Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 800.548.4539 Share Class I N I NAV | as of 12/06/2024 $22.00 +$0.05 (+0.23%) Morningstar | Style Box L M E H M L Morningstar Rating Rated against 528 Intermediate Core-Plus Bond funds as of 11/30/2024 View Morningstar Details Growth of $10,000 (Hypothetical) Since Inception 04/01/2013 to 11/30/2024 = $13,031.71 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 a diversified portfolio of fixed income securities Invests 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, 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 ESG 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 ESG Bond Fund is categorized as Medium-Moderate. It combines medium credit quality with moderate interest-rate sensitivity. Morningstar Ratings Risk-adjusted returns as of 11/30/2024 Overall Rating (of 528) 3 Years (of 528) 5 Years (of 480) 10 Years (of 345) 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: 0.50% Net Expense Ratio: 0.48% Expense Cap Expiration Date: 05/01/2025 Distributions & Pricing Distributions Distributions Chart List Historical Pricing Calendar Year Distributions Ex-Date Total Distribution Income Short-term Cap Gains Long-term Cap Gains Nov 26, 2024 $0.068400 $0.068400 — — Oct 29, 2024 $0.069600 $0.069600 — — Sep 26, 2024 $0.068000 $0.068000 — — Aug 28, 2024 $0.069400 $0.069400 — — Jul 29, 2024 $0.069000 $0.069000 — — Jun 26, 2024 $0.067000 $0.067000 — — May 29, 2024 $0.068000 $0.068000 — — Apr 26, 2024 $0.067300 $0.067300 — — Mar 26, 2024 $0.066000 $0.066000 — — Feb 27, 2024 $0.061600 $0.061600 — — Jan 29, 2024 $0.061500 $0.061500 — — Dec 14, 2023 $0.066200 $0.066200 — — Nov 28, 2023 $0.061500 $0.061500 — — Oct 27, 2023 $0.062500 $0.062500 — — Sep 27, 2023 $0.058900 $0.058900 — — Aug 29, 2023 $0.055700 $0.055700 — — Jul 27, 2023 $0.056400 $0.056400 — — Jun 28, 2023 $0.053000 $0.053000 — — May 26, 2023 $0.055100 $0.055100 — — Apr 26, 2023 $0.054400 $0.054400 — — Mar 29, 2023 $0.057500 $0.057500 — — Feb 24, 2023 $0.049000 $0.049000 — — Jan 27, 2023 $0.055400 $0.055400 — — Dec 15, 2022 $0.097100 $0.056100 — $0.041000 Nov 28, 2022 $0.047400 $0.047400 — — Oct 27, 2022 $0.047400 $0.047400 — — Sep 28, 2022 $0.046300 $0.046300 — — Aug 29, 2022 $0.045500 $0.045500 — — Jul 27, 2022 $0.043500 $0.043500 — — Jun 28, 2022 $0.039700 $0.039700 — — May 26, 2022 $0.042500 $0.042500 — — Apr 27, 2022 $0.035800 $0.035800 — — Mar 29, 2022 $0.038000 $0.038000 — — Feb 24, 2022 $0.034700 $0.034700 — — Jan 27, 2022 $0.035400 $0.035400 — — Dec 15, 2021 $0.615900 $0.040200 — $0.575700 Nov 26, 2021 $0.036900 $0.036900 — — Oct 27, 2021 $0.038500 $0.038500 — — Sep 28, 2021 $0.037100 $0.037100 — — Aug 27, 2021 $0.038200 $0.038200 — — Jul 28, 2021 $0.037300 $0.037300 — — Jun 28, 2021 $0.034200 $0.034200 — — May 26, 2021 $0.035900 $0.035900 — — Apr 28, 2021 $0.023400 $0.023400 — — Mar 29, 2021 $1.864800 $0.064900 — $1.799900 Feb 24, 2021 $0.062500 $0.062500 — — Jan 27, 2021 $0.077900 $0.077900 — — Dec 16, 2020 $0.131800 $0.064200 — $0.067600 Nov 25, 2020 $0.074800 $0.074800 — — Oct 28, 2020 $0.084200 $0.084200 — — Sep 28, 2020 $0.081700 $0.081700 — — Aug 27, 2020 $0.080900 $0.080900 — — Jul 29, 2020 $0.086100 $0.086100 — — Jun 26, 2020 $0.084600 $0.084600 — — May 27, 2020 $0.084100 $0.084100 — — Apr 28, 2020 $0.074100 $0.074100 — — Mar 27, 2020 $0.076100 $0.076100 — — Feb 26, 2020 $0.070000 $0.070000 — — Jan 29, 2020 $0.078100 $0.078100 — — Dec 