Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 800.548.4539 Share Class I N I NAV | as of 10/11/2024 $11.47 -$0.01 (-0.09%) Morningstar | Style Box L M E H M L Growth of $10,000 (Hypothetical) Since Inception 06/30/2009 to 09/30/2024 = $17,009.30 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 provide current income, exempt from federal income tax, and capital preservation by primarily investing in a portfolio of high-quality municipal bonds. Why Consider Provides investors with exposure to an actively managed portfolio of primarily intermediate-term municipal bonds Investment approach combines top-down analysis to respond to interest rate changes with bottom-up research focusing on security structure and credit ratings The Fund focuses on the intermediate area of the yield curve to maintain flexibility and actively adjusts duration based on interest rate moves Documents Fact Sheet Commentary Summary Prospectus Prospectus 2023 Distributions View All Documents Investment Style GW&K Municipal Bond Fund has a Fixed Income objective, seeking to achieve a high level of current income. High Med. Low Ltd. Mod. Ext. Fixed Income Objective GW&K Municipal Bond Fund is categorized as Medium-Moderate. It combines medium credit quality with moderate interest-rate sensitivity. Morningstar Ratings Risk-adjusted returns as of 09/30/2024 Overall Rating (of 262) 3 Years (of 262) 5 Years (of 240) 10 Years (of 176) Category Muni National Interm Read Important Investment Disclosures John B. Fox, CFA PARTNER AND DIRECTOR OF FIXED INCOME John joined GW&K as a member of our municipal bond team in 1990 after graduating from college and was promoted to portfolio manager in 1995. In addition to managing our municipal bond strategies, John serves as director of fixed income, responsible for overseeing all aspects of our fixed income operations, including portfolio management, research, and trading. He is a partner in the firm and is also a member of the firm’s Management and Investment Committees. John received a BA in Economics from Boston College and an MBA from Boston University. He is a CFA® charterholder and is a member of the CFA Institute, the CFA Society Boston, the Boston Municipal Analysts Forum, and the National Federation of Municipal Analysts. Martin R. Tourigny, CFA PARTNER AND PORTFOLIO MANAGER Marty is a partner and senior member of GW&K’s municipal bond team responsible for portfolio management. He sits on the trading desk and is uniquely positioned to identify and take advantage of opportunities in the inefficient muni-bond market that match clients’ investment needs. Marty is a member of the firm’s Investment and Management Committees. Prior to joining GW&K in 1994, Marty was employed by Mutual Fund Services Company as a senior fund accountant. Marty received his BA in Economics from Boston College in 1991, and Masters in International Economics from Suffolk University in 2002. He is a CFA® charterholder and a member of the CFA Institute, the CFA Society Boston, the Boston Security Analysts Society, the Boston Municipal Analysts Forum, and the National Federation of Municipal Analysts. Brian T. Moreland, CFA PARTNER AND PORTFOLIO MANAGER Brian is a partner of the firm and has been a portfolio manager on the municipal bond team since 2008. He has primary responsibility for GW&K’s Municipal Enhanced Yield, 2-8 Year Municipal Bond, and Short-Term Municipal Bond Strategies, and he trades bonds across the credit spectrum from AAA to BBB. Brian is a member of the firm's Investment Committee. Brian joined GW&K in 1998 soon after graduating college. He started as an operations specialist and shortly thereafter transitioned to the municipal bond team to support the research and trading efforts for the firm’s growing municipal bond strategies. Through the years he developed expertise in researching municipal credits across the quality spectrum and gained a deep understanding of the vast and complex municipal bond market. Brian received his BS in Finance from Boston College in 1997. He is a CFA® charterholder, and is a member of the Boston Municipal Analysts Forum, the National Federation of Municipal Analysts, the CFA Institute, and the CFA Society Boston. Kara M. South, CFA PRINCIPAL, MUNICIPAL BOND PORTFOLIO MANAGER Kara is a portfolio manager for all of the firm’s municipal bond strategies and is a member of the Investment Committee and ESG Committee. As a seasoned fixed income manager with deep knowledge of the market, including experience managing taxable municipal bonds and ESG strategies, she is able to draw on her extensive research and management expertise in the evaluation of market risks, opportunities, and strategic portfolio positioning. Kara joins GW&K from Income Research + Management (IR+M), where she was a senior portfolio manager and co-director of credit research and a member of the Investment Committee. Prior to IR+M, she was a securities valuation analyst at John Hancock Financial. She began her career at Wachovia Corporation (now Wells Fargo) as an interest rate derivative analyst. Kara earned a BA in Economics and Psychology from Cornell University. She is a CFA® charterholder and is a member of the CFA Institute, the CFA Society Boston, the Boston Municipal Analysts Forum, and the National Federation of Municipal Analysts. In addition, she holds the Fundamentals of Sustainability Accounting (FSA) certificate. Performance Performance Read Important Investment Disclosures Returns Trailing Returns Trailing Returns Monthly Quarterly Calendar Year Returns The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month-end please call 800.548.4539. