Fund Overview Fund Overview Share Class N N I Z NAV | as of 08/11/2022 $29.52 +$0.10 (+0.34%) Morningstar | Style Box V B G L M S Overall Morningstar Rating Rated against 585 Small Growth funds as of 07/31/2022 View Morningstar Details Growth of $10,000 (Hypothetical) Since Inception 12/10/1996 to 06/30/2022 = $78,098.66 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 800.835.3879. 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 The Fund seeks to provide long-term capital appreciation by primarily investing in U.S. small cap stocks. Why Consider Provides investors with exposure to a portfolio of small cap companies which may offer a greater universe of opportunities Employs a fundamental, research-oriented investment process that is built on the belief that a company’s ability to generate consistent, long-term sustainable earnings growth will drive enhanced stock price performance over time Manages risk with a sell discipline and exposure limits for each company and diversification of sector and growth profiles embedded in the portfolio construction process Documents Fact Sheet Commentary Summary Prospectus Prospectus 2021 Year End Distributions View All Documents Daniel L. Miller, CFA PARTNER AND DIRECTOR OF EQUITIES See Our Approach Read Bio Jeffrey W. Thibault, CFA PARTNER AND PORTFOLIO MANAGER See Our Approach Read Bio Investment Style GW&K Small Cap Core Fund has an Equity Income Objective, seeking to achieve income and capital appreciation. Large Mid Small Value Blend Growth Equity Objective GW&K Small Cap Core Fund is categorized as Small-Blend. It invests in small-cap companies with medium risk. Morningstar Ratings Risk-adjusted returns as of 07/31/2022 Overall Rating (of 585) 3 Years (of 585) 5 Years (of 534) 10 Years (of 396) Category Small 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. Jeffrey W. Thibault, CFA PARTNER AND PORTFOLIO MANAGER Jeff is a partner as well as a portfolio manager and analyst on our domestic small cap team. He manages our small and small/mid cap core strategies, directs our domestic equity research effort, and provides research coverage for the Materials, Energy, Utilities, and Industrials sectors. Jeff is a member of the firm’s Investment Committee. Jeff joined GW&K in 2004 to work on a nascent small cap core strategy and build out the firm’s research efforts. Since that time, the team has launched several other small/mid products and built a reputation for low turnover, risk controlled portfolio construction, and high quality stock selection. Previously he spent several years at BNY Asset Management. He worked with researchers in the firm’s centralized equity research department before joining its small cap growth team covering several sectors. Earlier, he worked at State Street Bank and Bay Bank. Jeff earned a BS from the University of Vermont and an MBA from the University of North Carolina, Chapel Hill. He is a CFA® charterholder and is a member of the CFA Institute and the CFA Society Boston. Jeff serves on the board of directors and as a coach for Brookline Youth Hockey. He and his family have been active with programs associated with All Saints Parish in Brookline where he has served on the board; St. Stephen’s Youth Programs in Boston; and My Life My Choice in Boston. 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 800.835.3879. 