16, 2019 $0.245800 $0.082800 — $0.163000 Nov 26, 2019 $0.083900 $0.083900 — — Oct 29, 2019 $0.074800 $0.074800 — — Sep 26, 2019 $0.078900 $0.078900 — — Aug 28, 2019 $0.080800 $0.080800 — — Jul 29, 2019 $0.083900 $0.083900 — — Jun 26, 2019 $0.084900 $0.084900 — — May 29, 2019 $0.088900 $0.088900 — — Apr 26, 2019 $0.111400 $0.111400 — — Mar 27, 2019 $0.103700 $0.103700 — — Feb 26, 2019 $0.072000 $0.072000 — — Jan 29, 2019 $0.083400 $0.083400 — — Dec 27, 2018 $0.264900 $0.074900 $0.000300 $0.189700 Nov 28, 2018 $0.074400 $0.074400 — — Oct 29, 2018 $0.071900 $0.071900 — — Sep 26, 2018 $0.062100 $0.062100 — — Aug 29, 2018 $0.067500 $0.067500 — — Jul 27, 2018 $0.069900 $0.069900 — — Jun 27, 2018 $0.070000 $0.070000 — — May 29, 2018 $0.072500 $0.072500 — — Apr 26, 2018 $0.070000 $0.070000 — — Mar 27, 2018 $0.067500 $0.067500 — — Feb 26, 2018 $0.062500 $0.062500 — — Jan 29, 2018 $0.066000 $0.066000 — — Dec 27, 2017 $0.289600 $0.133300 $0.023000 $0.133300 Nov 27, 2017 $0.065000 $0.065000 — — Oct 26, 2017 $0.055000 $0.055000 — — Sep 26, 2017 $0.075000 $0.075000 — — Aug 28, 2017 $0.072500 $0.072500 — — Jul 26, 2017 $0.072500 $0.072500 — — Jun 27, 2017 $0.070300 $0.070300 — — May 25, 2017 $0.063900 $0.063900 — — Apr 25, 2017 $0.066400 $0.066400 — — Mar 28, 2017 $0.068900 $0.068900 — — Feb 23, 2017 $0.074000 $0.074000 — — Jan 26, 2017 $0.081400 $0.081400 — — Dec 27, 2016 $0.449100 $0.107000 $0.052000 $0.290100 Nov 25, 2016 $0.083900 $0.083900 — — Oct 26, 2016 $0.091300 $0.091300 — — Sep 27, 2016 $0.087500 $0.087500 — — Aug 26, 2016 $0.080000 $0.080000 — — Jul 26, 2016 $0.080000 $0.080000 — — Jun 27, 2016 $0.087500 $0.087500 — — May 25, 2016 $0.087500 $0.087500 — — Apr 26, 2016 $0.080000 $0.080000 — — Mar 28, 2016 $0.075000 $0.075000 — — Feb 24, 2016 $0.065000 $0.065000 — — Jan 26, 2016 $0.059000 $0.059000 — — Dec 28, 2015 $0.470100 $0.090800 $0.022700 $0.356600 Nov 24, 2015 $0.070000 $0.070000 — — Oct 27, 2015 $0.070000 $0.070000 — — Sep 25, 2015 $0.059000 $0.059000 — — Aug 26, 2015 $0.059000 $0.059000 — — Jul 28, 2015 $0.057500 $0.057500 — — Jun 25, 2015 $0.028300 $0.028300 — — May 26, 2015 $0.057500 $0.057500 — — Apr 27, 2015 $0.064300 $0.064300 — — Mar 26, 2015 $0.059500 $0.059500 — — Feb 24, 2015 $0.057800 $0.057800 — — Jan 27, 2015 $0.066200 $0.066200 — — Dec 26, 2014 $0.284500 $0.105900 — $0.178600 Nov 24, 2014 $0.062100 $0.062100 — — Oct 28, 2014 $0.060000 $0.060000 — — Sep 25, 2014 $0.062700 $0.062700 — — Aug 26, 2014 $0.066600 $0.066600 — — Jul 28, 2014 $0.071000 $0.071000 — — Jun 25, 2014 $0.067500 $0.067500 — — May 27, 2014 $0.073000 $0.073000 — — Apr 25, 2014 $0.076500 $0.076500 — — Mar 26, 2014 $0.077500 $0.077500 — — Feb 25, 2014 $0.075000 $0.075000 — — Jan 28, 2014 $0.079000 $0.079000 — — Dec 26, 2013 $0.092500 $0.092500 — — Nov 25, 2013 $0.090000 $0.090000 — — Oct 28, 2013 $0.077500 $0.077500 — — Sep 25, 2013 $0.082500 $0.082500 — — Aug 27, 2013 $0.075000 $0.075000 — — Jul 26, 2013 $0.065000 $0.065000 — — Jun 25, 2013 $0.070000 $0.070000 — — May 28, 2013 $0.087500 $0.087500 — — Apr 25, 2013 $0.070000 $0.070000 — — From: To: Risk & Return Statistics As of: 11/30/2024 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. 0.96 0.77 0.61 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. 8.25 7.70 5.88 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. -0.62 -0.23 0.06 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. 110.90 125.98 113.15 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. 