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the fund inception date preceded the benchmark, the benchmark data will not be shown. Returns for periods shorter than one year are not annualized. Expense Ratios Gross Expense Ratio: 0.46% Net Expense Ratio: 0.39% 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 Sep 26, 2024 $0.025400 $0.025400 — — Aug 28, 2024 $0.025300 $0.025300 — — Jul 29, 2024 $0.024900 $0.024900 — — Jun 26, 2024 $0.023900 $0.023900 — — May 29, 2024 $0.024400 $0.024400 — — Apr 26, 2024 $0.023500 $0.023500 — — Mar 26, 2024 $0.025800 $0.025800 — — Feb 27, 2024 $0.019000 $0.019000 — — Jan 29, 2024 $0.023000 $0.023000 — — Dec 14, 2023 $0.022400 $0.022400 — — Nov 28, 2023 $0.021900 $0.021900 — — Oct 27, 2023 $0.022100 $0.022100 — — Sep 27, 2023 $0.021000 $0.021000 — — Aug 29, 2023 $0.021700 $0.021700 — — Jul 27, 2023 $0.020600 $0.020600 — — Jun 28, 2023 $0.020300 $0.020300 — — May 26, 2023 $0.019300 $0.019300 — — Apr 26, 2023 $0.018800 $0.018800 — — Mar 29, 2023 $0.019600 $0.019600 — — Feb 24, 2023 $0.017500 $0.017500 — — Jan 27, 2023 $0.019000 $0.019000 — — Dec 15, 2022 $0.038800 $0.020300 $0.000900 $0.017600 Nov 28, 2022 $0.017700 $0.017700 — — Oct 27, 2022 $0.018300 $0.018300 — — Sep 28, 2022 $0.016700 $0.016700 — — Aug 29, 2022 $0.016600 $0.016600 — — Jul 27, 2022 $0.016300 $0.016300 — — Jun 28, 2022 $0.015900 $0.015900 — — May 26, 2022 $0.015800 $0.015800 — — Apr 27, 2022 $0.014800 $0.014800 — — Mar 29, 2022 $0.014200 $0.014200 — — Feb 24, 2022 $0.012100 $0.012100 — — Jan 27, 2022 $0.013600 $0.013600 — — Dec 15, 2021 $0.110300 $0.013800 $0.007400 $0.089100 Nov 26, 2021 $0.013200 $0.013200 — — Oct 27, 2021 $0.013500 $0.013500 — — Sep 28, 2021 $0.013000 $0.013000 — — Aug 27, 2021 $0.013900 $0.013900 — — Jul 28, 2021 $0.014400 $0.014400 — — Jun 28, 2021 $0.013800 $0.013800 — — May 26, 2021 $0.014300 $0.014300 — — Apr 28, 2021 $0.013500 $0.013500 — — Mar 29, 2021 $0.014300 $0.014300 — — Feb 24, 2021 $0.013300 $0.013300 — — Jan 27, 2021 $0.015000 $0.015000 — — Dec 16, 2020 $0.049600 $0.014900 $0.000900 $0.033800 Nov 25, 2020 $0.014300 $0.014300 — — Oct 28, 2020 $0.015600 $0.015600 — — Sep 28, 2020 $0.014800 $0.014800 — — Aug 27, 2020 $0.015700 $0.015700 — — Jul 29, 2020 $0.015700 $0.015700 — — Jun 26, 2020 $0.015500 $0.015500 — — May 27, 2020 $0.016200 $0.016200 — — Apr 28, 2020 $0.016900 $0.016900 — — Mar 27, 2020 $0.018600 $0.018600 — — Feb 26, 2020 $0.016900 $0.016900 — — Jan 29, 2020 $0.018400 $0.018400 — — Dec 16, 2019 $0.018500 $0.018500 — — Nov 26, 2019 $0.018000 $0.018000 — — Oct 29, 2019 $0.019000 $0.019000 — — Sep 26, 2019 $0.018800 $0.018800 — — Aug 28, 2019 $0.019300 $0.019300 — — Jul 29, 2019 $0.019500 $0.019500 — — Jun 26, 2019 $0.019700 $0.019700 — — May 29, 2019 $0.019700 $0.019700 — — Apr 26, 2019 $0.019300 $0.019300 — — Mar 27, 2019 $0.019700 $0.019700 — — Feb 26, 2019 $0.017900 $0.017900 — — Jan 29, 2019 $0.019600 $0.019600 — — Dec 27, 2018 $0.023900 $0.020200 — $0.003700 Nov 28, 2018 $0.018900 $0.018900 — — Oct 29, 2018 $0.018800 $0.018800 — — Sep 26, 2018 $0.017800 $0.017800 — — Aug 29, 2018 $0.018000 $0.018000 — — Jul 27, 2018 $0.017800 $0.017800 — — Jun 27, 2018 $0.017100 $0.017100 — — May 29, 2018 $0.017700 $0.017700 — — Apr 26, 2018 $0.017100 $0.017100 — — Mar 27, 2018 $0.017400 $0.017400 — — Feb 26, 2018 $0.015400 $0.015400 — — Jan 29, 2018 $0.016500 $0.016500 — — Dec 27, 2017 $0.028500 $0.017000 — $0.011500 Nov 27, 2017 $0.015800 $0.015800 — — Oct 26, 2017 $0.016100 $0.016100 — — Sep 26, 2017 $0.015600 $0.015600 — — Aug 28, 2017 $0.016300 $0.016300 — — Jul 26, 2017 $0.016100 $0.016100 — — Jun 27, 2017 $0.016000 $0.016000 — — May 25, 2017 $0.015800 $0.015800 — — Apr 25, 2017 $0.015500 $0.015500 — — Mar 28, 2017 $0.016200 $0.016200 — — Feb 23, 2017 $0.014600 $0.014600 — — Jan 26, 2017 $0.015800 $0.015800 — — Dec 27, 2016 $0.224100 $0.015900 $0.133000 $0.075200 Nov 25, 2016 $0.015200 $0.015200 — — Oct 26, 2016 $0.014900 $0.014900 — — Sep 27, 2016 $0.014000 $0.014000 — — Aug 26, 2016 $0.013500 $0.013500 — — Jul 26, 2016 $0.014300 $0.014300 — — Jun 27, 2016 $0.014500 $0.014500 — — May 25, 2016 $0.014900 $0.014900 — — Apr 26, 2016 $0.013400 $0.013400 — — Mar 28, 2016 $0.014200 $0.014200 — — Feb 24, 2016 $0.012900 $0.012900 — — Jan 26, 2016 $0.015900 $0.015900 — — Dec 28, 2015 $0.167800 $0.017300 $0.040100 $0.110400 Nov 24, 2015 $0.017800 $0.017800 — — Oct 27, 2015 $0.017700 $0.017700 — — Sep 25, 2015 $0.016700 $0.016700 — — Aug 26, 2015 $0.018100 $0.018100 — — Jul 28, 2015 $0.017300 $0.017300 — — Jun 25, 2015 $0.017100 $0.017100 — — May 26, 2015 $0.017500 $0.017500 — — Apr 27, 2015 $0.016400 $0.016400 — — Mar 26, 2015 $0.015200 $0.015200 — — Feb 24, 2015 $0.015200 $0.015200 — — Jan 27, 2015 $0.018000 $0.018000 — — Dec 26, 2014 $0.059700 $0.019800 $0.015300 $0.024600 Nov 24, 2014 $0.018000 $0.018000 — — Oct 28, 2014 $0.019500 $0.019500 — — Sep 25, 2014 $0.019500 $0.019500 — — Aug 26, 2014 $0.019800 $0.019800 — — Jul 28, 2014 $0.019000 $0.019000 — — Jun 25, 2014 $0.019000 $0.019000 — — May 27, 2014 $0.019000 $0.019000 — — Apr 25, 2014 $0.018500 $0.018500 — — Mar 26, 2014 $0.018500 $0.018500 — — Feb 25, 2014 $0.017500 $0.017500 — — Jan 28, 2014 $0.020000 $0.020000 — — Dec 26, 2013 $0.063500 $0.020000 $0.023400 $0.020100 Nov 25, 2013 $0.018000 $0.018000 — — Oct 28, 2013 $0.018000 $0.018000 — — Sep 25, 2013 $0.016000 $0.016000 — — Aug 27, 2013 $0.021500 $0.021500 — — Jul 26, 2013 $0.020000 $0.020000 — — Jun 25, 2013 $0.018500 $0.018500 — — May 28, 2013 $0.020000 $0.020000 — — Apr 25, 2013 $0.019500 $0.019500 — — Mar 25, 2013 $0.018500 $0.018500 — — Feb 26, 2013 — — — — Feb 25, 2013 $0.016000 $0.016000 — — Jan 28, 2013 $0.018000 $0.018000 — — Dec 26, 2012 $0.102500 $0.021000 $0.030700 $0.050800 Nov 27, 2012 $0.020000 $0.020000 — — Oct 26, 2012 $0.020000 $0.020000 — — Sep 25, 2012 $0.020000 $0.020000 — — Aug 28, 2012 $0.021500 $0.021500 — — Jul 26, 2012 $0.020000 $0.020000 — — Jun 26, 2012 $0.018500 $0.018500 — — May 25, 2012 $0.021000 $0.021000 — — Apr 25, 2012 $0.021000 $0.021000 — — Mar 27, 2012 $0.021500 $0.021500 — — Feb 24, 2012 $0.018500 $0.018500 — — Jan 26, 2012 $0.023000 $0.023000 — — Dec 27, 2011 $0.070600 $0.024600 $0.030000 $0.016000 Nov 25, 2011 $0.023500 $0.023500 — — Oct 26, 2011 $0.025500 $0.025500 — — Sep 27, 2011 $0.022000 $0.022000 — — Aug 26, 2011 $0.026500 $0.026500 — — Jul 26, 2011 $0.027000 $0.027000 — — Jun 27, 2011 $0.022400 $0.022400 — — May 25, 2011 $0.027500 $0.027500 — — Apr 26, 2011 $0.029600 $0.029600 — — Mar 28, 2011 $0.030000 $0.030000 — — Feb 23, 2011 $0.027600 $0.027600 — — Jan 26, 2011 $0.028600 $0.028600 — — Dec 28, 2010 $0.101500 $0.031400 $0.022100 $0.048000 Nov 24, 2010 $0.028000 $0.028000 — — Oct 26, 2010 $0.027500 $0.027500 — — Sep 27, 2010 $0.026000 $0.026000 — — Aug 26, 2010 $0.030000 $0.030000 — — Jul 27, 2010 $0.031000 $0.031000 — — Jun 25, 2010 $0.030000 $0.030000 — — May 25, 2010 $0.031000 $0.031000 — — Apr 27, 2010 $0.031000 $0.031000 — — Mar 26, 2010 $0.031500 $0.031500 — — Feb 23, 2010 $0.027500 $0.027500 — — Jan 26, 2010 $0.025100 $0.025100 — — Dec 28, 2009 $0.089200 $0.034100 $0.055100 — Nov 24, 2009 $0.040100 $0.040100 — — Oct 27, 2009 $0.030000 $0.030000 — — Sep 25, 2009 $0.025000 $0.025000 — — Aug 26, 2009 $0.020000 $0.020000 — — Jul 28, 2009 $0.015000 $0.015000 — — From: To: Risk & Return Statistics As of: 09/30/2024 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. -0.08 -0.47 -0.51 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. 7.61 6.49 5.24 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. -0.47 -0.21 0.10 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. 108.80 101.10 98.00 Downside Capture Ratio (%) Downside Capture Ratio (%) measures a manager's performance in down markets relative to a particular benchmark. A down market is one in which the market's quarterly (or monthly) return is less than zero. For example, a ratio of 50% means that the portfolio's value fell half as much as its benchmark index during down markets. 107.42 105.44 104.37 Beta Beta measures the relationship between the portfolio's excess return over T-bills (representing a risk-free rate) relative to the excess return of the portfolio's benchmark. A low beta does not imply that the portfolio has a low level of volatility; rather, a low beta means that the portfolio's market-related risk is low. Beta is often referred to as systematic risk. 1.09 1.06 1.04 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. 99.30 98.97 98.73 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 0.75 0.63 View All Characteristics & Statistics All Characteristics & Statistics GW&K Municipal Bond Fund (GWMIX) Portfolio Characteristics (Fixed Income) Risk & Return Effective Maturity Fund Holdings Fund Bloomberg 10-Year Municipal Bond Index Fund Assets (Mil.$) $1,010 Number of Holdings 196 11663 Average Effective Duration (years) 6.14 5.5 Average Modified Duration (years) 7.89 Convexity 0.06 -0.15 Average Maturity (years) 6.9 9.88 Yield to Maturity 3.88% Yield to Worst 3.51% 3.45% Current Yield 4.52% 4.36% SEC 30-Day Yield (%) 3.14% SEC 30-Day Yield (%) w/o fee 3.08% Average Coupon 4.88% 4.57% Average Price 107.4 104.83 Average Credit Quality AA- AA2/AA3 Trailing 12-Months Portfolio Turnover 29.69% % Callable 76.91% As of: 06/30/2024 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. -0.08 -0.47 -0.51 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. 7.61 6.49 5.24 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. -0.47 -0.21 0.10 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. 108.80 101.10 98.00 Downside Capture Ratio (%) Downside Capture Ratio (%) measures a manager's performance in down markets relative to a particular benchmark. A down market is one in which the market's quarterly (or monthly) return is less than zero. For example, a ratio of 50% means that the portfolio's value fell half as much as its benchmark index during down markets. 107.42 105.44 104.37 Beta Beta measures the relationship between the portfolio's excess return over T-bills (representing a risk-free rate) relative to the excess return of the portfolio's benchmark. A low beta does not imply that the portfolio has a low level of volatility; rather, a low beta means that the portfolio's market-related risk is low. Beta is often referred to as systematic risk. 1.09 1.06 1.04 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. 