Ratio: 0.56% Expense Cap Expiration Date: 05/01/2024 Distributions & Pricing Distributions Distributions Chart List Historical Pricing Calendar Year Distributions Ex-Date Total Distribution Income Short-term Cap Gains Long-term Cap Gains Apr 26, 2024 $0.030400 $0.030400 — — Mar 26, 2024 $0.030100 $0.030100 — — Feb 27, 2024 $0.026700 $0.026700 — — Jan 29, 2024 $0.026700 $0.026700 — — Dec 14, 2023 $0.026500 $0.026500 — — Nov 28, 2023 $0.026100 $0.026100 — — Oct 27, 2023 $0.027200 $0.027200 — — Sep 27, 2023 $0.025700 $0.025700 — — Aug 29, 2023 $0.025400 $0.025400 — — Jul 27, 2023 $0.025000 $0.025000 — — Jun 28, 2023 $0.025100 $0.025100 — — May 26, 2023 $0.024400 $0.024400 — — Apr 26, 2023 $0.023500 $0.023500 — — Mar 29, 2023 $0.025100 $0.025100 — — Feb 24, 2023 $0.021900 $0.021900 — — Jan 27, 2023 $0.023200 $0.023200 — — Dec 15, 2022 $0.025000 $0.025000 — — Nov 28, 2022 $0.021800 $0.021800 — — Oct 27, 2022 $0.021300 $0.021300 — — Sep 28, 2022 $0.019700 $0.019700 — — Aug 29, 2022 $0.018700 $0.018700 — — Jul 27, 2022 $0.018100 $0.018100 — — Jun 28, 2022 $0.017500 $0.017500 — — May 26, 2022 $0.016300 $0.016300 — — Apr 27, 2022 $0.013200 $0.013200 — — Mar 29, 2022 $0.013400 $0.013400 — — Feb 24, 2022 $0.011900 $0.011900 — — Jan 27, 2022 $0.012100 $0.012100 — — Dec 15, 2021 $0.018900 $0.018900 — — Nov 26, 2021 $0.012800 $0.012800 — — Oct 27, 2021 $0.012300 $0.012300 — — Sep 28, 2021 $0.012800 $0.012800 — — Aug 27, 2021 $0.013900 $0.013900 — — Jul 28, 2021 $0.014400 $0.014400 — — Jun 28, 2021 $0.014300 $0.014300 — — May 26, 2021 $0.013800 $0.013800 — — Apr 28, 2021 $0.013700 $0.013700 — — Mar 29, 2021 $0.014700 $0.014700 — — Feb 24, 2021 $0.014200 $0.014200 — — Jan 27, 2021 $0.016900 $0.016900 — — Dec 16, 2020 $0.014700 $0.014700 — — Nov 25, 2020 $0.015500 $0.015500 — — Oct 28, 2020 $0.016400 $0.016400 — — Sep 28, 2020 $0.016200 $0.016200 — — Aug 27, 2020 $0.016600 $0.016600 — — Jul 29, 2020 $0.016300 $0.016300 — — Jun 26, 2020 $0.019000 $0.019000 — — May 27, 2020 $0.019500 $0.019500 — — Apr 28, 2020 $0.018500 $0.018500 — — Mar 27, 2020 $0.021000 $0.021000 — — Feb 26, 2020 $0.020100 $0.020100 — — Jan 29, 2020 $0.021400 $0.021400 — — Dec 16, 2019 $0.025300 $0.025300 — — Nov 26, 2019 $0.019500 $0.019500 — — Oct 29, 2019 $0.019400 $0.019400 — — Sep 26, 2019 $0.020500 $0.020500 — — Aug 28, 2019 $0.021400 $0.021400 — — Jul 29, 2019 $0.022900 $0.022900 — — Jun 26, 2019 $0.022500 $0.022500 — — May 29, 2019 $0.023400 $0.023400 — — Apr 26, 2019 $0.023500 $0.023500 — — Mar 27, 2019 $0.023600 $0.023600 — — Feb 26, 2019 $0.022000 $0.022000 — — Jan 29, 2019 $0.021400 $0.021400 — — Dec 27, 2018 $0.024100 $0.024100 — — Nov 28, 2018 $0.021100 $0.021100 — — Oct 29, 2018 $0.022100 $0.022100 — — Sep 26, 2018 $0.021100 $0.021100 — — Aug 29, 2018 $0.021200 $0.021200 — — Jul 27, 2018 $0.022600 $0.022600 — — Jun 27, 2018 $0.022800 $0.022800 — — May 29, 2018 $0.020700 $0.020700 — — Apr 26, 2018 $0.018800 $0.018800 — — Mar 27, 2018 $0.020700 $0.020700 — — Feb 26, 2018 $0.019300 $0.019300 — — Jan 29, 2018 $0.018200 $0.018200 — — Dec 27, 2017 $0.022300 $0.022300 — — Nov 27, 2017 $0.019200 $0.019200 — — Oct 26, 2017 $0.019200 $0.019200 — — Sep 26, 2017 $0.019300 $0.019300 — — Aug 28, 2017 $0.021700 $0.021700 — — Jul 26, 2017 $0.017400 $0.017400 — — Jun 27, 2017 $0.020700 $0.020700 — — May 25, 2017 $0.020700 $0.020700 — — Apr 25, 2017 $0.021200 $0.021200 — — Mar 28, 2017 $0.021200 $0.021200 — — Feb 23, 2017 $0.015800 $0.015800 — — Jan 26, 2017 $0.018200 $0.018200 — — Dec 27, 2016 $0.021400 $0.021400 — — Nov 25, 2016 $0.021200 $0.021200 — — Oct 26, 2016 $0.019200 $0.019200 — — Sep 27, 2016 $0.019200 $0.019200 — — Aug 26, 2016 $0.021200 $0.021200 — — Jul 26, 2016 $0.021200 $0.021200 — — Jun 27, 2016 $0.019200 $0.019200 — — May 25, 2016 $0.019200 $0.019200 — — Apr 26, 2016 $0.019200 $0.019200 — — Mar 28, 2016 $0.019200 $0.019200 — — Feb 24, 2016 $0.019300 $0.019300 — — Jan 26, 2016 $0.020400 $0.020400 — — Dec 28, 2015 $0.026200 $0.026200 — — Nov 24, 2015 $0.024500 $0.024500 — — Oct 27, 2015 $0.023700 $0.023700 — — Sep 25, 2015 $0.023600 $0.023600 — — Aug 26, 2015 $0.025600 $0.025600 — — Jul 28, 2015 $0.025600 $0.025600 — — Jun 25, 2015 $0.027100 $0.027100 — — May 26, 2015 $0.025600 $0.025600 — — Apr 27, 2015 $0.026800 $0.026800 — — Mar 26, 2015 $0.028100 $0.028100 — — Feb 24, 2015 $0.028100 $0.028100 — — Jan 27, 2015 $0.026100 $0.026100 — — Dec 26, 2014 $0.026500 $0.026500 — — Nov 24, 2014 $0.026100 $0.026100 — — Oct 28, 2014 $0.026000 $0.026000 — — Sep 25, 2014 $0.025700 $0.025700 — — Aug 26, 2014 $0.025600 $0.025600 — — Jul 28, 2014 $0.024700 $0.024700 — — Jun 25, 2014 $0.024200 $0.024200 — — May 27, 2014 $0.026200 $0.026200 — — Apr 25, 2014 $0.027200 $0.027200 — — Mar 26, 2014 $0.026700 $0.026700 — — Feb 25, 2014 $0.026800 $0.026800 — — Jan 28, 2014 $0.024200 $0.024200 — — Dec 26, 2013 $1.089000 $0.037600 $0.048600 $1.002800 Nov 25, 2013 $0.027600 $0.027600 — — Oct 28, 2013 $0.024100 $0.024100 — — Sep 25, 2013 $0.017700 $0.017700 — — Aug 27, 2013 $0.016600 $0.016600 — — Jul 26, 2013 $0.015200 $0.015200 — — Jun 25, 2013 $0.017500 $0.017500 — — May 28, 2013 $0.024100 $0.024100 — — Apr 25, 2013 $0.019100 $0.019100 — — Mar 25, 2013 $0.022600 $0.022600 — — Feb 25, 2013 $0.020000 $0.020000 — — Jan 28, 2013 $0.040100 $0.040100 — — Dec 26, 2012 $0.159700 $0.050100 $0.001400 $0.108200 From: To: Risk & Return 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. -0.02 0.51 -0.25 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. 7.80 6.92 5.34 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. -0.69 -0.17 - 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. 106.72 119.27 109.43 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. 105.82 107.66 108.89 Beta Beta measures the relationship between the portfolio's excess return over T-bills (representing a risk-free rate) relative to the excess return of the portfolio's benchmark. A low beta does not imply that the portfolio has a low level of volatility; rather, a low beta means that the portfolio's market-related risk is low. Beta is often referred to as systematic risk. 1.09 1.10 1.07 R-Squared R-Squared ranges from 0 to 100 and reflects the percentage of a portfolio's movements that are explained by movements in its benchmark index. A portfolio with an R-squared of 100 means that all movement is completely explained by benchmark index movement. Thus, a portfolio that invests only in S&P 500 stocks will have an R-squared very close to 100. Conversely, a low R-squared indicates that very little of the portfolio's movement is explained by benchmark movement. An R-squared measure of 35, for example, means that movements in its benchmark index can explain only 35% of the portfolio's movements. R-squared is used to ascertain the significance of a particular beta or alpha and generally a higher R-squared will indicate more useful alpha and beta figures. 99.01 93.52 90.21 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. 