101.00 109.51 100.95 Beta Beta measures the relationship between the portfolio's excess return over T-bills (representing a risk-free rate) relative to the excess return of the portfolio's benchmark. A low beta does not imply that the portfolio has a low level of volatility; rather, a low beta means that the portfolio's market-related risk is low. Beta is often referred to as systematic risk. 1.07 1.09 1.01 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. 98.38 79.72 73.23 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. 1.17 3.51 3.04 View All Characteristics & Statistics All Characteristics & Statistics GW&K ESG Bond Fund (MGBIX) Portfolio Characteristics (Fixed Income) Risk & Return Effective Maturity Fund Holdings Fund Bloomberg US Aggregate Bond Index Fund Assets (Mil.$) $403 Number of Holdings 149 13657 Average Effective Duration (years) 5.92 6.2 Average Modified Duration (years) 6.38 Convexity 0.17 0.53 Average Maturity (years) 8.21 8.36 Yield to Maturity 4.70% 4.23% Yield to Worst 4.69% 4.23% Current Yield 4.26% 3.58% SEC 30-Day Yield (%) 4.06% SEC 30-Day Yield (%) w/o fee 4.01% Average Coupon 4.14% 3.37% Average Price 95.3 94.04 Average Credit Quality A+ AA2/AA3 Trailing 12-Months Portfolio Turnover 40.00% % Callable 52.51% % Non-US 2.34% Adjustable Coupon 12.66% Step Coupon 0.00% Zero Coupon 0.00% As of: 09/30/2024 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. 0.96 0.77 0.61 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. 8.25 7.70 5.88 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. -0.62 -0.23 0.06 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. 110.90 125.98 113.15 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. 101.00 109.51 100.95 Beta Beta measures the relationship between the portfolio's excess return over T-bills (representing a risk-free rate) relative to the excess return of the portfolio's benchmark. A low beta does not imply that the portfolio has a low level of volatility; rather, a low beta means that the portfolio's market-related risk is low. Beta is often referred to as systematic risk. 1.07 1.09 1.01 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. 98.38 79.72 73.23 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. 1.17 3.51 3.04 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. 0.67 0.20 0.19 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. -4.77 -1.66 0.35 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. -15.66 -16.55 -16.55 As of: 11/30/2024 Maturity Fund Less Than 2 Years 9.73% 2 to 5 Years 27.51% 5 to 10 Years 40.64% 10 to 15 Years 5.87% More Than 15 Years 16.25% NA 0.00% As of: 09/30/2024 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Fixed) As of: 09/30/2024 Freddie Mac Pool SD8142 Fixed 3.25% United States Treasury Note/Bond Fixed 3.15% United States Treasury Note/Bond Fixed 2.33% United States Treasury Note/Bond Fixed 2.26% Fannie Mae Pool MA3745 Fixed 2.25% Fannie Mae Pool FM3375 Fixed 2.06% Freddie Mac Pool SD8045 Fixed 1.86% Fannie Mae Pool FM3229 Fixed 1.85% Freddie Mac Pool ZT1817 Fixed 1.72% Fannie Mae Pool MA3384 Fixed 1.69% % in Top 10 Holdings 22.43% View Holding Details Holding Details GW&K ESG Bond Fund (MGBIX) Top 10 Holdings (Fixed Income) All Holdings Fund Holdings Coupon Maturity % of Net Assets Freddie Mac Pool SD8142 Fixed 3% Apr 2051 3.25% United States Treasury Note/Bond Fixed 2.25% May 2041 3.15% United