Fund Overview Fund Overview Share Class I N I Z NAV | as of 12/06/2023 $44.42 +$0.09 (+0.20%) Morningstar | Style Box V B G L M S Overall Morningstar Rating Rated against 124 Foreign Small/Mid Growth funds as of 10/31/2023 View Morningstar Details Growth of $10,000 (Hypothetical) Since Inception 06/25/1993 to 11/30/2023 = $154,678.51 From: To: 3YR 5YR 10YR INCEP. INCEP. 3YR 5YR 10YR INCEP. 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. View Performance Read Important Investment Disclosures Objective Seeks long-term capital appreciation. Why Consider International small cap securities broaden the global investment opportunity set and provide diversification benefits Bottom-up research seeks to identify companies trading at attractive prices, that are often under-researched or under-owned by other institutional investors Portfolio of well-managed companies with potential to generate consistent and sustainable earnings growth Documents Fact Sheet Summary Prospectus Prospectus 2023 Distributions Estimates View All Documents Daniel L. Miller, CFA PARTNER AND DIRECTOR OF EQUITIES See Our Approach Read Bio Karl M. Kyriss, CFA PARTNER AND PORTFOLIO MANAGER See Our Approach Read Bio Reid T. Galas, CFA PARTNER AND PORTFOLIO MANAGER See Our Approach Read Bio Investment Style GW&K International Small Cap Fund has an Equity Income Objective, seeking to achieve income and capital appreciation. Large Mid Small Value Blend Growth Equity Objective GW&K International Small Cap Fund is categorized as Small-Blend. It invests in small-cap companies with medium risk. Morningstar Ratings Risk-adjusted returns as of 10/31/2023 Overall Rating (of 124) 3 Years (of 124) 5 Years — 10 Years — Category Foreign Small/Mid Growth Read Important Investment Disclosures Daniel L. Miller, CFA PARTNER AND DIRECTOR OF EQUITIES Dan is a partner of the firm and brings over four decades of investment management experience to GW&K. As director of our equity department, he is responsible for overseeing all aspects of our equity investment teams including portfolio management, research, and trading. He is a member of the firm’s Management, Investment, and ESG Committees. Dan has worked with various companies in the Boston area as an investment and financial consultant. Prior to joining GW&K, he spent 21 years at Putnam Investments in Boston, where he was chief investment officer for the specialty growth group and oversaw a team of twenty and up to $100 billion in assets under management. He was also a portfolio management team member of several small and mid cap growth funds, the lead manager for the Putnam New Opportunities Fund, and a member of Putnam’s management committee and partners group. He began his career as an analyst at Morgan Stanley. Dan graduated from the University of California, Berkeley, with highest honors, and received his MBA from Stanford University Graduate School of Business. He is a CFA® charterholder and is a member of the CFA Institute and the CFA Society Boston. Dan serves on the board of trustees for The Rashi School in Dedham, Massachusetts. Karl M. Kyriss, CFA PARTNER AND PORTFOLIO MANAGER Karl is a partner of the firm as well as a portfolio manager on GW&K’s International and Global Small Cap Strategies. He is a sector generalist primarily covering companies across Europe, Canada, and North America. He is a member of the firm's Investment Committee. Prior to joining GW&K, Karl spent six years as an equity research analyst at GTP LLC and Deutsche Asset Management. There he performed company research across several industries to identify investment ideas for global equity funds. As a senior member of the team he held substantial responsibility for management, research, and client service. Karl began his career in financial services at Morgan