0.99 1.86 1.70 View All Characteristics & Statistics All Characteristics & Statistics GW&K Enhanced Core Bond ESG Fund (MFDSX) Portfolio Characteristics (Fixed Income) Risk & Return Effective Maturity Fund Holdings Fund Bloomberg US Aggregate Bond Index Fund Assets (Mil.$) $39 Number of Holdings 148 13534 Average Effective Duration (years) 5.99 6.21 Average Modified Duration (years) 6.32 Convexity 0.2 0.58 Average Maturity (years) 8.69 8.44 Yield to Maturity 5.20% 4.85% Yield to Worst 5.19% 4.85% Current Yield 4.19% 3.54% SEC 30-Day Yield (%) 4.30% SEC 30-Day Yield (%) w/o fee 3.96% Average Coupon 3.95% 3.20% Average Price 92.98 90.49 Average Credit Quality AA- AA2/AA3 Trailing 12-Months Portfolio Turnover 48.20% % Callable 52.25% % Non-US 3.47% Adjustable Coupon 10.58% 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. -0.02 0.51 -0.25 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. 7.80 6.92 5.34 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. -0.69 -0.17 - 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. 106.72 119.27 109.43 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. 105.82 107.66 108.89 Beta Beta measures the relationship between the portfolio's excess return over T-bills (representing a risk-free rate) relative to the excess return of the portfolio's benchmark. A low beta does not imply that the portfolio has a low level of volatility; rather, a low beta means that the portfolio's market-related risk is low. Beta is often referred to as systematic risk. 1.09 1.10 1.07 R-Squared R-Squared ranges from 0 to 100 and reflects the percentage of a portfolio's movements that are explained by movements in its benchmark index. A portfolio with an R-squared of 100 means that all movement is completely explained by benchmark index movement. Thus, a portfolio that invests only in S&P 500 stocks will have an R-squared very close to 100. Conversely, a low R-squared indicates that very little of the portfolio's movement is explained by benchmark movement. An R-squared measure of 35, for example, means that movements in its benchmark index can explain only 35% of the portfolio's movements. R-squared is used to ascertain the significance of a particular beta or alpha and generally a higher R-squared will indicate more useful alpha and beta figures. 99.01 93.52 90.21 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. 0.99 1.86 1.70 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. -0.26 0.27 -0.10 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. -4.98 -1.09 -0.02 Max Drawdown Max Drawdown is the maximum loss from a peak to a trough of a portfolio, before a new peak is attained. Maximum Drawdown is an indicator of downside risk over a specified time period. -17.87 -17.87 -17.87 As of: 03/31/2024 Maturity Fund Less Than 2 Years 7.75% 2 to 5 Years 25.12% 5 to 10 Years 46.82% 10 to 15 Years 5.42% More Than 15 Years 14.89% 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 2.85% United States Treasury Note/Bond Fixed 2.54% United States Treasury Note/Bond Fixed 2.33% Fannie Mae Pool FM3229 Fixed 2.14% Fannie Mae Pool AU6743 Fixed 1.94% Freddie Mac Multifamily Structured Pass Through Cert Fixed 1.92% Fannie Mae Pool FM9679 Fixed 1.82% Freddie Mac Pool RA4919 Fixed 1.63% United States Treasury Note/Bond Fixed 1.58% State Of California Fixed 1.56% % in Top 10 Holdings 20.29% View Holding Details Holding Details GW&K Enhanced Core Bond ESG Fund (MFDSX) Top 10 Holdings (Fixed Income) All Holdings Fund Holdings Coupon Maturity % of Net Assets United States Treasury Note/Bond