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: 1.30% Net Expense Ratio: 1.30% Expense Cap Expiration Date: N/A 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, 2021 $3.033700 — $0.574900 $2.458800 Dec 16, 2020 $0.729200 — $0.181400 $0.547800 Dec 16, 2019 $1.370300 — — $1.370300 Dec 27, 2018 $3.023500 — $0.097400 $2.926100 Dec 27, 2017 $1.529900 — $0.045300 $1.484600 Dec 27, 2016 $1.042500 — — $1.042500 Dec 28, 2015 $0.894200 — $0.059200 $0.835000 Dec 26, 2014 $1.336300 — $0.188700 $1.147600 Dec 26, 2013 $0.868000 — $0.070200 $0.797800 Dec 26, 2012 $0.438500 $0.082200 — $0.356300 Dec 28, 2010 $0.002300 $0.002300 — — Dec 26, 2008 $0.022500 $0.022500 — — Nov 06, 2008 $0.095040 $0.095040 — — Sep 11, 2008 $0.250970 $0.003730 — $0.247240 Dec 21, 2007 $1.875890 $0.137310 $0.005250 $1.733330 Jul 20, 2007 $0.340100 $0.000680 $0.050410 $0.289010 Jan 24, 2007 — — — — Jan 23, 2007 — — — — Dec 21, 2006 $0.109750 $0.100280 — $0.009470 Jul 21, 2006 $0.000330 $0.000330 — — Dec 21, 2005 $0.101990 $0.101990 — — Dec 21, 2004 $0.065590 $0.065590 — — Jul 21, 2004 $0.002110 $0.002110 — — Apr 29, 2004 $0.002131 $0.002131 — — Dec 19, 2003 $0.036230 $0.036230 — — Dec 20, 2002 $0.004000 $0.004000 — — Sep 25, 2001 $0.411200 — — $0.411200 Nov 17, 2000 $1.856400 — $1.856400 — Nov 30, 1999 $0.393100 — $0.393100 — Dec 31, 1998 $0.028000 $0.028000 — — Dec 31, 1997 $0.040000 $0.040000 — — Nov 28, 1997 $1.223000 — $1.223000 — From: To: Risk & Return Stats As of: 07/31/2022 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. 2.22 1.81 1.67 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. 22.63 20.74 16.95 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. 0.38 0.35 0.63 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. 88.69 89.64 76.88 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. 90.19 93.84 93.99 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. 0.89 0.90 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. 93.90 94.23 93.55 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. 6.18 5.42 4.80 View All Characteristics & Stats All Characteristics & Stats GW&K Small Cap Core Fund (GWETX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund Russell 2000® Index Fund Assets (Mil.$) $666 Number of Holdings 87 1,990 Weighted Avg. Market Cap (Mil.$) $3,858 $2,569 Median Market Cap (Mil.$) $3,190 $985 Weighted Avg. P/E (1-yr Forward EPS) 14.21 11.62 Weighted Avg. P/E (Trailing EPS) 16.03 12.59 PEG Ratio 0.71 0.83 Weighted Avg. P/B 2.26 1.77 EPS Growth (Trailing 3-yr %) 11.89% 14.32% EPS Growth (Trailing 5-yr %) 16.30% 13.22% Forward EPS Growth (1-yr %) 9.28% 2.70% Forward EPS Growth (Long Term %) 14.87% 13.84% Revenue Growth (Trailing 5-yr %) 12.87% 9.08% Return on Equity 11.57% 6.29% Weighted Avg. Dividend Yield 1.03% 1.37% Debt to Equity 64.50 80.62 Trailing 12-Months Portfolio Turnover 18.35% As of: 06/30/2022 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. 2.22 1.81 1.67 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. 22.63 20.74 16.95 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. 0.38 0.35 0.63 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. 88.69 89.64 76.88 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. 90.19 93.84 93.99 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. 0.89 0.90 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. 