Fund Overview Fund Overview Share Class Z N I Z NAV | as of 06/02/2023 $28.24 +$1.10 (+4.05%) Morningstar | Style Box V B G L M S Overall Morningstar Rating Rated against 595 Small Blend funds as of 04/30/2023 View Morningstar Details Growth of $10,000 (Hypothetical) Since Inception 02/24/2017 to 05/31/2023 = $14,874.01 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 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 2022 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 04/30/2023 Overall Rating (of 595) 3 Years (of 595) 5 Years (of 551) 10 Years — Category Small Blend 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 800.548.4539. 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: 0.90% Net Expense Ratio: 0.90% 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, 2022 $0.259300 $0.052600 — $0.206700 Dec 15, 2021 $3.033700 — $0.574900 $2.458800 Dec 16, 2020 $0.781400 $0.052200 $0.181400 $0.547800 Dec 16, 2019 $1.446400 $0.076100 — $1.370300 Dec 27, 2018 $3.096100 $0.072600 $0.097400 $2.926100 Dec 27, 2017 $1.603100 $0.073200 $0.045300 $1.484600 From: To: Risk & Return Stats As of: 05/31/2023 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. 0.41 1.88 - 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. 19.82 22.36 - 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 0.14 - 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. 93.48 95.57 - 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. 97.31 96.25 - 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. 0.90 0.92 - 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. 92.21 94.75 - 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. 5.95 5.44 - View All Characteristics & Stats All Characteristics & Stats GW&K Small Cap Core Fund (GWEZX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund Russell 2000® Index Fund Assets (Mil.$) $701 Number of Holdings 85 1,920 Weighted Avg. Market Cap (Mil.$) $3,916 $2,941 Median Market Cap (Mil.$) $3,083 $966 Weighted Avg. P/E (1-yr Forward EPS) 15.69 13.17 Weighted Avg. P/E (Trailing EPS) 16.09 12.93 PEG Ratio 1.17 1.07 Weighted Avg. P/B 2.38 1.84 EPS Growth (Trailing 3-yr %) 18.39% 17.10% EPS Growth (Trailing 5-yr %) 17.32% 14.55% Forward EPS Growth (1-yr %) 6.75% -3.14% Forward EPS Growth (Long Term %) 14.08% 12.52% Revenue Growth (Trailing 5-yr %) 12.92% 9.91% Return on Equity 12.64% 8.61% Weighted Avg. Dividend Yield 1.09% 1.45% Debt to Equity 56.98 82.43 Trailing 12-Months Portfolio Turnover 24.87% As of: 03/31/2023 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. 0.41 1.88 - 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. 19.82 22.36 - 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 0.14 - 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. 93.48 95.57 - 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. 97.31 96.25 - 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. 0.90 0.92 - 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. 92.21 94.75 - 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. 5.95 5.44 - 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. -0.08 0.33 - 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. 