States Treasury Note/Bond Fixed 1.88% Feb 2051 2.33% United States Treasury Note/Bond Fixed 3.13% May 2048 2.26% Fannie Mae Pool MA3745 Fixed 3.5% Aug 2049 2.25% Fannie Mae Pool FM3375 Fixed 3.5% Feb 2035 2.06% Freddie Mac Pool SD8045 Fixed 3.5% Feb 2050 1.86% Fannie Mae Pool FM3229 Fixed 3.5% Feb 2047 1.85% Freddie Mac Pool ZT1817 Fixed 4.5% Dec 2048 1.72% Fannie Mae Pool MA3384 Fixed 4% Jun 2048 1.69% % in Top 10 Holdings 22.43% As of: 09/30/2024 Download All Holdings (PDF) As of: 10/31/2024 Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund Freddie Mac Pool SD8142 Fixed 3.00% Apr 2051 Mortgage-Backed Security B US USD 14,278,184 87.50 $12,493,389 3.22% United States Treasury Note/Bond Fixed 2.25% May 2041 U.S. Government B US USD 16,359,000 73.49 $12,021,948 3.10% United States Treasury Note/Bond Fixed 1.88% Feb 2051 U.S. Government B US USD 14,997,000 58.92 $8,836,514 2.28% Fannie Mae Pool MA3745 Fixed 3.50% Aug 2049 Mortgage-Backed Security B US USD 9,580,668 90.68 $8,687,324 2.24% United States Treasury Note/Bond Fixed 3.13% May 2048 U.S. Government B US USD 10,968,000 78.42 $8,600,883 2.22% Fannie Mae Pool FM3375 Fixed 3.50% Feb 2035 Mortgage-Backed Security B US USD 8,256,347 95.98 $7,924,601 2.04% Freddie Mac Pool SD8045 Fixed 3.50% Feb 2050 Mortgage-Backed Security B US USD 7,860,760 90.56 $7,118,713 1.84% Fannie Mae Pool FM3229 Fixed 3.50% Feb 2047 Mortgage-Backed Security B US USD 7,751,224 91.80 $7,115,942 1.83% Freddie Mac Pool ZT1817 Fixed 4.50% Dec 2048 Mortgage-Backed Security B US USD 6,935,399 96.23 $6,673,918 1.72% Fannie Mae Pool MA3384 Fixed 4.00% Jun 2048 Mortgage-Backed Security B US USD 6,968,135 93.66 $6,526,066 1.68% Freddie Mac Pool RC1890 Fixed 2.00% Mar 2036 Mortgage-Backed Security B US USD 6,946,536 89.38 $6,208,728 1.60% Freddie Mac Pool SD3394 Fixed 5.50% Jul 2053 Mortgage-Backed Security B US USD 6,076,511 100.43 $6,102,754 1.57% Fannie Mae Pool FM6468 Fixed 4.00% Jun 2049 Mortgage-Backed Security B US USD 6,267,700 93.67 $5,870,811 1.51% Fannie Mae Pool FS3698 Fixed 5.50% Nov 2052 Mortgage-Backed Security B US USD 5,728,130 100.31 $5,745,623 1.48% Fannie Mae Pool FS7160 Fixed 6.50% Feb 2054 Mortgage-Backed Security B US USD 5,359,257 103.72 $5,558,523 1.43% Fannie Mae Pool FM2893 Fixed 4.00% Jul 2044 Mortgage-Backed Security B US USD 5,073,570 95.28 $4,833,936 1.25% United States Treasury Note/Bond Fixed 3.88% Feb 2043 U.S. Government B US USD 4,474,000 91.44 $4,091,089 1.05% United States Treasury Note/Bond Fixed 3.63% Feb 2053 U.S. Government B US USD 4,760,000 85.82 $4,085,233 1.05% Freddie Mac REMICS Fixed 2.00% Mar 2041 Mortgage-Backed Security B US USD 4,241,916 92.52 $3,924,485 1.01% Fannie Mae Pool FM7680 Fixed 3.50% Feb 2051 Mortgage-Backed Security B US USD 4,128,219 90.94 $3,754,214 0.97% Jacobs Engineering Group Inc Fixed 5.90% Mar 2033 Corporate B US USD 3,568,000 102.58 $3,659,967 0.94% Wells Fargo & Co Floating Perpetual Corporate B US USD 3,578,000 99.77 $3,569,628 0.92% New Jersey Economic Development Authority Fixed 7.42% Feb 2029 Municipal Bond B US USD 3,300,000 106.44 $3,512,422 0.91% National Rural Utilities Cooperative Finance Corp Fixed 1.35% Mar 2031 Corporate B US USD 4,160,000 80.90 $3,365,538 0.87% California Health Facilities Financing Authority Fixed 4.19% Jun 2037 Municipal Bond B US USD 3,500,000 92.94 $3,252,990 0.84% Fannie Mae Pool FM9141 Fixed 4.50% Jun 2049 Mortgage-Backed Security B US USD 3,303,504 