Fixed 2.25% May 2041 2.85% United States Treasury Note/Bond Fixed 3.5% Feb 2039 2.54% United States Treasury Note/Bond Fixed 1.88% Feb 2051 2.33% Fannie Mae Pool FM3229 Fixed 3.5% Feb 2047 2.14% Fannie Mae Pool AU6743 Fixed 4% Oct 2043 1.94% Freddie Mac Multifamily Structured Pass Through Cert Fixed 2.1% Sep 2031 1.92% Fannie Mae Pool FM9679 Fixed 4.5% Sep 2046 1.82% Freddie Mac Pool RA4919 Fixed 3% Mar 2051 1.63% United States Treasury Note/Bond Fixed 3.13% May 2048 1.58% State Of California Fixed 7.55% Apr 2039 1.56% % in Top 10 Holdings 20.29% 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 1,483,000 73.88 $1,095,682 2.85% United States Treasury Note/Bond Fixed 3.50% Feb 2039 U.S. Government B US USD 1,063,000 91.87 $976,590 2.54% United States Treasury Note/Bond Fixed 1.88% Feb 2051 U.S. Government B US USD 1,487,000 60.24 $895,801 2.33% Fannie Mae Pool FM3229 Fixed 3.50% Feb 2047 Mortgage-Backed Security B US USD 895,169 91.89 $822,529 2.14% Fannie Mae Pool AU6743 Fixed 4.00% Oct 2043 Mortgage-Backed Security B US USD 789,351 94.75 $747,873 1.94% Freddie Mac Multifamily Structured Pass Through Cert Fixed 2.10% Sep 2031 Mortgage-Backed Security B US USD 880,000 84.05 $739,674 1.92% Fannie Mae Pool FM9679 Fixed 4.50% Sep 2046 Mortgage-Backed Security B US USD 714,219 98.07 $700,448 1.82% Freddie Mac Pool RA4919 Fixed 3.00% Mar 2051 Mortgage-Backed Security B US USD 721,765 86.89 $627,131 1.63% United States Treasury Note/Bond Fixed 3.13% May 2048 U.S. Government B US USD 761,000 79.98 $608,622 1.58% State Of California Fixed 7.55% Apr 2039 Municipal Bond B US USD 490,000 122.43 $599,927 1.56% Fannie Mae Pool FS1125 Fixed 3.50% Jul 2050 Mortgage-Backed Security B US USD 611,109 91.21 $557,372 1.45% Freddie Mac Pool SD3000 Fixed 5.50% Jun 2053 Mortgage-Backed Security B US USD 479,886 100.33 $481,459 1.25% Fannie Mae Pool FM7323 Fixed 5.00% Jul 2047 Mortgage-Backed Security B US USD 470,396 100.53 $472,868 1.23% Fannie Mae Pool CA3664 Fixed 4.00% Jun 2049 Mortgage-Backed Security B US USD 475,454 95.60 $454,521 1.18% Alcoa Nederland Holding BV Fixed 4.13% Mar 2029 144A Corporate B NL USD 480,000 91.81 $440,685 1.14% AerCap Ireland Capital DAC Fixed 1.65% Oct 2024 Corporate B IE USD 450,000 97.56 $439,024 1.14% Freddie Mac Pool QA8185 Fixed 3.00% Mar 2050 Mortgage-Backed Security B US USD 491,652 87.92 $432,284 1.12% Fannie Mae Pool CB3596 Fixed 3.50% May 2052 Mortgage-Backed Security B US USD 467,222 91.14 $425,841 1.11% Fannie Mae Pool FM5768 Fixed 4.00% Nov 2044 Mortgage-Backed Security B US USD 446,113 94.76 $422,734 1.10% Freddie Mac Pool Fixed 4.50% Oct 2041 Mortgage-Backed Security B US USD 421,502 98.07 $413,373 1.07% Fannie Mae Pool FS0833 Fixed 3.00% Jun 2038 Mortgage-Backed Security B US USD 430,585 93.44 $402,351 1.04% PNC Financial Services Group Inc Floating Jan 2034 Corporate B US USD 412,000 96.87 $399,105 1.04% American Tower Corp Fixed 5.90% Nov 2033 Corporate B US USD 385,000 103.55 $398,662 1.04% Citigroup Inc Floating Perpetual Corporate B US USD 387,000 99.85 $386,419 1.00% US Bancorp Floating Jun 2029 Corporate B US USD 375,000 101.75 $381,544 0.99% JPMorgan Chase & Co Floating Oct 2034 Corporate B US USD 355,000 106.84 $379,279 0.98% Celanese US Holdings LLC Fixed 6.55% Nov 2030 Corporate B US USD 360,000 105.18 $378,655 0.98% County Of Miami-Dade FL Aviation Revenue Fixed 4.28% Oct 2041 Municipal Bond B US USD 410,000 91.12 $373,601 0.97% United States Treasury Note/Bond Fixed 3.88% Feb 2043 U.S. Government B US USD 