Stanley, followed by Merrill Lynch, and held various roles in fixed income sales and trading. Karl received an MBA from the University of Michigan and a BS in Neuroscience from the University of Scranton. He is a CFA® charterholder and a member of the CFA Institute and the CFA Society Boston. Reid T. Galas, CFA PARTNER AND PORTFOLIO MANAGER Reid is a partner of the firm and joined GW&K in 2014 to lead the development of our international small cap investment capability, building upon GW&K’s established track record in domestic small cap equity management. Reid is a member of our global equity investment team and manages our International Small Cap and Global Small Cap Strategies. He is also a member of our Investment Committee. Prior to joining GW&K, Reid was a portfolio manager for the small cap sleeve of the Deutsche Global Growth Fund and also served as a senior analyst for Deutsche Global Small Cap Fund. Before transitioning to the investment industry, Reid managed consulting projects at Deloitte that included developing and implementing business solutions for forecasting, new product introductions, manufacturing and distribution processes for domestic and international companies across industries. Reid spent his early career working as a supply chain consultant for two different technology companies. Reid received a BS in Engineering from Cornell University and an MBA from the University of Michigan. He is a CFA® charterholder and a member of the CFA Institute. 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 less than one year are not annualized. Expense Ratios Gross Expense Ratio: 1.39% Net Expense Ratio: 0.99% Expense Cap Expiration Date: 10/01/2024 Distributions & Pricing Distributions Distributions Chart List Historical Pricing Calendar Year Distributions Ex-Date Total Distribution Income Short-term Cap Gains Long-term Cap Gains Dec 15, 2022 $0.599600 $0.599600 — — Dec 15, 2021 $0.388700 $0.388700 — — Dec 16, 2019 $0.005900 — — $0.005900 Dec 27, 2018 $4.530900 — $0.448200 $4.082700 Dec 13, 2007 $2.750510 — $0.135430 $2.615080 Dec 14, 2006 $2.374850 — $0.537390 $1.837460 Dec 13, 2005 $1.923420 — $0.232370 $1.691050 Dec 14, 2004 $2.172870 — $0.608810 $1.564060 Dec 15, 2003 $1.824000 — $1.187720 $0.636280 Dec 12, 2002 $2.249360 — $0.254520 $1.994840 Dec 12, 2001 $2.697430 — — $2.697430 Dec 12, 2000 $2.601640 — — $2.601640 Dec 11, 1998 $0.626000 — — $0.626000 Dec 05, 1997 $2.615070 — $1.077260 $1.537810 Dec 13, 1996 $2.031950 — — $2.031950 Dec 29, 1995 $0.336220 — — $0.336220 Jul 30, 1993 $0.013330 $0.013330 — — From: To: Risk & Return Stats As of: 11/30/2023 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. -3.89 -7.75 0.43 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. 17.51 20.97 18.31 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. -0.36 -0.29 0.13 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. 78.49 68.36 59.41 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. 99.88 104.99 91.66 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. 0.93 0.97 0.89 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. 91.23 87.81 64.30 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. 5.32 7.36 11.10 View All Characteristics & Stats All Characteristics & Stats GW&K International Small Cap Fund (MECIX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund MSCI World ex USA Small Cap Index Fund Assets (Mil.$) $35 Number of Holdings 70 2,441 Weighted Avg. Market Cap (Mil.$) $1,768 $2,581 Median Market Cap (Mil.