Sources for indexes and other external data include Bloomberg, Federal Reserve, and FactSet. The Bloomberg Aggregate Bond Index covers the US investment grade fixed rate bond market. It is comprised of securities from Bloomberg Government/Corporate Bond Index, the Mortgage-Backed Securities Index and the Asset-Backed Securities Index. The Bloomberg 10-Year Municipal Bond Index is composed of investment grade municipal bonds with a minimum credit rating of Baa. The FTSE 3-Month U.S. Treasury Bill Index, an unmanaged index, represents the performance of three-month Treasury bills. All material has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. There is no representation or warranty as to the current accuracy of, nor liability for, decisions based on such information. This represents the views and opinions of GW&K and does not constitute investment advice, nor should it be considered predictive of any future market performance. The comments should not be construed as a recommendation of individual holdings or market sectors, but as an illustration of broader themes.

Past performance is no guarantee of future results.

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