397,000 92.44 $366,992 0.95% Jacobs Engineering Group Inc Fixed 5.90% Mar 2033 Corporate B US USD 360,000 101.23 $364,432 0.95% Crown Castle Inc Fixed 4.30% Feb 2029 Corporate B US USD 375,000 95.86 $359,462 0.93% Los Angeles Unified School District Fixed 5.75% Jul 2034 Municipal Bond B US USD 345,000 103.72 $357,834 0.93% Fannie Mae Pool FM6355 Fixed 4.50% Aug 2050 Mortgage-Backed Security B US USD 365,998 96.38 $352,752 0.92% Fannie Mae Pool AS9588 Fixed 4.00% May 2047 Mortgage-Backed Security B US USD 369,088 94.46 $348,632 0.91% Bank of America Corp Floating Mar 2050 Corporate B US USD 390,000 86.07 $335,692 0.87% Morgan Stanley Floating Jan 2030 Corporate B US USD 340,000 96.84 $329,261 0.86% Fannie Mae Pool AS8683 Fixed 3.50% Jan 2047 Mortgage-Backed Security B US USD 356,883 91.39 $326,150 0.85% Fannie Mae Pool AB6802 Fixed 3.50% Nov 2042 Mortgage-Backed Security B US USD 351,335 92.03 $323,337 0.84% Fannie Mae Pool FS3698 Fixed 5.50% Nov 2052 Mortgage-Backed Security B US USD 315,421 101.29 $319,479 0.83% United States Treasury Note/Bond Fixed 3.63% Feb 2053 U.S. Government B US USD 360,000 87.81 $316,125 0.82% Sysco Corp Fixed 2.40% Feb 2030 Corporate B US USD 355,000 86.53 $307,175 0.80% Wells Fargo & Co Floating Perpetual Corporate B US USD 305,000 99.78 $304,329 0.79% Broadcom Inc Fixed 4.15% Nov 2030 Corporate B US USD 318,000 94.56 $300,696 0.78% HCA Inc Fixed 3.50% Sep 2030 Corporate B US USD 332,000 90.44 $300,247 0.78% Fannie Mae Pool FS0314 Fixed 3.00% Jun 2033 Mortgage-Backed Security B US USD 312,912 93.63 $292,976 0.76% Charter Communications Operating LLC Fixed 4.91% Jul 2025 Corporate B US USD 292,000 98.78 $288,446 0.75% United States Treasury Inflation Indexed Bonds Fixed 0.25% Jan 2025 U.S. Government B US USD 292,982 98.29 $287,974 0.75% Ford Foundation Fixed 2.42% Jun 2050 Corporate B US USD 448,000 63.12 $282,797 0.73% Ashtead Capital Inc Fixed 1.50% Aug 2026 144A Corporate B US USD 308,000 91.05 $280,424 0.73% Freeport-McMoRan Inc Fixed 4.63% Aug 2030 Corporate B US USD 291,000 96.05 $279,496 0.73% Microsoft Corp Fixed 2.52% Jun 2050 Corporate B US USD 424,000 65.72 $278,637 0.72% United States Treasury Inflation Indexed Bonds Fixed 0.50% Jan 2028 U.S. Government B US USD 293,830 94.62 $278,017 0.72% Freddie Mac Pool ZT0542 Fixed 4.00% Jul 2048 Mortgage-Backed Security B US USD 291,291 94.75 $276,000 0.72% SLM Corp Fixed 3.13% Nov 2026 Corporate B US USD 275,000 92.88 $255,409 0.66% GS Mortgage-Backed Securities Corp Trust 2021-PJ4 Floating Sep 2051 144A Mortgage-Backed Security B US USD 276,383 90.52 $250,180 0.65% Kraft Heinz Foods Co Fixed 4.25% Mar 2031 Corporate B US USD 261,000 95.61 $249,538 0.65% United States Treasury Inflation Indexed Bonds Fixed 1.13% Jan 2033 U.S. Government B US USD 264,024 93.78 $247,605 0.64% United States Treasury Note/Bond Fixed 2.50% Feb 2046 U.S. Government B US USD 338,000 72.32 $244,443 0.63% Sonoco Products Co Fixed 2.85% Feb 2032 Corporate B US USD 279,000 84.83 $236,682 0.61% Fannie Mae Pool BM3362 Fixed 4.50% Jan 2044 Mortgage-Backed Security B US USD 240,344 98.07 $235,709 0.61% Fannie Mae Pool FM1577 Fixed 3.50% Sep 2034 Mortgage-Backed Security B US USD 237,742 95.69 $227,506 0.59% KB Home Fixed 4.80% Nov 2029 Corporate B US USD 236,000 95.44 $225,248 0.58% Crown Americas LLC Fixed 4.25% Sep 2026 Corporate B US USD 227,000 96.88 $219,910 0.57% California Health Facilities Financing Authority Fixed 4.19% Jun 2037 Municipal Bond B US USD 235,000 92.90 $218,315 0.57% MSCI Inc Fixed 