$) $834 $1,123 Weighted Avg. P/E (1-yr Forward EPS) 11.50 12.65 Weighted Avg. P/E (Trailing EPS) 12.86 13.38 PEG Ratio 0.80 0.93 Weighted Avg. P/B 1.54 1.25 EPS Growth (Trailing 3-yr %) 16.88% 13.23% EPS Growth (Trailing 5-yr %) 10.96% 6.76% Forward EPS Growth (1-yr %) 4.69% -0.69% Forward EPS Growth (Long Term %) 10.19% 9.53% Revenue Growth (Trailing 5-yr %) 7.81% 5.38% Return on Equity 17.01% 11.31% Weighted Avg. Dividend Yield 2.71% 3.10% Debt to Equity 63.68 70.34 Trailing 12-Months Portfolio Turnover 16.33% As of: 09/30/2023 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. -3.89 -7.75 0.43 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. 17.51 20.97 18.31 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. -0.36 -0.29 0.13 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. 78.49 68.36 59.41 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. 99.88 104.99 91.66 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. 0.93 0.97 0.89 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. 91.23 87.81 64.30 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. 5.32 7.36 11.10 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. -0.73 -1.15 -0.05 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. -6.74 -6.31 2.70 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. -35.42 -35.42 -40.28 As of: 11/30/2023 Market Cap Fund MSCI World ex USA Small Cap Index Market Cap ($mm) 0 - 1,000 53.92% 17.63% Market Cap ($mm) 1,000 - 1,500 5.95% 12.90% Market Cap ($mm) 1,500 - 2,500 19.53% 24.11% Market Cap ($mm) 2,500 - 5,000 13.02% 36.99% Market Cap ($mm) 5,000 - 10,000 3.73% 8.15% Market Cap ($mm) 10,000 - 25,000 2.45% 0.00% Market Cap ($mm) 25,000 - 50,000 0.00% 0.00% Market Cap ($mm) 50,000 - 100,000 0.00% 0.00% Market Cap ($mm) 100,000 - 200,000 0.00% 0.00% Market Cap ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 1.39% 0.21% As of: 09/30/2023 Valuation Characteristics Fund MSCI World ex USA Small Cap Index P/E 0-10 20.82% 20.25% P/E 10-15 34.03% 22.38% P/E 15-20 8.96% 15.20% P/E 20-25 11.66% 9.40% P/E 25-Above 18.80% 24.56% P/E – NA 5.72% 8.21% As of: 09/30/2023 Growth Characteristics Fund MSCI World ex USA Small Cap Index EPS Growth (Trailing 3-yr %) - Negative 16.62% 27.97% EPS Growth (Trailing 3-yr %) 0 - 5 8.13% 7.07% EPS Growth (Trailing 3-yr %) 5 - 10 18.23% 7.53% EPS Growth (Trailing 3-yr %) 10 - 15 8.05% 5.68% EPS Growth (Trailing 3-yr %) 15 - 20 6.66% 5.32% EPS Growth (Trailing 3-yr %) Above 20 35.89% 34.33% EPS Growth (Trailing 3-yr %) - NA 6.42% 12.09% As of: 09/30/2023 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 09/30/2023 Kitron ASA 2.64% Senshu Electric Co Ltd 2.54% Rheinmetall AG 2.42% Alliance Global Group Inc 2.38% Mazda Motor Corp 2.00% Gift Holdings Inc 1.99% Digital Information Technologies Corp 1.90% Hill & Smith PLC 1.90% DMG Mori Co Ltd 1.90% Vidrala SA 1.85% % in Top 10 Holdings 21.51% View Holding Details Holding Details GW&K International Small Cap Fund (MECIX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 09/30/2023 Kitron ASA 2.64% Senshu Electric Co Ltd 2.54% Rheinmetall AG 2.42% Alliance Global Group Inc 2.38% Mazda Motor Corp 2.00% Gift Holdings Inc 1.99% Digital Information Technologies Corp 1.90% Hill & Smith PLC 1.90% DMG Mori Co Ltd 1.90% Vidrala SA 1.85% % in Top 10 Holdings 21.51% As of: 09/30/2023 Download All Holdings (PDF) As of: 10/31/2023 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund 9824 Senshu Electric Co Ltd Industrials S JP JPY 37,140 20.57 $764,090 2.38% KIT Kitron ASA Information Technology S NO NOK 268,026 2.64 $707,933 2.20% AGI Alliance Global Group Inc Industrials S PH PHP 3,779,516 0.19 $706,078 2.20% RHM Rheinmetall AG Industrials S DE EUR 2,445 287.09 $701,943 2.18% 3549 Kusuri no Aoki Holdings Co Ltd Consumer Staples S JP JPY 10,575 65.52 $692,849 2.16% 6141 DMG Mori Co Ltd Industrials S JP JPY 38,700 16.54 $640,098 1.99% 9279 Gift Holdings Inc Consumer Discretionary S JP JPY 44,674 14.28 $638,100 1.98% HILS Hill & Smith PLC Materials S GB GBP 31,391 20.05 $629,267 1.96% 3221 Yossix Holdings Co Ltd Consumer