96.95 $3,202,635 0.83% SLM Corp Fixed 3.13% Nov 2026 Corporate B US USD 3,365,000 94.83 $3,190,986 0.82% Bank of America Corp Floating Sep 2034 Corporate B US USD 3,050,000 104.22 $3,178,789 0.82% Ball Corp Fixed 2.88% Aug 2030 Corporate B US USD 3,625,000 87.03 $3,154,883 0.81% JobsOhio Beverage System Fixed 2.83% Jan 2038 Municipal Bond B US USD 3,700,000 82.24 $3,043,027 0.78% Compass Datacenters Issuer II LLC Fixed 5.25% Feb 2049 144A Asset-Backed Security B US USD 3,050,000 99.19 $3,025,148 0.78% United States Treasury Note/Bond Fixed 3.50% Feb 2039 U.S. Government B US USD 3,313,000 90.76 $3,006,806 0.78% Duke Energy Corp Fixed 2.55% Jun 2031 Corporate B US USD 3,410,000 85.97 $2,931,509 0.76% Fannie Mae Pool MA5072 Fixed 5.50% Jul 2053 Mortgage-Backed Security B US USD 2,953,597 99.10 $2,926,976 0.75% Freddie Mac STACR REMIC Trust 2022-DNA1 Floating Jan 2042 144A Mortgage-Backed Security B US USD 2,878,471 100.00 $2,878,468 0.74% Lamar Media Corp Fixed 4.88% Jan 2029 Corporate B US USD 2,950,000 97.23 $2,868,291 0.74% Centene Corp Fixed 3.38% Feb 2030 Corporate B US USD 3,170,000 89.65 $2,841,816 0.73% United States Treasury Note/Bond Fixed 1.25% May 2050 U.S. Government B US USD 5,625,000 50.25 $2,826,343 0.73% HCA Inc Fixed 3.50% Sep 2030 Corporate B US USD 3,050,000 91.72 $2,797,511 0.72% Mueller Water Products Inc Fixed 4.00% Jun 2029 144A Corporate B US USD 3,000,000 93.10 $2,793,071 0.72% State Of California Fixed 7.55% Apr 2039 Municipal Bond B US USD 2,280,000 121.21 $2,763,621 0.71% Hasbro Inc Fixed 3.90% Nov 2029 Corporate B US USD 2,855,000 94.25 $2,690,839 0.69% Graphic Packaging International LLC Fixed 3.50% Mar 2029 144A Corporate B US USD 2,850,000 91.26 $2,600,993 0.67% SK Hynix Inc Fixed 2.38% Jan 2031 144A Corporate B KR USD 3,000,000 84.85 $2,545,474 0.66% GS Mortgage-Backed Securities Corp Trust 2021-PJ4 Floating Sep 2051 144A Mortgage-Backed Security B US USD 2,736,728 91.73 $2,510,278 0.65% Broadcom Inc Fixed 4.30% Nov 2032 Corporate B US USD 2,620,000 95.12 $2,492,117 0.64% Aramark Services Inc Fixed 5.00% Feb 2028 144A Corporate B US USD 2,520,000 98.19 $2,474,499 0.64% Fannie Mae Pool FM5137 Fixed 5.00% May 2050 Mortgage-Backed Security B US USD 2,427,741 99.08 $2,405,287 0.62% Bank of America Corp Floating Mar 2050 Corporate B US USD 2,775,000 85.77 $2,380,024 0.61% PNC Financial Services Group Inc Floating Jan 2034 Corporate B US USD 2,386,000 98.62 $2,353,094 0.61% Truist Financial Corp Floating Jun 2034 Corporate B US USD 2,288,000 102.83 $2,352,762 0.61% Ford Credit Auto Owner Trust 2022-B Fixed 3.93% Aug 2027 Asset-Backed Security B US USD 2,353,000 99.08 $2,331,388 0.60% FREMF 2016-K53 Mortgage Trust Floating Mar 2049 144A Mortgage-Backed Security B US USD 2,300,000 98.42 $2,263,738 0.58% Kraft Heinz Foods Co Fixed 4.63% Oct 2039 Corporate B US USD 2,480,000 91.18 $2,261,174 0.58% Teva Pharmaceutical Finance Netherlands III BV Fixed 5.13% May 2029 Corporate B NL USD 2,300,000 97.10 $2,233,295 0.58% Fannie Mae Pool FS0472 Fixed 4.50% May 2048 Mortgage-Backed Security B US USD 2,239,522 97.81 $2,190,419 0.56% FMG Resources August 2006 Pty Ltd Fixed 4.50% Sep 2027 144A Corporate B AU USD 2,250,000 97.35 $2,190,375 0.56% John Deere Owner Trust 2022 Fixed 2.49% Jan 2029 Asset-Backed Security B US USD 2,206,000 98.09 $2,163,853 0.56% American Express Credit Account Master Trust Fixed 4.95% Oct 2027 Asset-Backed Security B US USD 2,145,000 