Indexes  are  not  subject  to  fees and  expenses  typically  associated  with  managed  accounts  or investment funds. Investments cannot be made directly in an index. Index data has been obtained from third-party data providers that GW&K believes to be reliable, but GW&K does not guarantee its accuracy, completeness  or timeliness. Third-party data  providers make  no  warranties  or  representations  relating  to  the  accuracy, completeness or timeliness of the data they provide and are not liable for any damages relating to this data. The third-party data may not be further redistributed or used without the relevant third-party’s consent. Sources for index data include: Bloomberg (www.bloomberg.com),  FactSet  (www.factset.com),  ICE  (www.theice.com), FTSE Russell (www.ftserussell.com), MSCI (www.msci.com) and Standard & Poor’s (www.standardandpoors.com). Performance results reflect the reinvestment of dividends and income and are expressed in U.S. dollars.  MSCI Index returns are presented net of withholding taxes. This represents the views and opinions of GW&K Investment Management and does not constitute investment advice, nor should it be considered predictive of any future market performance. Opinions expressed are subject to change. Past performance is not indicative of future results.

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