Discretionary S JP JPY 32,104 18.68 $599,823 1.87% 2353 Nippon Parking Development Co Ltd Industrials S JP JPY 418,475 1.42 $592,504 1.84% 7261 Mazda Motor Corp Consumer Discretionary S JP JPY 60,955 9.67 $589,190 1.83% 8098 Inabata & Co Ltd Industrials S JP JPY 27,900 20.88 $582,469 1.81% HUH1V Huhtamaki Oyj Materials S FI EUR 16,716 34.38 $574,632 1.79% 6277 Hosokawa Micron Corp Industrials S JP JPY 20,350 28.07 $571,168 1.78% 3916 Digital Information Technologies Corp Information Technology S JP JPY 53,646 10.54 $565,397 1.76% RCH Richelieu Hardware Ltd Industrials S CA CAD 18,550 29.91 $554,861 1.73% 9386 Nippon Concept Corp Industrials S JP JPY 46,421 11.78 $547,049 1.70% VID Vidrala SA Materials S ES EUR 7,350 74.33 $546,290 1.70% HPS/A Hammond Power Solutions Inc Industrials S CA CAD 10,588 51.13 $541,406 1.68% 4763 Creek & River Co Ltd Industrials S JP JPY 41,100 13.04 $536,124 1.67% HWDN Howden Joinery Group PLC Industrials S GB GBP 68,570 7.77 $532,522 1.66% STM Stabilus SE Industrials S LU EUR 8,296 63.50 $526,763 1.64% COR Corticeira Amorim SGPS SA Materials S PT EUR 52,748 9.70 $511,802 1.59% GTX Garrett Motion Inc Consumer Discretionary S CH USD 72,365 7.06 $510,897 1.59% 3076 Ai Holdings Corp Information Technology S JP JPY 32,850 15.48 $508,530 1.58% SFZN Siegfried Holding Ag Health Care S CH CHF 632 793.02 $501,188 1.56% 142 First Pacific Co Ltd Consumer Staples S HK HKD 1,294,332 0.38 $489,989 1.52% SAR Sarantis SA Consumer Staples S GR EUR 58,413 8.31 $485,183 1.51% 35 Far East Consortium International Ltd Real Estate S HK HKD 2,309,714 0.21 $475,300 1.48% AIF Altus Group Ltd Real Estate S CA CAD 13,737 33.96 $466,568 1.45% 9332 Nisso Holdings Co Ltd Industrials S JP JPY 92,600 5.04 $466,521 1.45% ADEN ADENTRA Inc Industrials S CA CAD 25,449 18.32 $466,129 1.45% NFI NFI Group Inc Industrials S CA CAD 49,519 9.35 $462,784 1.44% ALDLT Delta Plus Group Industrials S FR EUR 6,459 71.00 $458,579 1.43% PDX Paradox Interactive AB Health Care S SE SEK 23,281 19.02 $442,824 1.38% HPAR Haw Par Corp Ltd Health Care S SG SGD 62,800 6.99 $438,731 1.36% CUERVO* Becle SAB de CV Consumer Staples S MX MXN 244,050 1.77 $431,815 1.34% 2146 UT Group Co Ltd Industrials S JP JPY 34,900 12.35 $431,078 1.34% BFF BFF Bank SpA 144A Financials S IT EUR 44,334 9.61 $426,223 1.33% CKN Clarkson PLC Industrials S GB GBP 13,136 32.15 $422,305 1.31% 7595 Argo Graphics Inc Information Technology S JP JPY 19,125 21.92 $419,133 1.30% IPS IPSOS SA Communication Services S FR EUR 8,510 48.60 $413,565 1.29% 4848 FULLCAST Holdings Co Ltd Industrials S JP JPY 36,300 11.32 $410,766 1.28% 3132 Macnica Holdings Inc Information Technology S JP JPY 10,100 40.63 $410,357 1.28% RBREW Royal Unibrew A/S Consumer Staples S DK DKK 5,646 72.34 $408,425 1.27% HERDEZ* Grupo Herdez SAB De CV Consumer Staples S MX MXN 177,631 2.27 $403,756 1.26% ELO Elopak ASA Materials S NO NOK 193,051 2.04 $394,019 1.23% CGY Calian Group Ltd Industrials S CA CAD 10,982 35.82 $393,348 1.22% 1475 Nissin Foods Co Ltd Consumer Staples S HK HKD 504,866 0.76 $385,520 1.20% OBL Omni Bridgeway Ltd Financials S AU AUD 374,044 0.97 $361,254 1.12% 3723 Nihon Falcom Corp Communication Services S JP JPY 42,325 8.18 $346,251 1.08% DEC Diversified Energy Co PLC Energy S US GBP 422,650 0.81 $343,833 1.07% 3134 Hamee Corp Consumer Discretionary S JP JPY 55,608 6.17 $343,050 1.07% 3676 Digital Hearts Holdings Co Ltd Information Technology S JP JPY 54,675 6.09 $332,809 1.04% MMK Mayr Melnhof Karton AG Materials S AT EUR 2,774 117.65 $326,357 1.02% HFG Hilton Food Group PLC Consumer Staples S GB GBP 40,890 7.94 $324,539 1.01% RSTON Riverstone Holdings Ltd Health Care S SG SGD 735,400 0.43 $317,199 0.99% GVS Gvs Spa 144A Industrials S IT EUR 70,012 4.48 $313,823 0.98% 8051 Yamazen Corp Industrials S JP JPY 38,575 