Fund Notice This fund is available only to clients participating in the GW&K Enhanced Yield Municipal Bond Strategy offered by GW&K Investment Management Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 800.548.4539 Share Class SMA NAV | as of 01/16/2025 $10.25 +$0.02 (+0.20%) Documents Fact Sheet Prospectus Summary Prospectus SAI Holdings Q1 Holdings Annual Financial Statements and Other Information Semi-Annual Financial Statements and Other Information View All Documents Investment Style GW&K Municipal Enhanced SMA Shares 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 Enhanced SMA Shares is categorized as Medium-Extensive. It combines medium credit quality with extensive interest-rate sensitivity. Morningstar Ratings Risk-adjusted returns as of 12/31/2024 Overall Rating — 3 Years — 5 Years — 10 Years — Category High Yield Muni 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. 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. 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