93.90 94.23 93.55 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. 6.18 5.42 4.80 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. 0.27 0.24 0.13 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. 9.65 8.12 11.99 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. -27.98 -27.98 -27.98 As of: 07/31/2022 Market Cap Fund Russell 2000® Index Market Cap ($mm) 0 - 1,000 2.62% 18.25% Market Cap ($mm) 1,000 - 1,500 9.31% 12.64% Market Cap ($mm) 1,500 - 2,500 18.88% 23.73% Market Cap ($mm) 2,500 - 5,000 38.45% 38.65% Market Cap ($mm) 5,000 - 10,000 30.74% 6.28% Market Cap ($mm) 10,000 - 25,000 0.00% 0.40% Market Cap ($mm) 25,000 - 50,000 0.00% 0.05% Market Cap ($mm) 50,000 - 100,000 0.00% 0.00% Market Cap ($mm) 100,000 - 200,000 0.00% 0.00% Market Cap ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.00% As of: 06/30/2022 Valuation Characteristics Fund Russell 2000® Index P/E 0-10 13.71% 19.55% P/E 10-15 17.37% 12.87% P/E 15-20 17.35% 9.60% P/E 20-25 7.57% 7.15% P/E 25-Above 29.37% 24.24% P/E – NA 14.63% 26.58% As of: 06/30/2022 Growth Characteristics Fund Russell 2000® Index EPS Growth (Trailing 3-yr %) - Negative 22.46% 19.70% EPS Growth (Trailing 3-yr %) 0 - 5 12.00% 5.38% EPS Growth (Trailing 3-yr %) 5 - 10 5.96% 6.22% EPS Growth (Trailing 3-yr %) 10 - 15 8.83% 5.33% EPS Growth (Trailing 3-yr %) 15 - 20 0.00% 3.43% EPS Growth (Trailing 3-yr %) Above 20 35.31% 26.65% EPS Growth (Trailing 3-yr %) - NA 15.44% 33.30% As of: 06/30/2022 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 06/30/2022 Halozyme Therapeutics Inc 2.10% Performance Food Group Co 2.09% Magnolia Oil & Gas Corp, Class A 1.84% SPX Corp 1.83% Matador Resources Co, Class A 1.80% RBC Bearings Inc 1.76% Seacoast Banking Corp of Florida 1.71% Ritchie Bros Auctioneers Inc 1.65% Avient Corp 1.62% Texas Roadhouse Inc, Class A 1.61% % in Top 10 Holdings 18.00% View Holding Details Holding Details GW&K Small Cap Core Fund (GWETX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 06/30/2022 Halozyme Therapeutics Inc 2.10% Performance Food Group Co 2.09% Magnolia Oil & Gas Corp, Class A 1.84% SPX Corp 1.83% Matador Resources Co, Class A 1.80% RBC Bearings Inc 1.76% Seacoast Banking Corp of Florida 1.71% Ritchie Bros Auctioneers Inc 1.65% Avient Corp 1.62% Texas Roadhouse Inc, Class A 1.61% % in Top 10 Holdings 18.00% As of: 06/30/2022 Download All Holdings (PDF) As of: 06/30/2022 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund HALO Halozyme Therapeutics Inc Health Care S US USD 317,960 44 $13,990,240 2.10% PFGC Performance Food Group Co Consumer Staples S US USD 302,057 46 $13,888,581 2.09% MGY Magnolia Oil & Gas Corp, Class A Energy S US USD 583,617 21 $12,250,121 1.84% SPXC SPX Corp Industrials S US USD 230,880 53 $12,199,699 1.83% MTDR Matador Resources Co, Class A Energy S US USD 257,720 47 $12,007,175 1.80% ROLL RBC Bearings Inc Industrials S US USD 63,248 185 $11,697,718 1.76% SBCF Seacoast Banking Corp of Florida Financials S US USD 344,596 33 $11,385,452 1.71% RBA Ritchie Bros Auctioneers Inc Industrials S CA USD 169,330 65 $11,016,610 1.65% AVNT Avient Corp Materials S US USD 268,430 40 $10,758,674 1.62% TXRH Texas Roadhouse Inc, Class A Consumer Discretionary S US USD 146,277 73 $10,707,476 1.61% NWE NorthWestern Corp Utilities S US USD 175,899 59 $10,365,728 1.56% SUPN