100.34 $2,152,295 0.55% Celanese US Holdings LLC Fixed 6.55% Nov 2030 Corporate B US USD 2,049,000 104.79 $2,147,083 0.55% PulteGroup Inc Fixed 6.00% Feb 2035 Corporate B US USD 2,050,000 104.68 $2,145,924 0.55% CCO Holdings LLC Fixed 4.50% May 2032 Corporate B US USD 2,500,000 85.08 $2,126,968 0.55% Santander Drive Auto Receivables Trust 2022-7 Fixed 5.95% Jan 2028 Asset-Backed Security B US USD 2,100,000 100.77 $2,116,180 0.55% Bank of New York Mellon Corp Floating Perpetual Corporate B US USD 2,165,000 96.55 $2,090,311 0.54% JPMorgan Chase & Co Floating Apr 2042 Corporate B US USD 2,710,000 76.08 $2,061,857 0.53% VF Corp Fixed 6.00% Oct 2033 Corporate B US USD 2,050,000 100.10 $2,052,086 0.53% Owens Corning Fixed 7.00% Dec 2036 Corporate B US USD 1,800,000 113.23 $2,038,131 0.53% Teleflex Inc Fixed 4.25% Jun 2028 144A Corporate B US USD 2,120,000 95.87 $2,032,428 0.52% Kyndryl Holdings Inc Fixed 3.15% Oct 2031 Corporate B US USD 2,375,000 85.56 $2,032,144 0.52% Morgan Stanley Floating Jan 2030 Corporate B US USD 2,048,000 98.01 $2,007,227 0.52% Aircastle Ltd Fixed 5.75% Oct 2031 144A Corporate B US USD 1,975,000 101.53 $2,005,241 0.52% Cleveland-Cliffs Inc Fixed 7.00% Mar 2032 144A Corporate B US USD 2,000,000 100.11 $2,002,261 0.52% Twilio Inc Fixed 3.88% Mar 2031 Corporate B US USD 2,194,000 90.21 $1,979,108 0.51% M&T Bank Corp Floating Oct 2029 Corporate B US USD 1,837,000 107.65 $1,977,579 0.51% Government National Mortgage Association Floating Aug 2053 Mortgage-Backed Security B US USD 1,958,594 100.00 $1,958,608 0.50% US Bancorp Floating Jun 2029 Corporate B US USD 1,900,000 102.88 $1,954,666 0.50% United Rentals North America Inc Fixed 3.88% Feb 2031 Corporate B US USD 2,150,000 90.72 $1,950,466 0.50% DATA 2023-CNTR Mortgage Trust Floating Aug 2043 144A Mortgage-Backed Security B US USD 1,900,000 102.33 $1,944,335 0.50% United Airlines 2024-1 Class AA Pass Through Trust Fixed 5.45% Feb 2037 Corporate B US USD 1,915,000 101.47 $1,943,128 0.50% Freddie Mac REMICS Fixed 5.00% Dec 2052 Mortgage-Backed Security B US USD 1,954,441 98.23 $1,919,763 0.49% Coherent Corp Fixed 5.00% Dec 2029 144A Corporate B US USD 2,000,000 95.93 $1,918,603 0.49% Campbell Soup Co Fixed 2.38% Apr 2030 Corporate B US USD 2,180,000 87.76 $1,913,170 0.49% Comcast Corp Fixed 4.65% Feb 2033 Corporate B US USD 1,917,000 98.41 $1,886,466 0.49% Freddie Mac STACR REMIC Trust 2024-DNA1 Floating Feb 2044 144A Mortgage-Backed Security B US USD 1,882,973 100.12 $1,885,300 0.49% Sysco Corp Fixed 2.40% Feb 2030 Corporate B US USD 2,125,000 88.42 $1,878,988 0.48% Port Authority of New York & New Jersey Fixed 6.04% Dec 2029 Municipal Bond B US USD 1,750,000 106.86 $1,870,094 0.48% Anheuser-Busch InBev Worldwide Inc Fixed 4.38% Apr 2038 Corporate B US USD 2,000,000 92.15 $1,843,061 0.48% MetLife Inc Floating Perpetual Corporate B US USD 1,880,000 97.86 $1,839,704 0.47% Fannie Mae Pool CB5104 Fixed 4.50% Nov 2052 Mortgage-Backed Security B US USD 1,919,421 95.08 $1,825,001 0.47% JP Morgan Mortgage Trust 2021-7 Floating Nov 2051 144A Mortgage-Backed Security B US USD 1,932,794 91.51 $1,768,795 0.46% Charles Schwab Corp Floating Perpetual Corporate B US USD 1,750,000 99.48 $1,740,957 0.45% MSCI Inc Fixed 3.25% Aug 2033 144A Corporate B US USD 2,015,000 85.47 $1,722,218 0.44% Starwood Property Trust Inc Fixed 4.38% Jan 2027 144A Corporate B US USD 1,775,000 96.39 $1,710,859 0.44% Tenet Healthcare Corp Fixed 4.63% Jun 