8.10 $312,515 0.97% RS1 RS GROUP PLC Industrials S GB GBP 36,800 8.25 $303,689 0.94% MAXO Max Stock Ltd Consumer Discretionary S IL ILS 193,567 1.53 $296,911 0.92% 1979 Ten Pao Group Holdings Ltd Industrials S CN HKD 2,237,700 0.13 $291,678 0.91% PRT Esprinet SpA Information Technology S IT EUR 54,158 4.73 $256,029 0.80% FDR Fluidra SA Industrials S ES EUR 14,247 17.63 $251,185 0.78% EG7 Enad Global 7 AB Communication Services S SE SEK 134,328 1.75 $234,902 0.73% MSLH Marshalls PLC Materials S GB GBP 90,899 2.52 $228,639 0.71% ICP1V Incap Oyj Information Technology S FI EUR 32,177 6.30 $202,822 0.63% EMBRACB Embracer Group AB, Class B Communication Services S SE SEK 95,294 1.63 $155,153 0.48% MIPS Mips Ab Consumer Discretionary S SE SEK 5,315 24.66 $131,066 0.41% VID/D Vidrala SA Rights Materials S ES EUR 7,350 3.69 $27,103 0.08% Cash & Equivalents Cash C US USD - - $1,071,318 3.33% Fund Holdings Sort order Avg. Weight Total Return Ergomed PLC 1 1.36% 32.14% Mazda Motor Corp 2 1.69% 19.05% First Pacific Co Ltd 3 1.34% 18.19% Hosokawa Micron Corp 4 1.42% 14.16% Digital Information Technologies Corp 5 1.75% 11.17% NFI Group Inc 6 0.69% 12.05% Hill & Smith PLC 7 1.80% 10.07% Howden Joinery Group PLC 8 1.69% 10.05% Yossix Holdings Co Ltd 9 1.61% 7.96% Hilton Food Group PLC 10 0.96% 10.31% As of: 09/30/2023 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund’s return during the specified quarter. Fund Holdings Sort order Avg. Weight Total Return Omni Bridgeway Ltd 20 1.41% -33.39% Kitron ASA 19 2.75% -18.04% UT Group Co Ltd 18 1.67% -28.33% Digital Hearts Holdings Co Ltd 17 1.25% -23.26% NISSO CORP 16 1.42% -19.47% Alliance Global Group Inc 15 2.30% -10.43% FULLCAST Holdings Co Ltd 14 1.44% -16.50% Calian Group Ltd 13 1.25% -18.50% Paradox Interactive AB 12 1.85% -16.14% Argo Graphics Inc 11 1.24% -16.61% As of: 09/30/2023 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund’s return during the specified quarter. Read Important Investment Disclosures Read Important Investment Disclosures Regional Allocation As of: 09/30/2023 View Allocation Details Allocation Details GW&K International Small Cap Fund (MECIX) Sector Allocation (Equity) Investment Allocation Country Allocation Regional Allocation Top 10 Industries Sector Sort Order Fund MSCI World ex USA Small Cap Index Industrials 39.54% 21.96% Information Technology 11.34% 9.12% Consumer Staples 10.96% 6.34% Materials 9.94% 10.74% Consumer Discretionary 9.90% 12.18% Health Care 6.97% 6.14% Communication Services 3.52% 3.91% Real Estate 2.75% 10.08% Financials 2.52% 11.19% Cash & Other 1.36% 0.00% Energy 1.20% 5.45% Utilities 0.00% 2.88% As of: 09/30/2023 Investment Allocation 09/30/2023 Stocks 98.64% Bonds 0.00% Cash and Other 1.36% As of: 09/30/2023 Country Fund MSCI World ex USA Small Cap Index Japan 34.80% 30.27% United Kingdom 9.40% 13.51% Canada 8.32% 9.77% Hong Kong 4.07% 1.57% Norway 3.77% 2.21% Sweden 3.32% 4.68% Switzerland 3.21% 4.02% Italy 3.17% 3.20% Mexico 2.89% 0.00% Spain 2.69% 1.78% France 2.62% 3.56% Finland 2.43% 1.07% Germany 2.42% 4.29% Philippines 2.38% 0.00% Singapore 2.24% 1.82% % in Top 15 Countries 87.73% 81.75% As of: 09/30/2023 Region Fund MSCI World ex USA Small Cap Index Developed 89.88% 100.00% Europe & Middle East 38.00% 46.93% North America 9.52% 9.77% Pacific 42.35% 43.30% Emerging 7.43% 0.00% Asia 3.23% 0.00% Latin America 2.89% 0.00% Europe & Middle East 1.31% 0.00% Africa 0.00% 0.00% Frontier 0.00% 0.00% Africa 0.00% 0.00% Asia 0.00% 0.00% Europe 0.00% 0.00% Latin America 0.00% 0.00% Middle East 0.00% 0.00% Cash & Other 2.70% 0.00% As of: 09/30/2023 Industry Fund MSCI World ex USA Small Cap Index Trading Companies & Distributors 11.43% 2.30% Machinery 8.16% 6.01% Containers & Packaging 7.23% 1.02% Electronic Equipment, Instruments & Components 