8.41 3.27 - 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. -25.44 -27.93 - As of: 05/31/2023 Market Cap Fund Russell 2000® Index Market Cap ($mm) 0 - 1,000 4.52% 15.27% Market Cap ($mm) 1,000 - 1,500 5.74% 11.35% Market Cap ($mm) 1,500 - 2,500 24.17% 21.78% Market Cap ($mm) 2,500 - 5,000 36.29% 36.93% Market Cap ($mm) 5,000 - 10,000 29.28% 14.55% Market Cap ($mm) 10,000 - 25,000 0.00% 0.00% Market Cap ($mm) 25,000 - 50,000 0.00% 0.07% Market Cap ($mm) 50,000 - 100,000 0.00% 0.00% Market Cap ($mm) 100,000 - 200,000 0.00% 0.00% Market Cap ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.05% As of: 03/31/2023 Valuation Characteristics Fund Russell 2000® Index P/E 0-10 14.92% 20.03% P/E 10-15 7.08% 11.21% P/E 15-20 14.94% 10.11% P/E 20-25 11.67% 7.42% P/E 25-Above 34.76% 27.70% P/E – NA 16.63% 23.52% As of: 03/31/2023 Growth Characteristics Fund Russell 2000® Index EPS Growth (Trailing 3-yr %) - Negative 14.96% 16.37% EPS Growth (Trailing 3-yr %) 0 - 5 9.97% 4.78% EPS Growth (Trailing 3-yr %) 5 - 10 2.68% 5.49% EPS Growth (Trailing 3-yr %) 10 - 15 5.86% 5.29% EPS Growth (Trailing 3-yr %) 15 - 20 8.93% 4.24% EPS Growth (Trailing 3-yr %) Above 20 38.62% 30.30% EPS Growth (Trailing 3-yr %) - NA 18.98% 33.53% As of: 03/31/2023 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 03/31/2023 SPX Technologies Inc 2.29% Texas Roadhouse Inc, Class A 2.23% RBC Bearings Inc 2.07% Avient Corp 1.89% Flywire Corp 1.89% Novanta Inc 1.86% Alamo Group Inc 1.83% STAG Industrial Inc 1.75% Churchill Downs Inc 1.73% Matador Resources Co, Class A 1.73% % in Top 10 Holdings 19.29% View Holding Details Holding Details GW&K Small Cap Core Fund (GWEZX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 03/31/2023 SPX Technologies Inc 2.29% Texas Roadhouse Inc, Class A 2.23% RBC Bearings Inc 2.07% Avient Corp 1.89% Flywire Corp 1.89% Novanta Inc 1.86% Alamo Group Inc 1.83% STAG Industrial Inc 1.75% Churchill Downs Inc 1.73% Matador Resources Co, Class A 1.73% % in Top 10 Holdings 19.29% As of: 03/31/2023 Download All Holdings (PDF) As of: 04/30/2023 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund TXRH Texas Roadhouse Inc, Class A Consumer Discretionary S US USD 144,903 110.62 $16,029,170 2.36% SPXC SPX Technologies Inc Industrials S US USD 227,837 63.68 $14,508,660 2.13% RBC RBC Bearings Inc Industrials S US USD 62,380 227.01 $14,160,884 2.08% FLYW Flywire Corp Financials S US USD 450,563 29.17 $13,142,923 1.93% NOVT Novanta Inc Information Technology S US USD 82,138 152.84 $12,553,972 1.85% LOPE Grand Canyon Education Inc Consumer Discretionary S US USD 105,089 118.70 $12,474,064 1.83% MTDR Matador Resources Co, Class A Energy S US USD 254,377 49.03 $12,472,104 1.83% AVNT Avient Corp Materials S US USD 322,662 38.51 $12,425,714 1.83% ALG Alamo Group Inc Industrials S US USD 69,802 176.73 $12,336,107 1.81% STAG STAG Industrial Inc Real Estate S US USD 361,759 33.87 $12,252,777 1.80% HLI Houlihan Lokey Inc, Class A Financials S US USD 118,609 91.38 $10,838,490 1.59% PHR Phreesia Inc Health Care S US USD 339,814 31.64 $10,751,715 1.58% ICFI ICF International Inc Industrials S US USD 94,002 114.00 $10,716,228 1.58% SKY Skyline Champion Corp Consumer Discretionary S US USD 144,160 74.17 $10,692,347 1.57% DSGX Descartes Systems Group Inc Information Technology S CA USD 132,616 79.18 $10,500,535 1.54% UFPI UFP Industries Inc Industrials S US USD 130,953 78.52 $10,282,430 1.51% RHP Ryman Hospitality Properties Inc Real Estate S US USD 113,810 89.66 $10,204,205 1.50% SLGN Silgan Holdings Inc Materials S US USD 206,853 49.26 $10,189,579 1.50% NWE NorthWestern Corp Utilities S US USD 173,638 58.62 $10,178,660 1.50% SUPN Supernus Pharmaceuticals Inc Health Care S US USD 275,956 36.86 $10,171,738 1.50% GMED Globus Medical Inc, Class A Health Care S US USD 172,670 58.14 $10,039,034 1.48% APPF Appfolio Inc, Class A Information Technology S US USD 71,626 139.62 $10,000,422 1.47% CENTA Central Garden & Pet Co, Class A Consumer Staples S US USD 280,509 35.33 $9,910,383 1.46% HQY HealthEquity Inc Health Care S US USD 184,000 53.45 $9,834,800 1.45% SF Stifel Financial Corp Financials S US USD 160,826 59.97 $9,644,735 1.42% MGY Magnolia Oil & Gas