99.30 98.97 98.73 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 0.75 0.63 Information Ratio Information Ratio s a ratio of portfolio returns above the returns of a benchmark (usually an index) to the volatility of those returns. The information ratio (IR) measures a portfolio manager's ability to generate excess returns relative to a benchmark, but also attempts to identify the consistency of the investor. This ratio will identify if a manager has beaten the benchmark by a lot in a few months or a little every month. The higher the IR, the more consistent a manager is, and consistency is an ideal trait. -0.10 -0.54 -0.65 Treynor Ratio (%) Treynor Ratio (%) , which was developed by Jack Treynor, measures reward per unit of beta risk. It measures returns earned in excess of that which could have been earned on a less risk investment per each unit of market risk. The Treynor Ratio relates the difference between the portfolio return and the risk-free rate to the portfolio beta for a given time period. -3.31 -1.29 0.50 Max Drawdown Max Drawdown is the maximum loss from a peak to a trough of a portfolio, before a new peak is attained. Maximum Drawdown is an indicator of downside risk over a specified time period. -12.12 -12.79 -12.79 As of: 09/30/2024 Maturity Fund Less Than 2 Years 5.74% 2 to 5 Years 23.45% 5 to 10 Years 62.44% 10 to 15 Years 7.16% More Than 15 Years 1.20% NA 0.00% As of: 06/30/2024 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Fixed) As of: 06/30/2024 Iowa Finance Authority Fixed 1.56% Metropolitan Transportation Authority Fixed 1.48% Triborough Bridge & Tunnel Authority Fixed 1.37% Commonwealth of Massachusetts Fixed 1.28% State of Maryland Department of Transportation Fixed 1.27% State Of Maryland Department Of Transportation Fixed 1.27% Louisiana Stadium & Exposition District Fixed 1.24% City of San Antonio TX Electric & Gas Systems Revenue Fixed 1.18% State of Illinois Fixed 1.09% Wisconsin Department of Transportation Fixed 1.08% % in Top 10 Holdings 12.82% View Holding Details Holding Details GW&K Municipal Bond Fund (GWMIX) Top 10 Holdings (Fixed Income) All Holdings Fund Holdings Coupon Maturity % of Net Assets Iowa Finance Authority Fixed 5% Aug 2030 1.56% Metropolitan Transportation Authority Fixed 5% Nov 2027 1.48% Triborough Bridge & Tunnel Authority Fixed 5% Nov 2036 1.37% Commonwealth of Massachusetts Fixed 5% Mar 2032 1.28% State of Maryland Department of Transportation Fixed 5% Sep 2029 1.27% State Of Maryland Department Of Transportation Fixed 5% Oct 2028 1.27% Louisiana Stadium & Exposition District Fixed 5% Jul 2042 1.24% City of San Antonio TX Electric & Gas Systems Revenue Fixed 5% Feb 2031 1.18% State of Illinois Fixed 5% May 2034 1.09% Wisconsin Department of Transportation Fixed 5% Jul 2029 1.08% % in Top 10 Holdings 12.82% As of: 06/30/2024 Download All Holdings (PDF) As of: 08/31/2024 Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund Iowa Finance Authority Fixed 5.00% Aug 2030 Municipal Bond B US USD 15,025,000 105.95 $15,919,338 1.54% Pennsylvania Turnpike Commission Fixed 5.00% Dec 2043 Municipal Bond B US USD 14,145,000 111.88 $15,825,287 1.53% Metropolitan Transportation Authority Fixed 5.00% Nov 2027 Municipal Bond B US USD 14,225,000 106.75 $15,185,886 1.47% Triborough Bridge & Tunnel Authority Fixed 5.00% Nov 2036 Municipal Bond B US USD 12,000,000 117.09 $14,050,622 1.36% State of Maryland Department of Transportation Fixed 5.00% Sep 2029 Municipal Bond B US USD 12,205,000 106.67 $13,019,366 1.26% State Of Maryland Department Of Transportation Fixed 5.00% Oct 2028 Municipal Bond B US USD 12,365,000 104.44 $12,914,342 1.25% Louisiana Stadium & Exposition District Fixed 5.00% Jul 2042 Municipal Bond B US USD 11,500,000 110.21 $12,673,768 1.22% City of San Antonio TX Electric & Gas Systems Revenue Fixed 5.00% Feb 2031 Municipal Bond B US USD 10,715,000 112.74 $12,079,710 1.17% State of Illinois Fixed 5.00% May 2034 Municipal Bond B US USD 10,000,000 111.27 $11,126,761 1.07% Illinois State Toll Highway Authority Fixed 5.00% Jan 2030 Municipal Bond B US USD 10,110,000 109.34 $11,054,058 1.07% Wisconsin Department of Transportation Fixed 5.00% Jul 2029 Municipal Bond B US USD 10,405,000 106.15 $11,044,583 1.07% State of Connecticut Special Tax Revenue Fixed 5.00% Jan 2030 Municipal Bond B US USD 10,180,000 106.90 $10,882,441 1.05% New York Transportation Development Corp Fixed 5.00% Dec 2036 Municipal Bond B US USD 10,000,000 107.49 $10,748,591 1.04% Chicago O'Hare International Airport Fixed 5.00% Jan 2036 Municipal Bond B US USD 10,050,000 104.84 $10,536,139 1.02% New York State Dormitory Authority Fixed 5.00% Mar 2041 Municipal Bond B US USD 9,340,000 112.47 $10,504,371 1.01% Florida Development Finance Corp Fixed 4.00% Nov 2033 Municipal Bond B US USD 10,000,000 104.19 $10,419,087 1.01% State Board of Administration Finance Corp Fixed 5.53% Jul 2034 Municipal Bond B US USD 10,000,000 103.70 $10,370,024 1.00% State of Washington Fixed 5.00% Jul 2031 Municipal Bond B US USD 9,975,000 100.61 $10,036,260 0.97% Illinois State Toll Highway Authority Fixed 5.00% Dec 2031 Municipal Bond B US USD 9,735,000 102.30 $9,958,845 0.96% Virginia College Building Authority Fixed 5.00% Feb 2033 Municipal Bond B US USD 8,250,000 116.72 $9,629,095 0.93% North Carolina Turnpike Authority Fixed 5.00% Jan 2058 Municipal Bond B US USD 9,000,000 106.41 $9,576,841 0.92% State of Illinois Fixed 5.25% Mar 2037 Municipal Bond B US USD 8,500,000 111.46 $9,473,763 0.91% Lamar Consolidated Independent School District Fixed 5.00% Feb 2034 Municipal Bond B US USD 7,965,000 115.11 $9,168,526 0.88% City of New York NY Fixed 5.00% Apr 2032 Municipal Bond B US USD 7,705,000 114.95 $8,856,924 0.85% New Jersey Transportation Trust Fund Authority Fixed 5.00% Jun 2031 Municipal Bond B US USD 7,615,000 112.73 $8,584,370 0.83% New York State Dormitory Authority Fixed 5.00% Mar 2032 Municipal Bond B US USD 8,410,000 102.01 $8,579,003 0.83% Commonwealth Financing Authority Fixed 5.00% Jun 2032 Municipal Bond B US USD 7,910,000 106.63 $8,434,412 0.81% Alabama Public School And College Authority Fixed 5.00% Nov 2034 Municipal Bond B US USD 7,500,000 112.02 $8,401,401 0.81% New York State Dormitory Authority Fixed 5.00% Mar 2031 Municipal Bond B US USD 7,670,000 108.49 $8,320,845 0.80% Energy