2028 Corporate B US USD 1,735,000 96.67 $1,677,170 0.43% Ford Foundation Fixed 2.42% Jun 2050 Corporate B US USD 2,690,000 61.80 $1,662,389 0.43% United Parcel Service Inc Fixed 6.20% Jan 2038 Corporate B US USD 1,500,000 109.66 $1,644,852 0.42% AECOM Fixed 5.13% Mar 2027 Corporate B US USD 1,650,000 99.46 $1,641,171 0.42% Verizon Communications Inc Fixed 5.50% Feb 2054 Corporate B US USD 1,625,000 99.48 $1,616,496 0.42% Crown Americas LLC Fixed 4.25% Sep 2026 Corporate B US USD 1,650,000 97.90 $1,615,279 0.42% Penske Automotive Group Inc Fixed 3.75% Jun 2029 Corporate B US USD 1,750,000 91.50 $1,601,330 0.41% Walmart Inc Fixed 4.05% Jun 2048 Corporate B US USD 1,850,000 85.77 $1,586,703 0.41% Avient Corp Fixed 6.25% Nov 2031 144A Corporate B US USD 1,575,000 100.29 $1,579,607 0.41% Sally Holdings LLC Fixed 6.75% Mar 2032 Corporate B US USD 1,553,000 101.25 $1,572,352 0.41% Microsoft Corp Fixed 2.52% Jun 2050 Corporate B US USD 2,450,000 64.02 $1,568,450 0.40% Huntington Bancshares Inc Floating Aug 2028 Corporate B US USD 1,580,000 98.83 $1,561,453 0.40% Sonoco Products Co Fixed 2.85% Feb 2032 Corporate B US USD 1,822,000 85.61 $1,559,832 0.40% Home Depot Inc Fixed 5.88% Dec 2036 Corporate B US USD 1,450,000 107.25 $1,555,155 0.40% Toll Brothers Finance Corp Fixed 4.88% Mar 2027 Corporate B US USD 1,550,000 100.02 $1,550,353 0.40% Hilton Domestic Operating Co Inc Fixed 4.88% Jan 2030 Corporate B US USD 1,600,000 96.89 $1,550,314 0.40% KeyCorp Fixed 4.10% Apr 2028 Corporate B US USD 1,595,000 97.19 $1,550,190 0.40% Citigroup Inc Floating Perpetual Corporate B US USD 1,550,000 99.64 $1,544,430 0.40% United States Treasury Note/Bond Fixed 2.50% Feb 2046 U.S. Government B US USD 2,096,000 71.21 $1,492,663 0.38% Cisco Systems Inc Fixed 5.50% Jan 2040 Corporate B US USD 1,400,000 103.45 $1,448,246 0.37% Air Products And Chemicals Inc Fixed 2.70% May 2040 Corporate B US USD 1,950,000 73.47 $1,432,619 0.37% Advocate Health & Hospitals Corp Fixed 4.27% Aug 2048 Corporate B US USD 1,670,000 85.65 $1,430,303 0.37% Freddie Mac Pool ZT0794 Fixed 4.50% Oct 2048 Mortgage-Backed Security B US USD 1,455,696 96.76 $1,408,467 0.36% Prime Security Services Borrower LLC Fixed 5.75% Apr 2026 144A Corporate B US USD 1,400,000 100.02 $1,400,336 0.36% Ashtead Capital Inc Fixed 1.50% Aug 2026 144A Corporate B US USD 1,486,000 94.17 $1,399,417 0.36% KB Home Fixed 6.88% Jun 2027 Corporate B US USD 1,326,000 103.29 $1,369,619 0.35% GS Mortgage-Backed Securities Trust 2021-PJ9 Floating Feb 2052 144A Mortgage-Backed Security B US USD 1,564,741 87.38 $1,367,253 0.35% Chase Home Lending Mortgage Trust Series 2024-1 Floating Jan 2055 144A Mortgage-Backed Security B US USD 1,320,758 100.58 $1,328,455 0.34% Clean Harbors Inc Fixed 4.88% Jul 2027 144A Corporate B US USD 1,270,000 98.48 $1,250,678 0.32% SBA Communications Corp Fixed 3.88% Feb 2027 Corporate B US USD 1,265,000 96.78 $1,224,321 0.32% KB Home Fixed 4.80% Nov 2029 Corporate B US USD 1,222,000 96.21 $1,175,666 0.30% Dell International LLC Fixed 8.10% Jul 2036 Corporate B US USD 972,000 120.86 $1,174,731 0.30% Methanex Corp Fixed 5.13% Oct 2027 Corporate B CA USD 1,205,000 97.32 $1,172,705 0.30% APi Group DE Inc Fixed 4.13% Jul 2029 144A Corporate B US USD 1,255,000 92.23 $1,157,528 0.30% L3Harris Technologies Inc Fixed 5.05% Jun 2029 Corporate B US USD 1,147,000 100.79 $1,156,082 0.30% BWX Technologies Inc Fixed 4.13% Jun 2028 144A Corporate B US