Supernus Pharmaceuticals Inc Health Care S US USD 352,846 29 $10,204,306 1.53% ABCB Ameris Bancorp Financials S US USD 250,219 40 $10,053,799 1.51% LOPE Grand Canyon Education Inc Consumer Discretionary S US USD 106,519 94 $10,033,025 1.51% MTSI MACOM Technology Solutions Holdings Inc Information Technology S US USD 217,133 46 $10,009,831 1.50% GMED Globus Medical Inc, Class A Health Care S US USD 177,169 56 $9,946,268 1.49% MEDP Medpace Holdings Inc Health Care S US USD 65,601 150 $9,818,502 1.47% LAD Lithia Motors Inc, Class A Consumer Discretionary S US USD 35,228 275 $9,681,007 1.45% CATY Cathay General Bancorp Financials S US USD 244,915 39 $9,588,422 1.44% HQY HealthEquity Inc Health Care S US USD 155,705 61 $9,558,730 1.44% HLI Houlihan Lokey Inc, Class A Financials S US USD 120,152 79 $9,483,597 1.42% NOVT Novanta Inc Information Technology S US USD 78,090 121 $9,469,974 1.42% SYNH Syneos Health Inc, Class A Health Care S US USD 131,324 72 $9,413,304 1.41% CENTA Central Garden & Pet Co, Class A Consumer Staples S US USD 230,052 40 $9,204,381 1.38% CHDN Churchill Downs Inc Consumer Discretionary S US USD 47,889 192 $9,172,180 1.38% SF Stifel Financial Corp Financials S US USD 162,976 56 $9,129,916 1.37% ICFI ICF International Inc Industrials S US USD 95,238 95 $9,047,610 1.36% UFPI UFP Industries Inc Industrials S US USD 132,708 68 $9,042,723 1.36% MTX Minerals Technologies Inc Materials S US USD 144,706 61 $8,876,266 1.33% BCPC Balchem Corp Materials S US USD 67,828 130 $8,800,005 1.32% RHP Ryman Hospitality Properties Inc Real Estate S US USD 115,403 76 $8,774,090 1.32% PHR Phreesia Inc Health Care S US USD 347,506 25 $8,691,125 1.30% VIAV Viavi Solutions Inc Information Technology S US USD 653,625 13 $8,647,459 1.30% ADC Agree Realty Corp Real Estate S US USD 118,822 72 $8,570,631 1.29% STAG STAG Industrial Inc Real Estate S US USD 276,103 31 $8,526,061 1.28% SLAB Silicon Laboratories Inc Information Technology S US USD 60,536 140 $8,488,358 1.27% HLIO Helios Technologies Inc Industrials S US USD 126,181 66 $8,359,491 1.26% DSGX Descartes Systems Group Inc Information Technology S CA USD 134,409 62 $8,341,423 1.25% RPD Rapid7 Inc Information Technology S US USD 124,561 67 $8,320,675 1.25% ALG Alamo Group Inc Industrials S US USD 70,770 116 $8,239,751 1.24% HMN Horace Mann Educators Corp Financials S US USD 212,751 38 $8,165,383 1.23% IDA IDACORP Inc Utilities S US USD 76,501 106 $8,102,986 1.22% PPBI Pacific Premier Bancorp Inc Financials S US USD 277,043 29 $8,100,737 1.22% OXM Oxford Industries Inc Consumer Discretionary S US USD 90,567 89 $8,036,916 1.21% AZTA Azenta Inc Health Care S US USD 106,794 72 $7,699,847 1.16% CNS Cohen & Steers Inc Financials S US USD 120,954 64 $7,691,465 1.15% IART Integra LifeSciences Holdings Corp Health Care S US USD 141,301 54 $7,634,493 1.15% PCTY Paylocity Holding Corp Information Technology S US USD 43,512 174 $7,589,363 1.14% GBCI Glacier Bancorp Inc Financials S US USD 156,809 47 $7,435,883 1.12% PRIM Primoris Services Corp Industrials S US USD 337,886 22 $7,352,399 1.10% INDB Independent Bank Corp [MA] Financials S US USD 91,774 79 $7,289,609 1.09% CVET Covetrus Inc Health Care S US USD 344,529 21 $7,148,977 1.07% OCFC OceanFirst Financial Corp Financials S US USD 372,374 19 $7,123,515 1.07% CCXI ChemoCentryx Inc Health Care S US