3.25% Aug 2033 144A Corporate B US USD 258,000 82.38 $212,549 0.55% Cogent Communications Group Inc Fixed 3.50% May 2026 144A Corporate B US USD 222,000 95.19 $211,315 0.55% AECOM Fixed 5.13% Mar 2027 Corporate B US USD 213,000 98.24 $209,241 0.54% Hilton Domestic Operating Co Inc Fixed 4.88% Jan 2030 Corporate B US USD 217,000 95.88 $208,060 0.54% Freddie Mac Pool RC1546 Fixed 2.00% Sep 2035 Mortgage-Backed Security B US USD 230,751 89.49 $206,496 0.54% Fannie Mae Pool FM5891 Fixed 3.50% Jan 2048 Mortgage-Backed Security B US USD 223,896 92.12 $206,244 0.54% Fannie Mae Pool FM3734 Fixed 3.50% Sep 2049 Mortgage-Backed Security B US USD 225,400 91.47 $206,175 0.54% Fannie Mae Pool AS6831 Fixed 3.50% Mar 2046 Mortgage-Backed Security B US USD 222,754 91.19 $203,119 0.53% Santander Drive Auto Receivables Trust 2022-7 Fixed 5.95% Jan 2028 Asset-Backed Security B US USD 200,000 100.43 $200,861 0.52% Ford Credit Auto Owner Trust 2022-B Fixed 3.93% Aug 2027 Asset-Backed Security B US USD 205,000 97.88 $200,647 0.52% American Express Credit Account Master Trust Fixed 4.95% Oct 2027 Asset-Backed Security B US USD 200,000 99.65 $199,305 0.52% Clearwater Paper Corp Fixed 4.75% Aug 2028 144A Corporate B US USD 214,000 92.74 $198,472 0.52% Warnermedia Holdings Inc Fixed 4.28% Mar 2032 Corporate B US USD 222,000 89.32 $198,299 0.51% John Deere Owner Trust 2022 Fixed 2.49% Jan 2029 Asset-Backed Security B US USD 205,000 95.88 $196,546 0.51% Packaging Corp of America Fixed 5.70% Dec 2033 Corporate B US USD 190,000 103.28 $196,235 0.51% Freddie Mac REMICS Fixed 5.00% Dec 2052 Mortgage-Backed Security B US USD 200,995 97.52 $196,003 0.51% Air Products and Chemicals Inc Fixed 4.80% Mar 2033 Corporate B US USD 196,000 99.46 $194,946 0.51% Government National Mortgage Association Floating Aug 2053 Mortgage-Backed Security B US USD 193,636 99.78 $193,218 0.50% Fannie Mae Pool 3140XK Fixed 5.00% Jan 2053 Mortgage-Backed Security B US USD 196,866 97.81 $192,554 0.50% MetLife Inc Floating Perpetual Corporate B US USD 200,000 96.12 $192,241 0.50% Teva Pharmaceutical Finance Netherlands III BV Fixed 5.13% May 2029 Corporate B NL USD 200,000 96.10 $192,196 0.50% Fannie Mae Pool FM3946 Fixed 4.00% Jan 2049 Mortgage-Backed Security B US USD 202,862 94.49 $191,677 0.50% Goldman Sachs Group Inc Floating Perpetual Corporate B US USD 193,000 98.96 $191,000 0.50% Air Lease Corp Fixed 2.88% Jan 2026 Corporate B US USD 198,000 95.63 $189,338 0.49% Aramark Services Inc Fixed 5.00% Feb 2028 144A Corporate B US USD 192,000 96.52 $185,313 0.48% MS Residential Mortgage Loan Trust 2024-1 Floating Dec 2053 144A Mortgage-Backed Security B US USD 187,913 98.44 $184,981 0.48% Fannie Mae Pool FM9498 Fixed 4.50% May 2048 Mortgage-Backed Security B US USD 188,442 97.93 $184,542 0.48% Sensata Technologies BV Fixed 4.00% Apr 2029 144A Corporate B US USD 200,000 91.31 $182,617 0.47% AT&T Inc Fixed 4.30% Feb 2030 Corporate B US USD 190,000 96.11 $182,603 0.47% SBA Communications Corp Fixed 3.88% Feb 2027 Corporate B US USD 190,000 95.11 $180,707 0.47% Clean Harbors Inc Fixed 4.88% Jul 2027 144A Corporate B US USD 185,000 97.00 $179,450 0.47% Novelis Corp Fixed 3.25% Nov 2026 144A Corporate B US USD 190,000 93.18 $177,038 0.46% Crowdstrike Holdings Inc Fixed 3.00% Feb 2029 Corporate B US USD 198,000 88.69 $175,600 0.46% United Rentals North America Inc Fixed 3.88% Feb 2031 Corporate B US USD 195,000 89.60 $174,721 0.45% Fannie Mae Pool FS4703 Fixed 4.50% May 2053 Mortgage-Backed Security B US USD 