Northwest Fixed 5.00% Jul 2035 Municipal Bond B US USD 7,000,000 116.48 $8,153,363 0.79% State Of Connecticut Special Tax Revenue Fixed 5.00% Oct 2035 Municipal Bond B US USD 7,500,000 107.19 $8,039,583 0.78% New Jersey Economic Development Authority Fixed 5.25% Nov 2040 Municipal Bond B US USD 7,000,000 111.69 $7,818,154 0.75% Leander Independent School District Fixed 5.00% Feb 2032 Municipal Bond B US USD 6,795,000 114.71 $7,794,877 0.75% NY Transitional Finance Auth Future Tax Secured Rev Fixed 5.00% Feb 2037 Municipal Bond B US USD 7,000,000 110.74 $7,752,046 0.75% North Texas Municipal Water District Fixed 5.00% Sep 2029 Municipal Bond B US USD 7,350,000 104.16 $7,655,901 0.74% State of Washington Fixed 5.00% Feb 2028 Municipal Bond B US USD 7,370,000 103.19 $7,605,124 0.73% Richland County School District No 2 Fixed 2.00% Mar 2039 Municipal Bond B US USD 10,080,000 75.39 $7,599,755 0.73% City of San Antonio TX Electric & Gas Systems Revenue Fixed 5.00% Feb 2039 Municipal Bond B US USD 6,455,000 114.07 $7,363,459 0.71% State of Florida Turnpike System Revenue Fixed 5.00% Jul 2028 Municipal Bond B US USD 7,075,000 104.04 $7,360,565 0.71% City of New York NY Fixed 5.00% Apr 2033 Municipal Bond B US USD 6,500,000 112.36 $7,303,358 0.70% Port Authority of New York & New Jersey Fixed 5.00% Jul 2032 Municipal Bond B US USD 6,545,000 108.48 $7,100,008 0.69% Maryland State Transportation Authority Fixed 5.00% Jul 2033 Municipal Bond B US USD 6,350,000 111.42 $7,075,210 0.68% New Jersey Transportation Trust Fund Authority Fixed 5.00% Jun 2030 Municipal Bond B US USD 6,255,000 111.43 $6,969,839 0.67% University Of California Fixed 5.00% May 2040 Municipal Bond B US USD 6,000,000 115.81 $6,948,660 0.67% Connecticut State Health & Educational Facilities Auth Fixed 5.00% Jul 2031 Municipal Bond B US USD 6,205,000 111.77 $6,935,612 0.67% City of Salt Lake City UT Airport Revenue Fixed 5.00% Jul 2030 Municipal Bond B US USD 6,585,000 105.20 $6,927,209 0.67% Lower Colorado River Authority Fixed 5.00% May 2031 Municipal Bond B US USD 6,000,000 112.81 $6,768,740 0.65% City of Chattanooga TN Electric Revenue Fixed 2.00% Sep 2039 Municipal Bond B US USD 8,925,000 75.46 $6,734,788 0.65% New Jersey Transportation Trust Fund Authority Fixed 5.00% Jun 2033 Municipal Bond B US USD 6,000,000 111.54 $6,692,153 0.65% State Of Maryland Fixed 5.00% Mar 2030 Municipal Bond B US USD 6,000,000 110.28 $6,616,648 0.64% Pennsylvania Economic Development Financing Authority Fixed 5.75% Jun 2048 Municipal Bond B US USD 6,000,000 109.64 $6,578,158 0.63% Pennsylvania Housing Finance Agency Fixed 4.50% Oct 2044 Municipal Bond B US USD 6,500,000 100.27 $6,517,662 0.63% New Jersey Transportation Trust Fund Authority Fixed 5.00% Jun 2032 Municipal Bond B US USD 5,750,000 112.21 $6,451,916 0.62% City of San Antonio TX Electric & Gas Systems Revenue Fixed 5.00% Feb 2034 Municipal Bond B US USD 5,460,000 115.38 $6,299,990 0.61% County of Jefferson AL Sewer Revenue Fixed 5.25% Oct 2049 Municipal Bond B US USD 5,810,000 107.99 $6,274,006 0.61% District of Columbia Fixed 5.00% Jun 2030 Municipal Bond B US USD 6,020,000 103.50 $6,230,799 0.60% Escambia County Health Facilities Authority Fixed 5.00% Aug 2037 Municipal Bond B US USD 6,000,000 103.25 $6,195,283 0.60% New Jersey Turnpike Authority Fixed 5.00% Jan 2028 Municipal Bond B US USD 6,000,000 103.20 $6,191,953 0.60% San Francisco City & County Airport Fixed 5.00% May 2035 Municipal Bond B US USD 5,800,000 106.25 $6,162,574 0.59% City of Los Angeles Department of Airports Fixed 5.00% May 2030 Municipal Bond B US USD 5,515,000 109.33 $6,029,463 0.58% Illinois Finance Authority Fixed 4.00% Aug 2037 Municipal Bond B US USD 5,910,000 101.80 $6,016,102 0.58% West Virginia Hospital Finance Authority Fixed 6.00% Sep 2048 Municipal Bond B US USD 5,250,000 114.31 $6,001,257 0.58% New York State Dormitory Authority Fixed 5.00% Mar 2040 Municipal Bond B US USD 5,250,000 113.05 $5,935,062 0.57% Intermountain Power Agency Fixed 5.00% Jul 2034 Municipal Bond B US USD 5,250,000 112.77 $5,920,449 0.57% County of Harris TX Toll Road Revenue Fixed 5.00% Aug 2034 Municipal Bond B US USD 5,000,000 116.64 $5,831,929 0.56% Massachusetts Bay Transportation Authority Sales Tax Revenue Fixed 5.00% Jul 2038 Municipal Bond B US USD 5,000,000 116.15 $5,807,672 0.56% State of California Fixed 5.00% Sep 2035 Municipal Bond B US USD 5,000,000 116.08 $5,803,870 0.56% Denton Independent School District Fixed 5.00% Aug 2033 Municipal Bond B US USD 5,000,000 116.06 $5,803,169 0.56% City of New York NY Fixed 5.00% Aug 2034 Municipal Bond B US USD 5,000,000 115.89 $5,794,407 0.56% City of Glendale AZ Fixed 5.00% Jul 2036 Municipal Bond B US USD 4,920,000 117.29 $5,770,654 0.56% Pennsylvania Turnpike Commission Fixed 5.00% Dec 2033 Municipal Bond B US USD 5,000,000 115.33 $5,766,359 0.56% Chicago O'Hare International Airport Fixed 5.00% Jan 2038 Municipal Bond B US USD 5,500,000 104.36 $5,739,788 0.55% State of California Fixed 5.00% Oct 2036 Municipal Bond B US USD 5,000,000 114.73 $5,736,687 0.55% Indiana Finance Authority Fixed 5.00% Feb 2032 Municipal Bond B US USD 5,000,000 113.74 $5,687,132 0.55% Louisville/Jefferson County Metropolitan Government Fixed 5.00% Oct 2029 Municipal Bond B US USD 5,505,000 103.09 $5,675,320 0.55% City of New York NY Fixed 5.00% Sep 2040 Municipal Bond B US USD 5,000,000 112.90 $5,645,003 0.54% New York State Urban Development Corp Fixed 5.00% Mar 2032 Municipal Bond B US USD 5,000,000 112.63 $5,631,351 0.54% West Virginia Parkways Authority Fixed 5.00% Jun 2039 Municipal Bond B US USD 5,150,000 