USD 283,404 25 $7,022,751 1.05% SKY Skyline Champion Corp Consumer Discretionary S US USD 145,703 47 $6,909,236 1.04% PYCR Paycor HCM Inc Information Technology S US USD 242,102 26 $6,294,652 0.95% ATRC AtriCure Inc Health Care S US USD 153,249 41 $6,261,754 0.94% VBTX Veritex Holdings Inc Financials S US USD 213,375 29 $6,243,353 0.94% ALGT Allegiant Travel Co, Class A Industrials S US USD 54,496 113 $6,162,953 0.93% NHI National Health Investors Inc Real Estate S US USD 101,210 61 $6,134,338 0.92% ITCI Intra-Cellular Therapies Inc Health Care S US USD 103,415 57 $5,902,928 0.89% ICUI ICU Medical Inc Health Care S US USD 35,346 164 $5,810,529 0.87% TWKS Thoughtworks Holding Inc Information Technology S US USD 409,552 14 $5,778,779 0.87% AMSF AMERISAFE Inc, Class A Financials S US USD 110,060 52 $5,724,221 0.86% AORT Artivion Inc Health Care S US USD 277,872 19 $5,246,223 0.79% PGNY Progyny Inc Health Care S US USD 175,990 29 $5,112,510 0.77% TEX Terex Corp Industrials S US USD 183,328 27 $5,017,687 0.75% BOOT Boot Barn Holdings Inc Consumer Discretionary S US USD 71,573 69 $4,932,095 0.74% ITT ITT Inc Industrials S US USD 71,650 67 $4,817,746 0.72% CYRX CryoPort Inc Health Care S US USD 151,716 31 $4,700,162 0.71% SLGN Silgan Holdings Inc Materials S US USD 111,347 41 $4,604,198 0.69% HELE Helen of Troy Ltd Consumer Discretionary S US USD 28,072 162 $4,559,174 0.68% SHYF Shyft Group Inc Industrials S US USD 227,236 19 $4,224,317 0.63% WWW Wolverine World Wide Inc Consumer Discretionary S US USD 208,090 20 $4,195,094 0.63% PATK Patrick Industries Inc Consumer Discretionary S US USD 78,291 52 $4,058,605 0.61% FIVE Five Below Inc Consumer Discretionary S US USD 32,905 113 $3,732,414 0.56% PTEN Patterson-UTI Energy Inc Energy S US USD 199,650 16 $3,146,484 0.47% VCYT Veracyte Inc Health Care S US USD 157,337 20 $3,131,006 0.47% DAVA Endava PLC ADR, Class A Information Technology S GB USD 34,749 88 $3,067,294 0.46% CHUY Chuy's Holdings Inc Consumer Discretionary S US USD 143,980 20 $2,868,082 0.43% CHX ChampionX Corp Energy S US USD 142,301 20 $2,824,675 0.42% CRNC Cerence Inc Information Technology S US USD 100,191 25 $2,527,819 0.38% HTLD Heartland Express Inc Industrials S US USD 178,628 14 $2,484,715 0.37% ARQT Arcutis Biotherapeutics Inc Health Care S US USD 98,878 21 $2,107,090 0.32% CSTL Castle Biosciences Inc Health Care S US USD 94,615 22 $2,076,799 0.31% RVLV Revolve Group Inc, Class A Consumer Discretionary S US USD 76,441 26 $1,980,586 0.30% LPRO Open Lending Corp, Class A Financials S US USD 117,332 10 $1,200,306 0.18% Cash & Equivalents Cash C US USD - - $19,995,786 3.00% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Covetrus Inc 1 0.88% 23.59% Halozyme Therapeutics Inc 2 1.96% 10.33% Ritchie Bros Auctioneers Inc 3 1.41% 10.68% SPX Corp 4 1.59% 6.94% Agree Realty Corp 5 1.07% 9.45% ChemoCentryx Inc 6 0.82% -1.16% Phreesia Inc 7 1.00% -5.12% AMERISAFE Inc, Class A 8 0.76% 5.18% National Health Investors Inc 9 0.82% 3.77% ITT Inc 10 0.10% 4.52% As of: 06/30/2022 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund’s return during the specified quarter. Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Rapid7 Inc 20 1.46% -39.95% Shyft Group Inc 19 0.80% -48.43% Progyny Inc 18 0.90% -43.48% AtriCure Inc 17 1.03% -37.78% STAG Industrial Inc 16 1.65% -24.77% Globus Medical Inc, Class A 15 1.66% -23.91% MACOM Technology Solutions Holdings Inc 14 1.60% -23.00% Allegiant Travel Co, Class A 13 1.12% -30.36% Avient Corp 12 2.06% -16.16% Cohen & Steers Inc 11 1.30% -25.57% As of: 06/30/2022 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 Sector Allocation (Equity) As of: 06/30/2022 View Allocation Details Allocation Details GW&K Small Cap Core Fund (GWETX) Sector Allocation (Equity) Investment Allocation Top 10 Industries Sector Sort Order Fund Russell 2000® Index Health Care 21.24% 16.90% Financials 16.31% 17.08% Industrials 14.96% 15.04% Consumer Discretionary 12.14% 10.04% Information Technology 11.79% 13.76% Materials 4.96% 4.14% Real Estate 4.81% 7.34% Energy 4.54% 5.55% Consumer Staples 3.47% 3.77% Cash & Other 3.00% 0.00% Utilities 2.77% 3.56% Bonds 0.00% 0.00% Communication Services 0.00% 2.82% Futures 0.00% 0.00% Other Equities 0.00% 0.00% As of: 06/30/2022 Investment Allocation 06/30/2022 Stocks 97.00% Bonds 0.00% Cash and Other 3.00% As of: 06/30/2022 Industry Fund Russell 2000® Index Banks 10.09% 9.60% Machinery 8.19% 3.80% Health Care Equipment & Supplies 5.95% 3.71% Software 4.97% 5.34% Equity Real Estate Investment Trusts (REITs) 4.81% 6.55% Chemicals 4.27% 2.18% Capital Markets 4.13% 1.53% Life Sciences Tools & Services 4.04% 0.69% Biotechnology 3.94% 7.17% Oil, Gas & Consumable Fuels 3.64% 3.98% % in Top 10 Industries 54.03% 44.55% As of: 06/30/2022 Read Important Investment Disclosures Investment Approach Investment Approach GW&K Small Cap Core Fund GW&K believes companies with consistent, long-term, above-average and sustainable earnings growth will drive enhanced stock price performance over time GW&K believes most money managers overlook the sustainability of earnings growth by focusing on short-term fundamentals and stock price movements GW&K believes companies that can generate sustainable earnings growth possess these key attributes: (1) A high-quality management team focused on enhancing long-term value for shareholders and (2) strong products or services in attractive niche markets GW&K believes they add value through their fundamental research process. Their disciplined long-term research focus allows them to develop a deep understanding of their targeted companies Additional Fund Highlight Risk management parameters, including exposure limits for each company and diversification of sector and growth profiles, are embedded in the portfolio construction process. Keep Calm and Remain Diversified A Short - and Long-Term Review on the Power of Diversification Read More The Fed’s Search for Balance The Federal Reserve raised its benchmark federal funds rate for the first time since 2018. The highly anticipated move is now driving a wider conversation on how high interest rates can go from here, and by extension, is the US economy inching closer to a recessionary period. Read Blog 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 Funds 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 MECAX GW&K International Small Cap Fund Seeks long-term capital appreciation. 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 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 SKSEX GW&K Small Cap Value Fund Seeks capital appreciation View Fund Details GWGVX GW&K Small/Mid Cap 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