183,263 95.27 $174,593 0.45% Ball Corp Fixed 2.88% Aug 2030 Corporate B US USD 203,000 85.32 $173,210 0.45% CommonSpirit Health Fixed 3.35% Oct 2029 Corporate B US USD 188,000 91.71 $172,414 0.45% Wells Fargo & Co Floating Oct 2030 Corporate B US USD 193,000 88.40 $170,611 0.44% United States Treasury Note/Bond Fixed 5.00% May 2037 U.S. Government B US USD 153,000 108.69 $166,298 0.43% PulteGroup Inc Fixed 6.00% Feb 2035 Corporate B US USD 154,000 104.39 $160,755 0.42% Dell International LLC Fixed 8.10% Jul 2036 Corporate B US USD 132,000 120.88 $159,567 0.41% CF Industries Inc Fixed 5.38% Mar 2044 Corporate B US USD 169,000 94.07 $158,971 0.41% Tenet Healthcare Corp Fixed 4.63% Jun 2028 Corporate B US USD 165,000 95.22 $157,112 0.41% National Rural Utilities Cooperative Finance Corp Fixed 1.35% Mar 2031 Corporate B US USD 200,000 78.40 $156,797 0.41% Verizon Communications Inc Fixed 3.55% Mar 2051 Corporate B US USD 210,000 74.24 $155,896 0.40% Chase Home Lending Mortgage Trust Series 2024-1 Floating Jan 2055 144A Mortgage-Backed Security B US USD 154,847 99.76 $154,477 0.40% Fiserv Inc Fixed 4.20% Oct 2028 Corporate B US USD 158,000 96.49 $152,456 0.40% Prime Security Services Borrower LLC Fixed 5.75% Apr 2026 144A Corporate B US USD 149,000 99.71 $148,565 0.39% Santander Drive Auto Receivables Trust 2020-4 Fixed 1.48% Jan 2027 Asset-Backed Security B US USD 150,688 98.25 $148,051 0.38% Campbell Soup Co Fixed 2.38% Apr 2030 Corporate B US USD 170,000 85.62 $145,552 0.38% GS Mortgage-Backed Securities Trust 2021-PJ9 Floating Feb 2052 144A Mortgage-Backed Security B US USD 160,769 86.64 $139,286 0.36% Howmet Aerospace Inc Fixed 5.90% Feb 2027 Corporate B US USD 131,000 101.44 $132,891 0.35% Fannie Mae Pool CA3278 Fixed 3.50% Apr 2034 Mortgage-Backed Security B US USD 134,598 95.70 $128,804 0.33% Fannie Mae Pool CA3840 Fixed 4.50% Jul 2049 Mortgage-Backed Security B US USD 125,500 96.80 $121,486 0.32% Fannie Mae Pool AS8684 Fixed 3.50% Jan 2047 Mortgage-Backed Security B US USD 126,798 91.39 $115,879 0.30% Fannie Mae Pool FM3375 Fixed 3.50% Feb 2035 Mortgage-Backed Security B US USD 113,838 95.75 $109,006 0.28% Fannie Mae Pool 930920 Fixed 4.50% Apr 2039 Mortgage-Backed Security B US USD 110,866 98.07 $108,728 0.28% Comcast Corp Fixed 4.65% Feb 2033 Corporate B US USD 105,000 98.13 $103,042 0.27% BWX Technologies Inc Fixed 4.13% Jun 2028 144A Corporate B US USD 110,000 93.23 $102,555 0.27% Freddie Mac Gold Pool G15855 Fixed 3.50% Jan 2031 Mortgage-Backed Security B US USD 103,921 96.82 $100,618 0.26% Air Canada Fixed 3.88% Aug 2026 144A Corporate B CA USD 105,000 95.44 $100,214 0.26% Freddie Mac Pool SD2707 Fixed 5.00% Apr 2053 Mortgage-Backed Security B US USD 102,332 97.79 $100,070 0.26% Freddie Mac Gold Pool G15290 Fixed 3.50% Feb 2030 Mortgage-Backed Security B US USD 102,481 96.92 $99,320 0.26% Murphy Oil USA Inc Fixed 5.63% May 2027 Corporate B US USD 100,000 99.07 $99,075 0.26% Verizon Communications Inc Fixed 3.88% Feb 2029 Corporate B US USD 100,000 95.74 $95,737 0.25% APi Group DE Inc Fixed 4.13% Jul 2029 144A Corporate B US USD 105,000 90.10 $94,603 0.25% Methanex Corp Fixed 5.13% Oct 2027 Corporate B CA USD 97,000 96.72 $93,821 0.24% Caesars Entertainment Inc Fixed 6.50% Feb 2032 144A Corporate B US USD 93,000 100.88 $93,819 0.24% Toyota Auto Receivables 2021-B Owner Trust Fixed 0.53% Oct 2026 Asset-Backed Security B US USD 85,000 95.13 $80,859 0.21% Freddie Mac Multifamily Structured Pass Through Cert Floating Oct 2031 Mortgage-Backed