109.33 $5,630,619 0.54% Commonwealth of Massachusetts Fixed 5.00% Mar 2035 Municipal Bond B US USD 4,710,000 118.19 $5,566,946 0.54% County of Miami-Dade FL Aviation Revenue Fixed 5.00% Oct 2035 Municipal Bond B US USD 5,000,000 110.09 $5,504,316 0.53% District Of Columbia Fixed 5.00% Jun 2031 Municipal Bond B US USD 5,080,000 107.65 $5,468,744 0.53% New York City Transitional Finance Authority Fixed 5.00% Jul 2031 Municipal Bond B US USD 5,080,000 107.59 $5,465,522 0.53% Massachusetts Bay Transportation Authority Sales Tax Revenue Fixed 5.00% Jul 2039 Municipal Bond B US USD 4,730,000 115.36 $5,456,545 0.53% Port of Seattle WA Fixed 5.00% Aug 2031 Municipal Bond B US USD 5,000,000 108.95 $5,447,427 0.53% Long Island Power Authority Fixed 5.00% Sep 2035 Municipal Bond B US USD 5,030,000 106.90 $5,376,960 0.52% San Francisco City & County Airport Fixed 5.00% May 2034 Municipal Bond B US USD 5,010,000 106.46 $5,333,492 0.51% State Of Ohio Fixed 5.00% May 2030 Municipal Bond B US USD 5,000,000 106.01 $5,300,337 0.51% New York Transportation Development Corp Fixed 5.25% Jun 2049 Municipal Bond B US USD 5,000,000 105.39 $5,269,313 0.51% State of Texas Fixed 5.00% Oct 2029 Municipal Bond B US USD 5,000,000 102.35 $5,117,460 0.49% North Texas Tollway Authority Fixed 5.25% Jan 2038 Municipal Bond B US USD 4,500,000 113.23 $5,095,440 0.49% Texas Private Activity Bond Surface Transportation Co Fixed 4.00% Dec 2037 Municipal Bond B US USD 5,000,000 100.85 $5,042,253 0.49% Florida Housing Finance Corp Fixed 4.50% Jul 2044 Municipal Bond B US USD 5,000,000 100.47 $5,023,480 0.48% Metropolitan Transportation Authority Fixed 5.00% Nov 2028 Municipal Bond B US USD 4,760,000 102.44 $4,876,231 0.47% State of Washington Fixed 5.00% Aug 2031 Municipal Bond B US USD 4,680,000 103.93 $4,864,037 0.47% New York City Municipal Water Finance Authority Fixed 5.00% Jun 2036 Municipal Bond B US USD 4,000,000 120.68 $4,827,063 0.47% Richland County School District No 2 Fixed 2.00% Mar 2038 Municipal Bond B US USD 6,190,000 77.81 $4,816,372 0.46% Orange County Health Facilities Authority Fixed 5.00% Oct 2031 Municipal Bond B US USD 4,525,000 103.72 $4,693,323 0.45% Massachusetts Development Finance Agency Fixed 5.25% Jul 2048 Municipal Bond B US USD 4,250,000 109.66 $4,660,485 0.45% County of Harris TX Toll Road Revenue Fixed 5.00% Aug 2036 Municipal Bond B US USD 4,000,000 116.46 $4,658,242 0.45% Triborough Bridge & Tunnel Authority Fixed 5.00% Nov 2033 Municipal Bond B US USD 3,970,000 116.97 $4,643,776 0.45% Rhode Island Health and Educational Building Corp Fixed 5.25% May 2049 Municipal Bond B US USD 4,300,000 107.71 $4,631,343 0.45% New York City Transitional Finance Authority Fixed 5.00% Nov 2039 Municipal Bond B US USD 4,000,000 114.59 $4,583,448 0.44% Colorado Health Facilities Authority Fixed 5.00% Aug 2033 Municipal Bond B US USD 4,260,000 107.29 $4,570,761 0.44% Utah Transit Authority Fixed 5.00% Jun 2040 Municipal Bond B US USD 4,000,000 113.67 $4,546,966 0.44% New York State Thruway Authority Fixed 5.00% Jan 2031 Municipal Bond B US USD 4,430,000 100.58 $4,455,635 0.43% NYC Transitional Finance Auth Future Tax Secured Rev Fixed 5.00% Feb 2039 Municipal Bond B US USD 4,000,000 111.13 $4,445,050 0.43% New Jersey Turnpike Authority Fixed 5.00% Jan 2045 Municipal Bond B US USD 4,000,000 110.72 $4,428,852 0.43% Kentucky State Property & Building Commission Fixed 5.00% Nov 2029 Municipal Bond B US USD 4,000,000 110.61 $4,424,301 0.43% Chicago O'Hare International Airport Fixed 5.00% Jan 2035 Municipal Bond B US USD 4,010,000 108.98 $4,369,955 0.42% State of California Fixed 5.00% Sep 2029 Municipal Bond B US USD 4,075,000 104.42 $4,255,250 0.41% Prosper Independent School District Fixed 1.75% Feb 2035 Municipal Bond B US USD 5,155,000 79.44 $4,095,222 0.40% Illinois Finance Authority Fixed 5.00% Apr 2034 Municipal Bond B US USD 3,500,000 117.00 $4,094,846 0.40% South Carolina Public Service Authority Fixed 5.00% Dec 2043 Municipal Bond B US USD 3,725,000 109.14 $4,065,490 0.39% Intermountain Power Agency Fixed 5.00% Jul 2033 Municipal Bond B US USD 3,500,000 115.17 $4,030,785 0.39% Intermountain Power Agency Fixed 5.00% Jul 2034 Municipal Bond B US USD 3,500,000 114.44 $4,005,327 0.39% Arizona Board of Regents Fixed 5.00% Aug 2031 Municipal Bond B US USD 3,400,000 114.20 $3,882,757 0.37% Texas Private Activity Bond Surface Transportation Co Fixed 4.00% Dec 2038 Municipal Bond B US USD 3,735,000 100.49 $3,753,163 0.36% Intermountain Power Agency Fixed 5.00% Jul 2035 Municipal Bond B US USD 3,250,000 114.13 $3,709,348 0.36% New York State Dormitory Authority Fixed 5.00% Mar 2033 Municipal Bond B US USD 3,200,000 114.54 $3,665,374 0.35% Michigan Finance Authority Fixed 5.00% Nov 2029 Municipal Bond B US USD 3,500,000 103.88 $3,635,806 0.35% City of New York NY Fixed 5.00% Aug 2034 Municipal Bond B US USD 3,250,000 111.00 $3,607,353 0.35% City of Tallahassee FL Utility System Revenue Fixed 5.00% Oct 2036 Municipal Bond B US USD 3,000,000 116.76 $3,502,863 0.34% Illinois State Toll Highway Authority Fixed 5.00% Jan 2036 Municipal Bond B US USD 3,000,000 116.70 $3,500,988 0.34% New Jersey Economic Development Authority Fixed 5.25% Jun 2036 Municipal Bond B US USD 3,000,000 116.56 $3,496,948 0.34% Denton Independent School District Fixed 5.00% Aug 2035 Municipal Bond B US USD 3,000,000 116.51 $3,495,386 0.34% Omaha Public Power District Fixed 5.00% Feb 2036 Municipal Bond B US USD 3,000,000 115.98 $3,479,415 0.34% Illinois Finance Authority Fixed 5.00% Apr 2035 Municipal Bond B US USD 2,970,000 116.40 $3,457,177 