Corp, Class A Energy S US USD 452,017 21.12 $9,546,599 1.40% MTSI MACOM Technology Solutions Holdings Inc Information Technology S US USD 162,721 58.34 $9,493,143 1.40% PRIM Primoris Services Corp Industrials S US USD 371,756 25.30 $9,405,427 1.38% ITCI Intra-Cellular Therapies Inc Health Care S US USD 150,721 62.15 $9,367,310 1.38% OXM Oxford Industries Inc Consumer Discretionary S US USD 89,380 103.19 $9,223,122 1.36% CNS Cohen & Steers Inc Financials S US USD 146,706 60.06 $8,811,162 1.30% BCPC Balchem Corp Materials S US USD 66,510 131.40 $8,739,414 1.28% MEDP Medpace Holdings Inc Health Care S US USD 43,484 200.14 $8,702,888 1.28% PYCR Paycor HCM Inc Industrials S US USD 362,638 23.50 $8,521,993 1.25% MTX Minerals Technologies Inc Materials S US USD 142,857 59.26 $8,465,706 1.24% IDA IDACORP Inc Utilities S US USD 75,483 111.12 $8,387,671 1.23% HMN Horace Mann Educators Corp Financials S US USD 267,374 31.28 $8,363,459 1.23% SLAB Silicon Laboratories Inc Information Technology S US USD 59,724 139.30 $8,319,553 1.22% TEX Terex Corp Industrials S US USD 180,979 44.59 $8,069,854 1.19% ATRC AtriCure Inc Health Care S US USD 182,531 43.99 $8,029,539 1.18% ADC Agree Realty Corp Real Estate S US USD 117,923 67.99 $8,017,585 1.18% HALO Halozyme Therapeutics Inc Health Care S US USD 242,221 32.13 $7,782,561 1.14% IART Integra LifeSciences Holdings Corp Health Care S US USD 139,464 55.32 $7,715,148 1.13% LAD Lithia Motors Inc, Class A Consumer Discretionary S US USD 34,760 220.89 $7,678,136 1.13% CBZ CBIZ Inc Industrials S US USD 144,370 52.69 $7,606,855 1.12% ITT ITT Inc Industrials S US USD 89,625 84.44 $7,567,935 1.11% HLIO Helios Technologies Inc Industrials S US USD 121,926 60.14 $7,332,630 1.08% BOOT Boot Barn Holdings Inc Consumer Discretionary S US USD 97,868 72.47 $7,092,494 1.04% SHYF Shyft Group Inc Industrials S US USD 276,299 25.08 $6,929,579 1.02% ABCB Ameris Bancorp Financials S US USD 206,632 33.50 $6,922,172 1.02% ICUI ICU Medical Inc Health Care S US USD 34,997 189.14 $6,619,333 0.97% PPBI Pacific Premier Bancorp Inc Financials S US USD 273,400 22.24 $6,080,416 0.89% AMSF AMERISAFE Inc, Class A Financials S US USD 108,823 55.65 $6,056,000 0.89% SBCF Seacoast Banking Corp of Florida Financials S US USD 268,360 22.19 $5,954,908 0.88% CATY Cathay General Bancorp Financials S US USD 186,722 31.87 $5,950,830 0.87% OCFC OceanFirst Financial Corp Financials S US USD 367,500 16.00 $5,880,000 0.86% PGNY Progyny Inc Health Care S US USD 174,091 33.24 $5,786,785 0.85% VIAV Viavi Solutions Inc Information Technology S US USD 645,038 8.96 $5,779,540 0.85% ALGT Allegiant Travel Co, Class A Industrials S US USD 53,796 103.91 $5,589,942 0.82% PATK Patrick Industries Inc Consumer Discretionary S US USD 76,735 68.63 $5,266,323 0.77% CHX ChampionX Corp Energy S US USD 193,358 27.08 $5,236,135 0.77% RPD Rapid7 Inc Information Technology S US USD 106,931 48.61 $5,197,916 0.76% GBCI Glacier Bancorp Inc Financials S US USD 154,804 33.23 $5,144,137 0.76% ARQT Arcutis Biotherapeutics Inc Health Care S US USD 369,003 13.84 $5,107,002 0.75% TWKS Thoughtworks Holding Inc Information Technology S US USD 817,511 6.23 $5,093,094 0.75% INDB Independent Bank Corp [MA] Financials S US USD 90,512 56.00 $5,068,672 0.75% CHUY Chuy's Holdings Inc Consumer Discretionary S US USD 144,224 34.88 $5,030,533 0.74% NHI National Health Investors Inc Real Estate S US USD 100,017 49.77 $4,977,846 0.73% HELE Helen of Troy Ltd Consumer Discretionary S US USD 46,330 100.34 $4,648,752 0.68% AZTA Azenta Inc Health Care S US USD 105,364 43.49 $4,582,280 0.67% VCYT Veracyte Inc Health Care S US USD 188,194 22.64 $4,260,712 0.63% VBTX Veritex Holdings Inc