USD 1,210,000 95.43 $1,154,728 0.30% Air Canada Fixed 3.88% Aug 2026 144A Corporate B CA USD 1,180,000 96.74 $1,141,513 0.29% Open Text Holdings Inc Fixed 4.13% Feb 2030 144A Corporate B US USD 1,125,000 91.80 $1,032,800 0.27% Mattel Inc Fixed 3.75% Apr 2029 144A Corporate B US USD 1,075,000 94.09 $1,011,465 0.26% Encompass Health Corp Fixed 4.75% Feb 2030 Corporate B US USD 1,050,000 96.18 $1,009,902 0.26% Yum! Brands Inc Fixed 3.63% Mar 2031 Corporate B US USD 1,110,000 90.56 $1,005,186 0.26% Murphy Oil USA Inc Fixed 4.75% Sep 2029 Corporate B US USD 1,050,000 95.57 $1,003,509 0.26% CommonSpirit Health Fixed 3.35% Oct 2029 Corporate B US USD 1,075,000 93.02 $1,000,012 0.26% MGM Resorts International Fixed 6.13% Sep 2029 Corporate B US USD 1,000,000 99.65 $996,465 0.26% Caesars Entertainment Inc Fixed 6.50% Feb 2032 144A Corporate B US USD 975,000 101.41 $988,762 0.25% Advance Auto Parts Inc Fixed 1.75% Oct 2027 Corporate B US USD 1,100,000 88.92 $978,093 0.25% Elanco Animal Health Inc Fixed 6.65% Aug 2028 Corporate B US USD 950,000 102.41 $972,907 0.25% M/I Homes Inc Fixed 4.95% Feb 2028 Corporate B US USD 1,000,000 96.89 $968,874 0.25% OneMain Finance Corp Fixed 6.63% Jan 2028 Corporate B US USD 950,000 101.57 $964,912 0.25% Bath & Body Works Inc Fixed 6.88% Nov 2035 Corporate B US USD 940,000 101.50 $954,112 0.25% Mattel Inc Fixed 6.20% Oct 2040 Corporate B US USD 911,000 99.84 $909,549 0.23% Toyota Auto Receivables 2021-B Owner Trust Fixed 0.53% Oct 2026 Asset-Backed Security B US USD 923,000 98.11 $905,585 0.23% Dallas Fort Worth International Airport Fixed 4.51% Nov 2051 Municipal Bond B US USD 1,000,000 90.00 $900,045 0.23% Citigroup Inc Floating Perpetual Corporate B US USD 825,000 101.20 $834,893 0.22% University of California Fixed 1.70% May 2029 Municipal Bond B US USD 650,000 88.67 $576,339 0.15% Twilio Inc Fixed 3.63% Mar 2029 Corporate B US USD 600,000 92.09 $552,515 0.14% Travel + Leisure Co Fixed 4.63% Mar 2030 144A Corporate B US USD 575,000 93.23 $536,080 0.14% Travel + Leisure Co Fixed 6.00% Apr 2027 Corporate B US USD 475,000 100.93 $479,418 0.12% Santander Drive Auto Receivables Trust 2020-4 Fixed 1.48% Jan 2027 Asset-Backed Security B US USD 444,122 99.52 $441,993 0.11% M Fixed 3.95% Feb 2030 Corporate B US USD 335,000 91.37 $306,096 0.08% Cash & Equivalents Cash C US USD - - $5,435,493 1.40% Read Important Investment Disclosures Read Important Investment Disclosures Sector Allocation (Fixed) As of: 09/30/2024 View Allocation Details Allocation Details GW&K ESG Bond Fund (MGBIX) Sector Allocation (Fixed Income) Credit Allocation Sector Sort Order Fund Bloomberg US Aggregate Bond Index U.S. Agency 10 0.00% 0.76% U.S. Treasury 20 13.75% 43.63% Sovereign Debt 30 0.00% 3.72% Corporate 60 43.57% 24.55% Investment Grade 70 27.75% 24.55% Non-Investment Grade & Not Rated 100 15.81% 0.00% Mortgage-Backed Security 130 34.13% 26.89% Asset-Backed Security 170 3.31% 0.45% Municipal Bond 180 4.08% 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 1.16% As of: 09/30/2024 Credit 09/30/2024 Treasury 13.91% Agency 32.22% AAA 5.76% AA 6.91% A 7.88% BBB 16.54% BB 15.70% B 0.30% CCC 0.00% CC 0.00% C 0.00% D 0.00% Not Rated 0.77% As of: 09/30/2024 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 ESG Bond 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 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. 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