0.33% Washington Health Care Facilities Authority Fixed 5.00% Aug 2038 Municipal Bond B US USD 3,270,000 105.62 $3,453,892 0.33% City of San Antonio TX Electric & Gas Systems Revenue Fixed 5.00% Feb 2035 Municipal Bond B US USD 3,000,000 114.10 $3,423,033 0.33% NY Transitional Finance Auth Future Tax Secured Rev Fixed 5.00% Nov 2032 Municipal Bond B US USD 3,000,000 113.54 $3,406,293 0.33% New York State Dormitory Authority Fixed 5.00% Mar 2032 Municipal Bond B US USD 3,000,000 113.17 $3,394,974 0.33% City of Corpus Christi TX Utility System Revenue Fixed 5.00% Jul 2029 Municipal Bond B US USD 3,125,000 107.92 $3,372,648 0.33% County of Union NC Enterprise System Revenue Fixed 1.85% Jun 2036 Municipal Bond B US USD 4,315,000 78.12 $3,371,044 0.33% Lee Memorial Health System Fixed 5.00% Apr 2034 Municipal Bond B US USD 3,145,000 106.80 $3,358,965 0.32% Connecticut State Health & Educational Facilities Auth Fixed 5.00% Jul 2034 Municipal Bond B US USD 3,100,000 108.14 $3,352,464 0.32% NYC Transitional Finance Auth Future Tax Secured Rev Fixed 5.00% May 2041 Municipal Bond B US USD 3,000,000 111.72 $3,351,662 0.32% County of Union NC Enterprise System Revenue Fixed 1.75% Jun 2035 Municipal Bond B US USD 4,225,000 79.09 $3,341,571 0.32% Kentucky State Property & Building Commission Fixed 5.00% Nov 2029 Municipal Bond B US USD 3,010,000 110.61 $3,329,286 0.32% Pennsylvania Economic Development Financing Authority Fixed 5.25% Jun 2035 Municipal Bond B US USD 3,000,000 110.49 $3,314,553 0.32% City of San Antonio TX Electric & Gas Systems Revenue Fixed 5.00% Feb 2037 Municipal Bond B US USD 3,010,000 109.89 $3,307,807 0.32% San Francisco City & County Airport Fixed 5.00% May 2032 Municipal Bond B US USD 3,000,000 109.38 $3,281,435 0.32% New York Transportation Development Corp Fixed 6.00% Jun 2054 Municipal Bond B US USD 3,000,000 109.26 $3,277,717 0.32% City of San Antonio TX Electric & Gas Systems Revenue Fixed 5.00% Feb 2038 Municipal Bond B US USD 2,985,000 109.47 $3,267,734 0.32% North Texas Tollway Authority Fixed 5.00% Jan 2032 Municipal Bond B US USD 3,010,000 103.98 $3,129,725 0.30% City of Houston TX Airport System Revenue Fixed 5.00% Jul 2034 Municipal Bond B US USD 2,835,000 108.14 $3,065,707 0.30% New Jersey Transportation Trust Fund Authority Fixed 4.00% Jun 2037 Municipal Bond B US USD 3,000,000 102.00 $3,060,042 0.30% Louisiana Stadium & Exposition District Fixed 5.00% Jul 2040 Municipal Bond B US USD 2,750,000 111.17 $3,057,132 0.29% New Jersey Transportation Trust Fund Authority Fixed 5.25% Jun 2041 Municipal Bond B US USD 2,700,000 112.47 $3,036,659 0.29% Ohio Housing Finance Agency Fixed 4.35% Sep 2044 Municipal Bond B US USD 2,995,000 100.82 $3,019,592 0.29% Connecticut State Health & Educational Facilities Auth Fixed 5.00% Jul 2033 Municipal Bond B US USD 2,750,000 108.47 $2,982,938 0.29% Virginia Small Business Financing Authority Fixed 4.00% Jan 2037 Municipal Bond B US USD 3,000,000 99.02 $2,970,647 0.29% Virginia Small Business Financing Authority Fixed 4.00% Jan 2038 Municipal Bond B US USD 3,000,000 98.65 $2,959,535 0.29% State of California Fixed 5.00% Sep 2035 Municipal Bond B US USD 2,500,000 116.85 $2,921,321 0.28% Prosper Independent School District Fixed 1.75% Feb 2034 Municipal Bond B US USD 3,565,000 81.23 $2,895,891 0.28% New York City Transitional Finance Authority Fixed 5.00% Nov 2037 Municipal Bond B US USD 2,500,000 115.77 $2,894,291 0.28% South Jersey Transportation Authority Fixed 5.00% Nov 2041 Municipal Bond B US USD 2,615,000 107.54 $2,812,089 0.27% NYC Transitional Finance Auth Future Tax Secured Rev Fixed 5.00% May 2040 Municipal Bond B US USD 2,500,000 112.42 $2,810,422 0.27% New Jersey Transportation Trust Fund Authority Fixed 5.25% Jun 2042 Municipal Bond B US USD 2,500,000 111.89 $2,797,287 0.27% City of Houston TX Fixed 5.00% Mar 2041 Municipal Bond B US USD 2,500,000 110.96 $2,773,879 0.27% Central Texas Turnpike System Fixed 5.00% Aug 2039 Municipal Bond B US USD 2,500,000 110.83 $2,770,773 0.27% Louisiana Public Facilities Authority Fixed 5.50% Sep 2054 Municipal Bond B US USD 2,500,000 108.48 $2,712,003 0.26% County of Union NC Enterprise System Revenue Fixed 1.75% Jun 2034 Municipal Bond B US USD 3,300,000 80.69 $2,662,823 0.26% County of Union NC Enterprise System Revenue Fixed 2.13% Jun 2040 Municipal Bond B US USD 3,350,000 75.62 $2,533,157 0.24% Hospitals & Higher Education Facilities Auth of PA Fixed 4.00% Jul 2038 Municipal Bond B US USD 2,500,000 101.11 $2,527,682 0.24% City of Houston TX Fixed 5.00% Mar 2042 Municipal Bond B US USD 2,245,000 110.45 $2,479,491 0.24% South Carolina Public Service Authority Fixed 5.00% Dec 2041 Municipal Bond B US USD 2,250,000 110.16 $2,478,707 0.24% Maricopa County Industrial Development Authority Fixed 5.00% Dec 2040 Municipal Bond B US USD 2,150,000 111.14 $2,389,474 0.23% Allegheny County Airport Authority Fixed 5.00% Jan 2032 Municipal Bond B US USD 2,215,000 107.88 $2,389,443 0.23% Triborough Bridge & Tunnel Authority Fixed 5.00% Nov 2035 Municipal Bond B US USD 2,000,000 116.35 $2,327,017 0.22% New Jersey Economic Development Authority Fixed 5.25% Jun 2037 Municipal Bond B US USD 2,000,000 116.06 $2,321,273 0.22% Omaha Public Power District Fixed 5.00% Feb 2037 Municipal Bond B US USD 2,000,000 115.11 $2,302,153 0.22% City of Houston TX Fixed 5.00% Mar 2040 Municipal Bond B US USD 2,000,000 111.78 $2,235,651 0.22% State of Illinois Fixed 5.25% May 2042 Municipal Bond B US USD 2,000,000 111.28 $2,225,579 0.21% State of Illinois Fixed 5.25% May 2045 Municipal Bond B US USD 2,000,000 110.03 $2,200,521 