Financials S US USD 230,996 17.21 $3,975,441 0.58% DAVA Endava PLC ADR, Class A Information Technology S GB USD 69,028 57.57 $3,973,942 0.58% ALGM Allegro MicroSystems Inc Information Technology S US USD 108,232 35.77 $3,871,459 0.57% AORT Artivion Inc Health Care S US USD 271,736 13.87 $3,768,978 0.55% INSM Insmed Inc Health Care S US USD 189,178 19.50 $3,688,971 0.54% UTZ Utz Brands Inc Consumer Staples S US USD 193,282 18.91 $3,654,963 0.54% SHLS Shoals Technologies Group Inc, Class A Industrials S US USD 165,689 20.89 $3,461,243 0.51% WWW Wolverine World Wide Inc Consumer Discretionary S US USD 203,928 16.74 $3,413,755 0.50% FOXF Fox Factory Holding Corp Consumer Discretionary S US USD 28,515 110.87 $3,161,458 0.46% CYRX CryoPort Inc Health Care S US USD 148,604 21.04 $3,126,628 0.46% BCRX BioCryst Pharmaceuticals Inc Health Care S US USD 395,156 7.61 $3,007,137 0.44% RVLV Revolve Group Inc, Class A Consumer Discretionary S US USD 142,241 20.65 $2,937,277 0.43% HTLD Heartland Express Inc Industrials S US USD 177,672 14.48 $2,572,691 0.38% PTEN Patterson-UTI Energy Inc Energy S US USD 196,482 11.19 $2,198,634 0.32% CSTL Castle Biosciences Inc Health Care S US USD 93,190 22.63 $2,108,890 0.31% Cash & Equivalents Cash C US USD - - $25,487,029 3.75% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Skyline Champion Corp 1 1.28% 46.05% Alamo Group Inc 2 1.59% 30.19% Texas Roadhouse Inc, Class A 3 2.06% 19.25% Avient Corp 4 1.76% 22.47% Flywire Corp 5 1.63% 19.98% Silicon Laboratories Inc 6 1.39% 29.06% Churchill Downs Inc 7 1.58% 21.58% Novanta Inc 8 1.70% 17.09% Allegro MicroSystems Inc 9 0.50% 52.69% RBC Bearings Inc 10 1.99% 11.17% As of: 03/31/2023 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund’s return during the specified quarter. Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Halozyme Therapeutics Inc 20 1.59% -32.88% Veritex Holdings Inc 19 1.10% -34.65% Seacoast Banking Corp of Florida 18 1.55% -23.65% Ameris Bancorp 17 1.51% -22.18% Matador Resources Co, Class A 16 2.00% -16.60% Globus Medical Inc, Class A 15 1.43% -23.74% Pacific Premier Bancorp Inc 14 1.16% -23.39% Thoughtworks Holding Inc 13 0.88% -27.77% Independent Bank Corp [MA] 12 0.97% -21.84% Cathay General Bancorp 11 1.39% -14.91% As of: 03/31/2023 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 Sector Allocation (Equity) As of: 03/31/2023 View Allocation Details Allocation Details GW&K Small Cap Core Fund (GWEZX) Sector Allocation (Equity) Investment Allocation Top 10 Industries Sector Sort Order Fund Russell 2000® Index Industrials 17.52% 17.01% Health Care 17.22% 16.01% Financials 15.29% 15.99% Consumer Discretionary 13.92% 11.37% Information Technology 13.00% 12.41% Materials 5.45% 4.59% Real Estate 5.09% 6.31% Cash & Other 4.33% 0.00% Energy 4.01% 6.47% Utilities 2.60% 3.33% Consumer Staples 1.56% 3.77% Communication Services 0.00% 2.75% As of: 03/31/2023 Investment Allocation 03/31/2023 Stocks 95.67% Bonds 0.00% Cash and Other 4.33% As of: 03/31/2023 Industry Fund Russell 2000® Index Machinery 10.59% 4.01% Banks 7.19% 8.47% Software 4.75% 5.08% Health Care Equipment & Supplies 4.71% 3.91% Hotels, Restaurants & Leisure 4.70% 2.75% Chemicals 4.33% 2.17% Capital Markets 4.17% 1.65% Semiconductors & Semiconductor Equipment 3.88% 3.03% Biotechnology 3.36% 6.66% Oil, Gas & Consumable Fuels 3.14% 4.44% % in Top 10 Industries 50.82% 42.17% As of: 03/31/2023 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 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 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 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 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