7.15% 2.51% Professional Services 5.88% 1.63% Food Products 4.92% 3.13% Commercial Services & Supplies 4.41% 2.01% IT Services 4.19% 2.18% Hotels, Restaurants & Leisure 3.70% 2.79% Life Sciences Tools & Services 3.22% 0.75% % in Top 10 Industries 60.29% 24.33% As of: 09/30/2023 Read Important Investment Disclosures Investment Approach Investment Approach GW&K International Small Cap Fund The Fund seeks to outperform the MSCI World ex USA Small Cap Index over a market cycle by investing in a diversified portfolio of international small cap stocks that are well-managed, and demonstrate consistent, long-term, sustainable earnings growth. GW&K’s Global Equity investment team applies bottom-up research and a strong valuation discipline to identify companies that can grow earnings and recognize value over the long-term. The large universe of international small cap companies allows GW&K the ability to construct a portfolio of undervalued, underappreciated, or misunderstood companies in any market environment. Investing Without Borders The challenging stock and bond markets of 2022 caught investors off guard. In the decade leading up to that year’s downturn, markets got used to an environment of easy money in which interest rates that were below historic averages stoked an era of unprecedented growth in the U.S. Read More About About GW&K Investment Management Background 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 More Products From GW&K Investment Management MBGVX GW&K Core Bond ESG Fund The Fund seeks to generate income and capital appreciation by primarily investing in a diversified portfolio of fixed income securities. View Fund Details TLEVX GW&K Emerging Markets Equity Fund Seeks to provide long-term capital appreciation by investing in companies located in emerging market countries. View Fund Details TYWVX GW&K Emerging Wealth Equity Fund Seeks to provide long-term capital appreciation by investing in emerging market companies and developed market companies that have emerging markets revenue exposure. View Fund Details MFDAX GW&K Enhanced Core Bond ESG Fund The Fund seeks to generate income and capital appreciation by primarily investing in a diversified portfolio of fixed income securities. View Fund Details MGFIX GW&K ESG Bond Fund The Fund seeks to generate income and capital appreciation by primarily investing in a diversified portfolio of fixed income securities. View Fund Details MBEAX GW&K Global Allocation Fund Long-term capital appreciation and moderate current income View Fund Details MGGBX GW&K High Income Fund The Fund seeks high income. View Fund Details GWMTX GW&K Municipal Bond Fund 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. View Fund Details MESHX GW&K Municipal Enhanced SMA Shares View Fund Details GWMNX GW&K Municipal Enhanced Yield Fund The Fund seeks to provide a high level of current income that is exempt from federal income taxes by primarily investing in municipal bonds. View Fund Details GWETX GW&K Small Cap Core Fund The Fund seeks to provide long-term capital appreciation by primarily investing in U.S. small cap stocks. View Fund Details SKSEX GW&K Small Cap Value Fund Seeks capital appreciation. View Fund Details GWGVX GW&K Small/Mid Cap Core Fund The Fund seeks to provide long-term capital appreciation by primarily investing in small to mid cap stocks exhibiting growth and value characteristics. View Fund Details ACWDX GW&K Small/Mid Cap Growth Fund The Fund seeks to provide long-term capital appreciation by investing in small to mid cap stocks exhibiting consistent, sustainable earnings growth. View Fund Details Read Important Investment Disclosures Founded 1974 Headquarters Boston, MA Affiliate Since 2008 Discover how the boutique advantage helps generate alpha. Learn More About AMG