0.21% West Virginia Parkways Authority Fixed 5.00% Jun 2038 Municipal Bond B US USD 2,000,000 109.98 $2,199,525 0.21% Chicago O'Hare International Airport Fixed 5.25% Jan 2041 Municipal Bond B US USD 2,000,000 109.19 $2,183,826 0.21% State of Louisiana Fixed 5.00% Sep 2030 Municipal Bond B US USD 2,000,000 107.98 $2,159,661 0.21% City of Salt Lake City UT Airport Revenue Fixed 5.00% Jul 2029 Municipal Bond B US USD 2,000,000 105.42 $2,108,425 0.20% New York Transportation Development Corp Fixed 5.00% Jun 2049 Municipal Bond B US USD 2,000,000 104.14 $2,082,804 0.20% North Texas Tollway Authority Fixed 5.00% Jan 2031 Municipal Bond B US USD 2,010,000 102.12 $2,052,657 0.20% Hospitals & Higher Education Facilities Auth of PA Fixed 4.00% Jul 2039 Municipal Bond B US USD 2,000,000 100.48 $2,009,675 0.19% New York State Dormitory Authority Fixed 4.00% May 2039 Municipal Bond B US USD 2,000,000 100.29 $2,005,791 0.19% West Virginia Parkways Authority Fixed 5.00% Jun 2037 Municipal Bond B US USD 1,750,000 110.48 $1,933,336 0.19% State of California Fixed 5.00% Aug 2032 Municipal Bond B US USD 1,630,000 115.79 $1,887,455 0.18% City of New York NY Fixed 5.00% Aug 2033 Municipal Bond B US USD 1,500,000 111.15 $1,667,224 0.16% Central Texas Turnpike System Fixed 5.00% Aug 2040 Municipal Bond B US USD 1,500,000 110.14 $1,652,164 0.16% Central Texas Turnpike System Fixed 5.00% Aug 2041 Municipal Bond B US USD 1,500,000 109.56 $1,643,408 0.16% New York Transportation Development Corp Fixed 5.00% Dec 2032 Municipal Bond B US USD 1,450,000 109.61 $1,589,345 0.15% Allegheny County Airport Authority Fixed 5.00% Jan 2031 Municipal Bond B US USD 1,350,000 108.22 $1,460,948 0.14% New York Transportation Development Corp Fixed 4.00% Oct 2046 Municipal Bond B US USD 1,500,000 88.77 $1,331,614 0.13% South Jersey Transportation Authority Fixed 5.00% Nov 2039 Municipal Bond B US USD 1,150,000 108.37 $1,246,307 0.12% New York Transportation Development Corp Fixed 5.00% Dec 2031 Municipal Bond B US USD 1,100,000 110.17 $1,211,903 0.12% City of San Antonio TX Electric & Gas Systems Revenue Fixed 5.00% Feb 2035 Municipal Bond B US USD 1,000,000 115.45 $1,154,510 0.11% City of San Antonio TX Electric & Gas Systems Revenue Fixed 5.00% Feb 2036 Municipal Bond B US USD 1,000,000 115.23 $1,152,334 0.11% New York Transportation Development Corp Fixed 4.00% Oct 2041 Municipal Bond B US USD 1,250,000 92.13 $1,151,594 0.11% New York Transportation Development Corp Fixed 5.00% Dec 2030 Municipal Bond B US USD 1,000,000 110.83 $1,108,259 0.11% Maricopa County Industrial Development Authority Fixed 5.00% Dec 2041 Municipal Bond B US USD 1,000,000 110.57 $1,105,726 0.11% City of Houston TX Airport System Revenue Fixed 4.00% Jul 2035 Municipal Bond B US USD 1,100,000 99.73 $1,096,980 0.11% New York Transportation Development Corp Fixed 5.00% Dec 2033 Municipal Bond B US USD 1,000,000 109.12 $1,091,162 0.11% Central Texas Turnpike System Fixed 5.00% Aug 2042 Municipal Bond B US USD 1,000,000 109.04 $1,090,392 0.11% City of Houston TX Airport System Revenue Fixed 4.00% Jul 2036 Municipal Bond B US USD 1,100,000 99.00 $1,088,996 0.11% Texas Private Activity Bond Surface Transportation Co Fixed 5.50% Jun 2041 Municipal Bond B US USD 1,000,000 108.10 $1,080,997 0.10% Texas Private Activity Bond Surface Transportation Co Fixed 5.50% Jun 2042 Municipal Bond B US USD 1,000,000 107.91 $1,079,129 0.10% Texas Private Activity Bond Surface Transportation Co Fixed 5.50% Jun 2043 Municipal Bond B US USD 1,000,000 107.69 $1,076,900 0.10% California Municipal Finance Authority Fixed 5.00% Feb 2031 Municipal Bond B US USD 900,000 103.38 $930,458 0.09% Cash & Equivalents Cash C US USD - - -$5,942,126 -0.57% Read Important Investment Disclosures Read Important Investment Disclosures Sector Allocation (Municipal) As of: 06/30/2024 View Allocation Details Allocation Details GW&K Municipal Bond Fund (GWMIX) Sector Allocation (Municipal) Credit Allocation Sector 06/30/2024 Airport 8.13% Cash & Other -1.09% Development 1.79% Education 0.82% General 26.17% General Obligation 16.14% Higher Education 2.26% Medical 8.55% Other Municipal Issues 0.83% Power 2.63% School District 5.18% Single Family Housing 0.79% Transportation 18.38% Utilities 5.76% Water 3.66% As of: 06/30/2024 Credit 06/30/2024 Treasury 0.00% Agency 0.00% AAA 18.17% AA 52.13% A 20.56% BBB 9.15% BB 0.00% B 0.00% CCC 0.00% CC 0.00% C 0.00% D 0.00% Not Rated 0.00% As of: 06/30/2024 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 John B. Fox, CFA PARTNER AND DIRECTOR OF FIXED INCOME Read full bio Martin R. Tourigny, CFA PARTNER AND PORTFOLIO MANAGER Read full bio Brian T. Moreland, CFA PARTNER AND PORTFOLIO MANAGER Read full bio Kara M. South, CFA PRINCIPAL, MUNICIPAL BOND PORTFOLIO MANAGER Read full bio Investment Approach Investment Approach GW&K Municipal Bond Fund The Fund’s active investment approach combines top-down analysis to respond to interest rate changes with bottom-up research focusing on security structure and credit ratings. The Fund uses fundamental research to seek to uncover and exploit inefficiencies in the investment-grade municipal bond market, primarily selecting investment-grade securities with a rating of at least BBB/Baa by a nationally recognized statistical rating organization such as Moody’s Investors Service, Inc. or Standard & Poor’s. Additional Fund Highlight GW&K has invested in municipal bonds since the firm’s founding in 1974 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 MECAX GW&K International Small Cap 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