Security B US USD 95,000 84.88 $80,637 0.21% Murphy Oil USA Inc Fixed 4.75% Sep 2029 Corporate B US USD 75,000 94.84 $71,132 0.18% FMG Resources August 2006 Pty Ltd Fixed 4.50% Sep 2027 144A Corporate B AU USD 72,000 96.06 $69,164 0.18% Teleflex Inc Fixed 4.25% Jun 2028 144A Corporate B US USD 70,000 93.84 $65,685 0.17% Sealed Air Corp Fixed 4.00% Dec 2027 144A Corporate B US USD 70,000 93.73 $65,611 0.17% AT&T Inc Fixed 1.65% Feb 2028 Corporate B US USD 70,000 88.56 $61,992 0.16% Meritage Homes Corp Fixed 5.13% Jun 2027 Corporate B US USD 60,000 98.57 $59,140 0.15% Delta Air Lines Inc Fixed 4.38% Apr 2028 Corporate B US USD 60,000 97.03 $58,216 0.15% HB Fuller Co Fixed 4.25% Oct 2028 Corporate B US USD 61,000 92.66 $56,524 0.15% Lamar Media Corp Fixed 3.75% Feb 2028 Corporate B US USD 60,000 93.42 $56,055 0.15% Mueller Water Products Inc Fixed 4.00% Jun 2029 144A Corporate B US USD 55,000 90.70 $49,887 0.13% Hillenbrand Inc Fixed 5.00% Sep 2026 Corporate B US USD 50,000 98.22 $49,112 0.13% Graphic Packaging International LLC Fixed 4.75% Jul 2027 144A Corporate B US USD 50,000 96.56 $48,280 0.13% Toyota Auto Receivables 2021-B Owner Trust Fixed 0.26% Nov 2025 Asset-Backed Security B US USD 28,176 98.39 $27,722 0.07% Commonwealth of Massachusetts Fixed 4.11% Jul 2031 Municipal Bond B US USD - 98.77 $0 0.00% Cash & Equivalents Cash C US USD - - $595,652 1.55% Read Important Investment Disclosures Read Important Investment Disclosures Sector Allocation (Fixed) As of: 03/31/2024 View Allocation Details Allocation Details GW&K Enhanced Core Bond ESG Fund (MFDSX) Sector Allocation (Fixed Income) Credit Allocation Sector Sort Order Fund Bloomberg US Aggregate Bond Index U.S. Agency 10 0.00% 0.89% U.S. Treasury 20 14.24% 42.13% Sovereign Debt 30 0.00% 3.97% Corporate 60 40.96% 24.96% Investment Grade 70 27.95% 24.96% Non-Investment Grade & Not Rated 100 13.01% 0.00% Mortgage-Backed Security 130 36.49% 27.56% Asset-Backed Security 170 2.74% 0.49% Municipal Bond 180 4.02% 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 1.55% As of: 03/31/2024 Credit 03/31/2024 Treasury 14.47% Agency 35.14% AAA 6.18% AA 4.99% A 6.68% BBB 19.32% BB 12.97% B 0.25% 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 Enhanced Core Bond ESG Fund GW&K believes that a multi-sector approach takes advantage of the relative valuations among distinct bond sectors and provides greater opportunities to generate income and capital appreciation, while helping to manage risk in changing economic environments. The Fund invests in a diversified portfolio of fixed income securities. When deciding which securities to buy or sell, typically, GW&K: Incorporates ESG factors among many other fundamental, technical and valuation factors Seeks companies that maintain sustainable competitive advantages and expect to benefit from emerging cyclical or secular drivers Seeks to identify companies that are undervalued due to temporary or discrete events Identifies companies that it believes are leaders in effectively addressing exposure to ESG risks through robust business practices, policies and programs or companies that have more limited exposure to ESG risks. Uses top-down research that focuses on managing: duration, yield curve, credit quality, volatility and liquidity Uses bottom-up research that focuses on: fundamental analysis, valuation analysis and technical analysis Related products Other Products From GW&K Investment Management MBGVX GW&K 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